Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

December 19, 2007 17:06 ET

Cortex Announces First Quarter Results

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2007) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) announces financial results for the quarter ended October 31, 2007.

Q1 Financial and Operational Highlights

Cortex continued its growth in the first quarter of 2008 in all three revenue streams:

- Achieved record quarterly revenue of $619,488, an increase of 56% from $398,353 recorded in the first quarter of fiscal year 2007;

- Selected by Flint Energy to automate their procurement process; and

- Completed a proof of concept and as a result was awarded a contract with one of Canada's top 5 integrated Oil & Gas companies. The project will see Cortex solutions deployed to hundreds of suppliers in the coming months to transact purchase orders, field tickets and invoices electronically through the Cortex network.

The current cost cutting cycle in the oil & gas industry has increased sales prospects for Cortex. Increasingly, companies are looking to gain efficiency and reduce costs in administration and are receptive to the Cortex solution. Cortex expects to continue revenue growth in the next quarter while securing additional projects and increasing the customers connected to our network. Management continues to expand sales and marketing capabilities to increase revenue and drive to sustainable profitability.

"Management is very encouraged with the continued growth in all areas of our business," said Ryan D. Lailey, VP Business Development & Corporate Strategy. "We continue to execute our corporate strategy and Cortex is in excellent position to capture additional market share. The recent downturn in capital expenditures in the oil and gas sector has raised the profile of solutions provided by Cortex resulting in increased acceptance and interest from potential customers."

About Cortex

Cortex Business Solutions Inc. enables the secure exchange of business critical documents such as purchase orders, field receipts, invoices and acknowledgments between a large cohort of trading partners. Our customers can implement Cortex quickly and achieve the productivity improvements, enhanced cash flow and efficiencies associated with transacting electronically with their suppliers and customers.

Cortex products and services are non-intrusive and allow our customers the freedom to leverage and optimize their existing processes and information technology assets when it makes the best business sense for them. This approach improves the productivity, cash flow and profitability of our customers, while avoiding the risk and delays associated with large information technology or business processes re-engineering initiatives.

Contact Information

  • Cortex Business Solutions Inc.
    Ryan D. Lailey
    VP Business Development & Corporate Strategy
    (403) 260-6647