VANCOUVER, CANADA -- April 2, 2001 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) announced that its wholly owned subsidiary, Shenzhen Namtek Co., Ltd. (“Namtek”) has been confirmed as a “Enterprise of Advanced Technology” following the completion of a review by a Shenzhen government evaluation team. Being an Enterprise of Advanced Technology entitles Namtek to various tax concessions including an extended three year 50% reduced tax rate of 7.5% and reduced import taxes on various equipment and technologies.
Namtek, provides facilities and expertise to assist in new product research and development services, offering its customers program design for microprocessors, enhanced software design and development services.
Share Repurchase Program Update
Since announcing its share repurchase program on March 19, 2001 the Company repurchased a total of 96,900 common shares at an average price of $13.42.
First Quarter Dividend
The Company will pay the first quarter dividend of $0.10 per share on or before April 21, 2001 to shareholders of record at the close of business on April 1, 2001.
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.