-All units report significant volume increase in all sectors of core valuation services-
CALGARY, Feb. 20, 2015 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio"), Valuation Vision LLC ("Valuation Vision") and Axis Appraisal Management Solutions ("Axis") (collectively the "Pro forma company") processed record unit volumes and generated over US$3 million in revenue (unaudited) during the month of January.
"We achieved record January pro forma volumes, which were generated across our suite of Broker Price Opinions, GEAR™ Appraisal Reports, and traditional appraisals in the U.S," said David King, President and CEO of Zaio Corporation. "We are not only seeing an increase in the overall market activity, but also winning significant new business from new and existing customers."
"In addition to our continued pro forma growth, we have been very focused on recognizing revenues that are generated from each part of our Pro forma company. In February 2015, the first step to realizing this vision was completed as we terminated the exclusive National License Agreement with Zone Data System LLC. The termination of this agreement clears the way for Zaio to begin to recognize revenue in the first half of 2015 as we close our announced acquisitions," continued Mr. King.
Zaio's Board of Directors also announced that they have granted incentive stock options (options) and restricted share units (RSU's) to staff and consultants of the Company entitling them to purchase up to a total of 1,325,000 common shares at an exercise price of $0.30 each, pursuant to the Company's Stock Option Plan and 1,500,000 RSU's pursuant to the Restricted Share Unit Plan. These options have a term of three years from date of grant and are subject to the receipt of the necessary regulatory approvals.
"We believe these incentives offer our staff and our key advisors an opportunity to benefit from their achievements and expertise as they create value for our shareholders," said Joel Strickland, Chairman of Zaio Corporation.
Zaio also announced that it continues to fund working capital at Valuation Vision pre-closing that transaction. Mr. King stated "We have complete visibility into Valuation Visions sales channels and are confident that they are preparing to process orders from new customers who have recently successfully completed test volumes." Accordingly, Zaio has advanced Valuation Vision US$750,000 through the existing secured intercompany loan facility.
About Zaio Corporation
Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the company's patented database of proactively maintained residential property evaluations prepared by licensed appraisers across the United States. Visit the company online at zaio.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 does not constitute an offer to sell or a solicitation of an offer to buy and 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: Joel Strickland, Chairman, Zaio Corporation, [email protected]; David King, President & CEO, Zaio Corporation, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-995-8651, [email protected]