ZTEST Electronics Inc. - Company Update
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc. (formerly Panthco Resources Inc.) (the "Company") is pleased to announce that its first Annual and Special Meeting of Shareholders (the "Meeting") following the amalgamation of Panthco Resources Inc. with ZTEST Electronics Inc. (pre-amalgamation) ("Electronics") effective as of July 1, 1996 has been scheduled for Thursday, December 19, 1996. The new year end for the Company is June 30. The first financial year end for the Company subsequent to the amalgamation will be June 30, 1997. That year end will cover the twelve (12) month period to June 30, 1997. The Company will be presenting its Financial Statements for the period ending June 30, 1996 to shareholders for the consideration at the Meeting.
The Company also wishes to announce that it is negotiating with creditors and/or has reached agreement with creditors to settle an aggregate of $94,440.34 in arm's-length and non-arm's-length debt in consideration for the issuance of up to 104,934 common shares priced at $0.90 per share, subject to regulatory and shareholder approval. The matter will be included on the Agenda for the Meeting. The debt settlement will have the effect of converting a substantial amount of the debt of the Company in equity. This will allow the Company to continue as a going concern.