VANCOUVER, CANADA -- November 12, 2001 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced that its has enlarged and extended its repurchase program originally announced on October 1, 2001. The board of directors approved a repurchase program to buy-back up to an aggregate of two million common shares and 3.1 million common share purchase warrants in the open market from time to time at prevailing market prices in accordance with SEC Rule 10b-18. The program will run until the end of June 2002 unless extended or shortened by the board of directors.
Nam Tai Secures $15 million Long Term Loan
Given the current low interest environment and in order to strengthen its financial position and provide a strong foundation during the current economic slowdown the Company has obtained a seven-year term loan of $15 million at a fixed interest rate in the first four years. The term-loan, in addition to cash on hand as at September 30, 2001 of $40.1 million, will allow the company to carry forward with a number of initiatives aimed at increasing shareholder value.
Exercise of Warrant
On October 8, 2001 the Company announced that a Nam Tai independent director exercised a warrant to purchase 300,000 common shares at $10.25 per share. As a result of the exercise of this warrant, Nam Tai’s independent director, Peter R. Kellogg, now holds 13.9% of Nam Tai’s outstanding common shares.
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 website at www.namtai.com.