October 22, 2001 - ZTEST ANNOUNCES EXTENSION TO PROPOSED DEBENTURE FINANCING

MISSISSAUGA, ONTARIO--ZTEST Electronics Inc., YZT-CDNX, ("ZTEST"), wishes to announce that it has applied for and received a forty-five day extension from CDNX with respect to its intention of placing up to $600,000 in Convertible Debentures to arm's length and non-arm's-length parties. The Debentures will bear interest at the rate of 10.5% per annum payable monthly in arrears and will have a two (2) year term. Each Debenture will be convertible into Units of ZTEST on the basis of one (1) Unit for each $0.11 of principal amount converted. Each Unit will consist of one (1) common share of ZTEST priced at $0.11 per share and one (1) share purchase warrant exercisable at a price of $0.11 until the second anniversary of the issuance of the debenture. The funds from the financing will be used to provide working capital for ZTEST. The offering will remain open until December 3, 2001.

The issued and outstanding capital of ZTEST is 24,071,167 common shares.

FOR FURTHER INFORMATION PLEASE CONTACT: 
ZTEST Electronics Inc. 
Mr. Ted Drzazga President & CEO 
(905) 238-3543 ext. 230 
or visit our web site at http://www.ztest.com 

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