VIQ Solutions amends credit agreement with Beedie Investments

MISSISSAUGA, Ontario - VIQ Solutions Inc. (TSX:VQS), a technology company with a market capitalization of $7.8 million and annual revenue of $42.8 million, has entered into an eighth amendment agreement with Beedie Investments Ltd. to modify terms of its credit agreement governing a US$15 million senior secured loan and a US$1.5 million term loan, the company announced Friday.

The amendment establishes a Finance Committee to lead refinancing efforts for these obligations by April 30, 2026. During this refinancing period, Beedie will not demand or accelerate loan repayments, provided VIQ continues to meet revised financial covenants.

The agreement follows what the company described as "sustained positive adjusted EBITDA momentum" and aims to strengthen VIQ’s balance sheet while reducing leverage.

Since Beedie Investments is considered a related party to VIQ Solutions under securities laws, the transaction falls under related party transaction regulations. The company stated it has relied on exemptions from formal valuation and minority shareholder approval requirements, as the fair market value involved does not exceed 25% of VIQ’s market capitalization.

VIQ Solutions provides AI-driven digital voice and video capture technology and transcription services to sectors including criminal justice, legal, insurance, government, corporate finance, and media markets.

The amendment agreement will be available on SEDAR+ at www.sedarplus.ca, according to the press release statement.

In other recent news, Viq Solutions Inc. reported its Q1 2025 earnings, highlighting a significant improvement in gross margins and positive cash flow from operations. While the company experienced a slight year-over-year decline in revenue, strategic initiatives in AI-driven transcription services are positioning it well for future growth. These developments come amidst mixed investor sentiment, as reflected by the stock’s performance. The earnings report did not mention any changes in analyst ratings or mergers. Investors may find the focus on AI technology a noteworthy aspect of the company’s strategy. The emphasis on margin growth suggests a focus on operational efficiency. There were no updates on mergers or acquisitions. Viq Solutions continues to focus on enhancing its transcription services through AI advancements.

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