November 10, 1999 - ZTEST Arranges Private Placements Totalling $1,300,000
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc., ZTST - CDN, ("ZTEST") wishes to announce that it has arranged private placements totalling $1,307,001.50 with six arm's-length parties. Each private placee will subscribe for Series C Preferred Shares (the "Shares") of the Corporation on the basis of one (1) Share for each $1.75 of funds advanced. The Shares are non-voting, pay monthly dividends at the rate of 7% per annum commencing after eighteen months and are convertible by the holder at the rate of one (1) common share for each Share converted for the first eighteen months, one (1) common share for each 1.4286 Shares converted ($2.50 per common share) for the next three years and one (1) common share for each 1.7143 Shares converted ($3.00 per common share) for the final three years. The Shares are redeemable after seven and one-half (7.5) years at the rate of $1.75 per Share.
The money raised will be used for working capital purposes and potential acquisitions.
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.
The current outstanding capital of ZTEST is 15,885,066 common shares.