ZTEST ANNOUNCES FURTHER CONVERSION OF DEBENTURES BY DEBENTURE HOLDERS
NORTH YORK, November 30, 2005 - ZTEST Electronics Inc. ("ZTEST" or the "Corporation") (TSXVE - "ZTE") wishes to announce that two (2) debenture holders have converted their unit debentures in an aggregate principal amount of $932,970.50 into units of ZTEST at a price of $0.10 per unit. As a result of these conversions, 9,329,705 common shares, 7,700,255 warrants to acquire common shares at a price of $0.10 per share until November 30, 2006 and 1,629,450 warrants to acquire common shares at a price of $0.10 per share until November 30, 2007 have been issued. The share issuance has increased the outstanding capital of ZTEST to 59,012,024 common shares as of today's date.
One of these debenture holders, J.T. Risty Limited ("Risty"), now owns 8,949,479 common shares of ZTEST representing approximately 15.17% of the outstanding capital of the Corporation together with a share debenture in the principal amount of $135,000 convertible into common shares at the rate of one (1) common share for each $0.10 in principal amount converted, 1,350,000 warrants to acquire common shares at a price of $0.10 per share until August 30, 2006, 3,980,400 warrants to acquire common shares at a price of $0.10 per share until November 30, 2006 and 766,800 warrants to acquire common shares at a price of $0.10 per share until November 30, 2007. If Risty were to convert the $135,000 debenture and exercise all of its 6,097,200 warrants, it will own approximately 24.67% of the outstanding capital of ZTEST.
ZTEST also wishes to correct its press release dated November 28, 2005 with respect to Risty's fully diluted position as at November 28, 2005 which was erroneously indicated as 24.81% and should have been 26.5% before giving effect to the dilution from the conversion of a third party debenture today.
About ZTEST Electronics Inc.
For more information contact:
Ted Drzazga, CEO
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.