CALGARY, April 3 /CNW/ - Zaio Corporation (TSX-V: ZAO) announced today
that it has completed the acquisition of the assets of Realink Corporation, a
privately held company with offices in Tempe, Arizona. The assets will be
owned by the Company's wholly owned USA subsidiary, Zaio Inc.
"We are excited about the combined capabilities of the Zaio and Realink
teams," said Thomas J. Inserra, chief executive officer of Zaio Corporation.
"Our group now includes a much larger well trained and experienced staff
having relationships with over 4,000 local appraiser experts and 30 lenders
located throughout the United States. In addition, the company now has the
capital, technology, human resources, products, and customer relationships
necessary to fully expand our business."
Zaio's innovative appraisal solutions help to solve some very significant
market problems including: improving appraisal quality, accelerating speed of
delivery, preserving appraiser independence and reducing mortgage fraud. The
extensive market analyses performed by Zaio's appraisers are anticipated to
become the gold standard for quality within the industry.
"The number of shares issued has been increased by 104,000 to 2,082,157
and the number of warrants decreased by 418,000 to 2,082,157 to equalize the
number of shares and warrants in accordance with regulatory requirements. The
warrants are exercisable anytime prior to December 31, 2007 at a price of
CDN$3.08," said Rodney Mitton, chief financial officer of Zaio Corporation.
"As a result of this transaction we have added three institutional investors
to our shareholder list. North Coast Partners, Insight Capital and True North
Partners will hold a combined 6% of Zaio's outstanding shares. The Company
remains debt free, maintains a sizeable cash balance, continues to have robust
rates of sales, and see's no need to raise any additional equity in connection
with this transaction."
In order to support Zaio's rapidly growing business, both the Calgary and
Tempe, Arizona offices are relocating to larger facilities and the Company is
in the process of reorganizing its management team, the details of which will
be announced within the next week.
Zaio is the only known company in the world that develops and maintains 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".
For investors who would like to be added to Zaio's investor distribution
list, please contact Collum Hunter at firstname.lastname@example.org.
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)