New Appointment Supplies Solid Foundation for Management Team
SCOTTSDALE, AZ, Aug. 7 /PRNewswire-FirstCall/ - Douglas Vincent, recently named CEO of Zaio Corporation (TSX-V: ZAO), a real estate database and technology provider, announces the appointment of James A. Kirchmeyer as President of Zaio Corporation. Mr. Kirchmeyer has been with Zaio as result of the acquisition of his company in June of 2007. He will also serve as a member of the Board of Directors.
Jim is the ideal choice for President of Zaio," commented Chief Executive Officer, Doug Vincent. "We have the compatibility necessary to supply a solid foundation for our dynamic executive management team. We share the commitment to align our corporate initiatives and priorities strategically. Personally, I am energized that, as we roll out our Zaio products and solutions across the country, we share an unwavering focus on delivery and execution with a philosophy of tight fiscal management. We have tremendous opportunity ahead of us," stated Vincent.
Jim Kirchmeyer began his extensive career in the Real Estate Valuation Industry in 1983 as a New York State Certified Appraiser, earning the SRA designation from the Appraisal Institute. In 1994, he founded his own Real Estate Appraisal Company, Kirchmeyer & Associates, Inc. where his company grew from servicing the Buffalo, New York area to include multiple offices providing services throughout the United States.
As a complement to his Real Estate Appraisal Company, Kirchmeyer founded Real Info, Inc. in 1995, a real estate valuation and data company specializing in Automated Valuation Models. Zaio acquired Kirchmeyer & Associates and Real Info in June of 2007.
A well-known expert in the valuation industry, Jim is a founding member and current Chairman of the Collateral Assessment & Technologies Committee (CATC) associated with the Real Estate Information Professionals Association (REIPA). Jim teaches banking examiners and federal regulators for the FFIEC and brings his extensive knowledge, expertise and enthusiasm to the Zaio team.
"One of our first objectives as an executive team is to cure redundancies that resulted from our strategic acquisitions," stated Kirchmeyer. "Acquisitions made last year were held intact as insular operations to optimize stability and promote product delivery. We will continue our review of business strategies and refine and optimize our go-forward strategy. Increasing value to shareholders, customers, and Zone owners is our primary focus."
In connection with these changes, the Company had granted 450,000 share options which have a five year term and vest over the next 24 months at an exercise price of $0.46.
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 llyscio@zaio.com.
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, which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, and the overall economy in both Canada and the United States. 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.
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