CHIHUAHUA, Mexico, April 01, 2019 (GLOBE NEWSWIRE) -- Grupo Cementos de Chihuahua, S.A.B. de C.V., “GCC”, or “Company”, (BMV: GCC*), a leading producer of cement and concrete in the United States and Mexico, today announced that on March 25, 2019, the US District Court of Colorado issued a decision confirming the Damages Award dated April 15, 2015, awarded Compania de Inversiones Mercantiles S.A. $36.1 million in damages and expenses, plus interest. The decision of the District Court is a U.S. judgment.
GCC continues to refute the aforementioned resolution as the resolution does not recognize the previous determinations of the Bolivian courts that considers the Liability Award null and in favor of GCC, furthermore because it overlooks the fact that there are ongoing annulment proceedings in Bolivia that could conclusively annul the Damages Award.
The Company has the right to appeal the decision made by the District Court of Colorado within 30 days and GCC is evaluating other possible courses of action in defense of its interests.
Additionally, GCC will continue to litigate the annulment proceedings in Bolivia, the result of which could lead to reconsideration or reversal of the decision of the District Court of Colorado.
About GCC
GCC is a leading supplier of cement, concrete, aggregates, and construction‐related services in the United States and Mexico, 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, 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; 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 |
