BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group (NYSE: GEO) (“GEO”) announced today that its transportation joint venture in the United Kingdom, GEO Amey PECS Ltd. (“GEOAmey”) has signed a contract with the Scottish Prison Service for the provision of court custody and prisoner escort services in Scotland. The contract will have a base term of eight years effective January 26, 2019 with a renewal option period of four years and is expected to have an annual revenue value of approximately $39 million.
Under the contract, GEOAmey is expected to employ approximately 650 professionals who will be responsible for 170 vehicles and approximately 170,000 annual prisoner movements in Scotland, delivering services to 60 courts, 15 prisons, and 90 police custody units.
George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “The selection of our GEOAmey joint venture for the provision of court custody and prisoner escort services in Scotland marks an important milestone for our company. The signing of this important contract is indicative of the high quality transportation services our joint-venture has been providing in England and Wales since 2011. We look forward to growing our successful public-private partnerships across the United Kingdom.”
About The GEO Group
The GEO Group (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, electronic monitoring, and secure transportation 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 141 facilities totaling approximately 96,000 beds, including projects under development, with a growing workforce of approximately 23,000 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.