TORONTO, June 29, 2023 (GLOBE NEWSWIRE) -- 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 Taylor
Chief Executive Officer
BlueRush Inc.
Tel: 416-457-9391
Email: steve.taylor@bluerush.com
Kendra Borutski
Director of Marketing
BlueRush Inc.
Email: kendra.borutski@bluerush.com
