TZ Limited (“TZ”, the “Company”) is pleased to announce that its wholly owned US subsidiary, Telezygology, Inc. has entered into a Memorandum of Understanding with Spacesaver Corporation in the USA for the integration of its smart locking device hardware and software solutions into a range of Spacesaver storage solutions. The Memorandum of Understanding is non-binding and is subject to the parties entering into a binding definitive formal agreement within 60 days after they have completed an eight (8) month evaluation phase of the market opportunities.
Spacesaver Corporation is part of KI, the sixth-largest contract furniture manufacturer in the industry and is the leading North American manufacturer and innovator of high density mobile storage systems for office, institutional and industrial applications. With over 250,000 successful installations since 1972 and a nationwide network of local authorized sales representatives, Spacesaver is the industry leader when it comes to mobile shelving, cantilever shelving and industrial storage solutions including library storage systems, business storage, ammunition storage, archival storage, evidence storage, hospital storage, and parts storage.
“We are pleased to be building a strategic relationship with Spacesaver Corporation which has the potential to see TZ’s technology expand into a wide range of new application areas for the Company. Working with an industry leader like Spacesaver enables TZ to not only penetrate new market segments for our packaged asset delivery platform but to tap into an extensive and established customer base across government, military, institutional and corporate customers.” stated Kenneth Ting, Executive Director of TZ Limited.
“We see TZ’s digital locking technology and software development capability as highly synergistic to our business, particularly as our customers are increasingly looking for electronic security and higher levels of granularity when it comes to access control and monitoring.” said Matt Tourdot, Vice President of Product Innovation for Spacesaver. “We are hoping to build on this initial MOU and move forward to a mutually beneficial and strategic agreement that provides for a high level of collaboration in bringing new innovative storage solutions to market”.