VIQ Solutions Inc.
TSX VENTURE : VQS

VIQ Solutions Inc.

April 16, 2015 17:30 ET

VIQ Solutions Reports Fourth Quarter and Full Year 2014 Results

MARKHAM, ONTARIO--(Marketwired - April 16, 2015) - 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 twelve month periods ended December 31, 2014. Results are reported in Canadian dollars and, except as otherwise noted herein, are prepared in accordance with International Financial Reporting Standards ("IFRS").

"We initiated many positive transformative actions in 2014 and we continue to do so in 2015; but we are far from complete," said Sebastien Paré, President and CEO of VIQ Solutions. "Our transition into a growth phase will take time to show full results, but we are well underway. I am confident that we are on the right track. Our integrated and sophisticated software solutions will continue to be industry leading with advanced features and broad market appeal where security, reliability and scalability matter."

2014 Business Highlights

  • Awarded a new contract for digital audio and video capture and management by the Mexico Secretaría de la Defensa Nacional military courts in Tijuana and Villahermosa, Mexico. The project is part of the modernization of over 40 federal criminal justice centers across Mexico;

  • Continued the expansion of the South African National Defence Force installation, with more courtrooms slated for 2015, positioning VIQ Solutions to become a worldwide leader in courts, hearings and digital evidence management for the Military;

  • Successfully upgraded several Legislature customers, including the National Assembly of Mauritius, the Legislative Assembly of New Brunswick and the Legislative Assembly of the Northwest Territories, to the newest version of VIQ's Legislature solution;

  • Successfully upgraded a significant number of Court customers to the latest VIQ enterprise platform, enabling expansion of our solutions in video, digital workflow, portal collaboration, case management integration and mobility. These customers include the US Executive Office of Immigration Review, the Immigration and Refugee Board of Canada, the Scottish Court Services and several more;

  • Sustained growth via our key partners and several new high profile contracts in Africa including Save the Children International Court in Zanzibar;

  • Improved Spark & Cannon performance in the fourth quarter as they took on several new contracts that will yield additional results throughout 2015;

  • Spark & Cannon rolled out the use of VIQ AccessPOINT under their contract with the Australian Capital Territory, providing close to immediate access to recorded audio;

  • Spark & Cannon's contract with the Victorian Government Reporting Services Branch was extended for a period of 12 months to 31 December 2015;

  • Launched new VIQ website, highlighting the company's new focus, technology offerings and our sales and marketing digital media presence;

  • In early 2015, selected by Gulf Business Machines to provide enterprise digital audio and video capture and management for the Abu Dhabi Judiciary Department in Abu Dhabi, United Arab Emirates;

  • In early 2015, sold transcription subsidiary International Reporting. The sale was a major step toward VIQ becoming a pure play software developer and provider of leading-edge solutions for digital recording, workflow management and collaboration. International Reporting remains a key partner and reseller of VIQ, particularly our NetScribe web-based transcription workflow and online collaboration AccessPOINT;

  • In early 2015, repaid half of the principal amount and associated interest under the secured bridge loan with Cinnamon Investment; and

  • After more than ten great years at the helm, David Outhwaite has handed control of VIQ to Sebastien Pare, who took over as CEO effective February 1, 2015.

Financial Results for 2014

Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the year ended December 31, 2014 will be posted on the SEDAR website at www.sedar.com. The financial information included in this news release is qualified in its entirety and should be read together with the audited consolidated financial statements for the year ended December 31, 2014, including the notes thereto.

About VIQ Solutions Inc.

VIQ Solutions is the global expert in digital recording technology. With a better approach to the collection, management and collaborative sharing of digital audio and video files, we help increase efficiency, improve security and reduce costs for courts, law enforcement agencies, insurance companies, health providers, and legislatures around the world. We have the proven technology and depth of experience and expertise to efficiently manage either enterprise installations of hundreds of rooms, with hundreds of terabytes of data and smaller stand-alone solutions for customers in various industries. Managing digital media evidence is what we do, and we do it better than anyone else.

For more information on what's making the news at VIQ Solutions, please visit our website at: www.viqsolutions.com/news.

Forward-looking Statements

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 include, but are not limited to, management's targets for the Corporation's growth in 2015.

Forward looking statements or information is based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although VIQ Solutions believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because VIQ Solutions can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the Corporation's recent initiatives, and that sales and prospects may provide incremental value for shareholders. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.

Forward looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ Solutions and described in the forward looking statements or information. These risks and uncertainties may cause actual results to differ materially from the forward looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.

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

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