CALGARY, Feb. 17, 2017 /CNW/ - Clarocity Corporation (TSXV: CLY) (the "Company" or "Clarocity") today announced that its U.S. subsidiary Valuation Vision, Inc. has been contracted by a Federal U.S. Government Department to perform valuation services for the most recent release of delinquent asset sales. Based on previous performance, Valuation Vision has earned the opportunity to provide additional services related to pricing of non-performing loans through the use of its BPO Pro product suite. Orders are currently in the process of being filled and future orders are expected as additional assets are released in high volume batches.
"Clarocity Corporation is pleased that Valuation Vision has been reselected to perform additional valuations for these large residential asset portfolios," said Shane Copeland, CEO of Clarocity Corporation. "This opportunity and the renewed contract demonstrate support for our continued strong performance in previous bulk valuation sales. Our successful fulfillment of previous orders and the new engagement bodes well for additional opportunities."
While U.S. agencies have not disclosed the total number of residential properties still available for sale, over 77,000 non-performing assets have been sold since 2010. Government regulatory agencies continue to indicate ongoing divestment of non-performing assets per Congressional mandate.
"It's a testament to the credibility and reliability of our valuation solutions that we've been selected as the core provider of asset valuation for these pools," said Ernie Durbin, Chief Valuation Officer of Clarocity Corporation. "In addition to a significant revenue opportunity, our innovative products and solutions will gain critical exposure to leading investment firms participating in this asset purchase."
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.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 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, 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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)
SOURCE Clarocity Corporation
For further information: visit www.clarocity.com or contact: Shane Copeland, CEO, Clarocity Corporation, 760-208-6460, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]