To All,
ZTEST Electronics Inc -
ZTEST and Uniqrypt to reorganize financing arrangements
ZTEST Electronics Inc
ZTST
Shares issued 12,786,669
1999-04-22 close $1
Friday Apr 23 1999
Mr. James Lalonde reports
The company has entered into an agreement with Uniqrypt Technologies Inc., one
of ZTEST's strategic partners, to reorganize the financing arrangements between
the two companies.
ZTEST has acquired an additional 937,500 shares of Uniqrypt at 16 cents per
share. The consideration for these shares was the cancellation of $150,000 in debt
owed to ZTEST by Uniqrypt. ZTEST now owns 1,900,500 shares of Uniqrypt
representing approximately 16 per cent of Uniqrypt's issued and outstanding
capital.
Uniqrypt has also issued to ZTEST a secured debenture in the amount of
$318,000 bearing interest at the rate of 7.5 per cent per year, calculated monthly
in arrears and payable on the last day of each month. This debenture will become
due on March 31, 2002, is transferrable and assignable by ZTEST and is secured
under a general security agreement. The debenture is redeemable, in whole or in
part, on 45 days notice by Uniqrypt. The debenture is convertible, in whole or in
part, into shares of Uniqrypt on the basis of one share of Uniqrypt for each 20
U.S. cents of debt converted on 15 days notice by ZTEST. Unicrypt must
contribute 15 per cent of any new cash equity financings obtained prior to maturity
to the repayment of the debenture.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.c |
