HOMEX Announces a US$250 Million Share Repurchase Program
CULIACAN, Mexico, March 11 /PRNewswire-FirstCall/ -- Desarrolladora Homex, S.A.B. de C.V. ("Homex" or "the Company") (NYSE:HXM)(NYSE:BMV:)(NYSE:HOMEX) announced that during its ordinary shareholders meeting held yesterday it has authorized a share repurchase program effective today, authorizing the Company to purchase up to US$250 million of the corporation's shares of common stock.
"The approval of this share repurchase program reflects our ongoing commitment to increase shareholder value and our confidence that current market price levels do not reflect our current potential value. In addition, we believe that our strong balance sheet and cash flows will allow us to implement this program while continuing to pursue investment in growth opportunities in our business without risking our credit ratings," said Gerardo de Nicolas, Homex Chief Executive Officer. Share repurchases will take place on the open market, from time to time, based on market conditions. The repurchase program has no time limit and may be suspended for periods or discontinued by the Board of Directors at any time. The Company has approximately 335.9 million shares of common stock outstanding as of December 31, 2007.
About Homex Desarrolladora Homex, S.A.B. de C.V. [NYSE: HXM, BMV: HOMEX] is a leading, vertically integrated home development company focused on affordable entry- level and middle-income housing in Mexico. It is one of the most geographically diverse homebuilders in the country. Homex has a leading position in the top four markets in Mexico and is the largest home builder in Mexico, based on revenues, number of homes sold and net income. For additional corporate information, please visit the Company's web site at: www.homex.com.mx Desarrolladora Homex, S.A.B. de C.V. press releases, quarterly reports and all other written materials may from time to time contain statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors can cause actual results to differ materially from the plans, objectives, expectations, estimates, and intentions expressed in such forward- looking statements. These factors include economic and political conditions and government policies in Mexico or elsewhere, including changes in housing and mortgage policies, inflation rates, exchange rates, regulatory developments, customer demand, and competition. For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Discussion of factors that may affect future results is contained in our filings with the Securities and Exchange Commission.
CONTACT: Carlos J. Moctezuma, Head of Investor Relations of Web site: http://www.homex.com.mx/
2008-03-11 19:52:20 0310186 PRNEWSWIRE
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