Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

June 17, 2009 16:00 ET

Cortex Announces Final Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - June 17, 2009) -

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

Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex") is pleased to announce that it has closed the final tranche of its previously announced private placement. Cortex, through Wolverton Securities Ltd. (the "Agent"), issued a total of 2,210,000 units of Cortex ("Units") at a price of $0.20 per Unit for gross proceeds of $442,000 in this second and final closing. Each Unit issued pursuant to this private placement, consisted of one common share of Cortex ("Common Share") and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one Common Share for a period of four years following the closing of the financing (the "Exercise Period") at an exercise price of $0.30 per Common Share in the first two years of the Exercise Period and at a price of $0.45 per Common Share for the remaining two years of the Exercise Period. All securities issued in connection with this private placement are subject to a four-month hold period.

The total gross proceeds raised under the private placement is $2,642,000, of which $2,200,000 was received by Cortex from the first tranche of the private placement which closed on May 12, 2009.

It is anticipated that the net proceeds of the private placement will be used by Cortex to accelerate its network expansion program and for general working capital.

The Agent received a fee equal to 10% of the gross proceeds raised in the private placement. The Agent also received Agent's options to purchase that number of Units equal to 10% of the Units sold, exercisable for four years following the closing.

Following the completion of the private placement, Cortex has 117,680,875 Common Shares issued and outstanding. The private placement is subject to final TSX Venture Exchange acceptance.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Cortex Business Solutions Inc.

Cortex Business Solutions Inc. is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner Network enhances the exchange of business critical documents, such as purchase orders, receipts and invoices resulting in improved cash flow management and business controls, while reducing day's outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging its customers existing business environment.

Forward-Looking Statements

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in Cortex's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Cortex does not assume the obligation to update any forward-looking statement.

Neither 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.

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