TORONTO, ONTARIO--(Marketwired - Mar 31, 2017) - BLUERUSH Media Group Corp. (TSX VENTURE:BTV) hereby reports the filing of the company's financial results for its second quarter ended January 31, 2017. Through its wholly owned subsidiary BlueRush Digital Media Corp. ("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 second quarter include:
- Achieved revenues of $816,505 and net loss of $397,130. Maintains working capital of $1.65 million and ration of current assets to current liabilities of 3 to 1
- User base of DigitalReach™ climbs to 70,000
- Higher employee and contractor costs amidst lower sales in services
- Company cut expenses at end of Q2 that will result in savings of over $700,000
- Approval by the Canada Revenue Agency and Revenue Quebec of our 2016 Scientific Research and Experimental Development claims with CRA of $239,000
- Launch of new BLUERUSH website www.bluerush.com
Larry Lubin, BLUERUSH President and CEO stated, "We remain steadfast in our approach to transition to our product business which is growing. We will also find new areas on the service side to regain traction as development is hot and BLUERUSH has increased its credentials to take on projects given it is a supplier to many leading fortune 500 corporations."
The company's unaudited condensed consolidated interim financial statements as at and for the three and six months ended January 31, 2017 and 2016 and accompanying Management's Discussion & Analysis (MD&A) are available at www.sedar.com.
About BLUERUSH Media Group Corp.
BLUERUSH, through its wholly owned subsidiary, BLUERUSH Digital Media, is a digital marketing company which combines leading edge technology with award winning creative design. BLUERUSH is a FINTECH & HEALTHCARE specialist providing services in strategy, user experience, design and implementation. The company has also launched its product business with INDIVIDEO™, a personalized video platform, along with ActiveDialogue™, both of which are key building blocks for FINTECH digital experiences. The company also launched Digital Reach and Smart Advisor through its strategic partner. BLUERUSH Media Group Corp. is a publicly listed company on the TSX Venture Exchange trading under the symbol "BTV."
Certain statements contained in this press release 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, and anticipated savings as a result of cost cutting, 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. 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, difficulty integrating newly acquired businesses, 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.
All amounts herein are in Canadian dollars and are based on the company's unaudited condensed consolidated interim financial statements as at and for the three and six months ended January 31, 2017 and 2016 and related notes prepared in accordance with International Financial Reporting Standards (IFRS) unless otherwise noted.
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.