Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

June 11, 2013 18:00 ET

Cortex Announces Results of Annual and Special General Meeting and Options Grant

CALGARY, ALBERTA--(Marketwired - June 11, 2013) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") held their Annual General and Special Meeting of Shareholders on June 10, 2013. There were 28% of outstanding shares represented at the meeting. As a result of the voting at the meeting all resolutions were passed. The details of the resolutions passed at the meeting can be found in the Company's Management Information Circular which can be found on SEDAR.

Management presented an update on the Company's results and business strategies going forward. Highlights included:

  • Financial growth rates
    • Recurring Revenue; Q2 F2013 over Q2 F2012 - 35%
    • Set-Up Revenue; Q2 F2013 over Q2 F2012 - 49%
    • Total Revenue; Q2 F2013 over Q2 F2012 - 37%
  • Continued success in signing new Buying Organizations ("Hubs")
    • 64 Hubs signed by the end of Q2, F2013
    • Increase of 9 Hubs over end of Q1 F2013
  • Introduction of new network functionality including company profiles, messaging, invites and updated user interface to be launched this summer.
  • New Partnerships with Microsoft and Perfect Commerce to accelerate market position.

In addition, the 5 members of the Board of Directors of Cortex have been granted 950,000 stock options with a strike price equal to the closing price on June 10, 2013 as Board compensation for the upcoming fiscal year ended July 31, 2014. These options are in accordance with the Company's approved 2013 Stock Option Plan with a vesting period of 18 months and a 5 year term.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Cortex Business Solutions Inc.
    Ryan Lailey
    3404 25th Street NE
    Calgary, AB T1Y-6C1
    (403) 266-6272
    www.cortex.net

    Jesse Byam
    #307, 3016 5th Avenue NE
    Calgary, AB T2A-6K4
    (403) 277-2554