September 12, 1996 - ZTEST Electronics Inc. - Company Update
TORONTO, ONTARIO--ZTEST Electronics Inc. (the "Company") is pleased to announce that it has agreed to accept an offer to exchange a demand loan of $250,000 for the issuance by the Company of a Convertible Debenture (the "Debenture") to Nu-Way Offerings Limited ("Nu-Way"). The Debenture is convertible until May 31, 1997 into units of the Company at a price of $1.25 per unit. Each unit is comprised of one (1) common share and one- quarter (1/4) of a share purchase warrant, each full warrant being good to purchase a further common share at a price of $1.50 per common share until March 31, 1998.
The Company also wishes to announce that Mr. James E. Lalonde has resigned as a director of the Company and Mr. Donald G. Nurse has been appointed a director of the Company to fill the vacancy created by the resignation of Mr. Lalonde. Mr. Lalonde will continue his involvement with the Company in the capacity of investor relations officer.
Mr. Nurse is the President of D.G. Nurse Holdings Limited and a prominent business man in the Kitchener/Waterloo area. Mr. Nurse is also the President, a director and a significant shareholder of Nu-Way.
The Company also wishes to announce that it has fulfilled its financial commitment to Nexsys Commtech International Inc. ("Nexsys") by investing a total of $665,000 into Nexsys.