Zaio Corporation Approves December 31st Debenture Interest Payments
/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 27, 2013 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company") announced today that debentureholders have agreed to take shares as payment for a total of $328,541.72 of the December 31, 2013 debenture interest payment pursuant to the terms of the debentures issued under the trust indenture dated May 9, 2013 (the "Debentures"). The total number of shares issued in lieu of cash will be calculated based on the greater of the 20 day weighted average trading price of Zaio's shares prior to December 31, 2013 and the closing market price of Zaio's shares on last trading day prior to the interest payment date.
A total of $7,350 of debenture interest payments will be made in cash pursuant to the terms of the Debentures.
Holders of approximately 98 percent of the outstanding Debentures have agreed to take shares as their form of interest payment for this semi-annual interest payment date.
"We are delighted by the growing percentage of debentureholders choosing to take shares of Zaio as their interest payments," said David King, President and CEO of Zaio Corporation. "The substantial support we are receiving from our debentureholders is a clear indication of the level of confidence they have in the future of Zaio. We have made significant progress in the past few months with our company. As we finalize the acquisition of Valuation Vision, and with recent acquisition of the National License Agreement from Zone Data Systems, we are well positioned to create significant shareholder value in the new year."
About Zaio Corporation
Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the company's patented database of proactively maintained residential property valuations prepared by licensed appraisers across the United States. Visit the company online at zaio.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. The Company believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements. In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act
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