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CALGARY, Nov. 24, 2015 /CNW/ - Zaio Corporation (TSX-V:ZAO), ("Zaio" or "the Company"), is pleased to announce a material reduction in operating costs at its Calgary office, while preserving its core assets, to focus on growth opportunities with its wholly-owned subsidiary, Valuation Vision, located in Carlsbad, California.
Phillip Wazonek, Zaio's President and Chief Operating Officer, has taken an aggressive approach to assessing all operating costs, with a view to growing revenue at the same time as managing the Company's bottom line. Mr. Wazonek commented, "We have directed our resources and capital to reinforce services to existing customers and to capture new business. Our team at Valuation Vision is aligned fully with Zaio's focus on growth and is actively developing our client base to realize significant organic growth. At the same time, we have reduced our monthly operating costs dramatically. We are reviewing every contract and expenditure to ensure that our shareholders get value for the dollars we spend. We will continue to be vigilant, to strike the right balance between growth and a corporate cost structure to foster that growth."
Shane Copeland, Zaio's Chief Executive Officer, added, "The entire team at Valuation Vision is extremely pleased with the new focused direction of Zaio. Together, we are committed to reaping the financial benefits of these changes. With our customers and vendors, Phil and I had an opportunity to present our new management team and commitment to "One Team, One Vision" at the National Association of Realtors Conference & Expo we attended last week in San Diego. We were buoyed by the very positive response. We have a clear mandate for growth, through our new corporate strategy. It's all about delivering results to our shareholders."
The new management's approach is underpinned by the Board's support. "The Board asked management to conduct a thorough situational review, to evaluate our personnel and business systems for efficiencies and effectiveness, to look for ways to cut overhead, to undertake a complete review of our technologies and products, and to identify immediate revenue and near-to-medium-term growth opportunities," stated Joel Strickland, Zaio's Chairman. "With this well underway now, other positive things are happening. For example, one of the exciting surprises with the recent management changes has been that key appraisers from Zone Data Systems have reached out to us, as have various AMCs, with immediate revenue opportunities. Ernie Durbin, at Valuation Vision, is charged with heading up a task force to deliver products utilizing our core subject analysis technology to the fullest extent. We are all focused on our new vision for growth."
Zaio expects to release its Third Quarter Financial Statements later this month. The accompanying MD&A will provide greater detail about the Company's new go-forward plans.
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 what was thought possible by building powerful data and technology solutions that leverages 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 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 the business relationship with Axis through the marketing of shared products.
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 maintaining the business relationship with Axis and the ability to market shared products."
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: Shane Copeland, CEO, Zaio Corporation, 760-208-6460, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]