VANCOUVER, CANADA -- October 20, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced its Hong Kong listed subsidiary J.I.C. Technology Company Limited (“J.I.C.”) (HKSE Stock code: 987), a leading Hong Kong LCD panels manufacturer, has entered into a lease agreement for a new factory premises and plans to replace its existing factory premises in order to expand its manufacturing facilities to cope with future development. Located in Baoan County, Shenzhen, PRC, the new factory premises including dormitories, are about 600,000 square feet, which are two times the size of the existing factory premises of J.I.C. With the increased space of factory premises, J.I.C. can be able to enjoy a better manufacturing environment.
“In addition to providing additional working space, the increased manufacturing space will also provide room for future expansion of J.I.C., such as setting up of its own COG (chip on glass) production line to produce COG products for its customers and also adding more production lines for LCD panels,” said Mr. Tadao Murakami, Chairman of Nam Tai. “The increased production area will also allow J.I.C. to upgrade the production capabilities when appropriate by installing the latest state-of-the-art manufacturing equipment to enhance our services to our customers.”
Upon the completion of construction and installation of equipment, J.I.C. expects to move into this new factory premises within the second quarter of 2004.
About Nam Tai
We are an electronics manufacturing and design services provider to original equipment manufacturers of telecommunications and consumer electronic products. Through our electronics manufacturing services operations, we manufacture electronic components and subassemblies, including LCD panels, LCD modules, radio frequency modules, flexible printed circuit subassemblies and image sensors. These components are used in numerous electronic products, including cellular phones, laptop computers, digital cameras, copiers, fax machines, electronic toys, handheld video game devices and microwave ovens. We also manufacture finished products, including cellular phones, palm-sized PCs, personal digital assistants, electronic dictionaries, calculators and digital camera accessories for use with cellular phones.
Certain statements in this press release are "forward-looking statements" within the meaning of U.S. federal securities laws. Nam Tai intends that these statements be covered by the safe harbors created under these laws. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. Many of these factors are beyond Nam Tai's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements, which only speak as of the date of this press release. Nam Tai does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.