Nam Tai Electronics, Inc. Announces Update
on Albatronics Restructuring
VANCOUVER, British Columbia, April 9 /PRNewswire/ -- Nam Tai
Electronics, Inc. (''Nam Tai'' or the ''Company'') (Nasdaq: NTAI - news and
NTAIW - news) today announced an update on the restructuring of Albatronics (Far East) Company Limited
(''Albatronics''), a 50% plus owned subsidiary of Nam Tai. On April 1, 1999 the Company, a majority of Albatronics'
bankers and its major trade creditor signed a letter of intent to restructure Albatronics' unsecured bank debt and trade debt.
Implementation of the terms of the letter of intent requires, among other conditions, acceptance by all of Albatronics'
affected bankers. To date, two of Albatronics' bankers are not able to sign the letter of intent and they are requesting further
discussions and negotiations.
As Albatronics has severe cash flow problems and faces great difficulties it may be liquidated within a very short period of
time if these remaining bankers do not sign the letter of intent. The Company is patiently waiting for their final decision.
Nam Tai Electronics, Inc. is a consumer electronics design and manufacturing service provider to some of the world's
leading original equipment manufactures. Products manufactured by Nam Tai include palm-sized PCs, personal digital
assistants, linguistic products, calculators, smart card readers and various components which are used in telecommunication
products, electronic toys, and household appliances. Further information is available from Nam Tai's web site at
namtai.com.
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