VIQ Solutions Inc.

COMPANY DATA | Our People | Our Products | Our Clients 
NEWS UPDATE | CHINESE

COMPANY DATA

VIQ Solutions Inc.

VIQ Solutions Inc. is a leading provider of complete end-to-end workflow management solutions for the Legal, Legislative, and Medical markets. We offer a range of integrated services, from digital audio recording/annotation and voice-to-text transcription to interactive electronic scheduling and docket management, all from one central, secure database.

We are committed to delivering the most comprehensive digital record offering in the market. Today, VIQ Solutions has installed digital recording and management platforms in over 1,000 courtrooms, legislative assemblies and hearing rooms in the US, Canada, Australia, South Africa, Denmark, New Zealand, and other locations around the world, as well as servicing over 500 clients in the medical industry.

Our People

VIQ Solutions is headquartered in Calgary, Alberta, and has offices in Markham, Ontario, and Tampa, Florida. VIQ Solutions also owns Spark & Cannon, a transcription company with offices throughout Australia, and International Reporting Inc., an Ottawa-based transcription company.

The President and CEO of VIQ Solutions is David Outhwaite. Mr. Outhwaite has 32 years of experience in the software and telecommunications industries. Mr. Outhwaite was previously the COO of CryptoLogic Inc., a Toronto-based company providing Internet-based Casino and eCommerce software to the global marketplace.

Mr. Outhwaite has held executive management positions with Informix Software Canada, Sybase Canada, Control Data Systems and Philips Information Systems. He has had an extensive career managing growth technology companies employing several hundred people and has led expansions in South America, European and Pacific markets. Mr. Outhwaite has participated in numerous ISO certifications and has acted as Compliance Officer for several public companies. He brings in-depth operational experience and proven record of success to his role at VIQ Solutions Inc.

Our Products

VIQ Solutions offers a range of integrated end-to-end solutions from digital audio recording and annotation to voice-to-text transcription to interactive electronic scheduling and management. Our scalable solutions work for any size application, from stand-alone to enterprise-level. The VIQ product suite is designed to work from one secure, central database for complete, end-to-end integration. Users don't have to repeatedly enter the same information for each application, saving time and money and helping prevent errors. VIQ's versatile applications work together to make workflow easier.

• RecordIAB: Total audio management in a single, compact console.

• CourtFLOW: An enterprise-level digital audio solution for courthouses.

• CourtABLE: A complete portable audio solution for the courts.

• RecordABLE: Digital audio recording and management in a compact solution.

• ICM Tool: The ICM Tool seamlessly interfaces a court's Case Management system data into CourtFLOW for customized recording.

• CourtFLOW Scheduling Module: Schedule and control recording in all your courtrooms from a single location.

• CFPlayer: Access CourtFLOW audio from the privacy of your home or office.

• LegalFLOW: Complete dictation-to-transcription solution for law offices.

• CFBackup: CFBackup protects your CourtFLOW and networked RecordABLE installations against network disruption.

• MURF (Multiple Unit Recording Facility): Fully automated digital audio recording for legislatures.

• RecordFLOW: Complete solution for the capture and transcription of medical audio.

• MedicalFLOW: Complete dictation-to-transcription solution for medical clinics.

• NetScribe: The NetScribe workflow management utility allows clients and transcriptionists to easily and securely distribute digital audio and documents. Audio is instantly sent to transcriptionists via the Internet, parsed out to multiple transcriptionists, edited, and compiled into a final transcript which is returned to the client for download.

Our Clients

Our innovative suite of products and solutions are currently being used in courts, hearing rooms, quasi-judicial, tribunals, medical centers, and legislatures around the world. Our support staffs have performed successful installations to over 600 clients, both in North America and overseas. Our clients include numerous US Federal and State courts, Canadian Federal and Provincial legislatures and courts, the New Zealand Environment courts, the South African High Courts, and legislatures in Malawi, Barbados, and Denmark. We have solutions for Canada Newswire, medical offices, and more.

One of VIQ's largest clients is the Canadian Immigration and Refugee Board (IRB). VIQ won the tender to provide digital audio recording for 247 hearing rooms. As part of this partnership, VIQ developed an interface allowing its archival component to operate with IRB's optical storage system designed to store, for near-term access, audio captured from across Canada.

Recent government sales have been to the Parliament of Barbados and the legislative assembly of Malawi. VIQ's digital recording technology and transcription is operational at all 161 High Courts in South Africa.

News Update

On November 09, 2006 VIQ Solutions Inc. has released two new solutions from the RecordIAB family-RecordIAB workstation and RecordIAB software edition (SE). "With these two new offering, our recordIAB suite of solutions can appeal to an even broader market," says David Outhwaite, president and chief executive officer of VIQ Solutions."The RecordIAB console will continue to attract clients who require an all-in-one, fixed digital recording solution. The RecordIAB workstation and RecordIAB SE will appeal to clients who desire a space-efficient or portable solution."

On October 10, 2006, VIQ Solutions Inc. announced that it has released its new Encompass digital audio and video capture solution and the latest version of the RecordIAB recording console with networking capabilities. Both Encompass and RecordIAB will be launched in the United States market at the upcoming dealer conference co-hosted by VIQ Solutions and Smoltz Distributing Inc., VIO Solutions' North American distribution partner, on November 9, 2006.

On August 31, 2006, VIQ Solutions Inc. announced that it has 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 1.35 million common share purchase warrants, which warrants have an exercise price of 16 cents for the first year and 24 cents for the second year. Proceeds of the loan will be used for general working capital purposes.

On August 28, 2006, VIQ Solutions Inc. provided its financial results for the three-and six-month periods ended June 30, 2006. Revenue were $2.9 million and $5.4 million for the three-and six-month periods ended June 30, 2006, as compared with $3.2 million and $5.8 million for the three- and six-month periods ended June 30, 2005. Net loss for the three- and six-month periods ended June 30, 2006, was $560,000 and $1.2 million, as compared with $580,000 and $2.2 million for the three- and six-month periods ended June 30, 2005. Net loss per common share was one cent and two cents for the three- and six-month periods ended June 30, 2006, and one cent and four cents for the same periods ended June 30, 2005.

On August 16, 2006, VIQ Solutions Inc. announced that the TSX Venture Exchange has accepted for VIQ Solutions Inc. filing documentation with respect to a non-brokered private placement (CDN$3.09 million) announced April 27, 2006.

On July 27, 2006, VIQ Solutions Inc. announced that it has obtained a two-year $455,000 secured bridge loan. The bridge load bears interest at a rate of 12%, payable annually, and includes the issuance to the lenders of 2,275,000 common share purchase warrants, which warrants have an exercise price of 16 cents for the first year and 24 cents for the second year. Proceeds of the loan will be used for general working capital purposes.

On May 29, 2006, VIQ Solutions Inc. has released its financial results for the three month period ended March 31, 2006. Revenues were $2.47 million for the three month period ended March 31, 2006, as compared with $2.55 million for the three month period ended March 31, 2005. Net loss for the three month period ended March 31, 2006, was $670,000 as compared with $1.6 million for the three month period ended March 31, 2005. Net loss per common share was one cent and three cents for the three month periods ended March 31, 2006, and March 31, 2005 respectively.

On January 30, 2006, VIQ Solutions Inc. announced that it has obtained a six-month $500,000 secured bridge loan from Dynamic Technology Fund. The bridge loan bears interest at a rate of 10%, payable at the end of the six-month term. The bridge loan will be used to fund the Corporation's recent acquisition of International Reporting Inc.

On November 29, 2005, VIQ Solutions Inc. reported its financial results for the three and nine-month periods ended September 30, 2005. Net sales were $2,630,976 for the three-month period ended September 30, 2005, down 19% from the previous quarter. Net sales for the nine-month period ended September 30, 2005 were $8,387,403. Selling and administrative expenses in the third quarter were $1,228,222, down 18% from the previous quarter. Net loss for the three and nine-month periods were $851,216 and $3,044,553 respectively. Net loss per common share was $0.01 and $0.05 for the three and nine month periods respectively. "While our third quarter results reflect the seasonality of our business, we continue to see new market opportunities in the areas of digital recording, workflow management and transcription services," commented David Outhwaite, President and Chief Executive Officer of VIQ Solutions.

On October 31, 2005, VIQ Solutions Inc. announced that it has entered into an agreement to acquire International Reporting Inc., a private company providing bilingual digital verbatim reporting and transcription services. "We believe that the market is quickly transitioning towards the provision of full service solutions, inclusive of technology and recording and transcription services," said David Outhwaite, VIQ Solution's Chief Executive Officer. "This acquisition will expand our service offering to our existing and future customers," added Mr. Outhwaite.

On August 23, 2005, VIQ Solutions Inc. announced that Digital Voice Processing Pty Ltd. has been appointed as the Regional Distributor of VIQ's products and services for sub-Saharan Africa. VIQ also announced the release of RecordIAB, an entirely new and innovative, fully enclosed recording appliance for the recording, playback, storage, and CD/DVD archiving of digital audio.

On August 18, 2005, VIQ Solutions Inc. announced that Netsound Pty Limited ("Netsound") has been appointed as the Regional Distributor of VIQ's products and services for the Asia-Pacific region. Based in Sydney, Australia, Netsound is the latest distributor to joint forces with VIQ and will launch VIQ's complete suite of products into new markets and opportunities in Australia and the Asia-Pacific region. Working cooperatively with Spark & Cannon, VIQ's wholly-owned court reporting and transcription subsidiary, Netsound will bring VIQ's digital recording products and NetScribe transcription solution into new vertical markets in the region.

On July 28, 2005, VIQ Solutions Inc. announced that wholly owned subsidiary Spark & Cannon has secured a five-year, AUS$2.5 million contract with the South Australian Industrial Relations Commission. "This contract confirms Spark & Cannon's reputation as the leader in efficient transcript production", says David Outhwaite, President and CEO of VIQ Solutions Inc. "Spark & Cannon is an integral part of the VIQ Solutions family, and we are pleased that they are the partner of choice for the Industrial Relations Commission."

On May 30, 2005, VIQ Solutions Inc. reported its financial results for the three-month period ended March 31, 2005. Net sales were $2,544,834 for the three-month period ended March 31, 2005. Net losses prior to the issuance of the special warrants were $896,299. Net losses for the period were $1,616,299 and net loss per share was $0.03 for the period. Included in the net loss for the period was a one-time non-cash expense of $720,000 relating to the issuance of 4,000,000 special warrants to management in recognition of recent contributions to the Corporation.

Significant business developments in the first quarter:

· In the first quarter, the Corporation completed a series of equity financings, raising net proceeds of $1,673,440;
· On January 14th, the Corporation completed a convertible debenture financing in the amount of $1.28 million of which $500,000 of the proceeds were used to repay the outstanding debtor in possession financing assumed from the Corporation's predecessor company, VoiceIQ Inc.;
· On February 25th the Corporation announced its acceptance for a new listing on the TSX Venture Exchange ("TSXV") and commenced trading on February 28th under the symbol "VQS";
· On February 28th, the Corporation announced the appointment of Norman Inkster as Chairman of the Board of Directors, bringing over 35 years experience in the domestic and international security markets;
· Subsequent to the quarter, the Corporation announced a new VAR partnership with WUSF, a public broadcast organization in the state of Florida, received certification as a supplier to the state of Florida and finalized an integrated solutions contract for nine hearing rooms in Florida; and
· Subsequent to the quarter, the Corporation announced a new VAR partnership with DECA-AMR Business Products Inc., a Georgia-based company focused on business recording solutions for medical, legal and corporate customers.


On May 27, 2005, VIQ Solutions Inc. announced a new value-added reseller partnership with DECA-AMR Business Products Inc. Based in Marietta, Georgia, DECA is the latest value-added reseller to join forces with VIQ Solutions. DECA specializes in business recording solutions for medical, legal, and corporate customers.

On May 11, 2005, VIQ Solutions Inc. announced that it has received full certification as a supplier of Integrated Digital Court Recording Systems (IDCRS) in the state of Florida. The IDCRS certification means VIQ Solutions has met all requirements established by the Office of the State Courts Administrator and is on the list of approval suppliers for Florida courts.

On May 09, 2005, VIQ Solutions Inc. announced a new VAR partnership with WUSF and the formation of the Center of Judicial Integrated Technology Solutions. WUSF, a public broadcasting organization in the State of Florida, is the latest value-added reseller to join forces with VIQ Solutions. "WUSF is pleased to partner with VIQ Solutions," says Andy Latimer, Director of Business Development at WUSF, "The integrated technology solutions provided by VIQ are an excellent fit for the needs of our customers."

On March 23, 2005, VIQ Solutions Inc. announced that it has received the approval of the TSX Venture Exchange and has completed a private placement financing of 2,500,000 units at $0.23 per unit for aggregate gross proceeds of $575,000.

On March 03, 2005, VIQ Solutions Inc. announced that it has completed the following financings:
On February 22, 2005, VIQ issued 2,290,555 units at a price of $0.18, for aggregate proceeds of $448,300 to individuals, each being a director of the Issuer.

On March 01, 2005, VIQ Solutions Inc. announced that it has finalized several contracts for its NetScribe, Transcription, CourtFLOW, CourtABLE LT, and MURF (Multiple Unit Recording Facility) digital audio recording solutions. These news sales contracts represent incremental revenues to VIQ Solutions of approximately $1.4 million in year one of their terms.

In product news, VIQ Solutions has released version 2.0.1 of the premiere product, NetScribe. The latest version offers significant improvements in workflow management, performance throughput, and transcription productivity over previous versions.

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