Buffalo, NY, February 12, 2008 – Zaio Corporation (TSX-V: ZAO) announced it has acquired the technology assets of Appraisal.com, one of the nation’s largest firms serving lenders and appraisers. Appraisal.com technology is used by more than 100 lenders, 7,500 Day One appraisers and 9,184 appraisers in their nationwide appraisal network. Download Zaio_Acquires_Appraisal_com.pdf
Zaio is offering Appraisal.com lender customers a 20% discount on all appraisal orders they place over the next 60 days to introduce them to the quality, service and nationwide coverage offered by Zaio. Lenders may continue to use the www.appraisal.com website to place orders. Zaio currently serves nearly 500 lenders in the USA with a full range of appraisal and valuation services.
Zaio is also offering Day One appraisers a substantial price discount in the form of a free 3 month extension for 1-year software renewals and free 6 month extension for 2-year software renewals. Day One and United Systems Appraisers may purchase Zaio Zones at a 10% discount through April 30, 2008. Zaio currently owns the nation’s first and most established appraisal technology known as United Systems and manages a network of about 9,000 appraisers. Zaio recently reported that its revenues paid to its elite local “Zone” appraisers were up 107%, demonstrating Zaio’s commitment to helping appraisers increase their revenues.
Jim Kirchmeyer, Chief Marketing Officer said: “We welcome Appraisal.com lenders and Day One appraisers. Simply continue to use the Appraisal.com and Day One technology as you have in the past, with the full confidence that Zaio, and its two national service centers in Buffalo, NY and Tempe, AZ are here to ensure you have a positive experience.”
“The Appraisal.com brand is known by lenders and appraisers throughout the USA”, said Thomas Inserra, CEO. “These technology assets provide us with the means to continue serving the needs of a large number of lenders and appraisers.”
Zaio has obtained possession of select technology assets necessary to serve appraisers and lenders on a go-forward basis. Customers will be served by Zaio’s Buffalo, NY office.
Rod Mitton, CFO said: “No stock or deferred fees were granted in this cash transaction. Zaio’s overhead costs will remain virtually unchanged since we are not obligated to retain any of the Appraisal.com staff or assume any of their liabilities. With our cash and investments of over $12 million, the Company has sufficient resources to continue executing its business plans.”
Zaio is a technology and database company. Zaio maintains a secure database of 140 million properties and is now site verifying property data, photos and appraisals of virtually every property in America. Zaio's network of local appraiser experts photograph, inspect, and appraise entire cities, one building at a time using a proprietary "GeoScore(TM)" rating system. Zaio is ranked among the top 50 best performing companies of more than 2,000 corporations on the TSX-V Exchange, and trades under the symbol "ZAO". Additional information is available under the symbol "ZAOFF".
For more company information, visit www.zaio.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. This press 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 press 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 to reflect subsequent information, events, results or circumstances or otherwise
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