VANCOUVER, CANADA -- February 3, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE; CBOE Symbol: QNA) today announced plans to further expand its manufacturing facilities to meet the increased demand for high-end electronics products by its customers. The projected cost for the new facilities is estimated at $40 Million. The planned new facilities, adjacent to Nam Tai’s main manufacturing campus in Shenzhen, PRC, will add approximately 250,000 square feet to its existing manufacturing facilities with a planned completion date before the end of September, 2004. The new production lines will mainly focus on components for mobile phones including LCD modules and RF modules, and box build manufacturing of mobile phones.
“Upon completion of the construction, we believe the new manufacturing facilities will provide us with greater flexibility in responding to worldwide growing demands from our customers,” said Mr. Tadao Murakami, Chairman of Nam Tai. “We are encouraged by our orders on hand, which represent the recognition and satisfaction of our production capabilities by our customers. The Company will continue to provide high quality products and services for customers. Additionally, Nam Tai will further expand its lines of business by exploring new markets and business opportunities.”
Fourth Quarter Results and Analyst Conference Call
Nam Tai will release its unaudited fourth quarter results for the period ended December 31, 2002 and its planned decision for the 2003 dividend amount at the close of the market on Friday, February 14, 2003. The Company will hold a conference call on Tuesday, February 18, 2002 at 10:00 a.m. Eastern Time for analysts to discuss the fourth quarter results with management. Analysts who wish to receive the toll free dial-in number for this conference call are invited to contact the Investor Relations Office at 1-800-661-8831 no later than 6:00 p.m. Eastern Time on Friday, February 14, 2003.
About Nam Tai
Nam Tai Electronics, Inc. is an electronics design and manufacturing service provider to some of the world’s leading original equipment manufacturers. Nam Tai manufactures telecommunication products, palm-sized PCs, personal digital assistants, linguistic products, calculators and various components including LCD modules, wireless communication terminals and their modules, transformers and LCD panels. The Company utilises advanced production technologies such as chip on board (COB), chip on glass (COG), chip on film (COF), surface mount technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer lead bonding (OLB) technologies. Further information is available at www.namtai.com.Company utilises advanced production technologies such as chip on board (COB), chip on glass (COG), chip on film (COF), surface mount technology (SMT), ball grid array (BGA), tape automated bonding (TAB), and outer lead bonding (OLB) technologies. 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 estimated cost and completion date of September 2004 for the planned manufacturing facilities are a forward looking statements that are each subject to many uncertain factors delays due to shortages of materials or skilled labor, unforeseen engineering problems, work stoppages, weather interference, flood, delays in obtaining or failure to obtain necessary permits from regulatory authorities, or unanticipated costs increases. Other factors that might cause differences in these and the other forward looking statements, include 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, 2001.