VANCOUVER, CANADA -- February 24, 2005 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE) announced that it has completed the construction of its new factory premises ahead of schedule. The grand opening of the new five-storey factory building will be on February 25, 2005.
The new factory premises are adjacent to Nam Tai’s main manufacturing campus in Shenzhen, PRC, and add approximately 265,000 square feet to the existing manufacturing space. This expansion, combined with the recent relocation of its subsidiary, J.I.C. Technology Company Limited, to larger premises, has doubled Nam Tai’s manufacturing capacity to approximately 1 million square feet.
With a class 100 clean room, the new factory building is able of housing the Company’s most advanced machinery and produce high-end electronic components and products. After the installation of necessary machinery and interior work, the new factory premise has commenced partial operations, and is expected to ramp up production to be fully utilized within three years in accordance with the original time table.
“We are very excited to see the completion of the new factory ahead of schedule, which also marks a key milestone in our business expansion and shows our long-term commitment to the high-end electronics industry,” said Mr. Joseph Li, Chief Executive Officer of Nam Tai. “With a larger manufacturing space, we will be able to install more advanced machinery and to manufacture more sophisticated electronic components and products for our customers, enabling us to keep abreast of the rapid growth in the coming years.”
About Nam Tai Electronics, Inc.
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, flexible printed circuit sub-assemblies 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.
Nam Tai has two Hong Kong listed subsidiaries, Nam Tai Electronic & Electrical Products Limited (“NTEEP”) and J.I.C. Technology Company Limited (“JIC”). Interested investors may go to the website of The Stock Exchange of Hong Kong at www.hkex.com.hk to obtain the information. The stock code of NTEEP and JIC in The Stock Exchange of Hong Kong are 2633 and 987, respectively. Investors are reminded to exercise caution when assessing such information and not to deal with the shares of the Company based solely on reliance of such information. The results of NTEEP and JIC only represent a part of the results of the Company and there are GAAP differences in the financial statements of NTEEP and JIC, when compared with the financial statements of the Company. Furthermore, different subsidiaries of the Company may have a different peak season during a year.