Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

March 10, 2010 08:05 ET

Cortex Announces $6 Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - March 10, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

(figures in Canadian dollars)

Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") announces that it has entered into an agreement with a syndicate of underwriters (the "Underwriters"), led by CI Capital Markets Inc. and including Wolverton Securities Ltd., whereby the Underwriters have agreed to purchase, on a bought deal basis, 12,000,000 common shares (the "Common Shares") from treasury of the Company at a purchase price of $0.50 per Common Share (the "Issue Price") for gross proceeds of $6,000,000 (the "Offering").

The Company has granted the Underwriters an option to purchase up to an additional 2,000,000 Common Shares at the Issue Price exercisable up to 48 hours prior to closing of the Offering for additional gross proceeds of up to $1,000,000.

The net proceeds of the Offering will be used for expanding marketing and business development in the United States, sector expansion, working capital and general corporate purposes.

The Offering will be made by way of private placement to accredited investors in all provinces of Canada. The Offering is expected to close on or about March 30, 2010, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities. The Common Shares will be subject to a four-month hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Cortex Business Solutions Inc.

Cortex solutions increase cash flow, controls and efficiencies in a low cost manner for all of our customers. Information previously anchored by paper that relied on fax, e-mail, mail etc, is now electronically sent and translated, allowing normally non-compatible ERP systems to communicate fluently. We enable the secure electronic exchange of business critical documents such as purchase orders, field receipts, invoices and acknowledgments, between a large cohort of trading partners. Customers can implement the approach quickly and achieve productivity improvements, enhanced cash flow and efficiencies. It offers a sophisticated, non-intrusive, electronic solution to help navigate the procurement and supply chain process with ease and efficiency. Cortex evolves the existing systems by handling the entire business transaction process from purchase point to payment.

For further information please visit www.cortex.net.

Forward-Looking Statements

Statements in this release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements may involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results implied by such forward-looking statements. Forward-looking statements are often, but not exclusively identified by words such as "anticipate", "may", "expect", "plan", "future", "continue", "intends", "projects", "believes", "seek", "budget", "estimate", "forecast", "will", "predict", "potential", "target", "could", "might", and other similar expressions.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cortex Business Solutions Inc.
    Ryan Lailey
    VP Business Development & Corporate Strategy
    (403) 260-6647
    rlailey@cortex.net
    or
    Brisco Capital Partners
    Scott Koyich
    President
    (403) 215-5979
    skoyich@dskconsulting.ca