Contracts to design and construct or to redesign and renovate facilities may be financed in a variety of ways. The NCCHC accreditation is a voluntary process which we have used to establish comprehensive health care policies and procedures to meet and adhere to the ACA standards. We have sought and received ACA accreditation and re-accreditation for all such facilities. In addition to pursuing organic growth through the RFP process, we will from time to time selectively consider the financing and construction of new facilities or expansions to existing facilities on a speculative basis without having a signed contract with a known customer. Our success in the RFP process has resulted in a pipeline of new projects with significant revenue potential.
We primarily rely on the RFP process for organic growth in our U. If the local, state or federal facility for which an award has been made must be constructed, our experience is that construction usually takes between nine and twenty-four months to complete, depending on the size and complexity of the project. The stock buyback program is intended to be implemented through purchases made from time to time in the open market or in privately negotiated transactions, in accordance with applicable Securities and Exchange Commission requirements. We believe we have the ability to fund the stock buyback program, our working capital, our debt service requirements, and our maintenance and growth capital expenditure requirements, while maintaining sufficient liquidity for other corporate purposes. However, if all of these idle facilities were to be activated using our U. We are a Florida corporation and our predecessor corporation prior to the REIT conversion was originally organized in The term of our local, state and federal contracts range from one to five years and some contracts include provisions for optional renewal years beyond the initial contract term. Facility Design, Construction and Finance We offer governmental agencies consultation and management services relating to the design and construction of new correctional and detention facilities and the redesign and renovation of older facilities including facilities we own, lease or manage as well as facilities we do not own, lease or manage. The ACA is an independent organization of corrections professionals, which establishes correctional facility standards and guidelines that are generally acknowledged as a benchmark by governmental agencies responsible for correctional facilities. Note that not all criminal offenses require registration with the state police, only those covered by the statutes. Our primary potential customers include: We achieve organic growth through competitive bidding that begins with the issuance by a government agency of a request for proposal, or RFP. Business Development Overview We intend to pursue a diversified growth strategy by winning new clients and contracts, expanding our government services portfolio and pursuing selective acquisition opportunities. Users are forewarned that it is incumbent upon them to verify information with the responsible state agency or the local law enforcement agency. The information that is displayed on this site derives from official public records. Contracts can, and are periodically, extended beyond the contract term and optional renewal years through alternative procurement processes including sole source justification processes, cooperative procurement vehicles and agency decisions to add extension time periods. Contracts to design and construct or to redesign and renovate facilities may be financed in a variety of ways. Fees paid in connection with the offering were not significant and have been netted against additional paid-in capital. In addition to pursuing organic growth through the RFP process, we will from time to time selectively consider the financing and construction of new facilities or expansions to existing facilities on a speculative basis without having a signed contract with a known customer. Information displayed on this site provides no representation as to any offender's possibility of future crimes. We have engaged and intend in the future to engage independent consultants to assist us in developing public-private partnership opportunities and in responding to requests for proposals, monitoring the legislative and business climate, and maintaining relationships with existing customers. We also plan to leverage our experience and scale of service offerings to expand the range of public-private partnership services that we provide. We achieved a median re-accreditation score of The NCCHC accreditation is a voluntary process which we have used to establish comprehensive health care policies and procedures to meet and adhere to the ACA standards. GEO expects to design, finance, build and operate the facility under a ten-year contract with ICE, inclusive of renewal options. Governmental agencies may finance the construction of such facilities through any of the following methods:
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