BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group (NYSE: GEO) (“GEO”) announced today that it has begun to mobilize the company-owned, 1,740-bed North Lake Correctional Facility (the “Facility”) located in Baldwin, Michigan. The decision to mobilize the Facility was made as a result of the current demand for out-of-state correctional bed space.
The mobilization effort will entail hiring staff and purchasing supplies in order to prepare the previously idle Facility to receive inmates. GEO does not currently have a contract to house inmates at the Facility, but GEO believes that it may secure one or more contracts in the near future and expects it may need to activate the Facility in the next 60 to 90 days.
George C. Zoley, Chairman of the Board and Chief Executive Officer of GEO, said, “We are moving forward with the mobilization of our company-owned North Lake Correctional Facility in Michigan at this time in order to adequately prepare the Facility to meet the current demand for out-of-state correctional bed space. We look forward to working closely with the community of Baldwin and Lake County to ensure the successful mobilization and ultimate reactivation of this important Facility.”
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 106 facilities totaling approximately 85,500 beds, including projects under development, with a growing workforce of approximately 19,000 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.