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Strategic Acquisition Strengthens VIQ's Total Solution Offering
MARKHAM, ON, Oct. 31 /CNW/ - VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX Venture: VQS) is pleased to announce that it has entered into an agreement to acquire International Reporting Inc. ("International Reporting"), a private company providing bilingual digital verbatim reporting and transcription services.
Located in Ottawa, Ontario, International Reporting has been a leader in the recording and transcription business for 27 years. Over the years, International Reporting has revolutionized the industry by introducing new technologies and infrastructure allowing the implementation of live online digital recording solutions which can be transcribed via any location across the country and internationally. Its turn-key solutions provide fully indexed online document and audio management solutions.
International Reporting has and continues to provide reporting and transcription services to numerous government boards and departments including the Gomery Inquiry (Sponsorship Program and Advertising Activities), National Energy Board, Immigration & Refugee Board, Federal Court of Canada, Canadian Environmental Assessment hearings, Tax Court of Canada, Canadian Human Rights Commission, Competition Tribunal, Royal Commission on Aboriginal Peoples, Commission of Inquiry on the Blood System in Canada as well as many other hearings of record.
"We believe that the market is quickly transitioning towards the provision of full service solutions, inclusive of technology and recording and transcription services," said David Outhwaite, VIQ Solutions' Chief Executive Officer. "This acquisition will expand our service offering to our existing and future customers," added Mr. Outhwaite.
"With the increasing demand for daily-copy transcripts, VIQ Solutions' audio capture and Netscribe technologies are integral to our business strategy, allowing us to sustain several live hearings simultaneously while the audio, annotations and exhibits are distributed amongst our typing pools for on-demand online transcript production," commented Barry Prouse, President of International Reporting. "We are very excited about expanding our strategic relationship with VIQ Solutions," added Mr. Prouse.
VIQ Solutions intends to complete the acquisition in the fourth quarter of 2005. The transaction is subject to final approval by VIQ Solutions' board and the TSX Venture Exchange and satisfactory completion of due diligence review by VIQ Solutions.
About VIQ Solutions
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.
The TSX Venture Exchange has neither approved nor disapproved of the
contents of this press release.
For further information: David Outhwaite, President & CEO, VIQ
Solutions, (905) 948-8266 ext. 250, email: douthwaite@viqsolutions.com, or
Karen Hersh, Chief Financial Officer, VIQ Solutions, (905) 948-8266 ext. 240,
email: khersh@viqsolutions.com
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