February 25, 1997 - ZTEST Electronics Inc. Announces an Increase in Net Sales
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc. (the "Company") is pleased to announce a 57 percent increase in net sales for the first six (6) months of this year, as compared to the same six (6) month period in fiscal 1996. Total revenue for this six (6) month period, including a consulting fee of $72,500, improved 81 percent over the same period last year. The Company's growth in sales has come from shipments of the TESTMATE product to China, and increased design services provided to UNIQRYPT Technologies Inc. ("UNIQRYPT").
As previously announced, the Company has a manufacturing contract with UNIQRYPT and expects to finalize a similar manufacturing contract with NEXSYS Commtech International Inc. ("NEXSYS") of Waterloo, Ontario, as per the terms of the joint venture agreement signed with NEXSYS. Both companies are nearing the end of the development stage for their respective products, and the Company anticipates commencing initial production runs for both companies in the coming months. It is hoped that demands for these two (2) new products will result in increased revenue growth for the Company later in the fourth quarter of this year, and continuing into 1998.
The Company also produced a profit of $52,745 in the first six (6) months of fiscal 1997. Company's Management is committed to generating ongoing profits for the Company's shareholders, and believes that this profit is the first step in this direction.