RISMEDIA, July 14, 2008-Zaio Corporation announces its proprietary database technology has advanced from the developmental to operational stage. Zone appraisers in five separate counties have completed site inspections and verified relevant property data in their respective Zones, and have brought twelve Zones to “Live” status in California, Arizona, and Washington. “Live” status means that lenders are now able to obtain real-time appraisals in seconds since the research and property inspection by local appraisers has now been completed prior to the assignment.
According to the company, this latest achievement positions Zaio to roll out its enhanced platform on a national level. “The entire Zaio team has an incredible sense of accomplishment because lenders and appraisers know that bringing Zones to “Live” status is a critically important milestone,” stated Thomas J. Inserra, CEO. “Previously Zaio had brought Zones to live status in two BETA cities to verify the proof of concept. Appraisers and clients requested several enhancements during that phase, which have now been addressed. Additionally, we have made a substantial investment in the infrastructure necessary to support a highly scalable roll-out to cities across America as part of our “Go Live 2008″ project.”
“Zaio is well on its way to building the most comprehensive real estate database in the country,” stated James Kirchmeyer, chief marketing officer. “The implementation of “Go Live” continues to expand the Company’s services, providing a full range of products which can be utilized to manage each lender’s individual risk profile.”
Chas W. Leeper, SRA, a Zone appraiser from Southern California, stated: “Being able to automatically download property data, county records, photos, and maps into my appraisal is helping me evaluate a greater amount of market data more efficiently than ever before. I’m ready to provide a demo to my lender clients so they can see the improved quality and increased amount of relevant “real-time” information necessary for rapidly changing markets.”
“My clients are particularly interested in being able to close loans more quickly without increasing their credit risk,” stated Michael Hartman, a Zone appraiser in Spokane Washington. “Lenders prefer full appraisals completed by licensed appraisers over less accurate computer generated valuations. Now, my clients can obtain a more accurate and thorough appraisal, delivered just as quickly as a computer model.”
Earlier this year, Zaio announced “Go Live 2008″, a program developed to bring Zones to live status quickly and efficiently throughout the country. Phase I was a concentrated focus on five counties. Zaio is now expanding to a list of Phase II cities, as well as working to bring the remainder of Zones to live status in major cities throughout the country over the next several quarters.
During the second quarter, the company sold 54 zones, bringing the total Zones sold since inception to date to 1,773. Zaio has completed the photography and data matching on more than 800 of these zones, and has delivered them back to Zone owners for site verification. Zaio remains focused on deploying the latest technology to this inventory of Zones in order to bring them to live status over the next several months.
“The downturn in the U.S. economy has resulted in a more cautious Zone sale environment as appraisers want to see Zones successfully brought to live status before committing to new Zone purchases. As a result, Zone sales were lower than in recent quarters,” stated Keith Sawottke, CFO. “Now that we have achieved “Go Live” status, most of the technology development is complete, allowing Zaio to significantly reduce its go forward development expenditures and operating costs.”
Zaio also announces that Donald R. Leitch has resigned as a director of the Company effective July 7, 2008. Leitch will continue to act as the Corporate Secretary of Zaio. “We wish to thank Donald for his long standing service as a director of Zaio,” said George Reti, chairman of Zaio, “It is with regret that Donald’s time commitments to his law firm do not permit him to continue to sit on the Company’s board, but are pleased that he will be able to continue to provide his expertise and experience as the Corporate Secretary of the Company.”
For more information, visit www.zaio.com.
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