BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group, Inc. (NYSE:GEO) ("GEO") welcomed today’s announcement by the U.S. Department of Homeland Security directing U.S. Immigration and Customs Enforcement (“ICE”) to initiate an independent review of its current detention and processing centers. GEO’s facilities under contract with ICE (“GEO’s Facilities”) are highly rated and provide high-quality, cost-effective services in safe, secure, and humane residential environments pursuant to strict contractual requirements and the Federal Government’s national standards.
“Over the last 30 years, our company has partnered with the Federal Government to develop special-purpose facilities that provide needed services in safe, secure, and humane residential environments,” said George C. Zoley, GEO’s Chairman and Chief Executive Officer. “Our public-private partnership has allowed ICE to transfer services from older public jail facilities that did not meet the most up-to-date national standards to GEO’s highly rated, cost-effective facilities.”
During the most recent independent audits commissioned by ICE, all of GEO’s Facilities were found to be in compliance with the Federal Government’s national standards. Additionally, during the most recent American Correctional Association’s (“ACA”) independent accreditation reviews, GEO’s Facilities scored an average greater than 99.5%, with about two-thirds receiving perfect accreditation scores of 100%. GEO’s Facilities are also independently accredited by the National Commission on Correctional Health Care.
“We are confident that this independent review will show that GEO has provided needed, cost-effective services that have resulted in significantly improved safety outcomes for the men and women in ICE’s care and custody,” added Mr. Zoley.
ICE employs several full-time, on-site contract monitors who have a physical presence at each of GEO’s Facilities to ensure compliance with all mandated standards. Additionally, GEO’s Facilities provide extensive office and courtroom space for ICE personnel, immigration attorneys, immigration court judges, non-governmental organizations, and other constituent groups who have ongoing access to each facility.
GEO’s Facilities provide extensive recreational and educational amenities including state-of-the-art, artificial soccer fields, flat screen TVs in all housing areas, and modern classrooms with the most up-to-date technology including cutting-edge smartboards for interactive educational programming. Additional information on GEO’s facilities can be found at www.geogroup.com/ICE.
About The GEO Group
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 104 facilities totaling approximately 87,000 beds, including projects under development, with a growing workforce of approximately 20,500 professionals.
Safe-Harbor Statement
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. 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 declare future quarterly cash dividends and the timing and amount of such future cash dividends; (2) GEO’s ability to successfully pursue further growth and continue to create shareholder value; (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; (8) GEO’s ability to access the capital markets in the future on satisfactory terms or at all; (9) GEO’s ability to remain qualified as a REIT; (10) the incurrence of REIT related expenses; and (11) other factors contained in GEO’s Securities and Exchange Commission periodic filings, including its Form 10-K, 10-Q and 8-K reports.
