Quorum Information Technologies Inc.
TSX VENTURE : QIS

Quorum Information Technologies Inc.

March 05, 2007 08:30 ET

Quorum Equity Private Placement is Finalized with Agent Paradigm Capital Inc.

CALGARY, ALBERTA--(CCNMatthews - March 5, 2007) - Quorum Information Technologies Inc. (TSX VENTURE:QIS) (Quorum) announced today that it has finalized the terms and conditions of its previously announced equity private placement with its agent Paradigm Capital Inc. Through the placement, Quorum will raise up to $5 million by way of the issuance of units ("Units") at a price of $0.75 per Unit, each Unit being comprised of one common share (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant") of Quorum. Each whole Warrant will entitle the holder thereof to acquire an additional Common Share at a price of $1.10 per share for a period of 24 months.

Quorum has also granted Paradigm Capital Inc. an option, exercisable for a period of 30 days after closing of the private placement, to sell up to that number of additional Units at the offering price as is equal to 15% of the number of Units sold under the private placement.

The private placement is scheduled to close on or about March 14, 2007 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

The net proceeds of the 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 20 percent market share and is aggressively growing its market share in the U.S. 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.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the units of Quorum in any jurisdiction, including the United States, or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption therefrom, nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Such securities have not been and will not be registered under the U.S. Securities Act, 1933, as amended, and subject to certain exemptions may not be offered or sold in the United States or to U.S. persons.

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

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