VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

January 21, 2011 17:30 ET

VIQ Solutions Announces Closing of Non-Brokered Private Placement

MARKHAM, ONTARIO--(Marketwire - Jan. 21, 2011) - VIQ Solutions Inc. ("VIQ" or "VIQ Solutions") (TSX VENTURE:VQS) is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Private Placement"). Pursuant to the final tranche, VIQ issued 2,000,000 units ("Units") at a price of $0.50 per Unit for gross proceeds of $1,000,000. As disclosed in its news release dated January 11, 2011, VIQ has previously closed the initial tranche of the Private Placement whereby VIQ issued 2,065,000 Units for aggregate gross proceeds of $1,032,500. In total, pursuant to both tranches of the Private Placement, VIQ issued an aggregate of 4,065,000 Units for aggregate gross proceeds of $2,032,500. The net proceeds of the Private Placement will be used for general working capital purposes.

Each Unit consists of one common share ("Common Share") of VIQ and one Common Share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to purchase, at any time prior to the date that is 12 months from the date of issue, one Common Share at an exercise price of $0.65 per share. The Common Shares, Warrants and Common Shares issuable upon exercise of the Warrants are subject to a four month hold period.

In connection with the closing of the final tranche of the Private Placement, VIQ paid cash finder's fees equal to $10,000, issued 60,000 Units in lieu of a cash finder's fee (at a deemed price of $0.50 per Unit) and issued 200,000 warrants ("Finders Warrants"). Each Finders Warrant entitles the holder thereof to purchase, at any time prior to the date that is 12 months from the date of issue, one Common Share at an exercise price of $0.65 per share. The Common Shares issuable upon exercise of the Finders Warrants are subject to a four month hold period. In total, pursuant to both tranches of the Private Placement, VIQ paid cash finder's fees equal to $43,300, issued 60,000 Units and issued an aggregate of 366,500 Finders Warrants.

About VIQ Solutions Inc.

VIQ Solutions is a global leader in computer-based digital audio and video capture and management. We develop software solutions that capture, digitize, and compress audio and video data, which is securely stored in a multi-tiered server system where it is easily searchable and shareable. Our innovative media processor technology allows users to remotely control audio-video capture in multiple locations from a single satellite location, allowing large-scale and complex installations to be managed efficiently by fewer resources. VIQ Solutions' technologies are installed in courts, legislative assemblies, law enforcement and hearing rooms around the world.

Forward-looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated use of the proceeds of the Private Placement. Although VIQ believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because VIQ can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although the Corporation expects to use the net proceeds of the Private Placement for general corporate purposes, the intended use of the proceeds of the Private Placement by VIQ might change if the board of directors of VIQ determines that it would be in the best interests of VIQ to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and VIQ undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The securities of VIQ will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.

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.

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