GEO Group (GEO) Reports BOP Extension of Ray James Correctional Facility Contract

August 19, 2016 7:30 AM EDT

Find out which companies are about to raise their dividend well before the news hits the Street with's Dividend Insider Elite. Sign-up for a FREE trial here.

The GEO Group, Inc. (NYSE: GEO) announced that the Federal Bureau of Prisons (the “BOP”) has extended its contract for the company-owned D. Ray James Correctional Facility (the “Facility”) for a renewal term through September 30, 2018 under its existing ten-year contract which is effective through September 30, 2022.

George C. Zoley, Chairman and Chief Executive Officer of GEO, said, “We are very appreciative of the continued confidence placed in our company by the Federal Bureau of Prisons with this important contract renewal. Our company-owned D. Ray James Correctional Facility provides cost-effective, high-quality services on behalf of the Federal Bureau of Prisons. We believe that this contract renewal is indicative of the BOP’s continued focus on quality as it evaluates its current privately-operated facilities.”

GEO has had a long standing private-public partnership with the BOP that dates back to the 1990s. At the federal level, GEO’s facilities have a proven track record of providing cost-effective, high quality services. GEO looks forward to a continued partnership with the Federal Bureau of Prisons at the D. Ray James Correctional Facility and to continuing its efforts to provide industry-leading offender rehabilitation programs and reentry services with the objective of reducing recidivism and ensuring individuals successfully transition back into local communities.

GEO provides high-quality, diversified services across all segments of the correctional and community reentry services spectrum in the United States as well as internationally.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Hot Corp. News, Management Comments, Momentum Movers

Related Entities


Add Your Comment