October 29, 1997 - Nexsys Successfully Completes Test of Automated Fire Detection System
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc., ("ZTEST") is pleased to announce that its Strategic Partner - Nexsys Commtech International Inc. ("Nexsys") of Waterloo, Ont. has successfully completed a test run of its automated fire detection system.
During the test, firefighters were able to reach the scene within two and a half minutes after the smoke alarm went off, which was more than four times faster than in a simultaneously compared case without an automated fire detection system in place. This test was part of a staged pilot project (1000 homes) for the Safe Smart Home System(TM) sponsored by the City of Waterloo. If successful, the program will be extended to 23,000 homes and businesses city wide.
The Nexsys MT-2000 Automatic Meter Reader (AMR), originally developed to electronically read electric meters and communicate directly to the local utility, has been expanded into a two-way wireless system that can monitor the utilities in a home (water, gas, electric) and become the hub or gateway to transmit and receive information from smoke detectors, CO detectors, medical alert devices and security systems.
Nexsys also has recently finalized negotiations with CIBC Wood Gundy Securities Inc. and C.I. Covington Fund for a $3.5 million investment of subordinated debt and equity. ZTEST, on a fully diluted basis, continues to be the largest single shareholder in Nexsys and has a long term agreement to manufacture Nexsys products.
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.