VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX VENTURE:VQS), a global expert in secure digital media technology and services, announced today that the Company will change the reporting currency of its financial statements from Canadian dollars (“CAD”) to U.S. dollars (“USD”) to reflect the evolving profile of the Company’s revenue, sales pipeline and cash flows.
The change in reporting currency will provide shareholders with a more accurate reflection of the Company’s financial performance and revenue, which is increasingly generated in USD. Currently, Canadian dollar denominated sales represent approximately 5% of total revenue.
The Company has multiple large scale projects with U.S. and international agencies that are expected to continue contributing significant revenue growth in 2017-2018. VIQ’s U.S. dollar transactions include sales to U.S. customers and other international customers who transact with VIQ in USD.
“The US dollar is VIQ’s primary currency for revenue, cash flow and future growth as we continue to win contracts with large U.S. and international agencies,” said Sebastien Paré, President and CEO of VIQ. “As VIQ’s business continues to grow and evolve, so has the currency in which we primarily transact. The transfer to USD reporting presents a more meaningful financial performance perspective as we continue on our growth trajectory.”
The first reported results using USD will be Q1 2017, scheduled for release on Tuesday, May 30. All comparative figures will be converted into US dollars. The common shares of VIQ listed on the TSX Venture Exchange will continue to be quoted in Canadian dollars.
The Company also announced that George Kempff has joined VIQ as interim Chief Financial Officer, replacing Lawrence Tjan who resigned for personal reasons.
“Lawrence has done a tremendous job leading many key projects in VIQ’s transition plan, including 2016’s non brokered private placement and our conversion to a SaaS revenue model,” said Mr. Paré. “On behalf of the entire VIQ team, I thank him for his important contribution and wish him success in his future endeavours.”
Mr. Kempff will assume the CFO position on a part time basis until a permanent replacement can be found. He is a Certified Management Accountant who recently held the position of Vice President and Chief Financial Officer of ZoomerMedia Limited from 2010 until 2017. Mr. Kempff has been a member of the VIQ Board of Directors since 2005.
“George has a keen understanding of the VIQ business and his insight and experience will be extremely valuable as we initiate the search for a permanent replacement later this year,” said Mr. Paré.
With Mr. Kempff’s appointment, Larry Taylor, Chairman of VIQ’s Board of Directors, will assume the position of head of the VIQ Audit Committee alongside fellow independent directors Joseph Quarin and Harvey Gordon.
VIQ is the leading technology and service platform provider for digital evidence capture and content management. Our secure modular software allows customers to onboard the VIQ platform at any stage of their organization’s digitization, from the capture of digital content from video and audio devices through to online collaboration, mobility, data analytics and integration with sensors, facial recognition, speech recognition and case management or patient record systems. VIQ’s technology leads the industry in security, meeting the highest international standards for digital cybersecurity and privacy, including military and medical regulations.
Our solutions are in use in over 20 countries with tens of thousands of users in over 200 government and private agencies including law enforcement, immigration, medical, legal, insurance, courts, transportation and transcription service providers. VIQ also provides end to end transcription services to several large government agencies through our Australia-based reporting and transcription partners. VIQ operates worldwide with partners like security integrators, audio-video specialists, and hardware and data storage suppliers. For more information about VIQ, please visit www.viqsolutions.com.