VANCOUVER, CANADA -- January 13, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI; NYSE: NTE (starts Jan 23/03); CBOE Symbol QNA) today announced that it would further expand its business to include wireless communication technology and related products. Nam Tai has made a strategic investment of $10 million by subscribing for a 25% shareholding in Alpha Star Investments Limited (“Alpha Star”), a British Virgin Islands company, which is the ultimate holding company of the Hong Kong based JCT Wireless Technology Company Limited (“JCT”), a company engaged in the design, development and marketing of wireless communication terminals and killer wireless application software.
JCT is Nam Tai’s first customer for wireless communication terminals and their modules. JCT currently leverages Texas Instruments’ advanced wireless technology platform and system expertise from UbiNetics Limited ("UbiNetics") to provide total wireless solutions. Texas Instruments Incorporated is the world leader in digital signal processing and analog technologies. Texas Instruments’ wireless technology portfolio coupled with over 10 years systems expertise delivers processing solutions with optimal balance of performance and power efficiency.
UbiNetics is an United Kingdom company, born out of the technological arm of PA Consulting Group (“PA”), a world-leader in telecommunication practice with the benefit of over ten years industry experience. UbiNetics has 340 employees at PA’s UK Cambridge Technology Centre with offices around the world.
After the transaction, JCT will focus on the killer wireless application software development and related wireless product design, advanced technology R&D, product sales and marketing and customer support while Nam Tai will assume a major role in the production of the wireless communication terminals and their modules for JCT.
“This new investment represents the recognition and satisfaction of our production capabilities by our customers,” said Mr. Tadao Murakami, Chairman of Nam Tai. “It also represents a big leap for Nam Tai in the worldwide wireless communication technology industry. We are pleased to have the opportunity to work with these leading technology companies to jointly develop the wireless communication terminals business. With such strong technical support, 2003 will hopefully be a fruitful year for Nam Tai, in terms of both business development and sales.”
Fourth Quarter Dividend
Nam Tai’s fourth quarter dividend of $0.12 per share will be paid on January 21, 2003 to all shareholders of record as of December 31, 2002.
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, wireless communication terminals and their modules, transformers and LCD panels. The Company utilises advanced production technologies such as chip on board (COB), chip on glass (COG), chip on film (COF), 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.
Except for the historical information contained herein, matters discussed in this press release may contain forward-looking statements. For example, the statement regarding the business development and turnover of 2003 are forward looking statements that are subject to the actual amount of orders received from JCT and other businesses of the Company. Other factors that might cause differences in these and the other forward looking statements, include 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, 2001.