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BlueRush Receives Funding From Largest Shareholder

BlueRush Inc.
·2 min read
BlueRush Inc.
BlueRush Inc.

TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- BlueRush Inc. ("BlueRush" or the "Company") ‎‎‎(TSXV:BTV; OTCQB:BTVRF), ‎a personalized video Software as a Service ("SaaS") company, today announced that BlueRush Digital Media Corp., the wholly owned operating ‎subsidiary of the Company, has issued a promissory note dated April 2, 2024 for principal amount of $180,000 (the “Note”) in favour of Round 13 Founders Fund SPV, L.P. (the ‎‎“Lender”). Round 13 Capital Inc., the general partner ‎of the Lender, is also the general partner of Round 13 Capital Founders ‎Fund, L.P., which owns approximately 29% of the issued and outstanding shares of BlueRush.‎

The Note accrues interest at 10% per annum ‎for four (4) months from issuance of the Note and then at 14% per annum at all times thereafter. All amounts payable under or pursuant to the Note ‎shall be due and payable in full on the earlier of (a) three (3) business days of receipt by the Borrower of SR&ED ‎claims, or (b) four (4) months from issuance of the Note.

The loan by the Lender to the Borrower may be deemed to be a “related party transaction” as defined under Multilateral Instrument 61-‎‎101 (“MI 61-101”). The transaction is exempt from the formal valuation approval requirements of MI 61-‎‎101 since none of the securities of the Company are listed on a prescribed stock exchange. The ‎transaction is exempt from the minority shareholder approval requirements of MI 61-101 since it is a prescribed loan as contemplated in 5.7(f) of MI 61-‎‎101.

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About BlueRush

BlueRush, through its wholly owned operating subsidiary, builds and delivers products and services that engage customers in the digital channels. BlueRush’s flagship product, IndiVideo™, is 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.

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