SCOTTSDALE, AZ, June 10 /CNW/ - Zaio Inc., the U.S. Subsidiary of Zaio
Corporation (TSX-V: ZAO), has entered into a contract with the Virginia
Department of Transportation (VDOT) to provide technology and customized
VDOT, among other things, is responsible for real estate related to
building, maintaining and operating the state's roads, bridges and tunnels.
And, through the Commonwealth Transportation Board, it provides funding for
airports, seaports, rail and public transportation. Virginia has the
third-largest state-maintained highway system in the country, just behind
North Carolina and Texas.
"We continue to lead the industry with innovative technology and are
pleased to be of service to VDOT and the citizens of Virginia," states
Thomas Inserra, CEO of Zaio Inc. "Broadening our client base to include
government agencies allows us to bring technology related efficiencies to an
important market while serving its citizens."
Zaio partners with local licensed and expert appraisers across the
nation. The company currently has over 500 lender customers and an appraisal
database containing 140 million individual property records. By storing the
appraisals in advance of the transaction in a secure database, Zaio can
monitor any attempts to alter, change or inflate the appraisal, and can thus
help significantly in the fight against mortgage fraud.
Earlier this year, the company launched Zaio Valytics 2.0, which allows
appraisers to efficiently inspect and appraise every home in an entire region
known as a "Zone," which typically contains about 10,000 properties.
Appraisers then update the value of every home regularly in real time as
supply and demand in the market changes, and as the condition of homes change.
Appraisers store those appraisals in a secure database known as the Appraisal
Zaio is a technology and database company. The Zaio network of appraisers
currently serves 500 lenders with a variety of nationwide appraisal services.
Zaio maintains a secure database of 140 million properties and its affiliated
appraisers are now site verifying property data, photos and appraisals of
virtually every property in America. Zaio's network of local appraiser experts
appraise entire cities, one building at a time using a proprietary
GeoScore(TM) rating system. Zaio trades under the symbol "ZAO" with additional
information available under the symbol "ZAOFF".
For investors who would like to be added to Zaio's investor distribution
list or receive a copy of the 2007 Annual Report, please contact Lisa Lysico
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. 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: Thomas J. Inserra, Chief Executive Officer,
(480) 575-5111; Donald E. Kelly, Chief Communications Officer, (202) 302-3870