BlueRush Inc Fiscal 2023 Year End Results: Increased Revenues and Reduced Costs With Continued Focus on Monetizing AI Capabilities
November 29 2023 - 8:40PM
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 year end results and continued focus on platform
innovation. The company's innovative Software-as-a-Service
(SaaS) platform, fueled by its personalized video technology,
continues to drive growth, delivering superior customer engagement
for businesses of all sizes.
The Company's financial statements and
management's discussion and analysis for the three months and year
ended July 31, 2023 is available under the Company's profile on
SEDAR+ (www.sedarplus.ca).
Financial Achievement Highlights:
- SaaS revenues
increased 28%, growing to $2,977,795 from
$2,330,737 for the year ended July 31, 2022.
-
EBITDA improved substantially, with the loss reduced by
$1,722,337 to ($940,936) from ($2,663,313) in Fiscal 2022.
-
For the year ended July 31, 2023, sales & marketing
expenses and research & development expenses cumulatively
decreased by $937,499 or 27% compared to the year ended July
31, 2022.
-
For the year ended July 31, 2023, there was a revaluation gain on
convertible debentures of $1,611,067 compared to $nil in the
year ended July 31, 2022.
Solving the Customer Engagement Problem -
Personalized Videos engage customers and keep them engaged long
enough to explain a product or service, and ultimately drive a
desired action. The IndiVideo platform boasts a broad set of
capabilities, supporting sales, marketing and customer
communication teams.
“By creating meaningful and personalized
engagements, our world class and growing list of customers continue
to enjoy significant gains in conversion metrics leading to
improved sales results that generate a measurable and significant
ROI. Ultimately this is what drives BlueRush’s business.
Personalized Videos are a powerful tool that should be an arrow in
the quiver of every sales and marketing team,” said Steve Taylor,
CEO of BlueRush.
Innovating with Artificial Intelligence - The
IndiVideo platform is set to take a significant leap forward as
BlueRush’s new AI extension transitions from beta to full
production in early 2024. This innovative capability, designed to
simplify video production, integrates Large Language Model (LLM)
technologies with specialized prompts that assist in scriptwriting,
visual selection, and template customization. These capabilities
are particularly appealing to marketing teams who seek to produce
high-quality videos more quickly and in a cost effective
manner.
Expanding Enterprise Customer Base - BlueRush
continues to focus on a land and expand strategy. Growth in key
accounts is a pillar of the strategy in 2024.
Recent IndiVideo Deployments:
- 401Ks: Assisting a major financial
institution in promoting 401K contributions through personalized
video messaging.
- Credit Card Onboarding: Enhancing
customer onboarding for a large credit card issuer.
- Flood Insurance: Educating on flood
insurance benefits for a major U.S. insurer.
Integrated Services Offering - In addition
to video creation services, BlueRush has a proud 20-year history of
delivering custom solutions and professional services to its
clients. As the IndiVideo opportunity has evolved, it has opened
the door for renewed growth in the Company’s services business and
this will be a focus for 2024.
While remaining frugal and looking for every
opportunity to create efficiencies in the business, BlueRush will
continue efforts to leverage AI to create value for customers, help
drive improved revenue growth for the Company and value for its
shareholders. In 2024, BlueRush will also continue its land and
expand approach with enterprise customers while continuously
improving its go-to-market capabilities.
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.
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.
Forward-Looking Statements
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 timing and impact of its new AI
extensions on the IndiVideo platform; 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.
Non-GAAP Financial Measures
This press release refers to “EBITDA” and “SaaS
revenues”, which are non-GAAP and non-IFRS financial measures
that do not have standardized meanings prescribed by GAAP or IFRS.
The Company’s presentation of these financial measures may not be
comparable to similarly titled measures used by other companies.
These financial measures are intended to provide additional
information to investors concerning the Company’s performance.
EBITDA is defined as net income (loss), and adding back interest
expense, net, depreciation and amortization, and provision
(benefit) for income taxes. SaaS revenues is defined as that
portion of the Company’s revenues that is attributable to SaaS
services.
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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