SCOTTSDALE, AZ, July 10 /PRNewswire-FirstCall/ -- Zaio Corporation (TSX-V: ZAO) said today that there have been no material undisclosed developments which would account for recent changes in the Company's stock price.
The Company was pleased to announce on July 8, 2008 that it had reached a milestone in its database technology and had advanced from the developmental to operational stage. Concurrently, the Company announced that Zone sales for the second quarter were lower than in recent quarters and that the Company was decreasing its development and operational expenses on a go forward basis. The Company has also replied to the Alberta Securities Commission pursuant to items disclosed in a press release on June 30, 2008 and is awaiting their response.
"As a result of lower zone sales, there may be speculation that the Company will be required to raise additional capital. In order to prudently manage the Company, Zaio is currently reducing its expenditures and is evaluating various financing alternatives," stated Keith Sawottke, CFO. "The Company has not entered into any specific financing transaction at this time."
About Zaio
Zaio is a technology and database company. The Zaio network of appraisers currently serves approximately 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 the Zaio investor distribution list or receive a copy of the 2007 Annual Report, please contact Lisa Lyscio 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, including without limitation, the statement made by Mr. Sawottke regarding the evaluation of financing alternatives available to the Corporation. Such statements are subject to risk factors associated with the real estate industry, capital markets, and the overall economy in both Canada and the United States. There is no assurance that any of the financing alternatives being evaluated will be entered into by the Company, and that if entered into, will not have a dilutive affect on the shareholders of the Company. In making this statement, the Company has assumed that the alternatives remain available on same or similar terms if the Company determines to proceed with any one option or combination of options. 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.
