BlueRush Inc. Announces Impressive 3rd Quarter Results, Highlighting Continued Growth and Innovation in Personalized Video Technology
June 29 2023 - 7:30AM
BlueRush Inc. ("
BlueRush" or the
"
Company") (TSXV:BTV; OTCQB:BTVRF), a
pioneering personalized video Software as a Service
("
SaaS") company, is excited to announce
strong 3rd quarter results and continued focus on platform
innovation. The Company's innovative SaaS platform, fueled by
its personalized video technology, continues to drive growth,
delivering superior customer engagement for businesses of all
sizes.
Key financial highlights for the 3rd quarter
include:
-
29% increase in SaaS revenues, totaling $755,636 compared to
$584,883 for the same period in fiscal 2022
-
SaaS revenue for the nine-month period ending April 30, 2023,
experienced a significant growth of 32%, reaching $2,254,711,
compared to $1,706,846 for the same period last year
- Operating expenses reduced 30% year
over year for the 3rd quarter, reduced by $330,735 (annualized cost
reduction of $1,322,940)
- Cash position remains strong as
Company works toward its goal of achieving positive EBITDA
These outstanding results reflect the market's
growing recognition of the value and effectiveness of BlueRush's
personalized video solutions.
CEO Steve Taylor commented, "We are encouraged
by our 3rd quarter results, which demonstrate our continued success
in the rapidly evolving personalized video market. Our technology
is gaining significant momentum, and we are proud to provide a
superior customer engagement tool that helps businesses of all
sizes enhance their marketing efforts. BlueRush is well-positioned
for continued growth and innovation in the coming months."
In addition to the strong financial performance,
BlueRush made significant strides in expanding its customer base.
The Company secured several important new large enterprise customer
relationships, reinforcing its position as a trusted provider of
personalized video solutions. Furthermore, the Company secured
several IndiVideo® for Sales contracts, validating the
effectiveness of its personalized video technology in boosting
sales and driving customer conversion.
Looking towards the future, BlueRush continues
to innovate and has recently launched an exciting new AI-driven
Video creation capability. This cutting-edge feature allows users
to create high-quality and engaging videos in minutes, leveraging
the power of Chat GPT and integrating with third-party content
libraries. By utilizing prebuilt and configurable templates,
BlueRush ensures the production of top-notch videos that captivate
audiences.
The unaudited interim consolidated financial
statements and management's discussion and analysis for the three
and nine months ended April 30, 2023, have been posted under the
Company's profile on SEDAR (www.sedar.com). The financial
information included in this news release is qualified in its
entirety and should be read together with the unaudited
consolidated financial statements and management's discussion and
analysis, including the notes thereto.
About BlueRush
BlueRush develops and markets IndiVideo®, a
disruptive, award-winning interactive personalized video platform
that drives return on investment throughout the customer lifecycle,
from increased conversions to more engaging statements and customer
care. IndiVideo® enables BlueRush clients to capture knowledge and
data from their customers' video interaction, creating new and
compelling data driven customer insights.
To sign up for the waitlists, visit
https://www.bluerush.com/individeo-ai-powered-video/
For more information about IndiVideo® and BlueRush
visit https://www.bluerush.com.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain statements contained in this press
release may constitute "forward-looking information" as such term
is defined in applicable Canadian securities legislation. The words
"may", "would", "could", "should", "potential", "will", "seek",
"intend", "plan", "anticipate", "believe", "estimate", "expect"
and similar expressions as they relate to the Company, including:
the Company’s expectations for the use and potential growth of
IndiVideo®; and the Company achieving positive EBITDA; are intended
to identify forward-looking information. All statements other than
statements of historical fact may be forward-looking information.
Such statements reflect the Company's current views and
intentions with respect to future events, and current information
available to the Company, and are subject to certain risks,
uncertainties and assumptions. Material factors or assumptions
were applied in providing forward-looking information. Many
factors could cause the actual results, performance or
achievements that may be expressed or implied by such
forward-looking information to vary from those described herein
should one or more of these risks or uncertainties materialize.
These factors include, without limitation: changes in law; the
ability to implement business strategies and pursue business
opportunities; state of the capital markets; the availability of
funds and resources to pursue operations; a novel business model;
dependence on key suppliers and local partners; competition; the
outcome and cost of any litigation; the general impact of
COVID-19 pandemic, as well as general economic, market and
business conditions, as well as those risk factors discussed or
referred to in disclosure documents filed by the Company with the
securities regulatory authorities in certain provinces of Canada
and available at www.sedar.com. Should any factor affect the
Company in an unexpected manner, or should assumptions underlying
the forward-looking information prove incorrect, the actual
results or events may differ materially from the results or events
predicted. Any such forward-looking information is expressly
qualified in its entirety by this cautionary statement. Moreover,
the Company does not assume responsibility for the accuracy or
completeness of such forward-looking information. The
forward-looking information included in this press release is
made as of the date of this press release and the Company
undertakes no obligation to publicly update or revise any
forward-looking information, other than as required by applicable
law.
For further information please contact:
Steve TaylorChief Executive OfficerBlueRush
Inc.Tel: 416-457-9391Email: steve.taylor@bluerush.com
Kendra BorutskiDirector of MarketingBlueRush
Inc.Email: kendra.borutski@bluerush.com
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