Subject:
Stockwatch: ZTEST Electronics Inc - News Release
Date:
Fri, 03 Oct 1997 07:43:16 -0700
From:
newsout@canada-stockwatch.com
To:
adjuster@hawk.igs.net
Acquisition of 53.26% of Chessen UV Systems Inc
ZTEST Electronics Inc ZTST
Shares issued Oct 1 close $1.55
Fri 3 Oct 97 News Release
Mr James Lalonde reports
ZTEST has acquired 6,125,000 common shares of Chessen UV Systems,
representing 53.26% of the outstanding voting equity of Chessen, in
consideration for the issuance of a total of 1,020,835 common shares of
ZTEST and 306,250 warrants with each warrant exercisable for two years
following September 9 1997 to acquire a further common share of ZTEST at
$1.75.
The transaction closed effective September 9 1997, subject to the
fulfillment of some conditions with respect to the business and sales
performance of Chessen, for the benefit of ZTEST, that, if not completed by
Chessen, could result in some of the common shares issued in relation to
this transaction being returned to the treasury of ZTEST for cancellation.
Chessen is involved in the field of advanced surface engineering
technologies, marketing its advanced thin film systems and custom coating
services throughout the world. The commercialized products fall into two
major product groups: (1) thin film physical vapour deposition (PVD)
technologies; and (2) laser and UV radiation technologies.
The PVD technology, is an ultra high vacuum physical vapour deposition
process in which atoms or molecules from a vaporization source reach the
substrate without colliding with all the residual gas molecules. This PVD
process, which is energy efficient and environmentally friendly, produces a
a wide range of wear resistant, anti-corrosive, thin hard films. Chessen
successfully demonstrated its new PVD technology at the world's largest
manufacturing technologies show (EMO) in Hanover, Germany last month,
receiving immediate requests for many system sales quotations.
The laser and UV radiation technologies would be best described as being
radiation curable organic coatings and surface modifications of polymers
with electromagnetic radiation. The initial focus, from a commercialization
point of view, is the introduction of a line of processors to increase
production speeds and reduce rejection rates for specialized rubber
products and painting materials in the automotive industry.
This new agreement with Chessen is the third for ZTEST. The other two
agreements are with UNIQRYPT Technologies of Mississauga, Ontario and
Nexsys Commtech International of Waterloo, Ontario.
ZTEST, in addition to its proprietary line of automatic test equipment,
offers strategic partner services in electronic design, development and
manufacturing to emerging high tech companies in return for long term
manufacturing contracts, fees for services and equity positions.
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