Twelve Zones "Go Live" in five Counties
SCOTTSDALE, AZ, July 8 /CNW/ - Zaio Corporation (TSX-V: ZAO) is pleased
to announce that its proprietary database technology has advanced from the
developmental to operational stage. Zone appraisers in five separate counties
have completed site inspections and verified relevant property data in their
respective Zones, and have brought twelve Zones to "Live" status in
California, Arizona, and Washington. "Live" status means that lenders are now
able to obtain real-time appraisals in seconds since the research and property
inspection by local appraisers has now been completed prior to the assignment.
This latest achievement positions Zaio to roll out its enhanced platform
on a national level. "The entire Zaio team has an incredible sense of
accomplishment because lenders and appraisers know that bringing Zones to
"Live" status is a critically important milestone," stated Thomas J. Inserra,
CEO. "Previously Zaio had brought Zones to live status in two BETA cities to
verify the proof of concept. Appraisers and clients requested several
enhancements during that phase, which have now been addressed. Additionally,
we have made a substantial investment in the infrastructure necessary to
support a highly scalable roll-out to cities across America as part of our "Go
Live 2008" project."
"Zaio is well on its way to building the most comprehensive real estate
database in the country," stated James Kirchmeyer, Chief Marketing Officer.
"The implementation of "Go Live" continues to expand the Company's services,
providing a full range of products which can be utilized to manage each
lender's individual risk profile."
Chas W. Leeper, SRA, a Zone appraiser from Southern California, stated:
"Being able to automatically download property data, county records, photos,
and maps into my appraisal is helping me evaluate a greater amount of market
data more efficiently than ever before. I'm ready to provide a demo to my
lender clients so they can see the improved quality and increased amount of
relevant "real-time" information necessary for rapidly changing markets."
"My clients are particularly interested in being able to close loans more
quickly without increasing their credit risk," stated Michael Hartman, a Zone
appraiser in Spokane Washington. "Lenders prefer full appraisals completed by
licensed appraisers over less accurate computer generated valuations. Now, my
clients can obtain a more accurate and thorough appraisal, delivered just as
quickly as a computer model."
Earlier this year, Zaio announced "Go Live 2008," a program developed to
bring Zones to live status quickly and efficiently throughout the country.
Phase I was a concentrated focus on five counties. Zaio is now expanding to a
list of Phase II cities, as well as working to bring the remainder of Zones to
live status in major cities throughout the country over the next several
During the second quarter, the company sold 54 zones, bringing the total
Zones sold since inception to date to 1,773. Zaio has completed the
photography and data matching on more than 800 of these zones, and has
delivered them back to Zone owners for site verification. Zaio remains focused
on deploying the latest technology to this inventory of Zones in order to
bring them to live status over the next several months. "The downturn in the
U.S. economy has resulted in a more cautious Zone sale environment as
appraisers want to see Zones successfully brought to live status before
committing to new Zone purchases. As a result, Zone sales were lower than in
recent quarters," stated Keith Sawottke, CFO. "Now that we have achieved "Go
Live" status, most of the technology development is complete, allowing Zaio to
significantly reduce its go forward development expenditures and operating
Zaio also announces today that Donald R. Leitch has resigned as a
director of the Company effective July 7, 2008. Mr. Leitch will continue to
act as the Corporate Secretary of Zaio. "We wish to thank Donald for his long
standing service as a director of Zaio," said George Reti, Chairman of Zaio,
"It is with regret that Donald's time commitments to his law firm do not
permit him to continue to sit on the Company's board, but are pleased that he
will be able to continue to provide his expertise and experience as the
Corporate Secretary of the Company."
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 firstname.lastname@example.org.
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