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MARKHAM, ON, Nov. 29 /CNW/ - VIQ Solutions Inc. ("VIQ Solutions" or the
"Corporation") (TSX Venture: VQS) today reported its financial results for the
three and nine-month periods ended September 30, 2005.
Net sales were $2,630,976 for the three-month period ended September 30,
2005, down 19% from the previous quarter. Net sales for the nine-month period
ended September 30, 2005 were $8,387,403. Selling and administrative expenses
in the third quarter were $1,228,222, down 18% from the previous quarter. Net
loss for the three and nine-month periods were $851,216 and $3,044,553
respectively. Net loss per common share was $0.01 and $0.05 for the three and
nine month periods respectively.
"While our third quarter results reflect the seasonality of our business,
we continue to see new market opportunities in the areas of digital recording,
workflow management and transcription services," commented David Outhwaite,
President and Chief Executive Officer of VIQ Solutions. "We are approaching
the remainder of the year with enhanced financial flexibility and a more
efficient operating structure. We look forward to sharing news of our
continued progress as we finalise our acquisition of International Reporting
and expand our North American distribution network," concluded Mr. Outhwaite.
Significant business developments in the third quarter:
- VIQ Solutions completed the development, testing and deployment of
its RecordIAB product, a new innovative enclosed recording console
for the recording, playback and storing of digital audio;
- During the quarter, VIQ Solutions announced that Digital Voice
Processing Pty Limited ("DVP") has been appointed as the regional
distributor of VIQ Solutions' products and services for sub-Saharan
Africa and that DVP has purchased 15 RecordIAB digital recording
systems for the High Courts in Delta States, Nigeria, as part of
their mandate to upgrade court technology;
- VIQ Solutions announced that its wholly-owned subsidiary
Spark & Cannon had secured a five-year, Aus$2.5 million contract with
the South Australian Industrial Relations Commission;
- The Corporation announced that Netsound Pty. Limited has been
appointed regional distributor of VIQ Solutions' products and
services for the Asia-Pacific region;
- The Corporation amended certain terms of its secured convertible
debenture including the extension of the maturity date to April 2007
for no additional consideration; and
- Subsequent to the quarter, the Corporation announced that it has
entered into an agreement to acquire International Reporting Inc., a
private company providing bilingual digital verbatim reporting and
transcription services. The Corporation intends to complete the
acquisition in the fourth quarter of 2005.
Selected Restated Financial Information
Certain selected financial information included in this release is
qualified in its entirety and should be read together with the unaudited
consolidated financial statements for the three and nine-month periods ended
September 30, 2005, including the notes thereto.
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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