MARKHAM, ON, Nov. 22 /CNW/ - 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 and nine month periods ended September 30, 2007.
Revenues were $2.9 million and $9.5 million for the three and nine month
periods ended September 30, 2007 as compared to $2.7 million and $8.1 million
for the three and nine month periods ended September 30, 2006. Gross profit
was $1.0 million and $3.5 million for the three and nine month periods ended
September 30, 2007 as compared to $1.1 million and $2.8 million for the
corresponding periods in 2006. Net loss for the three and nine month periods
ended September 30, 2007 was $382,040 and $618,815 as compared to a net loss
of $253,133 and $1,475,913 for the three and nine month periods ended
September 30, 2006. Net loss per common share was $0.01 for the three and nine
month periods ended September 30, 2007 and $0.00 and $0.02 for the same
periods in 2006.
"While we are pleased with the overall revenue growth year over year, we
are focused on increasing revenues in our technology business unit" commented
David Outhwaite, Chief Executive Officer of VIQ Solutions. "In 2007, we have
focused our sales efforts on larger, complex solutions globally which has
resulted in the recently awarded contract for the United States Department of
Justice, Executive Office for Immigration Review" added Mr. Outhwaite.
Business Highlights for the Quarter:
- Selected by Nortel Government Solutions for the United States
Department of Justice, Executive Office for Immigration Review to
provide a complete digital audio recording solution for approximately
375 fixed and portable locations across the United States;
- Achieved revenue growth of 6% and 17% for the three and nine month
periods over previous year's results as a result of revenue growth
primarily due to growth in our transcription and recording services;
- Expanded our market opportunities with the release of new products
including the Encompass Server product, the VIQ Shuttle and the VIQ
Shuttle DRA, providing an enhanced service offering as well as back
office workflow management capabilities.
Detailed financial information and Management's Discussion and Analysis
of Results and Financial Condition for the three and nine month periods ended
September 30, 2007 will be posted on VIQ Solutions' website (under Investor
Relations) at www.viqsolutions.com and 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 audited consolidated financial
statements for the year ended December 31, 2006, 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.
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.
For further information:
For further information: David Outhwaite, President & CEO, VIQ
Solutions, (905) 948-8266 ext. 250, email: email@example.com, or
Karen Hersh, Chief Financial Officer, VIQ Solutions, (905) 948-8266 ext. 240,