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QIS Quorum Information Technologies Inc

0.85
-0.02 (-2.30%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Quorum Information Technologies Inc TSXV:QIS TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.02 -2.30% 0.85 0.86 0.87 0.88 0.85 0.88 7,000 20:59:06

Quorum Comments on Future Sales Activity

11/09/2009 4:41pm

Marketwired Canada


Quorum Information Technologies Inc. (TSX VENTURE:QIS) (Quorum) issued
statements today regarding its outlook for Q3 and Q4 FY2009.


"We are starting to see market activity pick up," stated Mark Allen, Quorum's VP
of Sales, Marketing and Services. "Our pipeline is growing and we are now
beginning to see the results of the market improvement with recent new sales.
Additionally, GM is initiating new integration projects for development and
delivery in Q3 and Q4. Finally, our migrations work for the SQL Server project
is coming to an end this year and the dealerships that have yet to migrate are
diligently working to get their migrations completed."


"We are currently deploying XSELLERATOR(TM) v4.7 in Canada. This version has the
new GM Global Warranty integration, which will allow dealerships to submit their
service departments' warranty claims electronically to GM's new Global Warranty
back-end systems. This version also has a number of added features to improve
dealerships' efficiency and profitability," stated Dan Ichelson, Quorum's VP
Operations and Development. "The Global Warranty integration point is the
largest GM integration project we have completed under the IDMS agreement to
date. This integration will be delivered to our Canadian customers in Q3 and our
US customers in Q4 of this year according to GM's roll-out schedule."


"As the market outlook and our product continue to improve, we are excited about
the upcoming quarters. Quorum is positioned as the #1 IDMS supplier as measured
by number of dealerships and the only DSP to have deployed all available GM
integration points in both Canada and the US. We continue to broaden our
integration to other OEMs and third parties; including Hyundai, Chrysler, the
Cobalt Group and more. The Company has reported four consecutive quarters of
positive net income and has a strong working capital position," commented Maury
Marks, Quorum's President and CEO. "We forecast that we will have positive net
income, EBITDA and cash flow for both Q3 and Q4 of this year."


In other news, the Company announced the granting of 300,000 stock options to
each of its independent Board members for a total of 1,200,000 stock options at
an exercise price of $0.15 per common share. The options were granted pursuant
to the Company's stock option plan and vest over a three-year period and are
exercisable for up to five years.


About Quorum

Quorum is a North American company focused on developing, marketing,
implementing and supporting its XSELLERATOR(TM) product for the automotive
vertical. XSELLERATOR is a dealership and customer management software product
which automates, integrates and streamlines every process across departments in
a dealership. One of the select North American suppliers of General Motors'
IDMS, Quorum is the third largest DMS provider for GM's Canadian dealerships
with over 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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