MARKHAM, ONTARIO — (Marketwired) — 07/16/13 — VIQ Solutions Inc. (“VIQ Solutions” or the “Corporation”) (TSX VENTURE: VQS) announced today that Spark & Cannon Australasia Pty Limited (“Spark & Cannon”), the Corporation-s wholly-owned Australian subsidiary, has been awarded a contract by Victoria Police for the provision of secure transcription services.
The contract has a term of three years with two options to extend for an additional year each. The contract-s estimated revenue to Spark & Cannon, assuming the options are extended, is AUS $8.9 million over the five year term based on the historical workflow supplied by the Victoria Police.
Victoria Police employs more than 16,000 people, including police, public servants, protective security officers, forensic scientists and other specialists serving Victoria with 500 locations throughout the state.
“Spark & Cannon is pleased to provide the Victoria Police with secure, efficient transcription services,” said Gregory Farmer, General Manager of Spark & Cannon. “The awarding of this contract demonstrates Spark & Cannon-s position as a market leader in the provision of transcription solutions across Australia.”
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
Certain statements included in this news release constitute forward looking statements or forward looking information under applicable securities legislation. Such forward looking statements or information are provided for the purpose of providing information about management-s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward looking statements or information in this news release include, but are not limited to, the expected revenues of Spark & Cannon attributable to the secure transcription services contract with the Victoria Police.
Forward looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although VIQ Solutions believes that the expectations reflected in such forward looking statements or information are reasonable, undue reliance should not be placed on forward looking statements because VIQ Solutions can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, the workflow provided by the Victoria Police during the term of the contract to Spark & Cannon will be consistent (and not less) with past workflows and the contract with Victoria Police will continue through its initial term and be extended (without material amendment) for the two consecutive renewal periods. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by VIQ Solutions and described in the forward looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward looking statements or information include, among other things: the contract will be terminated prior to its initial term; the contract will not be renewed as described herein, the workflows provided by Victoria Police will be materially lower than previously experienced; and the revenues attributable to Spark & Cannon will differ from those described herein. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.
The forward looking statements or information contained in this news release are made as of the date hereof and VIQ Solutions undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward looking statements or information contained in this news release are expressly qualified by this cautionary statement.
This press release, in particular the information in respect of anticipated revenues of Spark & Cannon, may contain Future Oriented Financial Information (“FOFI”) within the meaning of applicable securities laws. The FOFI has been prepared by management of the Corporation to provide an outlook of the Corporation-s activities and results. The FOFI has been prepared based on a number of assumptions including the assumptions discussed under the heading “Forward-Looking Statements”. The actual results of operations of the Corporation and the resulting financial results may vary from the amounts set forth herein, and such variation may be material. The Corporation and its management believe that the FOFI has been prepared on a reasonable basis, reflecting the best estimates and judgments, and represent, to the best of management-s knowledge and opinion.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
VIQ Solutions Inc.
David Outhwaite
President and CEO
(905) 948-8266 ext. 250
VIQ Solutions Inc.
Karen Hersh
Chief Financial Officer
(905) 948-8266 ext. 240
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