MEXICO CITY, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Grupo Elektra, S.A.B. de C.V. (BMV:ELEKTRA) (Latibex:XEKT), Latin America's leading specialty retailer and financial services company and the largest non-bank provider of cash advance services in the United States, announced that both Grupo Elektra and the Mexican Stock Exchange ended the disputes derived from the Methodological Note of the Index of Prices and Quotations (Índice de Precios y Cotizaciones in Spanish) published on April 11, 2012. The Settlement Agreement approved by the Sixth Civil Court of the Federal District, terminates the controversy between both parties, which recognize neither action nor any reserved rights between them. Grupo Elektra also awarded a settlement to Dr. Luis Tellez Kuenzler. The agreements did not involve any payment in either case.
The injunction suspending the application of the Methodological Note on Grupo Elektra will remain in effect until August 2016, as agreed; effects may be waived unilaterally by Grupo Elektra anytime.
Grupo Elektra stated that derivative transactions whose underlying asset or value is related to Grupo Elektra shares held by third parties do not include shares granted under guarantee, nor immobilized shares under the Methodological Note for the calculation of the Índice de Precios y Cotizaciones and therefore, there are no shares to be deducted for this concept to determine the floating shares of Grupo Elektra. The Mexican Stock Exchange acknowledges such statements to the effect that may be required.
Company Profile:
Grupo Elektra (www.grupoelektra.com.mx) is Latin America's leading financial services company and specialty retailer and the largest non-bank provider of cash advance services in the United States. The Group operates over 6,000 points of sale in Mexico, USA, Brazil, Guatemala, Honduras, Peru, Panama and El Salvador.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. The companies include Azteca (www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Advance America (www.advanceamerica.net), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx) and Grupo Iusacell (www.iusacell.com.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, the member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Except for historical information, the matters discussed in this press release are forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are identified in documents sent to securities authorities.