- Alvarez Family to Purchase Financial Investors' Interest in Cablemas -

- Alvarez Family to Purchase Financial Investors' Interest in Cablemas -

MEXICO CITY, Sept. 20 /PRNewswire/ -- Cablemas S.A. de C.V. ("Cablemas") announces that the Alvarez Family, founders and owners of 47.3% of the stock of Cablemas, have entered into an agreement to purchase the remaining 52.7% stake of Cablemas held by Olmeca Investments B.V., Nautilus Gibraltar, S.P.R.L. and Citicorp International Finance Corporation (together "the Financial Investors"). After the transaction, the Alvarez Family will indirectly own 100% of Cablemas stock.

Carlos M. Alvarez Figueroa, Cablemas' CEO commented: "We identified a timely opportunity to provide liquidity to our partners and consolidate our ownership position in a top-quality fast growing company. We are convinced of Cablemas' growth prospects and confident that Cablemas is the cable operator with the most robust convergence (triple play) offer in Mexico".

The Alvarez Family will finance the purchase price with drawings from a structured credit facility provided by Credit Suisse to an Alvarez Family entity. The transaction is expected to close in 2006.

Credit Suisse, Cravath, Swaine & Moore LLP and Galicia y Robles, S.C. acted as advisors to the Alvarez Family in connection with the transaction. Covington & Burling LLP acted as advisor to Olmeca Investments B.V. and Nautilus Gibraltar, S.P.R.L. Milbank, Tweed, Hadley & McCloy LLP acted as advisor to Citicorp International Finance Corporation. Kuri Brena, Sanchez Ugarte, Corcuera y Aznar, S.C. acted as advisor to the Financial Investors.

About Cablemas

Cablemas is the second largest cable television operator in Mexico based on number of subscribers and homes passed. As of June 30, 2006, Cablemas' cable network served over 657,144 cable television subscribers, 143,828 high-speed internet subscribers, and 15,316 IP telephony lines, with over 1,841,921 homes passed.

Cablemas is the concessionaire with the broadest coverage in Mexico, operating in 40 cities throughout the country's oil, maquiladora and tourist regions, as of June 30, 2006. Cablemas has consistently introduced innovative products in Mexico and was the first cable operator in the country to provide a "Triple Play" bundled service package of cable television, high speed internet and IP telephony. More information about Cablemas can be found at www.cablemas.com .

This document may contain certain forward-looking statements concerning Cablemas' operations, performance, business, financial condition and growth prospects. These statements are based upon beliefs of management as well as a number of assumptions and estimates, which are inherently subject to significant uncertainties, many of which are beyond Cablemas' control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Mexican economy, including changes in inflation rates or exchange rates, changes in political conditions and government policies in Mexico, increased competition, regulatory developments and customer demand. These statements are made as of the date of this press release and Cablemas undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise in light of these risks and uncertainties, there can be no assurances that the events described or implied in the forward-looking statements contained in this document will in fact transpire.

Source: Cablemas

CONTACT: In Mexico, Marilyn Billot, Budget and IR Manager of Cablemas,
+5255-24-54-58-84, marilyn.billot@admCablemas.com.mx; In the United States,
Susan Borinelli, +1-646-452-2333, sborinelli@breakstone-group.com, or Michael
Fehle, +1-646-452-2336, mfehle@breakstone-group.com, both of Breakstone Group
for Cablemas

Web site: http://www.cablemas.com/

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