The Albany Gazette - ZTEST Electronics Inc. Announces Leadership Transition, Appoints New Director and Chair

In connection with this transition, David Barnett has been appointed as Chair of the Board, effective immediately. Mr. Barnett has served on the Company's Board of Directors since 2024 and brings significant experience in public company governance, capital markets and strategic advisory service.

The Board has initiated a leadership succession process and is evaluating internal and external candidates for the Company's future executive leadership. Permatech's day-to-day operations will continue under the leadership of Suren Jeyanayagam, President of Permatech Electronics Corporation, the Company's operating subsidiary, while the Board conducts its search for the Company's next executive leader. Further updates regarding the leadership transition process will be provided as appropriate.

Permatech continues to operate normally, with customer activities and production operations proceeding without interruption.

Stephen Harpur is the Chief Executive Officer and Chair of Progressive Planet Solutions Inc. (TSXV: PLAN) a British Columbia-based clean technology and manufacturing company focused on developing sustainable solutions for the construction, agricultural, industrial and consumer markets. Since assuming leadership of Progressive in 2018, Mr. Harpur has overseen its transformation from a junior resource issuer into an operating cleantech and manufacturing business with growing revenues, proprietary technologies and an expanding portfolio of mineral-based products. He also led the acquisition of Absorbent Products Ltd., a transformative transaction that significantly expanded the company's operations, product offerings and North American distribution footprint.

A Chartered Professional Accountant (CPA), Mr. Harpur has more than a decade of experience in public company leadership, corporate finance, mergers and acquisitions, and strategic growth initiatives. He has established a strong track record of identifying, financing and integrating acquisitions, raising capital, and creating shareholder value within the Canadian micro-cap market. Mr. Harpur's experience scaling manufacturing businesses, allocating capital and leading public company transformations is expected to provide valuable perspective as ZTEST evaluates strategic opportunities and operational initiatives.

Mr. Smith's departure follows discussions with the Board regarding the Company's leadership succession plans and is not the result of any disagreement with the Company, its Board of Directors, management, operations, policies or practices.

The Company and Mr. Smith have entered into a separation agreement pursuant to which Mr. Smith will receive $150,000 immediately and the payment of $110,000 over the next nine months as severance benefits consistent with his employment agreement.

ZTEST Chair Dave Barnett commented: "The Board thanks Steve for his contributions to the Company and wishes him continued success in his future endeavours. We are also pleased to welcome Stephen Harpur to the Board. Stephen brings extensive experience in public company leadership, corporate finance, mergers and acquisitions, and value creation. His perspective and expertise will strengthen the Board as we continue to execute our strategic objectives, enhance shareholder communications and pursue opportunities to create long-term shareholder value."

About ZTEST Electronics Inc.

ZTEST Electronics Inc., through its wholly owned subsidiary Permatech Electronics Corporation ("Permatech"), offers Electronic Manufacturing Services (EMS) to a wide range of customers. Permatech's offering includes Printed Circuit Board (PCB) Assembly, Materials Management and Testing services. Permatech operates from an ISO 9001:2015 certified facility in North York, Ontario, Canada. Permatech is a contract assembler of complex circuit boards, serving customers in the Medical, Power, Computer, Telecommunications, Wireless, Industrial, Trucking, Wearables and Consumer Electronics markets. It specializes in servicing customers who are looking for high yield and require high quality and rapid-turnaround on low and mid-volume production of high complexity products.

For more information contact: Dave Barnett 604-897-9663 email: [email protected]

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS: This press release contains forward looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR+ in Canada (available at www.sedarplus.com).

SOURCE: ZTEST Electronics Inc.

View the original press release on ACCESS Newswire

(T.Martin--TAG)