ZTEST Announces Equipment Financing by Insiders
23 Dicembre 2013 - 7:36PM
Marketwired
ZTEST Announces Equipment Financing by Insiders
NORTH YORK, ONTARIO--(Marketwired - Dec 23, 2013) - ZTEST
Electronics Inc. ("ZTEST" or the "Corporation") (TSX-VENTURE:ZTE)
wishes to announce that it has agreed in principal to the terms of
a loan (the "Loan Agreement") with two (2) non-arm's length lenders
(the "Lenders") and its wholly owned subsidiary Permatech
Electronics Corporation ("Permatech") pursuant to which the Lenders
will advance $200,000 (the "Equipment Term Loan") to Permatech for
the purchase of a Siemens SIPLACE POE S27 pick and place unit with
accessories. The Equipment Term Loan will have a term expiring on
October 31, 2017, will be unsecured, will be repayable as to
interest only at the floating rate of TD Canada Trust prime plus 6%
(the "Interest Rate") until October 31, 2014 and thereafter in
blended monthly payments of principal and interest (at the Interest
Rate) amortized over three (3) years with the last payment due on
October 31, 2017. The Equipment Term Loan will be fully open and
repayable at any time after October 31, 2014 without penalty or
bonus. As partial consideration for advancing the Equipment Term
Loan, ZTEST has agreed to grant to the Lenders 400,000 bonus
warrants (the "Bonus Warrants"). The Bonus Warrants entitle the
Lenders to acquire one (1) common share of ZTEST at a price of
$0.10 per share until October 31, 2017. The transaction is subject
to regulatory approval. The securities will be legended and
restricted from trading until at least May 10, 2014. This
transaction is scheduled to close on January 10, 2014.
One of the lenders
is a corporation controlled by Joanna Drzazga, the wife of ZTEST's
CEO Ted Drzazga. The other is the CFO of ZTEST, Mike Kindy. The
grant of Bonus Warrants to insiders is exempt from the valuation
and minority shareholder approval requirements of Multilateral
Instrument 61-101 ("MI 61-101") by virtue of the exemptions
contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that
the fair market value of the consideration for the securities of
the Company to be issued to the insiders does not exceed 25% of its
market capitalization.
About ZTEST Electronics
Inc.
ZTEST Electronics
Inc., thru its wholly owned subsidiary Permatech Electronics Corp.
("Permatech"), offers Electronic Manufacturing Services (EMS) to a
wide range of customers. Permatech's offering includes Materials
Management, Printed Circuit Board (PCB) Assembly, Testing and
Design services. Permatech operates from a 20,000 square foot, ISO
9001:2008 certified facility in North York, Ontario, Canada. The
Company serves customers in the Medical, Power, Computer,
Telecommunication, Wireless, Industrial and Consumer Electronics
markets requiring high quality, quick-turn, small and medium size
production runs.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Cautionary Note
Regarding Forward-Looking Statements: This press release contains
forward-looking statements that involve risks and uncertainties,
which may cause actual results to differ materially from the
statements made. When used in this document, the words "may",
"would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions are
intended to identify forward-looking statements. Such statements
reflect our current views with respect to future events and are
subject to such risks and uncertainties. Many factors could cause
our actual results to differ materially from the statements made,
including those factors discussed in filings made by us with the
Canadian securities regulatory authorities. Should one or more of
these risks and uncertainties, such as changes in demand for and
prices for the products of the Company or the materials required to
produce those products, labour relations problems, currency and
interest rate fluctuations, increased competition and general
economic and market factors, occur or should assumptions underlying
the forward looking statements prove incorrect, actual results may
vary materially from those described herein as intended, planned,
anticipated, or expected. We do not intend and do not assume any
obligation to update these forward-looking statements, except as
required by law. The reader is cautioned not to put undue reliance
on such forward-looking statements.
ZTEST Electronics Inc.Ted DrzazgaCEO(416)
297-5155info@ztest.com
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