time for a laugh - bouris to save tzl

Mark Bouris's TZ rescue plan approved
BY: REBECCA URBAN From: The Australian February 27, 2010

TZ Limited is considering a range of fundraising options to start rolling out its intelligent fastening technology, after a rescue plan put forward by new chairman Mark Bouris was approved.

Shareholders voted yesterday in favour of the company issuing up to 28.6 million shares to New York hedge fund QVT in order to clear half the $24 million debt that almost brought down the one-time technology darling.

Mr Bouris, who joined TZ eight months ago only to discover a significant cash shortfall and that interest on a convertible loan had not been paid, told the meeting in Sydney that it was time for the company to put the "dark chapter" behind it.

"The company has a solid international operational platform, many blue-chip clients, and dedicated and expert staff. But above all it has exceptional technology," Mr Bouris said.

"With the right corporate and marketing strategies, the technology can be successfully rolled out."


Mr Bouris later told The Weekend Australian that his next priority was to raise funds -- either via a capital raising or a debt issue -- to ensure the company had the resources to commercialise its products by targeting the right business partners.

"This business is about revenue; it's not about talk and hype. All we're interested in is the sales," he said.

Mr Bouris, who is best known as the founder of Wizard Home Loans and more recently as the face of The Apprentice television show in Australia, said he was committed to TZ for the long term, having been issued share rights and options that vest over the next five years.

He is also looking to appoint a chief executive in the US, where TZ's business operations are based, and have the company's shares resume trading on the Australian Securities Exchange.