GCC Obtained a Favorable Resolution in the Annulment of the Damages Award, All Legal ...
CHIHUAHUA, Mexico, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Grupo Cementos de Chihuahua, 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 obtained a favorable resolution in the annulment of the “Damages Award”, in the arbitration process commenced by Compañía de Inversiones Mercantiles, S.A. (“CIMSA”), against the Company and pursuant to the Inter-American Commission on International Commercial Arbitration.
This annulment was notified by the highest constitutional justice authority in Bolivia on October 29th of this year. Consequently, all legal proceedings filed in the country of Bolivia have been resolved in favor of GCC.
Based on this resolution, the Company will commence the corresponding legal proceedings in the United States to reverse the ruling from the District Court of Colorado.
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*.
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
+52 (614) 442 3176
+ 1 (303) 739 5943