CORRECTIONS CORPORATION OF AUSTRALIA AWARDED CONTRACT TO PROVIDE INMATE TRANSPORTATION AND COURT SECURITY

NASHVILLE, Tenn., Jan. 25 /PRNewswire/ -- Prison Realty Trust, Inc. 

(NYSE:   PZN) today announced that Corrections Corporation of Australia has
 signed a five-year contract with Court Security and Custodial Services of the
 Western Australia government to provide prisoner transportation, court custody
 and court security.  The initial contract, which also provides for two
 three-year renewal options, is expected to generate approximately $7.9 million
 in annual revenues. 

 The contract is expected to begin in July 2000.  By the end of 2001,
 Corrections Corporation of Australia expects to provide transportation and
 custodial services for all major law enforcement agencies throughout Western
 Australia. 

           "As seen by today's announcement, the international arm of Prison Realty
 Trust continues to garner contracts and expand its services to foreign
 governments, particularly in Australia," said Tom Beasley, interim chairman of
 the company.  "We believe this growth is further evidence that privatization
 of public services in both the domestic and international arenas will
 increase." 

 The delivery of the program will require 300 staff in 19 separate
 locations and a fleet of 40 vehicles.  Corrections Corporation of Australia
 will incorporate the most current security and tracking technology, including
 satellite phones and real time GPS location systems, in its program delivery.
 In addition, the government will have online real time access to the operation
 to ensure accountability for Western Australian officials and citizens. 

 Corrections Corporation of Australia is an affiliate of one of the
 privately held service companies, which does business as Corrections
 Corporation of America, of which Prison Realty Trust Inc. has a 95% equity
 ownership interest.

 Corrections Corporation of America provides detention and corrections
 services for governmental agencies.  The company is the industry leader in
 private sector corrections with more than 73,000 beds in 79 facilities under
 contracts in the United States, Puerto Rico, Australia and the United Kingdom.
 The company's full range of services includes finance, design, construction,
 renovation and management of new or existing jails and prisons, as well as
 long-distance inmate transportation services.

 Prison Realty's business is the ownership of correctional and detention
 facilities.  The Company provides financing, design, construction and
 renovation of new and existing jails and prisons that it leases to both
 private and governmental managers.  Prison Realty currently owns or is in the
 process of developing 51 correctional and detention facilities in 17 states,
 the District of Columbia and the United Kingdom.  Prison Realty, which is
 based in Nashville, Tennessee, has announced a restructuring which will,
 pending shareholder approval, result in the combination of the Company with
 the companies operating under the name Corrections Corporation of America.
 The combined company, which would operate under the Corrections Corporation of
 America name, is expected to be a taxable subchapter C corporation, as Prison
 Realty would terminate its status as a REIT in connection with the
 restructuring.  Pending shareholder approval, Prison Realty expects that upon
 the completion of the restructuring, it will issue up to $350 million in
 convertible securities to a group of investors.

 This news release contains statements that are forward-looking, including
 statements relating to the amount and timing of the proposed offering
 transactions.  These statements are not projections or assured results.
 Actual results may differ materially from the results anticipated in the
 forward looking statements due to a variety of factors, including but not
 limited to, changing market conditions.  Additional factors will be described
 in the company's filings with the SEC.  The company does not undertake an
 obligation to update its forward-looking statements to reflect future events
 or circumstances.  Accordingly, individuals should not place undue reliance on
 such statements.
 
 

SOURCE  Prison Realty Trust, Inc.

http://www.prnewswire.com/news-releases/corrections-corporation-of-australia-awarded-contract-to-provide-inmate-transportation-and-court-security-72202952.html