ZTEST ANNOUNCES PROPOSED DEBENTURE FINANCING
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc., YZT-CDNX, ("ZTEST"), wishes to announce that it is offering up to $600,000 in Convertible Debentures to arm's-length and non-arm's-length parties. The Debentures will bear interest at the rate of 10.50% per annum payable monthly in arrears and will have a two (2) year term. Each Debenture will be convertible into Units of ZTEST on the basis of one (1) Unit for each $0.11 of principal amount converted. Each Unit will consist of one (1) common share of ZTEST priced at $0.11 per share and one (1) share purchase warrant exercisable at a price of $0.11 until the second anniversary of the conversion of the debenture. The funds from the financing will be used to provide working capital for ZTEST. The financing is expected to close upon the receipt of conditional approval from the Canadian Venture Exchange.
The current issued and outstanding capital of ZTEST is 24,071,167 common shares.
ZTEST offers Strategic Partner services in electronic design, development and manufacturing capabilities to emerging high tech companies in return for long-term manufacturing contracts, fees for services and equity positions.
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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 Company's disclosure documents.
The Canadian Venture Exchange has neither approved nor disapproved of the contents of this press release.