Mr. Steve Taylor reports

BLUERUSH INC FISCAL 2023 YEAR END RESULTS: INCREASED REVENUES AND REDUCED COSTS WITH CONTINUED FOCUS ON MONETIZING AI CAPABILITIES

Bluerush Inc. has released strong year-end results and has had a continued focus on platform innovation. The company's innovative software-as-a-service platform, fuelled by its personalized video technology, continues to drive growth, delivering superior customer engagement for businesses of all sizes.

The company's financial statements and management's discussion and analysis for the three months and year ended July 31, 2023, are available under the company's profile on SEDAR+.

Financial achievement highlights:

• SaaS revenues increased 28 per cent, growing to $2,977,795 from $2,330,737 for the year ended July 31, 2022.
• EBITDA (earnings before interest, taxes, depreciation and amortization) improved substantially, with the loss reduced by $1,722,337 to ($940,936) from ($2,663,313) in fiscal 2022.
• For the year ended July 31, 2023, sales and marketing expenses and research and development expenses cumulatively decreased by $937,499 or 27 per cent compared with the year ended July 31, 2022.
• For the year ended July 31, 2023, there was a revaluation gain on convertible debentures of $1,611,067 compared with nil in the year ended July 31, 2022.

Solving the customer engagement problem, personalized videos engage customers and keep them engaged long enough to explain a product or service, and ultimately drive a desired action. The IndiVideo platform boasts a broad set of capabilities, supporting sales, marketing and customer communication teams.

"By creating meaningful and personalized engagements, our world-class and growing list of customers continue to enjoy significant gains in conversion metrics leading to improved sales results that generate a measurable and significant [return on investment]. Ultimately, this is what drives Bluerush's business. Personalized videos are a powerful tool that should be an arrow in the quiver of every sales and marketing team," said Steve Taylor, chief executive officer of Bluerush.

Innovating with artificial intelligence, the IndiVideo platform is set to take a significant leap forward as Bluerush's new artificial intelligence extension transitions from beta to full production in early 2024. This innovative capability, designed to simplify video production, integrates large language model technologies with specialized prompts that assist in scriptwriting, visual selection and template customization. These capabilities are particularly appealing to marketing teams which seek to produce high-quality videos more quickly and in a cost-effective manner.

Expanding enterprise customer base: Bluerush continues to focus on a land and expand strategy. Growth in key accounts is a pillar of the strategy in 2024.

Recent IndiVideo deployments:

• 401ks: assisting a major financial institution in promoting 401k contributions through personalized video messaging;
• Credit card on boarding: enhancing customer on boarding for a large credit card issuer;
• Flood insurance: educating on flood insurance benefits for a major U.S. insurer.

Integrated service offering: In addition to video creation services, Bluerush has a proud 20-year history of delivering custom solutions and professional services to its clients. As the IndiVideo opportunity has evolved, it has opened the door for renewed growth in the company's service business, and this will be a focus for 2024.

While remaining frugal and looking for every opportunity to create efficiencies in the business, Bluerush will continue efforts to leverage artificial intelligence to create value for customers, and help drive improved revenue growth for the company and value for its shareholders. In 2024, Bluerush will also continue its land and expand approach with enterprise customers while continuously improving its go-to-market capabilities.

About Bluerush Inc.

Bluerush develops and markets IndiVideo, a disruptive, award-winning interactive personalized video platform that drives return on investment throughout the customer life cycle 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.

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