CALGARY, March 30, 2015 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio"), Valuation Vision LLC ("Valuation Vision") and Axis Appraisal Management Solutions, Inc. ("Axis") (collectively the "pro forma company") generated over US$3.5 million in pro forma revenue (unaudited) during the month of February. Valuation Vision is winning business by providing proprietary products populated by real estate agents, while Axis sells traditional appraisal and regulated products. This product range enables ZAIO to target a broad range of users, across the financial services spectrum.
"Record February pro forma revenues represent continued growth on top of our strong performance in January," said David King, President and CEO of Zaio Corporation. "We saw clients across all of our target market sectors remain active, demand from mortgage origination and capital market valuations indicate continued solid market activity."
"Heading into the second quarter, increasing pressure on non-performing loan (NPL) assets are resulting in the adoption of premium valuation products that test more accurately," said Bill Mohler, Senior Vice President, Product and Marketing at Valuation Vision. "As a result proprietary products such as our multi-opinion BPOMerge™, are gaining traction with major clients in a number of market segments.
"Valuation Vision has recently been awarded several major national contracts. We have successfully processed initial test orders, and are gearing up our internal capacity to handle the increased volume we anticipate," Mr. King continued. "As an alternative valuation product, BPOMerge™ has proven itself and is rapidly gaining market share for use in a wide variety of non-origination applications."
"While the traditional appraisal business continues to present expanding growth opportunities for Axis," said Michael Simmons, Senior Vice President, Axis Appraisal Management Solutions, Inc. "we're also experiencing customer interest in appraiser-driven alternative products such as our suite of GEAR™ (GeoScore™ Appraisal Report) products and AQC™ (Appraisal Quality Compliance). Our clients seek to manage diverse valuation needs and cost effective solutions in the heavily regulated mortgage origination industry and the scope of innovative products we can offer now as a whole company are being well received."
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: (i) projected or pro forma revenues which assumes the closing of the Valuation Vision transaction; and the Axis transaction which events have not occurred.
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 Valuation Vision and Axis transactions are closed and the ability of Zaio to effectively integrate the combined entities; (iii) the ability of the Company to close of the Valuation Vision transaction; and (iv) 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: 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., 416-995-8651, [email protected]