MISSISSAUGA, August 2, 2000 - ZTEST Electronics Inc., ZTST-CDN ("ZTEST"), is pleased to announce that its strategic partner, Nexsys Commtech International Inc. ("Nexsys"), of Waterloo, Ontario, has issued the following press release:
Waterloo, Ontario, 28 July 2000 -
Nexsys Commtech International Inc., a major developer of two-way wireless communication network products, announced today the appointment of Gaston Germain as President and Chief Executive Officer.With over 20 years of executive level managerial experience in the media/telecommunications industry, Gaston Germain brings to Nexsys a strong entrepreneurial background which includes lead roles in start-up operations, international development, finance and treasury, mergers and acquisitions, as well as relationship and change management. As a new entrant in the emerging deregulated electricity sector, Nexsys will draw upon Mr. Germain’s international expertise to position the company as a key player in the industry.
"Gaston is a seasoned professional," said Ted Drzazga, President of ZTEST Electronics Inc., a major shareholder of Nexsys. As a strategic partner, ZTEST plays a significant role in the development and manufacturing of the Home Gateway System. "We are confident that Gaston will provide the leadership and understanding of technology and deregulation issues that will enable Nexsys to furnish energy suppliers around the world with "state-of-the-art" tools to improve their services and enhance their efficiency".
Nexsys Commtech International, based in Waterloo, Ontario, has maintained a focus on developing value added customer services for electric, gas and water utilities. Cost effective communications technology has made its wireless home gateway system particularly attractive to utilities as it combines meter data and load management with revenue generating value added services.
ZTEST is also pleased to announce that, pursuant to the financing agreement between Nexsys, Covington Capital Corporation and ZTEST, the final installment was advanced on July 31, 2000. In total Nexsys received $4,400,000 in accordance with this agreement, including $3,800,000 from ZTEST. ZTEST currently holds 35.80% of the issued and outstanding common shares of Nexsys as well as certain convertible instruments which, if exercised, would increase the ZTEST holdings to 70.83% of common shares on a fully diluted basis.
ZTEST offers Strategic Partner services in electronic design, development and manufacturing capabilities 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 20,274,831 common shares.
For further information, contact:
Mr. James E. Lalonde
Manager, Corporate Development
ZTEST Electronics Inc.
Tel. (905) 569-3344
http://www.ztest.com
Mr. Gaston Germain
President & CEO
Nexsys Commtech International Inc.
Tel. (519) 888-6333 ext. 235
This news release may include statements that constitute forward-looking statements. Please be cautioned that any such forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of any number of factors, including risk factors contained in the Company’s disclosure documents.
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