BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group, Inc. (NYSE:GEO) (“GEO”) announced today that its subsidiary, The GEO Group Australia Pty. Ltd. (“GEO Australia”) has been granted a three-year extension to its current contract for the continued management and operation of the 845-bed Fulham Correctional Center (the “Center”) by the State of Victoria Department of Corrections (“Corrections Victoria”).
GEO Australia has managed the minimum-to-medium security Center since its opening in 1997. The new three-year contract extension is effective from July 1, 2009 through to June 30, 2012 and is expected to generate revenues of approximately $75.0 million over this period.
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. This important contract extension is a testament to the efficient and innovative management initiatives GEO Australia has introduced at the Center. We are looking forward to working with Corrections Victoria over the next three years to further improve the delivery of our services, which include rehabilitation programs and transition assistance.”
The Center is the only prison in the State of Victoria to achieve a Five-Star rating with the National Safety Council of Australia’s Health & Safety Management System. The Center’s medical facility is also accredited by the Australian Council on Healthcare Standards (ACHS).
The GEO Group, Inc. (“GEO”) is a world leader in the delivery of correctional, detention, and residential treatment 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 the United Kingdom. GEO’s worldwide operations include the management and/or ownership of 66 correctional and residential treatment facilities with a total design capacity of approximately 62,000 beds, including projects under development.