Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

May 13, 2008 18:50 ET

Cortex Business Solutions Announces Warrant Exercise and Files 2006 Restated Consolidated Financial Statements

CALGARY, ALBERTA--(Marketwire - May 13, 2008) -

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Cortex Business Solutions Inc. ("Cortex" or the "Company") (TSX VENTURE:CBX), is pleased to announce the exercise of 100% of its outstanding $0.10 warrants and $0.05 finders warrants for a total of 17,308,000 common shares. The total proceeds to the corporation on the 16,510,000 warrants and 798,000 finders warrants was $1,690,900.

"We are pleased to see the support from our shareholders to exercise these warrants" said Ryan D Lailey VP Business Development at Cortex. "Over the past two years Cortex has achieved significant growth and this capital injection will assist the company in executing its expansion plans."

The Company also announces that it has, with the concurrence of its former auditors, filed its restated audited consolidated financial statements for the year ended July 31, 2006 and the Management's Discussion and Analysis for the same period. As previously disclosed in the consolidated audited financial statements for the year ended July 31, 2007, the accounting for stock-based compensation expense and related contributed surplus for the year ended July 31, 2006 and prior periods had not been properly accounted for. For a more detailed explanation of the restatement, please refer to Note 3 of the restated consolidated audited financial statements for the year ended July 31, 2006.

About Cortex Business Solutions Inc.

Cortex solutions increase cash flow, controls and efficiencies in a low cost manner for all of our customers. Information previously anchored by paper that relied on fax, e-mail, mail etc, is now electronically sent and translated, allowing normally non-compatible ERP systems to communicate fluently. We enable the secure electronic exchange of business critical documents such as purchase orders, field receipts, invoices and acknowledgments, between a large cohort of trading partners. Customers can implement the approach quickly and achieve productivity improvements, enhanced cash flow and efficiencies. It offers a sophisticated, non-intrusive, electronic solution to help navigate the procurement and supply chain process with ease and efficiency. Cortex evolves the existing systems by handling the entire business transaction process from purchase point to payment.

To receive Company press releases, please email jacqueline@chfir.com and mention "Cortex News" on the subject line.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction.

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 the Company'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. Except as required by law, the Company does not assume the obligation to update any forward-looking statement.

To receive Company press releases, please email jacqueline@chfir.com and mention "Cortex News" on the subject line.

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
    VP Business Development & Corporate Strategy
    (403) 260-6647
    Email: rlailey@cortex.net
    Website: www.cortex.net
    or
    CHF Investor Relations
    Robin Cook
    Account Manager
    (416) 868-1079 ext. 228
    Email: robin@chfir.com
    or
    CHF Investor Relations
    Jacqueline Wagenaar
    Associate Account Manager
    (416) 868-1079 ext. 289
    Email: jacqueline@chfir.com