VANCOUVER, CANADA -- May 28, 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 3,000,000 common shares of the Company.
On March 3, 2003, Nam Tai announced the filing of a registration statement on Form F-3 with the U.S. Securities and Exchange Commission (“SEC”) relating to a proposed offering of 3,000,000 common shares of the Company. However, taking into account the effect of SARS, or severe acute respiratory syndrome, on the stock market, the Company believes that the proposed offering can only be completed at a price which does not reflect the inherent value of the Company’s business. Furthermore, Nam Tai believes that it will have adequate cash resources and banking facilities that are available for the construction of its new 250,000 square feet factory and other general corporate purposes. 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. The Company notified the SEC of its withdrawal on May 28, 2003.
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. Further information is available at www.namtai.com.
Except for the historical information contained herein, matters discussed in this press release are forward-looking statements. For example, the Company’s belief on the inherent value of the business of the Company and that it will have adequate cash resources available for the construction of its new 250,000 square feet factory and other general corporate purposes are forward looking statements that are uncertain and depend on many factors including the ability to secure new orders from customers, end-user demand for the customers’ products, competitive pressure and the use of the existing cash resources of the Company for any unforeseen future events. Other factors that might cause differences in these and other forward-looking statements, include, but are not limited to, 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, 2002.