Richmond Hill, Ontario--(Newsfile Corp. - June 4, 2026) - VIQ Solutions Inc. (TSXV: VQS) ("VIQ Solutions" or the "Company") today provided an update on its 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 ("VIQ Australia"), which was placed into voluntary administration pursuant to Part 5.3A of the Corporations Act 2001 (Australia) (the "Corporations Act") in March 2026 (the "Voluntary Administration").

At the commencement of the Voluntary Administration, Robert Smith and Keith Crawford of McGrathNicol (the "Administrators") engaged with key stakeholders of VIQ Australia to establish continuity of vital services. Once the business was stabilized, on March 20, 2026, the Administrators commenced a fulsome and robust process to seek the sale or recapitalization of VIQ Australia.

The Company has now received notice from the Administrators that the sale or recapitalization process related to VIQ Australia was unsuccessful and that the Administrators will begin taking steps to conduct an orderly wind down of the VIQ Australia business. The Company does not anticipate receiving any proceeds from the administration of VIQ Australia.

While the Voluntary Administration process was underway, VIQ launched a significant cost reduction program including, costs associated with supporting VIQ Australia, IT, finance and other administrative and customer support areas. These cost reductions have and will continue to be implemented over the coming months.

The Company continues 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.

For more information about VIQ Solutions, please visit viqsolutions.com. The Company's head office is located at 35 West Pearce Street, Unit 13, Richmond Hill, Ontario L4B 3A9.

About VIQ Solutions

VIQ Solutions is a global provider of secure, AI-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 cyber-secure, 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.

Forward-looking Statements

Certain statements included in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

Forward-looking statements typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking statements in this press release include but are not limited to statements regarding the wind-down of VIQ Australia, including the Company's cost-saving initiatives and expense reductions, the expected proceeds from the liquidation, the Company's strategy to focus on its North American and United Kingdom operations, and the outcome and impact of the Voluntary Administration. Actual results and outcomes could differ materially for a variety of reasons, including, among others, the outcome of the administration and wind-down process; the ability of the administrator to complete the wind-down within the expected timeline; the magnitude of the potential disruption to the Company's business and operations; the potential for claims by creditors, employees, or other stakeholders of VIQ Australia; distraction of management or other diversion of resources from business operations in connection with the administration and wind-down; the potentially material financial impact of the loss of revenue and expenses associated with the administration and transition; the Company's ability to achieve anticipated cost savings; and other factors described in greater detail in the "Risk Factors" section of the Company's management's discussion and analysis for the year ended December 31, 2025 and in the Company's other materials filed on SEDAR+ at www.sedarplus.ca.

These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Such estimates and assumptions may prove to be incorrect or overstated. The forward-looking statements contained in this press release are made as of the date of this press release and the Company expressly disclaims any obligations to update or alter such statements, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300156