TORONTO, June 13, 2019 /CNW/ - BlueRush Inc. ("BlueRush" or the "Company") (TSX-V: BTV), an emerging Software as a Service ("SaaS") company providing personalized customer engagement solutions for leading and progressive brands around the world, today announced that IndiVideo™, its flagship interactive personalized video platform, has now surpassed $100,000 in committed monthly recurring revenue ("MRR"). The revenue will be fully recognized in the coming quarters as new IndiVideos are completed and brought online under existing customer contracts.
"This is an important milestone for us and reflects the strong growth in demand for IndiVideo in calendar 2019. It is particularly exciting that we achieved this goal so quickly, with almost no recurring revenue in October 2018. Leading financial institutions are increasingly aware of IndiVideo's ability to boost customer engagement, retention, and data-driven insights," said Steve Taylor, CEO of BlueRush. "IndiVideo is providing us with a solid foundation for a growing SaaS enterprise. We continue to enhance the platform with upgrades and innovative new features, making it an increasingly customizable and valued solution."
In addition to $100,000 in committed IndiVideo MRR, BlueRush has over $70,000 MRR from DigitalReach™ and approximately $20,000 MRR from hosting and other services. When all revenue becomes fully recognizable in the coming quarters, BlueRush will have approximately $190,000 of MRR across all products.
IndiVideo is an Award Winning Platform - As previously announced by BlueRush, IndiVideo has received strong industry recognition in 2019. An IndiVideo developed for a leading South American financial institution by BlueRush and its Chilean partner, Kunder, was named 'Best Financial Services Online Video' in the 2019 Internet Advertising Competition ('IAC') Awards in April 2019. At the FinovateSpring 2019 conference held in San Francisco earlier this month, BlueRush was one of seven exhibitors, from a field of 60 leading-edge FinTech companies, to be awarded 'Best of Show'. BlueRush was recognized for its IndiVideo presentation showcasing how standard customer bills and statements can be transformed into powerful digital tools for customer engagement and conversion.
BlueRush also announces that it has agreed to issue an arm's length business development consultant warrants exercisable for 50,000 common shares at a price of $0.085 per share for 24 months in consideration for one month of services. The issuance of warrants is subject to approval of the TSX Venture Exchange and upon issuance will be subject to a four month hold period. In addition, BlueRush has issued to two senior officers 200,000 stock options at an exercise price of $0.085 per common share expiring in five years.
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 visit www.bluerush.com.
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: revenue from committed MRR being fully recognized in the coming quarters; anticipated MRR in the coming quarters across all products; 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, including: contracts representing committed MRR being completed as contemplated; and timing of substantial or fully completed IndiVideo projects that have been contracted. 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; 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. The Company's results and forward-looking information and calculations may be affected by fluctuations in exchange rates.
This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of BlueRush's financial information reported under IFRS. BlueRush uses non-IFRS measures including "committed MRR". The term "committed MRR" is a measure of contracted monthly recurring revenue from customers that have agreed to purchase an IndiVideo but the project has yet to begin and funds may or may not have been received to date. The Company believes committed MRR is useful additional information as it provides an indication of future revenue. Committed MRR is not a recognized measure under IFRS and may not translate into future revenue, and accordingly, investors are cautioned in using it. The Company calculates committed MRR by summing the MRR of new and existing customer contracts that are signed but have not yet achieved certain milestones allowing the Company to formally recognize the revenue. BlueRush's method of calculating committed MRR may differ from other issuers and, accordingly, committed MRR may not be comparable to similar measures presented by other issues.
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.
SOURCE BlueRush Inc.