CALGARY, May 12 /CNW/ - Zaio Corporation, (TSX-V: ZAO) ("Zaio" or the
"Company") announced today that the Company has signed a letter of intent and
term sheet ("Terms") with the Zaio Zone Appraisers in the United States to
proceed with a plan to complete the Company's national valuation database and
offer services to lenders across the country.
The new Terms are expected to solve certain barriers that Zaio
experienced in the past while compiling the world's first appraiser certified
national valuation database. Zaio will be issuing a national license for its
patent pending technology to a new US entity which will be owned and operated
by approximately 350 appraisal firms that currently hold Zaio Zone licenses in
most major US cities. Zaio will receive a royalty equal to 50% of the profits
generated by the sale of products from the growing appraisal and photo
database. Zaio will no longer incur the cost and management obligations of
running a large US appraisal operation and will be able to focus on further
development of its own technology. From the Zone Owner's perspective there
will be greater incentive to complete the respective market value research and
data collection in each Zone. In addition, the unification of these skilled
appraisers will create one of the largest national appraisal networks in the
United States powered by Zaio's award winning appraisal database technology.
Randy S. Kass, Chairman of the Zone Owners' Advisory Committee says: "We
are convinced that the Zaio system offers a revolutionary platform through
which real estate appraisals and data can be provided with local market
expertise and delivered in a manner that will offer significant improvements
to valuation and service excellence."
Bradley Stinson, CEO of Zaio stated: "The Zone Owners are an organized
group of entrepreneurial appraisal firms. We are very pleased to work with
professionals that have exhibited a passion for market value research."
The Company also wishes to confirm that Bradley Stinson, founder and
inventor of the Zaio technology concept, has been officially appointed CEO of
About Zaio (www.zaio.com)
Zaio develops and maintains a secure database of site-verified photos,
property information and appraisals of virtually every property in entire
cities. Leading local appraisers inspect, and appraise entire neighborhoods,
one residence at a time from the street using a proprietary "GeoScore(TM)"
rating system. Zaio: a public corporation trading under the symbol "ZAO" on
the TSX-V Exchange in Canada.
The TSX Venture Exchange has not reviewed and does not accept
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, and the overall economy in both Canada and the United States.
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.
For further information:
For further information: Bradley Stinson, CEO, or Rodney Mitton, CFO,