8-K, EX-99.3, 2000-10-03
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<PAGE>   1
                                                                    EXHIBIT 99.3


        NASHVILLE, Tenn., October 2, 2000 /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 as previously reported has been adjusted, and
has now been established at $1.4813. 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. The previously reported
conversion price of $1.50 reflected the average closing price of the of the
company's common stock in the composite index, rather than that of the NYSE. As
a result of this adjusted conversion price, each share of Series B Preferred
Stock is convertible into approximately 16.6 shares of the company's common
stock during the initial conversion period (calculated by dividing the stated
price ($24.46) plus accrued and unpaid dividends as of the date of conversion of
each share of Series B Preferred Stock by the conversion price ($1.4813)).
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 on the NYSE 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.

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