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Quorum Announces Market Making and Investor Relations Services Agreements

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Quorum Information Technologies Inc.
Quorum Information Technologies Inc.

CALGARY, Alberta, May 16, 2022 (GLOBE NEWSWIRE) -- Quorum Information Technologies Inc. (QIS:TSXV) (“Quorum” or the “Company”), a SaaS software and services company that provides essential software that vehicle dealerships rely on for operations throughout North America, announced today the retention of Red Cloud Securities Inc. (“Red Cloud”) to provide market making services, and the retention of Daniela Trnka (“Trnka”) to provide Investor Relations (“IR”) services, each in compliance with the policies and guidelines of the TSX Venture Exchange (“TSXV”), and other applicable regulations.

The agreement with Red Cloud is to trade shares of Quorum on the TSXV for the purposes of maintaining an orderly market. None of Red Cloud nor its affiliates or associates has any interest directly or indirectly in the Company or its securities, or any right or intent to acquire such an interest. The agreement with Red Cloud commenced on May 15, 2022 and has a term of three months, with subsequent monthly renewals until terminated by either party. Red Cloud will receive a cash fee of $5,000 per month. There are no performance factors contained in the agreement between Red Cloud and Quorum, and Red Cloud will not receive any shares or options from Quorum as compensation for services it will render.

The Company has engaged Ms. Trnka to provide IR services. Ms. Trnka has twenty years’ experience in IR and provided IR services to Quorum from October 2016 to October 2021. The new IR services agreement is effective May 11, 2022 and provides that Ms. Trnka will be compensated at $4,000 per month. The IR services agreement is open to termination with a minimum of one month’s notice by either party. There are no performance factors contained in the agreement, and Ms. Trnka will not receive any shares or options from Quorum as compensation for services rendered.

The investor relations and market making agreements remain subject to the approval of the TSXV.

About Red Cloud Securities

Red Cloud Securities Inc. is registered as an Investment Dealer in Ontario, Quebec, Alberta and British Columbia, and is a member of the Investment Industry Organization of Canada (“IIROC”). It is focused on providing unique comprehensive capital market services and innovative financing alternatives to the junior resource sector. The company was founded by capital markets professionals who designed the firm to service small public and private companies. This solution is a comprehensive platform that provides a full range of unconflicted corporate access services. Offering these services as a unified platform provides the ultimate value proposition for issuer clients. Red Cloud’s head office is located at Suite 1400, 120 Adelaide St W, Toronto, Ontario, M5H 1T1

About Quorum Information Technologies Inc.

Quorum is a North American company focused on developing, marketing, implementing and supporting its portfolio of software and services for automotive dealerships that includes:

Quorum’s Dealership Management System (DMS) automates, integrates and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.

DealerMine CRM, a sales and service Customer Relationship Management (CRM) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.

Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and CSI through Autovance’s F&I menu solution.

Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue.

Quorum Information Technologies Inc. is traded on the TSX Venture Exchange (TSXV) under the symbol QIS. For additional information, please go to QuorumInformationSystems.com.

Contacts:

Maury Marks
President and Chief Executive Officer
403-777-0036
Maury.Marks@QuorumInfoTech.com

Marilyn Bown
Chief Financial Officer
403-777-0036
Marilyn.Bown@QuorumInfoTech.com

Daniela Trnka
Investor Relations
403-777-0036
Daniela.Trnka@QuorumInfoTech.com

Forward-Looking Information

This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

PDF Available: http://ml.globenewswire.com/Resource/Download/d5c778f0-08c3-4a6e-ab62-dbbc29b4dd8a


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