SCOTTSDALE , AZ, July 30 /PRNewswire-FirstCall/ - Zaio Corporation (TSX-V:ZAO) announced today that its wholly owned USA subsidiary, Zaio Inc., has reached a definitive agreement to acquire the assets of Chicago , Illinois-based Virtual Imaging Corporation (VIC). VIC is the nation's largest supplierof photos and web based virtual tour services for Realtors and MLS boards. It manages a network of nearly 300 photographers located in 40 major USA metromarkets in order to supply customers with more than 2 million photography and virtual tour services annually to facilitate real estate sale transactions.
Zaio will pay US
"This acquisition will allow Zaio to substantially increase its rate of photography, accelerate our original 5-year plan, and to immediately begin serving the needs of Realtors and MLS boards. To date Zaio has photographed 6.5 million homes, and is now taking photos at the rate of 55,000 per day," said Zaio Corporation CEO Thomas Inserra." Mr. Beverly has overseen the capture of over 30 million photographs for real estate transactions since 1980 and is the nation's most experienced and successful executive in thisindustry. We are pleased to have him as part of our executive team."
Previously, Zaio Corporation announced its plans to photograph, inspectand appraise virtually every home in the nation's largest 250 metro areas overthe next five years. The photos and appraisals are stored in a secure databasemuch the same way credit agencies store credit reports. This allows lenders, realtors, investors, insurance companies and other customers to access thephotos and appraisal reports in just seconds, rather than waiting thecustomary 5 to 7 days to obtain an official appraisal from a licensed appraiser. This helps consumers, lenders and realtors by allowing them toclose their transactions quicker. New or updated photos, tours and appraisals will continue to be provided on an as needed basis since the condition ofhomes can change over time.
Appraisals stored in Zaio's database have been prepared by licensed appraisers who are experts in their local market and the appraisals meet or exceed the highest federal appraisal standards, therefore their official valuations can be used for loans at financial institutions, or by buyers or sellers wanting to verify the price is supported by an objective third party expert who is not involved in the transaction. Some websites in the USA docurrently supply a value estimate for homes, but those estimates are not official appraisal reports, they have not been prepared by licensed appraisers, and neither an inspection nor photo of the home has been performed in advance. Those estimates cannot be used for lending purposes.
Visitors to Zaio's website, www.zaio.com, can chart the company's progressby viewing a new "photometer" which shows the number of photos taken each day.Realtors, MLS boards, lenders and consumers are expected to benefit because they will enjoy the convenience of being able to instantly access a secured at a base of stored real estate images and appraisals which means they nolonger need to wait for photos or appraisals to be produced.
About Virtual Imaging Corporation
Chicago , Illinois based Virtual Imaging Corporation (VIC) was establishedin 1980 and is the nation's largest supplier of photos and virtual tourservices to Realtors and MLS boards. For more company information, visit:www.v-i-c.com.
Zaio is the North American leader in developing and maintaining asite-verified database of photos, valuations and property information ofvirtually every property for entire cities, using a proprietary "GeoScore(TM)"property rating system. Zaio and its network of premiere, local appraiserexperts photograph and appraise entire cities, one building at a time from thestreet.
Zaio is a public corporation that trades under the symbol "ZAO" on theTSX-V Exchange in Canada . Additional information is available for US investorsunder the symbol "ZAOFF".
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This press release contains forward-looking statements which may includefinancial and business prospects, as well as statements regarding theCompany's future plans, objectives or economic performance and financialoutlooks, including without limitation, a forecast on expected annualrevenues. Such statements are subject to risk factors associated with the realestate industry, and the overall economy in both Canada and the United States .There can be no assurance that the transaction described above will close orthat the synergies and current revenues of the businesses acquired willcontinue and grow at the levels anticipated by management. The Companybelieves that the expectations reflected in this press release are reasonable,but actual results may be affected by a variety of variables and may bematerially different from the results or events predicted in theforward-looking statements. Readers are therefore cautioned not to place unduereliance on these forward-looking statements.
In evaluating forward-looking statements readers should consider the riskfactors which could cause actual results or events to differ materially fromthose indicated by such forward-looking statements. These forward-lookingstatements are made as of the date hereof, and unless otherwise required byapplicable securities laws, the Company does not intend nor does it undertakeany obligation to update or revise any forward-looking statements to reflectsubsequent information, events, results or circumstances or otherwise.
SOURCE Zaio Corporation