Dec. 10, 2012
/PRNewswire/ -- Nam Tai Electronics, Inc. ("Nam Tai" or the "Company") (NYSE Symbol: NTE) is pleased to announce that the
government has agreed to release to the Company a parcel of land in
, Guangming Hi-Tech Industrial Park of approximately 1.2 million square feet. The transfer of land to the Company is underway and it expects the process to be completed by the end of
. The release of the land to the Company is an important development for the continuity of Company's manufacturing facility and coincides with the
government's recently announced city rezoning project to redevelop the land that encompasses the Company's existing
facility into a high-end commercial district, making it unsuitable for any manufacturing factory thereafter. Subsequent to this relocation, the Company will continue to hold the existing location of its
manufacturing facility as a significant valuable asset for the time being.
is a link between the Chinese mainland and
and a transport hub in coastal southern
with the third largest airport and one of the largest freight ports in mainland
. The Shenzhen Guangming Hi-Tech Industrial Park has been developed as a research and production base for the high-tech industry and has become the city's foremost industrial pillar.
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, w
hich 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 produc
ts; 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 take possession of land for development of additional production facilities, continued inflation
of the Renminbi against the US dollar; rising labor costs in China
changes in the labor supply and labor relations
our ability to win additional government business. In particular, you should consider
risks outlined under the heading "
Risk Factors" in
our most recent
Annual Report on Form 20-F
and in our Current Report
from time to time
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activi
ty, 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; 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.
We are an electronics manufacturing and design services provider to a select group of the world's leading OEMs of telecommunications, consumer electronic, medical and automotive products. Through our electronics manufacturing services operations, we manufacture electronic components and subassemblies, including LCD modules, image-sensor 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.