New Iusacell Series V Ads Are Listed Under NYSE Symbol "CEL"

New Iusacell Series V Ads Are Listed Under NYSE Symbol "CEL"

August 9, 1999

MEXICO CITY -- Nuevo Grupo Iusacell, S.A. de C.V. (New
Iusacell) announced today that its Series V American Depositary Shares are
listed on the New York Stock Exchange (NYSE) and its Series V shares are
listed on the Bolsa Mexicana de Valores (BMV) under the same symbol, CEL.

The Series D and Series L shares of Grupo Iusacell, S.A. de C.V. (Old Iusacell)
not tendered in the recently expired exchange offer will continue to be traded on
the BMV under the symbols CEL.D and CEL.Y, respectively, until such
time as New Iusacell has met the conditions for delisting. Old Iusacell's Series D
American Depositary Shares have been delisted from the NYSE, but its Series L
American Depositary Shares will trade on the NYSE under the symbol CEL.Y.
until the conditions for delisting have been met.

The definitive information provided by New Iusacell's depositaries in the United
States and Mexico indicates that 186,862,022 Series D shares (or 99.9% of the
total outstanding Series D shares) and 144,565,453 Series L shares (or 95.5% of
the total outstanding Series L shares) were validly tendered and accepted in the
recently expired exchange offer. 42,703 other Series D shares and 6,830,705
other Series L shares were not tendered. All but 17,209 of the more than 936
million Series A shares and all Series B shares were validly tendered and
accepted in the recently expired exchange offer.

In addition, the depositaries have informed New Iusacell that its rights offer
received an 82.1% subscription rate. New Iusacell's shareholders accepted offers
to purchase 18,405,490 Series V shares at US $0.70 per share, which will
represent gross proceeds to New Iusacell of nearly US $12.9 million.

The exchange and rights offers, as well as New Iusacell's primary and secondary
share offerings, are scheduled to close tomorrow, August 10, 1999.

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New Iusacell was organized as a limited liability stock company under the
laws of Mexico on August 6, 1998. As a result of the exchange offer
described in this press release, New Iusacell holds substantially all of the
capital stock of Old Iusacell.

Old Iusacell is a leading independent telecommunications company in
Mexico. It provides wireless cellular service in four of Mexico's nine
regions in the central portion of Mexico (including Mexico City) covering
a total of 67 million POPs, representing approximately 69% of the
country's total population. Since February 1997, Old Iusacell has been
under the management and operating control of subsidiaries of Bell
Atlantic Corporation.

Note: This press release contains statements about expected future events
and financial results that are forward-looking statements and subject to
risks and uncertainties. For those statements, we claim 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.