Deswell Industries Inc.; Company Unaffected by Mita Reorganization.HONG n. 1. A mercantile establishment or factory for foreign trade in China, as formerly at Canton; a succession of offices connected by a common passage and used for business or storage. KONG--(BUSINESS WIRE)--Aug. 14, 1998--Deswell Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM Symbol: DSWLF) (the "Company") today announced that Mita Industrial Co. (Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. .) 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 verygood and Deswell manages a $2 million credit line with them. Deswell manufactures injection-molded plastic parts and components and electronic products and subassemblies and metallic products for original equipment manufacturers ("OEMs") and contract manufacturers at its factories in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China. The Company produces a wide variety of plastic parts and components used in the manufacture of consumer and industrial products; printed circuit board assemblies using surface mount ("SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management "), and pin-through hole ("PTH PTH abbr. parathyroid hormone Parathyroid hormone (PTH) A chemical substance produced by the parathyroid glands. This hormone is a major element in regulating calcium in the body. ") interconnection in·ter·con·nect v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. technologies; and finished products such as telephones, telephone answering machines, sophisticated studio-quality audio equipment and computer peripherals. The Company's customers include Mita Industries (H.K.) Limited, Nam Tai Electronics (Shenzhen) Co. Ltd., Inter-Tel Incorporated, Behringer spezeiller sudiotechnik GMBH, and Shakespeare (H.K.) Limited.
CONTACT: John Nesbett, ext. 303
212-838-3777
E-MAIL: jgn@lhai.com
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