VANCOUVER, CANADA -- January 14, 2003 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NASDAQ/NM Symbol: NTAI; NYSE Symbol: NTE (as of Jan 23/03); CBOE Symbol: QNA) today announced that the Supreme Court of Virginia denied a petition for rehearing by America Online, Inc. of an earlier ruling requiring AOL to disclose to Nam Tai the identity of one of AOL’s subscribers.
In 2001 Nam Tai filed a complaint in state court in California against unknown internet chatroom posters claiming that certain posters committed libel and violated California’s unfair business practices statute. Nam Tai was able to obtain the e-mail address of one of the posters and then obtained a subpoena from a Virginia state court to AOL seeking the name behind the e-mail address. AOL filed a motion to have the order quashed, but in August 2001, a trial court in Virginia refused to quash the subpoena. On November 1, 2002 the Supreme Court of Virginia affirmed the trial court’s ruling and on January 10, 2003, AOL’s petition for a rehearing was denied. AOL’s only recourse is to seek review by the U.S. Supreme Court.
“We are pleased with today’s decision and hope that we will finally be provided with the true identity of the poster against whom we have filed a claim in California,” commented Mr. Tadao Murakami, Nam Tai’s Chairman. “In order to protect the Company’s reputation, something that is particularly important for a publicly-listed company, Nam Tai needs to determine the source of, and the intention for, the offending internet postings. We must be given the opportunity to dispute all false and misleading statements in the U.S. courts to protect Nam Tai’s image.”
Mr. Murakami further indicated that “Nam Tai is a great believer in freedom of speech. However, freedom of speech can not be used as a tool to mislead investors and cause harm to a company and anyone without any accountability or avenues of recourse.”
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 on Nam Tai’s web site at www.namtai.com.