TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- BlueRush Inc. ("BlueRush" or the "Company") ŽŽŽ(TSXV:BTV; OTCQB:BTVRF), Ža personalized video Software as a Service ("SaaS") company, today announced that BlueRush Digital Media Corp., the wholly owned operating Žsubsidiary 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 ŽŽLender). Round 13 Capital Inc., the general partner Žof the Lender, is also the general partner of Round 13 Capital Founders ŽFund, L.P., which owns approximately 29% of the issued and outstanding shares of BlueRush.Ž
The Note accrues interest at 10% per annum Žfor 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 Žshall be due and payable in full on the earlier of (a) three (3) business days of receipt by the Borrower of SR&ED Žclaims, 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-ŽŽ101 (MI 61-101). The transaction is exempt from the formal valuation approval requirements of MI 61-ŽŽ101 since none of the securities of the Company are listed on a prescribed stock exchange. The Žtransaction 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-ŽŽ101.
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:Ž
Steve TaylorChief Executive OfficerBlueRush Inc.ŽTel: 416-457-9391ŽEmail: steve.taylor@bluerush.com
Kendra BorutskiDirector of MarketingBlueRush Inc.ŽEmail: kendra.borutski@bluerush.com
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.