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

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.


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.