CALGARY, ALBERTA–(Marketwire – Dec. 20, 2010) – Quorum Information Technologies Inc. (TSX VENTURE:QIS) (“Quorum” or the “Company”) announces that the Company has paid off and retired its 12% secured convertible debentures (the “Debentures”), which were originally to mature on April 15, 2011. Quorum would also like to announce that on December 15, 2010 the Company entered into a credit facility agreement with HSBC Bank that will allow Quorum to borrow up to $525,000 to meet working capital requirements. The credit facility is secured by a first priority security interest in all of the Company's present and after-acquired property.
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.
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Quorum Information Technologies Inc.
403-777-0036 ext 104