Zaio Corporation Issues 222,688 Shares to Debenture Holders
CALGARY, ALBERTA--(Marketwire - Jan. 9, 2013) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Zaio Corporation (TSX VENTURE:ZAO) (the "Company") announced today that it has issued 222,688 common shares to debenture holders who elected to receive common shares in lieu of cash as consideration for interest payments amounting to $60,800 due December 31, 2012.
Under the terms of the debentures, which were issued June 15, 2011, holders may elect to receive settlement of quarterly interest payments in the equivalent common shares of the Company converted at the average trading price for the 20 trading days prior to the interest payment date. The conversion rate applicable to the December 31, 2012 interest payment was $0.273 per common share. Share certificates will be issued to the electing debenture holders as of January 9, 2013. Following the issuance the Company will have 33,473,522 issued and outstanding shares.
The debenture holders electing to receive common shares as settlement of their interest payments in lieu of cash represent approximately 55 percent of the principal amount outstanding under the debentures.
The common shares issued to those debenture holders who are officers and directors of the Company must not trade the common shares before May 10, 2013.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
President & CEO
Genoa Management Ltd.