VIQ Solutions Announces Q2 Results

MARKHAM, ONTARIO--(Marketwired - Aug. 27, 2015) - 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 Paré, 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. Paré. "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. Paré. "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."