BlueRush continues to close gap on profitability while adding significant new customers in the quarter
TORONTO, April 01, 2024 (GLOBE NEWSWIRE) -- BlueRush Inc. ("BlueRush" or the "Company") (TSXV:BTV; OTCQB:BTVRF), a personalized video Software as a Service ("SaaS") company, today announced its financial results for the three and six months ended January 31, 2024.
"BlueRush has been executing a plan that has included a significant reduction in expenses while recalibrating our sales approach around our new platform capabilities and the opportunities these represent," said Steve Taylor, CEO of BlueRush.
Strategic and financial highlights:
Overall operating expenses reduced by $312,577 or 23% compared to Q2 2023
The Company signed 8 new logo customers in the quarter
The Company also signed several expansion SaaS and professional services deals in Q2
AI capability to support quick prompt-based creation of videos within BlueRush's flagship product, IndiVideo, remains in Beta with an expected launch into production in June or July of 2024 which will represent BlueRush's first freemium offer with the intent of accelerating new logo acquisition
Overall, the Company has positioned itself to begin to grow in a capital efficient manner, continue securing and expanding important client relationships and delivering value to clients and shareholders.
The Company's full financial statements and management's discussion and analysis for the three and six months ended January 31, 2024 are available under the Company's profile on SEDAR+ ().
About BlueRush
BlueRush, through its wholly owned operating subsidiary, builds and delivers products and services that engage customers in the digital channels. BlueRush's flagship product, IndiVideo, is 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.
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, are intended to identify forward-looking information, including, without limitation: the Company's timing for launching AI capability within IndiVideo; and the Company growing in a capital efficient manner and continuing to secure and expand client relationships. 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 . 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.
