Zaio Corporation - Delay in filing financial statements



    TSX Venture Exchange Symbol: ZAO

    CALGARY, May 7 /CNW/ - ZAIO CORPORATION (TSX-V: ZAO) ("Zaio" or the
"Company") announced today that it has been advised by the Company's auditors
that the audit work related to the 2008 year-end audited financial statements
at this date has not yet been completed. The Alberta Securities Commission
(ASC) has confirmed to Zaio management that the common shares of the Company
are to be halted from trading as a result of a Cease Trade Order to be issued
by the ASC. As is standard practice with the ASC, the common shares will
remain halted until the financial statements are filed and the ASC is
satisfied that the reinstatement requirements have been completed by the
Company. The delays in preparing the Company's year-end statements were
primarily due to the complexities of winding up a Company subsidiary through
the year- end and the related verification of valuations for amounts appearing
in the financial statements at year-end.
    The Company wishes to emphasize that all steps are being taken as
expediently as possible to satisfy the auditor and the ASC requirements
accordingly.

    About Zaio
    Zaio 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 street. 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 U.S. under the trading symbol "ZAOFF". For
more company information, visit www.zaio.com.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.
    

    %SEDAR: 00020572E




For further information:

For further information: Bradley Stinson, CEO, (877) 318-0537; Rodney
Mitton, CFO, (877) 318-0537

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Zaio Corporation

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