Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

June 13, 2008 17:01 ET

Cortex Business Solutions Inc. Announces Issuance of Stock and Options

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

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex") announced today that under the Management bonus plan approved at the Annual General and Special Meeting held on June 9, 2008, the Company has issued a total of 1,863,584 common shares to officers of the corporation in lieu of cash bonuses. In addition, under the formal stock option plan, the company has granted incentive stock options for a total of 800,000 options to the directors of Cortex in lieu of compensation. Options were granted at an exercise price of $0.20 per share vesting over an 18 month period on a schedule of 1/3 every 6 months.

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 mirna@chfir.com and mention "Cortex News" on the subject line.

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. The Company does not assume the obligation to update any forward-looking statement.

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
    Senior Account Manager
    (416) 868-1079 ext. 228
    Email: robin@chfir.com
    or
    CHF Investor Relations
    Jacqueline Wagenaar
    Account Manager
    (416) 868-1079 ext. 289
    Email: jacqueline@chfir.com