SOURCE: Grupo TMM

February 09, 2010 08:00 ET

Grupo TMM Announces Management Change

MEXICO CITY--(Marketwire - February 9, 2010) - Grupo TMM, S.A.B. (NYSE: TMM) (BMV: TMM A) ("TMM" "or the "Company"); a Mexican intermodal transportation and logistics company, announced today that Fernando Sánchez Ugarte, who has served as president of Grupo TMM for the past two years, resigned his position today.

The Company's Executive Committee accepted Mr. Sánchez Ugarte's resignation and agreed that José F. Serrano, chairman of the board, will continue to serve as chief executive officer.

These changes resulted from the financial restructuring executed last December, which strengthens the Company and assures its financial viability.

Grupo TMM thanks Mr. Sánchez Ugarte for the two years he dedicated to the Company.

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.

Contact Information

  • TMM COMPANY CONTACT:
    Jacinto Marina
    Chief Financial Officer
    011-525-55-629-8866 ext. 2901
    Email Contact

    Monica Azar
    Investor Relations
    917-597-5361 or
    011-525-55-629-8866 ext. 3421
    Email Contact

    AT DRESNER CORPORATE SERVICES:
    Kristine Walczak (investors, analysts, media)
    312-726-3600
    Email Contact