MARKHAM, ONTARIO--(Marketwired - Sept. 17, 2015) - VIQ Solutions Inc. ("VIQ", "VIQ Solutions" or the "Corporation") (TSX VENTURE:VQS) is pleased to announce that further to its press release dated August 31, 2015, the Company has completed the acquisition of Dataworxs Systems Limited ("Dataworxs"), a leading international technology provider of digital audio dictation, document management and speech-to-text software solutions (the "Acquisition").
Pursuant to the terms of the Acquisition, the Corporation acquired all of the issued and outstanding share capital of Dataworxs for an aggregate purchase price of CAD$575,000 (the "Purchase Price") which was satisfied by way of cash in the amount of CAD$300,000 ("Cash Consideration"); and the balance of the Purchase Price was satisfied through the issuance of 6,221,719 common shares (the "Shares") in the capital of the Corporation (the "Share Consideration") at deemed price of $0.0442 per share, (the "Deemed Price"). The Deemed Price was equal to the 20 day volume weighted average price of the Shares prior to the date of the closing date of the Acquisition.
Concurrently with the closing of the Acquisition, the Corporation completed a non-brokered private placement pursuant to which the Corporation raised gross proceeds of $730,000.00 (the "Financing"). Under the terms of the Financing, the Corporation issued 14,600,000 units (the "Units") at a price of $0.05 per Unit, with each Unit consisting of one (1) Share and one (1) whole warrant (a "Warrant"). Each Warrant being exercisable for a period of twelve (12) months after the closing date of the Acquisition at an exercise price of $0.05 per Share (the "Initial Period"), and thereafter for an additional period of twelve (12) months subsequent to the Initial Period at an exercise price of $0.07 per Share.
Sebastien Paré, President and CEO of VIQ Solutions commented that "with the combination of these two companies our customers can expect the same level of excellent support along with a broader product portfolio and an aggressive research and development focus. We are pleased by the support shown to the Corporation by our long-term investor base, whose backing has allowed us to finance the Acquisition." Mr Paré further noted that "I welcome Daryl Duda, who will be joining the VIQ Executive team along with the rest of his team and I look forward to working with them as we aggressively progress our new unified growth plan."
Daryl Duda, former CEO of Dataworxs commented "Dataworxs is delighted to become part of the VIQ Solutions team. Our combined expertise and experience as well as our complementary technologies will strengthen our market position and provide unmatched solutions for new and existing customers across the globe."
Matthew Fowler, Managing Director of VIQ Spark & Cannon, commented "We are excited about the new synergies the combination of these companies will produce, our broader customer base will undoubtedly lead to advanced product benefits, enhanced service offerings with the expected outstanding level of support. The highly regarded Dataworxs products, along with VIQ's global solutions, will offer Australian customers product growth and strategic options for efficiency and effectiveness unlike any other."
For more information on what is making the news at VIQ Solutions, please visit our website at www.viqsolutions.com/news.
About VIQ Solutions Inc.
VIQ Solutions is the global expert in digital recording technology. With a more effective approach to the collection, storage and management of digital audio, video and files, we help increase efficiency, improve security and reduce costs for courts, law enforcement agencies, insurance companies, health providers, and legislatures around the world. We've got the technology, the experience and the expertise to efficiently manage country-wide installations of hundreds of rooms, with hundreds of terabytes of data. Managing digital media evidence is what we do, and we do it better than anyone else. For more information about VIQ Solutions, please visit www.viqsolutions.com.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements included in this news release constitute forward looking statements or forward looking information under applicable securities legislation. Such forward looking statements or information are 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. Forward looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook.
Forward looking statements or information in this news release for the purposes of applicable securities laws include, among others, statements regarding the Acquisition and the Financing, the operation and future performance of the Corporation subsequent to the completion of the Acquisition. These forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements.
The Corporation expressly disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.