Midwest firm has been awarded a sole Task Order to perform appraisals across their 265,000 single-family portfolio.
CALGARY, Sept. 20, 2016 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio") today announced that ValVets Appraisal Management, a proposed division of Zaio, has been awarded a prime task order Blanket Purchase Agreement by a non-Government Sponsored Entity Federal Agency ("Agency"), that maintains over 1 million loans, to provide a Turnkey Nationwide Appraisal and related technical support. The contract is expected to generate approximately $12 million dollars over the three (3) year life of the contract with $6 million committed for 2017. As part of an ongoing initiative by the Agency to provide the highest and best use technologies and operational efficiency to the Federal Government and taxpayer, this three (3) year Program will aim to reduce costs associated with servicing defaulted customers, streamline processes and improve vendor reporting to the Default Management Branch.
"We are thrilled for Andrew and his team for announcing a contract of this magnitude in the short time he's agreed to be a part of the Zaio team," offered Shane Copeland, CEO of Zaio Corporation. "While we always knew Andrew would become a strong foundation of our team, he has already exceeded our expectations. With an additional $6 million in revenue, and access to a group that manages over 1 million loans, we are well on our way to building a very strong base of revenue that will allow us to start working towards profitability in the future.
"We welcome the opportunity to work alongside this established organization, who has a longstanding commitment to providing low and moderate income applicants the opportunity to obtain single-family housing, among other services. This resonates deeply with our firm, which was founded on the principals of service and commitment to our fellow citizens and service men and woman.", said Andrew Belt, President of Valued Veterans. "This purchase provides the Agency with the most advanced and proven delivery mechanisms for affordable, quality and timely appraisals."
About Zaio Corporation
Zaio Corporation provides real estate valuation technologies to deal with today's dynamic housing market through its proprietary valuation solutions. Every day GSE, banking, and investor clients rely on our proprietary solutions to fund loans and value assets. At Zaio, our mission is to ensure that our solutions provide businesses and consumers unparalleled insight into their real estate assets. For more information, visit www.zaio.com.
About Valued Veterans (ValVets)
Valued Veterans, which rebranded to ValVets earlier this year, is a leading end-to-end appraisal management solutions provider to both the private and public sectors. Additionally, ValVets provides management capabilities in other Real Estate Services verticals, including Appraisal, Asset Management, Marketing, Title and other Field Servicing Management. The company's investment in future-state technologies, including bespoke management systems, data delivery and workflow visibility has transformed the firm into a first class service vendor for government programs which require real estate services. ValVet's private sector client base includes several top 20 nationwide lenders and asset management firms, including multiple incumbent contract holders to HUD's FSM and M&M Program, in conjunction with our more than 5,000 fee panel appraisers and service providers. More at www.valvets.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, completion of onboarding of ValVets, capital requirements and availability and availability and capacity, capabilities and execution of ValVets. 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 Zaio Corporation
For further information: visit www.zaio.com or contact: Shane Copeland, CEO, Zaio Corporation, 760-208-6460, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]