VIQ's Australian division placed into administration

Mr. Larry Taylor reports VIQ SOLUTIONS ANNOUNCES VOLUNTARY ADMINISTRATION OF AUSTRALIAN SUBSIDIARIES TO FOCUS ON ITS NORTH AMERICAN AND UNITED KINGDOM OPERATIONS VIQ Solutions Inc.'s Australian division, consisting of VIQ Australia Pty. Ltd., VIQ Solutions Pty. Ltd., VIQ Solutions Australia Pty. Ltd., VIQ Pty. Ltd. and VIQ Australia Services Pty. Ltd., has been placed into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia). VIQ Solutions is taking this action to focus its management and capital resources on the company's existing operations in North America and the United Kingdom, which remain the company's highest performing business units. "The decision to appoint voluntary administrators follows a thorough review of Australian operations, including the current challenging business environment in Australia, and the negative impact on the financial results of our overall business," said Larry Taylor, chief executive officer of VIQ Solutions. "We are disappointed that we were unable to bring the full capability of the company's global scalable architecture and best practices to the Australian business. We will support the administrator to ensure that the business of VIQ Australia continues to operate without disruption, given that VIQ Australia supports critical functions of the Australian courts and law enforcement." The company is optimistic that customers will continue to support VIQ Australia through the administration process while the administrator works to ensure the future of VIQ Australia is secured. In pursuing voluntary administration, the company is seeking to realize as much value as possible from VIQ Australia's remaining assets for the benefit of all stakeholders. The company will continue to work co-operatively with the administrator, customers, employees, government authorities and other affected parties throughout the process. The voluntary administration constitutes an event of default under the terms of the credit agreement dated Jan. 13, 2023, as amended, between the company and Beedie Investments Ltd. Preliminary financial results for year ended Dec. 31, 2025 VIQ Solutions' preliminary unaudited financial results for the year ended Dec. 31, 2025, indicate estimated consolidated revenue of approximately $41-million and adjusted earnings before interest, taxes, depreciation and amortization of approximately $5-million. Excluding VIQ Australia, estimated consolidated revenue would be approximately $20-million, and consolidated adjusted EBITDA would be approximately $3-million. VIQ Solutions expects to streamline operations in its North America and the United Kingdom business to improve adjusted EBITDA in the year ahead. The above preliminary financial results for the year ended Dec. 31, 2025, are based on management's estimates, and have not yet been approved by the company's audit committee or its board of directors. The company's final financial results for its fiscal year could differ from these preliminary financial results. Appointment of new chief financial officer VIQ Solutions is pleased to announce that it has appointed a new chief financial officer, Michael Wolfe, effective April 1, 2026. Mr. Wolfe has over 30 years experience in finance, accounting, private equity and business valuation, and has also served as a director for several private and public companies, including as a member of audit and other independent committees. He was previously the CFO of several mid-market Canadian companies including Baylin Technologies Inc., a Toronto Stock Exchange-listed company in the wireless communications industry. Mr. Wolfe also brings a successful record in acquisitions, management buyouts, growth financings and recapitalizations. Mr. Wolfe is a chartered professional accountant. In connection with Mr. Wolfe's appointment, Alexie Edwards has resigned as chief financial officer, effective March 31, 2026. It is expected that Mr. Edwards will continue to work with the company to ensure a smooth transition. The company wishes Mr. Edwards well in his new endeavours. Chief executive officer compensation arrangement The company also announced that it has entered into a management service agreement with Mr. Taylor, effective April 1, 2026, to support Mr. Taylor's transition to full-time chief executive officer of the company. Mr. Taylor has been chief executive officer of the company since August, 2025, and has received no remuneration as CEO to date, all while supporting the company through insider-led private placements. Pursuant to the MSA, the company will pay a one-time management fee of $50,000 (U.S.) on April 1, 2026, followed by monthly fees of $25,000 (U.S.) commencing May 1, 2026. The company has a right to terminate the MSA upon 90 days written notice. About VIQ Solutions Inc. VIQ Solutions is a global provider of secure, artificial-intelligence-driven, digital voice and video capture technology and transcription services. VIQ Solutions 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 cybersecure, AI technology and service platform is implemented in the most rigid security environments including criminal justice, legal, insurance, 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. We seek Safe Harbor.