The BDC Capital Facility was obtained in 2019 to finance the 2018 purchase of DealerMine and the 2022 purchase of Accessible Accessories. The Facility was restructured in 2022, which included replacing the original Facility with a Mezzanine loan and a Cash Flow loan. The Mezzanine loan has a floating cash interest rate of 10.15% per annum and an additional accrued interest of 2.65% that is due and payable on
As a result of the prepayment, the Company reduced the outstanding principal amount under the BDC Capital Facility by
“We are pleased to pay down a portion of the BDC Capital Facility early,” stated
About
Quorum is a
- Quorum’s Dealership Management System (DMS), which 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.
VINN Automotive , a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.
Contacts:
President and Chief Executive Officer
403-777-0036
Maury.Marks@QuorumInfoTech.com
Chief Financial Officer
403-777-0036
Marilyn.Bown@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
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1 Adjusted EBITDA – Net income (loss) before interest and financing costs, taxes, depreciation, amortization, stock-based compensation, foreign exchange gains and losses, one-time acquisition-related expenses and restructuring fees.
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