Shares in TZ Limited (ASX:TZL) plunged more than 40 per cent yesterday after the technology company informed the market it was unsuccessful in securing a lucrative deal.
TZ also announced the resignation of its CEO John Wilson and advised it will not hire a replacement CEO at this stage.
Executive Chairman Mark Bouris will now take on the function of the CEO along with the company’s other executive directors.
The deal was in regards to TZ’s Package Asset Delivery product which is a secure mailbox to keep posted goods locked up with access through a pin code.
TZ said the tender was for the supply of its products to “one of Australia's largest parcel delivery and logistics operators”, which reports speculate was Australia Post.
Shares in TZ plunged 42.59 per cent on Wednesday, closing at $0.155.
In the first half of the 2012 financial year TZ posted a net loss of $12.4 million.