SCOTTSDALE, AZ, July 10 /CNW/ - Zaio Corporation (TSX-V: ZAO) said today
that there have been no material undisclosed developments which would account
for recent changes in the Company's stock price.
The Company was pleased to announce on July 8, 2008 that it had reached a
milestone in its database technology and had advanced from the developmental
to operational stage. Concurrently, the Company announced that Zone sales for
the second quarter were lower than in recent quarters and that the Company was
decreasing its development and operational expenses on a go forward basis. The
Company has also replied to the Alberta Securities Commission pursuant to
items disclosed in a press release on June 30, 2008 and is awaiting their
"As a result of lower zone sales, there may be speculation that the
Company will be required to raise additional capital. In order to prudently
manage the Company, Zaio is currently reducing its expenditures and is
evaluating various financing alternatives," stated Keith Sawottke, CFO. "The
Company has not entered into any specific financing transaction at this time."
Zaio is a technology and database company. The Zaio network of appraisers
currently serves approximately 500 lenders with a variety of nationwide
appraisal services. Zaio maintains a secure database of 140 million properties
and its affiliated appraisers are now site verifying property data, photos and
appraisals of virtually every property in America. Zaio's network of local
appraiser experts appraise entire cities, one building at a time using a
proprietary GeoScore(TM) rating system. Zaio trades under the symbol "ZAO"
with additional information available under the symbol "ZAOFF".
For investors who would like to be added to the Zaio investor
distribution list or receive a copy of the 2007 Annual Report, please contact
Lisa Lyscio at email@example.com.
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, including without
limitation, the statement made by Mr. Sawottke regarding the evaluation of
financing alternatives available to the Corporation. Such statements are
subject to risk factors associated with the real estate industry, capital
markets, and the overall economy in both Canada and the United States. There
is no assurance that any of the financing alternatives being evaluated will be
entered into by the Company, and that if entered into, will not have a
dilutive affect on the shareholders of the Company. In making this statement,
the Company has assumed that the alternatives remain available on same or
similar terms if the Company determines to proceed with any one option or
combination of options. 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: Donald E. Kelly, Chief Communications Officer,
(202) 302-3870; Lisa Lyscio, Manager, Investor Relations, (480) 449-2606