August 3, 2000b - ZTEST ACQUIRES INTEREST IN INTERNET COMMERCE SOLUTIONS INC.
MISSISSAUGA, August 3, 2000 - Further to its press release dated July 6, 2000, ZTEST Electronics Inc., ZTST - CDN, ("ZTEST") wishes to announce that it has completed its acquisition of 777,393 common shares of Internet Commerce Solutions Inc. ("ICSI") in consideration for the issuance of 894,003 units of ZTEST on the basis of 1.15 units of ZTEST for each common share of ICSI acquired. Each unit consists of one (1) common share and six-tenths (6/10) of a share purchase warrant with each full warrant entitling the holder to acquire one additional common share of ZTEST at a price of $2.40 per share until September 30, 2001. The acquisition closed on July 31, 2000. On the same date, ZTEST acquired an additional 27,700 common shares of ICSI for $100,000 from another shareholder. As a result of these transactions, ZTEST owns 54% of the outstanding capital of ICSI. In addition, ZTEST has an option, exercisable in stages until May 15, 2001, to acquire an additional 91,577 common shares of ICSI, representing an additional 6.14% of ICSI’s outstanding capital, for a total purchase price of $330,500.
Internet Commerce Solutions Inc., based in Cambridge, Ontario, provides e.Security products and solutions allowing clients to connect to their remote offices, and communicate with vendors and customers securely via the Internet. ICSI, in conjunction with companies such as Network Associates, CheckPoint, Sun Microsystems, Dell Computer, Internet Security Systems (ISS), RSA Security, Compaq, WebSense, IBM and Webtrends, establish and maintain virtual private networks (VPN), firewalls, security audits, authentication and authorization, intrusion detection and content security. T3P Inc., a wholly owned subsidiary of ICSI, offers a complete host of security services that provide outsource solutions to clients under long term contracts.
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, contact:
Mr. James E. Lalonde
Manager, Corporate Development
ZTEST Electronics Inc.
Tel. (905) 569-3344
The current outstanding capital of ZTEST is 21,168,834 common shares.
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.