VIQ Solutions Closes Non-Brokered Private Placement

January 24, 2011 (FinancialWire) (The Small Cap News Leader http://www.financialwire.net/) — VIQ Solutions, Inc. (VIQ Solutions, Inc. (VQS – TSX-V) (VQSLF – OTC) (Approx. Market Cap C$ 40.3 Mil.) closed the second and final tranche of its previously announced non-brokered private placement, issuing 2,000,000 units at a price of C$0.50 per Unit for gross proceeds of C$1,000,000.

VIQ previously closed the initial tranche issuing 2,065,000 units for aggregate gross proceeds of C$1,032,500.

Both tranches of the private placement, VIQ issued an aggregate of 4,065,000 units for aggregate gross proceeds of C$2,032,500.

The net proceeds will be used for general working capital purposes.

Each Unit consists of one common share of VIQ stock and one common share purchase warrant, with each Warrant entitling the holder to purchase one common share at an exercise price of C$0.65, with the shares and warrants subject to a four month hold period.

In connection with the closing of the final tranche, VIQ paid cash finder's fees equal to C$10,000, issued 60,000 units in lieu of a cash finder's fee at a price of C$0.50 each, and issued 200,000 finder’s warrants. Each finders warrant entitles the holder one common share at C$0.65, subject to a four month hold period. In total, VIQ paid cash finder's fees equal to C$43,300, issued 60,000 Units and issued an aggregate of 366,500 finder’s warrants.

VIQ Solutions is a computer-based digital audio and video capture and management company that develops 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. Their 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 by fewer resources. VIQ Solutions' technologies are installed in courts, legislative assemblies, law enforcement and hearing rooms. The company is headquartered in Calgary, Canada.

Exchange Links: VIQ Solutions, Inc. (VQS – TSX-V) (VQSLF – OTC)

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