The GEO Group Signs Contract with the State of Georgia

The GEO Group GEO announced today that it has signed a contract with the State of Georgia, Department of Corrections for the development and operation of a new 1,500-bed correctional facility (the “Facility”) to be located in Milledgeville, Georgia. Under the terms of the contract, GEO will finance, develop, and operate the new $80.0 million, 1,500-bed Facility on state-owned land pursuant to a 40-year ground lease. The Facility is expected to generate approximately $28.0 million in annualized revenues and is expected to open in the first quarter of 2012.