TORONTO, ONTARIO--(Marketwired - Dec. 29, 2016) - BLUERUSH Media Group Corp. (TSX VENTURE:BTV) is pleased to report the filing of the company's financial results for its first quarter ended October 31st, 2016. Through its wholly owned subsidiary BlueRush Digital Media ("BlueRush"), the company provides leading edge digital marketing technology, services and solutions to FORTUNE 500 organizations in the financial, telecom and healthcare sectors.
Highlights for the first quarter include:
- Achieved revenues of $971,868 and a loss of $68,844
- Product related revenues now 1/3rd 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 CEO 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 ("BlueRush"), 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, healthcare and telecom.
BlueRush Media Group is a publicly listed company on the TSX Venture Exchange ("BTV"). For more information please visit www.bluerush.ca.
Certain statements in this press release are forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by BlueRush Media Group at the time or preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors, many of which are beyond the control of BlueRush Media Group. There is no representation by BlueRush Media Group that actual results achieved during the forecast period will be the same in whole or in part as those forecast. All dollar amounts in this press release are Canadian dollars unless otherwise identified.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.