<PAGE> 1
EXHIBIT 99.2
CCA ESTABLISHES CONVERSION PRICE FOR
SERIES B CONVERTIBLE PREFERRED STOCK
NASHVILLE, Tenn., Oct. 2 /PRNewswire/ -- Corrections Corporation of
America, formerly Prison Realty Trust, Inc. (NYSE: CXW) (formerly PZN). CCA
(formerly Prison Realty) announced today that the conversion price of the
company's previously issued Series B Cumulative Convertible Preferred Stock for
the initial conversion period has been established at $1.50. This conversion
price is based on the average closing price of the company's common stock on the
NYSE from Monday, September 18, 2000 through Friday, September 29, 2000. As a
result of this conversion price, each share of Series B Preferred Stock is
convertible into 16.3 shares of the company's common stock during the initial
conversion period (calculated by dividing the stated price ($24.46) of each
share of Series B Preferred Stock by the conversion price ($1.50)). Holders
desiring to convert their shares of Series B Preferred Stock should contact
their broker or the company's transfer agent, Boston Equiserve/Fleet, at (781)
575-3120, prior to the conclusion of the initial conversion period (Monday,
October 2, 2000 to Friday, October 13, 2000). Additional information regarding
the conversion of the of Series B Preferred Stock may also be found on the
company's investor relations information line at (615) 263-3990.
The shares of Series B Preferred Stock will also be convertible during
the period beginning on December 7, 2000 and ending on December 20, 2000. The
conversion price for this subsequent conversion period will be set based upon
the average closing price of the company's common stock from Wednesday, November
22, 2000 to Wednesday, December 6, 2000.
About the Company
The company is the nation's largest provider of detention and
corrections services to governmental agencies. The company is the industry
leader in private sector corrections with approximately 68,000 beds in 75
facilities under contract or under development and ownership of 45 facilities in
the United States, Puerto Rico and the United Kingdom. The company's full range
of services includes design, construction, ownership, renovation and management
of new or existing jails and prisons, as well as long distance inmate
transportation services.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation Reform Act of
1995. These forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the statements made.
Other factors that could cause operating and financial results to differ are
described in the company's Form 10-K and Form 8-K, as well as in other documents
filed with the SEC. Other risks may be detailed from time to time in reports to
be filed with the SEC. The company does not undertake any obligation to publicly
release the result of any revisions to forward-looking statements that may be
made to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
