VIQ Solutions Signs USD$1.2M Contract with Australia’s Queensland Courts to Create Courtroom of Future and Expand Global Leadership
PHOENIX, ARIZONA, January 21, 2020 – VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF) a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announced the award of a USD$1.2M technology contract with the Queensland Department of Justice and Attorney-General (DJAG) to provide digital capture and management of official court records.
Upon completion of an extensive review of the current services for recording and transcription of court and tribunal proceedings, DJAG decided to explore innovative ideas and new developments in technology for Queensland’s recording and transcription system. The need to create a new service delivery model to ensure the quality and timeliness of court transcripts in Queensland while providing the best overall value for money was identified.
VIQ Solutions Announces Proposed Amendments to Convertible Notes
PHOENIX, Ariz.–(BUSINESS WIRE)–VIQ Solutions Inc. (the “VIQ” or “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF) announces that it intends to amend (the “Amendment”) the unsecured convertible notes (each, a “Note”) in the aggregate principal amount of approximately USD$6,792,934 issued to certain subscribers as previously announced in its News Releases of November 9, 2018, December 24, 2018 and May 8, 2019. The Debentures mature five (5) years from the date of issuance (the “Maturity Date”) and bear interest (the “Interest”) at a rate of 10% per annum. The Notes are also convertible into Shares at a conversion price (the “Conversion Price”) of CAD$2.70, CAD$2.72 and CAD$2.82 per Share (adjusted to reflect the Company’s recent 1 for 20 share consolidation), respectively, at any time until the Maturity Date.
OTC Markets Group Welcomes VIQ Solutions Inc. to OTCQX
NEW YORK – December 5, 2019 – OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced VIQ Solutions Inc. (TSX-V: VQS; OTCQX: VQSLF), a global technology platform for ultra-secure digital evidence capture and content management, has qualified to trade on the OTCQX® Best Market. VIQ Solutions Inc. upgraded to OTCQX from the OTCQB® Venture Market.
Following the reverse split, and for 20 trading days, VIQ Solutions Inc. will trade under the symbol on OTCQX under the symbol “VQSLD”. Beginning January 2, 2020, VIQ Solutions will begin trading under the symbol “VQSLF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
“Congratulations to VIQ Solutions on graduating to the OTCQX Best Market from the OTCQB Venture Market,” said Jason Paltrowitz, EVP of Corporate Services at OTC Markets Group. “The company’s graduation to the OTCQX Best Market marks an important milestone, as OTCQX provides companies with a transparent, cost-effective public market to enhance visibility. We look forward to continuing to support VIQ Solutions and the company’s shareholders.”
VIQ to present live at VirtualInvestorConferences.com on December 5th at 12:00 noon ET
Sebastien Paré, President & CEO will present live at the VirtualInvestorConferences.com on December 5th at 12:00 noon ET. Investors and analysts are invited to ask the company questions in real-time at this live, interactive online event.
Shareholders Approve VIQ Solutions Inc. 1-for-20 Reverse Split
VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF) a global provider of secure, AI-driven, digital voice and video capture technology and services for law enforcement, legal, insurance, courts, and transcription service provider markets, today announced the Company’s share consolidation was approved by 99.953% of the Shareholders who voted.
The share consolidation, followed by a two-trading day period, enables uplisting of VIQ’s DTC eligible foreign depository for Common Shares in the United States from the OTCQB to the QTCQX, the Best Market on OTC Markets.
“We deeply appreciate our shareholders’ confidence in the Board’s capital management decision as evidenced by the overwhelming majority of shareholders voting to approve the proposed share consolidation, said Sebastien Pare, VIQ President and Chief Executive Officer.
VIQ Solutions Reports Q3 Earnings
In the current ultra-secure digital evidence capture and transcription markets, VIQ delivered strong revenue, margins, EBITDA, and income for the last quarter. We are pleased with the early returns from the deployment of our new AI-powered transcription workflow platform, the increase in sales pipeline from our new sales and marketing organization, and the collaboration with our clients and partners on advancements in technology innovation, all which set the foundation for long-term profitable growth for the company. For the third consecutive quarter, VIQ has posted consistent, steady growth, with all financial indicators trending upward.
VIQ Solutions to Report 3Q 2019 Earnings Results November 6th With Call on November 7th, 2019
VIQ will release its financial results for the quarter ended September 30, 2019 after U.S. markets close on Wednesday, November 6, 2019. VIQ Solutions will also host an earnings conference call at 4:00 PM ET on the following day, November 7th.
Investors may listen to the call via telephone by dialing 1-844-678-4797 (U.S. toll-free) or 1-270-855-8581 (international) to be connected to the call by an operator using conference ID number 8596297. Participants should dial in at least 10 minutes prior to the start of the call.
VIQ Announces Proposed Share Consolidation
With company fundamentals improving every quarter, VIQ’s equity profile and shareholder base has evolved considerably, particularly after the first half of this fiscal year. Today, the company’s clients, revenue, operations, human expertise and technology infrastructure are predominantly in the United States, which has helped drive growth in the percentage of shareholders being based in the U.S. and abroad. As the company continues to execute on its core growth strategy of driving operational excellence and financial performance, new investors are entering the stock. The proposed stock consolidation is an important step toward contributing to the overall strategy to drive long term shareholder value as the structure of the company evolves and the company’s equity profile, and shareholder make-up, continues to improve.
VIQ’s Announces Market Leading End-to-End Cloud-Based Workflow Solution for Insurance Industry
Using proprietary technologies, like NetScribe, powered by aiAssist, VIQ streamlines documentation processing, decreases labor costs and turnaround times, while boosting accuracy and margins for VIQ‘s global client base.
The NetScribe platform enables VIQ’s insurance clients – who command over 20 percent of the market share in the industry – to implement a revolutionary end-to-end workflow transition to a highly secured cloud computing infrastructure. VIQ is agnostic to outside technologies, enabling clients to utilize whichever audio, visual and cloud technologies that best meet their business and/or operational needs. With over 6000 insurance agencies in the U.S. alone, the transcription market for the industry is estimated to be approximately USD$2 billion. This includes 26 million recordable audio events, resulting in over 646 million transcribed pages per year.
Net Transcripts, a VIQ Solutions Company, Partners with Karpel Solutions
VIQ announces its partnership with Karpel Solutions, a leading criminal case management solutions provider. There are more than 200 million recordings with over three billion pages of transcripts in the U.S. law enforcement industry alone. Net Transcripts, a division of VIQ’s law enforcement branch, will integrate into Karpel’s case management system and will create a seamless workflow allowing customers to securely request and retrieve legal documentation. This partnership, a first of its kind, will transform the Criminal Case Management industry.
VIQ Announces Warrant Amendments
Today, VIQ announced that the Company is proposing to amend the exercise price of (i) 28,482,490 warrants (the “December 2018 Warrants”) exercisable for common shares of the Company (“Common Shares”) issued in conjunction with a private placement of notes convertible into Common Shares that was completed in two tranches on November 28, 2018 and December 20, 2018; and (ii) 21,123,567 warrants (the “May 2019 Warrants” and together with the December 2018 Warrants, the “Warrants”) exercisable for Common Shares issued in conjunction with a private placement of notes convertible into Common Shares that was completed on May 7, 2019.
VIQ Solutions CEO presents at New York’s Fall Investor Summit September 16th
VIQ Solutions Reports Q2 Record Revenue and EBITDA
Today, VIQ reported financial results for the 2019 second quarter. “VIQ’s results are beginning to prove our strategy,” said Sebastien Paré, VIQ President and CEO. “We believe that as we integrate acquisitions and transition our client base toward AI Solutions, the result will be significant value creation for shareholders.” VIQ periodically provides information for investors on its investors relations website, viqsolutions.com/investors.
VIQ Solutions Appoints Tony Incardona, SVP of Global Sales and Business Development, to Build on Expansive Q2 Growth
Tony Incardona joins VIQ’s leadership team as the new SVP of Global Sales and Business Development. Prior to this appointment, Mr. Incardona served as Vice President, Mid-Market U.S. & Field Sales Engineering at Nuance Healthcare, a global healthcare industry leader providing clinical documentation technologies and services to over 1,200 U.S. hospitals. “Mr. Incardona’s track record and experience… will only help to accelerate growth within our key verticals,” said Susan Sumner, VIQ’s COO. Mr. Incardona joins VIQ on August 15, working remotely from Sarasota, FL. He will report to VIQ’s COO, Susan Sumner.
VIQ Solutions Expands Global Leadership in Law Enforcement Transcription, Signs Contract with Police Forces in Australia and United States
On July 1, Spark & Cannon, a VIQ Solutions Company, began providing transcription services for the Western Australia Police Force, Australia’s largest, single police jurisdiction. Generating more than 4,563 transcript requests yearly, Spark & Cannon is now the largest provider of law enforcement transcription services in Australia, leveraging VIQ’s NetScribe distribution technology. In the United States, Net Transcripts, a VIQ Solutions company, continues to increase market share, adding 13 new clients and 3 contact renewals in June.
Net Transcripts, a VIQ Solutions Company, Lands 83 New Law Enforcement Clients
Net Transcripts, the law enforcement transcription services branch of VIQ Solutions, has generated 83 new, strategically-located clients since the company was acquired in November, 2018. New and renewing contracts from major agencies across the United States will yield an annual $500K (USD) in recurring revenue and cover 14,300 sworn law enforcement officers who serve 15.1 million residents. This success strengthens Net Transcripts’ regional market dominance, market presence and secures valuable references for new sales opportunities.
VIQ Solutions Announces Record Q1 Earnings with 112 Percent Year-over-Year Revenue Growth
Today, VIQ Solutions reported financial results for the 2019 first quarter and the close of an oversubscribed capital financing round. According to CEO and President Sebastien Paré, these results set a new turning point after last year’s acquisitions, which required $6.5 million in capital funding. “By March 31, the year end foundation began to reveal its accretive value, both operationally and financially, with much more to come throughout 2019 as the AI platform integration accelerates.”
VIQ Solutions Inc. Set for Strong 2019 Growth Building on 2018 Results
Fiscal 2018 was a transformative year for VIQ as the company established a solid foundation for continued growth, margin expansion and return to sustainable cash profitability throughout 2019. While the actual and pro forma 2018 financial results include several one-time items, including transition purchase accounting adjustments, transaction closing costs, and impacts of the US government shutdown in the fourth quarter, VIQ’s operating performance during the first quarter of 2019 is tracking ahead of plan with an approximate revenue and gross margin of $6.3M and $2.8M respectively compared to $3.0M and $1.2M of revenue and gross margin in Q1 2018.