VANCOUVER, CANADA -- October 10, 2002 -- 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") is expanding establishingand has established a new office in Shanghai, PRC. Namtek has leased [30,000 square feet]approximately 4,518 square feet of office space in Shanghai, and is beginning leasehold improvements toShanghai. Namtek has already recruited a couple of engineers in Shanghai and intends to expand its engineering team in Shanghai by recruiting more engineers locally. The new office can accommodate up to 50 engineers within the next year. engineers. In addition to being a leading commercial center in China, Shanghai is home to some of China’s leading universities, which may enhance Namtek’s ability to recruit more software engineers to support the expansion of its business.
Namtek, founded in 1995 and based in Shenzhen, the southern part of China, is a software application provider specialising in embedded software applications for digital consumer electronics products, especially in the Japanese market. With approximately software50 software engineers, Namtek’s software development projects include the design and development of software applications forcalculators, electronic organizers, health PDAs, mobile phones and electronic dictionaries.
Nam Tai Electronics, Inc. is an electronics design and manufacturing service provider to original equipment manufacturers. Nam Tai manufactures telecommunication products, palm-sized PCs, personal digital assistants, linguistic products, calculators and various components including LCD modules for mobile phones, transformers and LCD panels. The Company utilizes 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 are forward looking statements. For example, the statement regarding expansion of Namtek’s business is a forward looking statement. The ability of Namtek to expand its business depends on many factors including the ability to recruit and train software engineers in a timely manner, end–user demand for the customers’ products, and competitive pressures. Other factors that might prevent the expansion of business 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.