Quorum Information Technologies Inc.
TSX VENTURE : QIS

Quorum Information Technologies Inc.

January 18, 2007 11:21 ET

Quorum Announces Agreement With Paradigm Capital Inc. to Raise Up to $5 Million

CALGARY, ALBERTA--(CCNMatthews - Jan. 18, 2007) -

NOT FOR DISTRIBUTION IN THE U.S. OR TO U.S. NEWSWIRE SERVICES

Quorum Information Technologies Inc. (TSX VENTURE:QIS) ("Quorum") announced today that it has entered into an agreement pursuant to which Paradigm Capital Inc. will act as agent, on a best efforts basis, in connection with an equity private placement to raise gross proceeds of up to $5 million, on terms and conditions to be agreed upon. The private placement is subject to certain conditions, including, but not limited to, satisfactory due diligence, the execution of an agency agreement, the execution of subscription agreements with the subscribers and the receipt of all necessary regulatory approvals.

The net proceeds of this financing will be used to expand sales and marketing efforts for Quorum's XSELLERATOR™ software in North America.

About Quorum:

Quorum is a leader in the automotive retail technology business in North America. Quorum's focus is on developing, marketing, implementing and supporting its XSELLERATOR™ product. XSELLERATOR is a customer and dealership management software (DMS) product that automates, integrates and streamlines every process across all departments in a dealership. Quorum is the third largest supplier of DMS systems for GM dealers in Canada with 19 percent market share and is aggressively growing its market share in the US. Quorum is a General Motors IDMS Supplier for North America and recently, Quorum and Microsoft announced an expanded strategic relationship. Quorum is a Microsoft Gold Certified Partner and Field-Level Managed ISV in both Canada and the United States.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Quorum Information Technologies Inc.
    Maury Marks
    President
    (403) 777-0035
    (403) 777-0039 (FAX)
    Email: marksm@QuorumIS.com
    or
    Quorum Information Technologies Inc.
    #200, 6715 8 Street N.E.
    Calgary, Alberta T2E 7H7
    Website: www.QuorumIS.com