VANCOUVER, CANADA -- December 16, 2002 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI; CBOE Symbol: QNA) today announced that mobile phone maker TCL Mobile Communication Co. Ltd. (“TCL Mobile”) has been rated Asia’s fastest growing technology company over the past three years by the accounting firm Deloitte Touche Tohmatsu. TCL Mobile, which only began making mobile phones in 1999, saw revenues increase by 263 times since 2000 as it has grown to become China’s No. 1 domestic brand and third overall behind Nokia and Motorola. In the first 10 months of 2002, TCL Mobile sold 4.7 million handsets and holds a 12.15% share of the mainland China market. Sales for the first eight months of 2002 were reported to be approximately $550 million, with profits of $88 million.
“Being a LCD modules supplier and a shareholder of TCL Mobile, we are proud to see TCL Mobile has such achievement in the region. With our close relationships with TCL Group, we strongly believe that Nam Tai will grow with TCL and capture the extensive business opportunities in this fast growing mobile communications industry,” commented Mr. Tadao Murakami, Nam Tai’s Chairman.
In the fourth quarter of 2002, TCL Mobile began placing orders for Nam Tai to supply mobile phone LCD modules. These LCD modules are used by TCL Mobile in the production of mobile phones sold under the TCL brand name. Nam Tai holds a 3.033% interest in TCL Mobile and a 6% interest in its parent Company TCL Corporation.
The TCL Group is controlled by TCL Corporation, a PRC state-owned enterprise that has extensive sales and distribution channels in China. TCL Corporation’s scope of business includes the import and export of raw materials, the design, manufacturing, and sales and marketing of telephones, VCD players, color television sets, mobile phones and other consumer electronic products.
The Company will pay the regular fourth quarter dividend of $0.12 per share to shareholders of record at the close of business on December 31, 2002 with a payment date of January 21, 2003.
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 and RF modules for cellular phones, 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.