VANCOUVER, CANADA -- May 13, 2002 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI and NTAIW; CBOE Symbol: QNA) announced that all the resolutions proposed at the extraordinary general meeting of Albatronics (Far East) Company Limited (in liquidation) (“Albatronics”) and the Albatronics shareholders’ court meeting, both on May 10, 2002, were unanimously approved by the independent shareholders present in person or by proxy. The resolution proposed at the Albatronics creditors’ court meeting was also unanimously approved by creditors present in person or by proxy.
On January 14, 2002 Nam Tai entered into a restructuring agreement with the joint liquidators of 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 a new company for 92.9% ownership in the new company on a fully diluted basis after conversion of preference shares. Albatronics’ listing status on the Hong Kong Stock Exchange will be withdrawn and the new company will be listed on the Hong Kong Stock Exchange by way of introduction and free from the liabilities of Albatronics. Consummation of the restructuring agreement still requires sanction of the shareholders’ scheme and the creditors’ scheme by the court.
Except for the historical information contained herein, matters discussed in this press release are forward-looking statements. For example, the statement regarding the expected consummation of the restructuring agreement is a forward looking statement that is subject to the receipt of regulatory and court approvals. 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, 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.