CALGARY, ALBERTA–(Marketwire – Sept. 11, 2009) – Quorum Information Technologies Inc. (TSX VENTURE:QIS) (Quorum) issued statements today regarding its outlook for Q3 and Q4 FY2009.
“We are starting to see market activity pick up,” stated Mark Allen, Quorum's VP of Sales, Marketing and Services. “Our pipeline is growing and we are now beginning to see the results of the market improvement with recent new sales. Additionally, GM is initiating new integration projects for development and delivery in Q3 and Q4. Finally, our migrations work for the SQL Server project is coming to an end this year and the dealerships that have yet to migrate are diligently working to get their migrations completed.”
“We are currently deploying XSELLERATORTM v4.7 in Canada. This version has the new GM Global Warranty integration, which will allow dealerships to submit their service departments' warranty claims electronically to GM's new Global Warranty back-end systems. This version also has a number of added features to improve dealerships' efficiency and profitability,” stated Dan Ichelson, Quorum's VP Operations and Development. “The Global Warranty integration point is the largest GM integration project we have completed under the IDMS agreement to date. This integration will be delivered to our Canadian customers in Q3 and our US customers in Q4 of this year according to GM's roll-out schedule.”
“As the market outlook and our product continue to improve, we are excited about the upcoming quarters. Quorum is positioned as the #1 IDMS supplier as measured by number of dealerships and the only DSP to have deployed all available GM integration points in both Canada and the US. We continue to broaden our integration to other OEMs and third parties; including Hyundai, Chrysler, the Cobalt Group and more. The Company has reported four consecutive quarters of positive net income and has a strong working capital position,” commented Maury Marks, Quorum's President and CEO. “We forecast that we will have positive net income, EBITDA and cash flow for both Q3 and Q4 of this year.”
In other news, the Company announced the granting of 300,000 stock options to each of its independent Board members for a total of 1,200,000 stock options at an exercise price of $0.15 per common share. The options were granted pursuant to the Company's stock option plan and vest over a three-year period and are exercisable for up to five years.
Quorum is a North American company focused on developing, marketing, implementing and supporting its XSELLERATORTM product for the automotive vertical. XSELLERATOR is a dealership and customer management software product which automates, integrates and streamlines every process across departments in a dealership. One of the select North American suppliers of General Motors' IDMS, Quorum is the third largest DMS provider for GM's Canadian dealerships with over 20% of the market. Quorum is a Microsoft Gold Certified Partner and Field-Level Managed ISV in both Canada and the United States. Quorum Information Technologies is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For additional information please go to www.QuorumDMS.com. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.