Key financial highlights for the 3rd quarter include:
- 29% increase in SaaS revenues, totaling
$755,636 compared to$584,883 for the same period in fiscal 2022 - SaaS revenue for the nine-month period ending
April 30, 2023 , experienced a significant growth of 32%, reaching$2,254,711 , compared to$1,706,846 for the same period last year - Operating expenses reduced 30% year over year for the 3rd quarter, reduced by
$330,735 (annualized cost reduction of$1,322,940 ) - Cash position remains strong as Company works toward its goal of achieving positive EBITDA
These outstanding results reflect the market's growing recognition of the value and effectiveness of
CEO
In addition to the strong financial performance,
Looking towards the future,
The unaudited interim consolidated financial statements and management's discussion and analysis for the three and nine months ended
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For more information about IndiVideo® and
Neither
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 Company’s expectations for the use and potential growth of IndiVideo®; and the Company achieving positive EBITDA; 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; the outcome and cost of any litigation; the general impact of COVID-19 pandemic, 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.
For further information please contact:
Chief Executive Officer
BlueRush Inc.
Tel: 416-457-9391
Email: steve.taylor@bluerush.com
Director of Marketing
BlueRush Inc.
Email: kendra.borutski@bluerush.com
Source:
2023 GlobeNewswire, Inc., source