A National Coalition of Appraisers announced today that an agreement has been reached with Zaio Corporation (a Canadian public corporation) and the elected US Zone Appraiser representatives for the development of residential valuation products in America.
Under terms of the agreement, the network of American zone owners will create a new company (“Newco”) that will formalize a license agreement with Zaio to develop, control and manage the United States market.
Under the License, Newco will offer appraisal, valuation, and market analysis products (the “Z System”) to the financial services industry. The Z System is the innovative software that Zaio has been developing in conjunction with the network of 350 appraisal firms operating in most major cities across the country.
Brad Stinson, CEO of Zaio Corporation stated
“Negotiations took five months to complete. What bound us together was the belief that the Z System offers an effective, unique and valuable data base from which to provide appraisal, valuation, and market value research complied by local licensed appraisers.”
Randy Kass, CPA, Chairman of the elected Zone Appraiser Advisory Council, led the negotiations for Newco. Mr. Kass explained, “Our zone owners are recognized by major financial institutions as valuation and appraisal experts employing over 750 licensed appraisers and operating in 23 of the most populous states. We are convinced that the Z system offers a revolutionary software platform through which appraiser certified data can be provided in combination with local market expertise, in a manner that will offer significant improvements in valuation products and service to the financial community.”
Mr. Stinson noted that the Zaio’s near term focus will be the completion of specific technical tasks, overseen by Newco’s Technology Committee. Mr. Kass stated that the formation of Newco and the election of Directors are expected to be completed by the end of May, 2009.
The Zaio Knowledge Warehouse consists of a data base of 76 million parcel records throughout the USA which Newco will now manage. The Zone Owners will continue to verify the data, combine the sales history of each parcel into the data base and use the Zaio valuation software aides known as Valytics to develop individual property valuation data and trends for the each of the neighborhood markets in which they operate.
Newco plans to offer its first four appraisal products to the market in the fourth quarter of 2009.
Mr. Stinson and Mr. Kass stated “We are pleased that the new agreement has been reached and believe that the Z Concept will offer attractive appraisal, valuation, and market analysis services to the financial industry which will benefit lenders, portfolio investors, and individual homeowners for years to come.”
For more information on Newco contact Ken Verrett at [email protected]
Zaio Corporation trades on the TSX Venture Exchange under the symbol “ZAO”.
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