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In an effort to keep stakeholders informed of our activity and progress, including that of our wholly owned subsidiary Permatech Electronics Corporation (Permatech), a Monthly Corporate Update will be posted here by the second Tuesday of each month. In addition, as in the past, all material changes will be communicated via press release in accordance with securities laws and the TSX Venture Exchange disclosure policies. 

If you have questions or suggestions for these updates or you would like to be included on ZTEST's distribution list, please contact Investor Relations:

Flora Wood or Philip Williams
(416) 366-0012 or 1 (866) 505-5035
email: info@ztest.com

ZTEST Electronics Monthly Corporate Update for March 2003

ZTEST Electronics Inc.'s (TSXVE: YZT) wholly-owned subsidiary, Permatech Electronics Corp., is an ISO 9002 certified Electronic Manufacturing Services (EMS) provider founded in 1982. Permatech's offerings include Materials Management, Printed Circuit Board (PCB) Assembly, Testing and Design services. Permatech operates from a 20,000 square foot facility in North York, Ontario, Canada.

Manufacturing Industry Activity and the EMS Sector

On April 1st, 2003 the Institute for Supply Management,  http://www.ism.ws/ISMReport/ROB042003.cfm, reported that Economic activity in the manufacturing sector failed to grow in March, while the overall economy grew for the 17th consecutive month. The Purchasing Managers' Index (PMI) was calculated at 46.2 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting. "The manufacturing sector failed to grow in March, marking the end of four consecutive months of growth. A turn in both New Orders and Production drove the change as New Orders fell below 50 percent after six months of growth, and Production fell below 50 percent for the first time in 16 months. March wasn't a good month for manufacturing, as the sector appears to have lost its momentum. Employment continues to be a problem as the index has now been below 50 percent for 30 months," commented Norbert J. Ore, C.P.M. chair of the Institute for Supply Management™

IPC-Association Connecting Electronics Industries announced on March 26th 2003 the findings from its monthly Interconnect Manufacturing Services (IMS)/Printed Circuit Board (PCB) Statistical Program.

The U.S. IMS/PCB Industry Book-to-Bill Ratio for February 2003 was 1.03. Sales billed (shipments) in February 2003 decreased 23.6 percent from February 2002 and orders booked decreased 16.2 percent from February 2002. Compared to 2002, bookings of PCBs are down 16.3 percent year-to-date, while shipments of PCBs are down 21.8 percent year-to-date.

IPC Book To Bill Ratio

Permatech Established Business

With Permatech's long operating history, it has built a core base of customers who provide a stream of consignment and turnkey assembly orders. This core customer base is well diversified in the Medical, Power, Computer, Telecommunication, Wireless, Industrial and Consumer Electronics markets, limiting therefore the company's exposure to any one industry. The charts on the following page show on a rolling six-month basis:

The proportion of revenue generated by each market served

The proportion of revenue generated by each market served

The trend of revenue generated by each market segment

The trend of revenue generated by each market segment

The proportion of revenue attributed to turnkey vs. consignment business,

The proportion of revenue attributed to turnkey vs. consignment business

Monthly Updates Archive