– Explanatory Note – Colorado District Court’s Ruling in the Case of GCC vs. Compañía de Inversiones Mercantiles (CIMSA)
CHIHUAHUA, Mexico, Oct. 08, 2021 (GLOBE NEWSWIRE) — GCC, S.A.B. de C.V. (BMV: GCC* or “the Company”), a leading producer of cement and concrete in the United States and Mexico, clarifies that the decision against GCC by the Colorado District Court, which has been circulating in the media, is an ongoing proceeding – not a final ruling.
The decision orders GCC to submit assets located in Mexico to the Colorado District Court to guarantee CIMSA the equivalent of $36.1 million dollars plus costs and interest.
As previously informed, the highest constitutional court in Bolivia, the country with jurisdiction of origin of the dispute, ruled in favor of GCC in this matter. The company is seeking recognition of the Bolivian proceedings before the Colorado District Court, which would imply dismissing the Colorado District Judge’s decision.
GCC will continue to defend its rights in all appropriate courts and will notify any change in the legal status of the dispute, and as always, will act in accordance with applicable laws.
The dispute does not affect, in any way, the Company’s solid financial position, the fulfillment of obligations and liabilities, or the normal course of business.
This document is submitted in compliance with Article 54 of the Mexican Issuers’ Regulation (Circular Única de Emisoras).
About GCC
GCC is a leading supplier and producer of cement, concrete, aggregates, and construction‐related services in the United States, Mexico and Canada, with an annual cement production capacity of 5.8 million metric tons. Founded in 1941, the Company’s shares are listed on the Mexican Stock Exchange under the ticker symbol GCC*.
Forward-Looking Statements
This press release may contain forward-looking statements. All statements that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “intend,” “project” and similar expressions are generally intended to identify forward-looking statements. These statements are subject to risks and uncertainties including, among others, changes in macroeconomic, political, legal, public health crises including COVID-19, governmental or business conditions in the markets where GCC operates; changes in interest rates, inflation rates and currency exchange rates; performance of the construction industry; and pricing, business strategy and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from the beliefs, projections, and estimates described herein. GCC assumes no obligation to update the information contained in this press release.
For further information, contact:
GCC Investor Relations
Ricardo Martinez
+52 (614) 442 3176
+ 1 (303) 739 5943
rmartinezg@gcc.com
