Zaio Corporation Approves December 31, 2012 Debenture Interest Payment
CALGARY, ALBERTA--(Marketwire - Dec. 20, 2012) -
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Zaio Corporation (TSX VENTURE:ZAO) (the "Company") ("Zaio") announced today that debenture holders elected to take shares as payment for a total of $60,800 of the December 31, 2012 debenture interest payment. The total number of shares issued in lieu of cash will be calculated based on the 20 day weighted average share price of Zaio at December 31, 2012. A total of $60,800 of debenture interest payments will be made in cash pursuant to the original terms of the debenture offering closed on June 15, 2011. Holders of approximately 55 percent of the outstanding debentures have elected to take shares as their form of interest payment this quarter.
Zaio also announced today that it has increased the size of the previously announced secured Bridge Loan that had been negotiated with a group of lenders by $200,000 from $300,000 to $500,000. The Bridge Loan bears interest at 12 percent and matures on June 5, 2013. The Bridge Loan facility is capped at a maximum $1,000,000 and is designed to provide additional liquidity to the company in advance of the receipt of proceeds from various strategic activities.
For further information visit www.zaio.com.
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.
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President & CEO
Genoa Management Ltd.