Business Services Industry
ResCare Awarded $14 Million Job Corps Contract Renewal; Acosta Center Two-Year Contract with Options to Renew
Business Wire, Sept 7, 2004
LOUISVILLE, Ky. -- ResCare, Inc. (NASDAQ/NM:RSCR), the nation's leading provider of residential, training, educational and support services for special needs youth and persons with disabilities, announced today that its Division for Training Services has been awarded a $14.3 million contract by the U.S. Department of Labor to continue operating the Fred G. Acosta Job Corps Center in Tucson, Arizona. The term of the contract is September 1, 2004, to August 31, 2006, with three one-year options for renewal.
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Job Corps is an educational and training program offered by the U.S. Department of Labor for special needs youth between ages 16 and 24. The Fred G. Acosta center offers education, job training and placement opportunities to approximately 300 trainees. Along with construction and computer trades, students also have the opportunity to earn high school diplomas or GEDs. The Center's goals are to teach marketable skills in a safe and supportive setting and to find meaningful employment for students when they leave the program. ResCare has operated the center since 1997.
"We're proud of the Acosta Job Corps Center. Under ResCare's management during the last seven years, the center has risen to become one of the top performing Job Corps centers in the United States," said Ronald G. Geary, ResCare chairman, president and chief executive officer. "That ranking is gratifying, but even more important are the contributions the dedicated staff has made to the lives of the young people who have graduated from Acosta with meaningful careers and futures in which they are contributing members of our society. Acosta certainly fulfills ResCare's vision of `building lives, reaching potential'."
Founded in 1974, ResCare offers services to some 34,000 people in 33 states, Washington, D.C., Puerto Rico and Canada. ResCare is a human service company that provides residential, therapeutic, job training and educational supports to people with developmental or other disabilities, to youth with special needs and to adults who are experiencing barriers to employment. The Company is based in Louisville, KY. More information about ResCare is available on the Company's web site at http://www.rescare.com.
The Company from time to time makes forward-looking statements in its public disclosures, including statements relating to revenues that might be expected from new or acquired programs and facilities, other statements regarding development and acquisition activities, statements regarding reimbursement under federal and state programs and statements regarding various trends favoring downsizing, deinstitutionalization and privatization of government programs. In the Company's filings under the federal securities laws, including its annual, periodic and current reports, the Company identifies important factors that could cause the Company's results to differ materially from those contained in such forward-looking statements. Reference is hereby made to such disclosures.
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