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GRUPO TMM ANNOUNCES THE SALE OF 18,000,000 SHARES OF KANSAS CITY SOUTHERN COMMON STOCK
Jose
Serrano, Chairman and CEO of TMM, commented, “The net cash proceeds
from this transaction will be used pursuant to TMM´s 2007 notes
indenture. This is a significant transaction for TMM resulting in an improved
balance sheet to enable Grupo TMM´s growth, profitable expansion,
and stakeholder value improvement. The monetization of our investment
in KCS makes TMM a new company, and as further events occur as stated
in our third quarter conference call we know that our stakeholders will
be exceptionally pleased with the outcome.” Headquartered in Mexico City, Grupo TMM is a Latin American multimodal transportation company. Through its branch offices and network of subsidiary companies, Grupo TMM provides a dynamic combination of ocean and land transportation services. Grupo TMM's web site address is www.grupotmm.com. |
| 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; and the Company's ability to complete the sale. 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. |
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