VIQ Solutions amends credit agreement with Beedie

Mr. Jacob Manning reports VIQ SOLUTIONS ANNOUNCES AMENDMENTS TO CREDIT AGREEMENT VIQ Solutions Inc. has entered into an eighth amendment agreement with Beedie Investments Ltd. to amend certain terms of the credit agreement dated Jan. 13, 2023, between the company and the lender, as amended, governing the company's $15-million (U.S.) senior secured loan with the lender, as well as a $1.5-million (U.S.) term loan with the lender, of which $1.25-million (U.S.) has been drawn. The eighth amendment agreement is designed to support the company's recapitalization and long-term business objectives. Pursuant to the eighth amendment agreement, the company has established a finance committee to lead a targeted refinancing of its obligations under the original loan and bridge loan by April 30, 2026. Building on sustained positive adjusted earnings before interest, taxes, depreciation and amortization momentum, this initiative reflects the company's commitment to strengthening the balance sheet, reducing leverage and enhancing long-term financial flexibility as it advances toward its next phase of growth. Subject to the continued satisfaction of certain revised financial covenants, the eighth amendment agreement provides that the lender will not demand or accelerate the repayment of indebtedness outstanding under the original loan and the bridge loan during the refinancing period. The lender is a related party of the company as such term is defined under applicable securities laws, and, as a result, the entering into the eighth amendment agreement is considered a related-party transaction (as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions)). The company has relied on certain exemptions from the requirement to obtain a formal valuation and minority shareholder approval, namely sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the eighth amendment agreement exceeds 25 per cent of the company's market capitalization. A copy of the credit agreement is available, and a copy of the eighth amendment agreement will be available, under the company's profile on SEDAR+. 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 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 are 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.