Quorum Information Technologies Inc.
TSX VENTURE : QIS

Quorum Information Technologies Inc.

July 05, 2016 09:39 ET

Quorum and Atlantic Canada Opportunities Agency Announce Expansion Financing

CALGARY, ALBERTA--(Marketwired - July 5, 2016) - Quorum Information Technologies Inc. (TSX VENTURE:QIS) (Quorum) announced today that it is expanding its operations in St. John's, Newfoundland in partnership with the Atlantic Canada Opportunities Agency ("ACOA"). ACOA will be providing a $1.1M interest free loan to assist Quorum in refactoring several key functional areas within its DMS.

"With the recent announcement of a new Innovation Agenda, the Government of Canada is working to fulfill its vision to build Canada as a global centre for innovation," said the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for ACOA during today's funding announcement in St. John's. "By investing in projects like Quorum's, the Government of Canada is fostering that vision, while helping Atlantic Canadian businesses grow, innovate and export so that they can create good quality jobs and generate wealth for the people of this region."

The publicly traded Calgary-based company opened an office in St. John's in 2006 in order to hold on to talented native Newfoundlanders yearning to come home. The St. John's office has grown from a staff of five to their current 69 employees and Quorum is keen to expand and hire more local talent, a testament to the value that organizations around the world place on native Newfoundlanders and Labradorians who are trained and educated in the province.

"Our experience with operating an office in Newfoundland and Labrador has been nothing short of amazing," said Maury Marks, Quorum's President and CEO. "We have found that the availability of high-quality skilled talent has even exceeded our high expectations. The support of ACOA has made this an easy transition and St. John's is now our largest office."

ACOA is providing a $1.1M loan through the Atlantic Innovation Fund ("AIF") which is designed to help companies increase business productivity, growth and competitiveness. AIF is helping Atlantic Canada compete at home and abroad by supporting the development of innovative products and services that lead to commercial success.

About Quorum

Quorum is a North American company focused on developing, marketing, implementing and supporting its XSELLERATOR product for GM, Ford, 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 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.

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

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