VANCOUVER, CANADA -- January 28, 2002 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced that on January 14, 2002 it entered into a restructuring agreement with the joint liquidators of Albatronics (Far East) Company Limited (“Albatronics”). Albatronics, a 50% owned subsidiary of Nam Tai, was placed into voluntary liquidation in August 1999. Under the restructuring agreement Nam Tai will inject its wholly-owned subsidiary JIC into a new company for 92.9% ownership in the new company on a fully diluted basis after conversion of preference shares. Albatronics’ listing status on the Hong Kong Stock Exchange will be withdrawn and the new company will be listed on the Hong Kong Stock Exchange by way of introduction and free from the liabilities of Albatronics.
JIC is primarily engaged in the manufacture and marketing of liquid crystal display (LCD) panels and transformers from its three manufacturing facilities in the People’s Republic of China. Nam Tai acquired JIC in October 2000. Nam Tai is pleased that its subsidiary will obtain a public listing on the Hong Kong Stock Exchange, which is expected to provide a strong foundation to accelerate the expansion of JIC’s business in China.
Consummation of the restructuring agreement is subject to the fulfillment of a number of conditions including approval by Albatronics’ creditors and shareholders and the Listing Committee of the Stock Exchange of Hong Kong and the receipt of other regulatory and court approvals. If such conditions are satisfied, the restructuring is expected to be consummated before the end of the second quarter of 2002.
Fourth Quarter Results
Nam Tai will release its unaudited fourth quarter results for the period ended December 31, 2001 before the market opens on Monday, February 4, 2002. The Company will hold a conference call on Monday, February 4, 2002 at 10:00 a.m. Eastern Time for analysts to discuss the fourth quarter results with management. Analysts who wish to receive the toll free dial-in number for this conference call are invited to contact the Investor Relations Office at 1-800-661-8831 no later than 6:00 p.m. Eastern Time on Friday, February 1, 2002.
Shareholders, media, and interested investors are invited to listen to the live conference over the Internet by clicking http://www.videonewswire.com/event.asp?id=2673 or over the phone by dialing 651-224-7472 just prior to its start time. Users will be asked to register with the conference call operator.
Except for the historical information contained herein, matters discussed in this press release are forward-looking statements. For example, the statement regarding the expected consummation date is also a forward looking statement which is subject to approval by Albatronics’ creditors and shareholders and the Listing Committee of the Stock Exchange of Hong Kong and the receipt of other regulatory and court approvals. These and other forward looking statements are uncertain and dependant upon many factors including creditor and shareholder acceptance of the restructuring, and other factors over which the Company has no control. Other factors that might cause differences in these and the other forward looking statements, include, but are not limited to, those discussed in the Company’s reports filed with the Securities and Exchange Commission from time to time, such as the factors set forth in Item 3 “Key Information – Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2000.
Nam Tai Electronics, Inc. is an electronics design and manufacturing service provider to some of the world’s leading original equipment manufacturers. Nam Tai manufactures telecommunication products, palm-sized PCs, personal digital assistants, linguistic products, calculators and various components including LCD modules for cellular phones, lithium ion rechargeable battery packs, transformers and LCD panels. The Company utilises advanced production technologies such as chip on board (COB), chip on glass (COG), surface mount technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer lead bonding (OLB) technologies. Further information is available on Nam Tai’s web site at www.namtai.com.