EXHIBIT 99.3 - PRESS RELEASE ISSUED MAY 15, 1997
PRESS RELEASE
ELECTRONIC SYSTEMS TECHNOLOGY
415 N. QUAY STREET
KENNEWICK, WA 99336
509-735-9092 (O)
509-783-5475 (FAX)
EST ANNOUNCES 1st QUARTER 1997 FINANCIAL INFORMATION
KENNEWICK, WASHINGTON --- May 15, 1997 --- Electronic Systems Technology
Inc. (EST) (OTC: ELST), a manufacturer of wireless modems, today
announced sales and results of operations for the three month
period ending March 31, 1997.
EST reported sales for the first quarter 1997, of $316,027 compared to $352,057
for the same quarter in 1996. Net income for the first quarter of 1997, was
$19,691, or $0.003 per share, compared with net income of $55,310, or
$0.01 per share, for the first quarter of 1996.
Selected Statement of Operations Information
(Unaudited)
Three Months Ended
March 31, March 31,
1997 1996
-------- --------
Sales $ 316,027 $ 352,057
Net income before tax 29,835 85,618
Net Income 19,691 55,310
Weighted average common shares outstanding 5,480,905 5,461,206
Earnings per Share $ 0.003 $ 0.01
Selected Balance Sheet Information
(Unaudited)
March 31, December 31,
1997 1996
-------- -----------
Cash and cash equivalents $1,386,911 $1,413,182
Total current assets 1,948,631 1,892,302
Property & equipment (net) 146,279 141,210
Total assets 2,104,253 2,042,709
Total current liabilities 72,628 30,775
Long-term debt -0- -0-
Stockholders' equity 2,031,625 2,011,934
Electronic Systems Technology, a publicly held Company since 1984, was
the first Company to develop the wireless modem and receive the United
States and Canadian patent for this technology.
Contact EST for more details.
APPENDIX:
Item no. 1: (graphic material not included in electronic filing format)
The press release was published showing at top left of the press release,
the Electronic Systems Technology, Inc. trademarked company logo, showing
a black square field containing the stylized letters E S T.