SCOTTSDALE, AZ, June 10 /PRNewswire-FirstCall/ -- Zaio Inc., the U.S. Subsidiary of Zaio Corporation (TSX-V: ZAO), has entered into a contract with the Virginia Department of Transportation (VDOT) to provide technology and customized appraisal services.
VDOT, among other things, is responsible for real estate related to building, maintaining and operating the state's roads, bridges and tunnels. And, through the Commonwealth Transportation Board, it provides funding for airports, seaports, rail and public transportation. Virginia has the third-largest state-maintained highway system in the country, just behind North Carolina and Texas.
"We continue to lead the industry with innovative technology and are pleased to be of service to VDOT and the citizens of Virginia," states Thomas Inserra, CEO of Zaio Inc. "Broadening our client base to include government agencies allows us to bring technology related efficiencies to an important market while serving its citizens."
Zaio partners with local licensed and expert appraisers across the nation. The company currently has over 500 lender customers and an appraisal database containing 140 million individual property records. By storing the appraisals in advance of the transaction in a secure database, Zaio can monitor any attempts to alter, change or inflate the appraisal, and can thus help significantly in the fight against mortgage fraud.
Earlier this year, the company launched Zaio Valytics 2.0, which allows appraisers to efficiently inspect and appraise every home in an entire region known as a "Zone," which typically contains about 10,000 properties. Appraisers then update the value of every home regularly in real time as supply and demand in the market changes, and as the condition of homes change. Appraisers store those appraisals in a secure database known as the Appraisal Knowledge Warehouse(TM).
About Zaio
Zaio is a technology and database company. The Zaio network of appraisers currently serves 500 lenders with a variety of nationwide appraisal services. Zaio maintains a secure database of 140 million properties and its affiliated appraisers are now site verifying property data, photos and appraisals of virtually every property in America. Zaio's network of local appraiser experts appraise entire cities, one building at a time using a proprietary GeoScore(TM) rating system. Zaio trades under the symbol "ZAO" with additional information available under the symbol "ZAOFF".
For investors who would like to be added to Zaio's investor distribution list or receive a copy of the 2007 Annual Report, please contact Lisa Lysico at
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. This press release contains forward-looking statements, which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, and the overall economy in both Canada and the United States. The Company believes that the expectations reflected in this press 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 to reflect subsequent information, events, results or circumstances or otherwise.
