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Zaio signs Letter of Intent to Acquire Axis Appraisal Management Solutions
CALGARY, Alberta – March 3, 2014 – Zaio Corporation (TSX-V:ZAO), (“Zaio” or “the Company”), is pleased
to announce that it has entered into a letter of intent agreement (LOI) with Axis Appraisal Management Solutions
“Axis”), in which it has offered to acquire Axis for US$3.25 million in cash and 17 million common shares of Zaio,
subject to due diligence and regulatory approvals.
Due diligence is expected to be completed and definitive transaction agreement signed by April 15, 2014. During
such period, Axis is not permitted to actively solicit, receive, evaluate nor enter into negotiations with parties that
offer alternative proposals.
“Axis has been a long time partner of Zaio’s and is a leading Appraisal Management Company in the United States.
With the industry’s highest quality appraiser panel and consistently excellent customer satisfaction scores, Axis
operates on a national scale and provides Zaio with a broader product offering into the regulated appraisal market
and operating licenses across the United States,” said Dave King, President and CEO of Zaio Corporation. “Upon
closing of this acquisition, Axis would become a subsidiary of Zaio and continue to function as it has, but with
greater resources, technology and systems to support its base of appraisers and clients. The net result is a nationwide
network of over 5,000 appraisers, 100,000 realtors, and highly skilled and knowledgeable staff and management, all
powered by proprietary technology from Zaio and Valuation Vision. Our network will operate out of San Rafael,
CA, Tempe, AZ, and Carlsbad, CA, with additional sales personnel in Dallas, Chicago, and New York, representing
a truly national entity with deep and experienced leadership and management.”
“We are extremely pleased with the Axis Board’s decision to enter into this agreement, but also want to assure
clients that Axis’ leadership team will remain intact and continue to manage appraisal operations with the same level
of care and customer service its industry partners have come to expect,” said Kim Perotti, Executive Vice President
of Axis. “One benefit of this transaction will be Axis’s ability to provide a deeper suite of services and products to
clients including home inspections, evaluations, AVMs and BPOs – all through enhanced technology.”
“Collaborative evaluations diversify the types of opportunities for our elite panel of appraisers and afford a high
standard of valuation products at various price points for our clients,” said Michael Simmons, Senior Vice President
of Axis. “With these additional tools, we will now be in position to expand our footprint to broader spectrum of
clients. This transaction will open an exciting new chapter for Axis, Zaio, and its additional subsidiary, Valuation
There can be no assurance that due diligence will be satisfactory, that a definitive agreement will be entered into,
that regulatory approval will be received or that the transaction will be consummated.
Neither 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.
For further information, visit zaio.com or contact:
President & CEO