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Zaio Corporation Reports Q3-2011 Financial ResultsDatabase Now Includes 6.2 Million Homes With 2.2 Million Homes Added in September Alone (November 04, 2011)
CALGARY, ALBERTA -- (Marketwire) -- 11/04/11 -- Zaio Corporation (CNSX:ZAO) (the "Company"), today reported its financial results for the three month and year-to-date periods ending September 30, 2011.
For the three-month period ended September 30, 2011, the Company incurred total expenses of $1,128,700 versus $506,400 for the same period last year. For the current period, selling, general and administrative (SG&A) expenses were $311,700, database development costs were $406,100, interest expenses were $118,700 and the aggregate of amortization, accretion, stock based compensation and foreign exchange losses were $292,200. For the same period last year, SG&A was $163,700, database development costs were $339,000, interest expense was $nil and the aggregate of all other charges was $3,700.
During the period, management was focused on deploying technology and resources into the key areas of the US market that offer Zaio the most direct path to revenue. The previously announced "Quick Start" program has been accelerated and as a result, as of September 30, 2011, Zaio's database included marketable data on 6.2 million active homes. This represents an increase of 5.5 million homes in the quarter and an increase of 2.2 million homes in the month of September alone.
"Our partner Zone Data Systems continues to build out Nevada, Washington, California, Massachusetts, Illinois, North Carolina and Florida beyond the counties previously announced," said David King, Zaio's President and CEO. "In the first quarter since re-capitalizing the company, we have increased the system's capacity for data ingestion, concentrated our marketing efforts on identified targets and continued the successful implementation of our focused business plan. Customers across the country are testing the system and early feedback continues to be very positive."
The Company also announced today that the Board of Directors has approved the issuance of 485,000 share options to certain directors of Zaio and certain consultants to the Company at an exercise price of $0.10 per share. The options vest equally over the next three years and have a term of five years.
For further information visit www.zaio.com.
About Zaio Corporation
Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the Company's patented database of proactively maintained residential property valuations prepared by licensed appraisers across the United States. The Company's products are available in the United States through its Licensee, Zone Data Systems LLC.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
The Company believes that the expectations reflected in this news 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.
Neither CNSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
President & CEO
Genoa Management Ltd.
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