Quorum receives funding from Government of Canada
January 29 2020 - 5:01PM
Quorum Information Technologies Inc. (TSX Venture: QIS) ("Quorum"
or the "Corporation") announced today that it will receive support
from the National Research Council of Canada Industrial Research
Assistance Program (“NRC IRAP”). NRC IRAP will provide advisory
services and a contribution of up to $272,245 to assist Quorum in
undertaking a research and development project to refactor its
Vehicle Inspection Process (“VIP”) application to remove
dependencies on the XSellerator Dealership Management System
(“DMS”) and offer a fully cloud-based inspection tool that can be
licensed to, and integrated for use, by DealerMine customers and
other industry partners. This will expand DealerMine’s
industry-leading Service CRM suite of products to include the full
service lane process in a dealership.
Maury Marks, Quorum’s President and CEO, stated,
“VIP is a cloud-based application that allows service advisors and
technicians to take their mobile device to the customer’s vehicle
to complete walk around inspections and sell additional services.
The VIP application is currently tightly integrated in the
XSellerator DMS. Under this project, we are removing the
dependencies on the XSellerator DMS to allow the VIP application to
offer a stand-alone inspection tool that can be licensed to, and
integrated for use, by DealerMine customers and other industry
partners. There are significant business and technical risks
associated with our stand-alone VIP project. We are delighted that
NRC IRAP is supporting the research and development of this
technology as it reduces the risk of our investment and should
allow our stand-alone VIP application to positively impact our
future reoccurring software (Software-as-a-Service - SaaS)
revenues. The software development resources for the project will
come from our St. John’s office. We are pleased with the
skilled, creative talent that we have found in St. John’s that will
be instrumental in helping try to overcome the technical risks
associated with the project.”
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:
- XSellerator, 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 system
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
management 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.QuorumDMS.com.
Forward-Looking InformationThis
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, but without limiting the foregoing, this
press release may contain forward-looking information pertaining to
the effect of the BDC Capital Facility. 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.
Contact: Maury Marks
403-777-0036MarksM@QuorumDMS.com
PDF
available: http://ml.globenewswire.com/Resource/Download/ca240d1a-1e29-49d1-a699-3719c63d4163
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