TUCSON, Ariz., June 21 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced that Ross Innovative Employment Solutions (IES), the workforce development division of Providence Community Services, Inc., a wholly owned subsidiary of Providence Service Corporation has been named as the recipient of a contract to provide workforce development services to young people aged 14 to 24 in the city of Memphis, Tennessee and surrounding Shelby County.
Funding levels for the contract are expected to approach $4.0 million, contingent on finalized allocations. Enrollment and processing of individuals began June 14, 2010, with services to run through the summer months. Funding to underwrite the contract is made available through the federal Workforce Investment Act (WIA) and the local Workforce Investment Network which operates and oversees the training efforts in the city of Memphis and Shelby County, Tennessee.
In announcing the award, Workforce Investment Networks Executive Director Desi Franklin stated, "One of the underlying goals of the program is to provide meaningful work experience and related job skills to eligible individuals while simultaneously enhancing their prospects for future employment. It is anticipated that upwards to 750 eligible individuals will participate in the program which will operate over the summer months."
Fletcher McCusker, Chairman and CEO, commented, "We are pleased that in today's competitive environment, Ross IES has been able to continue to expand its training and employment related services to workforce investment boards in a number of states. Our success is a credit to the reputation of our excellent team at Ross. In Memphis we were recognized for the quality of service we render as well as our track record of running successful workforce development programs."
The Workforce Investment Act of 1998 provides the framework for a unique national workforce preparation and employment system designed to meet both the needs of the nation's businesses and the needs of job seekers and those who want to further their careers. These services are funded primarily through resources made available under the WIA legislation. Services and training programs are rendered to eligible individuals as determined by the local Workforce Investment Boards who have administrative and oversight responsibilities under WIA. These oversight responsibilities include the manner in which training resources will be allocated.
The Providence Service Corporation, through its owned and managed entities, provides home and community based social services and non-emergency transportation services management to government sponsored clients under programs such as welfare, juvenile justice, Medicaid and corrections. Providence does not own or operate beds, treatment facilities, hospitals or group homes, preferring to provide social services in the client's own home or other community setting. It provides its non-emergency transportation services management through local transportation providers rather than owning its own fleet of vehicles. The Company provides a range of services through its direct entities to approximately 62,200 clients through 752 active contracts at March 31, 2010, with an estimated 7.9 million individuals eligible to receive the Company's non-emergency transportation services. Combined, the Company has an approximately $1 billion book of business including managed entities.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "demonstrate," "expect," "estimate," "anticipate," "should" and "likely" and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to the global credit crisis, capital market conditions, and other risks detailed in Providence's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2009. Providence is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
SOURCE The Providence Service Corporation