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The GEO Group Awarded Contract by U.S. Immigration and Customs Enforcement for Continued Provision of Services Under Intensive Supervision Appearance Program

1. GEO's subsidiary, BI, secured a two-year ICE contract for electronic monitoring services. 2. The contract reinforces GEO's role in immigration supervision, effective October 1, 2023.

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$20.4909/30 04:34 PM EDTEvent Start
$20.4909/30 10:31 PM EDTLatest Updated
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FAQ

Why Bullish?

The contract signifies a steady revenue stream, similar to previous contracts leading to price stability. GEO has historically seen positive price movements with contract awards, boosting investor confidence.

How important is it?

New contracts can positively influence investor sentiment and stock performance, reflecting in future earnings growth.

Why Short Term?

The immediate effect relates to the contract's duration of one year, with potential extension. Short-term revenue from this contract will impact GEO’s financials quickly.

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ICECXWVTRS
BOCA RATON, Fla.--(BUSINESS WIRE)--The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that its wholly-owned subsidiary, BI Incorporated (“BI”), has been awarded a contract by U.S. Immigration and Customs Enforcement (“ICE”) for the continued provision of electronic monitoring, case management, and supervision services under the Intensive Supervision Appearance Program (“ISAP”). It is a two-year contract, which will have an initial term of one year, effective October 1, 202.

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