VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

August 23, 2010 17:30 ET

VIQ Solutions Reports Fiscal 2010 Second Quarter Results

MARKHAM, ONTARIO--(Marketwire - Aug. 23, 2010) - VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX VENTURE:VQS), a world leader in computer-based digital audio capture and management, today reported its financial results for the three and six month periods ended June 30, 2010.

Revenues were $3.0 million and $5.8 million for the three and six month periods ended June 30, 2010 as compared to $3.1 million and $5.6 million for the three and six month periods ended June 30, 2009. Gross margin was 33% and 35% for the three and six month periods in 2010 as compared to 44% and 42% for the same periods in 2009. Net loss was $467,995 and $894,304 for the three and six month periods ended June 30, 2010 as compared to net income of $36,679 and net loss of $199,800 for the same periods in 2009. Net loss per common share on a basic and diluted basis was $0.01 for the three month period ended June 30, 2010 as compared to a net income of $0.00 for the same period in 2009. Net loss per share was $0.01 for the six month period ended June 30, 2010, as compared to a net loss of $0.00 for the six month period ended June 30, 2009.

We continue to move forward with our contract in the United Kingdom for the installation of at least 595 courtrooms with our partners Atos Origin and Logica. As previously reported, the successful installation of the early implementation sites for the United Kingdom project was completed in early 2010. We anticipate that the national rollout in the United Kingdom will commence in the fourth quarter of 2010.

Additional Information

Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the three and six month periods ended June 30, 2010 will be posted on VIQ Solutions' website (under Investor Relations) at www.viqsolutions.com and on SEDAR's website at www.sedar.com. The financial information included in this release is qualified in its entirety and should be read together with the audited consolidated financial statements for the year ended December 31, 2009, including the notes thereto.

About VIQ Solutions Inc.

VIQ Solutions is recognized as a global provider in the digital audio industry with innovative product and service-based solutions for voice-driven systems in the legal, medical, business, and government industries. VIQ Solutions provides an integrated range of digital record workflow solutions, including digital audio and video capture, workflow management software, transcription services, interactive electronic scheduling, and case management integration, all from one central, secure database.

Forward-looking Statements

This release contains forward-looking statements and other statements concerning the Corporation's objectives and strategies and management's beliefs, plans and intentions about our achievements, goals, performance and other future events. These statements involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this press release, the words "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "will", "would" and similar expressions are intended to identify forward-looking statements. Such statements reflect VIQ Solutions' current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made due to a number of factors including risks related to our ability to successfully execute our business plan which includes our revenue growth, our liquidity, our operating results, our technology and products. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. VIQ Solutions does not intend and does not assume any obligation to update these forward-looking statements.

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.

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