MARKHAM, ONTARIO — (Marketwired) — 04/26/16 — VIQ Solutions Inc. (“VIQ”, “VIQ Solutions” or the “Corporation”) (TSX VENTURE: VQS) announced today that it paid $250,000 of the Corporation–s $500,000 Cinnamon Investments bridge loan (“Bridge Loan”) ahead of schedule. The remaining portion of the Bridge Loan will be renewed under the same terms for an additional year. VIQ intends to make a final payment in the coming quarters to become debt-free before the end of 2016, as the agreement provides early repayment without penalty.
The Bridge Loan with Cinnamon Investments was part of the management and Board of Directors restructuring process initiated by shareholders at the Annual General Meeting in June 2014 and completed in 2015. Such financing was vital to enable a strategic renewal of the company and our product offerings.
“With the successful transformation of VIQ now well underway, our payment today against our outstanding bridge loan demonstrates our commitment to become debt-free in 2016,” said Sebastien Pare, President and CEO of VIQ Solutions. “Looking ahead, we intend to continue focusing on increasing higher margin software sales, diversification into higher growth markets including medical and law enforcement and continuing to increase shareholder value. Shareholders can expect to see improved cash-flow, increased recurring revenue and stronger financial results moving forward despite normal seasonal sale cycles in the first two quarters.”
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About VIQ Solutions Inc.
VIQ Solutions is the leading technology and service platform provider for digital evidence capture and content management. Our secure modular software allows customers to onboard the VIQ platform at any stage of their organization–s digitization, from the capture of digital content from video and audio devices through to online collaboration, mobility, data analytics and integration with sensors, facial recognition, speech recognition and case management or patient record systems. VIQ–s technology leads the industry in security, meeting the highest international standards for digital/cyber security and privacy, including military and medical regulations.
Our solutions are in use in over 20 countries with tens of thousands of users in over 200 government and private agencies including law enforcement, immigration, medical, legal, insurance, courts, and transportation and transcription services. VIQ also provides end to end transcription services to several large government agencies through our Australia-based reporting and transcription partners. VIQ operates worldwide with partners like security integrators, audio-video specialists, and hardware and data storage suppliers.
Managing digital media evidence is what we do, and we do it better than anyone else.
For more information about VIQ Solutions, please visit .
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, management–s targets for the Corporation–s growth and performance in 2016 and the Corporation–s intent to repay debt during the year.
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.
Sebastien Paré
President and Chief Executive Officer
(905) 948-8266 ext. 221
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