Zaio Corporation

Zaio Corporation

December 02, 2011 15:14 ET

Zaio Shareholders Approve 4 for 1 Share Consolidation

CALGARY, ALBERTA--(Marketwire - Dec. 2, 2011) - Zaio Corporation (CNSX:ZAO) (the "Company") today announced that shareholders attending the Company's annual and special meeting of shareholders approved a resolution authorizing the board of directors to proceed with steps to consolidate the number of shares in the Company's capital structure at a ratio of 4 to 1 or at such lower ratio as may be determined by the board in their discretion. In addition to the consent of Zaio's shareholders, the share consolidation will also require various regulatory approvals, including stock exchange approval.

"This approval is an important step toward endowing Zaio with a more efficient and workable capital structure on which to build the Company's future growth," said David King, Zaio's President and CEO. "While the consolidation will not materially affect any shareholder's percentage ownership of the Company, reducing the number of shares outstanding in our capital structure will provide greater flexibility in managing Zaio's capital requirements going forward."

While shareholder approval has been given, no specific date has been determined as to when the consolidation will be effected. Until that time there will be no change in the number of issued and outstanding shares. Once the directors determine that it is appropriate to proceed with the consolidation and the share consolidation is implemented, registered shareholders will be notified by the Company's transfer agent and given instructions for exchanging their share certificates. On the completion of the share consolidation, it is expected that the Company will have approximately 22,934,047 common shares outstanding.

In addition to approving a resolution authorizing the consolidation of the Company's common shares, shareholders also approved the appointment of the following individuals to the board of directors - David King, Bradley Stinson, Gregory Ford, John Gillberry and Joel Strickland and reapproved the Company's stock option plan.

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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.

This press release contains forward looking statements including statements as to the proposed share consolidation and the timing thereof. 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 including that the timing of the proposed share consolidation is uncertain. 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.

Contact Information

  • Zaio Corporation
    David King
    President & CEO
    (403) 984-ZAIO

    Genoa Management Ltd.
    John Sadler
    (416) 594-9292