Quorum Announces Atlantic Canada Opportunities Agency Investment
May 11 2021 - 8:00AM
Quorum Information Technologies Inc. (TSX Venture: QIS) ("Quorum"),
a leading provider of SaaS-based software technology to the
automotive industry, announced today that the Government of Canada,
through the Atlantic Canada Opportunities Agency (“ACOA”), is
providing a $500,000 interest free, repayable investment to assist
Quorum in pursuing new business partnerships, mergers and
acquisitions.
Maury Marks, Quorum’s President and CEO stated,
“Quorum has grown both organically and through partnerships and
acquisitions. Having completed 3 acquisitions in the last 4 years,
Quorum now delivers its products to over 1,000 North American
automotive dealerships and 30% of the Canadian franchised
dealerships have at least one Quorum product installed in their
dealership. With the support of the Government of Canada, we can
continue to enhance our leadership position in the automotive
software market.”
“Innovative companies that provide tech-based
solutions support business growth across all sectors of our
economy. Strategic investments in companies such as Quorum
Information Systems help them accelerate growth and contribute to a
strong, resilient Atlantic Canadian economy,” stated the Honourable
Mélanie Joly, Minister of Economic Development and Official
Languages and Minister responsible for ACOA.
“The tech industry in Newfoundland and Labrador
is creative, innovative, and determined to grow even bigger.
Investing in Quorum supports growth, creates jobs, and shows, once
again, that we’re ready to take on the world,” stated the
Honourable Seamus O’Regan, Minister of Natural Resources and Member
of Parliament for St. John’s South-Mount Pearl.
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
PDF
available: http://ml.globenewswire.com/Resource/Download/98a894da-8165-439e-8a29-5632c5557cac
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