Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

February 09, 2010 14:13 ET

Cortex Announces Creation of Advisory Committee & Stock Based Compensation Awards

CALGARY, ALEBRTA--(Marketwire - Feb. 9, 2010) -

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Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") is proud to announce the formation of the Cortex Advisory Committee ("the Committee"). The Committee will be comprised of up to ten individuals with experience in various industries ranging from research and business development to entrepreneurship and IT solutions. 

The Committee was developed to advise Cortex management on the following:

  • Identifying strategic opportunities
  • Expanding operations into new industries and locations
  • Creating partnerships and investment opportunities
  • Running a successful growth company

"We are excited about the Committee and working with these individuals to expand our knowledge and expertise across other industries and geographical locations," said Ryan Lailey, Vice President of Business Development and Corporate Strategy at Cortex Business Solutions. "The exceptional expertise and experience that each member of the Committee brings will help Cortex achieve its corporate goals and accelerate growth. We look forward to expanding this Committee with additional members over the next couple months."

Cortex has officially launched the Advisory Committee with the following four members:

Tim Stanley

Tim Stanley is the President and Founder of Broadstreet Data – one of Canada's premier Data Solution consulting companies located in Toronto. Prior to Broadstreet Data, Tim held senior sales positions with software companies Informatica and Brio Technology. From 1999-2008, Tim was involved in over 100 major Data Warehouse projects with many of Canada's largest companies.

In his career, Tim has worked with hundreds of senior executives in Canada's IT industry as a business partner or supplier of enterprise software solutions. Tim is recognized as an industry expert in data integration, data quality, and business intelligence systems.

Tim holds an MBA from Richard Ivey School of Business at the University of Western Ontario and currently serves on the Board of Directors at Automated Benefits Corporation listed on the Toronto Venture Exchange (AUT).

Michael Blum

Mr. Blum is a co-founder of Hedgeye Risk Management, LLC. Hedgeye is a leading provider of real-time investment ideas, sector research and risk management. He is also the Founder and Managing Director of Hong Kong-based Repulse Bay Capital Ltd., a private investment vehicle. Prior to starting Hedgeye Risk Management, he was Founder and Chief Operating Officer of Falconhenge Partners, LLC. The firm was integrated into Magnetar Capital in April 2006, where Mr. Blum lead several international expansion efforts.

Prior to working on Wall Street, Mr. Blum spent 7 years in Silicon Valley where he began his career at frog design, exploring opportunities for the firm in the venture capital arena. Later he joined PayPal, the world's leading electronic payment system, where he initially served as Country Manager, Germany and eventually oversaw the firm's business in Asia and the Pacific. PayPal sold to eBay for $1.5B in 2002.

Born to German parents and a native of Hong Kong, Mr. Blum is an Astronaut-in-waiting with Virgin Galactic, and received his Bachelor of Arts in Economics and International Studies (honors) from Yale University.

Randy Henderson

Randy Henderson CA CF ICD.D is a senior finance executive and corporate director who serves as a corporate financial advisor to the board of directors and executive management teams of both publicly-traded and private entities. He is the Chief Financial Officer and a director of Blackline GPS Corp (TSX-V: BLN) and a director of Paragon Pharmacies Ltd. (TSX-V: PGN). Previously, Mr. Henderson was Chief Financial Officer of several significant public and private entities, including CE Franklin Ltd., a publicly-traded international oilfield services distribution company; Emera Inc., a publicly-traded international energy and energy services company; and ENMAX Corporation, a privately-held integrated electric energy company.

In 2003, he was nominated for Canada's CFO of the Year Award. He is a member of the Canadian Institute of Chartered Accountants (CICA) and is an executive leadership program alumnus of the Stanford Business School of Stanford University. In 2008, he was awarded the Corporate Finance (CF) designation by the CICA. In 2009, he successfully completed the Directors Education Program offered by the Institute of Corporate Directors of Canada and was awarded its designation of ICD.D.

Rebecca Runkle

Rebecca is the technology sector head at Hedgeye Risk Management LLC and is also an advisor to the company. Previously, she worked at Arience Capital Management LP of New York, where she was a senior research analyst, leading the firm's coverage of the information technology and consumer industries. Rebecca joined Arience in February 2007. Rebecca is a generalist with sector responsibility for information technology and related industries.

Ms. Runkle was also a managing director at New York-based Morgan Stanley, where she spent more than a decade following a broad spectrum of industries, including aerospace and defense, consumer, enterprise systems and PC hardware.

She spent 12 years following various industries, including defense and aerospace, consumer, imaging and, for the past six years, enterprise systems and PC hardware. Before joining Morgan Stanley, Rebecca was at Smith Barney, assisting in coverage of the defense and aerospace group. From 1989 through 1992, she worked at Martin Marietta as both a strategic planner and financial analyst. Rebecca graduated Phi Beta Kappa with a BA in Humanities from the University of Colorado and received an MBA from the University of Chicago Graduate School of Business.

In addition, as part of the Company's reduction in cash salaries and continued focus on reducing outlays of cash, the Company has awarded share based compensation to certain employees of up to a maximum of 1,400,000 shares at a deemed price of $0.20 and the waiving of the exercise price of vested options for up to a maximum of 764,750 shares with exercise prices varying from $0.15 - $0.20, of this amount 250,000 shares has been awarded to an insider of the Company. These awards were earned for services performed in 2009. 

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. For more information please visit our website at 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.

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