March 1, 1999 - ZTEST Six Months Net Income Increase 526 Percent
TORONTO, ONTARIO--ZTEST Electronics Inc., ("ZTEST") is pleased to announce that for the six month period ended December 31, 1998 consolidated revenue increased to $2,866,923 from $2,354,192 for the same period last year. The net income for this period increased 526 percent from last year's results for the same period, improving to $443,259 from $70,712.
During the month of December 1998, ZTEST delivered the vast majority of the equipment it was building for its strategic partner, Nexsys Commtech International Inc. (Nexsys) of Waterloo, Ontario. Installation of this equipment, in accordance with three pilot projects Nexsys is undertaking, commenced after the delivery. Initial testing and evaluation is expected to continue through March 1999.
As announced earlier, ZTEST received an order from its strategic partner, Gametele Systems Inc. (Gametele) of Oakville, Ontario, for 1,000 remote sales terminals. These units are part of the proprietary tracking system that will be utilized to facilitate the sale of tickets for a televised bingo game sponsored by the Ontario Brain Injury Association. The system is expected to go on line in mid 1999. ZTEST is currently manufacturing the necessary equipment.
Our latest strategic partner, Med-Minder Enterprises Inc. ("Med-Minder") of Oakville, Ontario, is in the process of selection of a distribution partner for its proprietary system for the dispensing of medications. The prototype of this system was demonstrated to a number of prospects. Its ability to be utilized as a platform for a drug compliance program resulted in serious interest from the industry.
Our other two strategic partners, Chessen U.V. Systems Inc. and UNIQRYPT Technologies Inc., both located in Mississauga, Ontario, continue to develop their respective products and markets.
In addition to its proprietary line of Automatic Test Equipment, 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.