HOUSTON, June 30, 2005 (PRIMEZONE) -- Cornell Companies, Inc. (NYSE:CRN) announced that its stockholders elected nine members to its board of directors at today's annual meeting. Of the nine directors, two are incumbents who were re-elected and the remainder are new to Cornell and the board. All members will serve a one-year term.
The re-elected board members are Anthony R. Chase and D. Stephen Slack. Chase, 50, is chairman and CEO of ChaseCom Limited Partnership and president and CEO of Faith Broadcasting, L.P. He is also a professor of law at the University of Houston Law Center. Chase has served as a director since October 1999.
Slack, 55, is president and CEO of South Bay Resources, LLC, an energy exploration company. He started serving as a director in March 2003.
Newly elected board members are:
Leon Clements, 63, is president and CEO of League Medical Concepts, a provider of health care services for the corrections sector. He has served as associate vice president and chief administrative officer at the University of Texas Medical Branch, which is a provider of health care for the Texas Department of Criminal Justice, the state's prison system.
Richard Crane, 58, is an attorney at law in private practice. He has represented individual, corporate and government clients in corrections and sentencing matters. He has also been a consultant in more than 30 private corrections privatization projects.
Zachary R. George, 27, is a senior investment analyst for Pirate Capital LLC. He has developed relationships with management teams, institutional investors, financiers, consultants and other parties with an interest in the private corrections sector.
Todd Goodwin, 73, is a retired partner of Gibbons, Goodwin, van Amerongen, an investment banking firm. During his 18-year tenure with the firm, he organized management buyouts and purchased businesses with a total value of approximately $7 billion.
Thomas R. Hudson, Jr., 39, is the managing member of Pirate Capital LLC and portfolio manager of the Jolly Roger Fund LP and Jolly Roger Offshore Fund LTD. He has also served in various capacities at several investment firms managing distressed assets.
Alfred Jay Moran, Jr., 61, is chairman and CEO of Moran Group, LLC, a turnaround, value creation consulting firm he founded in 2003. Throughout his career, Moran has been responsible for the turnaround or value enhancement of more than 50 companies in many industries.
Sally Walker, 56, is president of Encourage Youth Corporation, a consulting firm specializing in programming for high-risk youth and juvenile offenders. She pioneered an effective and cost-efficient secure custody and aftercare program for high-risk young offenders.
Additionally, the stockholders, on the recommendation of the Audit Committee, ratified PricewaterhouseCoopers LLP as Cornell's independent public accountant for 2005.
About Cornell Companies, Inc.
Cornell Companies, Inc. 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. Cornell (http://www.cornellcompanies.com) has 83 facilities in 17 states and the District of Columbia and two facilities under development or construction. Cornell has a total service capacity of 18,498, including capacity for 1,514 individuals that will be available upon completion of facilities under development or construction.
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