The GEO Group Receives Notice of Intent to Award a Contract for 1,884 Beds in Florida

  The GEO Group Receives Notice of Intent to Award a Contract for 1,884 Beds
  in Florida

Business Wire

BOCA RATON, Fla. -- October 17, 2013

The GEO Group (NYSE:GEO) (“GEO”) announced today that it has received a notice
of intent to award a contract from the Florida Department of Management
Services (the “Department”) for the management of the 1,884-bed Graceville
Correctional Facility (the “Facility”).

The managed-only agreement will have a contract term of three years, with
successive two-year renewal option periods, effective February 1, 2014. The
Facility is expected to generate approximately $24.7 million in annualized
revenues at full occupancy.

George C. Zoley, Chairman and CEO of GEO, said, “We are thankful for the
confidence placed in our company by the Florida Department of Management
Services with this important contract award. The Graceville Correctional
Facility plays an important role in providing cost efficient correctional bed
space in the state of Florida, while delivering leading educational and
rehabilitation programs to the individuals in its care. We look forward to
strengthening our long-standing partnership with the State of Florida and the
communities where we operate across the state.”

The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity real
estate investment trust specializing in the design, financing, development,
and operation of correctional, detention, and community reentry facilities
around the globe. GEO is the world's leading provider of diversified
correctional, detention, community reentry, and electronic monitoring services
to government agencies worldwide with operations in the United States,
Australia, South Africa, and the United Kingdom. GEO's worldwide operations
include the ownership and/or management of 96 facilities totaling
approximately 73,000 beds, including projects under development, with a
growing workforce of approximately 18,000 professionals.

This press release contains forward-looking statements regarding future events
and future performance of GEO that involve risks and uncertainties that could
materially affect actual results, including statements regarding estimated
earnings, revenues and costs and our ability to maintain growth and strengthen
contract relationships. Factors that could cause actual results to vary from
current expectations and forward-looking statements contained in this press
release include, but are not limited to: (1) GEO’s ability to successfully
pursue further growth and continue to enhance shareholder value; (2) GEO’s
ability to access the capital markets in the future on satisfactory terms or
at all; (3) risks associated with GEO’s ability to control operating costs
associated with contract start-ups; (4) GEO’s ability to timely open
facilities as planned, profitably manage such facilities and successfully
integrate such facilities into GEO’s operations without substantial costs; (5)
GEO’s ability to win management contracts for which it has submitted proposals
and to retain existing management contracts; (6) GEO’s ability to obtain
future financing on acceptable terms; (7) GEO’s ability to sustain
company-wide occupancy rates at its facilities; and (8) other factors
contained in GEO’s Securities and Exchange Commission filings, including the
forms 10-K, 10-Q and 8-K reports.

Contact:

The GEO Group, Inc.
Pablo E. Paez, 866-301 4436
Vice President, Corporate Relations
 
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