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.
About Quorum
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.
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.
Quorum Information Technologies Inc.
Maury Marks
403-777-0036 ext 104
MarksM@QuorumDMS.com
