VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture: VQS), a
global expert providing a highly secured and protected technology
for digital evidence capture, content management, and artificial
intelligence, today reported financial results for the three and
six months ended June 30, 2018. Results are reported in US dollars
and are prepared in accordance with International Financial
Reporting Standards (“IFRS”).
“We are pleased to report continued revenue
growth for the quarter,” said Sebastien Paré, President and CEO of
VIQ. "We experienced new customer wins, but also, importantly, we
are excited to see existing customers transitioning from
conventional license and support models to our new SaaS platform.
Customers are truly gaining understanding of the benefits and are
moving to take advantage of NetScribe and aiAssist’sTM enhanced
functionality.”
aiAssistTM and NetScribe – our new
transformative products – are progressing to commercial development
on plan. Our cognitive artificial intelligence allows customers to
unlock the value of all the content captured and stored by our core
products. We successfully contracted two international customers to
deploy NetScribe as their end to end platform. Full implementation
is expected before year end.
“These advancements are critical for VIQ as our
newly expanded artificial intelligence fulfills new and existing
customer needs. VIQ now positions as an end to end solution
provider differentiating us materially from competitors. Customer
acceptance of our transformative products combined with our ongoing
SaaS transition continues to strengthen VIQ’s recurring revenues
and market presence,” Mr Paré added.
Q2 2018
Highlights
- Revenues increased 2.6% to $3.3 million from $3.2 million in Q2
2017.
- Significant development efforts continued on our new artificial
intelligence product aiAssistTM, ensuring on track development and
accelerated new revenue generation from this transformative
initiative in the second half of 2018.
- Formed new implementation team strictly focused on NetScribe
and aiAssistTM. The team consists of
documentation/transcription experts with extensive industry
experience.
- Phase 2 of The United Kingdom’s Ministry of Justice upgrade has
started with the initial pilot site demonstrating the latest
features and advanced security added to the VIQ platform.
- Several large existing clients have signed multi-year
agreements transforming from standard licensing to our new SaaS
offering and expanded services.
- Spark & Cannon, VIQ’s Australian based reporting and
transcription services division, was awarded a major new contract
with the Victoria Police for secure police recordings
transcription.
- Launch of MobileMic, our first ai Smartphone app available on
the Google Play and Apple App Stores, providing studio-quality
recording functionality, with the power of artificial intelligence
to generate professional grade automated transcriptions and
document creation for professionals who require an end to end
mobile solution.
- Further expansion of Bosnia and Herzegovina Courts recording
and transcription services.
- Botswana National Assembly and Seychelles Supreme Court
recording and transcription installations.
- New installation at another Canadian medical institute further
enhancing training capability, quality assurance and process
improvement teams.
Conference call to Discuss Second
Quarter 2018 Results
The Company will hold a conference call to
discuss Q2 2018 results. The call will consist of a brief update by
VIQ President and CEO Sebastien Paré, followed by a question
period. Interested parties can participate in the conference
call.
The call will be held on Thursday, August 30th
at 16:00 ET. Participants are welcome to join the conference call
by dialing 1-855-223-2840 within North America or 1-647-788-4945
outside of North America five to ten minutes prior to the scheduled
start time. The conference ID is 1899625 “VIQ Solutions Second
Quarter Earnings Call.”
A telephone replay will be available beginning
on August 30th at 18:45 ET. To access the replay, please dial in
1-855-859-2056 and follow the prompt with the passcode number
1899625.
Financial
Results
The unaudited second quarter 2018 condensed
interim consolidated financial statements and results of operations
and Management’s Discussion and Analysis of Results and Financial
Condition for the three and six months ended June 30th, 2018 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 2018
condensed interim consolidated financial statements and the audited
consolidated financial statements for the year ended December 31,
2017, including the notes thereto.
Forward-looking Statements
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
Company’s growth in 2018, as well as the size, scope, and timing of
the implementation of projects currently in the pilot phase.
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 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 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 Company’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
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.
About VIQ Solutions Inc.
VIQ is the leading technology and service
platform provider for digital evidence capture and content
management. Our secure modular software allows customers to onboard
the VIQ platform at any stage of their organization's digitization,
from the digital capture of video and audio to online
collaboration, mobility, data analytics and integration with
sensors, facial recognition, speech recognition and case management
or patient record systems. VIQ's technology leads the industry in
security, meeting the highest international standards for
digital/cyber security and privacy, including military and medical
regulations.
Our solutions are used in over 20 countries with
tens of thousands of users in more than 200 government and private
agencies including law enforcement, immigration, medical, legal,
insurance, courts, transportation and transcription service
providers. VIQ also provides end-to-end transcription services to
several large government agencies through our Australia-based
reporting and transcription partners. VIQ operates worldwide with
partners like security integrators, audio-video specialists, and
hardware and data storage suppliers. For more information about
VIQ, please visit www.viqsolutions.com.
For further information: Peter Kostandenou,
Chief Marketing Officer, VIQ Solutions, (905) 948-8266 ext. 213,
email: peter@viqsolutions.com.
For more information about VIQ, 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.
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