ZAIO CORPORATION SIGNS LETTER OF INTENT TO ACQUIRE U.S. APPRAISAL MANAGEMENT COMPANY
Zaio Corp. (ZAO.V) has signed a letter of intent to acquire a U.S. national appraisal management company (AMC). The transaction is expected to close within 45 days of submission and will not require any additional capital to be raised.
Purchase price will consist of both shares of Zaio and cash for which financing has been arranged. Existing AMC management will remain in place. Closing is subject to definitive documentation and applicable regulatory approvals including the approval of the TSX Venture Exchange.
“We are thrilled to be acquiring a national appraisal management company to meet demand from our current client base using our existing Valuation Vision technology and immediately bolster our top line. Through this acquisition, we become licensed in all 50 states to perform a wider scope of appraisal services, as well as retain the top-tier management team of an industry-leading AMC,” said Shane Copeland, chief executive officer of Zaio. “This proposed acquisition will significantly broaden our operational bandwidth, revenue and market penetration with the rapid expansion into the next generation of appraisal products such as MVPro. Through acquisition rather than building we are better able to take advantage of pending appraisal opportunities at a much faster pace.”
There is no assurance the acquisition will close.