VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

January 11, 2011 17:30 ET

VIQ Solutions Announces Initial Closing of Non-Brokered Private Placement

MARKHAM, ONTARIO--(Marketwire - Jan. 11, 2011) - VIQ Solutions Inc. ("VIQ" or "VIQ Solutions") (TSX VENTURE:VQS) is pleased to announce that it has closed the initial tranche of its previously announced non-brokered private placement (the "Private Placement"). VIQ issued 2,065,000 units ("Units") at a price of $0.50 per Unit for gross proceeds of approximately $1,032,500. The net proceeds of the Private Placement will be added to general working capital.

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 one Common Share at an exercise price of $0.65 per share for a period of 12 months from the date of issue. 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 first tranche of the Private Placement, VIQ granted a cash finder's fee equal to 4% of the gross proceeds raised from purchasers introduced to VIQ by certain arm's length persons ("Finders") and warrants ("Finders Warrants") to purchase Common Shares to eligible Finders, equal to 10% of the Units sold to such purchasers. Each Finders Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.65 per share for a period of 12 months from the date of issue. The Common Shares issuable upon exercise of the Finders Warrants are subject to a four month hold period.

VIQ anticipates closing a second tranche of the financing on or about January 21, 2011.

The securities described herein have not been registered under the United States Securities Act of 1933 (the "Act"), as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

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 closing of the second tranche of the Private Placement and 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. The closing of the second tranche of the Private Placement could be delayed if VIQ is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The second tranche of the Private Placement will not be completed at all if these approvals are not obtained or some other condition to the closing of the second tranche is not satisfied. Accordingly, there is a risk that the closing of the second tranche of the Private Placement will not be completed within the anticipated time or at all. 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.

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