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The GEO Group Announces Contract for Company-Owned 1,800-Bed North Lake Facility in Michigan

1. GEO activated a federal immigration processing center at its Baldwin facility. 2. A long-term contract with ICE is expected to finalize soon.

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FAQ

Why Bullish?

This agreement can enhance GEO's revenue stream, similar to previous ICE contracts improving financials.

How important is it?

The contract bolsters GEO's operational capacity and revenue, crucial in a challenging market.

Why Short Term?

The immediate contract activation and potential long-term deal should soon influence earnings.

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CXWCOREILS
BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that the Company has entered into a contract with U.S. Immigration and Customs Enforcement (“ICE”) for the immediate activation of a federal immigration processing center at the GEO-owned, 1,800-bed North Lake Facility (the “Facility”) in Baldwin, Michigan. Within a few months, GEO and ICE expect to finalize a long-term contract. GEO expects to provide support services for ICE at the Faci.

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