TZ Raising $24m to Expand Intelligent Fasteners
TZ Raising $24m to Expand Intelligent Fasteners
Jason Sandefur
TZ Ltd. plans to raise $24 million to fund further commercial growth of its patented Intevia Intelligent Fastening products. The company intends to offer conditional placement of 24,000 senior unsecured convertible notes to New York Based QVT Financial LP, subject to shareholder approval, Australian News Bites reports. The five-year notes pay 10% per annum and are convertible at $4 per share upon a NASDAQ listing.
Chicago-based TZ says the funding will allow it to secure its own shape memory alloy supply, enhance research and develop expertise with high temperature materials. Other goals include creating a proprietary set of ASIC electronic chips and developing communication hardware and software to make web-enabled devices commercially available.
Unveiled in 2005, Intevia fasteners feature embedded microchips controlled by radio frequency signals for remote-controlled applications (see FIN 6/01/05). Web: tzlimited.com �2008 FastenerNews.com
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