Mr. Jacob Manning reports

VIQ SOLUTIONS ANNOUNCES STRATEGIC REVIEW PROCESS AND AMENDMENTS TO CREDIT AGREEMENT

VIQ Solutions Inc. is conducting a review of strategic alternatives to unlock stakeholder value.

VIQ Solutions' business strategy centers on the digital transformation of transcription services for key sectors, including courts, insurance, legal, law enforcement, government and media. By integrating proprietary technology, vertical-specific AI (artificial intelligence) and "human-in-the-loop" expertise, VIQ has enhanced operational efficiency, improved gross margins and leveraged the scalability of its global technology platform. These strategic initiatives have strengthened the company's financial performance, as demonstrated by improved results in 2024.

VIQ is a leader in digital voice and video capture technology and transcription services. The board and management team remain committed to continuing improvements through competitive enhancements programs.

This review process may not result in any significant strategic change. VIQ does not plan to provide updates on the status of the review until material developments emerge.

Credit agreement amendments

In connection with the strategic review, VIQ Solutions has entered into a fifth amendment agreement with Beedie Investments Ltd. in order 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 (the original loan) as well as a $1.5-million (U.S.) term loan with the lender, of which $1-million (U.S.) has been drawn. Pursuant to the terms of the fifth amendment agreement, the parties have agreed to amend certain financial covenants under the credit agreement until Feb. 28, 2025, in exchange for an amendment fee equal to $250,000 (U.S.) payable at the maturity, acceleration of the original loan or a refinancing of the original loan, as well as an expense reimbursement of up to a maximum of $900,000 (U.S.) in connection with the lender's prior participation in a strategic review, payable only on the refinancing of the original loan, the acceleration of the original loan or a change of control of the company.

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 fifth amendment agreement is considered a related party transaction (as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101)). 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 fifth 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 fifth amendment agreement will be available under the company's profile on SEDAR+.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven (artificial intelligence), 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 services 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.