August 14, 2007 08:00 ET

Nevada District Court Affirms That Mike Fernandez Is the President and Sole Director of TMM Inc.

LOS ANGELES, CA--(Marketwire - August 14, 2007) - TMM Inc. (PINKSHEETS: TMMI) announced today that an order granting a preliminary injunction against Mrs. Corene Dion-King had been granted by the Nevada District court in Minden Nevada. The court found that substantial reasons exist for the granting of a preliminary injunction, including Mrs. King's failure to call a shareholder meeting, her failure to report to the court as custodian for over two years, and her issuance of additional shares of the corporation without the approval of the court or the shareholders of TMM. The order signed August 9th, 2007 enjoined Mrs. King from action as custodian in any manner. The parties agreed and the court affirmed that Mike Fernandez act as President and sole director of TMM until such time as a new board of directors could be appointed by the shareholders of TMM. The court further affirmed that Fernandez be empowered to implement the terms of the stipulated agreement filed with the court on May 8th, 2006. Mrs. King was ordered to provide an accounting to Mr. Fernandez and the court by August 10th, 2007. A hearing has been scheduled for September 7th, 2007 on Mr. Fernandez's motion to permanently remove Mrs. King as custodian. Under previous orders of the court TMM was ordered to take all steps necessary to cancel all shares of TMM issued by the custodian; Fernandez was empowered by the court order to review those issuances to determine the shares issued there under were for due consideration.

Fernandez stated in a letter to shareholders released on the company website: "To all of you patient shareholders who have stood by hopefully as the company has been embroiled in legal battles, I can tell you now is our time. With this important order of the court we have cleared up the confusion that has clearly hampered our progress."

Disclaimer: This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the energy fuel market; including the energy economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    Mike Fernandez
    TMM Inc.
    Suite 200 8350 Wilshire Boulevard
    Beverly Hills, California 90211
    Tel: 323-556-0819