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Strategic Acquisition Strengthens VIQ's Total Solution Offering
MARKHAM, ON, Dec. 23 /CNW/ - VIQ Solutions Inc. ("VIQ Solutions" or the
"Corporation") (TSX Venture: VQS) is pleased to announce that it has completed
the acquisition of all the common shares of International Reporting Inc.
("International Reporting"), a private company providing bilingual digital
verbatim reporting and transcription services in a $1.0 million cash deal. In
conjunction with the acquisition, the management team of International
Reporting will be continuing forward as part of the VIQ team. The Corporation
believes the acquisition will be immediately accretive to VIQ Solutions.
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 turnkey 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 Cornwall Inquiry, 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 are very excited about the additional market opportunities resulting
from the marketplace quickly transitioning to the provision of full service
solutions, inclusive of technology, recording and transcription services,"
said David Outhwaite, VIQ Solutions' Chief Executive Officer. "This
acquisition will allow us to offer top-tier transcription and recording
services to our existing and growing customer base," 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 believe that there will be significant
synergies resulting from our merger with VIQ Solutions," added Mr. Prouse.
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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