SOURCE: Grupo TMM

November 15, 2007 08:00 ET

Grupo TMM Announces Management Change

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.

Contact Information

  • TMM COMPANY CONTACT:
    Juan Fernandez
    Chief Financial Officer
    011-525-55-629-8778
    Email Contact

    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
    Email Contact