CALGARY, November 28, 2018 – Crown Capital Partners Inc. (“Crown”) (TSX: CRWN), which provides growth capital to successful mid-market companies, today announced the closing of a $15 million term loan (the “Agreement”) to VIQ Solutions Inc. (“VIQ”)(TSX Venture:VQS), an Ontario-based technology company focused on digital media capture, workflow management, and artificial intelligence (“AI”) tools.

VIQ Solutions is a global expert in video and voice-to-text capture, providing a cybersecure AI technology and service platform to law enforcement, immigration, medical, legal, insurance, courts, and transcription service providers. VIQ’s digital solutions save enterprises time and effort by eliminating the need to update, store, and search through huge audio and video records. The company’s software captures digital content from any audio/video source for document creation and meets the highest international data, cybersecurity and privacy standards, including military and medical regulations. VIQ has a diversified customer base comprised of over 800 public and private agencies, with thousands of users in over 25 countries.

“We are pleased to support the VIQ team as they leverage their strong existing transcription services platform and consolidate key areas of the industry through acquisitions,” said Chris Johnson, Crown’s President & CEO. “They operate in highly fragmented markets where digital solutions are poised to transform how audio and video recordings are processed and evidence documented. By acquiring cash generative traditional transcription businesses and deploying its proprietary software, VIQ is well positioned to accelerate revenues and improve margins.”

“As we execute the next growth phase, we are pleased to be working with Crown Capital along with new commercial partners and target companies. This level of non-dilutive capital will enable VIQ to transform digital document creation and transcription using our proprietary AI technology,” said Sebastien Paré, President and CEO of VIQ.

The Agreement provides for a term loan of up to $15.0 million to VIQ by Crown Capital Partner Funding, LP (“Crown Partners Fund”), an investment fund managed by Crown and in which Crown holds a 37.1% interest. The loan is to be funded with an initial advance of $5.0 million. The remaining $10.0 million is available to fund subsequent acquisitions up to June 30, 2019.  The term loan bears a fixed interest rate of 10% per annum, matures in 60 months, and includes the issuance to Crown Partners Fund of 2,127,659 common shares as well as warrants to acquire 9,000,000 common shares of VIQ.

About Crown Capital Partners (TSX:CRWN)

Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co-invests in alternative investment funds, including Crown Capital Partner Funding, LP and Crown Capital Power Fund, LP.


This news release contains certain “forward looking statements” and certain “forward looking information” as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management’s beliefs, expectations or intentions regarding VIQ’s increased revenue and margins. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown’s periodic filings with Canadian securities regulators. See Crown’s most recent annual information form for a detailed discussion of the risk factors affecting Crown. In addition, Crown’s dividend policy will be reviewed from time to time in the context of the Corporation’s earnings, financial requirements for its operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the board of directors of the Corporation. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

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