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The amount would be three times the company's revenue of $100 million in 2005, CEO Bill Sullivan said.
NORTH YORK, ONTARIO -- ZTest Electronics Inc. is offering shares of the company in order to raise $1.44 million in financing, the company said today. Proceeds will be used for future acquisitions and working capital.
Each unit will be priced at $0.16
and will be comprised of one common share and one-half of a common
share purchase warrant. Each full warrant entitles the holder to acquire a
further common share at the price of $0.24 for a period of two years from
closing. The corporation will pay a finder's fee of up to 6% of the value of
the units in cash.
Completion of this transaction is subject to the approval of the Toronto Exchange.
Separately, the company said directors William Brown and Cal Haverstock have tendered their resignations, effective this week. Haverstock joined the board last June.
ZTest's wholly owned subsidiary, Permatech Electronics, is an low-volume EMS provider.
John Sammut, EPIC president and CEO, said in a press release, “[This award] validates the efficacy of our Synchronous Flow Manufacturing (SFM) process because it was awarded in a time period which included a significant amount of new product introduction activity, which typically impacts performance metrics in traditional continuous flow manufacturing models. In addition, it is a tribute to our acquisition integration team because it underscores how quickly and smoothly they accomplished SFM process implementation in this facility in 2005.”
EPIC is headquartered in Rochester Hills, MI, and operates facilities in Ohio, Tennessee and Mexico.
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