March 9, 2000 - ZTEST ELECTRONICS INC. ANNOUNCES Q2/2000 RESULTS
ZTEST Electronics Inc., ZTST - CDN, ("ZTEST") is pleased to announce that fulfillment of its order backlog has commenced, resulting in the recognition of revenues totaling $1,122,945 for the six month period ended December 31, 1999. Work continued on other major orders, having an aggregate value in excess of $4,000,000, that are scheduled for completion in fiscal 2000. As at December 31, 1999 sufficient work had not been completed on these orders to permit the recognition of revenue and as a consequence the Company has reported a net loss for this period in the amount of $128,889 or $0.008 per share.
As previously announced, our strategic partner, Gametele Systems Inc. (Gametele) of Mississauga, Ontario, placed an order with ZTEST for 2,500 additional remote sales terminals. These new terminals will be used to expand the Gametele point of purchase communications network used to validate and account for tickets sold for media bingo events in Ontario. This expansion will increase the area covered by the network currently used to service two media bingo games and to accommodate others that Gametele expects to introduce in the near future. Delivery of these new units commenced January 2000.
Another of our strategic partners, Nexsys Commtech International Inc. (Nexsys) of Waterloo, Ontario, continues to work on the commercial release of its wireless technology, scheduled for Summer 2000. ZTEST provides design and manufacturing services to Nexsys as well as investment capital (see Feb 18, 2000 Press Release). The first installation of the commercialized system is expected to occur in Summer/Fall 2000.
Our newest strategic partner, Med-Minder Enterprises Inc. ("Med-Minder") of Oakville, Ontario, is preparing for a pilot distribution of its proprietary system for the dispensing of medications. A pre-production version of its pocket-sized, programmable device which houses prescription drugs and reminds the individual to take them in the manner prescribed, will be distributed through a number of Ontario pharmacies in order to conduct this pilot project. ZTEST is currently completing the manufacturing of these pre-production units.
Our other investees continue to develop markets for their products. Chessen U.V. Systems Inc. of Mississauga, Ontario recently shipped one coating system to its customer in Mexico and is ready to ship another system to a customer in Portugal. Uniqrypt Technologies Inc., also located in Mississauga, Ontario offers a line of encryption software via its web site at www.uniqrypt.com.
The 2000 fiscal year is expected to be the best to date in the context of operating results but will also firmly establish the framework necessary to facilitate sustained future growth.
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, please contact Mr. James E. Lalonde, Manager, Corporate Development, at (905) 569-3344 or visit our web site at http://www.ztest.com.
The current outstanding capital of ZTEST is 18,587,316 common shares.