TSX Venture Exchange Symbol: ZAO
CALGARY, Sept. 2 /CNW/ - Zaio Corporation ("Zaio" or the "Corporation"),
(TSX-V: ZAO) is pleased to announce that effective September 1, 2009 the cease
trade orders issued by the Alberta and British Columbia Securities Commissions
in respect of the Corporation (collectively the CTO's) have been fully revoked
by the applicable regulatory authorities.
The CTO's were issued as a result of the Corporation's failure to file
its annual filings for the year ended December 31, 2008, including its audited
annual financial statements, related management's discussion and analysis and
certification of annual filings for the year ended December 31, 2008 with the
relevant securities regulatory authorities within the timeframe prescribed by
NI 51-102. The Corporation filed its annual filings on June 26, 2009, which
are available for viewing at www.sedar.com.
The CTO revocation allows the Corporation to consider issuing securities
and to raise the funds necessary to implement its technology under a new
national licensing program. The Company is now proceeding with an agreement
that remains subject to regulatory approval pursuant to a letter of intent and
term sheet with the majority of the original US Zone Appraisers to implement
the unique appraisal software and data base concept in the United States.
While keeping the Company's operational costs to a minimum, the national
licensing model is also expected to accelerate the growth of the world's first
appraiser certified national valuation database.
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(TM)" 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.
Forward Looking Information
This press release may contain forward-looking statements which may
include estimates, plans, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact, including
without limiting the generality of the foregoing, statements made regarding
the new national licensing program. Although Zaio believes that the
expectations reflected in such forward-looking statements are reasonable, it
cannot give any assurance that such expectations will prove to be correct.
Results of Zaio's new national licensing program may be affected by a variety
of variables and risks such as availability of human and capital resources,
competition, anticipated capital expenditures and financing thereof, timing of
applications and approvals. As such the future plans and objectives of Zaio
are forward-looking statements that involve risks and uncertainties and may be
based on assumptions that could cause actual results to differ materially from
those anticipated or implied in such statements. Zaio's forward-looking
statements are expressly qualified in their entirety by this cautionary
statement. Unless otherwise required by applicable securities laws, Zaio does
not intend nor does it undertake any obligation to update or review any
forward-looking statements to reflect subsequent information, events, results
or circumstances or otherwise.
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.
For further information:
For further information: Bradley Stinson, CEO, (877) 318-0537; Rodney
Mitton, CFO, (877) 318-0537