Maxcom Holds Annual Shareholder Meeting to Approve Audited Financial Statements and Stock Buy-Back Plan

MEXICO CITY, March 24 /PRNewswire-FirstCall/ -- Maxcom Telecomunicaciones, S.A.B. de C.V. ("Maxcom", "the Company") (BMV: MAXCOM CPO), one of the leading integrated telecommunications companies in Mexico, today held its annual shareholder meeting, in which its shareholders approved, among other, the following items:

- The 2007 annual report by the Chief Executive Officer and the Board of Directors. - The 2007 audited financial statements. - The stock buy-back plan for 2008. - The appointment of new Directors to the Board.

After PricewaterhouseCoopers finished their auditing process of the 2007 financial statements, the Company adopted new accounting criteria to recognize the cost of stock options related to the consummation of the Company's initial public offering. As a result, the cost of such options was recognized when it was granted instead of when the option was exercised, as originally stated (see Maxcom's Initial Public Offering Prospectus dated October 18, 2007, page 92); thereby, booking such cost in the fourth quarter of 2007 rather than beginning second quarter of 2008. This cost represented a non-cash item for the Company in the amount of Ps.24 million. The following table sets forth the audited results when compared to the unaudited results reported on February 11, 2008. A full set of audited financial statements can be found at the end of this report:

Year ended December 31, 2007 Million Pesos Unaudited Audited Change Revenues Ps. 2,346 Ps. 2,346 Ps. -- EBITDA 670 646 (24) EBITDA Margin 29% 28% Adjusted EBITDA 682 682 -- Adjusted EBITDA Margin 29% 29% Net Income Ps. 61 Ps. 36 Ps. (24) Earnings per share Basic 0.11 0.06 Earnings per share Diluted 0.10 0.06 Three-month period ended on December 31, 2007 Million Pesos Unaudited Audited Change Revenue Ps. 619 Ps. 619 Ps. -- EBITDA 183 158 (24) EBITDA Margin 30% 26% Adjusted EBITDA 184 184 -- Adjusted EBITDA Margin 30% 30% Net Income Ps. 86 Ps. 61 Ps. (24)

Additionally, a stock buy-back plan was approved for up to Ps.36 million. The plan will operate locally, under the Mexican Stock Exchange rules, and other than providing liquidity to the stock from time to time, it may also be used to provide shares for the different stock option plans the Company has in place, partially offsetting the dilution effect of such plans.

Finally, the shareholders nominated and appointed Gabriel Vazquez as director, and Efrain Ruvalcaba and Jorge Vazquez as alternate directors to the board. Therefore, the Company's new board is comprised as follows:

Directors Alternate Directors Adrian Aguirre Gomez (Chairman) Maria Guadalupe Aguirre Gomez Eduardo Vazquez (Vice-chairman) Jorge Vazquez Gabriel Vazquez Efrain Ruvalcaba Perez Lauro Gonzalez Moreno (Vacant) Rodrigo Guerra Botello (Vacant) Jacques Gliksberg Marco Viola Rene S. Sagastuy F. (Vacant) Marco Provencio Munoz (Vacant) Alfonso Gonzalez Migoya (Vacant) About MAXCOM

MAXCOM Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico City, Mexico, is a facilities-based telecommunications provider using a "smart- build" approach to deliver last-mile connectivity to micro, small and medium- sized businesses and residential customers in the Mexican territory. MAXCOM launched commercial operations in May 1999 and is currently offering local, long distance, data, value-added, CATV and IP-based services on a full basis in greater metropolitan Mexico City, Puebla, Queretaro and Toluca, and on a selected basis in several cities in Mexico. The information contained in this press release is the exclusive responsibility of MAXCOM Telecomunicaciones, S.A.B. de C.V. and has not been reviewed by the Mexican National Banking and Securities Commission (CNBV) or any other authority. The registration of the securities described in this press release before the National Registry of Securities (Registro Nacional de Valores) held by the CNBV, shall it be the case, does not imply a certification of the investment quality of the securities or of MAXCOM's solvency. The trading of these securities by an investor will be made under such investor's own responsibility.

For more information contact: Juan-Carlos Sotomayor Mexico City, Mexico (52 55) 1163 1104 investor.relations@MAXCOM.com Lucia Domville New York City, NY (646) 284-9416 ldomville@hfgcg.com

This document may include forward-looking statements that involve risks and uncertainties that are detailed from time to time in the U.S. Securities and Exchange Commission filings of the Company. Words such as "estimate," "project," "plan," "believe," "expect," "anticipate," "intend," and similar expressions may identify such forward-looking statements. The Company wants to caution readers that any forward-looking statements in this document or made by the company's management involves risks and uncertainties that may change based on various important factors not under the Company's control. These forward-looking statements represent the Company's judgment as of the date of this document. The Company disclaims, however, any intent or obligation to update these forward-looking statements.

MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. CONDENSED CONSOLIDATED BALANCE SHEET In thousands of Mexican pesos ("Ps") in purchasing power as of December 31, 2007 and thousands of U.S. dollars ("$") December 31, 2006 December 31, 2007 Pesos US Dollars Pesos US Dollars ASSETS CURRENT ASSETS: Cash and cash equivalents Ps 739,291 $ 68,036 Ps 2,538,398 $ 233,605 Restricted Cash 23,462 2,159 1,137 105 762,753 70,195 2,539,535 233,710 Accounts receivable: Customers, net of allowance 333,948 30,733 517,254 47,602 Value added tax refundable 110,823 10,199 198,583 18,275 Other sundry debtors 40,739 3,749 54,676 5,031 485,510 44,681 770,513 70,908 Inventory 35,790 3,294 33,249 3,060 Prepaid expenses 65,740 6,050 61,630 5,671 Total current assets 1,349,793 124,220 3,404,927 313,349 Restricted Cash Long Term -- -- -- -- Frequency rights, Net 88,373 8,132 80,930 7,448 Telephone network systems & Equipment, Net 3,301,437 303,826 4,188,946 385,502 Pre-operating expenses, Net 98,339 9,050 77,902 7,169 Intangible Assets, Net 190,248 17,509 208,802 19,216 Retirement obligations 15,068 1,387 17,650 1,624 Deposits 5,973 550 6,943 639 Other assets 16,929 1,557 36,479 3,359 Total assets Ps 5,066,160 $ 466,231 Ps 8,022,579 $ 738,306 LIABILITIES CURRENT LIABILITIES: Accrued expenses and other accounts payable 527,602 48,554 513,595 47,265 Bank Financing -- -- -- -- Senior notes, net 130,785 12,036 -- -- Notes payables 38,931 3,583 8,087 744 Commercial paper 155,639 14,323 -- -- Customers deposits 2,734 252 2,801 258 Payroll and other taxes payable 27,369 2,519 67,182 6,183 Total current liabilities 883,060 81,267 591,665 54,450 LONG-TERM LIABILITIES: Senior notes, net 1,701,353 156,573 2,184,412 201,028 Bank Financing -- -- -- -- Notes payable 41,851 3,851 4,686 431 Other accounts payable 27,238 2,507 26,068 2,399 Deferred taxes 88,951 8,186 106,221 9,775 Pensions and Postretirement Obligations 21,756 2,002 26,582 2,446 Other long term liabilities 9,915 912 52,106 4,795 Hedging Valuation 15,121 1,392 -- -- Total liabilities Ps 2,789,245 $ 256,690 Ps 2,991,740 $ 275,324 SHAREHOLDERS' EQUITY Capital stock 3,327,482 306,223 5,410,251 497,897 Premium on capital stock 253,096 23,292 888,056 81,726 Accumulated deficit (1,274,397) (117,281) (1,303,664) (119,974) Net loss for the period (29,266) (2,693) 36,196 3,333 Total shareholders' equity (deficit) Ps 2,276,915 $ 209,541 Ps 5,030,839 $ 462,982 Total liabilities and equity Ps 5,066,160 $ 466,231 Ps 8,022,579 $ 738,306 NOTES TO FINANCIAL STATEMENTS: Financial statements are reported in period-end pesos as of December 31, 2007 to adjust for the inter- period effect of inflation. For readers' convenience, all Peso amounts were converted to U.S. dollars at the exchange rate of Ps.10.8662 per US$1.00. MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 2006 AND 2007 YEAR END In thousands of Mexican pesos ("Ps") in purchasing power as of December 31, 2007 and thousands of U.S. dollars ("$") January 1 to January 1 to December 31, 2006 December 31, 2007 Pesos US Dollars % Pesos US Dollars % REVENUES Ps1,741,692 $160,286 100% Ps.2,345,719 $215,873 100% Network operating services 546,031 50,250 31% 821,868 75,635 35% Technical expenses 113,398 10,436 7% 136,452 12,557 6% Installation expenses 17,549 1,615 1% 18,659 1,717 1% Cost of Network Operation 676,978 62,301 39% 976,979 89,909 42% GROSS PROFIT 1,064,714 97,985 61% 1,368,740 125,964 58% SG&A 607,505 55,908 35% 722,618 66,501 31% EBITDA 457,209 42,077 26% 646,122 59,463 28% Depreciation and amortization 300,467 27,652 370,227 34,071 Operating Income (Loss) 156,742 14,425 275,895 25,392 Comprehensive (Income) Cost of Financing: *Interest expense (144,032) (13,255) (232,912) (21,435) **Interest (income) loss, net 16,766 1,543 55,793 5,135 Exchange (income) loss, net (1,419) (131) 25,247 2,323 Gain on net monetary position 21,503 1,979 25,231 2,322 (107,182) (9,864) (126,641) (11,655) Other (income) expense (18,776) (1,728) (12,819) (1,180) Profit sharing -- -- (3,257) (300) INCOME (LOSS) BEFORE TAXES 30,784 2,833 133,178 12,257 Taxes: Asset Tax -- -- (39,272) (3,614) Income Tax (414) (38) (11,428) (1,052) Deferred Tax Provision (59,636) (5,488) (46,282) (4,259) Total Provisions (60,050) (5,526) (96,982) (8,925) NET INCOME (LOSS) Ps (29,266) $(2,693) Ps 36,196 $3,332 *Adjusted EBITDA 473,191 43,547 681,964 62,760 % of revenue Adjusted EBITDA 27% 27% 29% 29% NOTES TO FINANCIAL STATEMENTS: * Interest related to Senior Notes, Banks and Vendor Financing ** Interest Income net Financial statements are reported in period-end pesos as of December 31, 2007 to adjust for the inter-period effect of inflation. For readers' convenience, all Peso amounts were converted to U.S. dollars at the exchange rate of Ps$10.8662 per US$1.00. MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 2006 AND 2007 QUARTERLY PERIODS Amounts in thousands of Mexican pesos ("Ps") in purchasing power as of December 31, 2007 and thousands of U.S. dollars ("$") Three month period ended on Three month period ended on December 31, 2006 December 31, 2007 US US Pesos Dollars % Pesos Dollars % REVENUES Ps 495,195 $ 45,573 100% Ps 618,937 $56,960 100% Network operating services 169,298 15,580 34% 213,534 19,651 35% Technical expenses 29,740 2,737 6% 34,083 3,136 6% Installation expenses 4,774 439 1% 4,825 444 1% Cost of Network Operation 203,812 18,756 41% 252,442 23,231 41% GROSS PROFIT 291,383 26,817 59% 366,495 33,729 59% SG&A 157,319 14,478 32% 208,127 19,153 34% EBITDA 134,064 12,339 27% 158,368 14,576 26% Depreciation and amortization 72,712 6,692 67,799 6,239 Operating Income (Loss) 61,352 5,647 90,569 8,337 Comprehensive (Income) Cost of Financing: *Interest expense 57,333 5,277 58,061 5,344 **Interest (income), net (4,677) (430) (25,834) (2,378) Exchange (income) loss, net (21,576) (1,985) (19,696) (1,812) Gain on net monetary position (6,625) (610) 12,913 1,188 24,455 2,252 25,444 2,342 Other (income) expense 19,496 1,794 7,570 697 INCOME (LOSS) BEFORE TAXES 17,401 1,601 57,555 5,298 Provisions for: Asset tax -- -- 18,863 1,736 Income tax & deferred tax 11,742 1,080 (22,560) (2,077) Total Provisions 11,742 1,080 (3,697) (341) NET INCOME (LOSS) Ps 5,659 $521 Ps 61,252 $5,639 *Adjusted EBITDA 137,353 12,640 183,942 16,928 % of revenue Adjusted EBITDA 28% 28% 30% 30% NOTES TO FINANCIAL STATEMENTS: * Interest related to Senior Notes, Banks and Vendor Financing ** Interest Income net Financial statements are reported in period-end pesos as of December 31, 2007 to adjust for the inter-period effect of inflation. For readers' convenience, all Peso amounts were converted to U.S. dollars at the exchange rate of Ps.10.8662 per US$1.00. MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2007 Amounts in thousands of Mexican pesos ("Ps") in purchasing power as of December 31, 2007 and thousands of U.S. dollars ("$") (1) Year ended on December Year ended on December 31, 2006 31, 2007 Operating Activities: Net Income (loss) for the year Ps. (29,266) $(2,693) Ps. 36,196 $3,331 Depreciation & amortization 300,467 27,652 370,227 34,071 Labor obligations upon retirement 4,642 427 5,752 529 Deferred income tax 60,051 5,526 46,282 4,259 Stock option plan 15,982 1,471 37,124 3,416 Other non-cash items 17,671 1,626 -- -- Subtotal 369,547 34,009 495,581 45,606 Net change in: Account receivables net (251,021) (23,101) (285,004) (26,228) Inventory (19,160) (1,763) 2,540 234 Prepaid expenses 18,414 1,695 4,109 378 Liabilities and other assets, net (29,881) (2,750) 85,932 7,908 Resources provided by operating activities 87,899 8,089 303,158 27,898 Financing Activities: Senior notes and bank financing 1,087,776 100,106 102,124 9,398 Capital stock increase 364,276 33,524 2,643,369 243,265 Resources provided by financing activities 1,452,052 133,630 2,745,493 252,663 Investing Activities: Telephone network system and equipment (1,130,118) (104,003) (1,160,359) (106,786) Intangible assets 190,425 17,525 (54,472) (5,013) Other assets (1,011) (93) -- -- Telereunion Investment (101,173) (9,311) (33,576) (3,090) Resources used in investing activities (1,041,877) (95,882) (1,248,407) (114,889) Cash and cash equivalents: Increase in cash and cash equivalents 498,074 45,837 1,800,244 165,674 Cash and cash equivalents at the beginning of the year 241,218 22,199 739,291 68,036 Cash and cash equivalents at the end of the year Ps. 739,292 $68,036 Ps. 2,539,535 $233,710 NOTES TO FINANCIAL STATEMENTS: Financial statements are reported in period-end pesos as of December 31, 2007 to adjust for the inter-period effect of inflation. (1) For readers' convenience, all Peso amounts were converted to U.S. dollars at the exchange rate of Ps$10.8662 per US$1.00.