VANCOUVER, CANADA -- January 14, 2002 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced that TCL International Holdings Limited (“TCL International”), a Hong Kong publicly listed company (Hang Seng Index Code No. 1070) announced on December 21, 2001 a Sale & Purchase Agreement with Ultimate Seller to acquire a 10% equity interest in Huizhou TCL Mobile Communication Co., Ltd. (“Huizhou TCL”) at a total cash consideration of US$36 million based on a guaranteed 2001 audited profit of not less than US$36 million and an implied price/earnings multiple of approximately 10 times. The transaction, which requires among other things independent shareholder approval, will increase TCL International’s ownership in Huizhou from 20% to 30%.
Huizhou TCL, a sino-foreign equity joint venture in the People’s Republic of China (“PRC”), is engaged in the design, manufacturing, sales and marketing of mobile phones. It has production facilities in the PRC, and is one of 27 authorised GSM handset manufacturers and one of 20 authorised CDMA handset manufacturers in the PRC. Recently, it has developed and launched several designs of GSM mobile phones.
Nam Tai, which acquired its 5% indirect shareholding in Huizhou TCL in September 2000, is pleased with the Sale & Purchase announcement from TCL International and ideally expects to benefit, achieving a good return from this strategic investment. Huizhou TCL is also a customer of Nam Tai, as it currently purchases rechargeable battery packs from BPC (Shenzhen) Co., Ltd. - a joint venture company owned by Nam Tai and Toshiba Battery Co., Ltd.
Fourth Quarter Results
Nam Tai will release its unaudited fourth quarter results for the period ended December 31, 2001 before the market opens on 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 at 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.
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.