VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

November 23, 2006 08:30 ET

VIQ Solutions Reports Fiscal 2006 Third Quarter Results

MARKHAM, ONTARIO—-(Marketwire - Nov. 23, 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 nine month periods ended September 30, 2006.

Revenues were $2.7 million and $8.1 million for the three and nine month periods ended September 30, 2006 as compared to $2.6 million and $8.4 million for the three and nine month periods ended September 30, 2005. Net loss for the three and nine month periods ended September 30, 2006 was $0.25 million and $1.48 million as compared to $0.85 million and $3.0 million for the three and nine month periods ended September 30, 2005. Net loss per common share was $0.00 and $0.02 for the three and nine month periods ended September 30, 2006 and $0.01 and $0.05 for the same periods ended September 30, 2005.

Business Highlights for the Quarter:

- During the period, the Corporation obtained a two-year $455,000 secured bridge loan. The bridge loan bears interest at a rate of 12%, payable annually and includes the issuance to the lenders of 2,275,000 common share purchase warrants;

- During the period, the Corporation obtained a two-year $270,000 secured bridge loan. The bridge loan bears interest at a rate of 12%, payable annually and includes the issuance to the lenders of 1,350,000 common share purchase warrants;

- Subsequent to the period, the Corporation announced the release of its new Encompass digital audio and video capture solution and the latest version of the RecordIAB recording console with networking capabilities. In addition to multi-channel digital audio recording, Encompass offers synchronized digital video capture, making it ideally suited for markets with both digital audio and visual requirements; and

- Subsequent to the period, the Corporation announced the release of two new solutions from the RecordIAB family being the space-saving, eco-friendly RecordIAB Workstation and the RecordIAB Software Edition (SE), making the Corporation's products appeal to an even broader market.

"With our new product releases, we believe we are the only digital audio capture company that can address the entire market from simple products to complex, enterprise solutions in multiple vertical markets," stated David Outhwaite, Chief Executive Officer of VIQ Solutions. "Our digital audio recording solutions uniquely address the existing and rapidly growing need for integrated digital recording solutions as currently being mandated by many courts in both a stand-alone or centralized database environment," added Mr. Outhwaite.

Additional Information

Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the quarter ended September 30, 2006 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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