Business
Target Hospitality Provides Update on South Texas Family Residential Center Located in Dilley Texas
THE WOODLANDS, Texas, June 10, 2024 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), one of North
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, June 10, 2024 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality\", \"Target\" or the \"Company\") (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today received notice that the U.S. government intends to terminate the existing South Texas Family Residential Center (\"STFRC\") services agreement with Target's migrant programming partner (\"STFRC Partner\"), effective in 60 days, or on or about August 9, 2024 (\"Effective Date\").\n\nAs a reminder, Target provides facility and hospitality solutions to the STFRC Partner, through a lease and services agreement (\"STFRC Contract\") utilizing Target's owned modular assets. The STFRC Partner has provided notice to Target of their intention to terminate the STFRC Contract concurrent with the Effective Date.\nTarget will retain ownership of these assets enabling the Company to continue utilizing these modular solutions to support customer demand across its existing operating segments and other potential growth opportunities.\nGiven the notice of termination was received today, and the remaining operational logistics associated with the notice, Target intends to provide operational and financial updates giving effect to the termination prior to June 30, 2024.\nAbout Target Hospitality\nTarget Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. Target builds, owns and operates a customized and growing network of communities for a range of end users through a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security and recreational facilities services.\nCautionary Statement Regarding Forward Looking Statements\nCertain statements made in this press release (including the financial outlook contained herein) are \"forward looking statements\" within the meaning of the \"safe harbor\" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words \"estimates,\" \"projected,\" \"expects,\" \"anticipates,\" \"forecasts,\" \"plans,\" \"intends,\" \"believes,\" \"seeks,\" \"may,\" \"will,\" \"should,\" \"future,\" \"propose\" and variations ...