CALGARY, ALBERTA--(Marketwire - Aug. 29, 2012) -
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Zaio Corporation (TSX VENTURE:ZAO) ("Zaio" or the "Company") announced today in its quarterly update to shareholders the following business highlights:
- A direct-to-consumer channel has been opened through an agreement with trulia.com to up-sell Zaio products to visitors (typically real estate agents, mortgage lenders or homeowners) to the trulia website. Zaio's trial offering is a property appraisal signed by a state licensed appraiser with the value produced from Zaio's database. Additional high traffic real estate web channels and direct media are in the planning stage.
- The process of having all of the Zone Data Systems ("ZDS") local appraisers reviewed and approved by Zaio's two national-scale bank clients is well underway across the country.
- The Axis AMC web services channel is open and order processing with Axis clients will commence in September.
- Zaio's resellers now have the ability to offer their clients direct web-based links to the Zaio database on a subscription basis to compete against AVMs as well as customized forms that supply USPAP compliant appraisals (signed by an appraiser) and valuations.
- The Zaio national home valuation database has now grown to include Marketable Property Appraisal Data on more than 34 million homes across the US, which is approximately 50% of Zaio's goal of 80 million unique addresses.
The Company's primary focus during the second quarter was on advancing two key initiatives - (1) qualifying the ZDS appraisal network and Zaio's technical quality control procedures with the two national-scale banks that have agreed to use the Company's services; and (2) crystallizing Zaio's product offerings and growing direct distribution channels to capture additional revenue streams from the database that the Company is developing.
In addition to the progress made on these two initiatives in the second quarter, the Company also confirmed that Zaio and ZDS are now processing orders across the country on a daily basis for banks and Appraisal Management Companies (AMCs). Institutional investors have also requested tests of Zaio's Price Opinion product, which is Zaio's product to compete with the popular Broker Price Opinion (BPO) which dominates residential real estate valuations today.
"We continue to make progress in bringing more bank customers into the Zaio customer fold, both directly at the national level and through our resellers at the regional level. In addition, during the second quarter we initiated a strategy to diversify our potential revenue base to include a broader range of customers," said David King, Zaio's President and Chief Executive Officer. "This includes both consumers and real estate agents through our trulia.com distribution channel as well as corporate and institutional customers looking to access our database through web-based links and customized forms. Opening up Zaio's database for electronic transmission extends our reach to deliver our highly accurate and unique data to more customers in broader markets beyond mortgage origination."
Through an agreement with trulia.com, the operators of one of the most active consumer-oriented portals on the web, Zaio announced that is now able to offer homeowners and real estate agents a low-cost premium-quality and appraiser certified valuation of their home. Because of the efficient nature of Zaio's patented data aggregation processes, the Company is now able to offer high quality certified appraisals to the consumer market at a lower cost and with faster delivery than physical appraisals. This service empowers consumers and real estate agents with professional, independent accurate valuation data in negotiating purchase and sale agreements, mortgage loans and other transactions based on the current market value of the property.
The Company confirmed that its financial statements for the second quarter of 2012 are available on SEDAR.
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. The Company's products are available in the United States through its Licensee, Zone Data Systems LLC.
Zaio defines Marketable Property Appraisal Data as a digital record of current valuation information on an individual residential property that has been compiled in Zaio's database and is deemed, in conjunction with a local certified appraiser, compliant with the requirements to deliver an appraisal report from the Zaio system within customer defined timelines.
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 TSX-V nor their Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.