Appraisal Matters

Oh, there are so many things I could say about this. It actually is a smart business move, but goodbye to independence in the residential field! Consolidation has come to most industries, has it finally come to ours? We do commercial and I believe it will be years before something like this hits us, but the residential guys must be feeling like they are losing control.

Will they too try to control the numbers to satisfy clients? Only time will tell!

February 12, 2008

Press Release: Zaio Acquires Appraisal.com Assets

Buffalo, NY, February 12, 2008 – Zaio Corporation (TSX-V: ZAO) announced it has acquired the technology assets of Appraisal.com , one of the nation’s largest firms serving lenders and appraisers. Appraisal.com technology is used by more than 100 lenders, 7,500 Day One appraisers and 9,184 appraisers in their nationwide appraisal network. Download Zaio_Acquires_Appraisal_com.pdf

Zaio is offering Appraisal.com lender customers a 20% discount on all appraisal orders they place over the next 60 days to introduce them to the quality, service and nationwide coverage offered by Zaio. Lenders may continue to use the www.appraisal.com website to place orders. Zaio currently serves nearly 500 lenders in the USA with a full range of appraisal and valuation services.

Zaio is also offering Day One appraisers a substantial price discount in the form of a free 3 month extension for 1-year software renewals and free 6 month extension for 2-year software renewals. Day One and United Systems Appraisers may purchase Zaio Zones at a 10% discount through April 30, 2008. Zaio currently owns the nation’s first and most established appraisal technology known as United Systems and manages a network of about 9,000 appraisers. Zaio recently reported that its revenues paid to its elite local “Zone” appraisers were up 107%, demonstrating Zaio’s commitment to helping appraisers increase their revenues.

Jim Kirchmeyer, Chief Marketing Officer said: “We welcome Appraisal.com lenders and Day One appraisers. Simply continue to use the Appraisal.com and Day One technology as you have in the past, with the full confidence that Zaio, and its two national service centers in Buffalo, NY and Tempe, AZ are here to ensure you have a positive experience.”

“The Appraisal.com brand is known by lenders and appraisers throughout the USA”, said Thomas Inserra, CEO. “These technology assets provide us with the means to continue serving the needs of a large number of lenders and appraisers.”

Zaio has obtained possession of select technology assets necessary to serve appraisers and lenders on a go-forward basis. Customers will be served by Zaio’s Buffalo, NY office.

Rod Mitton, CFO said: “No stock or deferred fees were granted in this cash transaction. Zaio’s overhead costs will remain virtually unchanged since we are not obligated to retain any of the Appraisal.com staff or assume any of their liabilities. With our cash and investments of over $12 million, the Company has sufficient resources to continue executing its business plans.”

Eileen