ZTEST ANNOUNCES DEBT SETTLEMENTS

NORTH YORK, February 28, 2002 - ZTEST Electronics Inc. ("ZTEST" or the "Corporation") (CDNX - "YZT") wishes to announce that it has negotiated with several arm's-length creditors to settle a total of up to $150,000 of outstanding bona fide debt of the Corporation and its wholly owned subsidiary, Permatech Electronics Corporation, for 625,000 common shares priced at $0.24 per share. The completion of these transactions are subject to the approval of the Canadian Venture Exchange.

Following the completion of the debt settlements, ZTEST will have up to 32,017,603 common shares outstanding.

For more information contact Investor Relations: 
Flora Wood and Philip Williams 
(416) 323-3888 
email: info@ztest.com 

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