NORTH YORK, ON / ACCESSWIRE / August 12, 2021 / ZTEST Electronics Inc. ("ZTEST" or the "Company")(CSE:ZTE) is pleased to announce that Conversance Inc. ("Conversance"), a private company in which ZTEST owns a 25.29% equity interest, has acquired an initial 28% interest in 3955 Trading Inc., operating as Cannamerx ("Cannamerx"), pursuant to a Purchase Agreement dated August 1, 2021 with Cannamerx and various shareholders of Cannamerx. Conversance has the opportunity to acquire a controlling interest in Cannamerx provided specific milestones are achieved.
Cannamerx, a Canadian company based in Ottawa, Ontario, was launched in November 2017. Cannamerx operates an international cannabis and hemp exchange platform and facilitates trade in bulk cannabis, hemp, and cannabis and hemp products, between licensed producers worldwide. Cannamerx' international transaction capability was launched in October 2018, while trading of hemp and hemp products commenced in March 2019.
It is intended that Conversance will; (i) put in place an interim platform, ("TRADEX Alpha") by completing a re-write of the existing Cannamerx platform to automate certain brokering functions; and (ii) develop a new, improved trading exchange platform ("TRADEX Gamma") based upon its proprietary Chronicle technology. Conversance will receive additional shares of Cannamerx upon completion of each of these objectives as well as when Cannamerx achieves a certain level of operations based upon these new platforms. Based upon Cannamerx' current share structure, Conversance would hold a controlling interest in Cannamerx after these shares are issued.
It is also expected that the Chronicle distributed ledger and matching engine will replace the current auction process. The current process is limited to seller-initiated "English" style auctions while the Chronicle engine is intended to enable many other forms of specialized auctions, including buyer-initiated auctions, "Dutch" auctions, or partial-fill auctions.
Joseph Chen, CEO of Conversance, stated "Chronicle's distributed ledger technology is expected to significantly increase the volume of transactions per second in comparison to the legacy software. With successful integration, Chronicle will also appreciably simplify record keeping and resource planning, helping to ensure accuracy, compliance, and ease of use in a very guarded industry."
Steve Smith, President and CEO of ZTEST stated, "we are very pleased that Conversance has chosen to launch its commercial operations by enhancing the Cannamerx existing platform while simultaneously customizing Chronicle, its proprietary distributed ledger platform, to supersede that enhanced platform. This launch should represent a commercial demonstration of Chronicle which can also be customized to facilitate numerous other applications."
About ZTEST Electronics Inc.
ZTEST Electronics Inc., through 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 9001:2015 certified facility in North York, Ontario, Canada. The company serves customers in the Medical, Power, Computer, Telecommunications, Wireless, Industrial and Consumer Electronics markets requiring high quality, quick-turnaround, small and medium size production runs. ZTEST also holds a 25.29% equity interest in Conversance Inc. ("Conversance").
About Conversance Inc.
Conversance, a private company based in Waterloo, Ont., founded by Mr. Chen, is focused on developing and marketing Chronicle, a proprietary artificial-intelligence supported distributed ledger technology. Conversance has successfully completed initial internal testing of Chronicle, which is being built for speed, scalability, low power consumption, and intermittent connectivity.
Chronicle was built to enable distributed ledger applications with high levels of performance, without giving up network decentralization. Chronicle provides parallel asynchronous transaction processing in a fabric using a dynamic sharding approach.
Mr. Chen has a deep background in information theory, digital signal processing, and software and hardware architectures ranging from embedded to data centre scale. He also made key contributions to the creation and popularization of smart phones through his R&D involvement at Research in Motion (RIM). Mr. Chen has long been a resolute advocate for a digital world where personal privacy and rights can be guaranteed, despite encroachment by national and business interests who seek to mine and use private, personal information.
About Cannamerx
Developed in close collaboration with the legal cannabis industry, Cannamerx was designed to facilitate trade in bulk cannabis, hemp, and cannabis & hemp products between licensed producers worldwide.
Cannamerx, launched in November 2017, is the first international cannabis and hemp exchange platform of its kind - a true mercantile exchange for this emerging industry.
For more information contact:
Steve Smith, CEO
(604) 837-3751
email: stevesmith15@shaw.ca
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: ZTEST Electronics Inc.
View source version on accesswire.com:
https://www.accesswire.com/659438/ZTEST-Announces-That-Conversance-Acquires-Interest-in-Cannamerx
