Corporacion GEO Receives Annual INFONAVIT Mortgage Origination Award

MEXICO CITY, Feb. 11 /PRNewswire-FirstCall/ -- Corporacion GEO, S.A.B. de C.V. (BMV: GEOB; CORPGEO MX, ADR Level I CUSIP: 21986V204; Latibex: XGEO), Casas GEO, Mexico's leading affordable entry-level housing developer, today announced that it has received INFONAVIT's annual mortgage origination award, for the second consecutive year, for generating the highest number of mortgages in 2009.

This recognition underscores GEO's leadership position with Mexico's most important low-income housing institutions. In 2009, the Company generated a record 36,299 mortgages through INFONAVIT, approximately 70% more than GEO's closest competitor.  

GEO's mortgage origination through INFONAVIT grew 16% compared to 2008 and the Company's overall share of INFONAVIT mortgages reached 8.1%, a 160 bps increase year-on-year, confirming the Company's leadership position within the low income segments.

Upon receiving the award, Corporacion GEO's CEO Luis Orvananos Lascurain commented, "GEO continues to maintain a solid leadership position with Mexico's key housing institutions due to our well established low income-focused strategy. We've maintained our commitment to our clients and the financial community despite a challenging environment and plan to maintain this focus as we develop high-quality, value-added homes that enhance their inhabitants' quality of life."

About Corporacion GEO, S.A.B. de C.V.

Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. The Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 52 cities across 16 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 460,000 homes which currently provide housing to 2,000,000 people. GEO's Solid Business Model focuses mainly in the Affordable Entry Level and Economic segments, which are supported by government policies and by the Mexican Housing Institutions INFONAVIT and FOVISSSTE. For more information, visit www.corporaciongeo.com.

SOURCE Corporacion GEO, S.A.B. de C.V.