BUFFALO, NY, Feb. 12 /CNW/ - Zaio Corporation (TSX-V: ZAO) announced it
has acquired the technology assets of Appraisal.com, one of the nation's
largest firms serving lenders and appraisers. Appraisal.com technology is used
by more than 100 lenders, 7,500 Day One appraisers and 9,184 appraisers in
their nationwide appraisal network.
Zaio is offering Appraisal.com lender customers a 20% discount on all
appraisal orders they place over the next 60 days to introduce them to the
quality, service and nationwide coverage offered by Zaio. Lenders may continue
to use the www.appraisal.com website to place orders. Zaio currently serves
nearly 500 lenders in the USA with a full range of appraisal and valuation
Zaio is also offering Day One appraisers a substantial price discount in
the form of a free 3-month extension for 1-year software renewals and free
6 month extension for 2-year software renewals. Day One and United Systems
Appraisers may purchase Zaio Zones at a 10% discount through April 30, 2008.
Zaio currently owns the nation's first and most established appraisal
technology known as United Systems and manages a network of about 9,000
appraisers. Zaio recently reported that its revenues paid to its elite local
"Zone" appraisers were up 107%, demonstrating Zaio's commitment to helping
appraisers increase their revenues.
Jim Kirchmeyer, Chief Marketing Officer said: "We welcome Appraisal.com
lenders and Day One appraisers. Simply continue to use the Appraisal.com and
Day One technology as you have in the past, with the full confidence that
Zaio, and its two national service centers in Buffalo, NY and Tempe, AZ are
here to ensure you have a positive experience."
"The Appraisal.com brand is known by lenders and appraisers throughout
the USA", said Thomas Inserra, CEO. "These technology assets provide us with
the means to continue serving the needs of a large number of lenders and
Zaio has obtained possession of select technology assets necessary to
serve appraisers and lenders on a go-forward basis. Customers will be served
by Zaio's Buffalo, NY office.
Rod Mitton, CFO said: "No stock or deferred fees were granted in this
cash transaction. Zaio's overhead costs will remain virtually unchanged since
we are not obligated to retain any of the Appraisal.com staff or assume any of
their liabilities. With our cash and investments of over $12 million, the
Company has sufficient resources to continue executing its business plans."
Zaio is a technology and database company. Zaio maintains a secure
database of 140 million properties and is now site verifying property data,
photos and appraisals of virtually every property in America. Zaio's network
of local appraiser experts photograph, inspect, and appraise entire cities,
one building at a time using a proprietary "GeoScore(TM)" rating system. Zaio
is ranked among the top 50 best performing companies of more than 2,000
corporations on the TSX-V Exchange, and trades under the symbol "ZAO".
Additional information is available under the symbol "ZAOFF".
For investors who would like to be added to Zaio's investor distribution
list or receive a 2006 annual report, please contact Chris Gustafson at
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release. This press
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, and the overall economy in both Canada and the United States. The
Company believes that the expectations reflected in this press 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 to reflect
subsequent information, events, results or circumstances or otherwise.
For further information:
For further information: visit www.zaio.com or please contact: Thomas J.
Inserra, CEO, (480) 575-5111; James A Kirchmeyer, CMO, (716) 583-5353,
firstname.lastname@example.org; Mark Lyons, National Account Executive (West Coast),
(949) 276-4212, email@example.com; Mark Morano, National Account Executive (East
Coast), (800) 771-5246 x105, firstname.lastname@example.org; Jacob Garcia, National Account
Executive (South), (713) 305-2032, email@example.com; John Ross, Managing
Director, Zone Sales, (815) 861-2433, firstname.lastname@example.org; David Garby, Director,
National Zone Sales, (716) 861-8560, email@example.com; Brian Lounsberry,
Manager, National Zone Sales, (800) 241-4757, firstname.lastname@example.org