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Markham, Ontario - May 26, 2010 - 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 month period ended March 31, 2010.
Revenues were $2.8 million for the three month period ended March 31, 2010 as compared to $2.5 million
for the three month period ended March 31, 2009. Gross margin was 37% for the period as compared to
39% for the same period in 2009. Net loss for the three month period ended March 31, 2010 was $426,309,
as compared to a net loss of $236,479 for the three month period ended March 31, 2009. Cash flows used in
operations was $388,922 for the three month period ended March 31, 2010 as compared to cash inflows of
$65,033 for the same period in 2009. EBITDA loss was $324,314 for the three month period ended March
31, 2010 as compared to a loss of $147,820 for the three month period ended March 31, 2009. Net loss per
common share was $0.01 for the three month period ended March 31, 2010 and $0.00 for the same period
ended March 31, 2009.
In the first quarter, we completed the installation of the first phase of our multi-year digital audio recording
and storage project in the United Kingdom with Atos Origin and Logica, successfully completing 118
installations in a live environment. We anticipate that the revenue from computer products and services will
continue to grow for the balance of 2010 with the commencement of the national rollout throughout the
United Kingdom.
Additional Information
Detailed financial information and Management's Discussion and Analysis of Results and Financial
Condition for the three month period ended March 31, 2010 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, 2009, 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 release contains forward-looking statements and other statements concerning the Corporation's
objectives and strategies and management's beliefs, plans and intentions about our achievements, goals,
performance and other future events. These statements 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,", "would" and
similar expressions are intended to identify forward-looking statements. Such statements reflect VIQ
Solutions' 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 due to a number of
factors including risks related to our ability to successfully execute our business plan which includes our
revenue growth, our liquidity, our operating results, our technology and products. 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 does not intend and does not assume any obligation to update these
forward-looking statements.
Non-GAAP Measures
EBITDA is a non-GAAP earnings measure, therefore, it does not have any standardized meaning
prescribed by Canadian generally accepted accounting principles and may not be similar to measures
presented by other companies. EBITDA represents earnings before interest expense, income taxes,
depreciation and amortization. This measure is important to management since it is used by potential
investors to evaluate the Corporation's operating performance and ability to incur and service debt, and as a
valuation metric.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
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