Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

May 05, 2011 08:00 ET

Cortex Announces the Signing of WestFire Energy

CALGARY, ALBERTA--(Marketwire - May 5, 2011) - Cortex Business Solutions Inc. (TSX VENTURE:CBX), is pleased to announce the signing of WestFire Energy Ltd onto the Cortex Trading Partner Network ("Network"). WestFire is a publicly traded junior resource gas company in Western Canada with one of the largest and most diverse land positions on the Viking light oil resource play. WestFire will be able to receive invoices electronically from its suppliers using the Network. Out of WestFire's 1,000+ suppliers, Cortex has over 60% invoice coverage. As a result, achieving the goal of 80% automation is accomplished quickly in a low cost, low risk implementation.

"We are pleased to welcome WestFire to our Network," said Ryan Lailey, VP of Business Development at Cortex. "This new project demonstrates that Cortex is successfully making the benefits of invoice automation accessible to companies of any size. We continue to build on the existing momentum we have in the Oil & Gas Market with six new producers added this fiscal year"

Cortex's cloud-based invoice automation services provide buying organizations an effective way to reduce the cost of invoice processing and improve financial controls.

"We are always looking for ways to streamline our financial processes and the Cortex Solution automates our invoice process easily with minimal risk and cost," said Caroline Banks, Controller of WestFire. "By taking advantage of Cortex's Network, we expect to move towards industry best practices very quickly."

Cortex continues to grow in strength and now has over 4,000 companies connected to its Network. Cortex's Solutions enhance 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 sales outstanding and administrative costs.

About WestFire Energy Ltd.

WestFire is a Calgary, Alberta based oil and gas exploration, development and production company which shares trade on the Toronto Stock Exchange under the trading symbol of "WFE".

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.

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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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