VIQ Solutions Reports Third Quarter Results and Provides Operational Update
TORONTO, Nov. 29, 2018 (GLOBE NEWSWIRE) -- VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS), a global expert providing cyber-secure AI technology and service, today reported financial results for the three and nine months ended September 30, 2018. Results are reported in US dollars and are prepared in accordance with International Financial Reporting Standards (“IFRS”).
“The Company continued its transition to SaaS and artificial intelligence-based revenue from its new products,” stated Sebastien Paré, VIQ President and CEO. “Growing customer acceptance strengthens VIQ’s recurring revenues and growing market presence while scaling up the transition.”
Q3 2018 Highlights
-- Revenues increased 0.3% to $9.4 million for the nine months ended September 30, 2018 from $9.3 million for the nine months ended September 30, 2017, reflecting the Company’s ongoing SaaS revenue conversion from one-time software sales in previous years.
-- Extensive development efforts continued on our aiAssistTM artificial intelligence platform, ensuring accelerated new revenue generation from this transformative initiative in the fourth quarter of 2018 and into 2019.
-- Formed new implementation team focused on NetScribeTM and aiAssistTM. The team consists of documentation/transcription experts with extensive industry experience.
-- The United Kingdom’s Ministry of Justice Phase 2 upgrade was started with the initial pilot site demonstrating the latest features and advanced security added to the VIQ platform.
-- Several large existing clients 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 a state police force for secure recording in interview rooms.
-- Appointment of Susan Sumner, a highly experienced international executive, as Chief Operating Officer. Her primary mandate in supporting rapid revenue growth is to build a world-class operational infrastructure capable of adapting effectively and with speed to the varying technology and AI requirements of our markets around the globe.
-- Launched new website at viqsolutions.com, which will progressively reflect VIQ’s value proposition.
Conference call to Discuss Acquisition and Growth Strategy and Third Quarter 2018 Results
The Company will hold a conference call to discuss its acquisition and growth strategy and Q3 2018 results. The call will consist of a brief update by VIQ President and CEO Sebastien Paré, followed by a question period. All who wish to participate in the conference please refer to details below.
-- DATE: Tuesday, December 11, 2018 -- TIME: 16:00 ET (please dial in five to ten minutes prior to the scheduled start time) -- NUMBER TO DIAL: o 1 (855) 223-2840 within North America o 1 (647) 788-4945 outside of North America -- CONFERENCE ID: 2358556
A telephone replay will be available beginning on December 11, 2018 at 18:45 ET. To access the replay, please dial in 1-855-859-2056 and follow the prompt with the passcode number 2358556.
The unaudited third 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 nine months ended September 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 third quarter 2018 condensed interim consolidated financial statements and the audited consolidated financial statements for the year ended December 31, 2017, including the notes thereto.
About VIQ Solutions Inc.
VIQ Solutions is a global expert in video capture software and audio recording with voice-to-text capabilities. VIQ provides a cyber-secure AI technology and service platform to law enforcement, immigration, medical, legal, insurance, courts, and transcription service providers, enabling them to unlock the value of their enterprise digital media and streamline their document-creation workflow, using artificial intelligence tools for measurable business gains.
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 several 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 that have been used.
Forward-looking statements or information are based on current expectations, estimates and projections that involve several 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.
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.