VIQ Solutions Announces Details of Queensland Department of Justice and Attorney General Six Year Contract

Rhea-AI Summary

VIQ Solutions has announced a significant expansion of its services in the Asia Pacific region, signing a six-year master services agreement with Queensland's Department of Justice. The contract allows VIQ to provide monitoring and transcription services, expected to result in 24,000 hours of monitoring and over 1 million transcript folios annually. This partnership aims to enhance the digital workflow for court proceedings, ensuring accuracy and confidentiality. The company plans to fully execute the contract by June 2021, reinforcing its position as a leader in secure digital evidence capture.

Positive

• The six-year contract with Queensland's Department of Justice is expected to generate substantial revenues.
• Projected 24,000 hours of monitoring services and over 1 million transcript folios annually enhance company growth.
• Expansion into Asia Pacific reflects growth strategy and increased market presence.

Negative

• None.

VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX Venture Exchange: VQS and OTC Markets: VQSLF), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announced an important expansion of services in Asia Pacific to assist in court proceedings and transcription production.

Upon completion of an extensive review of available services for recording and transcription of court and tribunal proceedings, a master services agreement was signed for a six-year contract plus three, one-year options with Queensland’s Department of Justice and Attorney General. The estimated revenues and gross margin terms of this contract were disclosed on October 28, 2020, when the company announced it had secured a number of new multi-year contracts.

The contract extends VIQ Solutions CapturePro™ and AccessPoint footprint to create an end-to-end fully digital workflow. The contract allows for the Company to provide high-quality monitoring and transcription services ensuring precision, prompt delivery and confidentiality to all courts and tribunals in the state.

The Company was selected as one of two suppliers involved in a detailed migration process over the next six months leading to full contract execution in June, 2021.

The VIQ offices in Adelaide, Hobart, Melbourne, Perth, Sydney, and the soon to be opened office in Brisbane, employ court trained monitors and transcriptionists who are highly skilled in producing accurate records for their valued customers. The new contract will add an expected 24,000 hours of monitoring services and production of more than 1 million transcript folios annually.

“VIQ has long been a global leader in the capture and transcription of sensitive digital evidence information in the most rigid security environments,” said Matthew Fowler, VIQ Managing Director, Asia Pacific. “We are proud to provide Queensland our comprehensive end-to-end solution and services suite. The addition of our professional transcription and remote recording services to the already contracted CapturePro solution creates a seamless and secure workflow that ensures on-time delivery of highly accurate court transcripts.”

“VIQ Solutions was selected as one of our valued Transcription Service Providers. We selected VIQ because of the value for money they offered Queenslanders in areas beyond just price. We look forward to working with the VIQ team to deliver quality outcomes for the users of the courts” said David Macke, Director-General, Department of Justice and Attorney General.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, media, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost

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 2020, 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 use

Forward-looking statements or information is 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 risk 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201216005092/en/

FAQ

What is VIQ Solutions' new contract in Queensland about?

VIQ Solutions signed a six-year contract to provide monitoring and transcription services for Queensland's Department of Justice, expanding its digital workflow for court proceedings.

How many transcript folios is VIQ Solutions expected to produce annually under the new contract?

VIQ Solutions expects to produce over 1 million transcript folios annually under the new contract with Queensland.

What impact will the new contract have on VIQ's revenue?

The six-year contract is projected to significantly boost VIQ Solutions' revenues, though specific financial terms were disclosed earlier.

When will the contract with Queensland's Department of Justice be fully executed?

The contract is set to be fully executed by June 2021 following a six-month migration process.

What services will VIQ Solutions provide under the new contract?

VIQ Solutions will provide high-quality monitoring and transcription services to ensure accurate and confidential court records.