Release Details

BOCA RATON, Fla.--(BUSINESS WIRE)-- The GEO Group (NYSE: GEO) (“GEO”) announced today that its wholly-owned subsidiary, The GEO Group Australia Pty. Ltd. (“GEO Australia”), has signed a contract with the Department of Justice & Regulation in the State of Victoria, Australia for the continued management and operation of the Fulham Correctional Centre and the Fulham Nalu Challenge Community Unit (the “Centre”). The Centre has a contract capacity of 947 beds with a further increase in planned capacity under consideration.

The contract for the continued management and operation of the Centre will have a term of approximately 19 years and three months effective July 1, 2016. The Centre is expected to generate approximately $58 million Australian dollars in annualized revenues under the new contract.

George C. Zoley, Chairman of the Board and Chief Executive Officer of GEO, said: “We appreciate the trust placed in our Company by the State of Victoria which is a reflection of our long-standing partnership with Corrections Victoria at the Fulham Correctional Centre and the Fulham Nalu Challenge Community Unit. We are looking forward to working with Corrections Victoria to further strengthen our 17-year partnership.”

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.

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

Source: The GEO Group, Inc.