CALGARY, Aug. 2, 2016 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio") is pleased to announce that is has acquired Valued Veterans, LLC ("ValVets") a nationwide provider of appraisal and valuation services and national Appraisal Management Company (AMC) headquartered in Kansas City, Missouri.
"Over the past several months, we have successfully partnered with Valued Veterans to build a robust pipeline of national clients for our new MVP line of alternative appraisal products," stated Shane Copeland, Chief Executive Officer of Zaio Corporation. "Adding Valued Veterans to our team not only provides new customer relationships and corresponding revenue, but also the nationwide appraisal capability and AMC licenses necessary for rapid distribution of our proprietary valuation solutions. Perhaps even more importantly, Valued Veterans brings a highly respected and capable management and operations team that shares our vision of the future."
"Joining forces with Zaio enhances our reach and bolsters our strengths in the real estate valuation segment," said Andrew Belt, Chief Executive Officer of Valued Veterans LLC. "This strategic alignment accelerates our growth, while the Zaio culture and ethos allows the firm to remain steadfastly committed to our industry leading dedication to client servicing. This is a highly organic blend that allows us to leverage the Clarocity technology platform, creating a fully integrated valuation company that fosters maximum revenue potential."
The purchase consideration will consist of: (i) USD $750,000 in cash by way of vendor financed promissory notes; (ii) 5,000,000 common shares in the capital of Zaio; and (iii) an additional USD $100,000 payable in common shares in the capital of Zaio. The common shares to be issued as part of the purchase consideration will be issued at a deemed price equal to the Market Price (as defined under the policies of the TSX Venture Exchange) on the Agreement Date. The promissory notes will be payable as follows: (i) USD $500,000 payable on or before March 2017; and (ii) USD $250,000 payable on or before March 2018, and will be secured against default by the ownership interests of Valued Veterans, LLC. The existing management of ValVets will remain in place.
No finder's fees were paid or will be payable as a result of the transaction. Additionally, the transaction is not a reverse takeover, change of business, or a fundamental transaction. No new insider or control person of Zaio will results from the share issuance portion of the purchase consideration.
About Zaio Corporation
Zaio Corporation provides real estate valuation technologies to deal with today's dynamic housing market through its proprietary valuation solutions. Every day GSE, banking, and investor clients rely on our proprietary solutions to fund loans and value assets. At Zaio, our mission is to ensure that our solutions provide businesses and consumers unparalleled insight into their real estate assets. For more information, visit www.zaio.com.
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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy and of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended the U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
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.
SOURCE Zaio Corporation
For further information: visit www.zaio.com or contact: Shane Copeland, CEO, Zaio Corporation, 760-208-6460, firstname.lastname@example.org; Phil Wazonek, President & COO, Zaio Corporation, 403-819-5449, email@example.com; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, firstname.lastname@example.org