VANCOUVER, CANADA -- April 9, 2001 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) announced it has entered into a sale and purchase agreement to acquire approximately 23,000 square feet of contiguous prime office space at Shun Tak Centre in the Central district of Hong Kong at a consideration, including transaction fees, of approximately $12 million which will be financed internally from operating cash flows and existing cash on hand.
By acquiring the office space Nam Tai will have room to consolidate three of its administrative and marketing offices at different locations onto a single floor of office space. The new centralised office location will help strengthen management communication and control, and provide room for future expansion as Nam Tai’s Far-East headquarters. The office is conveniently located above the ferry terminal and beside the highway, permitting easy transportation by sea or by land to and from the manufacturing facilities in Shenzhen. The Company expects to move into its new premises on August 18, 2001.
Form 20 – F SEC Filing
Nam Tai filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2000 on March 21, 2000 with the Securities and Exchange Commission. Electronic versions may be obtained online at the Company’s website www.namtai.com or by calling the Investor Relations Office at 1-800-661-8831.
First Quarter Results
Nam Tai will release its first quarter results for the period ended March 31, 2001 before the market opens on Monday, May 7, 2001. The Company will hold a conference call on Monday, May 7, 2001 at 10:00 a.m. Eastern Time for analysts to discuss the first 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, May 4, 2001.
Shareholders, media, and interested investors are invited to listen to the live conference call by dialing
(612)-332-1020 just prior to its start time. Callers 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 website at www.namtai.com.