Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

July 22, 2016 16:30 ET

Cortex Business Solutions Signs 5 Year Contract Extension With a Large Calgary Headquartered Energy Company

CALGARY, ALBERTA--(Marketwired - July 22, 2016) - Cortex Business Solutions Inc. (TSX VENTURE:CBX), an online business-to-business, network as a service e-invoicing solutions provider, today announces the signing of a long term contract extension with a large Calgary headquartered energy company.

During the previous contract term, the customer benefitted from a higher than industry standard automation rate. This benchmark achievement in e-invoicing aligns to the customer's mandate for disciplined financial management internally. The automation rate coupled with the added assurance of moving off the legacy Cortex system to the cloud based platform provides stability moving forward for the customer.

For Cortex this renewed agreement equates to over $1 Million in access and usage fee revenue over 5 years, with additional services revenue gained upon transition to the new platform.

"We are extremely pleased to renew our agreement with a company that has been critical to Cortex's success." Joel Leetzow, President and CEO of Cortex commented. "We are excited to be moving forward with their transition to our Workbench platform which we are confident will deliver them even greater efficiencies and further strengthen relationships with their suppliers."

For more details the full contract can be viewed on SEDAR.

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENTURE:CBX) is a business-to-business network that enables electronic invoicing for buying and supplying organizations. The Cortex network offers flexible connection methods to reduce the time required to process invoices and tools that leverage existing customer technologies and processes. Access to the Cortex Network enhances the exchange of documents allowing companies to connect and interact with each other to grow their businesses. For more information, please visit www.cortex.net.

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