MACAO, CHINA – EMS provider Nam Tai Electronics today provided an update to the proposed reorganization of Nam Tai Group and its subsidiaries, NTEEP and JIC.

Nam Tai will take maintain its 73.18% stake in NTEEP and its 74.99% stake in J.I.C. Nam Tai will reduce its holdings in Zastron by 26.82 points, to 73.18%.        
 
"We believe that the reorganization of our group structure, if completed on the bases of the revised proposals, would achieve a balance in the interests of our shareholders and those shareholders of our Hong Kong subsidiaries holding public-float shares," said John Q. Farina, Nam Tai's chief financial officer.
 
The reorganization of NTEEP and JIC under the revised proposal requires approval of a majority of the public-float shareholders of each subsidiary, and extraordinary general meetings for each company to present the proposals for reorganization as revised to its respective shareholders are to be scheduled in December.

Following the reorganization, the key assets of the enlarged JIC Technology Co. Ltd. will be cash and Namtek. JIC will carry out its business through Namtek (including two wholly-owned subsidiaries), a solution provider for digital dictionary software development in Japanese electronics. JIC aims to look for investments in business engaged in software development and design services, and other investments such as properties and bonds. JIC's business will not involve any interests in electronics manufacturing services.

JIC expects that cash balance of approximately $38.5 million will be used in investments or for ordinary share dividend payment to JIC shareholders, or a combination of both by June 30.

Combined year-to-date revenue of Namtek was $2.2 million. Combined net profit was $700,000. The combined net asset value of Namtek was $3 million as of Sept. 30.
 

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