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TSX Venture Exchange Symbol: ZAO
CALGARY, July 29 /CNW/ - With reference to Zaio Corporation's ("Zaio" or the "Company") News Release dated November 26, 2009, the Company announces that it has terminated its relationship with Stone Communication Services Limited ("SCS") effective July 29, 2010. SCS had been retained by the Company to act as the Company's investor relations counsel. All vested stock options granted by the Company to SCS shall expire 30 days from July 29, 2010 and all unvested stock options granted by the Company to SCS shall expire immediately.
The Company also announced that the Board of Directors has approved the grant of 600,000 share options (the "Options"), of which 400,000 Options were granted to certain directors and officers of Zaio at an exercise price of $0.15 per share and 200,000 Options were granted to certain directors and officers of Zaio at an exercise price of $0.20 per share. One-third of the Options shall vest immediately, one-third of the Options shall vest on September 15, 2010 and one-third of the options shall vest on September 15, 2011. All of the Options shall expire five (5) years from the date of grant.
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 U.S. 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, 1-877-318-0537; Rodney Mitton, CFO, 1-877-318-0537