EXHIBIT 99.8 - PRESS RELEASE ISSUED NOVEMBER 7, 1997 PRESS RELEASE ELECTRONIC SYSTEMS TECHNOLOGY 415 N. QUAY STREET KENNEWICK, WA 99336 509-735-9092 (O) 509-783-5475 (FAX) EST ANNOUNCES 3rd QUARTER 1997 FINANCIAL INFORMATION KENNEWICK, WASHINGTON --- November 7, 1997 --- Electronic Systems Technology Inc. (EST) (OTC: ELST), a manufacturer of wireless modems, today announced sales and results of operations for the three and nine month periods ended September 30, 1997. EST reported sales for the third quarter of 1997, in the amount of $366,869 compared to $259,919 for the same quarter in 1996. Net income was $70,995, or $0.01 per share, compared with net income of $20,395, or $0.004 per share, for the third quarter of 1996. For the nine month period, EST reported net income of $93,691 or $0.02 per share on sales of $913,763 compared with net income of $138,557 or $0.03 per share on sales of $905,680 for the same period in 1996. Selected Statement of Operations Information (Unaudited) Three Months Ended Nine Months Ended Sept 30 Sept 30 Sept 30 Sept 30 1997 1996 1997 1996 --------- ---------- ---------- ---------- Sales $ 366,869 $ 259,919 $ 913,763 $ 905,680 Net income before tax 107,567 30,902 141,956 211,750 Net Income 70,995 20,395 93,691 138,557 Weighted average common shares outstanding 5,480,843 5,475,339 5,480,843 5,475,339 Earnings per Share $ 0.01 0.004 $ 0.02 0.03 Selected Balance Sheet Information (Unaudited) Sept 30 December 31 1997 1996 ---------- ----------- Cash and cash equivalents $1,435,762 $1,413,182 Total current assets 1,960,042 1,892,302 Property & equipment (net) 134,021 141,210 Total assets 2,102,117 2,042,709 Total current liabilities 46,029 30,775 Long-term debt 0 0 Stockholders' equity 2,056,088 2,011,934 www.esteem.com 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.