CALGARY, March 16, 2016 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio") announces that its U.S. subsidiary Valuation Vision, Inc. has been contracted to perform valuation services for U.S. Government housing agency backed delinquent asset sales. The Company will be rendering services related to pricing of non-performing loans on a quarterly basis through the use of its BPO suite of products. Initial orders are currently in the process of being filled and future orders are expected in waves of high volume batches.
"Zaio Corporation is pleased that Valuation Vision has been selected to perform ongoing valuations for these large residential asset portfolios," said Shane Copeland, CEO of Zaio Corporation. "This opportunity has excellent potential for recurring revenue over the next several quarters as the U.S. Government continues to divest itself of non-performing assets. This contract continues to cement our belief here at Zaio that the Valuation Vision software is truly unique and is well on its way to becoming an ingrained staple in the real estate appraisal industry."
While U.S. agencies have not disclosed the total number of residential properties still available for sale, over 77,000 non-performing assets have been sold since 2010. Government regulatory agencies continue to indicate ongoing divestment of non-performing assets per Congressional mandate.
"It's a testament to the credibility and reliability of our valuation solutions that we've been selected as the core provider of asset valuation for these pools," said Ernie Durbin, Chief Valuation Officer, Valuation Vision. "In addition to a significant revenue opportunity, our innovative products and solutions will gain critical exposure to leading investment firms participating in this asset purchase."
About Zaio Corporation
Zaio Corporation was 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 an industry that was once thought not possible through its powerful data and technology solutions that leverage 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 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, the overall economy in both Canada and the United States. Forward-looking information in this press release, includes, among other things, information relating to any applicable approvals required in order to complete the Financing, which may include, but is not limited to, the approval of the TSX Venture Exchange and approval by the shareholders of Zaio. The Company believes that the expectations reflected in this news 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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
SOURCE Zaio Corporation
For further information: visit www.zaio.com or contact: Shane Copeland, CEO, Zaio Corporation, 760-208-6460, [email protected]; Phil Wazonek, President & COO, Zaio Corporation, 403-819-5449, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081,[email protected]