Market Newsdesk

Short Delay Required to File Form 10-K

VIQ Solutions Reports Fourth Quarter and Full Year 2022 Financial Results

PHOENIX, Ariz.–(BUSINESS WIRE)–VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX and Nasdaq: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today reported its unaudited financial results for the fourth quarter and full year ending December 31, 2022. Results are reported in US dollars and prepared in accordance with International Financial Reporting Standards (“IFRS”).

“We ended a challenging 2022 with a 48% increase in year over year revenue which 93% is Annual Recurring Revenue (“ARR”)¹ and a 53% increase in year over year net new bookings,” said Sebastien Paré, VIQ’s Chief Executive Office. “We delivered on our promise to gradually return to organic growth post pandemic in 2023 and to bring end-to-end workflow technologies to clients around the world to solve key problems like the critical shortage of court reporters and the need to move content securely to the cloud. As our customers find more efficient ways to create and digitize delivery of their evidentiary content, we continue to execute our strategy to extend our Artificial Intelligence (“AI”) to targeted verticals through scale, industry specific content, optimized workflow, and human knowledge.”

“The positive impact our AI-powered, NetScribe™ technology has had in our most mature markets was impressive and underscores the value of VIQ IP. Productivity and efficiency gains reflected in gross margin post migration reached 55.8% in the United States and 61.6% in the United Kingdom. This is a material improvement from the gross margin ranges noted post-acquisition. Australia, representing 53% of our revenue exiting 2022 is scheduled to complete migrations onto the platform in 2023 which will further improve margins.”

Fourth Quarter 2022 Financial Highlights

• Revenue of $10.2 million, an increase of $2.7 million, or 35%, from the same period in the prior year.
• Gross profit of $4.8 million, an increase of $1.5 million, or 45%, from the same period in the prior year.
• Net loss of $2.2 million, a decrease of $1.5 million, from the same period in the prior year.
• Adjusted EBITDA of negative $1.2 million, a decrease of $0.6 million, or 35%, from the same period in the prior year.

Full Year 2022 Financial Highlights

• Revenue of $45.8 million, an increase of $14.8 million, or 48%, from the same period in the prior year.
• Gross profit of $21.9 million, an increase of $7.0 million, or 47%, from the same period in the prior year.
• Net loss of $8.7 million, a decrease of $11.0 million, or 56%, for the same period in the prior year.
• Adjusted EBITDA¹ was negative $3.4 million, a decrease $1.5 million, or 31% from the same period in the prior year.

¹ Represents a non-IFRS measure. Please refer to the “Non-IFRS Measures” section below and the reconciliation tables at the end of this press release.

On January 13, 2023, the Company entered a senior debt facility with Beedie Investments Ltd. (“Beedie”), pursuant to which Beedie has agreed to advance up to $15 million to the Company (the “Loan”). $12 million of the Loan has been advanced to the Company as an initial advance with an additional $3 million available to the Company to be drawn in subsequent advances in a minimum of $1 million for growth initiatives.

“As macroeconomic headwinds changed, we adjusted our focus, aligning our global resources, conducting a 10% reduction in headcount, and restructured to improve Adjusted EBITDA as we work to evolve into a leaner, more data driven company,” said Alexie Edwards, VIQ Chief Financial Officer. “In January 2023, we refinanced our legacy debt facility eleven months ahead of maturity with a built-in facility for growth initiatives. We believe this facility provides us with the necessary liquidity to support growth.”

Nasdaq

As previously disclosed, on September 27, 2022, the Company received a letter from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price per share for the Company’s common shares had closed below $1.00 for the previous 30 consecutive business days (the “Bid Price Rule”). The Company was given until March 27, 2023, to regain compliance with the Bid Price Rule.

On March 28, 2023, the Company was granted an additional 180-day grace period, or until September 25, 2023, to regain compliance with the Bid Price Rule following the Company’s notification to Nasdaq that it would seek to implement a reverse stock split, if necessary, to regain compliance with the Bid Price Rule. To regain compliance with the Bid Price Rule and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common shares must be at least $1.00 for at least 10 consecutive business days on or prior to September 25, 2023. If the Company fails to regain compliance during the additional compliance period, then Nasdaq will notify the Company of its determination to delist the Company’s common shares, at which point the Company would have an opportunity to appeal the delisting determination to a Nasdaq Listing Qualifications Panel (the “Panel”), but there can be no assurance that the Panel would grant the Company’s request for continued listing.

Conference Call Details

VIQ will host a conference call and webcast to discuss its fourth quarter and full year 2022 financial results on Thursday, March 30, 2023 at 11:00 AM Eastern Time. The call will consist of updates by Sebastien Paré, VIQ’s CEO, Alexie Edwards, VIQ’s CFO, and Susan Sumner, VIQ’s President and COO, followed by a question-and-answer period.

Investors may access a live webcast of the call on the Company’s website at www.viqsolutions.com/investors or by dialing 1-888-440-4052 (North America toll-free) or +1-646-960-0827 (international) to be connected to the call by an operator using conference ID number 4983233. Participants should dial in at least 10 minutes prior to the start of the call.

A replay of the webcast will be available on the Company’s website through the same link approximately one hour after the conference call concludes.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions

VIQ Solutions is a global provider of secure, AI-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 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 with respect to the Company’s strategy, improvements to margins, benefits of the Beedie facility, expectations around the Nasdaq delisting and the conference call to discuss the Company’s fourth quarter and full year 2022 results.

Forward-looking statements is based on several factors and assumptions which have been used to develop such statements, but which may prove to be incorrect. Although VIQ believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because VIQ can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding, among other things, recent initiatives and that sales and prospects may increase revenue. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that have been used.

Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that while considered reasonable by the Company as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the factors described in greater detail in the “Risk Factors” section of the Company’s annual report form on SEC Form 20-F form dated March 31, 2022 and in the Company’s other materials filed with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission from time to time, available at www.sedar.com and www.sec.gov, respectively.

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.

VIQ Solutions Inc. (Expressed in United States dollars, Unaudited)
		Three months ended December 31				Period over Period Change				Year ended December 31				Period over Period Change
		2022		2021		$		%		2022		2021		$		%
Revenue		10,181,580		7,514,421		2,667,159		35		45,843,929		31,046,812		14,797,117		48
Cost of sales		5,416,313		4,232,474		1,183,839		28		23,918,226		16,123,853		7,794,373		48
Gross profit		4,765,267		3,281,947		1,483,320		45		21,925,703		14,922,959		7,002,744		47
		46.8%		43.7%						47.8%		48.1%
Expenses
Selling and administrative expenses		5,897,545		5,111,108		786,437		15		24,526,303		19,119,713		5,406,590		28
Research and development expenses		91,824		274,889		(183,065)		(67)		734,115		1,092,108		(357,993)		(33)
Loss (Gain) on contingent consideration		(27,808)		(265,592)		237,784		(90)		80,071		(332,569)		412,640		(124)
Stock-based compensation		605,343		862,283		(256,940)		(30)		2,779,312		8,495,189		(5,715,877)		(67)
Depreciation		146,766		67,707		79,059		117		579,249		257,099		322,150		125
Amortization		2,289,819		1,102,465		1,187,354		108		5,508,954		4,384,502		1,124,452		26
Interest expense		236,885		334,489		(97,604)		(29)		1,052,618		1,331,100		(278,482)		(21)
Accretion and other financing costs		475,598		211,136		264,462		125		1,231,194		967,106		264,088		27
Loss on extinguishment of debt		–		–		–		100		747,865		–		747,865		100
Gain on revaluation of options		(447,737)		(526,081)		78,344		(15)		(1,511,399)		(1,028,055)		(483,344)		47
Gain on revaluation of RSUs		(104,578)		(123,583)		19,005		(15)		(550,260)		(242,595)		(307,665)		127
Gain on revaluation of the derivative warrant liability		(730,491)		(604,681)		(125,810)		21		(4,255,017)		(1,368,180)		(2,886,837)		211
Restructuring Costs		19,385		37,378		(17,992)		(48)		323,075		432,702		(109,627)		(25)
Impairment of PPE		15,246		–		15,246		100		15,246		–		15,246		100
Business acquisition costs		14,516		356,410		(341,895)		(96)		433,372		539,734		(106,362)		(20)
Other income		(392)		(1,483)		1,091		(74)		(1,291)		(12,003)		10,712		(89)
Foreign exchange (gain) loss		(1,049,277)		99,382		(1,148,659)		1,156		(452,068)		22,130		(474,198)		(2,143)
Loss before income taxes		(2,667,377)		(3,653,880)		986,503		27		(9,315,636)		(18,735,022)		9,419,386		50
Current income tax recovery (expense)		180,071		(40,329)		220,400		(547)		105,256		875		104,381		11,929
Deferred income tax recovery (expense)		319,284		40,416		278,868		690		504,365		(944,602)		1,448,967		(153)
Income tax recovery (expense)		499,355		87		499,268		(573,871)		609,621		(943,727)		1,553,348		165
Net Loss		(2,168,022)		(3,653,793)		1,485,771		41		(8,706,015)		(19,678,749)		10,972,734		56
Adjusted EBITDA (1)		(1,196,294)		(1,838,458)		642,163		35		(3,414,786)		(4,956,293)		1,541,507		31
Weighted average number of common shares outstanding
Basic		23,061,227		29,880,185						31,648,001		26,448,594
Diluted		23,061,227		29,880,185						31,648,001		26,448,594
Net income (loss) per share
Basic		(0.09)		(0.12)						(0.28)		(0.74)
Diluted		(0.09)		(0.12)						(0.28)		(0.74)
1Adjusted EBITDA is earnings before stock-based compensation, depreciation, amortization, interest expense, accretion and other financing expense, loss on extinguishment of debt, gain on revaluation of options, RSUs, and derivative warrant liability, restructuring costs, impairment of PPE, business acquisition costs, other income, foreign exchange (gain) loss, and current and deferred income tax expense (recovery), is a non-IFRS measure. Please refer to the section entitled “Non-IFRS Measures.”

VIQ Solutions Inc. Consolidated Statements of Financial Position (Expressed in United States dollars, Unaudited)
		December 31, 2022				December 31, 2021 (Restated)
Assets
Current assets
Cash		$	1,657,571			$	10,583,534
Trade and other receivables, net of allowance for doubtful accounts			5,305,728				5,594,368
Income tax recoverable			104,670				–
Inventories			37,807				49,557
Prepaid expenses and deposits			2,050,661				2,054,793
Non-current assets			9,156,437				18,282,252
Restricted cash			463,743				303,945
Property and equipment			1,432,133				460,974
Right-of-use assets, net			1,058,600				1,134,493
Intangible assets, net			10,731,917				14,928,984
Goodwill			12,047,048				12,440,557
Deferred tax assets			655,004				464,800
Total assets		$	35,544,882			$	48,016,005
Liabilities
Current liabilities
Trade and other payables and accrued liabilities		$	5,937,880			$	5,679,628
Income tax payable			45,212				97,784
Share-based payment liability			31,487				551,201
Derivative warrant liability			290,712				1,862,876
Current portion of long-term debt			8,634,258				1,109,713
Current portion of lease obligations			487,673				287,901
Contract liabilities			1,745,415				1,003,187
Non-current liabilities			17,172,637				10,592,290
Deferred tax liability			868,643				1,224,640
Long-term debt			19,812				11,999,108
Long-term contingent consideration			–				166,603
Long-term lease obligations			718,575				900,868
Other long-term liabilities			1,121,805				1,042,938
Total liabilities			19,901,472				25,926,447
Shareholders’ Equity
Capital stock			74,690,527				72,191,764
Contributed surplus			5,892,192				4,842,208
Accumulated other comprehensive income (loss)			(1,214,354	)			74,526
Deficit			(63,724,955	)			(55,018,940	)
Total shareholders’ equity			15,643,410				22,089,558
Total liabilities and shareholders’ equity		$	35,544,882			$	48,016,005

VIQ Solutions Inc. Consolidated Statements of Loss and Comprehensive Loss (Expressed in United States dollars, Unaudited)
		Year ended December 31
			2022				2021
Revenue		$	45,843,929			$	31,046,812
Cost of sales			23,918,226				16,123,853
Gross profit			21,925,703				14,922,959
Expenses
Selling and administrative expenses			24,526,303				19,119,713
Research and development expenses			734,115				1,092,108
Stock-based compensation			2,779,312				8,495,189
Gain on revaluation of options			(1,511,399	)			(1,028,055	)
Gain on revaluation of RSUs			(550,260	)			(242,595	)
Gain on revaluation of the derivative warrant liability			(4,255,017	)			(1,368,180	)
Foreign exchange loss (gain)			(452,068	)			22,130
Depreciation			579,249				257,099
Amortization			5,508,954				4,384,502
Interest expense			1,052,618				1,331,100
Accretion and other financing costs			1,231,194				967,106
Loss (gain) on contingent consideration			80,071				(332,569	)
Loss on revaluation of conversion feature liability			–				–
Loss on repayment of long-term debt			–				–
Loss on extinguishment of debt			747,865				–
Impairment of goodwill and intangible assets			–				–
Impairment of property and equipment			15,246				–
Restructuring costs			323,075				432,702
Business acquisition costs			433,372				539,734
Other income			(1,291	)			(12,003	)
Total expenses			31,241,339				33,657,981
Current income tax (recovery) expense			(105,256	)			(875	)
Deferred income tax (recovery) expense			(504,365	)			944,602
Income tax (recovery) expense			(609,621	)			943,727
Net loss for the year		$	(8,706,015	)		$	(19,678,749	)
Exchange gain (loss) on translating foreign operations			(1,288,880	)			153,432
Comprehensive loss for the year		$	(9,994,895	)		$	(19,525,317	)
Net loss per share
Basic			(0.28	)			(0.74	)
Diluted			(0.28	)			(0.74	)
Weighted average number of common shares outstanding – basic			31,648,001				26,448,594
Weighted average number of common shares outstanding – diluted			31,648,001				26,448,594

VIQ Solutions Inc. Reconciliation of Non-IFRS Measures (Expressed in United States dollars) (Unaudited) The following is a reconciliation of Net Loss to Adjusted EBITDA, the most directly comparable IFRS measure for the periods ended December 31, 2022 and 2021:
	Three months ended December 31			Year ended December 31
(Unaudited)	2022	2021		2022	2021
Net Loss	(2,168,022)	(3,653,793)		(8,706,015)	(19,678,749)
Add:
Depreciation	146,766	67,707		579,249	257,099
Amortization	2,289,819	1,102,465		5,508,954	4,384,502
Interest expense	236,885	334,489		1,052,618	1,331,100
Current income tax (recovery) expense	(180,071)	40,329		(105,256)	(875)
Deferred income tax (recovery) expense	(319,284)	(40,416)		(504,365)	944,602
EBITDA	6,093	(2,149,219)		(2,174,815)	(12,762,321)
Accretion and other financing costs	475,598	211,136		1,231,194	967,106
Loss on repayment of long-term debt	–	–		747,865	–
Gain on revaluation of options	(447,737)	(526,081)		(1,511,399)	(1,028,055)
Gain on revaluation of RSUs	(104,578)	(123,583)		(550,260)	(242,595)
Gain on revaluation of the derivative warrant liability	(730,491)	(604,681)		(4,255,017)	(1,368,180)
Impairment of property and equipment	15,246	–		15,246	–
Restructuring costs	19,385	37,378		323,075	432,702
Business acquisition financing costs	14,516	356,410		433,372	539,734
Other income	(392)	(1,483)		(1,291)	(12,003)
Stock-based compensation	605,343	862,283		2,779,312	8,495,189
Foreign exchange (gain) loss	(1,049,277)	99,382		(452,068)	22,130
Adjusted EBITDA	(1,196,294)	(1,838,458)		(3,414,786)	(4,956,293)

The following is a reconciliation of Technology Services, Support and Maintenance, SaaS and Subscription revenue to ARR, the most directly comparable IFRS measure for the periods ended December 31, 2022 and 2021:

At December 31, 2022 – Reconciliation of 2022 Technology Services, support and maintenance, SaaS, and Subscription revenues to ARR

		2022
Technology Services		41,812,479
Support & Maintenance		1,872,620
SaaS		89,692
Subscription		493,845
Add: Client Adjustments		(1,532,468	)
Total Annual Recurring Revenue	$	42,736,168

At December 31, 2021 – Reconciliation of 2021 Technology Services, support and maintenance, SaaS, and Subscription revenues to ARR

		2021
Technology Services		26,676,738
Support & Maintenance		1,772,203
SaaS		65,187
Subscription		189,359
Add: The Transcription Agency Revenue Jan 1 – Oct 1, 2021		1,083,415
Add: Auscript Revenue Jan 1 – Dec 13, 2021		10,163,719
Add: Client Adjustments		8,684,589
Total Annual Recurring Revenue	$	48,635,210

Non-IFRS Measures

The Company prepares its financial statements in accordance with IFRS. Non-IFRS measures are used by management to provide additional insight into our performance and financial condition. We believe non-IFRS measures are an important part of the financial reporting process and are useful in communicating information that complements and supplements the consolidated financial statements. Adjusted EBITDA and ARR are not a measure recognized by IFRS and does not have standardized meanings prescribed by IFRS. Therefore, Adjusted EBITDA and ARR may not be comparable to similar measures presented by other issuers. Investors are cautioned that Adjusted EBITDA should not be construed as an alternative to net income (loss) as determined in accordance with IFRS.

This news release also includes certain measures which have not been prepared in accordance with IFRS such as Adjusted EBITDA. To evaluate the Company’s operating performance as a complement to results provided in accordance with IFRS, the term “Adjusted EBITDA” refers to net income (loss) before earnings for stock-based compensation, depreciation, amortization, interest expense, accretion and other financing expense, (gain) loss on revaluation of options, (gain) loss on revaluation of restricted share units, gain (loss) on revaluation of derivative warrant liability, restructuring costs, (gain) loss on revaluation of conversion feature liability, loss on repayment of long-term debt, business acquisition costs, impairment of goodwill and intangibles, other expense (income), foreign exchange (gain) loss, current and deferred income tax expense. We believe that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of the Company.

We believe that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by the Company’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, impairment of goodwill and intangibles, other expense (income), and foreign exchange (gain) loss. Accordingly, we believe that this measure may also be useful to investors in enhancing their understanding of the Company’s operating performance.

ARR is the annualized equivalent value of the 1- Software Support Maintenance (SSM), 2- Software Subscriptions 3- SaaS and 4- Technology Services revenue of all existing contracts as of the date being measured. This excludes non-recurring revenue from implementation, support, and maintenance fees. The majority of our Editing Services contracts are volumes based. Accordingly, our calculation of ARR assumes that the clients will renew the contractual commitments on a periodic basis as those commitments come up for renewal. A portion of the contract renewals are through a competitive tender process. Contracts agreements may be subject to contract value increases upon renewal reflecting both inflationary increases and the additional value and added products and services provided by our solutions. ARR is not adjusted for the impact of any projected future client cancellations, loss of renewals, service upgrades or downgrades or price increases or decreases.

We use ARR as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring client contracts.

We believe that this measure provides a fair real-time measure of performance in a volume and subscription-based environment. ARR provides us with the visibility for consistent and predictable growth to our cash flows. Our total revenue growth coupled with increasing ARR indicates the continued strength in the expansion of our business and will continue to be our focus on a go-forward basis.

Trademarks

This press release includes trademarks, such as “aiAssist”, “NetScribe” and “FirstDraft”, which are protected under applicable intellectual property laws and are the property of VIQ. Solely for convenience, our trademarks referred to in this news release may appear without the ® or TM symbol, but such references are not intended to indicate, in any way, that we will not assert our rights to these trademarks, trade names and services marks to the fullest extent under applicable law. Trademarks which may be used in this press release, other than those that belong to VIQ, are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230329005985/en/

Media:

Laura Haggard

Chief Marketing Officer

VIQ Solutions

Phone: (800) 263-9947

Email: [email protected]

Investor Relations:

Laura Kiernan

High Touch Investor Relations

Phone: 1-914-598-7733

Email: [email protected]

KEYWORDS: United States North America Arizona

INDUSTRY KEYWORDS: Security Audio/Video VoIP Technology Artificial Intelligence

MEDIA:

Logo

TDCX levels up in Vietnam to help its gaming clients deliver a good game

NYSE-listed digital customer experience solutions provider expands its Southeast Asian footprint with the opening of its 28^th campus

HO CHI MINH CITY, Vietnam & SINGAPORE–(BUSINESS WIRE)–
34-year-old, Minh Quan Lam is a passionate gamer who brings his skills in creative thinking, problem-solving and gaming knowledge to his role as an operations manager. He is part of a global team of more than 360 specialists at TDCX, (NYSE: TDCX), a high-growth digital customer experience (CX) solutions provider for technology and blue-chip companies, that is helping global gaming companies deliver a good game.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230328005540/en/

To enhance its support for companies from all sectors, including gaming, with Vietnamese language requirements, TDCX has opened its 28^th campus, this time in Ho Chi Minh City, Vietnam. The campus adds to TDCX’s network of delivery centers in Asia, Europe and Latin America and complements its Thailand campus in supporting clients with CX needs in the Lower Mekong region.

Vietnam is an attractive destination for companies to locate their outsourced services. The market was ranked as the world’s sixth most competitive global business services location according to Kearney’s 2021 Global Services Location Index. In line with that, Vietnam’s Business Process Outsourcing market is expected to show an annual growth rate (CAGR 2023 – 2027) of 10 per cent, representing a volume of US$650 million by 2027¹.

Mr. Byron Fernandez, Group Chief Information Officer and EVP, TDCX, said, “Vietnam has all the essential ingredients to become a key player in the outsourcing market. It has strong IT infrastructure and is home to a skilled and youthful talent pool, making it one of the hottest hubs for brands. Through our conversations with potential candidates in the market, they are driven, enthusiastic and committed. This is exactly the type of talent that our clients seek.

“The opening of our Vietnam campus gives us the opportunity to harness new talent pools for our clients and to play a part in providing the local workforce with interesting digital economy jobs. As we do so, we will also be able to achieve our strategy of providing greater network coverage and service offerings to our clients.”

Through its entry into the market, TDCX aims to provide quality employment opportunities for the local workforce and to offer training opportunities to upskill the talent pool. It is also hoped that such efforts will contribute to the growth of the country’s growing outsourcing industry.

The campus is helmed by Diep Thi Thanh Thu (Thu Diep), Senior Operations Manager at TDCX Vietnam who has more than a decade of experience in the CX industry. She brings a wealth of expertise in managing market operations and has worked with some of the most established brands in the APAC region. She also oversaw the establishment of TDCX’s campuses in Australia, Japan, and Taiwan.

Setting up social safeguards for gaming

A report shows that by 2027, the video games segment will see the number of users in Vietnam increase to 11.3 million². The country also has one of the highest percentage of gamers in Southeast Asia³, presenting an opportunity for TDCX to expand its support offerings to the gaming industry while maintaining reliable and comprehensive support for all gaming clients.

Thu Diep said, “Vietnam’s already growing gaming industry received a boost during the COVID-19 pandemic as people turned to online entertainment. As such, we see more gaming companies wanting to engage with Vietnamese consumers to tap the potential of this market. However, it can be challenging for international firms to navigate local regulations, cultural nuances and language barriers. With our Vietnam campus, we will be able to help more companies scale and seize growth opportunities quickly and efficiently through our local expertise.”

TDCX’s Vietnam campus is currently providing omnichannel customer experience and content, trust and safety services for an American video game developer. This involves providing customer support to players and real-time monitoring and resolution of issues. The campus is located in District 4, Ho Chi Minh City.

_____________________________

¹ Statista. Business Process Outsourcing – Vietnam | Market Forecast

²Statista. Video games segment user in Vietnam 2017-2026.

³Southeast Asia Mashable. The world’s largest internet gamers: 4 Southeast Asian nations dominate top spots.

About TDCX

Singapore-headquartered TDCX provides transformative digital CX solutions, enabling world-leading and disruptive brands to acquire new customers, to build customer loyalty and to protect their online communities.

TDCX helps clients achieve their customer experience aspirations by harnessing technology, human intelligence and its global footprint. It serves clients in fintech, gaming, technology, home sharing and travel, digital advertising and social media, streaming and e-commerce. TDCX’s expertise and strong footprint in Asia has made it a trusted partner for clients, particularly high-growth, new economy companies, looking to tap the region’s growth potential.

TDCX’s commitment to delivering positive outcomes for our clients extends to its role as a responsible corporate citizen. Its Corporate Social Responsibility program focuses on positively transforming the lives of its people, its communities and the environment.

TDCX employs more than 17,800 employees across 28 campuses globally, specifically Singapore, Malaysia, Thailand, Philippines, Mainland China, Hong Kong, South Korea, Japan, India, Romania, Spain, Colombia and Türkiye. For more information, please visit www.tdcx.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230328005540/en/

For enquiries, please contact:

[email protected]

KEYWORDS: Hong Kong Singapore Viet Nam Asia Pacific

INDUSTRY KEYWORDS: Technology Electronic Games Entertainment Fintech Online Communications Professional Services Internet Social Media Search Engine Marketing

MEDIA:

Logo

Photo

TDCX launches Vietnam campus in District 4, Ho Chi Minh City. (Photo: Business Wire)

DMS Announces Private Placement of Convertible Preferred Stock

CLEARWATER, Fla.–(BUSINESS WIRE)–
Digital Media Solutions, Inc. (NYSE: DMS) (the “Company”), today announced that it has entered into a securities purchase agreement with certain purchasers, including existing shareholders and officers, to purchase 80,000 shares of Series A convertible preferred stock and 60,000 shares of Series B convertible preferred stock, for an aggregate purchase price of $14.0 million. The purchase price represents a 10% discount to the aggregate stated value of the preferred stock of $15.54 million. At signing, the Company issued to the purchasers in the offering warrants to acquire 14,444,444 shares of Class A common stock of the Company at $0.6453 per share. The closing of the offering is expected to occur concurrently with the previously announced ClickDealer transaction on or about March 30, 2023, subject to the satisfaction of customary closing conditions.

The Series B convertible preferred stock issued in the transaction will be purchased by Leo Investors, Lion Capital and Messrs. Joseph Marinucci, Fernando Borghese and Matthew Goodman, founders of the Company.

“DMS was able to execute this financing from a combination of new and existing institutional investors, as well as certain founders of the company, which shows incredible support among existing shareholders. This transaction helps bolster the DMS balance sheet and, together with the acquisition of ClickDealer, will help position DMS to execute on our key strategic growth initiatives,” stated Joe Marinucci, CEO of DMS.

A.G.P./Alliance Global Partners is acting as the financial advisor in connection with the offering.

The Series A and Series B preferred stock and shares of common stock into which these preferred shares are convertible are being issued in reliance upon the exemption from the securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”) and/or Rule 506 of Regulation D as promulgated by SEC under the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Digital Media Solution

Digital Media Solutions, Inc. (NYSE: DMS) is a leading provider of data-driven, technology-enabled digital performance advertising solutions connecting consumers and advertisers within the auto, home, health, and life insurance, plus a long list of top consumer verticals. The DMS first-party data asset, proprietary advertising technology, significant proprietary media distribution, and data-driven processes help digital advertising clients de-risk their advertising spend while scaling their customer bases. Learn more at https://digitalmediasolutions.com.

Forward-Looking Statement

This press release includes “forward-looking statements” within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are made in reliance upon the “safe harbor” protections provided by such acts for forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results, including the ability of DMS to close the offering and theClickDealer transaction when anticipated and those under “Risk Factors” in DMS’s Annual Report on Form 10-K and its subsequent filings with the SEC. There may be additional risks that we consider immaterial or which are unknown, and it is not possible to predict or identify all such risks. DMS cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. DMS does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230329005621/en/

Investor Contact:

Jennyfer Enamorado

727-537-6639

[email protected]

For inquiries related to media, contact [email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Technology Insurance Advertising Communications Professional Services Software Internet Digital Marketing Data Analytics Data Management

MEDIA:

Logo

ADTRAN Holdings Announces Retirement of CFO and Appointment of New CFO

HUNTSVILLE, Ala.–(BUSINESS WIRE)–
ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) (“ADTRAN Holdings” or the “Company”), announced today that after 39 years in the telecommunications industry, ADTRAN Holdings’ CFO, Mike Foliano, will retire from the Company effective on June 28, 2023. The Company also announced the appointment of Uli Dopfer as the Company’s new Chief Financial Officer, effective May 1, 2023.

During his 17 years of service to the Company, Mr. Foliano has made significant contributions to Adtran and has been an integral part of the Company’s success and growth during his tenure, and his leadership and expertise will be missed.

“I would like to express my deep gratitude for the dedication and commitment Mike has shown to Adtran over his entire tenure here. We have greatly benefitted from his expertise, work ethic and professionalism. His contributions have left a lasting impact on our company, and I wish him all the best in his retirement,” said Tom Stanton, Chairman and CEO. “I am excited to welcome Uli to his new role as CFO. With his knowledge of our company and the work that we have done together over the last two years, I am confident that Uli is the right choice to take over as CFO and continue the company’s success.”

Uli Dopfer brings with him a wealth of experience, expertise, and 20 years of industry knowledge, having previously served as CFO of ADVA Optical Networking for the past 8 years. In addition, he is already well integrated into the Company and contributing to the Company’s success.

“I am honored to be named as CFO of ADTRAN Holdings and I am excited about the opportunity to work with such a talented team,” said Mr. Dopfer. “I look forward to building on the strong foundation that Mike has established and working with the team to achieve our goals.”

ADTRAN Holdings is confident that the move will be seamless, with Mr. Foliano transitioning his responsibilities over the coming months. ADTRAN Holdings looks forward to continuing to provide the same level of excellent service to its customers and stakeholders under the new CFO’s leadership.

About ADTRAN Holdings, Inc.

ADTRAN Holdings, Inc. is the parent company of ADTRAN, Inc., a wholly owned subsidiary and a leading global provider of open, disaggregated networking and communications solutions. ADTRAN Holdings is also the largest shareholder of ADVA, a European headquartered network innovator that empowers operators to deliver the cloud and mobile services that are vital to today’s society.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can often be identified by the use of words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “may,” “could” and similar expressions. Forward-looking statements reflect management’s best judgment based on factors currently known. However, these statements involve risks and uncertainties, including the risks disclosed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and the risks and uncertainties discussed throughout ADTRAN Holdings’ periodic filings with the U.S. Securities and Exchange Commission, available at www.sec.gov. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release. ADTRAN Holdings disclaims any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230329005725/en/

Rhonda Lambert/256-963-7450

[email protected]

KEYWORDS: United States North America Alabama

INDUSTRY KEYWORDS: Data Management Technology Telecommunications Mobile/Wireless Software Networks Internet

MEDIA:

Posted on March 29, 2023 8:03 pm

Faraday Future Starts Production of the FF 91 Futurist Alliance at its FF ieFactory California

Faraday Future Starts Production of the FF 91 Futurist Alliance at its FF ieFactory California

• The FF 91 Futurist is designed to break new boundaries in the ultra-luxury car market delivering a unique and intelligent EV experience with extreme performance technology, and an ultimate user experience
• The Company outlines future sales and growth plans
• A final launch event for the FF 91 Futurist will be hosted on April 26, 2023

HANFORD, Calif.–(BUSINESS WIRE)–
Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“Faraday Future”, “FF” or “Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced the start of production (SOP) of the all-new Ultimate Intelligent TechLuxury FF 91 Futurist Alliance at its FF ieFactory located in Hanford, California. The FF 91 Futurist is the Company’s first production vehicle and flagship model that is expected to be offered in both the U.S. and China markets.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230329006006/en/

Faraday Future Executive Leadership Celebrate the FF 91 Start of Production at Their FF ieFactory California. (Photo: Business Wire)

SOP marks a key manufacturing milestone of the FF 91 Futurist. It marks the culmination of the hard work, dedication and determination from the hundreds of FF employees that have strived to make a difference since the Company was founded. It also realizes the vision of FF’s founder and CPUO, YT Jia, who envisioned a vehicle that redefines transportation, mobility and connectivity, creating a true “third internet living space,” complementing a user’s home and smartphone experiences.

“I want to thank each and every valued stakeholder to FF, including our employees, supportive investors, suppliers and all of our partners that have traveled alongside us on this long road of perseverance, leading to where we all stand today here in Hanford,” said Xuefeng Chen, Global CEO of Faraday Future. “I can’t express how excited that I am to finally see the culmination of many years of hard work, all focused on our one goal, bringing the Ultimate Intelligent TechLuxury FF 91 Futurist Alliance to market.”

“Start of Production (SOP) of the FF 91 Futurist Alliance marks FF’s most solid step as a disruptor of the traditional ultra-luxury automotive civilization,” said Mr. Jia. “It’s a promise we made to our users and shareholders, and we have delivered it today successfully. This shows that FF has entered a new phase under the governance and operation of the new board and management. We believe FF will quickly restore its due value to the marketplace.”

In order to continuously implement the business philosophy and corporate vision of co-creation and co-sharing designed at the inception of FF and provide a unique platform for ultra-spire users to participate in the industry revolution, FF has divided the post-SOD (start of delivery) co-creation delivery of the FF 91 Futurist Alliance into three categories and three stages in 2023. The first is “industry expert FPO (Future Product Officer) co-creation delivery.” The second is “FPO co-creation delivery.” The third is a full co-creation delivery after production ramp-up. This also helps to mitigate the fact that production capacity falls far behind anticipated market demand.

The Company is grateful to FF’s global suppliers for helping FF get to this historical SOP achievement, and for their persistent belief in FF’s disruptive product. The FF 91 Futurist showcases our Ultimate Intelligent TechLuxury brand positioning, revolutionary advanced technology, and the Company’s long-term value.

FF 91 Futurist

The FF 91 Futurist is not just the only Ultimate Intelligent TechLuxury electric vehicle embodying the next-gen disruptive technology, but also the only product especially tailored for an ultra-spire user ecosystem. The FF 91 Futurist features an industry-leading 1,050 horsepower, an EPA-certified range of 381 miles, and 0-60 mph acceleration in 2.27 seconds. It gives users a unique rear cabin intelligent Internet system, and a revolutionary user experience designed to create a mobile, connected, intelligent, and luxurious third Internet living space and user mobility ecosystem. Significant recent upgrades of systems and components to FF 91 – both in the EV area (powertrain, battery, charging, chassis, and interior) and I.A.I. area (Computing, sensing, communication, user interface) make FF 91 Futurist a leader in the ultra-luxury segment.

Manufacturing

The FF ieFactory California, where the FF 91 Futurist is built, is a 1.1 million sq. ft facility strategically located between the technology hubs of Silicon Valley and Los Angeles in the Central Valley of California. It’s synonymous with a new class of production facilities where intelligent, connected, and electrified products are created, and become part of a larger connected, shared user ecosystem. It is a state-of-the-art facility using highly skilled craftsmanship and leading-edge automation to rival the top luxury automakers around the world.

Sales Structure

FF’s direct sales model will allow customers to place orders online and experience FF’s vehicles at FF’s Company-owned and partner-owned showrooms and experience centers. The Company previously announced the launch of its first Flagship Brand Experience Center project in Beverly Hills and eagerly anticipates the opportunity to present our innovative creation to our users very soon. FF’s initial 2023 sales efforts will begin in the Los Angeles metro region followed by the San Francisco Bay Area and subsequently, the New York metro region. In China, our initial sales will launch in Shanghai and Beijing.

Three Phases Growth Plan

FF is the pioneer of the Ultimate Intelligent TechLuxury spire market in the intelligent EV era, and a disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not only an EV company, but also a software-driven company of intelligent internet tech AI product. The ultimate goal for FF is to become a user company by offering a shared intelligent mobility ecosystem.

The Company has also outlined a three-phase growth plan. The phase 1 goal is to deliver to FF’s global ultra spire users the FF 91 Futurist Alliance, the FF 91 Futurist and the FF 91 on time with high quality and unbeatable product power, thereby disrupting traditional ultra-luxury brands like Ferrari, Maybach, Rolls Royce and Bentley, and ultimately aspiring to claim the top place of the industry’s global ultra-spire user market.

The Phase 2 goal is to introduce future models with an explosive growth in smart device sales, and to create a mobility ecosystem with a rapid increase in eco revenues. FF will aim to establish itself as the leader of the spire market.

As the Company introduces more upcoming models, the user ecosystem is expected to begin to take shape. The smart device revenue is expected to experience explosive growth, and the eco revenues are expected to experience rapid growth as well. The Company’s phase 2 goal is to establish itself as the leader of the spire market.

FF’s phase 3 goal is to sustain the rapid growth of its smart device sales while achieving explosive growth in eco revenues, which include internet apps, software, and sharing. FF’s eco revenues are expected to constitute an increasingly substantial portion of the overall profit. FF will aim to establish itself as a major player in the high-value user market and continue to secure its leadership position in the spire market.

Users can preorder an FF 91 Futurist via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/

Download the new FF Intelligent App (English): https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online, (Chinese): http://appdownload.ff.com

ABOUT FARADAY FUTURE

FF is the pioneer of the Ultimate Intelligent TechLuxury ultra spire market in the intelligent EV era, and a disruptor of the traditional ultra-luxury car industry. FF is not just an EV company, but also a software-driven company of intelligent internet AI product.

FOLLOW FARADAY FUTURE:

https://www.ff.com/

https://www.ff.com/us/mobile-app/

https://twitter.com/FaradayFuture

https://www.facebook.com/faradayfuture/

https://www.instagram.com/faradayfuture/

www.linkedin.com/company/faradayfuture/

NO OFFER OR SOLICITATION

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include, among other things, statements regarding the anticipated start of production (SOP) and delivery (SOD) timing for our FF 91 Futurist vehicle, additional funding and timing for receipt thereof, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include whether the Amended Shareholder Agreement between the Company and FF Top, dated as of January 13, 2023, complies with the listing requirements of The Nasdaq Stock Market LLC, the market performance of the shares of the Company’s common stock; the Company’s ability to regain compliance with, and thereafter continue to comply with, the Nasdaq listing requirements; the Company’s ability to timely satisfy the conditions precedent and close on the various financings previously disclosed by the Company and any future financings and timely receive required parts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s ability to amend its certificate of incorporation to permit sufficient authorized shares to be issued in connection with the Company’s existing and contemplated financings; whether the Company and the City of Huanggang could agree on definitive documents to effectuate the non-binding Cooperation Framework Agreement; the Company’s ability to remain in compliance with its public filing requirements under the Securities Exchange Act of 1934, as amended; the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation and other litigation involving the Company; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; recent cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; and the ability of the Company to attract and retain directors and employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s registration statement on Form S-1 filed on March 17, 2023, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ADDITIONAL INFORMATION

In connection with the special and annual stockholder’s meetings, the Company has filed with the SEC definitive proxy statements on Schedule 14A with respect to the proposals therein (as amended and supplemented, the “Proxy Statements”). Faraday Future commenced mailing of the Proxy Statements to its stockholders on March 3, 2023 and March 17, 2023, respectively. This press release is not a substitute for the Proxy Statements or any other document which the Company may file with the SEC. INVESTORS AND FARADAY FUTURE’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENTS IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED BY THE COMPANY WITH THE SEC IN CONNECTION WITH THE PROXY STATEMENTS OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSALS IN THE PROXY STATEMENTS. Investors and stockholders may obtain free copies of the Proxy Statements and other documents containing important information about Faraday Future that are filed or will be filed with the SEC by Faraday Future from the SEC’s website at www.sec.gov. Faraday Future makes available free of charge at www.ff.com (in the “Financials and Filings” section), copies of materials it files with, or furnish to, the SEC.

PARTICIPANTS IN SOLICITATION

Faraday Future and its respective directors and executive officers and certain Company investors and their representatives may be deemed participants in the solicitation of proxies of the Company’s stockholders in respect of the proposals in the Proxy Statements. Information about the directors and executive officers of Faraday Future, such investors and their representatives and their ownership is set forth in the Company’s filings with the SEC, including the Proxy Statements. These documents can be obtained free of charge from the sources specified above.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230329006006/en/

Investors (English):[email protected]

Investors (Chinese):[email protected]

Media:[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: EV/Electric Vehicles Alternative Vehicles/Fuels Automotive Automotive Manufacturing General Automotive Performance & Special Interest Vehicle Technology Manufacturing

MEDIA:

Logo

Photo

Faraday Future Executive Leadership Celebrate the FF 91 Start of Production at Their FF ieFactory California. (Photo: Business Wire)

Photo

Faraday Future Employees Celebrate the FF 91 Start of Production at Their FF ieFactory California. (Photo: Business Wire)

Photo

Faraday Future Global CEO Xuefeng Chen (XF) and Faraday Future’s Founder and CPUO, YT Jia, Celebrate the FF 91 Start of Production at Their FF ieFactory California. (Photo: Business Wire)