March 2, 1998 - ZTEST Six Months Sales Increase 239 Percent
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc. ("ZTEST") is pleased to announce that its six (6) months 1998 fiscal year consolidated revenue increased 239 percent from last year's results for the same period, improving to $2,354,192 from $694,419. Operating profit growth for this (6) months period ended December 31, 1997 increased to $75,334 from $52,745 from the period last year.
The improved sales and net income figures reflect the continuous growth occurring at Chessen U.V. Systems Inc. ("Chessen"), in which ZTEST recently acquired a 53.26 percent ownership position. Chessen, ZTEST's third Strategic Partner, is involved in the rapidly growing field of Advanced Surface Engineering Technologies, marketing and selling their thin film Physical Vapour Deposition ("PVD") and U.V. Processor systems throughout the world.
Additional second quarter growth came as a result of a new electronic design consulting services contract, under which ZTEST has been hired to develop a new product from specifications to the pilot stage.
ZTEST's other two Strategic Partners, Nexys Commtech International Inc. of Waterloo, Ontario an UNIQRYPT Technologies Inc. of Mississauga, Ontario both continue to make progress in the development and marketing of their respective products. It is anticipated that ZTEST's exclusive manufacturing arrangements with these two partners will result in additional revenue growth in the coming quarters.
In addition to its proprietary line of Automatic Test Equipment, ZTEST offers Strategic Partner services in electronic design, development and manufacturing to merging high tech companies in return for long-term manufacturing contracts, fees for services and equity positions.