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Politics : Israel to U.S. : Now Deal with Syria and Iran -- Ignore unavailable to you. Want to Upgrade?

To: sea_urchin who wrote (15832)	7/31/2007 5:14:24 AM
From: GUSTAVE JAEGER	Respond to of 22250

Just in: The GEO Group Announces Agreement for the Housing of Immigration Detainees at the LaSalle Detention Facility in Jena, Louisiana BOCA RATON, Fla.--(BUSINESS WIRE)--July 25, 2007--The GEO Group, Inc. (NYSE:GEO) ("GEO") announced today that the LaSalle Economic Development District (the "LEDD") has signed an Intergovernmental Service Agreement with U.S. Immigration and Customs Enforcement ("ICE") for the housing of up to 1,160 immigration detainees at the GEO-owned LaSalle Detention Facility (the "Facility") located in Jena, Louisiana. GEO will house and manage the immigration detainee population at the Facility pursuant to an agreement with LEDD. GEO expects to commence the intake of 416 detainees during the fourth quarter of 2007, and the Facility is expected to ramp-up to 416 detainees by year-end 2007. As announced previously, GEO is currently expanding the Facility by 744 beds. The 744-bed expansion, which will cost approximately $30.0 million, is expected to be completed by the end of the second quarter of 2008. Following the completion of construction, GEO will begin intake of the additional 744 detainees. The Facility is expected to ramp up to full occupancy of 1,160 beds by the end of the third quarter of 2008. The agreement is expected to generate approximately $23.5 million in annualized operating revenues for GEO at full occupancy. GEO expects that the agreement will have a neutral impact on its previously issued 2007 pro forma earnings guidance; however, GEO expects to incur additional after-tax start-up expenses of $0.6 million, or $0.01 per share, in the third quarter of 2007, associated with the activation and opening of the Facility. George C. Zoley, Chairman of the Board and Chief Executive Officer of GEO, said, "Our new agreement with the LaSalle Economic Development District for the housing of U.S. Immigration and Customs Enforcement detainees at the LaSalle Detention Facility in Jena, Louisiana is an important milestone as it marks the reopening of this facility, which will play an important role in addressing the need by the Federal government for flexible detention bed space around the country." 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, Canada, and the United Kingdom. GEO's worldwide operations include 68 correctional and residential treatment facilities with a total design capacity of approximately 59,000 beds. This press release contains forward-looking statements regarding.... CONTACT: The GEO Group, Inc. Pablo E. Paez, 866-301-4436 Director, Corporate Relations SOURCE: The GEO Group, Inc. phx.corporate-ir.net As you see, Searle, jailing "a few thousand wetbacks" can be profitable....