MARKHAM, ON, Aug. 3 /CNW/ - 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.
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,