BOCA RATON, Fla., Feb. 15 /PRNewswire-FirstCall/ -- The GEO Group, Inc. ("GEO") announced today the appointment of John M. Palms, Ph.D., to GEO's Board of Directors to fill the vacancy created by the resignation of William M. Murphy. Dr. Palms has also been appointed to GEO's Audit and Finance Committee and Corporate Planning Committee.
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John M. Palms, Ph.D., is currently a Distinguished University Professor and President Emeritus at the University of South Carolina. Dr. Palms serves on the Board of Directors of Exelon Corporation and is currently the Chair of Exelon's Audit and Finance Committee. Dr. Palms served as President at the University of South Carolina from 1991 to 2002 and previously as President at Georgia State University from 1989 to 1991. In addition to a distinguished career in academia, Dr. Palms has served in a number of military and governmental positions and committees. He currently serves as Chairman of the Board of Trustees of the Institute for Defense Analyses. He also served in the United States Air Force with a Regular Commission and on the United States President's Selection Committee for White House Fellows.
George C. Zoley, Chairman of the Board and Chief Executive Officer of GEO, said: "We are very fortunate to have John M. Palms join our Board of Directors. Dr. Palms brings extensive experience and unique leadership qualities to our company. We welcome Dr. Palms to our Board of Directors with the utmost confidence that he will represent GEO's shareholders with unparalleled ability and professionalism."
GEO is a world leader in the delivery of correctional and detention management, health and mental health, and other diversified 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, and Canada with contracts and awards to manage 58 facilities with a total design capacity of approximately 48,000 beds.
This press release contains forward-looking statements regarding future events and future performance of the Company that involve risks and uncertainties that could materially affect actual results, including statements regarding estimated earnings, revenues and costs and our ability to maintain growth and strengthen contract relationships. Factors 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: (1) GEO's ability to access the capital markets in the future on satisfactory terms or at all; (2) risks associated with GEO's ability to control operating costs associated with contract start-ups; (3) GEO's ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO's operations without substantial costs; (4) GEO's ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (5) GEO's ability to obtain future financing on acceptable terms; (6) GEO's ability to sustain company-wide occupancy rates at its facilities; and (7) other factors contained in GEO's Securities and Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports.
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