CALGARY, ALBERTA -- (Marketwired) -- 09/09/13 -- Zaio Corporation (TSX VENTURE: ZAO) (the "Company"), today announced that it has signed a definitive agreement to purchase a majority ownership position in the privately held Valuation Vision, LLC. located in Oceanside, CA. Valuation Vision has a unique line of sophisticated Broker Price Opinion ("BPO") products that serve a broad array of financial markets, including the mortgage and investment industries.
"Valuation Vision owns and operates a proprietary technology and analytics platform supported by a highly experienced team of real estate and data professionals," noted David King, President and CEO, Zaio Corporation. "This acquisition delivers scale immediately and accelerates Zaio's business plan and revenue potential. In addition to expanding our operational capability in the United States, we now offer a comprehensive range of detailed, accurate valuation products in all 50 states through a network of over 100,000 real estate agents and licensed appraisers," added Mr. King.
"Valuation Vision has a well established customer base of asset managers, private equity firms, national mortgage services firms," said Shane Copeland, CEO of Valuation Vision, LLC. "The BPOLite, BPOPro, and BPOMerge product suite complements and integrates seamlessly with Zaio's licensed appraiser powered Z-VAL family of products and provides substantial cross selling opportunities," remarked Mr. Copeland.
The transaction is valued at US$1.55 million payable in two cash instalments over six months and up to US$350,000 in secured short-term working capital loans to facilitate Valuation Vision's growth trajectory. Closing is subject to regulatory approval, completion of due diligence and delivery of audited financial statements of Valuation Vision necessary to meet Zaio's regulatory disclosure requirements.
About Zaio Corporation
Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the company's patented database of proactively maintained residential property valuations prepared by licensed appraisers across the United States. Visit the company online at www.zaio.com.
For further information, visit www.zaio.com and www.valuationvision.com.
About Valuation Vision, LLC. (V(2))
Headquartered in Oceanside, California, V(2) is a provider of innovative alternative valuation products and technology solutions for the mortgage and investment industries including BPOMerge, a patent-pending multi-opinion Broker Price Opinion. With more than 100 years of combined industry and technology experience, V(2) leverages market data, advanced analytics and value expertise setting a new standard in alternative valuations. Visit the company online at www.valuationvision.com.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any 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.
This press release contains forward looking statements. 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 Neither TSXV, CNSX nor their Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
President & CEO
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