ZTEST ANNOUNCES MOVE TO TIER 2 AND DEBT SETTLEMENT

NORTH YORK, January 2, 2003 - ZTEST Electronics Inc. ("ZTEST" or the "Corporation") (TSXVE - "ZTE") wishes to advise that effective Friday, January 2, 2003, the Corporation commenced trading on Tier 2 of the TSX Venture Exchange under the symbol ZTE

The Corporation also wishes to announce that it has entered into agreements with its five directors to settle a total of $15,750 owed to the directors for fees and expenses in consideration for the issuance of 157,500 common shares of ZTEST priced at $0.10 per share. This transaction is subject to the approval of the TSX Venture Exchange.

For more information contact: 

Ted Drzazga, CEO 
(416) 297-5155 
email: info@ztest.com 

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