Correctional Properties Trust Announces Name Change to CentraCore Properties Trust
December 16 2005 - 7:42AM
PR Newswire (US)
PALM BEACH GARDENS, Fla., Dec. 16 /PRNewswire-FirstCall/ --
Correctional Properties Trust (NYSE:CPV), a real estate investment
trust (REIT), announced today that, effective at the close of
business on December 20, 2005, the Company's name will be changed
to CentraCore Properties Trust. The Company's common stock will
continue to trade under the symbol "CPV", but under the new CUSIP
number 15235H107. Charles R. Jones, President and CEO, stated, "The
Company will continue to focus on acquiring and developing
correctional facilities. However, we have expanded our scope to
include essential real estate projects outside the corrections
sector, including mental health and higher education facilities.
Because our focus is real estate, which is central to the delivery
of core governmental services, we chose CentraCore Properties Trust
as our new name." The name change was unanimously approved by the
Company's Board of Trustees and will become effective at the close
of business on December 20, 2005, pursuant to Articles of Amendment
to the Company's Declaration of Trust filed with the State
Department of Assessments and Taxation of Maryland. Under Maryland
law and the Company's organizational documents, shareholder
approval was not required or obtained in connection with changing
the name of the Company. Additionally, the Company has relocated
its offices to 11376 Jog Road, Suite 101, Palm Beach Gardens,
Florida, 33418. The Company telephone numbers have not changed;
however, effective at the close of business on December 20, 2005,
the Company's website will change to
http://www.centracorepropertiestrust.com/ . Correctional Properties
Trust currently owns 12 correctional facilities in nine states, all
of which are leased, with an aggregate initial design capacity of
7,156 beds. This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 regarding future events and future performance of the
Company that involve risks and uncertainties that could materially
affect actual results. Such forward- looking statements are made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and are qualified in their entirety
by cautionary statements and risk factors disclosure contained in
certain of the Company's Securities and Exchange Commission
filings. For a description of certain factors that could cause
actual results to vary from current expectations and
forward-looking statements contained in this press release, refer
to documents that the Company files from time to time with the
Securities and Exchange Commission. Such filings include the
Company's Form 10-K for the fiscal year ended December 31, 2004 and
subsequent periodic reports. The Company assumes no obligation to
update or supplement forward- looking statements that become untrue
because of subsequent events. CONTACT: Correctional Properties
Trust Shareholder Services (561) 630-6336, or access Company
information at http://www.correctionalpropertiestrust.com/
DATASOURCE: Correctional Properties Trust CONTACT: Shareholder
Services, Correctional Properties Trust, +1-561-630-6336 Web site:
http://www.correctionalpropertiestrust.com/
http://www.centracorepropertiestrust.com/
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