CALGARY, ALBERTA–(Marketwire – Nov. 26, 2010) – Quorum Information Technologies Inc. (TSX VENTURE:QIS) (“Quorum” or the “Company”) announces that in connection with the holders (“Debentureholders”) of its 12% secured convertible debentures (the “Debentures”) agreeing to accelerate the maturity date of such Debentures from April 15, 2011 to December 15, 2010, Quorum has applied to the TSX Venture Exchange (the “TSXV”) for approval to amend the exercise price of the outstanding common share purchase warrants (the “Warrants”) of the Company from $0.55 per share to $0.18 per share. There are 1.125 million Warrants outstanding, which were issued to Debentureholders in connection with their purchase of the Debentures. Each whole Warrant entitles the holder thereof to purchase one (1) common share (a “Common Share”) in the capital of the Company at an exercise price of $0.55 per share until that date that is two (2) years from the earlier of the maturity date of the Debentures and the conversion date of the Debentures. In accordance with the policies of the TSXV, it will be a condition of the re-pricing of the Warrants that in the event the closing price of the Company's Common Shares on the TSXV exceeds $0.225 for ten consecutive trading days, the exercise period of the Warrants shall be reduced to 30 days from the seventh day following such ten trading day period.
Quorum is a North American company focused on developing, marketing, implementing and supporting its XSellerator™ product for GM, Isuzu, Chrysler, Hyundai, KIA, Nissan, Subaru, NAPA and Bumper to Bumper dealerships. XSellerator is a dealership and customer management software product that automates, integrates and streamlines every process across departments in a dealership. One of the select North American suppliers under General Motors' IDMS program, Quorum is the second largest DMS provider for GM's Canadian dealerships with 25% 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 Inc. 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.