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.
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.
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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
