TSX Venture Exchange Symbol: ZAO
CALGARY, March 5 /CNW/ - Zaio Corporation ("Zaio" or the "Corporation"), (TSX-V: ZAO) announces that it has reached an agreement for the satisfaction of a debt owed to a non-arm's length third party in the amount of US$135,000.00. Zaio and the creditor have agreed to convert the debt owed by Zaio into common shares of the Company (the "Debt Shares") resulting in the issuance of up to 893,716 Debt Shares at a price per Debt Share of CDN$0.12. The debt being converted has been previously accrued and reported on the financial statements of Zaio.
Completion of the shares for debt transaction contemplated in the Settlement Agreement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
All securities in connection with the Shares for Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with the applicable securities legislation.
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. Zone Data Systems LLC is the Zaio affiliate for the United States. 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 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.
SOURCE Zaio Corporation
For further information: For further information: Zaio Corporation, Bradley Stinson, CEO, (877) 318-0537; Rodney Mitton, CFO, (877) 318-0537; Stone Communication Services Limited, Brian Edelstein, Managing Director, (800) 336-9528, firstname.lastname@example.org