VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

November 22, 2010 17:31 ET

VIQ Solutions Reports Fiscal 2010 Third Quarter Results

MARKHAM, ONTARIO--(Marketwire - Nov. 22, 2010) - VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX VENTURE:VQS), a world leader in computer-based digital audio and video capture and management, today reported its financial results for the three and nine month periods ended September 30, 2010.

Revenues were $3.1 million and $8.9 million for the three and nine month periods ended September 30, 2010 as compared to $2.8 million and $8.5 million for the three and nine month periods ended September 30, 2009. Gross margin was 33% and 34% for the three and nine month periods in 2010 as compared to 38% and 41% for the same periods in 2009. Net loss was $405,079 and $1,299,383 for the three and nine month periods ended September 30, 2010 as compared to $448,896 and $648,696 for the same periods in 2009. Net loss per common share on a basic and diluted basis was $0.01 and $0.02 for the three and nine month periods ended September 30, 2010 as compared to $0.01 and $0.01 for the same periods in 2009.

Cisco Strategic Partnership

In October 2010, VIQ Solutions signed a five year non-exclusive software licensing agreement with Cisco Systems, Inc. ("Cisco") for the licensing and integration of VIQ's Encompass RPC product suite into Cisco's product portfolio worldwide. "We believe this important strategic relationship addresses a pivotal change happening in the global justice market as the industry moves towards a truly connected justice system," says David Outhwaite, President and Chief Executive Officer of VIQ Solutions. "With Cisco's networking expertise and VIQ's experience in judicial workflow management solutions, we are uniquely positioned to address this growing market," added Mr. Outhwaite.

United Kingdom Project

We continue to move forward with our contract in the United Kingdom for the installation of at least 595 courtrooms with our partners Atos Origin and Logica. As previously reported, the successful installation of the early implementation of 118 sites for the United Kingdom project was completed in early 2010. We anticipate that the national rollout of the balance of the installations will commence in the fourth quarter of 2010 or the first quarter of 2011.

Additional Information

Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the three and nine month periods ended September 30, 2010 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, 2009, 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 release contains forward-looking statements and other statements concerning the Corporation's objectives and strategies and management's beliefs, plans and intentions about our achievements, goals, performance and other future events. These statements 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,", "would" and similar expressions are intended to identify forward-looking statements. Such statements reflect VIQ Solutions' 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 due to a number of factors including risks related to our ability to successfully execute our business plan which includes our revenue growth, our liquidity, our operating results, our technology and products. 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 does not intend and does not assume any obligation to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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