SHENZHEN, China, April 10,
2014 /PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam
Tai" or the "Company") (NYSE Symbol: NTE) today announced that it
will change its name to Nam Tai Property Inc. The Company is also
scheduled to begin trading under a new ticker symbol (NTP) on the
NYSE at market open on April 22,
2014.
Upon the cessation of the Company's LCM manufacturing business
in April 2014, it will focus its
efforts on redeveloping two parcels of property in Gushu, Shenzen,
and Guangming, Shenzhen,
respectively, by converting these two parcels into high-end
commercial complexes. "Our new corporate identity signifies the
Company's transformation from electronic manufacturing and design
services to property development and management" said Mr. Koo,
Executive Chairman and Chief Financial Officer.
FORWARD-LOOKING STATEMENTS AND FACTORS THAT COULD CAUSE OUR
SHARE PRICE TO DECLINE
Certain statements included in this press release, other than
statements of historical fact, are forward-looking statements.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "plan", "seek" or "believe".
These forward-looking statements, which are subject to risks,
uncertainties, and assumptions, may include projections of our
future financial performance based on our growth strategies and
anticipated trends in our business. These statements are only
predictions based on our current expectations about future events.
There are important factors that could cause our actual results,
level of activity, performance, or achievements to differ
materially from the results, level of activities, performance, or
achievements expressed or implied by the forward-looking
statements, including, but not limited to, a deterioration
of the markets for the Company's customers' products and the
global economy as a whole, which could negatively
impact the Company's revenue and the ability of the Company's
customers to confirm prior orders or pay for the Company's
products; the financial resources and credit rating of
Company's customers under the current global recession; the effects
that current credit and market conditions could have on the
liquidity and financial condition of our customers and suppliers,
including any impact on their ability to meet their contractual
obligations; the sufficiency of the Company's cash position and
other sources of liquidity to operate its business; the negative
effects of increased competition pressure on the Company's
revenues and margins; component quality or shortage,
whether or not cause by customers change in specifications, delay
in the Company's ability to obtain all requisite permits and
approvals from relevant government authorities in relation to the
redevelopment of two parcels of property in Gushu, Shenzhen, and Guangming, Shenzhen, respectively, and the successfully
redevelopment of the two parcels; continued inflation
and appreciation of the Renminbi against the US dollar;
rising labor costs in China
and changes in the labor supply and labor relations
our ability to win business; the negative effect of the
litigation faced by the Company. In particular, you should
consider the risks outlined under the heading
"Risk Factors" in our most recent Annual
Report on Form 20-F and in our Current Report
filed from time to time on Form 6-K.
The Company's decision to continue dividend payments in 2014
does not necessarily mean that dividend payments will continue
thereafter. Whether future dividends will be declared depend upon
the Company's future growth and earnings, of which there can be no
assurance, as well as the Company's cash flow needs for further
expansion. Accordingly, there can be no assurance that cash
dividends on the Company's common shares will be declared beyond
those declared for 2014, what amount that dividends may be or
whether such dividends, once declared for a specific period, will
continue for any future period, or at all, Although we believe the
expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, level of
activity, performance, or achievements. You should not rely
upon forward-looking statements as predictions of future events.
These forward-looking statements apply only as of the date of this
press release and the subsequent investors conference call; as
such, they should not be unduly relied upon as circumstances
change. Except as required by law, we are not obligated, and we
undertake no obligation, to release publicly any revisions to these
forward-looking statements that might reflect events or
circumstance occurring after the date of this release or those that
might reflect the occurrence of unanticipated
events.
ABOUT NAM TAI ELECTRONICS, INC.
Up to the complete cessation of our electronic manufacturing and
design services business around April
2014, we continue to be an electronics manufacturing and
design services provider to a select group of the world's leading
OEMs of telecommunications, consumer electronic and automotive
products. Through our electronics manufacturing services
operations, we manufacture electronic components and subassemblies,
i.e. LCD modules and FPCAs. These components are used in numerous
electronic products, including smartphones, tablets, automotive,
laptop computers, digital cameras, electronic toys, handheld video
game devices, and entertainment devices. We also manufacture
finished products, including mobile phone accessories, home
entertainment products and educational products. We assist our OEM
customers in the design and development of their products and
furnish full turnkey manufacturing services that utilize advanced
manufacturing processes and production technologies.
Upon the cessation of our LCM manufacturing business around
April 2014, we will focus our efforts
on redeveloping two parcels of property in Gushu, Shenzen, and
Guangming, Shenzhen, respectively,
by converting these two parcels into high-end commercial complexes.
Subsequently, we believe our principal income will be derived from
the rental income from the commercial complexes and our core
business will be transformed from electronic manufacturing and
design services to property development and management.
Nam Tai Electronics, Inc. is a corporation registered in the
British Virgin Islands and listed
on the New York Stock Exchange (Symbol "NTE"). All the Company's
operations are located in the People's
Republic of China.
Please refer to the Nam Tai website (www.namtai.com) or the SEC
website (www.sec.gov) for Nam Tai press releases and financial
statements.
SOURCE Nam Tai Electronics, Inc.