L6 Holdings Inc. Acquires Common Shares of Quorum Information Technologies Inc.

TORONTO, June 05, 2023 (GLOBE NEWSWIRE) -- L6 Holdings Inc. ("L6") announced that on June 5, 2023, it acquired common shares ("Quorum Shares") of Quorum Information Technologies Inc. ("Quorum") pursuant to a private agreement with a shareholder of Quorum.

L6 acquired 4,049,042 Quorum Shares representing approximately 5.5% of the outstanding Quorum Shares, for consideration of C$0.62 per share and total consideration of C$2,510,406 (the "L6 Acquisition"). The purchase price was paid in cash. Immediately before completion of the L6 Acquisition, L6 owned 6,618,500 Quorum Shares, representing approximately 9% of the outstanding Quorum Shares. Following completion of the L6 Acquisition, L6 owns 10,667,542 Quorum Shares, representing approximately 14.6% of issued and outstanding Quorum Shares.

Following completion of the L6 Acquisition, L6 and Pinetree Capital Ltd. (another shareholder of Quorum, who is a joint actor of L6), together beneficially own 18,667,542 Quorum Shares, representing approximately 25.5% of issued and outstanding Quorum Shares.

The L6 Acquisition was completed for investment purposes. L6 may increase or decrease its investment in the securities of Quorum depending on its evaluation of Quorum's business, prospects and financial condition, the market for Quorum's securities, general economic and tax conditions and other factors.

A copy of the early warning report filed by L6 in connection with the foregoing is available on SEDAR. A copy may also be obtained from Damien Leonard, Managing Director at L6 at (416) 941-9600 ext. 100.

L6 Holdings' head office is located at 49 Leuty Avenue, Toronto, Ontario, M4E 2R2. Quorum's head office is 7500 Macleod Trail SE, Suite 200, Calgary, Alberta, T2H 0L9.