CALGARY, Aug. 2, 2016 /CNW/ - Zaio Corporation (TSXV: ZAO)
(the "Company" or "Zaio") is pleased to announce that is has
acquired Valued Veterans, LLC ("ValVets") a nationwide provider of
appraisal and valuation services and national Appraisal Management
Company (AMC) headquartered in Kansas
City, Missouri.
"Over the past several months, we have successfully partnered
with Valued Veterans to build a robust pipeline of national clients
for our new MVP line of alternative appraisal products," stated
Shane Copeland, Chief Executive
Officer of Zaio Corporation. "Adding Valued Veterans to our team
not only provides new customer relationships and corresponding
revenue, but also the nationwide appraisal capability and AMC
licenses necessary for rapid distribution of our proprietary
valuation solutions. Perhaps even more importantly, Valued Veterans
brings a highly respected and capable management and operations
team that shares our vision of the future."
"Joining forces with Zaio enhances our reach and bolsters our
strengths in the real estate valuation segment," said Andrew Belt, Chief Executive Officer of Valued
Veterans LLC. "This strategic alignment accelerates our growth,
while the Zaio culture and ethos allows the firm to remain
steadfastly committed to our industry leading dedication to client
servicing. This is a highly organic blend that allows us to
leverage the Clarocity technology platform, creating a fully
integrated valuation company that fosters maximum revenue
potential."
The purchase consideration will consist of: (i) USD $750,000 in cash by way of vendor financed
promissory notes; (ii) 5,000,000 common shares in the capital of
Zaio; and (iii) an additional USD $100,000 payable in common shares in the capital
of Zaio. The common shares to be issued as part of the purchase
consideration will be issued at a deemed price equal to the Market
Price (as defined under the policies of the TSX Venture Exchange)
on the Agreement Date. The promissory notes will be payable as
follows: (i) USD $500,000 payable on
or before March 2017; and (ii) USD
$250,000 payable on or before
March 2018, and will be secured
against default by the ownership interests of Valued Veterans, LLC.
The existing management of ValVets will remain in place.
No finder's fees were paid or will be payable as a result of the
transaction. Additionally, the transaction is not a reverse
takeover, change of business, or a fundamental transaction. No new
insider or control person of Zaio will results from the share
issuance portion of the purchase consideration.
About Zaio Corporation
Zaio Corporation provides real estate valuation technologies to
deal with today's dynamic housing market through its proprietary
valuation solutions. Every day 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.
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