Move from Developmental Stage to Active Delivery Drives Management Change
SCOTTSDALE, AZ, Aug. 1 /CNW/ - Zaio Corporation (TSX-V: ZAO), a real
estate database and technology provider, is pleased to announce the
appointment of Douglas Vincent as Chief Executive Officer and member of the
Board of Directors effective August 11, 2008. Previous CEO, Thomas Inserra,
will continue as a member of the Board of Directors and has been named
Executive Vice President for Business Development.
"Doug is a natural choice to lead the company in this exciting new phase,
allowing Zaio to capitalize on the favorable changes we are experiencing in
the appraisal landscape," states George Reti, Chairman of the Board. "This
year has marked tremendous progress with achieving "Go Live" status, bringing
our new technology to market, surpassing 24 million quality controlled images
in our photo database and other successful milestones. Doug will continue with
this strategy and be tasked with utilizing his extensive industry experience
and knowledge of the appraisal and underwriting sectors to create further
value for our shareholders, customers and Zone owners," said Reti.
Mr. Vincent brings over 20 years of combined appraisal, collateral risk,
collateral automation, operations, and executive level management experience
to the position. He has held senior level roles at Fortune 500 companies. "His
experience is a valuable addition to the Zaio team and to our company,"
In his most recent role at Citigroup, Mr. Vincent developed an oversight
structure for its real estate lending business and established policies and
procedures related to collateral automation and property valuation. He leaves
this role to rejoin Zaio Corporation, where he has previously served as
Managing Director of Corporate Development.
His career includes positions as Executive Vice President, Chief
Collateral Officer, and National Chief Appraiser for Countrywide Bank,
National Chief Appraiser for GMAC-RFC, and National Chief Reviewer for a joint
venture involving Wells Fargo and First American Financial.
Mr. Vincent has served as a board member and Chairman for a City Board of
Tax Appeal and Equalization, and has been a speaker at industry related
conferences for state and federal regulatory agencies. He is a member of the
Appraisal Foundation's Industry Advisory Council and has extensive experience
in delivering court testimony. A recipient of numerous corporate awards, Doug
was selected in 2007 October Research Publications as a one of the top under
forty executives spanning the entire settlement services industry.
In connection with these changes, the Company had granted 600,000 share
options which have a five year term and vest over the next 24 months at an
exercise price of $0.46.
Zaio is a technology and database company. The Zaio network of appraisers
currently serves approximately 500 lenders with a variety of nationwide
appraisal services. Zaio maintains a secure database of 140 million properties
and its affiliated appraisers are now site verifying property data, photos and
appraisals of virtually every property in America. Zaio's network of local
appraiser experts appraise entire cities, one building at a time using a
proprietary GeoScore(TM) rating system. Zaio trades under the symbol "ZAO"
with additional information available under the symbol "ZAOFF".
For investors who would like to be added to the Zaio investor
distribution list or receive a copy of the 2007 Annual Report, please contact
Lisa Lyscio at email@example.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release. This press
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 press 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 to reflect
subsequent information, events, results or circumstances or otherwise.
For further information:
For further information: Donald E. Kelly, Chief Communications Officer,
(202) 302-3870; Lisa Lyscio, Manager, Investor Relations, (480) 449-2606