Contact Information: TMM COMPANY CONTACT: Juan Fernandez Chief Financial Officer 011-5255-5629-8778 Monica Azar Investor Relations 1-917-597-5361 or 011-525-55-629-8866 ext. 3421 AT DRESNER CORPORATE SERVICES: Kristine Walczak (investors, analysts, media) 1-312-726-3600
Grupo TMM Announces Approval of Share Repurchase Program
| Source: Grupo TMM
MEXICO CITY--(Marketwire - December 14, 2007) - Grupo TMM, S.A.B. (NYSE : TMM ) (BMV: TMM A)
("TMM"); a Mexican intermodal transportation and logistics company,
announced today that the board of directors and the shareholders meeting of
Grupo TMM approved a share repurchase program ("the Program"). The
Company's board of directors gave its approval to constitute a reserve fund
to repurchase shares during the last board meeting held in November.
This Program could be executed through the Mexican Stock Exchange when
trading Series "A" Shares, or through the New York Stock Exchange when
trading ADRs. The Program has been approved for an amount of up to $10
million.
Repurchases under the Program, if any, will be made in the open market at
such times and in such amounts as the Company's designated officer deems
appropriate. The Company intends to effect any ADR repurchases in
compliance with SEC Rule 10b-18, and any "A" Share repurchases in
compliance with the Mexico's Securities Law or Ley del Mercado de Valores.
The timing and actual number of "A" Shares and/or ADRs repurchased will
depend on a variety of factors, including price, market conditions and
applicable legal requirements. The Program does not obligate the Company to
repurchase any specific number of "A" Shares or ADRs and may be suspended
or terminated at any time without prior notice. Shares or ADRs repurchased
will be held as treasury shares. As of December 12, 2007, the Company had
56,963,137 shares outstanding, including 46,547,916 shares represented by
ADRs.
José F. Serrano, chairman and chief executive officer of Grupo TMM, said,
"I am pleased to announce the approval of the repurchase fund of the
Company, which I anticipate will increase the Company's stock liquidity and
reflects the commitment I have to the business plan and future growth of
Grupo TMM."
Headquartered in Mexico City, TMM is a Latin American intermodal
transportation Company. Through its branch offices and network of
subsidiary companies, TMM provides a dynamic combination of ocean and land
transportation services. Visit TMM's web site at www.grupotmm.com. The site
offers Spanish/English language options.
Included in this press release are certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward-looking statements speak only as of the date they are
made and are based on the beliefs of the Company's management as well as on
assumptions made. Actual results could differ materially from those
included in such
forward-looking statements. Readers are cautioned that all forward-looking
statements involve risks and uncertainty. The following factors could cause
actual results to differ materially from such forward-looking statements:
global, US and Mexican economic and social conditions; the effect of the
North American Free Trade Agreement on the level of US-Mexico trade; the
condition of the world shipping market; the success of the Company's
investment in new businesses; the ability of the Company to reduce
corporate overhead costs and the ability of management to manage growth and
successfully compete in new businesses These risk factors and additional
information are included in the Company's reports on Form 6-K and 20-F on
file with the United States Securities and Exchange Commission.