MARKHAM, ON, Aug. 3 /PRNewswire-FirstCall/ -- VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX Venture: VQS) announced that it has obtained a two-year $500,000 secured bridge loan, the proceeds of which were used to repay a $500,000 secured bridge loan with Dynamic Power American Growth Fund that matured on June 30, 2007. The new bridge loan bears interest at a rate of 12%, payable annually and includes the issuance to the lenders of 1,250,000 common share purchase warrants, which warrants have an exercise price of $0.16 for the first year and $0.24 for the second year.
The common share purchase warrants and the shares into which the warrants may be exercised are subject to a four month resale restriction that remains in effect until November 25, 2007.
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.
