BOCA RATON, Fla., Sept. 7 /PRNewswire-FirstCall/ -- The GEO Group, Inc. (“GEO”) announced today that its wholly owned subsidiary, Atlantic Shores Healthcare, Inc., has changed its corporate name to GEO Care, Inc. (“GEO Care”). The name change became effective on August 19, 2005, upon the filing of an amendment to the Company’s Articles of Incorporation with the Florida Secretary of State.
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GEO Care will implement the name change through a branding initiative, which is expected to be completed over the next several months.
GEO Care manages the 325-bed South Florida State Hospital (“SFSH”) located in Pembroke Pines, Florida under a $32.5 million contract with the State of Florida, Department of Children and Families (“DCF”). GEO Care has managed SFSH since November 1998 and successfully designed, financed and developed a new state-of-the-art facility, which was completed in December 2000. GEO Care has substantially raised standards and improved treatment outcomes at SFSH. Additionally, on July 1, 2005, GEO Care assumed initial management of the 200- bed South Florida Evaluation and Treatment Center (“SFETC”) under a contract with DCF in Florida. SFETC is the first privately managed forensic mental health facility in the United States. Full management of the SFETC is expected to commence January 1, 2006 under a new operations contract with an annual value of approximately $24 million.
Jorge A. Dominicis, President of GEO Care, stated, “This is a very important milestone for our company. Our new name will enable us to leverage the organizational strengths, expertise, and brand recognition of our parent company, The GEO Group, a world leader in the delivery of contracted government services. We look forward to continuing to establish higher standards in the provision of innovative and efficient mental health services for state and local government clients.”
George C. Zoley, Chairman and Chief Executive Officer of GEO, stated, “We are very pleased with the business development efforts being undertaken by GEO Care. GEO Care is currently pursuing several new business opportunities across the country including projects to provide inpatient healthcare services in New Mexico and Florida among other states. These opportunities will drive growth for us while improving the quality of care provided to residents in governmental facilities.”
About GEO Care, Inc.
GEO Care, Inc. (“GEO Care”) is a premier provider of behavioral and mental healthcare services to state and local government agencies. GEO Care offers comprehensive services that include design, construction, financing, and operations. GEO Care provides management and treatment services for forensic and civil mental health hospitals, sex offender and special-needs facilities, and long-term care and geriatric institutions. Additionally, GEO Care provides behavioral and mental healthcare services for state and local correctional and detention facilities.
About The GEO Group, Inc.
The GEO Group, Inc. (“GEO”) is a world leader in the delivery of correctional and detention management, health and mental health, and other diversified services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations. GEO represents government clients in the United States, Australia, South Africa, and Canada managing 42 facilities with a total design capacity of approximately 38,500 beds.
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) the ability of GEO’s subsidiary, GEO Care, Inc., to win contracts for new behavioral and mental healthcare projects; (3) GEO’s ability to access the capital markets in the future on satisfactory terms or at all; (4) risks associated with GEO’s ability to control operating costs associated with contract start-ups; (5) 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; (6) GEO’s ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (7) GEO’s ability to obtain future financing on acceptable terms; (8) GEO’s ability to sustain company-wide occupancy rates at its facilities; and (9) other factors contained in GEO’s Securities and Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports.
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CONTACT: Pablo E. Paez, Director, Corporate Relations, The GEO Group,+1-866-301-4436
Web site: http://www.thegeogroupinc.com/