Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

September 02, 2010 09:30 ET

Apache Canada Goes Live on Cortex

CALGARY, ALBERTA--(Marketwire - Sept. 2, 2010) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex") is pleased to announce that Apache Canada has gone live on the Cortex Trading Partner Network ("Network"), which has grown to service over 3,000 companies in the last couple months.

System testing and set up has been completed and together with Apache, Cortex has begun connecting Apache Canada suppliers with the goal to achieve over 80% automation through Cortex by year end.

"This is an important milestone for Cortex as it will provide significant growth for Cortex. In particular, we expect to see growth in the number of companies connected to our Network, transaction volumes and revenue over the next year" said Ryan Lailey, VP Business Development at Cortex. "The Apache North American Project ("Project") is an important Project for Cortex and delivering the Canadian Operations is just the first step. Later this year, Apache US will go live on Cortex and over 2,000 new US based suppliers will be connected to the Network." 

In addition to the current project and as a result of the recent acquisitions of Mariner and BP assets by Apache, Cortex has been informed that the Project has expanded to include all suppliers associated with these assets. The suppliers will be connected to the Network through the Apache North American Project.

"This development is equivalent to Cortex signing two new major buying organizations to our Network" added Ryan Lailey. "The additional suppliers from Mariner and BP to this Project will significantly increase both new suppliers on the Network and transaction volumes in both Canada and the US. We are pleased to be working closely with Apache to increase the scope of this Project."

About Cortex Business Solutions Inc.

Cortex Business Solutions 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 days outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging its customers' existing business environment. For further information please visit www.cortex.net.

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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