Network security technology developer TZ Limited (ASX:TZL) is slowly recovering from its near-collapse from debt in June 2009, chairman Mike Bouris said.
In an update to shareholders, Bouris apologised for the lack of communication with shareholders so far, stating that the board “fully recognize[s] the need to provide better communication as to the direction of the company moving forward.
TZ has halved its debt – which included a $24 million defaulted loan – since June, he said.
And the company has managed to secure interim funding for the development of new product offerings, which “has made a significant difference between TZ being a viable company going forward and being the company in June 2009 that was teetering on failure.”
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