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Non-Tech : Wackenhut Corrections Corp. (WHC) -- Ignore unavailable to you. Want to Upgrade?

To: Acey who wrote (134)	2/23/1998 11:58:00 AM
From: pz	Respond to of 176

Monday February 23, 8:24 am Eastern Time Company Press Release SOURCE: Wackenhut Corrections Corporation Wackenhut Corrections Corporation And Correctional Properties Trust File Registration Statement For Initial Public Offering Of A Real Estate Investment Trust (REIT) PALM BEACH GARDENS, Fla., Feb. 23 /PRNewswire/ -- Correctional Properties Trust, a real estate investment trust (''REIT''), today announced that it has filed a registration statement relating to its proposed initial public offering with the Securities and Exchange Commission. Correctional Properties Trust was formed to acquire correctional and detention facilities. The trust has developed a strategic alliance with Wackenhut Corrections (NYSE: WHC - news), which is named as a co-registrant in the registration statement. The managing underwriter of the offering is Salomon Smith Barney. The offering will consist of 6,200,000 shares, not including 930,000 shares which the underwriters have options to purchase in order to cover over- allotments. Application will be made to list the company's shares on the New York Stock Exchange. The registration statement relating to the initial public offering has been filed with the Securities and Exchange Commission, but it has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the prospectus, when available, may be obtained by contacting Salomon Smith Barney, 333 West 34th Street, New York, NY 10001. Wackenhut Corrections, an affiliate of The Wackenhut Corporation (NYSE: WAK WAKB), offers government agencies a turnkey approach to developing new correctional institutions that includes design, construction, financing and operations. Wackenhut Corrections has awards/contracts to manage 46 correctional/detention facilities in North America, Europe and Australia, with a total of 30,424 beds. SOURCE: Wackenhut Corrections Corporation More Quotes and News: WCH - news Wackenhut Corp (NYSE:WAKb - news; NYSE:WAK - news) Wackenhut Corrections Corp (NYSE:WHC - news)