TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- BlueRush Inc. ("BlueRush" or the "Company") (TSXV:BTV; OTCQB:BTVRF), a pioneering personalized video Software as a Service ("SaaS") company, today announced the signing of master service agreements (MSA) with two global insurance companies after successful pilot projects.
“The Insurance vertical continues to be a growth area for BlueRush and our IndiVideo platform. We are pleased to be adding new customers in this vertical and have proven that we can grow these relationships significantly beyond the initial subscription value,” said Steve Taylor, CEO of BlueRush.
The combined value of these initial subscription contracts is $75,000. The average growth rate of BlueRush’s top enterprise accounts in the financial services vertical is approximately 700% from the opening ARR value to current ARR achieved in an average of 3.2 years. “While past and average results are not necessarily indicative of future results, our customer success and service delivery teams do an excellent job working with our customers to ensure that their business objectives are met and exceeded which lays the foundation for this kind of growth in key accounts,” continued Taylor. “We recently reported that one of our insurance customers has achieved a 500% sales lift year over year after introducing IndiVideo to help upsell Term Life clients to a Whole Life product. This type of result is what continues to drive our success and is testimony to the power of IndiVideo.”
To maintain an effective incentive equity program focussed on retention and attraction, the board of directors of BlueRush has approved amending the exercise price of existing stock options held by certain employees and consultants of the Company (the “Existing Options”), exercisable for up to an aggregate of 825,000 common shares of the Company, to $0.08. The Existing Options were originally issued between June 2019 and May 2022, have exercise prices ranging from $0.25 to $0.80 and expire between June 2024 and May 2027. None of the Existing Options are held by Insiders (as such term is defined by the TSX Venture Exchange (the “Exchange”)). The amendments remain subject to Exchange approval pursuant to Exchange Policy 4.4.
In addition, the board of directors of the Company have granted stock options to officers, directors and employees of the Company exercisable for up to an aggregate of 2,695,000 common shares of the Company at $0.08 per share for five years. All options will vest over three years with the initial vesting after 12 months. Options granted to officers and directors are subject to an Exchange four-month hold.
About BlueRush
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 https://www.bluerush.com.
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.
For further information please contact:
Steve Taylor
Chief Executive Officer
BlueRush Inc.
Tel: 416-457-9391
Email: steve.taylor@bluerush.com
Kendra Borutski
Director of Marketing
BlueRush Inc.
Email: kendra.borutski@bluerush.com
