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Quorum Announces Q2 2019 Results

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Posting Record SaaS, Total Revenue and EBITDA

CALGARY, Alberta, Aug. 22, 2019 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (“Quorum” or the “Company”), a leading provider of dealership and customer management software and value-added services to the automotive industry, released its results for Q2 2019 today.  

“This is Quorum’s second quarter as a combined Company following our recent acquisitions,” stated Maury Marks, President and CEO. “Today we are reporting the combined results from the XSellerator, DealerMine, Autovance and Advantage1 divisions.”

In Q2 2019, we collectively posted both a record total revenue amount and a record Software as a Service (“SaaS”) revenue amount from 1,007 customers, compared to 456 customers in Q2 2018.  SaaS revenue in the quarter was $5.44 million, or 66% of total revenue, and Business Development Centre (“BDC”) revenue was $1.98 million, or 24% of total revenue.  Quorum’s annual run rate based on June 2019 is now $22.3 million for its SaaS revenue and $8.5 million for its BDC revenue, and 90% of Quorum’s revenues are under long-term or evergreen contracts.  Quorum also posted record Earnings before Interest Taxes, Depreciation, and Amortization (EBITDA) of $1,353K during Q2 2019, an increase of $791K over Q2 2018 EBITDA of $562K. 

Looking more specifically to our divisions, our XSellerator division had a 9% increase in SaaS revenue over Q2 2018 based on growth in its customer base and growth in average recurring revenue per unit (“ARRPU”).  The XSellerator team worked on two new products for release in Q3 2019, which should continue to help drive ARRPU growth.

Both DealerMine and Autovance had good quarterly revenue growth in Q2 2019. As mentioned in previous Quorum disclosure, DealerMine, Autovance and Advantage are high-growth, cloud-based SaaS businesses that can show immediate returns when adopted, as they do not require OEM integration and require significantly less training and support to transition dealerships to their solutions.  DealerMine had an impressive quarter as they completed the roll out of their Service CRM software and BDC services for the previously announced AutoCanada Canadian dealerships contract, which in turn produced strong growth numbers for DealerMine in Q2 2019 in both SaaS and BDC revenue.  Autovance had a 38% increase in SaaS revenue over Q2 2018 from growth of their Desk product.  The Advantage product should be ready to sell to (used) Independent dealerships in Q4 2019.

On July 9th, 2019, Quorum announced that the Atlantic Canada Opportunities Agency (“ACOA”) will be providing a $1.5 million interest-free, unsecured, repayable investment to assist Quorum with the Lead Generation Data Hub project.  Over a two-year period, Quorum will develop a data hub that integrates information about the customer from the DMS, the automaker (“OEM”) and 3rd party partners.

As we look forward, Quorum’s priorities remain to grow its SaaS revenues while showing operating leverage from its increased scale.  The opportunity set remains as large as ever and we are working hard to capitalize on it.                                                       

   
Q2 2019 Financial Highlights  
   ($000’s except per share amounts)
  Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2018
Q2 Ended
June 30, 2019

 

Q2 Ended
June 30, 2018

 

Q1 Ended
March 31, 2019

 

Q1 Ended
March 31,
2018

 

 

SaaS revenue

$   10,721   $   5,544   $    5,437   $   2,811   $   5,284   $   2,733  
BDC revenue   3,320          1,984         1,336      
Services and one-time revenue   1,523     1,549     795     760     728     789  
Gross revenue     15,564       7,093      8,216     3,571     7,348     3,522  
Gross margin   6,941     3,674     3,659     1,834     3,282     1,840  
SaaS revenue gross margin percentage   61 %   69 %   62 %   68 %   61 %   70 %
BDC revenue gross margin percentage   18 %       19 %       17 %    
Gross margin percentage   45 %   52 %   45 %   51 %   45 %   52 %
EBITDA expenses2   4,831     2,924     2,306     1,272     2,525     1,652  
Operating income before interest, taxes, depreciation and amortization (EBITDA)   2,110     750     1,353     562     757     188  
EBITDA percentage of revenue   14 %   11 %   16 %   16 %   10 %   5 %
Adjusted cash income (loss)   806     (231 )   768     174     38     (405 )
Income (loss) before deferred income tax expense   (503 )   (352 )   118     46     (621 )   (398 )
Net income (loss)   (247 )   (461 )   309     (216 )   (556 )   (245 )
Comprehensive income (loss)   (314 )   (378 )   292     (189 )   (606 )   (189 )
Net income (loss) per share $ (0.0041 ) $ (0.0088 ) $ 0.0051   $ (0.0041 ) $ (0.0091 ) $ (0.0047 )
  • Q2 2019 was the highest SaaS revenue and total revenue quarter in the Corporation’s history.  Gross revenue increased by 130% to $8,216K in Q2 2019 from $3,571K in Q2 2018.  The increase in revenue is due to:
    • An increase of $2,627K during Q2 2019 in SaaS revenue as a result of the DealerMine and Oasis acquisitions and as a result of organic growth of both XSellerator and Autovance; and
    • An increase of $1,923K during Q2 2019 in services revenue primarily attributable to the DealerMine acquisition.
       
  • SaaS revenue increased to $5,437K in Q2 2019 compared to $2,811K in Q2 2018, an increase of $2,626K or 93%.  Quorum’s Q2 2019 SaaS revenue of $5,437K translates into a yearly run rate of $21,750K.  Quorum’s June 2019 SaaS revenue was $1,856K which translates into a yearly run rate of $22,273K.  SaaS revenue was 66% of total revenue for Q2 2019 as compared to 79% for Q2 2018.  The decrease is in SaaS revenue as a percentage of total revenue is due to significant BDC revenue in Q2 2019 for which there was no comparable revenue in Q2 2018. At the end of Q2 2019, Quorum had 1,007 customers compared to 456 customers at the end of Q2 2018.
     
  • As noted above, as part of the DealerMine acquisition, Quorum acquired a Business Development Centre (“BDC”).  BDC revenue was $1,984K in Q2 2019 for which there was no comparable revenue in Q2 2018 as the DealerMine acquisition was completed in Q4 2018.  This translates into a yearly run rate of $7,936K.  BDC revenue for June 2019 was $709K which translates into a yearly run rate of $8,513K.  BDC revenue was 24% of total revenue for Q2 2019.
     
  • 90% of the Corporation’s revenue is contracted revenue.  Contracted revenue is calculated by combining SaaS and BDC revenue.

    Gross margin increased to $3,659K or 45% in Q2 2019 compared to $1,834K or 51% for Q2 2018.   While gross margin increased by $1,825K during Q2 2019, gross margin percentage decreased by 6% during Q2 2019.  The increase in gross margin is primarily due to additional revenue of $4,564K associated with DealerMine and Oasis offset by the additional third party costs and salaries and benefits for the two divisions during Q2 2019. 

  • Q2 2019 was the highest EBITDA quarter in the Corporation’s history.  EBITDA was $1,353K in Q2 2019 as compared to $562K in Q2 2018, an increase of $791K.  An increase in gross margin was offset by an increase in salaries and benefits, general and administrative and sales and marketing expense primarily due to the DealerMine and Oasis acquisitions.                                                          
 
Adjusted Cash Income   
      ($000’s)
  Six Months Ended
June 30, 2019
Six Months Ended
June 30, 2018
Q2 Ended June 30,
2019
Q2 Ended June 30,
2018
Q1 Ended March 31,
2019
Q1 Ended March 31,
2018
             
EBITDA $ 2,110   $   750   $ 1,353   $   562   $   757   $   188  
Capitalized salaries and overhead   (1,306 )   (981 )   (585 )   (388 )   (721 )   (593 )
Acquisition and financing expense   2                 2      
 

Adjusted cash income

$

 

  806

 

$

 

  (231

)

$

 

  768

 

$

 

 174

 

$

 

  38

 

$

 

 (405

)

  • Adjusted cash income was $768K for Q2 2019 as compared to $174K for Q2 2018, an increase of $594K.  The total of capitalized salaries and overhead was $585K for Q2 2019 as compared to $388K in Q2 2018.  Capitalized salaries and overhead decreased as compared to Q1 2019 due to the accrual of SRED refunds and Investment Tax Credits of $245K. 

    Income before deferred income tax expense increased to $118K for Q2 2019 compared to $46K in Q2 2018. 

  • Including cash of $981K, total net working capital at June 30, 2019 was $1,538K with a current ratio of 1.42, compared to $1,371K at March 31, 2019, with a current ratio of 1.37, an increase of $167K. 

                         
Strategy and Outlook

Quorum’s vision is to build a single, integrated, end-to-end business process solution for North American automotive dealerships that covers all of their business-critical processes.  To deliver on this vision, Quorum has initiated a build, resell and acquire strategy, which combines continued development of Quorum’s flagship XSellerator Dealer Management System (“DMS”) product, partnering with complementary third-party service providers to resell value-added services to Quorum’s existing customer base, and acquiring strategic companies that provide innovative solutions that augment Quorum’s existing suite of product offerings. 

The genesis of this vision was a recognition of the changing landscape in the automotive dealer market as well as an in-depth understanding of the numerous disparate products that Quorum’s customers purchase from a variety of third-party providers.  With many Quorum customers spending approximately $7,000 per month on other third-party products, there is opportunity to consolidate these products under one offering.  For a dealer group, Quorum can currently displace up to six different products, allowing Quorum to capture part of this third-party spend while providing cost savings to customers and streamlining business processes.

Delivering on this vision, Quorum acquired Autovance Technologies Inc. (“Autovance”) in August 2017, which provides sales desking solutions to help salespeople seamlessly present payment, lease and financing information to customers.  Quorum has continued to market the Autovance Desk product to both new customers as well as its existing XSellerator customers, and has recently made the Autovance Desk product available to US-based XSellerator dealerships.  Quorum believes that this additional value-added product will accelerate US growth opportunities by providing a more fulsome solution for US-based dealers and dealer groups.  Autovance has recently added Autovance Menu to its suite of products.  Currently, Autovance Menu is in pilot and Quorum plans to market the Autovance Menu product in Q4 2019.  At the time of acquisition, 63 XSellerator customers utilized the Autovance Desk product.  As of June 30, 2019, 116 XSellerator customers utilize Autovance Desk.

In October 2018, Quorum completed the transformative acquisition of DealerMine Inc. (“DealerMine”).  The deal significantly accelerates Quorum’s strategic vision to be a full-service provider to automotive dealerships by adding DealerMine’s Customer Relationship Management (CRM) Service, Sales CRM and call centre services known as the Business Development Centre (“BDC”). The deal also significantly increases Quorum’s scale resulting in a combined company customer base of over 860 dealership rooftop customers at the time of acquisition, up from 447 prior to the acquisition.  With only 15 XSellerator customers at the time of acquisition utilizing the DealerMine Service CRM product and BDC services, Quorum believes there is a significant growth opportunity for DealerMine within Quorum’s existing customer base.  On January 25, 2019, DealerMine and AutoCanada entered into a strategic partnership with respect to the establishment of a dedicated BDC for AutoCanada’s Canadian dealerships.  As of June 30, 2019, DealerMine has 465 customers and 30 XSellerator customers utilize DealerMine’s products.

At an industry level, the automotive dealer market is seeing increased consolidation into larger dealer groups, which creates opportunities for DMS providers like Quorum that can integrate multiple dealer rooftops under one solution.  Auto manufacturers are also increasing the requirements for DMS providers to integrate with their own OEM back-end systems, and de-certifying those DMS providers that are unable to connect their solutions with these systems.  In January 2019, XSellerator completed certification with Volkswagen (VW) and Audi.  Those certifications allow XSellerator to be sold to VW and Audi dealerships which increase XSellerator’s total available market, particularly to those dealer groups which house a variety of different vehicle brands.  The XSellerator division has completed integration with OEM’s representing 18 different brands in Canada and 12 different brands in the US.  To complete Quorum’s all makes certification strategy, the XSellerator division still needs to complete integrations with the remaining OEM manufacturers being Honda/Acura, Mazda, BMW, Mercedes and Volvo and complete additional integrations with the US OEM manufacturers including Toyota/Lexus, Hyundai, Kia and Subaru.

In addition, as smaller DMS providers struggle with the increased development and licensing fees associated with increased OEM integration, Quorum believes there is an opportunity to consolidate these providers under one platform to achieve economies of scale and spread these costs over a larger customer base.  To this end, Quorum completed the acquisition of Oasis Auto Complete Systems Limited (“Oasis”) in January 2019, which will allow for existing Oasis franchised dealerships to transition to the XSellerator platform, and the Oasis Advantage Product Suite will form the basis for a new system targeted at the independent dealership market.  As of June 30, 2019, a total of 14 Oasis Advantage customer conversions to XSellerator have been sold and four have been converted or installed.

In Q1 2019, Quorum successfully closed a $15 million debt financing facility with BDC Capital Inc.  Quorum drew $8.125 million immediately to retire a bridge financing facility that was used to acquire DealerMine Inc. and pay the cash consideration of the Oasis acquisition.  The balance of the BDC Capital Inc. facility remains available for potential future acquisitions. 

As Quorum moves forward, it has never had a more exciting set of growth opportunities. These opportunities include growing the core XSellerator DMS business, cross-selling products and services to our DMS customers, growing acquired assets, and continuing to assess other strategic acquisitions. DealerMine, Autovance and Advantage are high-growth, cloud-based Software as a Service (“SaaS”) businesses that can show immediate leverage in that they do not require OEM integration and require significantly less training and support to transition dealerships to their solutions. Continuing to build out the XSellerator base is the foundation on which the Corporation can offer solutions from our recent acquisitions and third party reseller arrangements.

Quorum Q2 2019 Results Conference Call Details and Investor Presentation

Quorum will host a conference call at 11:00 MT (13:00 ET) on Friday, August 23, 2019.  Anyone wishing to participate in the call is asked to dial-in using the following numbers and ask for the Quorum Information Technologies Inc. Q2 2019 Results Conference Call:

Local:                                   1 (403) 451-9838 

Toll-Free North America:        1 (888) 231-8191

Conference ID#:                   8762439

Quorum’s Q2 2019 Earnings Results investor presentation is also available for download under the Investors section on the Company’s website at www.quorumdms.com.

Forward Looking Information

This report contains certain forward-looking information and statements within the meaning of applicable securities laws. All statements in this report, other than statements of historical fact, which address events or developments concerning Quorum Information Technologies Inc. (“Quorum” or the “Corporation”) that Quorum expects to occur are “forward-looking information and statements”. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “potential”, “could”, “scheduled”, “believe”, “plans”, “intends”, “might” and similar expressions are intended to identify forward-looking information or statements.

In particular, but without limiting the foregoing, this document may contain forward-looking information and statements pertaining to the following business plan of Quorum including its plans for targeting new Original Equipment Manufacturer (“OEM”) Integration, new dealership roof top sales, and increasing Automotive Group Partnerships; the timing for completion and cost of OEM Integration; estimates of return on assets and EBITDA; potential merger and acquisition (“M&A”) opportunities; the timing of adoption of new accounting standards and the potential impact of new accounting standards on the Corporation’s financial statement; the effect of acquisitions on the Corporation including the effect of the Autovance, DealerMine and Oasis acquisitions; the effect of the BDC Capital facility; various industry activity forecasts; growth opportunities including those in the United States; anticipated requirements by OEM manufactures relating to integrations and certifications; and other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance. Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking statements throughout this report. The forward-looking information and statements contained in this report reflect several material factors, expectations and assumptions including, without limitation: (i) capital expenditures by dealers; (ii) market availability of current and future dealership rooftops; (iii) schedules and timing of certain projects and Quorum’s strategy for growth; (iv) Quorum’s future operating and financial results; and (v) treatment under governmental regulatory regimes and tax and other laws. The forward-looking information and statements included in this report are not guarantees of future performance and should not be unduly relied upon.

Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking information and statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: (i) volatility in exchange rates for the Canadian dollar relative to the US dollar; (ii) liabilities and risks inherent in the software services industry; (iii) competition for, among other things, capital and skilled personnel; (iv) changes in general economic, market and business conditions in Canada and the United States; and (v) actions by governmental or regulatory authorities including changes in income tax laws or changes in tax laws. Quorum cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information and statements contained in this document speak only as of the date of this document, and Quorum assumes no obligation to update or revise them to reflect news events or circumstances, except as may be required pursuant to applicable laws. Any financial outlook or future oriented financial information in this document, as defined by applicable securities legislation, has been approved by management of Quorum. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

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:

  • XSelleratorTM, 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 has filed its Q2 2019 unaudited condensed consolidated financial statements and notes thereto as at and for the three months ended June 30, 2019, and accompanying management and discussion and analysis in accordance with National Instrument 51-102 – Continuous Disclosure Obligations adopted by the Canadian securities regulatory authorities.
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.

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.

 

1 Oasis Auto Complete Systems Limited has been renamed as Advantage.

2 EBITDA Expenses include salaries and benefits, general and administrative, and sales and marketing.

Quorum Contact: Maury Marks
403-777-0036
MarksM@QuorumDMS.com

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Constellation Software Announces Appointment of Susan Gayner and Dexter Salna to its Board of Directors

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TORONTO, Sept. 20, 2019 (GLOBE NEWSWIRE) — The board of directors of Constellation Software Inc. (“Constellation”) (TSX: CSU) announced today the appointment of Susan Gayner and Dexter Salna to the Company’s Board of Directors.

Susan Gayner is President and CEO of ParkLand Ventures, Inc., an owner-operator of multifamily housing communities in the US.  She is a Chemical Engineer by training and prior to her tenure with ParkLand served in various capacities with both the DuPont Company and Hercules, Inc.  She currently serves on the board of directors of Synalloy Corporation, where she is chair of the Governance Committee.  She holds a BA (Chemistry) and an ME (Chemical Engineering), both from the University of Virginia.

Dexter Salna joined Constellation in 1995 and is currently the President of the Perseus operating group within Constellation.  Prior to his current position, Mr. Salna held various senior executive positions within the Volaris operating group of Constellation.

About Constellation Software Inc.
Constellation Software acquires, manages and builds vertical market software businesses

Contact:

Jamal Baksh
Chief Financial Officer
416-861-9677

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dynaCERT Provides Clarification-Retraction

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TORONTO, Sept. 20, 2019 (GLOBE NEWSWIRE) — dynaCERT Inc. (TSX VENTURE: DYA) (OTCQB: DYFSF) (FRA: DMJ) announces the following:

IIROC has requested disclosure from dynaCERT (and dynaCERT wishes to comply) that dynaCERT does not endorse the “BUY” recommendation nor the target price previously announced in a press release today regarding the independent research report produced by the Investment Research department of GBC AG.  Such research report was not paid for by dynaCERT and is considered independent of the Company.

About dynaCERT Inc.

dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology for use with internal combustion engines. As part of the growing global hydrogen economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, resulting in lower carbon emissions and greater fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment, marine vessels and railroad locomotives. Website: www.dynaCERT.com

READER ADVISORY

Except for statements of historical fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to the potential expansion into new markets, industries and segments, such as diesel-powered use of any the dynaCERT products and sales. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging hydrogen economy; including the hydrogen economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

On Behalf of the Board
Murray James Payne, CEO

For more information, please contact:

Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com

Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
ir@dynaCERT.com

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ProntoForms Corporation Announces Option Grant

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OTTAWA, Sept. 20, 2019 (GLOBE NEWSWIRE) — ProntoForms® Corporation (TSXV:PFM) (“ProntoForms”) today announced, pursuant to the requirements of the TSX Venture Exchange, that it has granted options as part of the overall remuneration and incentive program for its employees, officers and directors, including options to purchase 2,080,000 common shares to officers and directors of the company. These stock options are exercisable at $0.60 per share, being the closing price of ProntoForms’ common shares on the TSX Venture Exchange on September 19, 2019, the trading day prior to the grant. Stock option grants are subject to necessary regulatory approvals.

About ProntoForms Corporation

ProntoForms is the global leader in field-focused low-code application platforms for enterprise. The Company’s solution is used to create apps and forms to collect and analyze field data with smartphones and tablets – either as a standalone solution or as a mobile front-end to enterprise systems of record.​

The Company’s 100,000+ subscribers harness the intuitive, secure, and scalable solution to increase productivity, improve quality of service, and mitigate risks. The Company is based in Ottawa, Canada, and trades on the TSXV under the symbol PFM. ProntoForms is the registered trademark of ProntoForms Inc., a wholly owned subsidiary of ProntoForms Corporation.

Certain information in this press release may constitute forward-looking information. For example, statements about the Company’s future growth or value are forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For additional information, please contact:

Alvaro Pombo
Chief Executive Officer
ProntoForms Corporation
613.599.8288 ext. 1111
apombo@prontoforms.com
                                  Babak Pedram
Investor Relations
Virtus Advisory Group Inc.
416-644-5081
bpedram@virtusadvisory.com
     
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