|BlueRush loses $68,844 in Q1|
2016-12-29 16:04 MT - News Release
Mr. Laurence Lubin reports
BLUERUSH REPORTS Q1 REVENUE OF $971,868; PRODUCT RELATED REVENUE NOW HIGHEST EVER AT 1/3RD OF TOTAL
BlueRush Media Group Corp. has filed the company's financial results for its first quarter ended Oct. 31, 2016. Through its wholly owned subsidiary BlueRush Digital Media, the company provides leading-edge digital marketing technology, services and solutions to Fortune 500 organizations in the financial, telecom and health care sectors.
Highlights for the first quarter include:
Achieved revenues of $971,868 and a loss of $68,844;
Product-related revenues now one-third of revenue achieved;
Winner of W3 silver award for Allstate Co.-personalized Individeo;
Launch of DigitalReach product website;
Service side of business was weaker as major financial clients postponed projects.
Larry Lubin, BlueRush president and chief executive officer, stated: "We have begun to deliver on a strategic decision to launch products that would pave the way for a brighter future. Our product side is gaining traction with 32 major financial service organizations having adopted them. Recurring product revenue has grown significantly and now represents close to one-third of total revenue.
"The services side of the business has been weaker with a tightening of marketing budgets in the financial services sector. Focus will be shifting to deeper IT projects, where budgets remain healthier and BlueRush has a strong track record. We will continue to invest in development on the product side while simultaneously rebalancing required resources from the service side to the optimal level.
"Product development has been funded entirely by operating revenue. This has the advantage of not having diluted shareholders, but means the R&D and marketing cost of our main products has been internally funded. We believe this places BlueRush in a strong position as our products gain traction."
About BlueRush Media Group
BlueRush Media Group, through its wholly owned subsidiary, BlueRush Digital Media, is a digital marketing company which combines leading-edge technology with award-winning creative production. BlueRush provides digital strategy, design and development services, along with a suite of proprietary products used by major Fortune 500 organizations in financial services, health care and telecom.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved.
| Reply to Jimjones1972 - Msg #5693 - 11/30/2016 15:23|
Bluerush Media Group(BTV.V) Due Diligence Report
Common Shares: 32,593,000
Insider Holdings: 20,897,410 or 64.1% as per the last information circular
Cash: 2,068,136 – $0.063 cents a share in cash
Accounts Receivable: $733,540
Prepaid Expenses: $23,062
Investment Tax Credits: $412,378
Tax Credits Recoverable: $530,783
Intangible Assets: $578,957
Total Assets: $4,402,492
Accounts Payable: $686,699
Deferred Revenue: $203,012
Term Loan(Current Portion): $249,900
Total Term Loan: $952,386
Deferred Taxes: $117,018
Total Liabilities: $2,209,015
BlueRush, through its wholly owned subsidiary, BlueRush Digital Media Corp., is a digital sales and marketing company which combines leading edge technology with award winning creative design. BlueRush helps companies design, develop and manage their end-to-end digital media strategy. BlueRush has deep roots in the FINTECH (Financial Technology industry) providing services and products to leading financial service organizations. The Company has developed a product suite which provides one to one personalization across the entire customer journey. BlueRush Media Group Corp. is a publicly listed company on the TSX Venture Exchange trading under the symbol "BTV" and is headquartered at 75 Sherbourne Street in Toronto, Canada along with a French bilingual office in Montreal, Quebec.
For the year ended July 31, 2016 BlueRush achieved revenues of $3,572,326 compared to $3,925,362 for the year ended July 31, 2015. The Company reported a net loss of $182,303 compared to net earnings of $505,301 in the previous year. Due to the nature of our business, the timing in the completion of projects will differ each quarter depending on the types of projects we are engaged in.
During the year ended July 31, 2016, the Company continued enhancements to the marketing side of DigitalReach for its major bank and financial clients. All combined, BlueRush now has more than 50,000 financial advisors making use of the DigitalReach platform. This will represent hundreds of thousands of campaigns and millions of emails sent over the course of each year and growing. More specifically the BlueRush product ecosystem generates recurring revenues through a corporate license fee as well as a per user fee. Also during the year the Company continued work on service related projects including tools, calculators, websites and videos. The Company also launched another IndiVideo™ project for a major financial service dealer. The Company is working on integrating DigitalReach with financial tools and IndiVideo enabling advisors in the future to send and personalize content all through the same platform. On the healthcare side, the MCaW or Managing Cancer at Work™ program, a strategic partnership of Johns Hopkins and BlueRush has attracted the interest of major US insurance firms looking to implement the program as part of its sales strategy for related insurance products.
The Company intends to use the proceeds of the above terms loans to fund its marketing and sales force for its new products and to also fund new developments in current and future products. BlueRush also had available a revolving line of credit in the form of an overdraft on its chequing account with CIBC to a maximum of $1,000,000 or the aggregate of 75% of accounts receivable under 90 days and 40% of work in process and unbilled disbursements (to a maximum of $500,000). The credit facility was interest bearing at the CIBC prime rate plus 1.50% per annum. The credit facility was cancelled during the year ended July 31, 2016 as the Company no longer required the availability of these funds. Material ongoing contractual obligations of BlueRush relate to the payment of operating leases for office premises. BlueRush leases office space in Toronto, Ontario located at 75 Sherbourne Avenue, Suite 112, and in Montreal, Quebec located at 1751 Richardson, Suite 5105. Lease commitments are outlined in BlueRush’s audited consolidated financial statements. The Company’s capital expenditures have historically been low and there are no significant capital expenditures planned within the next fiscal year, other than for further development of internally generated intangible assets and general purchases of computer equipment and furniture. During the year ended July 31, 2016, the Company’s management handled investor relation activities.