Quorum Information Technologies Gains Strong Shareholder Endorsement
Quorum Information Technologies Inc. (TSX-V: QIS) is thrilled to share that its shareholders have successfully passed a special resolution supporting a proposed plan of arrangement. This exciting development reinforces the confidence that shareholders have in the company’s strategic direction and future endeavors.
Details of the Arrangement
This arrangement involves Quorum, its shareholders, and an affiliate of Valsoft Corporation Inc., which aims to enhance the operational landscape of the company. The management circular associated with this arrangement details the specificities of the proposal and was accessible to interested parties through the designated channels.
Statistical Backing from Shareholders
At the special meeting, an impressive 79.55% of the issued and outstanding Quorum Shares were represented. Among these, a remarkable 97.65% voted in favor of the arrangement, signifying overwhelming support from the shareholder base.
Court Approval Secured
Adding to the positive momentum, the Court of King's Bench of Alberta granted a final order approving the arrangement. This marks a significant milestone in Quorum’s journey and demonstrates the legal endorsement of the proposed changes.
Looking Ahead to the Future
The next steps involve fulfilling the remaining conditions outlined in the arrangement agreement made with the purchaser. This includes receiving final approval from the TSX Venture Exchange, which is crucial for the arrangement's execution.
Expected Timeline for Closure
While an exact closing date has yet to be formalized, it is anticipated to take place in early December, heralding a new chapter for Quorum. Stakeholders are eagerly awaiting the outcomes that this arrangement may unfold.
About Quorum Information Technologies
As a prominent player in the North American SaaS sector, Quorum provides essential software solutions to automotive dealerships and OEMs, facilitating seamless operations and enhanced customer experience.
Comprehensive Management Solutions
Quorum’s offerings, including their Dealership Management System (DMS), are designed to integrate and streamline diverse processes within dealerships, fostering both efficiency and revenue generation.
Enhancing Dealer Success
Additionally, Quorum offers competitive products like DealerMine CRM and Autovance, which are tailored to drive sales and improve customer relationships, showcasing the company's commitment to innovation and support for automotive dealerships.
Contact Information
For those interested in learning more about Quorum's operations or seeking further information regarding the company, here are key contacts within the organization:
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
Frequently Asked Questions
What is the significance of the recent shareholder approval?
The recent shareholder approval signifies strong support for the proposed arrangement and reflects confidence in Quorum's strategic business decisions.
When is the expected closing date for the arrangement?
While the exact date has not been established, it is expected to close in early December.
Who is the purchaser in the arrangement?
The purchaser is 2745122 Alberta Inc., an affiliate of Valsoft Corporation Inc., which will play a role in the arrangement with Quorum.
What services does Quorum provide?
Quorum offers essential SaaS solutions for automotive dealerships, including dealership management systems and customer relationship management tools.
How can I get more information about Quorum?
For more details, you can reach out to Quorum’s CEO or CFO through the provided contact information.
