MARKHAM, ON, May 29 /PRNewswire-FirstCall/ -- 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, 2006.
Revenues were $2.47 million for the three month period ended March 31, 2006 as compared to $2.55 million for the three month period ended March 31, 2005. Net loss for the three month period ended March 31, 2006 was $0.67 million as compared to $1.6 million for the three month period ended March 31, 2005. Net loss per common share was $0.01 and $0.03 for the three month periods ended March 31, 2006 and March 31, 2005 respectively.
Business Highlights for the Quarter:
- In January 2006, the Corporation announced that the balance of the
$1.28 million secured convertible debenture had been converted into
shares and warrants of the Corporation, reducing the Corporation's
debt load;
- On January 30, 2006, the Corporation finalized a $500,000 six-month
secured bridge loan from the Dynamic Technology Fund;
- The Corporation announced the release of RecordIAB version 2.0, VIQ
Solution's complete 8-channel enclosed recording console which enables
users to record, playback and store digital audio, allowing the
Corporation to expand its market opportunities into new vertical
markets including military, transportation, insurance and other
markets;
- The Corporation solidified its global distribution model and entered
into a regional distribution agreement for VIQ Solutions products and
services with Smoltz Distributing for the North American region; and
- Subsequent to the period, the Corporation raised $587,100 in a non-
brokered private placement.
Outlook
Management will maintain its focus on rationalizing and controlling costs, capitalizing on the strong market opportunities for VIQ Solution's products and services and continuing to develop its network of global distribution partners.
Management believes that the Corporation's digital audio recording solutions will address current market trends including (i) the transition in the courts from analog audio recording systems to digital recording systems; (ii) the end of life cycle for most analog audio recording devices; and (iii) the increasing market demand for digital recording in various market verticals including the medical, insurance, law enforcement, military and transportation industries.
Additional Information
Detailed financial information and Management's Discussion and Analysis of Results and Financial Condition for the quarter ended March 31, 2006 will be posted on VIQ Solutions' website (under Investor Relations) at http://www.viqsolutions.com/ and on SEDAR's website at http://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.
