CALGARY, April 13, 2015 /CNW/ - Zaio Corporation (TSXV: ZAO) (the "Company" or "Zaio"), Valuation Vision LLC ("Valuation Vision") and Axis Appraisal Management Solutions, Inc. ("Axis") together, announce that Valuation Vision has won a two year service agreement to provide BPOMerge™ to a national secondary market lender.
"Valuation Vision is pleased that BPOMerge has been selected to improve the valuation and analysis of our client's portfolio," said Shane Copeland, CEO of Valuation Vision. "Through extensive testing against other alternative valuation products, BPOMerge was proven to provide consistent results, earning the trust of one of the nation's largest secondary market lenders."
"Valuation Vision is proving to be a cornerstone of our strategy to develop robust technologies and products to the mortgage and banking industry," said Dave King, President of CEO of Zaio Corporation. "While this agreement initially launches in only three markets, the size and scope of the planned national rollout represents a potential multi-million dollar opportunity."
BPOMerge™ is a proprietary valuation solution, where multiple agents provide independent research and price opinions. The patent-pending MergeValue™ algorithm scores agent performance to determine the most probable outcome as a reconciled value. With 18 expert-selected comparables and over 40 site-inspection data elements, BPOMerge provides a significant amount of data and insight on the subject property.
"BPOMerge was designed to address the accuracy and reliability shortcomings found in traditional Broker Price Opinions," said Ernie Durbin, Chief Valuation Officer of Valuation Vision. "Our patent-pending technology and process engages multiple agents simultaneously to generate a reconciled consensus value on the subject property."
Pending final audits and reporting, Valuation Vision will become a wholly owned subsidiary of Zaio Corporation and focus on key alternative valuation technologies.
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.
About Valuation Vision, LLC
Headquartered in Carlsbad, CA, Valuation Vision is a provider of innovative alternative valuation products and technology solutions for the mortgage and investment industries including BPOMerge, a patent-pending multi-opinion Broker Price Opinion. With more than 100 years of combined industry and technology experience, V2 leverages market data, advanced analytics and value expertise creating a new dimension in alternative valuations. Visit the company online at www.valuationvision.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 revenues which assumes: (i) the closing of the Valuation Vision transaction which has not occurred; and (ii) the provision of BPOMerge™ products to the national secondary market lender pursuant to the announced multi-year contract.
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 requirements from the national secondary market lender for BPOMerge™ products pursuant to the announced multi-year contract; (ii) the ability of Valuation Vision to realize revenue from the provision of BPOMerge™ products pursuant to announced contract; (iii) the ability of the Company to realize such revenues in the event the Valuation Vision transaction is closed; (iv) the ability of Zaio to effectively integrate and combine Valuation Vision; and (v) the ability of the Company to close of the Valuation Vision 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: 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]