01:16 PM EST - Quorum Information Technologies Inc. : Announced today that it has signed a Definitive Agreement with Autovance Technologies Inc. whereby the Corporation will acquire all of the issued and outstanding shares of the company. Under the terms of the Agreement, the Corporation will acquire all of the issued and outstanding shares of Autovance for consideration comprised of a combination of cash and restricted share units of Quorum to be granted pursuant to the Corporation's incentive award plan. The RSUs will be granted upon the achievement of certain milestones by Autovance post-closing and, upon the satisfaction of each milestone, will vest over a period of two years from the date of milestone satisfaction. Quorum Information Technologies Inc.
shares V.QIS are trading down 4 cents at $0.65.
