TORONTO, Aug. 11, 2020 (GLOBE NEWSWIRE) -- BlueRush Inc. ("BlueRush" or the "Company") (TSX-V: BTV), an emerging personalized video Software as a Service ("SaaS") company, today announced that it has secured a three-year contract with a US-based multinational insurance provider, valued at approximately US$1,175,025.
"This is a significant win for BlueRush and IndiVideo, and a great way to start the 2021 fiscal year," said Steve Taylor, CEO of BlueRush. "We are committed to pursuing deals with higher recurring revenue, rather than service revenue, and the introduction of the self-serve capability to the IndiVideo platform continues to drive us towards subscription-based revenue.”
The contract includes a base annual subscription of US$250,000 and a consumption element based on the number of video views, with a minimum commitment from the customer on the video views. Recurring revenue, including the minimum subscription and consumption elements, is US$274,510 in year one, US$329,515 in year two and US$421,000 in year three. There is an additional annual services retainer of US$50,000 for advisory services BlueRush will provide to the customer.
Mr. Taylor continued, “We recently announced the release of our ‘Self-Serve’ capability, and this customer’s multi-year commitment to IndiVideo demonstrates the power of the self-serve functionality and solidifies our standing as a favoured solution for large and established brands to create secure and scalable personalized interactive video experiences.”
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 the financial benefits to the Company of the new contract, 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, including the contract remaining in force to its maturity. 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; general economic, market and business conditions; and risks related to COVID-19 including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, quarantines, self-isolations, shelters-in-place and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; 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, CEO
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