MARKHAM, ONTARIO -- (Marketwired) -- 08/27/15 -- VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX VENTURE: VQS), a world leader in digital media technology and transcription services, today reported its financial results for the three month and six month periods ended June 30, 2015. Results are reported in Canadian dollars and, except as otherwise noted herein, are prepared in accordance with International Financial Reporting Standards ("IFRS").
"Leveraging its worldwide referenceability in Courts, Legislatures, Immigration and Transcription services, VIQ is now executing its next growth phase via a strategic market diversification and new digital media products in North America and Australia which is expected to yield results by 2015 year end and into 2016," said Sebastien Pare, President and CEO of VIQ Solutions.
"The support from the shareholders behind the new transformative growth plan outlined at the last Annual General Meeting continues to be outstanding despite the financial results of the last six months," continued Mr. Pare. "As discussed at the AGM in June, we knew that the summer months were going to be challenging. Through previous press releases and at the AGM, we advised our shareholders that the cost restructuring in North America and Australia, which took place late in Q1 and throughout Q2, was only going to fully impact the P&L in the last quarter of the year and early in 2016. That is the time we expect results from the strategic market diversification with new partners and a new technology services focus in Australia."
"In Q2 we made some tough decisions," continued Mr. Pare. "Both VIQ and Spark & Cannon underwent right-sizing initiatives that are just beginning to showing on the balance sheet but will contribute even more as the year progresses. We also took steps to transition VIQ into a new company with broader market appeal and additional growth accelerators. During the period we made tangible strides into new target markets like medical, education, transportation and broadcasting. We currently have several projects progressing through the pilot phase in these markets, many of which will contribute to our bottom line beginning in the fourth quarter."
"There were many positives to build on in Q2," continued Mr. Pare. "We have important new sales and marketing agreements with key partners PESA and JB&A, both of whom have outstanding reputations and contacts in our target markets. We have many exciting pilots already underway in new, high-potential markets and our sales pipeline for the remainder of 2015 is robust and continues to grow. I look forward to sharing these success stories as the new VIQ moves into 2016 and beyond."
Business Highlights for the Quarter
-- Announced partnership with JB&A Distributing, the leader in digital media and audio video technology, putting VIQ's software front and center for JB&A's over 1,500 North American resellers; -- Awarded two new digital recording and transcription contracts for Spark & Cannon in Australia; -- Several customers upgraded to the latest technology platform, enabling new levels of functionality in video, web portal collaboration, mobility and third party integration; -- Signed new joint sales and marketing agreement with PESA for a line of bundled hardware and software solutions designed to appeal to law enforcement/public safety and military markets; -- Selected for telephony project with Canadian government agency, a project that will grow to included video conferencing and VIQ's NetScribe web-based transcription workflow, operating for the first time as a SaaS solution; and -- Announced new lineup of collaborative and mobile solutions with brand new simplified touchscreen GUI for tablets and a smartphone AV capture app for iPhones.
The unaudited second quarter 2015 condensed consolidated interim financial statements and results of operations and Management's Discussion and Analysis of Results and Financial Condition for the three and six month periods ended June 30, 2015 will be posted on SEDAR's website at www.sedar.com. The financial information included in this release is qualified in its entirety and should be read together with the unaudited second quarter 2015 condensed consolidated interim financial statements and the audited consolidated financial statements for the year ended December 31, 2014, including the notes thereto.
About VIQ Solutions Inc.
VIQ Solutions is the global expert in digital recording technology. With a better approach to the collection, management and collaborative sharing of digital audio and video files, we help increase efficiency, improve security and reduce costs for courts, law enforcement agencies, insurance companies, health providers, and legislatures around the world. We have the proven technology and depth of experience and expertise to efficiently manage either enterprise installations of hundreds of rooms, with hundreds of terabytes of data and smaller stand-alone solutions for customers in various industries. Managing digital media evidence is what we do, and we do it better than anyone else.
For more information on what's making the news at VIQ Solutions, please visit our website at: www.viqsolutions.com/news.
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 in 2015.
Forward looking statements or information is 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 Corporation's recent initiatives, and that sales and prospects may provide incremental value for shareholders. 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 may cause actual results to differ materially from the forward looking statements or information. Readers are cautioned that the foregoing list is not exhaustive of all possible risks and uncertainties.
For more information about VIQ Solutions, please visit www.viqsolutions.com.
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.
VIQ Solutions Inc.
President and CEO
(905) 948-8266 ext. 221