February 7, 2003 - ZTEST ANNOUNCES DEBT FINANCING

NORTH YORK, February 7, 2003 - ZTEST Electronics Inc. ("ZTEST" or the "Corporation") (TSXVE - "YZT") wishes to announce that further to its press release dated December 16, 2002, ZTEST has completed the placement of a $100,000 in Convertible Debenture to an arm's-length party. The Debenture will bear interest at the rate of 8% per annum payable monthly in arrears and will come due on January 31, 2005. The Debenture is convertible into common shares of ZTEST on the basis of one (1) common share for each $0.05 of principal amount converted. In addition, the holder of the Debenture received 2,000,000 warrants to acquire common shares at $0.10 per share until January 31, 2004. These securities will be legended and restricted from trading until February 1, 2004.

For more information contact Investor Relations:
Flora Wood and Philip Williams
(416) 366-0012
email: info@ztest.com

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.