Quorum Announces Completion of Bought Deal Financing
08 November 2019 - 3:06AM
Quorum Information Technologies Inc. (TSX Venture: QIS) (“Quorum”
or the “Company”), a leading provider of dealership and customer
management software and value-added services to the automotive
industry, is pleased to announce that it has closed its bought deal
private placement offering (the “Offering”) of common shares (the
“Shares”) of the Company which was previously announced on October
17, 2019 and upsized on October 18, 2019. The Offering was
completed through a syndicate of underwriters led by Cormark
Securities Inc. as sole bookrunner and included Beacon Securities
Limited and PI Financial Corp. (collectively, the
“Underwriters”). Pursuant to the Offering, the Company issued
10,574,825 Shares (including 1,379,325 Shares issued pursuant to an
over-allotment option that was exercised in full by the
Underwriters) at a price of $0.87 per Share for aggregate gross
proceeds of $9,200,098.
The net proceeds of the Offering will be used
for growth initiatives, working capital, general corporate purposes
and future potential acquisition opportunities.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy the securities in
any jurisdiction, nor shall there be any sale of the Shares in any
state in which such offer, solicitation or sale would be
unlawful. The Shares will not be and have not been registered
under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States, or to, or for the
account or benefit of U.S. persons, absent registration or an
applicable exemption from the registration requirements.
About Quorum
Quorum is a North American company focused on
developing, marketing, implementing and supporting its portfolio of
software and services for automotive dealerships that includes:
- XSelleratorTM, a Dealership Management System (DMS) that
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 system and set of Business Development Center services
that drives revenue into the critical sales and service departments
in a dealership.
- Autovance, a sales desking and F&I menu solution that
increases sales department gross margins and improves customer
satisfaction for dealerships.
- Advantage, a full showroom system for both franchised and
independent dealerships and a comprehensive operating system that
includes accounting for the independent market.
Quorum Information Technologies Inc. is traded
on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For
additional information please go to
www.QuorumInformationSystems.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. In particular, this press release
includes forward-looking information relating to the Offering,
including anticipated use of proceeds. 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.
Quorum Contact: Maury Marks
403-777-0036MarksM@QuorumDMS.com
PDF
available: http://ml.globenewswire.com/Resource/Download/5f0db404-d6a0-41ac-beb5-049a7752fa88
Quorum Information Techn... (TSXV:QIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Quorum Information Techn... (TSXV:QIS)
Historical Stock Chart
From Jul 2023 to Jul 2024