VANCOUVER, CANADA -- September 17, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced that an official ground breaking ceremony was held on September 17, 2003, marking the beginning of construction of its new state-of-the-art manufacturing facilities. The ceremony was officiated by local government officials and dignitaries, and the Company’s management.
As announced in February 2003, Nam Tai intends to spend $40 million on these new manufacturing facilities. The new five-storey factory building will add approximately 250,000 square feet to the existing manufacturing facilities, which is adjacent to Nam Tai’s main manufacturing campus in Shenzhen, PRC. In order to meet the increase demand for high-end telecommunication components and products by customers, the new factory also includes a 65,000 square feet clean room to house the Company’s most sophisticated machinery and produce the high-end electronic components such as LCD modules, RF modules and CMOS sensors modules for cellular phones. Such sophisticated machineries include but are not limited to COF (chip on film), COG (chip on glass), and BGA (ball grid array) machines that are necessary for the production of the advanced electronic components like LCD modules, radio frequency or RF modules, and CMOS sensors modules.
Completion of the construction is expected before the end of 2004. After the installation of all necessary machinery and interior works, the new production facilities will probably commence production in the second quarter of 2005.
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, 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.