CALGARY, April 4, 2016 /CNW/ - Zaio Corporation (TSXV:
ZAO) (the "Company" or "Zaio") wishes to announce it has mailed
notice of meeting and management information circular for its
annual and special meeting of shareholder to be held at
9:00am (Calgary time) on April
25, 2016 at Hotel Arts, 119-12 Avenue S.W., Calgary, Alberta.
Special business will include approval of a name change to
Clarocity Corporation, a share subdivision of up to 60:1, a share
consolidation of up to 1:20 (on a pre-subdivision basis) and
election of directors, among other matters.
Zaio believes that it is necessary to address the number of
Common Shares outstanding so as to enhance the liquidity of the
Common Shares as well as the marketability for the Common Shares
and to facilitate any further financings or other business
transactions involving the Common Shares. However, the effect of
any amendment to the number of Common Shares upon the market price
of the Common Shares cannot be predicted with any certainty, and
the history of similar amendments for corporations in like
circumstances is varied.
Accordingly, Shareholders are being asked to authorize both a
subdivision and a consolidation of the Common Shares. The
resolutions are not conditional upon each other. However,
management will not implement the subdivision after the
consolidation. Management may implement only the consolidation or
implement the subdivision followed by the consolidation.
There are currently 189,385,552 Common Shares of Zaio
outstanding. The following chart illustrates the possible effects
of the subdivision and consolidation.
|
Subdivision
only
|
Consolidation
only
|
Subdivision/Consolidation
|
|
11,363,133,120
shares
|
9,469,278
shares(1)
|
9,469,278
shares(1)
|
(1) Subject to rounding for fractions
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
evaluations prepared by licensed appraisers across the United
States. Visit the company online at zaio.com.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy and 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.
Certain information in this press release is
forward-looking within the meaning of Canadian securities laws as
it relates to anticipated events and strategies. When used in this
context, words such as will, anticipate, believe, plan, mandated,
intend, target, and expect or similar words suggest future
outcomes.
Forward-looking information in this press release,
includes, among other things, information relating to: any
applicable approvals required in order to complete the
consolidation, subdivision and/or name change, which may include,
but is not limited to, the approval of the TSX Venture Exchange and
approval by the shareholders of Zaio.
These statements are based on certain assumptions and
analyses made by the Company in light of its experience, current
conditions and expected future developments and other factors it
believes are appropriate. The material factors and assumptions used
to develop these forward-looking statements include, but are not
limited to the ability of the Company to obtain regulatory and
shareholder approvals.
Readers are cautioned not to place undue reliance on any
such forward-looking statements, which speak only as of the date
made. Forward-looking statements are provided for the purpose of
providing information about management's current expectations, and
plans relating to the future. Readers are cautioned that such
information may not be appropriate for other purposes. Zaio does
not undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in Zaio's expectations or any change in
events, conditions or circumstances on which any such statement is
based, except as required by law.
SOURCE Zaio Corporation