GCC Enters Into a Settlement Agreement With Compañía de Inversiones Mercantiles (CIMSA)
CHIHUAHUA, Mexico, March 10, 2023 (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, announced today that it has entered into a settlement agreement (the “Agreement”) reaching a mutual release with Compañía de Inversiones Mercantiles, S.A. (“CIMSA”).
Pursuant to the Agreement, GCC and CIMSA negotiated an amount that satisfied both parties, concluding all disputes between them. This Agreement does not preclude GCC´s option to recover the settlement amount from other third parties as the case may be.
The Agreement 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
Sahory Ogushi
+52 (614) 442 3176
+ 1 (303) 739 5943
soguship@gcc.com
