CALGARY, Oct. 30 /CNW/ - Zaio Corporation, (TSXV: ZAO), (the Corporation)
announces today that, effective immediately, it has ceased all of the
operations of its wholly-owned subsidiary, Zaio Inc. (the "Subsidiary"). An
orderly sale of the Subsidiary's assets and payments to creditors will be
arranged by an appointed third party. All employees of the Subsidiary have
been provided notice of termination. These steps will significantly reduce the
overhead costs of the Corporation, allowing it to run much more efficiently in
order to preserve capital and weather the current economic climate. It is the
Corporation's intention to maintain its current relationships with appraisal
firms and zone owners, and redeploy its rollout strategy at a more favourable
time in the economic cycle.
In addition, the Corporation has accepted the resignation of Mr. James
Kirchmeyer and Mr. Douglas Vincent as directors of the Corporation. As a
result of the closing of the Subsidiary, Messrs. Kirchmeyer, Sawottke, Oliver
and Vincent, who are all located in the United States, are no longer officers
of the Corporation. Mr. Brad Stinson, director, shareholder and a founder of
Zaio, will assume, on an interim basis, the responsibilities of CEO, while Mr.
Rodney Mitton, a director and shareholder of Zaio will reassume, on an interim
basis, the responsibilities of CFO.
Closing the Subsidiary will not affect the assets of the Corporation. All
of the intellectual property, proprietary and patent pending valuation
technology and the database containing 24 million photographs and 140 million
property records remain the property of Zaio Corporation. Zaio will continue
to conduct its business operations through its head office in Calgary,
Zaio is a technology and database company. Zaio maintains a secure
database of 140 million property records and 24 million property photographs.
Zaio's network of local appraiser experts photograph, inspect, and appraise
entire cities, one building at a time using a proprietary "GeoScore(TM)"
rating system. Zaio trades on the TSX Venture Exchange under the symbol "ZAO".
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: Brad Stinson, (403) 993-6094; Rodney Mitton,