CALGARY, June 30, 2015 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio"), Valuation Vision Inc. ("Valuation Vision") and Axis Appraisal Management Solutions, Inc. ("Axis") (collectively the "pro forma company") generated revenue of over US $11.75 million in revenue (as of June 26, 2015) for Q2 2015 representing 35% pro forma year over year growth. (All figures are pro forma for the 3 combined companies and are also unaudited).
Ron Love, CFO at ZAIO commented, "We will no longer report monthly pro forma numbers, future reporting will continue on a normal quarterly cycle from this point forward. Since the Valuation Vision asset purchase closed on May 29, 2015, our official second quarter financial disclosure in August will include one month of actual Valuation Vision consolidated financial results and future quarterly reporting will also consolidate Axis results subsequent to the close of that transaction."
Zaio Corporation is also pleased to report that the previously announced BPOMerge™ multi-year contract with a national customer has successfully moved into the production phase with the completion of testing and integration with the customer's infrastructure.
"We are delighted to be offered the opportunity to strategically partner with this key national customer and thrilled by the successful rollout of BPOMerge, now in multiple States," said Shane Copeland, CEO of Valuation Vision. "BPOMerge price opinions are proving to be highly accurate, with tests conducted on valuations delivered to the client in the initial phases of the national rollout outscoring alternative valuation and even regulated appraisal products. The test results offer tremendous value to our customer so we've entered into the next phase of the national rollout with the program now up and running in 7 states. We anticipate the national rollout to be phased in through the coming months."
Additionally, working strategically with this customer Valuation Vision, (now wholly owned by Zaio), has launched a new "Preferred Agent" Program aimed at setting a new standard in BPO quality as a result of our superior training and performance in valuation and inspection best practices.
"Our "Preferred Agent" Program addresses an historic challenge associated with BPOs by introducing a formal education program that incorporates many of the best practices you would find in traditional appraisal," said Ernie Durbin, Chief Valuation Officer. "We've worked closely with several national strategic clients to align our Program to their requirements. As a result our clients tell us that we are delivering industry leading report quality at a very compelling price."
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
Certain information in this press release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated events and strategies. When used in this context, words such as will, anticipate, believe, plan, mandated, intend, target, and expect or similar words suggest future outcomes.
Forward-looking information in this press release, includes, among other things, information relating to: projected or profoma revenues which assumes the closing of the Axis transaction which events have not occurred and anticipated growth in customers and sales.
These statements are based on certain assumptions and analyses made by the Company in light of its experience, current conditions and expected future developments and other factors it believes are appropriate. The material factors and assumptions used to develop these forward-looking statements include, but are not limited to: (i) the accuracy of the revenues reported by Valuation Vision and Axis; (ii) the ability of the Company to realize such revenues in the event the Axis transaction is closed and the ability of Zaio to effectively integrate the combined entities; (iii) the ability of the Company to close the Axis transaction.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management's current expectations, and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Zaio does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Zaio's expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
SOURCE Zaio Corporation
For further information: visit www.zaio.com or contact: David King, President & CEO, Zaio Corporation, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]