bouris steps in as tz ceo quits, page-3

TZ chief exits, shares wiped out as Post deal fails
May 30, 2012 - 4:46PM

A company chaired by high profile entrepreneur Mark Bouris has had $15.3 million wiped from its market value after it missed out on a lucrative deal with Australia Post.

The failed tender has also resulted in the resignation of the company’s chief executive.

TZ is developing new, secure mailboxes with the ability to keep groceries cool, that could one day eliminate the need for packages to be diverted to the local post office if a resident is not at home.

The main local distributor of TZ’s Package Asset Delivery, or OurPAD, technology was on Wednesday told its tender to provide parcel lockers for Australia Post had failed.

TZ shares lost 11.5 cents, or 42.5 per cent of their value, to hit an all-time low of 15.5 cents.

Chief executive John Wilson handed in his resignation.

Mr Bouris said the failed tender would allow TZ to move beyond supplying its technology to other companies, and into offering a complete parcel pick-up service.

‘‘We chose not to pursue this course of action whilst the ... tender process was on foot, but the OurPAD solution is the ultimate solution for online consumers,’’ Mr Bouris, who hosts TV reality show Celebrity Apprentice, said today.

TZ has been invited to submit expressions of interest to postal companies in Asia, the Middle East and north America.It is also in talks Australian logistics companies and online retailers for the provision of parcel lockers.

A financial partner is also being sought to assist in the rollout of the mailboxes to homes, and a trial of the residential product will begin within the next month.However, the loss of the Australia Post tender will force TZ to cut overheads in all parts of its business.

It expects to achieve its first break even month during the last quarter of the 2012-13 financial year, Mr Bouris said.

Read more: http://www.smh.com.au/business/tz-chief-exits-shares-wiped-out-as-post-deal-fails-20120530-1zj5c.html#ixzz1wOdDZZYP