VANCOUVER, CANADA -- September 3, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced its board of directors has determined that it is in the best interest of the Company and its shareholders to request a withdrawal of Nam Tai’s registration statement filed on Form F-3 for a proposed offering of 9,000,000 common shares of the Company. The Company submitted an application to the SEC to withdraw the registration statement on September 3, 2003.
The Company has just disposed of its convertible bond notes in TCL International Holdings Limited (“TCL International”) and received proceeds of approximately $5.07 million in cash. TCL International is a Hong Kong publicly listed company. Nam Tai acquired the said convertible bond notes in September 2002. The Company is still holding equity investments in TCL Mobile and TCL Corporation, the parent company of the TCL Group.
After the said disposal of the convertible bond notes in TCL International, as at August 31, 2003, the Company still maintained cash on hand of approximately $77 million despite the Company’s capital expenditures proceeding as scheduled. Nam Tai believes that its cash on hand, plus the coming cash generated from operations, together with other income and outstanding banking facilities, should be sufficient for the general capital investments of the Company to support internal growth and expansion for the next two years. In this connection, the board of directors has determined that it is in the best interest of the Company and its shareholders to request the withdrawal of the registration statement.
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.