News: TZL TZ Ltd Believes Prudent To Withdraw Any Previous FY20 Earnings Guidance

April 15 (Reuters) - TZ Ltd (TZL) :

• BELIEVES IT TO BE PRUDENT TO WITHDRAW ANY PREVIOUSLY FY20 EARNINGS GUIDANCE
• TO DATE BUSINESS HAS REDUCED ITS FIXED OPERATING COSTS BY OVER $1.2 MILLION
• SINCE IDENTIFIED FURTHER FIXED COST REDUCTIONS IN EXCESS OF $2 MILLION TO BE IMPLEMENTED OVER COMING 12 MONTHS
• BUSINESS OVERALL HAS NOT SHOWN SIGNS YET OF CAPITAL EXPENDITURE BEING DELAYED OR CANCELLED
• MEDIUM-TERM GOAL OF TZ TO GROW RECURRING REVENUE TO BE OVER 50% OF SALES BY FY2023
• IN FINAL PROCESS OF NEGOTIATING NEW FINANCING TERMS WHERE LENDER HAS AGREED TO AN INTEREST FREE PERIOD ON ABOUT 60% OF DEBT FOR 8 MTHS