Contact Information: TMM COMPANY CONTACT: Juan Fernandez Chief Financial Officer 011-525-55-629-8778 Monica Azar Investor Relations 011-525-55-629-8866 ext. 3421 or 1-917-597-5361 AT DRESNER CORPORATE SERVICES: Kristine Walczak (investors, analysts, media) 1-312-726-3600
Grupo TMM Announces Management Change
| Source: Grupo TMM
MEXICO CITY--(Marketwire - November 15, 2007) - Grupo TMM, S.A.B. (NYSE : TMM ) and (BMV: TMM A
("TMM"), a Mexican multimodal transportation and logistics company,
announced that Javier Segovia, who has served as president of Grupo TMM for
the past 12 years, has decided to leave the Company to pursue outside
interests effective December 1, 2007. José. F. Serrano, chairman of Grupo
TMM, will serve as president of the Company until a replacement for Mr.
Segovia is appointed.
The audit and corporate practices committee and the board of directors of
the Company gave their approval for this change in management on Tuesday,
November 13. Also, the board of directors gave their approval for the
Company to constitute a reserve fund to acquire its own shares, subject to
the required legal and corporate approvals.
José F. Serrano, chairman of Grupo TMM, said, "We thank Javier for the 12
years he has dedicated to the Company. In this time Groupo TMM has
transformed into a leading maritime and logistics company. We will continue
to build on the growth that the Company has shown over the past three
quarters. Additionally, we anticipate incremental profit opportunities will
occur throughout the fourth quarter that will set the stage for a very
profitable 2008."
Headquartered in Mexico City, TMM is a Latin American multimodal
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.