Business
VIQ Solutions Reports Fiscal 2006 First Quarter Results
VIQ Solutions Reports Fiscal 2006 First Quarter Results.
About this update from Viq Solutions Inc.
[{"type":"text","content":"\n\n\n\n\nMARKHAM, ON, May 29 /CNW/ - VIQ Solutions Inc. (\"VIQ Solutions\" or the\n\"Corporation\") (TSX Venture: VQS), a world leader in computer-based digital\naudio capture and management, today reported its financial results for the\nthree month period ended March 31, 2006.\nRevenues were $2.47 million for the three month period ended March 31,\n2006 as compared to $2.55 million for the three month period ended March 31,\n2005. Net loss for the three month period ended March 31, 2006 was $0.67\nmillion as compared to $1.6 million for the three month period ended March 31,\n2005. Net loss per common share was $0.01 and $0.03 for the three month\nperiods ended March 31, 2006 and March 31, 2005 respectively.\n\nBusiness Highlights for the Quarter:\n\n- In January 2006, the Corporation announced that the balance of the\n $1.28 million secured convertible debenture had been converted into\n shares and warrants of the Corporation, reducing the Corporation's\n debt load;\n\n- On January 30, 2006, the Corporation finalized a $500,000 six-month\n secured bridge loan from the Dynamic Technology Fund;\n\n- The Corporation announced the release of RecordIAB version 2.0, VIQ\n Solution's complete 8-channel enclosed recording console which enables\n users to record, playback and store digital audio, allowing the\n Corporation to expand its market opportunities into new vertical\n markets including military, transportation, insurance and other\n markets;\n\n- The Corporation solidified its global distribution model and entered\n into a regional distribution agreement for VIQ Solutions products and\n services with Smoltz Distributing for the North American region; and\n\n- Subsequent to the period, the Corporation raised $587,100 in a non-\n brokered private placement.\n\nOutlook\n\nManagement will maintain its focus on rationalizing and controlling\ncosts, capitalizing on the strong market opportunities for VIQ Solution's\nproducts and services and continuing to develop its network of global\ndistribution partners.\nManagement believes that the Corporation's digital audio recording\nsolutions will address current market trends including (i) the transition in\nthe courts from analog audio recording systems to digital recording systems;\n(ii) the end of life cycle for most analog audio recording devices; and (iii)\nthe increasing market dem...