CALGARY, Dec. 15, 2015 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio") announced today that Valuation Vision's MarketValue Pro™ (MVP), an appraisal report with the site inspection provided by a real estate agent, has been selected by an undisclosed top ten lender to replace BPOs in several highly regulated states.
"MVP represents a new breed of hybrid valuation products designed to address the growing regulatory and compliance shift occurring with all major lenders," said Shane Copeland, Chief Executive Officer of Valuation Vision. "We leveraged our proprietary platform and product delivery technology to create and launch a new product to address market needs. With just this one national lender, the opportunity for Valuation Vision is potentially between $2 to $4 million (USD) of additional revenue on an annual basis. This is a major new product launch, that has already added several additional opportunities to our pipeline."
MarketValue Pro assists appraisers in completing appraisal reports and complying with The Uniform Standards of Professional Appraisal Practice (USPAP) in the process. MVP appraisal reports rely on a comprehensive site inspection performed by an agent or property inspector who follows our workflow system, and then passes that work on to a local licensed or certified appraiser who performs the valuation using our desktop tools. MVP leverages Valuation Vision's Clarocity™ technology platform to complete a credible report in a fraction of the time and cost of traditional appraisal products.
"This represents our first product launch since realigning Zaio," said Phil Wazonek, President and Chief Operating Officer of Zaio Corporation. "The very fact that we have the agility to meet the client's immediate need confirms our strategic plan to shift resources to our Carlsbad, CA based technology and data group. We will continue to make sensible growth decisions and invest in technology, while ensuring that these new products such as MVP create positive return on investment for our shareholders."
"An essential part of this product was balancing the industry's need for cost-effective appraisal solutions while ensuring that appraisers are compensated fairly for their work," said Ernie Durbin, Chief Valuation Officer of Valuation Vision. "When I personally tested the appraiser's workflow in our product, I realized that the appraiser's Scope of Work in this process can be completed in minutes rather than hours. I believe we are unlocking a huge potential market for real estate appraisers, enabling them to capture business that was formerly fulfilled by Broker Price Opinions."
About Zaio Corporation
Zaio Corporation, and its wholly owned subsidiary Valuation Vision Inc., were founded on the simple premise that current real estate valuation technologies lacked the information necessary to deal with today's dynamic housing market. Zaio is disrupting what was thought possible by building powerful data and technology solutions that leverages the expertise of real estate and appraisal professionals at a massive scale. Every day our 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.
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 the business relationship with Axis through the marketing of shared products.
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 maintaining the business relationship with Axis and the ability to market shared products."
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: Shane Copeland, CEO, Zaio Corporation, 760-208-6460, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]