– Zaio receives 2014 Valuation Vision, LLC Audited Financials necessary to close purchase –
CALGARY, May 26, 2015 /CNW/ – Zaio Corporation (TSXV: ZAO) (the “Company” or “Zaio”), is pleased to announce that upon receiving the 2014 Audited Financial Statements of Valuation Vision, LLC (“Valuation Vision”) and all other necessary requirements, the pending asset purchase is now scheduled to close on May 29, 2015.
“We are pleased to be completing the Valuation Vision acquisition this week,” said David King, CEO and President of Zaio Corporation. “While Zaio and Valuation Vision have been strategically aligned for some time, the ability to report and formally present ourselves as a consolidated company will continue to drive opportunities for proprietary ZAIO and Valuation Vision products and data into all sectors of the U.S. finance and mortgage industry.”
“From our first meeting, we knew that Zaio offered tremendous synergies and would make an excellent strategic partner, as our existing businesses were so obviously complementary,” said Shane Copeland, CEO of Valuation Vision. “Completing the 2014 audit was our final milestone to achieve. We are excited to completely align with Zaio and soon with Axis Appraisal Management Solutions as well, so that we can provide a full spectrum of valuation solutions for our clients.”
In December 2014, Zaio Corporation entered into a definitive binding purchase agreement with Valuation Vision for the acquisition by Zaio of substantially all of the assets and certain liabilities of Valuation Vision. Upon closing the transaction, the assets and management team of Valuation Vision will be held and transitioned into a wholly owned subsidiary of Zaio. The purchase transaction is valued at approximately US$4.3 million and will be satisfied by issuing 5,333,333 common shares of Zaio and payment of US $614,000 in cash to satisfy certain assumed liabilities payable to the majority shareholders. The shares and cash were previously delivered as a deposit. Upon closing, the Company will issue an additional 8,000,000 common shares to minority owners and management of Valuation Vision as the result of the satisfaction of certain performance targets.
Valuation Vision brings proprietary order management technology and an analytics platform supported by a highly experienced team of real estate technology and data professionals. The recently launched BPOMergeâ¢ product is an innovative valuation solution developed by Valuation Vision, where multiple agents provide independent research and price opinions. The patent-pending MergeValueâ¢ algorithm scores agent performance to determine the most probable outcome as a reconciled value. With 18 expert-selected comparables and over 40 site-inspection data elements, BPOMerge provides a significant amount of data and insight on the subject property. Valuation Vision has also built a well-established institutional customer base of asset managers, private equity firms, and national mortgage services firms. Closing this transaction delivers scale immediately and accelerates Zaio’s growth and revenue potential.
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 evaluations prepared by licensed appraisers across the United States. Visit the company online at 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
Certain information in this press release is forward-looking within the meaning of Canadian securities laws as it relates to anticipated events and strategies. When used in this context, words such as will, anticipate, believe, plan, mandated, intend, target, and expect or similar words suggest future outcomes.
Forward-looking information in this press release, includes, among other things, information relating to: (i) expected closing date of May 31, 2015, and (ii) potential revenues and growth which assumes the closing of the Valuation Vision transaction; and the Axis transaction which events have not occurred.
These statements are based on certain assumptions and analyses made by the Company in light of its experience, current conditions and expected future developments and other factors it believes are appropriate. The material factors and assumptions used to develop these forward-looking statements include, but are not limited to: (i) the accuracy of the revenues reported by Valuation Vision and Axis; (ii) the ability of the Company to realize such revenues in the event the Valuation Vision and Axis transactions are closed and the ability of Zaio to effectively integrate the combined entities; (iii) the ability of the Company to close of the Valuation Vision transaction; and (iv) the ability of the Company to close the Axis transaction.
Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management’s current expectations, and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Zaio does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Zaio’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
SOURCE Zaio Corporation