"Photographing America" Project Remains on Track
CALGARY, June 8 /CNW/ - Zaio Corporation (TSX-V: ZAO), the North American
leader in developing and maintaining a site-verified database of photos,
valuations and property information, today announced key milestones achieved
by its Zaio Inc. operations in the United States.
"Zaio's 'Photographing America' initiative is at or ahead of plan in
several key metrics," stated Tom Inserra, chief executive officer of Zaio
Corporation. "Among these, Zaio has now sold over 1,000 software licenses to
certified appraisers who have agreed to be long-term suppliers of expert
appraisals in their local markets. Zaio originally priced its software license
at $7,500, but strong demand among appraisers has resulted in several price
increases and a current software license price of $9,400. The Company has
significantly increased its rate of photography across the US over the past
five months and in May took more than one million photos. Zaio is now working
towards photographing 100,000 properties per day, expecting to reach this goal
by the end of 2007."
Zaio has already sold out its software and initiated operations in 170 US
cities and has now expanded sales to a further 80 cities in the United States.
In addition, with the acquisition of Realink, closing on April 2, 2007, Zaio
has now significantly increased its technical support and customer service
capabilities to accommodate the Company's rapid growth and to better serve the
needs of clients.
The Company continues to evaluate other potential business acquisitions
as a means to further accelerate its US expansion. Zaio is particularly
interested in acquiring or exploring strategic relationships with appraisal
related businesses or affiliated business units that serve lenders, county
governments and 10 other customer segments it has targeted in the US.
As previously announced, Zaio will sponsor the first annual "Appraisal
Congress", which will be held in Washington, DC, in the fall of 2007 to build
consensus solutions aimed at reducing the threat of rapidly increasing
mortgage fraud and preserving the independence of appraisers. The inaugural
congress, hosted by October Research Corp. and sponsored by Zaio Corp. and
Valuation Review, will compile specific recommendations for federal, state and
association-based initiatives. The Company will be holding an Appraiser Summit
in conjunction with Valuation 2007 held in Las Vegas during November 2007. The
Summit will be open to current and prospective Zone Appraisers. Further
information on both events will be released soon.
The Company also announced today that it has granted 350,000 share
options to certain directors and officers who currently do not hold any
options. The options are priced at $4.00, have a term of five years and vest
equally over a period of two years.
Zaio is the the North American leader in developing and maintaining a
site-verified database of photos, valuations and property information of
virtually every property in entire cities, using a proprietary "GeoScore"
property rating system. Zaio and its network of premiere, local appraiser
experts photograph and appraise entire cities, one building at a time from the
Zaio is a public corporation that trades under the symbol "ZAO" on the
TSX-V Exchange in Canada. Additional information is available for US investors
under the symbol "ZAOFF".
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, President and CEO, (480) 575-5111; Rodney D. Mitton, CFO, (403)