CALGARY, Aug. 16 /CNW/ - Zaio Corporation (TSX-V: ZAO) announced that
subject to regulatory approval, it intends to purchase certain of its common
shares by way of normal course issuer bid (the "Bid") through the facilities
of the TSX Venture Exchange (the"TSXV"). Zaio may purchase up to a maximum of
two million common shares, which represents approximately 5% of its current
issued and outstanding common shares, during the twelve month term of the Bid,
which is expected to commence on August 20, 2007 and terminate on August 19,
2008 or at such earlier date as Zaio completes its purchases. In any 30 day
period during the term of the Bid, Zaio may purchase up to, but not more than,
2% of its issued and outstanding common shares. As of August 15, 2007 the
Corporation has 41.5 million issued and outstanding common shares. Canaccord
Capital has been appointed by the Corporation as its broker to make the
purchases. All purchases under the Bid will be effected through the facilities
of the TSXV at the then current market price of the shares as traded on the
Exchange. All shares purchased under the Bid will be cancelled, thus reducing
the number of shares issued and outstanding.
The Directors are of the view that the current market price of the common
shares is not representative of the underlying value of the Corporation when
taking into account the growth in its Valuation Database and the recent
acquisitions providing it with over 400 revenue generating customers and
10,000 property appraisers. The Corporation has now accumulated 7.5 million
property images and 140 million property records in its Database. The
Corporation will always maintain sufficient cash balances to execute on its
aggressive growth plans.
Zaio is the North American leader in developing and maintaining a
site-verified database of photos, valuations and property information of
virtually every property for 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
Zaio is a public corporation that trades under the symbol "ZAO" on the
TSX-V Exchange in Canada. Additional information is available for US investors
under the symbol "ZAOFF". For more company information,
For investors who would like to be added to Zaio's investor distribution
list, please contact Collum Hunter 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, including without limitation, a forecast on expected annual
revenues. 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: visit www.zaio.com or contact: Thomas J.
Inserra, President and CEO, (480) 575-5111; Rodney D. Mitton, CFO, (403)