ZAIO Closes US Offices, Significantly Reduces Overhead Costs
CALGARY, Oct. 30 /CNW/ - Zaio Corporation, (TSXV: ZAO), (the
Corporation) announces today that, effective immediately, it has ceased all of the operations of its wholly-owned subsidiary, Zaio Inc. (the "Subsidiary"). An orderly sale of the Subsidiary's assets and payments to creditors will be arranged by an appointed
third party. All employees of the Subsidiary have been provided notice of termination. These steps will significantly reduce the overhead costs of the Corporation, allowing it to run much more efficiently in order to preserve capital and weather the current
economic climate. It is the Corporation's intention to maintain its current relationships with appraisal firms and zone owners, and redeploy its rollout strategy at a more favourable time in the economic cycle.
In addition, the Corporation has accepted the resignation of Mr. James
Kirchmeyer and Mr. Douglas Vincent as directors of the Corporation. As
a result of the closing of the Subsidiary, Messrs. Kirchmeyer, Sawottke,
Oliver and Vincent, who are all located in the United States, are no longer
officers of the Corporation. Mr. Brad Stinson, director, shareholder and a
founder of Zaio, will assume, on an interim basis, the responsibilities of CEO,
while Mr. Rodney Mitton, a director and shareholder of Zaio will reassume, on an interim basis, the responsibilities of CFO.
Closing the Subsidiary will not affect the assets of the Corporation. All
of the intellectual property, proprietary and patent pending valuation
technology and the database containing 24 million photographs and 140
million property records remain the property of Zaio Corporation. Zaio will
continue to conduct its business operations through its head office in Calgary, Alberta, Canada.
Zaio is a technology and database company. Zaio maintains a secure
database of 140 million property records and 24 million property
photographs. Zaio's network of local appraiser experts photograph, inspect, and appraise entire cities, one building at a time using a proprietary
"GeoScore(TM)" rating system. Zaio trades on the TSX Venture Exchange under the symbol "ZAO".