VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

May 01, 2006 08:00 ET

VIQ Solutions Reports Fiscal 2005 Results

MARKHAM, ONTARIO—-(Marketwire – May 1, 2006) - 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 twelve month periods ended December 31, 2005.

Revenues were $2.5 million and $10.9 million for the three and twelve-month periods ended December 31, 2005. Net loss for the three and twelve-month periods were $0.6 million and $3.6 million respectively. Net loss per common share was $0.01 and $0.06 for the three and twelve-month periods respectively.

"VIQ underwent many changes in 2005 which have set the framework for financial growth and sustainability in our business," commented David Outhwaite, President and Chief Executive Officer of VIQ Solutions. "We are focused on delivering improved financial performance in 2006 as we capitalize on our strong foundation and a vibrant market," concluded Mr. Outhwaite.

2005 Business Highlights:

- On February 25th the Corporation announced its acceptance for a new listing on the TSX Venture Exchange and commenced trading on February 28th under the symbol "VQS";

- VIQ Solutions announced the appointment of Norman Inkster as Chairman of the Board of Directors, bringing over 35 years experience in the domestic and international security markets;

- VIQ Solutions expanded its market opportunities with the completion of the development, testing and deployment of its RecordIAB product, a new innovative enclosed recording console for the recording, playback and storing of digital audio which has been favourably received in numerous markets including the courts, military, transportation and other markets;

- During the year, VIQ Solutions solidified its global distribution model and entered into regional distribution agreements for VIQ Solutions products and services with Netsound Pty. Limited for the Asia-Pacific region, Digital Voice Processing Pty Limited ("DVP") for sub-Saharan Africa and subsequent to the period, with Smoltz Distributing for the North American region; and

- The Corporation progressed on its strategy of acquiring complementary businesses to enhance its operations through the acquisition of International Reporting Inc., a private company providing bilingual digital verbatim reporting and transcription services.

Additional Information

Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the year ended December 31, 2005 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, 2005, 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 press release contains forward-looking statements that 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," and "would" and similar expressions are intended to identify forward-looking statements. Such statements reflect VIQ Solutions Inc.'s 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 including those factors detailed from time to time in filings made by VIQ Solutions Inc. with Canadian securities regulatory authorities. 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 Inc. does not intend and does not assume any obligation to update these forward-looking statements.

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