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TSX Venture Exchange Symbol: ZAO
CALGARY, June 11 /CNW/ - Zaio Corporation ("Zaio" or the "Corporation") announces today that it intends to make an application to the TSX Venture Exchange ("TSX-V") to amend the 4,412,252 common share purchase warrants (the "Warrants") issued on October 30, 2009 pursuant to a private placement (the "Private Placement"). A press release describing the initial issuance of the Warrants was released on October 30, 2009.
Under the Private Placement 8,824,499 units ("Units") were issued. Each Unit consisted of one common share (each a "Common Share") and one-half of one Warrant. Each whole Warrant entitles the holder to purchase one (1) Common Share of the Corporation at an exercise price of $0.25 for a period of twelve (12) months from the Closing Date (the "Exercise Period"). At the option of the Zaio ("Zaio's Option"), the Exercise Period for the Warrants may be shortened to thirty (30) days should the Common Shares trade at a price equal to or greater than $0.50 for five (5) consecutive trading days.
The Board of Directors has approved an application to be made the TSX-V to extend the term of the Warrants from twelve (12) months to twenty-four (24) months. All other terms and conditions of the Warrants including Zaio's Option will remain unchanged. Upon approval, the new expiry date of the Warrants will be October 30, 2011 (subject to Zaio's Option).
Zaio develops and maintains a site-verified database of photos, valuations and property information on virtually every residential property in entire cities, using a proprietary "GeoScore(TM)" property rating system. Zaio licenses its technology to networks of premiere, local appraiser experts who can then appraise and monitor values across entire cities, one home at a time from the street. The Company's products are available in the United States through its Licensee, Zone Data Systems LLC. Zaio is a public company that trades under the symbol "ZAO" on the TSX Venture Exchange in Canada. Zaio shares are also available in the US under the trading symbol "ZAOFF". For more company information, visit corporate.zaio.com.
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, and 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.
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.
SOURCE Zaio Corporation
For further information: For further information: Bradley Stinson, CEO, (877) 318 0537; Rodney Mitton, CFO, (877) 318 0537