CALGARY, May 12, 2009 Zaio Corporation("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 Zaio Corporation.
Source: 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.
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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.
SOURCE: Zaio Corporation Bradley Stinson, CEO, or Rodney Mitton, CFO, (877) 318-0537 For full details for ZAO click here.