VANCOUVER, CANADA -- March 3, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE; CBOE Symbol QNA) announced it has filed a registration statement on Form F-3 with the Securities and Exchange Commission relating to the proposed public offering of 3,000,000 common shares, of which 2,000,000 common shares are to be offered by the Company and 1,000,000 common shares are to be offered by selling shareholders. The Company will grant the underwriters an option to purchase an additional 450,000 common shares to cover any over-allotments. Bear, Stearns & Co. Inc. will act as the lead managing underwriter of the offering.
When available, copies of the preliminary prospectus relating to the offering may be obtained from Bear, Stearns & Co. Inc., 383 Madison Avenue, New York, NY 10017, (212) 272-2000.
We intend to use a portion of the net proceeds to construct and equip a new factory of approximately 250,000 square feet adjacent to our principal manufacturing facilities in Shenzhen, China. We intend to use the balance of the net proceeds for working capital and other general corporate purposes. The Company will not receive any of the proceeds from the sale of common shares by the selling shareholders.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Nam Tai
We are an electronics manufacturing and design services provider to original equipment manufacturers of telecommunications and consumer electronic products.
This release contains forward-looking statements that involve a number of risks and uncertainties. In particular, there can be no assurance that the offering will be successfully completed. Other potential risks that could cause actual events to differ materially are included in filings with the Securities and Exchange Commission, including Forms 20-F and F-3 for Nam Tai.