Quorum Announces Early Debt Pay Down
May 04 2021 - 7:24AM
Quorum Information Technologies Inc. (TSX Venture: QIS) ("Quorum"
or the “Company”), a leading provider of SaaS-based software
technology to the automotive industry, announced today it has made
a prepayment of $1.5 million in principal and interest of its BDC
Capital Inc Loan Facility (“BDC Capital Facility”).
The BDC Capital Facility, which was obtained in
February 2019 to finance the purchase of DealerMine and Oasis, has
a fixed cash interest rate of 7.7% per annum and an additional
accrued interest of 4% that is due and payable on January 15, 2025,
the date of maturity. As a result of the prepayment, the Company
reduced the outstanding principal amount under the BDC Capital
Facility by $1.49 million from $8.13 million to $6.64 million. The
debt prepayment was funded with excess cash on hand. Quorum
continues to have access to $6.9 million in additional funding
through the BDC Capital Facility for potential future
acquisitions.
“We are pleased to have begun to pay down the
BDC Capital Facility,” stated Maury Marks, President and CEO of
Quorum. “Following the fourth quarter where we reported record
adjusted EBITDA1 of $1.5 million and a cash balance of $9.3
million, Quorum is in a strong financial position to start the
process of paying down the BDC Capital Facility. We have also
expanded other credit facilities to provide Quorum with lower
interest debt.”
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 (CRM) system and set of Business Development Centre
services that drives revenue into the critical sales and service
departments in a dealership.
- Autovance, a modern retailing platform that helps dealerships
attract more business through Digital Retailing, improve in-store
profits and closing rates through its desking tool and maximize
their efficiency and CSI through Autovance’s F&I menu
solution.
- Advantage, a full showroom system for independent dealerships
and a management system that also includes in-house leasing,
inventory management, and accounting.
Quorum Information Technologies Inc. is traded
on the TSX Venture Exchange under the symbol QIS.
For additional information please go to
www.QuorumInformationSystems.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. 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
403-777-0036Investors@QuorumInfoTech.com
______________________1 Adjusted EBITDA
(non-GAAP) – Net income (loss) before interest and financing costs,
taxes, depreciation, amortization, stock-based compensation,
foreign exchange gains and losses, one-time acquisition-related
expenses and restructuring fees.
PDF
available: http://ml.globenewswire.com/Resource/Download/2179e750-cc8c-4eb1-8481-0876946107e3
Quorum Information Techn... (TSXV:QIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Quorum Information Techn... (TSXV:QIS)
Historical Stock Chart
From Jul 2023 to Jul 2024