CALGARY, Alberta, Dec. 05, 2019 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX Venture: QIS) (“Quorum” or the “Corporation”) announces effective immediately, the appointments of Mr. D. Neil McDonnell and Mr. Greg Pollard to Quorum’s Board of Directors, and the retirement of Board Chair, Mr. Michael Podovilnikoff. Mr. Craig Nieboer will also be retiring from the Board but will continue with the Board until April 2020 for a more orderly transition of the Audit Chair role.
These appointments temporarily increase the size of Quorum’s Board from seven to eight members. Messrs. McDonnell and Pollard will be joining existing Quorum Board members Mr. Maury Marks, Mr. Joe Campbell, Mr. Scot Eisenfelder, Mr. Craig Nieboer, Mr. Jon Hook, and Mr. Robert Quirion.
“I’m extremely excited to be welcoming both Neil and Greg to Quorum’s Board” said Mr. Maury Marks, founder, President and CEO of Quorum. “We look forward to harnessing Neil’s extensive experience in growing and leading numerous Canadian technology companies, and Greg’s widespread financial, operational, transactional and M&A experience. As a growing Canadian software technology company, we are certain that both Neil and Greg will help further drive our organizational growth, industry stature and leadership, and financial success”.
Mr. McDonnell is a recognized leader in the Canadian technology space and is currently Chair of Photon Control Inc. (TSX:PHO), Chair of Nanotech Security Corp., Director of Redline Communications and Chair of BasicGov Systems. Mr. McDonnell has also served in numerous previous governance and senior executive roles including past Chair of Agreement Express Inc., Director of Aprio Inc., Chair of EDP Software Inc, Director of Espial Group Inc., Executive Chair of ResponseTek Networks Corp., Director of Symbility Solutions Inc., Chair of QHR Technologies Inc., CEO of Wurldtech Security Technologies Inc., Director of British Columbia Lottery Corporation, Board Advisor of ICBC, and Chair and CEO of TeraSpan Networks Inc. Mr. McDonnell holds a Master of Business Administration from the University of British Columbia and a Bachelor of Commerce from the University of Toronto.
Mr. Greg Pollard brings more than thirty years of experience in multiple sectors. Mr. Pollard is a currently serving as the Chair of the Audit and Finance committee of the Balancing Pool’s Board of Directors and is a Director for a number of legal entities within the Walton Group of Companies. Mr. Pollard has served in many various leadership roles including leading Ernst & Young LLP’s Transaction Advisory Services practice in Calgary from 2008 to 2012 following his return from Ernst & Young’s Houston, Texas office where he served as Gulf Coast Transaction Advisory Services practice and market leader, as well as oil and gas industry sector leader in the Americas. He is a Chartered Accountant (1979), a Chartered Insolvency and Restructuring Professional (CAIRP – 1992) (ret.), and has his ICD.D (2012) from the Institute of Corporate Directors.
Mr. Scot Eisenfelder will be assuming the position of Board Chair. Mr. Eisenfelder is currently the CEO of Affinitive, a marketing technology company that works with more than 6,500 franchised dealership customers. Scot is a 25-year automotive veteran that has held multiple senior executive roles including SVP Strategy and later CMO at AutoNation, CEO of JM Family’s dealer software business and was SVP Product Management, Strategy and Marketing at Reynolds and Reynolds. Mr. Eisenfelder has an MBA from Wharton School, graduating with distinction and is a Palmer Scholar. He attended Mannheim University in Germany as a Fulbright Scholar and graduated summa cum laude in Economics from Princeton.
“I’d also like to especially thank Mr. Michael Podovilnikoff for his 10 years of service on Quorum’s Board”, added Mr. Marks. “Mick has been a wonderful resource, a perennial guide and strong ambassador of Quorum’s over his entire tenure, and as Chair, has led us through the significant growth we have experienced and delivered to our shareholders. I would personally like to thank Mick for his guidance and strong mentoring over the years and his unwavering support.”
Quorum has also approved the grant of an aggregate of 1,260,000 restricted share units (“RSUs’) to its non-Executive Board of Directors members. Each RSU represents the right to receive, once vested, one common share in the capital of the Company. Existing directors’ RSUs vest over a 3-year period commencing December 1st, 2019 and ending December 1st 2021 and new directors RSU’s vest over a 3-year period commencing December 1st, 2020 and ending December 1st, 2022. Existing directors did not receive a RSU grant in 2018; hence the RSU vesting schedule has been accelerated by 1 year. The grant of the RSUs are subject to approval from the TSX Venture Exchange.
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 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.QuorumDMS.com.
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.
Contact: Maury Marks