TSX Venture Exchange Symbol: ZAO
CALGARY, Aug. 12 /CNW/ - Zaio Corporation (TSX-V ZAO) ("Zaio" or "the
Company") announced today that it intends to re-file its Management Discussion
and Analysis ("MD&A") for the year ended December 31, 2008 filed on June 26,
2009 (the "Filed MD&A").
At the request of the Alberta Securities Commission (the "ASC"), the
Company has decided to amend and re-file the Filed MD&A which contained
certain errors and omissions that the ASC considers material to investors.
The nature and substance of the changes to be made to the Filed MD&A are
(i) The Filed MD&A included a statement that made reference to the
Company's "Z" valuation products being ready for sale in the third
quarter of 2009. The foregoing statement was carried-over from the
Company's MD&A filed in a prior period. The re-filed MD&A will be
amended to remove this statement.
(ii) The re-filed MD&A will disclose the expected cost to the Company
of completing its database while maintaining operations until
sales revenue from the database can be realized.
(iii) The re-filed MD&A will include a description of how the
transactions contemplated by the letter of intent referenced in
the Filed MD&A (the "Letter of Intent") will impact the Company's
operations and financial results before and after the Company's
database becomes operational. The re-filed MD&A will also disclose
the material terms of the agreement contemplated by the Letter of
(iv) The re-filed MD&A will disclose the fact that the Company remains
subject to cease trade orders issued by the British Columbia
Securities Commission and the ASC which remains relevant to the
Company's ability to obtain the necessary financing to complete
the database or continue as a going concern.
The Company expects to file amended MD&A for the year ended December 31,
2008 on or before August 18, 2009.
Zaio 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 street. 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 www.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.
For further information:
For further information: Bradley Stinson, CEO, (877) 318-0537; Rodney
Mitton, CFO, (877) 318-0537