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Technology Stocks : Deswell Industries (DSWL)
DSWL 3.390-0.3%Nov 7 9:30 AM EST
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To: Terrapin who wrote (906)8/14/1998 9:55:00 AM
From: Ron Bower  Read Replies (1) of 1418
 
Friday August 14, 8:16 am Eastern Time

Company Press Release

Deswell Industries Inc.

Company Unaffected by Mita Reorganization

HONG KONG--(BUSINESS WIRE)--Aug. 14, 1998--Deswell Industries, Inc. (NASDAQ NM
Symbol: DSWLF - news; the ''Company'') today announced that Mita Industrial Co. (Hong Kong.) Ltd. (''Mita Hongkong''), one of its major customers, had conducted a meeting with the Company
and its other vendors on August 11, 1998 in Hong Kong.

At the meeting, Mita Hongkong announced the reorganization of its parent company, Mita Industrial Co. Ltd. (''Mita Japan'') in Japan and explained the situation to its vendors. The Company and all other vendors received verbal assurance from Mita Hongkong that the operations of Mita Hongkong will continue and will not be affected by Mita Japan's reorganization. Mita Hongkong is operating
independently from Mita Japan and all purchases and payments made by Mita Hongkong will continue unaffected.

The Company has been working with Mita Hongkong for nearly 10 years and has maintained a very good working relationship with them. The repayment history of Mita Hongkong has always been very good and Deswell manages a $2 million credit line with them.
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