ZTEST Arranges A $400,000 Credit Facility
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc., ("ZTEST") is pleased to announce that it has arranged a $400,000 credit facility with two (2) individuals (the "Lenders"). $200,000 has been advanced and the balance will be advanced at the rate of $50,000 on each of March 15, 1998, April 15, 1998, May 15, 1998 and June 15, 1998, subject to ZTEST requiring the advance and ZTEST being in good standing under the terms of the Loan Agreement and General Security Agreement (the "Loan") pursuant to which the funds have been advanced. The Loan bears interest at 10 percent per annum, calculated monthly and not in advance, and is to be repaid on the earlier of any subsequent debt financing arranged by ZTEST, the receipt by ZTEST of in excess of $500,000 in equity financing and January 26, 1999.
The funds will be used for general working capital purposes.
ZTEST also wishes to announce that Ms Ruth A. Weaver has resigned as Secretary-Treasurer of ZTEST and Mr. William R. Johnstone has been appointed Secretary of ZTEST.
In addition to its proprietary line of Automatic Test Equipment, ZTEST offers Strategic Partner services in electronic design, development and manufacturing to emerging high tech companies in return for long-term manufacturing contracts, fees for services and equity positions.