VANCOUVER, CANADA -- January 18, 2005 -- Nam Tai Electronics, Inc. (“Nam Tai” or the “Company”) (NYSE Symbol: NTE; CBOE Symbol: QNA; Frankfurt Stock Exchange Symbol: 884852) announced that its subsidiary, J.I.C. Technology Company Limited (“J.I.C.”) (HKSE Stock code: 987), has completed a successful relocation to the new factory premises and the factory is now fully operational.
The old factory premises are located in the downtown of Baoan County, Shenzhen, PRC, which is not a suitable environment for a high technology manufacturing company like J.I.C. Furthermore, the location of the old factory premises has limited space available for J.I.C.’s further expansion. Due to these constraints of the old factory premises, J.I.C. has relocated to the new factory premises to cope with its continued expansion of manufacturing facilities and increasing business opportunities.
Located in the countryside of Baoan County, Shenzhen, PRC, the new factory premises including the dormitories, are about 600,000 square feet, which is double the size of the old factory premises of J.I.C. The manufacturing space has also increased from 152,000 square feet to 416,000 square feet. The relocation exercise has also enabled J.I.C. to upgrade its production capability and capacity. With the installation of additional Chip on Glass (“COG”) machines and related equipments, the production capacity of COG and Tape Automated Bonding with Anisotropic Conductive Film (“TAB” with “ACF”) products has increased by 150%. In addition, the Company has successfully upgraded its two twisted nematic (“TN”) production lines to super twisted nematic (“STN”) production lines to enhance its capability to produce more advanced STN products.
“We are very pleased to see J.I.C.’s smooth relocation of factory. We believe that the improved facilities will provide us with greater flexibility in responding to the growing demands from our customers,” said Mr. Joseph Li, Chief Executive Officer of Nam Tai.
Rescheduling of Q4/04 Results to Monday, February 7, 2005
In accordance with the statutory requirements of the New York Stock Exchange and the Stock Exchange of Hong Kong and for the fair disclosure of material information of the Company, Nam Tai will reschedule the release date for its unaudited fourth quarter results for the period ended December 31, 2004 to Monday, February 7, 2005 at 9:00 a.m. Eastern Time, which will be the same results announcement day for its two Hong Kong listed subsidiaries, Nam Tai Electronic & Electrical Products Limited (“NTEEP”) and J.I.C.
The Company will hold a conference call on Monday, February 7, 2005 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 4, 2005. Shareholders, media, and interested investors may listen to the live conference call over the Internet by going to www.namtai.com and clicking on the conference call link or over the phone by dialing (651) 291-0900 just prior to its start time. Users will be asked to register with the conference call operator.
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 the 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 different peak season during a year.