The GEO Group Selected as Preferred Tenderer for Development and Operation of New 1,000-Bed Ravenhall Prison in Australia

  The GEO Group Selected as Preferred Tenderer for Development and Operation
  of New 1,000-Bed Ravenhall Prison in Australia

Business Wire

BOCA RATON, Fla. -- August 4, 2014

The GEO Group (NYSE: GEO) (“GEO”) announced today that a GEO led consortium
comprised of GEO’s wholly-owned subsidiary, The GEO Group Australia Pty. Ltd.
(“GEO Australia”), John Holland Construction, and Honeywell has been selected
as the preferred tenderer by the Department of Justice in the State of
Victoria for the development and operation of a new 1,000-bed Prison (the
“Facility”) in Ravenhall, a locality near Melbourne, Australia.

Following a final contract award, GEO expects to begin the development of the
Facility in 2015 under a Public-Private Partnership financing structure with
an equity investment from GEO of approximately 20% of the project following
the activation of the Facility, and with returns on investment consistent with
GEO’s company-owned facilities. GEO Australia would operate the Facility under
a 25-year contract with Corrections Victoria upon its completion in late 2017.
The Facility will provide unprecedented levels of in-prison and post-release
programs aimed at reducing reoffending rates and helping offenders reintegrate
into society.

George C. Zoley, Chairman of the Board and Chief Executive Officer of GEO,
said: “The selection of our GEO Australia subsidiary as preferred tenderer for
this important project represents a significant milestone for our company. The
new Ravenhall Facility will provide an unprecedented level of rehabilitation
and community reentry programs through our ‘GEO Continuum of Care.’

“We appreciate the trust placed in our Company by the State of Victoria, which
is a testament to the efficient and innovative management initiatives and the
quality of rehabilitation and reentry programs our company has proposed for
the Ravenhall Facility as well as a reflection of our long-standing
partnership with Corrections Victoria through the provision of high quality
services at the Fulham Correctional Centre and the Fulham Nalu Challenge
Community Unit. We are looking forward to working with Corrections Victoria to
further improve the delivery of rehabilitation and community reentry services
in the State of Victoria and to strengthen our 17-year partnership,” Zoley
added.

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 98 facilities totaling
approximately 78,500 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
Pablo E. Paez, 866-301 4436
Vice President, Corporate Relations
 
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