TZ Limited (ASX:TZL)
has inked a memorandum of understanding with a US-based storage innovator called Spacesaver Corporation.
The technology company says the MOU is for the integration of its smart locking device hardware and software solutions into a range of Spacesaver storage solutions.
The MOU is non-binding and subject to entering into a binding definitive formal agreement within 60 days following an eight month evaluation.
Executive Director Kenneth Ting says the relationship has the potential for TZ’s technology to expand into a wide range of new application areas.
TZ narrowed its net loss to $3.69 million in the first half of the 2015 financial year.