CALGARY, April 23, 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") continue to drive records with over US$3.7 million in pro forma revenue (unaudited) for March 2015.
"Ending Q1 with strong March pro forma revenue provides an excellent foundation for the rest of 2015," said David King, President and CEO of Zaio Corporation. "While our current customers continue to increase order volume, we also can't deny the fact that we're seeing lift from over two dozen new sales and distribution contracts inked by the pro forma company through Q1. As those clients ramp up, they will continue to contribute to growth throughout the year. "
"As conditions in the lending market continue to improve, the reduced lending risk is clearly resulting in an openness to adopt more cost-effective proprietary valuation solutions," said Bill Mohler, Senior Vice President, Product and Marketing at Valuation Vision. "This enables clients to adopt our diverse product offering which provides improved gross margins versus traditional appraisal products."
Additionally, the Company announced that it has granted an aggregate amount of 1,850,000 stock options to directors, officers, and consultants to the Company. Each option entitles the holder to purchase one common share of the Company at an exercise price of $0.30 per share for a period of three years. The options granted will vest in equal instalments over a three-year term.
The Company also announced that it has provided Valuation Vision with a $250,000 secured short-term working capital loan to facilitate Valuation Vision's growth.
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 Valuation Vision transaction and 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 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., 416-644-5081, [email protected]