TZ Enters Purchase Agreement for ADAM Locker Banks

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TZ Limited (“TZ” and “Company”) is pleased to advise that its wholly owned subsidiary TZI Australia Pty Limited has entered into a binding purchase agreement with Couriers Please Pty Limited (“Couriers Please”) for the sale to Couriers Please of TZI Australia Pty Limited’s ADAM Parcel Locker assets. Couriers Please is a fully owned subsidiary of the Singapore Post Group.
Completion is expected to occur during October 2015.
The sale of the assets to Couriers Please is the first step towards a broader collaborative initiative between TZ and Couriers Please currently being negotiated by the parties for the Australian market.
The price to be paid by Couriers Please for the parcel lockers is commercially sensitive information.
“The ADAM Locker Network pilot has been instrumental in evolving TZ’s offering to the Postal and Logistics market and assisting TZ to establish itself as a credible supplier to this segment” said Kenneth Ting, Executive Director of TZ Limited. “Significant effort was made to establish the ADAM Locker Network and to secure various locations for the Lockers including relationships with various logistics companies and service based businesses. These relationships remain intact and will provide a good base for Couriers Please to build upon. This sale is the realisation of TZ’s strategic objective for the ADAM Locker Network and we now look forward to the on-going possibilities.”