MARKHAM, ONTARIO--(Marketwired - Dec. 29, 2016) - VIQ Solutions Inc. ("VIQ", or the "Company") (TSX VENTURE:VQS), a global expert providing a cybersecurity protected technology and service platform, is pleased to announce that the Company eliminated its debt after early repayment on its two outstanding loans.
"Becoming debt free is a critical milestone," said Sebastien Paré, President and CEO of VIQ Solutions. "Debt elimination gives VIQ significant financial strength and flexibility as we execute on our new growth plan in 2017."
VIQ paid the remaining $276,904 of the Company's two outstanding bridge loans ahead of schedule. Both loan agreements provide for early repayment without penalty.
"2016 was a year of significant breakthrough highlights for VIQ Solutions in market diversification, new global partnerships and technological innovation," said Mr. Paré. "We look forward to capitalizing on this foundation as we drive toward accelerated growth and profitability."
2016 Business Highlights
- Became debt free before the end of 2016 through early repayment of two outstanding loans
- Began the transition to a SaaS based revenue model to increase recurring revenue and drive company growth
- Substantially diversified customer base to 40% law enforcement/intelligence, 40% judicial and a fast evolving 20% medical
- Completed non brokered, oversubscribed private placement of $2.1M to fund VIQ transition into secure cloud based SaaS solution provider, a key element of the growth plan
- Release new cloud based SaaS capture, management and collaboration platform, enabling customers to securely connect to the cloud instead of fixed servers
- Announced first customer on the new SaaS platform, the UK Nursing and Midwifery Council, on a monthly subscription basis for a three year term
- Awarded first patent protection for key high performance intellectual property related to an AV capture, management and collaborative web portal training and assessment workflow
- Partnered with the Department of Surgery at McMaster University using patent pending AV training workflow geared towards improving how new surgeons are trained
- Partnered with Nuance Communications for the integration of Nuance's powerful Dragon speech recognition solution with the VIQ digital capture and management workflow
- Announced multiple capture and transcription workflow wins with law enforcement, medical and legal offices in partnership with Nuance
- Awarded a multi year AUS $2.1M/year secure transcription contract with the New South Wales police
- Announced multiple new wins in law enforcement in North America, demonstrating the continuing trend among law enforcement agencies toward strengthening their cybersecurity and operational effectiveness by better utilizing digital assets
- Announced new wins with hospitals and medical agencies around the world, including leading edge VoIP dictation and secure cloud based transcription workflows
- Announced new wins with leading US transcription providers for complete digital statement capture, storage, and transcription workflows that emphasize client security and privacy
- Announced expansion at country wide Scottish Court Services installation after an independent review called VIQ "the ideal blend of technology and expertise"
- Awarded an NAB Best of Show award with PESA for the PESA ACES CCM solution, an affordable, multi channel capture and playback system for synchronized live event recording and playback
For more information on what is making the news at VIQ Solutions, please visit our website at www.viqsolutions.com/news.html.
About VIQ Solutions Inc.
VIQ Solutions is the leading technology and service platform provider for digital evidence capture and content management. Our secure modular software allows customers to onboard the VIQ platform at any stage of their organization's digitization, from the capture of digital content from video and audio devices through to online collaboration, mobility, data analytics and integration with sensors, facial recognition, speech recognition and case management or patient record systems. VIQ's technology leads the industry in security, meeting the highest international standards for digital/cyber security and privacy, including military and medical regulations.
Our solutions are in use in over 20 countries with tens of thousands of users in over 200 government and private agencies including law enforcement, immigration, medical, legal, insurance, courts, transportation and transcription service providers. VIQ also provides end to end transcription services to several large government agencies through our Australia-based reporting and transcription partners. VIQ operates worldwide with partners like security integrators, audio-video specialists, and hardware and data storage suppliers. 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.
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 Private Placement, the use of proceeds of the Private Placement and the operation and future performance of the Company. 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 Company 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.
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