The GEO Group Signs Contract for Delivery of Primary Health Services in Prisons Across the State of Victoria, Australia

Rhea-AI Summary

The GEO Group (NYSE: GEO) announced that its Australian subsidiary, GEO Australia, has secured a contract with the State of Victoria's Department of Justice and Community Safety. The contract, effective July 1, 2023, will provide primary health services across 13 public prisons. This agreement is projected to yield approximately $33 million in additional annual revenue for GEO. Executive Chairman George C. Zoley highlighted the significance of this contract, reflecting GEO's established relationship and service quality in the region.

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• Contract secured with the State of Victoria for primary health services.
• Expected to generate approximately $33 million in incremental annual revenue.

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• None.

BOCA RATON, Fla.--(BUSINESS WIRE)-- The GEO Group (NYSE: GEO) (“GEO”) announced today that its Australian subsidiary, GEO Australia, has entered into a contract with the Department of Justice and Community Safety in the State of Victoria for the delivery of primary health services across 13 public prisons. The contract will commence on July 1, 2023, and is expected to generate approximately $33 million in incremental annualized revenue for GEO.

George C. Zoley, GEO’s Executive Chairman of the Board, said, “We appreciate the trust placed in our Company by the State of Victoria. GEO is proud of our long-standing relationship with the State, and this important new contract is a testament to the valued, high-quality services delivered by GEO Australia over several decades.”

About The GEO Group

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 102 facilities totaling approximately 82,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Use of forward-looking statements

This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements, including statements regarding the signing of a contract by GEO’s Australian subsidiary with the State of Victoria, Australia for the delivery of primary health services across 13 public prisons. Risks and uncertainties 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, risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including its Form 10-K, 10-Q and 8-K reports. GEO disclaims any obligation to update or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230107005006/en/

Pablo E. Paez (866) 301 4436

Executive Vice President, Corporate Relations

Source: The GEO Group, Inc.

FAQ

What recent contract did GEO secure in Australia?

GEO Australia secured a contract with the State of Victoria for primary health services across 13 public prisons.

When does the contract with the State of Victoria start?

The contract will commence on July 1, 2023.

How much annual revenue is expected from the new contract?

The new contract is expected to generate approximately $33 million in incremental annual revenue for GEO.

Who announced the contract for GEO?

The announcement was made by George C. Zoley, Executive Chairman of GEO.

What services will GEO provide under the Victoria contract?

GEO will provide primary health services across 13 public prisons in Victoria.