VIQ Solutions Reports Fiscal 2009 First Quarter Results

MARKHAM, ONTARIO, May 27 (MARKET WIRE) --
VIQ Solutions Inc. ("VIQ Solutions" or the "Corporation") (TSX VENTURE:
VQS), a world leader in computer-based digital audio capture and
management, today reported its financial results for the three month
period ended March 31, 2009.

Revenues were $2.5 million for the three month period ended March 31,
2009 as compared to $2.8 million for the three month period ended March
31, 2008. Gross margin was 39% for the period as compared to 37% for the
same period in 2008. Net loss for the three month period ended March 31,
2009 was $236,479, as compared to a net loss of $253,233 for the three
month period ended March 31, 2008. Cash flow from operations was $65,033
for the three month period ended March 31, 2009 as compared to a cash
outflow of $227,873 for the same period in 2008. EBITDA loss was $147,820
for the three month period ended March 31, 2009 as compared to a loss of
$119,799 for the three month period ended March 31, 2008. Net loss per
common share was $0.00 for the three month period ended March 31, 2009
and $0.00 for the same period ended March 31, 2008.

"We are pleased with our recent high-profile contract win for the
provision of a multi-year digital audio recording and storage project in
the United Kingdom with Atos Origin and Logica," commented David
Outhwaite, President and Chief Executive Officer of VIQ Solutions. "With
a solid pipeline of exciting opportunities, innovative products and
top-tier global partners, we are poised for significant revenue growth as
we continue our drive toward sustained profitability," concluded Mr.
Outhwaite.

Business Highlights for the Quarter:

- Announced the signing of a contract by the Corporation's Australian
subsidiary, Spark & Cannon, with the Victoria State Police for the
provision of transcription services, estimated to be worth AUS $2.25
million over a three year term based on the historical workflow supplied
by the Victoria State Police;

- Announced the signing of a contract with Atos Origin, estimated to be
worth (pound)3.3 million over an eight-year period, to provide digital
audio recording and management software for approximately 594 fixed and
portable installations across the United Kingdom; and

- Selected by Logica, a leading IT and business services company, to
provide the integration of VIQ Solutions' Encompass product suite to an
Enterprise Content Management ("ECM") data centre in the United Kingdom.

Additional Information

Detailed financial information and Management's Discussion and Analysis
of Results and Financial Condition for the three month period ended March
31, 2009 will be posted on VIQ Solutions' website (under Investor
Relations) at www.viqsolutions.com and 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 audited
consolidated financial statements for the year ended December 31, 2008,
including the notes thereto.

About VIQ Solutions Inc.

VIQ Solutions is recognized as a global provider in the digital audio
industry with innovative product and service-based solutions for
voice-driven systems in the legal, medical, business, and government
industries. VIQ Solutions provides an integrated range of digital record
workflow solutions, including digital audio and video capture, workflow
management software, transcription services, interactive electronic
scheduling, and case management integration, all from one central, secure
database.

Forward-looking Statements

This release contains forward-looking statements and other statements
concerning the Corporation's objectives and strategies and management's
beliefs, plans and intentions about our achievements, goals, performance
and other future events. These statements involve risks and
uncertainties, which may cause actual results to differ materially from
the statements made. When used in this press release, the words
"anticipate," "believe," "could," "estimate," "expect," "intend," "may,"
"plan," "will,", "would" and similar expressions are intended to identify
forward-looking statements. Such statements reflect VIQ Solutions'
current views with respect to future events and are subject to such risks
and uncertainties. Many factors could cause our actual results to differ
materially from the statements made due to a number of factors including
risks related to our ability to successfully execute our business plan
which includes our revenue growth, our liquidity, our operating results,
our technology and products. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned, anticipated
or expected. VIQ Solutions does not intend and does not assume any
obligation to update these forward-looking statements.

Non-GAAP Measures

EBITDA is a non-GAAP earnings measure, therefore, it does not have any
standardized meaning prescribed by Canadian generally accepted accounting
principles and may not be similar to measures presented by other
companies. EBITDA represents earnings before interest expense, income
taxes, depreciation and amortization. This measure is important to
management since it is used by potential investors to evaluate the
Corporation's operating performance and ability to incur and service
debt, and as a valuation metric.

Neither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.

Contacts:
VIQ Solutions Inc.
David Outhwaite
President & CEO
(905) 948-8266 ext. 250
douthwaite@viqsolutions.com

VIQ Solutions Inc.
Karen Hersh
Chief Financial Officer
(905) 948-8266 ext. 240
khersh@viqsolutions.com

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