Correctional Properties Trust Announces Resignation of William M. Murphy From Board of Trustees
February 04 2005 - 3:46PM
PR Newswire (US)
Correctional Properties Trust Announces Resignation of William M.
Murphy From Board of Trustees PALM BEACH GARDENS, Fla., Feb. 4
/PRNewswire-FirstCall/ -- Correctional Properties Trust (NYSE:CPV),
a real estate investment trust (REIT), announced Mr. William M.
Murphy has resigned from the Board of Trustees. Mr. Murphy served
as a trustee of the Company since its formation in 1998, and served
as a member of the Board of Trustees' Corporate Governance and
Nominating Committee, Independent Committee, Investment Committee
and Audit Committee, for which he served as Chairman. "We are sorry
to see Bill Murphy leave our Board. He has been a hard- working,
dedicated member of the Board of Trustees of Correctional
Properties Trust since its formation," said Robert R. Veach, Jr.,
Chairman of the Board of Trustees. Following Mr. Murphy's
resignation, the Audit Committee will consist of three independent
Board members, including Mr. Robert R. Veach, Jr., Mr. James D.
Motta and Ms. Donna Arduin. Mr. Veach, who previously served as
Chairman of the Audit Committee from 1998 - 2002, will resume the
chairmanship of the Committee. Correctional Properties Trust, based
in Palm Beach Gardens, Florida, was formed in February 1998, to
capitalize on the growing trend toward privatization in the
corrections industry. Correctional Properties Trust is dedicated to
ownership of correctional facilities under long-term, triple-net
leases, which minimizes occupancy risk and development risk.
Correctional Properties Trust currently owns 12 correctional
facilities in nine states, all of which are leased, with an
aggregate initial design capacity of 6,856 beds. CONTACT:
Correctional Properties Trust Shareholder Services, (561) 630-6336,
or access Company information at
http://www.correctionalpropertiestrust.com/ DATASOURCE:
Correctional Properties Trust CONTACT: Correctional Properties
Trust Shareholder Services, +1-561-630-6336 Web site:
http://www.correctionalpropertiestrust.com/
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