ZTEST ACQUIRES INTEREST IN PERMATECH ELECTRONICS CORPORATION
Mississauga, August 16, 2000 - ZTEST Electronics Inc., ZTST - CDN, ("ZTEST" or the "Corporation") wishes to announce that it acquired from three arms-length parties 40% of the common shares and 100% of the Class A Preference Shares of Permatech Electronics Corporation ("Permatech") together with a demand loan in the principal amount of $133,609.57 owed by Permatech for total consideration of $283,609.57 in cash. Pursuant to a subsequent transaction, ZTEST acquired an additional 20% of Permatech common shares from another arms-length party, increasing thereby its interest in Permatech to 60% of common shares.
Permatech is an ISO9002 certified contract manufacturer in the electronic industry. It provides full surface mount and through-hole capacity and is well positioned to service customers with small to medium quantity requirements.
"This acquisition will enable ZTEST to provide even greater support to our Strategic Partners who are entering or are just about to enter the manufacturing stage of their product" said Mr. Ernie Rubenstein, ZTESTs President. "We will continue to use our existing facility for prototyping and very short custom jobs. We intend to transfer anything beyond that to Permatech" he added.
John Perreault, the President of Permatech stated "We look forward to working closely with ZTEST, especially in the areas of design and test. We feel that having access to ZTESTs expertise in those areas will greatly enhance our offering to existing and new customers."
For further information about Permatech, contact:
Mr. John Perreault
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.
For further information about ZTEST, contact:
Mr. James E. Lalonde
This news release may include statements that constitute forward-looking statements. Please be cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including risk factors contained in the Companys disclosure documents.
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