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MARKHAM, ON, Nov. 23 /CNW/ - VIQ Solutions Inc. ("VIQ Solutions" or the
"Corporation") (TSX Venture: VQS), a world leader in computer-based digital
audio capture and management, today reported its financial results for the
three and nine month periods ended September 30, 2006.
Revenues were $2.7 million and $8.1 million for the three and nine month
periods ended September 30, 2006 as compared to $2.6 million and $8.4 million
for the three and nine month periods ended September 30, 2005. Net loss for
the three and nine month periods ended September 30, 2006 was $0.25 million
and $1.48 million as compared to $0.85 million and $3.0 million for the three
and nine month periods ended September 30, 2005. Net loss per common share was
$0.00 and $0.02 for the three and nine month periods ended September 30, 2006
and $0.01 and $0.05 for the same periods ended September 30, 2005.
Business Highlights for the Quarter:
- During the period, the Corporation obtained a two-year $455,000
secured bridge loan. The bridge loan bears interest at a rate of 12%,
payable annually and includes the issuance to the lenders of
2,275,000 common share purchase warrants;
- During the period, the Corporation obtained a two-year $270,000
secured bridge loan. The bridge loan bears interest at a rate of 12%,
payable annually and includes the issuance to the lenders of
1,350,000 common share purchase warrants;
- Subsequent to the period, the Corporation announced the release of
its new Encompass digital audio and video capture solution and the
latest version of the RecordIAB recording console with networking
capabilities. In addition to multi-channel digital audio recording,
Encompass offers synchronized digital video capture, making it
ideally suited for markets with both digital audio and visual
requirements; and
- Subsequent to the period, the Corporation announced the release of
two new solutions from the RecordIAB family being the space-saving,
eco-friendly RecordIAB Workstation and the RecordIAB Software Edition
(SE), making the Corporation's products appeal to an even broader
market.
"With our new product releases, we believe we are the only digital audio
capture company that can address the entire market from simple products to
complex, enterprise solutions in multiple vertical markets," stated David
Outhwaite, Chief Executive Officer of VIQ Solutions. "Our digital audio
recording solutions uniquely address the existing and rapidly growing need for
integrated digital recording solutions as currently being mandated by many
courts in both a stand-alone or centralized database environment," added
Mr. Outhwaite.
Additional Information
Detailed financial information and Management's Discussion and Analysis
of Results and Financial Condition for the quarter ended September 30, 2006
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, 2005, 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 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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