[LOGO] NTE
LISTED
NYSE NEWS RELEASE
- --------------------------------------------------------------------------------
REPRESENTED BY PAN PACIFIC I.R. LTD. CONTACT: Lorne Waldman
1790 - 99 WEST HASTINGS STREET President
VANCOUVER, BC, CANADA V6C 2W2 E-MAIL: shareholder@namtai.com
TEL: (604) 669-7900 FAX: (604) 669-7816 WEB: www.namtai.com
TOLL FREE TEL/FAX: 1-800-661-8831
NAM TAI ELECTRONICS, INC.
Recent Share Price Movement
VANCOUVER, CANADA -- April 29, 2004 -- Nam Tai Electronics, Inc. ("Nam Tai" or
the "Company") (NYSE Symbol: NTE; CBOE Symbol: QNA; Frankfurt Stock Exchange
Symbol: 884852) today stated that it has noted the recent increase in the
trading volume and decrease in price of the shares of the Company and wishes to
confirm that the business of the Company is running normally and smoothly. The
Company will make appropriate announcements if there are any material corporate
developments or material changes in its business.
First Quarter Results
Nam Tai Electronics, Inc.'s first quarter earnings will be released tomorrow,
April 30, 2004 after the close of the market. The Company will hold a conference
call on Monday, May 3, 2004 at 10:00 a.m. Eastern Time for analysts to discuss
the first quarter results with management. Shareholders, media, and interested
investors are invited to listen to the live conference call over the Internet by
going to www.namtai.com and clicking on the conference call webcast link or over
the phone by dialing (612) 288-0329.
SARS Concerns
Some people have been expressing concern about the return of SARS, or severe
acute respiratory syndrome in China. The Company would like to confirm that
there have been no cases of SARS in its factory or in the area in which it
operates.
Merrill Lynch Analyst Report
Some shareholders have recently expressed confusion and concerns with the April
26, 2004 Merrill Lynch Analyst report which seems to contain some contradictions
with their earlier report. An April 6, 2004 Flash Note issued by Merrill Lynch
recommending Nam Tai as a Buy, stated its belief that the recent increase in Nam
Tai's ownership in TCL Mobile from 3% to 9% helps to fill-in the missing net
income from carving out 25% of NTE&E for a Hong Kong listing. The report
highlighted that the TCL Mobile investment will likely contribute US$ 6 million
to Nam Tai's net profit and is building a stronger partnership with TCL Mobile.
In the April 26, 2004 report Merrill Lynch downgraded Nam Tai from a Buy to
Neutral citing ramifications that it sees from the upcoming Hong Kong Stock
Exchange Listing. Nam Tai has no comments on the recent analyst report except
that it is also surprised and confused.
About Nam Tai
Nam Tai is an electronics manufacturing and design services provider to original
equipment manufacturers of telecommunications and consumer electronic products.
Through its electronics manufacturing services operations, Nam Tai manufacture
electronic components and subassemblies, including LCD panels, LCD modules,
radio frequency modules, flexible printed circuit subassemblies 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. Nam Tai also
manufacture finished products, including cellular phones,
Page 1 of 2
palm-sized PCs, personal digital assistants, electronic dictionaries,
calculators and digital camera accessories for use with cellular phones.
Safe Harbor
Certain statements in this press release are "forward-looking statements" within
the meaning of U.S. federal securities laws. Nam Tai intends that these
statements be covered by the safe harbors created under these laws. These
forward-looking statements are subject to risks, uncertainties and other factors
that could cause actual results to differ materially from future results
expressed or implied by the forward-looking statements. Many of these factors
are beyond Nam Tai's ability to control or predict. Given these uncertainties,
readers are cautioned not to place undue reliance on the forward-looking
statements, which only speak as of the date of this press release. Nam Tai does
not undertake any obligation to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated events, except
as may be required under applicable securities laws.
Page 2 of 2