CALGARY, ALBERTA--(Marketwired - June 27, 2013) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Zaio Corporation (TSX VENTURE:ZAO) (the "Company") announced today that debenture holders have agreed to take shares as payment for a total of $163,431 of the June 30, 2013 debenture interest payment pursuant to the terms of the debentures issued under the trust indentures dated June 15, 2011 and May 9, 2013 respectively. The total number of shares issued in lieu of cash will be calculated based on the greater of the 20 day weighted average trading price of Zaio's shares prior to June 30, 2013 and closing market price of Zaio's shares on last trading day prior to the interest payment date.
A total of $68,350 of debenture interest payments will be made in cash pursuant to the terms of the debentures issued on June 15, 2011, as amended. All of the debenture interest payments for the debentures issued under the May 9, 2013 indenture will be paid in shares.
Holders of approximately 76 percent of the outstanding debentures have agreed to take shares as their form of interest payment for this semi-annual interest payment date.
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 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.