Zaio acquires Missouri appraisal management company
2016-08-02 10:12 ET - News Release
Mr. Shane Copeland reports
ZAIO CORPORATION ACQUIRES VALUED VETERANS APPRAISAL MANAGEMENT
Zaio Corp. has acquired Valued Veterans LLC, a nationwide provider of appraisal and valuation services, and national appraisal management company (AMC) headquartered in Kansas City, Mo.
"Over the past several months, we have successfully partnered with Valued Veterans to build a robust pipeline of national clients for our new MVP line of alternative appraisal products," stated Shane Copeland, chief executive officer of Zaio. "Adding Valued Veterans to our team not only provides new customer relationships and corresponding revenue, but also the nationwide appraisal capability and AMC licences necessary for rapid distribution of our proprietary valuation solutions. Perhaps even more importantly, Valued Veterans brings a highly respected and capable management and operations team that shares our vision of the future."
"Joining forces with Zaio enhances our reach and bolsters our strengths in the real estate valuation segment," said Andrew Belt, chief executive officer of Valued Veterans LLC. "This strategic alignment accelerates our growth, while the Zaio culture and ethos allows the firm to remain steadfastly committed to our industry-leading dedication to client servicing. This is a highly organic blend that allows us to leverage the Clarocity technology platform, creating a fully integrated valuation company that fosters maximum revenue potential."
The purchase consideration will consist of: (i) $750,000 (U.S.) in cash by way of vendor financed promissory notes, (ii) five million common shares in the capital of Zaio, and (iii) an additional $100,000 (U.S.) payable in common shares in the capital of Zaio. The common shares to be issued as part of the purchase consideration will be issued at a deemed price equal to the market price (as defined under the policies of the TSX Venture Exchange) on the agreement date. The promissory notes will be payable as follows: (i) $500,000 (U.S.) payable on or before March, 2017, and (ii) $250,000 (U.S.) payable on or before March, 2018, and will be secured against default by the ownership interests of Valued Veterans LLC. The existing management of ValVets will remain in place.
No finder's fees were paid or will be payable as a result of the transaction. Additionally, the transaction is not a reverse takeover, change of business or a fundamental transaction. No new insider or control person of Zaio will result from the share issuance portion of the purchase consideration.
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