HOUSTON, Sept. 11, 2009 (GLOBE NEWSWIRE) -- Cornell Companies, Inc. (NYSE:CRN) announced today that it has adopted a stock repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934 (the "Company 10b5-1 Plan"), to facilitate the repurchase of common stock under its previously announced stock repurchase program authorized by the Cornell Board of Directors. The repurchase program is for up to $10.0 million in purchases through the end of 2010.
The Company 10b5-1 Plan will be in effect through December 10, 2010, subject to certain price, volume and timing constraints specified in the Company 10b5-1 Plan.
A plan under Rule 10b5-1 allows the Company to repurchase shares at times when it would ordinarily not be in the market because of self-imposed trading blackout periods. A broker selected by Cornell will have the authority under the terms and limitations specified in the Company 10b5-1 Plan to repurchase shares on the Company's behalf in accordance with the terms of the Plan.
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Forward-Looking Statements
Statements that are not historical facts, are forward-looking statements within the meaning of applicable securities laws that involve certain risks, uncertainties and assumptions. These include but are not limited to risks and uncertainties associated with general economic and market conditions, including the impact governmental budgets can have on our per diem rates and occupancy, Cornell's ability to perform according to its current expectations, changes in supply and demand, actions by government agencies and other third parties, access to capital and other risks and uncertainties detailed in the Company's most recent Form 10-K and other filings made by us from time to time with the Securities and Exchange Commission, which are available free of charge on the SEC's Web site at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from the statements made. All information set forth in this release is current as of the date of this release. Cornell undertakes no duty to update any statement in light of new information or future events.
About Cornell Companies
Cornell Companies, Inc. (http://www.cornellcompanies.com) is a leading private provider of corrections, treatment and educational services outsourced by federal, state and local governmental agencies. Cornell provides a diversified portfolio of services for adults and juveniles, including incarceration and detention, transition from incarceration, drug and alcohol treatment programs, behavioral rehabilitation and treatment, and grades 3-12 alternative education in an environment of dignity and respect, emphasizing community safety and rehabilitation in support of public policy. At June 30, 2009, the Company had 70 facilities in 15 states and the District of Columbia and a total service capacity of 20,892.