Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

May 12, 2009 16:00 ET

Cortex Closes $2,200,000 of Private Placement

CALGARY, ALBERTA--(Marketwire - May 12, 2009) -


Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex") is pleased to announce that it has closed an initial tranche of its previously announced private placement. Cortex, through Wolverton Securities Ltd. (the "Agent"), issued a total of 11,000,000 units of Cortex ("Units") at a price of $0.20 per Unit for gross proceeds of $2,200,000 in this initial closing. Each Unit issued pursuant to this private placement, consisted of one common share of Cortex ("Common Share") and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to acquire one Common Share for a period of four years following the closing of the financing (the "Exercise Period") at an exercise price of $0.30 per Common Share in the first two years of the Exercise Period and at a price of $0.45 per Common Share for the remaining two years of the Exercise Period. All securities issued in connection with this private placement are subject to a four-month hold period.

It is anticipated that the net proceeds of the private placement will be used by Cortex to accelerate Cortex's network expansion program and for general working capital.

The Agent received a fee equal to 10% of the gross proceeds raised in the private placement. The Agent also received Agent's options to purchase that number of Units equal to 10% of the Units sold, exercisable for four years following the closing.

Following the completion of the private placement, Cortex has 115,433,375 Common Shares issued and outstanding. The private placement is subject to final TSX Venture Exchange acceptance.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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.

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 Cortex'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. Cortex does not assume the obligation to update any forward-looking statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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