TZ Limited (ASX:TZL) will add parking stations as a new delivery option for consumers in the roll out of its A.D.A.M. Parcel Lockers with a trial deployment with the leading car park operator, Secure Parking Pty Limited.
With over 1 million parking spaces under management, Secure Parking is one of the largest in the sector operating car parks in Australia, New Zealand, United Kingdom, Indonesia, Malaysia, Singapore, mainland China, India, Lebanon and the UAE with over 1,400 car parks in major city locations.
The trial deployment will support the second phase of roll out of TZ’s Automated Delivery Asset Manager (A.D.A.M.) Parcel Locker System.
Secure Parking operates car parks in major airports, shopping malls, hotels, hospitals and medical centres, office towers, shop-estates, industrial complexes and sporting stadiums, Secure Parking is the largest tenant with some of the largest property groups in the World.
Executive Chairman of TZL, Mark Bouris said, “Secure Parking is an important partner in our on-going deployment plans” .
“Not only does Secure Parking provide over 250 potential locations in the Australian market but they are a perfect partner to promote and market Parcel Locker services to the large corporate tenants in major city and business centres.”
Garth Matthews, Chief Executive Officer of Secure Parking stated, “Innovation underpins every aspect of Secure Parking’s business, ensuring that we select the best of new and emerging technologies and trends and applying them in a way that best serves the ever-changing needs of consumers and property owners.
"We believe that TZ’s Parcel Locker Network will meet a growing need in today’s market for alternative convenient and accessible parcel collection and drop-off points and provide a consumer focused offering that we can support and leverage.”
The teaming agreement with Secure Parking has a term of twelve (12) months and sets out a framework to enable the parties to work on an exclusive basis to establish a trial program for the deployment of Parcel Lockers at Secure Parking locations in Australia.
The trial will provide for a number of A.D.A.M. Parcel Lockers to be deployed at agreed locations which will be used as a case study to fully evaluate the opportunity for broader deployment.
Time line for deployment of A.D.A.M. lockers
TZL expects to deploy progressively its Phase 2 lockers in the September/October timeframe.
As of last week, successful end-to-end testing with Temando and selected Carrier partners has been completed and integration with a number of e-tailers is currently underway through Temando.
These e-tailers will be offering A.D.A.M. Parcel Locker sites as collection points as part of their shopping cart experience.
Mark Bouris added: “The A.D.A.M. Parcel Lockers are currently live at MLC Martin Place, Melbourne Central, BP Richmond and 7-Eleven Heidelberg. A major shopping centre complex in Sydney and a 7-Eleven location in Brisbane are the final deployments scheduled for Phase 1 in the next few weeks.
"We should start to see the first parcel traffic go through the system as our e-tailer customers sign up for the network. This is a big achievement for our Company as working with multiple carrier and property partners has not been an easy task but nonetheless critical for the establishment and founding of a true open system.”
The agreement with Secure Parking, Australia's largest car park operator adds more convenience for shoppers, but what it really does is add scale and "real estate" for TZ with first mover advantage in the locker deployment race across Australia and Asia. The deal with Secure Parking potentially adds countries, not just cities for growth for TZ.
With the A.D.A.M. Parcel Lockers now live in Sydney and Melbourne and first parcels set to move through the system, agreements with further deployment partners would not surprise given the wind at TZ's sails.
We consider the latest system deployment continues to add impetus to the next 12 months for TZ. We continue to affirm our estimate of "intrinsic value" of TZ is closer to double the current market valuation of circa $21 million.
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