CALGARY, ALBERTA–(Marketwired – Dec. 21, 2015) –
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES.
Quorum Information Technologies Inc. (TSX VENTURE:QIS) (“Quorum”) is pleased to announce that it has closed the second and final tranche of a non-brokered private placement and issued an additional 589,323 common shares (“Common Shares”) of Quorum at a price of $0.35 per share for aggregate gross proceeds of $206,263, which includes an aggregate of 482,323 Common Shares purchased by certain directors and officers and other insiders of Quorum. On December 11, 2015, Quorum closed the initial tranche of the non-brokered private placement and issued 8,283,586 common shares (“Common Shares”) of Quorum at a price of $0.35 per share for aggregate gross proceeds of $2,899,255, which included an aggregate of 197,000 Common Shares purchased by certain directors and officers and other insiders of Quorum.
The Common Shares issued pursuant to the second and final tranche of the private placement are subject to a four month statutory hold period expiring April 19th, 2016.
For a description of the intended use of proceeds of the private placement, please see Quorum's press release dated December 11, 2015.
The Common Shares have not been registered under the United States Securities Act of 1933 (the “Act”), as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.
Quorum is a North American company focused on developing, marketing, implementing and supporting its XSELLERATOR product for GM, Chrysler, Toyota, Hyundai, Kia, Nissan, Subaru, NAPA and Bumper to Bumper franchised dealership customers as well as other franchised, independent and some non-automotive 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' DTAP program, Quorum is also one of largest DMS providers for GM's Canadian dealerships with 25% of the market. Quorum is a Microsoft Partner 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
403-777-0036 ext. 104