Prominent Appraisers Continue Joining Across the U.S.
CALGARY, April 24 /CNW/ - Zaio Corporation (TSX-V: ZAO) announced today
their first quarter 2007 zone sales results. Zaio sold 242 software Zone
licenses during the quarter, representing proceeds of approximately US
$2.07 million. The Company's operational expenses remain below this level,
allowing Zaio to continue its positive cash-flow status.
"Considering that January is typically a slow month in this industry, we
are quite pleased with these results," said Rod Mitton, chief financial
officer of Zaio. "Effective January 1, 2007 we increased the price of our zone
licenses from US $8,500 to US $9,000."
"We are pleased with Zaio's continued success in attracting prominent
appraisers throughout the United States," said Thomas J. Inserra, MAI, SRA,
Zaio's chief executive officer. "During the first quarter, approximately 80
new appraisal firms from several dozen major metropolitan markets opted to
join our growing network of local expert appraisers. This demonstrates the
growing acceptance of Zaio's business model and products."
The Company has now sold a total of 774 Appraisal Zones, the vast
majority of which have been sold in the past seven months. It is expected that
half of the 7500 zones across the United States will be sold by the end of
2008. The pace of photography is rising on a weekly basis. Soon there will be
200 photographers on the ground shooting 100,000 images per day.
Acorn Appraisal Associates, a full-service residential firm based in
Houston, TX has been active in developing the Zaio concept and is an Area
Development Officer for the Houston market.
"Zaio will revolutionize how lenders and appraisers interact, providing a
quality starting point and focusing the appraisal service on the risk in the
transaction," says Ken Verrett, owner of Acorn Appraisal Associates. "The Zaio
concept focuses on the business of residential appraising and will provide our
associates with the means to build value and equity in Acorn Appraisal
Associates. Zaio reinforces every aspect of the Acorn business model,
supporting our strong position in the market and opening new lines of business
for our firm."
Dan Green, MAI, SRA, owns G. Daniel Green & Associates in Pensacola, FL,
a full service commercial and residential appraisal firm. Mr. Green is active
in the Appraisal Institute and recognized as an innovator and market leader.
He views this investment as a means of providing his associates with tools and
significant market information to assist them in every aspect of their
appraisal work. "I expect our appraisers will see increases in efficiency and
in their ability to produce a quality report on a timely basis for our
clients," he said.
The Company has announced price increases effective April 1 and May 1 to
US $9,200 and US $9,400 respectively. Interest among appraisers and sales is
expected to remain robust.
Zaio is the only known company in the world that develops and maintains a
site-verified database of photos, valuations and property information of
virtually every property in entire cities, using a proprietary "GeoScore"
property rating system. Zaio and its network of premiere, local appraiser
experts photograph and appraise entire cities, one building at a time from the
Zaio is a public corporation that trades under the symbol "ZAO" on the
TSX-V Exchange in Canada. Additional information is available for US investors
under the symbol "ZAOFF".
For investors who would like to be added to Zaio's investor distribution
list or receive a 2006 annual report, please contact Collum Hunter at
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: www.zaio.com; Thomas J. Inserra, President and
CEO, (480) 575-5111; Rodney D. Mitton, CFO, (403) 802-2033