Quorum and the Government of Canada Announce Lead Generation Data Hub project
July 09 2019 - 10:00AM
Quorum Information Technologies Inc. (TSX Venture: QIS) (“Quorum”)
announced today that the Atlantic Canada Opportunities Agency
(“ACOA”) will be providing a $1,500,000 interest free repayable
investment to assist Quorum with the Lead Generation Data Hub
project. The Government of Canada, through ACOA, is providing
the investment from the Atlantic Innovation Fund (“AIF”) which is
designed to help companies develop and commercialize new or
improved products or services.
Using its advanced XSellerator tools as a
foundation, Quorum will develop a data hub that integrates
information about the customer from the DMS, the automaker (“OEM”),
and 3rd party partners. Over a two-year span, Quorum will build the
architecture required to mine the existing DMS data, augment it
with Original Equipment Manufacturers (“OEM”) and existing
Artificial Intelligence (“AI”) data opportunities, and build
features that present dealership staff with easily actionable
sales, service and parts leads.
“The XSellerator Dealership Management System
(“DMS”) is focused on streamlining operations and on dealer revenue
generation and customer satisfaction,” said Dan Ichelson,
XSellerator’s Vice President of Operations. “The data hub project
will focus on revenue generation by providing sales, service and
parts leads to the dealership. Taking a more holistic view of the
entire automotive ecosystem, we plan to use a combination of
XSellerator DMS, OEM and 3rd party data. With that complete
data set, we will apply AI tools to generate customer specific
leads that will be presented to dealership staff within the
XSellerator DMS. The leads will be very easy to action and in
many cases dealership staff will be able to automatically allow the
system to action the leads.”
“We are delighted with the support from ACOA,”
said Marilyn Bown, Quorum’s Chief Financial Officer. “The
XSellerator division is constantly innovating with the OEMs at a
significant cost to the XSellerator business unit. These
funds will allow us to leverage that development and integration
with other 3rd party partners to deliver a truly unique lead
generation approach for dealerships.”
Key terms of the ACOA Repayable Investment:
- ACOA will contribute 75% of eligible costs up to a maximum of
$1,542,245;
- Quorum’s interest expense related to the loan is 0%;
- There are no principal repayments required under the loan until
September 1, 2022, at which time the loan will be repaid with
installments calculated based on a percentage of gross revenues
over 5 years; and
- The repayable investment is unsecured.
“Innovative companies like Quorum know that
Newfoundland and Labrador is a gateway to global markets,” said the
Honourable Seamus O’Regan, Minister of Indigenous Services and
Member of Parliament for St. John’s South-Mount Pearl, on behalf of
the Honourable Navdeep Bains, Minister of Innovation, Science and
Economic Development and Minister responsible for ACOA. “Today
we're investing alongside Quorum's dedicated leaders and employees;
competing with the world from right here at home.”
-
About Quorum Information Technologies Inc.
Quorum is a North American company focused on
developing, marketing, implementing and supporting its portfolio of
software and services for automotive dealerships that includes:
- XSellerator, a Dealership Management System (DMS) that
automates, integrates and streamlines key processes across
departments in a dealership, and emphasizes revenue generation and
customer satisfaction.
- DealerMine CRM, a sales and service Customer Relationship
Management system and set of Business Development Center services
that drives revenue into the critical sales and service departments
in a dealership.
- Autovance, a sales desking system that increases sales
department gross margins and improves customer satisfaction for
dealerships.
- Advantage, a full showroom system for both franchised and
independent dealerships and a comprehensive operating system that
includes accounting for the independent market.
Quorum Information Technologies Inc. is traded on the Toronto
Venture Exchange (TSX-V) under the symbol QIS. For additional
information please go to www.QuorumDMS.com.
Forward-Looking InformationThis
press release may contain certain forward-looking statements and
forward-looking information ("forward-looking information") within
the meaning of applicable Canadian securities laws. Forward-looking
information is often, but not always, identified by the use of
words such as "anticipate", "believe", "plan", "intend",
"objective", "continuous", "ongoing", "estimate", "expect", "may",
"will", "project", "should" or similar words suggesting future
outcomes. In particular, this press release includes
forward-looking information relating to results of operations,
plans and objectives, projected costs and business strategy.
Quorum believes the expectations reflected in such
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied upon.
Forward-looking information is not a guarantee
of future performance and involves a number of risks and
uncertainties some of which are described herein. Such
forward-looking information necessarily involves known and unknown
risks and uncertainties, which may cause Quorum's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking information.
Neither the TSX Venture Exchange nor its
regulation services provider (as that term is defined in the
policies of the TSX Venture Exchange) has reviewed this release and
neither accepts responsibility for the adequacy or accuracy of this
release.
Contact: Maury Marks
403-777-0036MarksM@QuorumDMS.com
PDF
available: http://ml.globenewswire.com/Resource/Download/b4c275df-eac8-4159-9417-43ea1edcdeff
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