Mr. Maury Marks reports

QUORUM ANNOUNCES EARLY DEBT PAY DOWN OF $0.9 MILLION OF BDC CAPITAL FACILITY

Quorum Information Technologies Inc. has made a prepayment of $900,000 in principal and interest on its BDC Capital Inc. loan facility.

The prepayment reduced the outstanding principal amount under the BDC Capital facility by $900,000 from $9.6-million to $8.7-million, resulting in $100,000 in annual interest expense savings. The debt prepayment was financed with excess cash on hand. Quorum continues to have access to $4.0-million in additional financing through the BDC Capital facility.

"We are pleased to pay down an additional $900,000 on the BDC Capital facility," stated Maury Marks, president and chief executive officer of Quorum. "This follows the paydown of $1.6-million on the BDC Capital facility in Q4 2023. These pay downs follow Q3 2023 where we reported adjusted EBITDA of $2.0-million and a cash balance of $5.2-million. Our continued growth in adjusted EBITDA and cash flow leaves us well positioned to continue paying down the BDC Capital facility in the future."

About Quorum Information Technologies Inc.

Quorum is a North American software-as-a-service software and services company providing essential enterprise solutions that automotive dealerships and original equipment manufacturers (OEMs) rely on for their operations, including:

• 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.

We seek Safe Harbor.