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VIQ Solutions Announces Retirement of Secured Bridge Loans(November 02, 2011)
MARKHAM, ONTARIO -- (Marketwire) -- 11/02/11 -- VIQ Solutions Inc. ("VIQ" or "VIQ Solutions") (TSX VENTURE:VQS) is pleased to announce that it has retired the remaining $1.075 million of secured bridge loans and associated interest currently outstanding. VIQ has repaid a $500,000 secured bridge loan bearing interest at 10% on October 24, 2011 and a $575,000 secured bridge loan bearing interest at 12% on October 15, 2011. VIQ currently has less than $100,000 owing in long-term debt. There is no penalty attached to this repayment.
"We have reduced our debt by more than 92% compared to the start of the year," said David Outhwaite, President & CEO of VIQ. "An improved balance sheet is particularly important in our industry as we are executing on large-scale contracts with world-class strategic partners."
About VIQ Solutions Inc.
VIQ Solutions is a global leader in computer-based digital audio and video capture and management. We develop software solutions that capture, digitize, and compress audio and video data, which is securely stored in a multi-tiered server system where it is easily searchable and shareable. Our innovative media processor technology allows users to remotely control audio-video capture in multiple locations from a single satellite location, allowing large-scale and complex installations to be managed efficiently by fewer resources. VIQ Solutions' technologies are installed in courts, legislative assemblies, law enforcement and hearing rooms around the world.
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.
President & CEO
(905) 948-8266 ext. 250
Chief Financial Officer
(905) 948-8266 ext. 240
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