BlueRush loses $68,844 in Q1
2016-12-29 16:04 MT - News Release
Mr. Laurence Lubin reports
BLUERUSH REPORTS Q1 REVENUE OF $971,868; PRODUCT RELATED REVENUE NOW HIGHEST EVER AT 1/3RD OF TOTAL
BlueRush Media Group Corp. has filed the company's financial results for its first quarter ended Oct. 31, 2016. Through its wholly owned subsidiary BlueRush Digital Media, the company provides leading-edge digital marketing technology, services and solutions to Fortune 500 organizations in the financial, telecom and health care sectors.
Highlights for the first quarter include:
Achieved revenues of $971,868 and a loss of $68,844;Product-related revenues now one-third 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 chief executive officer, 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, 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, health care and telecom.
We seek Safe Harbor.
© 2016 Canjex Publishing Ltd. All rights reserved. |
