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Markham, Canada based VIQ Solutions released their financials for the period ending March 31, 2007. The computer-based digital audio capture and management provider’s revenues were $3.3 million for the three month period ended March 31, 2007 as compared to $2.47 million for the three month period ended March 31, 2006. Gross margin increased to 39% for the period as compared to 33% for the same period in 2006.

Financial Highlights:

- Achieved revenue growth of 34% over previous year’s first quarter results as a result of revenue growth from our new product releases as well as growth in our transcription and recording services;

- Commenced roll out of new Encompass digital audio and video capture solution offering synchronized digital video capture resulting in immediate success in the marketplace with a 155% increase in our computer products and services sales as compared to the previous year;

- Awarded two major long-term Australian transcription and recording contracts during the period in addition to the Western Australian contract that was awarded in late 2006, confirming our position as the market leader in the Australian transcription and recording market;

- Significant improvement in financial performance for the first quarter over the previous year’s results, resulting in positive cash from operations for the three months ended March 31, 2007

Categories: Financial Results, For The Books