ST. JOHN’S, Newfoundland and Labrador, May 15, 2018 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (Quorum) (TSX-V:QIS) announced today that it will receive an investment of $750,000 from the Newfoundland and Labrador Government, Department of Tourism, Culture, Industry and Innovation, to help support the development and growth of the Corporation in Newfoundland and Labrador.
Through the Investment Attraction Fund, Quorum will receive a $500,000 forgivable loan to improve efficiencies and prepare for expected future growth. In addition, an investment of $250,000 from NL Innovation Council will help Quorum develop the technology and systems that would allow Quorum’s automotive dealership customers to complete the entire end-to-end automobile sales process from any supported mobile device. The funding is expected to also expand Quorum’s current operations in St. John’s, NL. Quorum opened an office in St. John’s in 2006 and to date that office has grown from an initial staff of four to its current 89 employees. Quorum’s development, support and corporate groups are all located in St. John’s, which is also the Company’s largest office.
“Using the latest software development tools and leveraging a cloud-based architecture, Quorum intends to provide a mobile solution that will allow consumers to complete the entire end-to-end sales process for a vehicle purchase. We are delighted that the NL Innovation Council is supporting this project as it reduces the risk of our investment and should accelerate the delivery of our mobile vehicles sales application for our dealership clients. The software development resources for the project will come from our St. John’s office. We are pleased with the skilled and creative people we have sourced in St. John’s as this talented pool of people will be instrumental in assisting Quorum overcome the advanced technical demands associated with the project,” said Maury Marks, Quorum’s President and CEO.
“Our government put priority on fostering job creation and economic growth that diversifies our economy and creates new opportunities for Newfoundlanders and Labradorians. By investing in innovative companies like Quorum Information Systems, we are supporting high skill jobs in software engineering and manufacturing, while advancing economic development, and promoting leadership within the technology sector in Newfoundland and Labrador.”
Honourable Dwight Ball
Premier of Newfoundland and Labrador
“With established business relationships in over 341 dealerships all over North America, Quorum is a proven leader in dealer management systems. Quorum’s technology has the potential to transform how people purchase vehicles and will establish Newfoundland and Labrador as a leader in this technology. This company personifies the increasingly innovative, export-focused nature of our province’s business community, and its strong presence in our province is another sign of the strength of our local knowledge-based economy.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation
About Quorum
Quorum is a North American company focused on developing, marketing, implementing and supporting its automotive dealership and customer management system, XSellerator. Quorum offers the system to franchised, independent and some non-automotive dealerships in Canada and the United States. XSellerator automates, integrates and streamlines every process across departments in a dealership. The system includes tools designed to maximize revenue opportunities for dealerships such as Customer Relationship Management and service inspection and quoting processes. Quorum is a Microsoft partner and XSellerator is developed with modern mobile-enabled technology. Quorum Information Technologies Inc. is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS and in 2016 was selected to the TSX Venture 50®, an annual ranking of the strongest performing companies on the TSX Venture Exchange. 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) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.
Contact: Maury Marks
403-777-0036
MarksM@QuorumDMS.com
