Quorum Information Technologies Inc.
TSX VENTURE : QIS

Quorum Information Technologies Inc.

May 06, 2008 12:00 ET

Quorum Appoints New CFO and Wage Rebate Agreement With the Government of Newfoundland and Labrador Becomes Effective

CALGARY, ALBERTA--(Marketwire - May 6, 2008) - Quorum Information Technologies Inc. (Quorum) (TSX VENTURE:QIS) is pleased to announce the appointment of Mr. Jeff Sharpe, C.A., as Chief Financial Officer (CFO), effective immediately. Mr. Sharpe replaces Ms. Colleen Gottselig, C.M.A., who resigned her position as CFO of Quorum to relocate to Vancouver Island. Mr. Sharpe, who hails from St. John's, Newfoundland, will work primarily from Quorum's St. John's office. Mr. Sharpe graduated from Memorial University of St. John's, and obtained his C.A. designation after articling with Grant Thornton LLP. Before joining Quorum, Mr. Sharpe was the Financial Controller for Newfound Developers Co. Ltd. until a merger created Newfound NV, a public company traded on the London AIM Exchange. He then took on the role of Group Chief Accountant for Newfound NV.

Quorum is also pleased to announce that it has met the terms of its Wage Rebate Agreement with the Government of Newfoundland and Labrador, entered into in July of 2007. Quorum opened a Support and Development office in St. John's, Newfoundland, in March 2006. The $1.7 million wage rebate has a five-year term and became effective once Quorum employed a minimum of 35 full-time employees. That milestone was reached in December 2007 and Quorum now employs 40 full-time people in Newfoundland.

"In keeping with Quorum's commitment to the St. John's office, we chose to hire our new CFO from the St. John's area, and are pleased to welcome Jeff Sharpe to our Executive Team," said Maury Marks, President and CEO of Quorum. "In addition to his accounting background, Jeff brings a strong process background which will be very helpful as Quorum continues to optimize our operations."

Quorum would also like to announce that options to purchase 225,000 shares at $0.55 have been granted to an officer of the Company and two other key individuals.

About Quorum

Headquartered in Calgary, Alberta, Quorum's focus is on developing, marketing, implementing and supporting its DMS products for the automotive vertical. Quorum's suite of dealership and customer management software products automate, integrate and streamline every process across departments in a dealership. One of the select North American suppliers of General Motors' IDMS program, Quorum is the third largest DMS provider for GM's Canadian dealerships with more than 20% 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 is traded on the Toronto Venture Exchange (TSX-V) under the symbol QIS. 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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