VANCOUVER, CANADA -- June 3, 2002 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) today announced that the listing of its subsidiary JIC on the Hong Kong Stock Exchange (“HKSE”) and trading of shares will commence on June 4, 2002, subject to final approval by the HKSE.
On January 14, 2002 Nam Tai entered into a restructuring agreement with the joint liquidators of Albatronics (Far East) Company Limited (in liquidation) (“Albatronics”). Albatronics, a 50% owned subsidiary of Nam Tai, was placed into voluntary liquidation in August 1999. Under the restructuring agreement Nam Tai will inject its wholly-owned subsidiary JIC into J.I.C. Technology Company Limited (“JIC Tech”) for 92.9% ownership in JIC Tech on a fully diluted basis after conversion of preference shares. Albatronics’ listing status on the Hong Kong Stock Exchange will be withdrawn and JIC Tech will be listed on the Hong Kong Stock Exchange by way of introduction and free from the liabilities of Albatronics.
Except for the historical information contained herein, matters discussed in this press release are forward-looking statements. For example, the statement regarding the listing of its subsidiary JIC on the Hong Kong Stock Exchange is a forward looking statement that is subject to the Hong Kong Stock Exchange granting the listing of and permission to deal in the shares of JIC Tech. Other factors that might cause differences in this and the other forward looking statements, 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.
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, transformers and LCD panels. The Company utilises advanced production technologies such as chip on board (COB), chip on film (COF), 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.