CALGARY, April 4, 2016 /CNW/ – Zaio Corporation (TSXV: ZAO) (the “Company” or “Zaio”) wishes to announce it has mailed notice of meeting and management information circular for its annual and special meeting of shareholder to be held at 9:00am (Calgary time) on April 25, 2016 at Hotel Arts, 119-12 Avenue S.W., Calgary, Alberta.
Special business will include approval of a name change to Clarocity Corporation, a share subdivision of up to 60:1, a share consolidation of up to 1:20 (on a pre-subdivision basis) and election of directors, among other matters.
Zaio believes that it is necessary to address the number of Common Shares outstanding so as to enhance the liquidity of the Common Shares as well as the marketability for the Common Shares and to facilitate any further financings or other business transactions involving the Common Shares. However, the effect of any amendment to the number of Common Shares upon the market price of the Common Shares cannot be predicted with any certainty, and the history of similar amendments for corporations in like circumstances is varied.
Accordingly, Shareholders are being asked to authorize both a subdivision and a consolidation of the Common Shares. The resolutions are not conditional upon each other. However, management will not implement the subdivision after the consolidation. Management may implement only the consolidation or implement the subdivision followed by the consolidation.
There are currently 189,385,552 Common Shares of Zaio outstanding. The following chart illustrates the possible effects of the subdivision and consolidation.
|
Subdivision only |
Consolidation only |
Subdivision/Consolidation |
|
11,363,133,120 shares |
9,469,278 shares(1) |
9,469,278 shares(1) |
(1) Subject to rounding for fractions
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 the 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: any applicable approvals required in order to complete the consolidation, subdivision and/or name change, which may include, but is not limited to, the approval of the TSX Venture Exchange and approval by the shareholders of Zaio.
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 the ability of the Company to obtain regulatory and shareholder approvals.
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
