Grupo Simec Receives NYSE Amex Form 20-F Delinquency Notice

GUADALAJARA, Mexico Aug. 23 /PRNewswire-FirstCall/ -- Grupo Simec S.A.B. (NYSE: SIM) de C.V. ("Grupo Simec" or the "Company"), one of Mexico's leading manufacturers, processors and distributors of SBQ steel and structural steel products, received written notice from NYSE Amex LLC (the "Exchange"), indicating that the Company was not in compliance with the Exchange's continued listing criteria set forth in Sections 134 and 1101 of the NYSE Amex LLC Company Guide because it did not timely file its Annual Report on Form 20-F for the year ended December 31, 2009 the "2009 Annual Report"). 

The Exchange indicated to the Company in a letter dated August 17, 2010 that the Company must submit a plan by September 17, 2010, advising the Exchange of the action is has taken, or will take, that would bring the Company into compliance with Sections 134 and 1101 of the Company Guide no later than November 17, 2010. The Company has not filed its 2009 Annual Report because it is currently working with its external auditors and advisors to assess the adequacy of its internal controls and to develop and implement an appropriate internal controls remediation plan. The Company intends to submit its plan of compliance or, to the extent possible, file its 2009 Form 20-F on or before September 17, 2010.

Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts, including statements about Grupo Simec's beliefs and expectations, may constitute forward-looking statements as that term is defined by the United States Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by terminology such as "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "confident" and similar statements. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations.  A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement.  Potential risks and uncertainties include, but are not limited to: that any plan of compliance we submit may not be accepted by NYSE Amex; that we not be able to develop and implement an appropriate remediation plan on a timely basis, that the failure to file our 2009 Annual Report and/or to develop and implement an appropriate remediation plan on a timely basis may result in the delisting of our securities from quotation on the NYSE Amex or a suspension in the trading of the American Depositary Shares evidencing our Series B shares which would materially limit the liquidity or tradability of such American Depositary Shares; that even if we file our 2009 Annual Report and develop and implement an appropriate remediation plan within the required time period, we may be in violation of other NYSE Amex listing standards; and the risks that there are uncertainties and matters beyond the control of management, and other risks outlined in our filings with the U.S. Securities and Exchange Commission.  Grupo Simec cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made.  Grupo Simec does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

SOURCE Grupo Simec, S.A.B. de C.V.