Cortex Business Solutions Inc.

TSX VENTURE : CBX


Cortex Business Solutions Inc.

January 20, 2014 09:01 ET

Cortex Expands Partnership with Pandell to Deliver a Fully Automated Invoice Management Solution

CALGARY, ALBERTA--(Marketwired - Jan. 20, 2014) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) (Cortex), an enterprise eProcurement solutions company, has expanded its partnership with industry-leading software provider, Pandell, to introduce e-Invoice Enterprise Plus, an electronic accounts payable solution that digitally captures 100% of vendor invoices.

Cortex's introduction of e-Invoice Enterprise Plus, built on the Cortex Workbench platform, offers a greater level of automation to procurement organizations by ensuring all incoming vendor invoices are electronically processed.

In October 2011, Cortex and Pandell developed and launched a bundled electronic invoice management solution. In this initial partnership, Cortex committed to on-boarding 80% of a client's vendors to its Cortex Trading Partner Network (CTPN) where invoices could be captured electronically. Under the new agreement, Cortex's e-Invoice Enterprise Plus services will enable clients to digitally capture 100% of their vendor invoices.

"We now have the ability to offer a completely automated solution to both Pandell and Cortex customers," said Art Smith, president & CEO of Cortex. "This solution not only eliminates paper from the accounts payable process, but also the manual work involved, such as scanning and indexing. We look forward to working closely with Pandell to deliver this enhanced electronic invoice management offering."

The solution will streamline internal processes for clients, create a completely paperless payables environment, and allow purchasing hubs to be free of previously manual work such as scanning, indexing and quality assurance. The Cortex solution, along with Pandell's electronic invoice management software, APNexus, supports data-sharing and two-way communication, resulting in faster payables processing, less administration and fewer billing errors than manual accounts payable processes.

"This fully automated solution will provide APNexus clients the opportunity to improve their operating efficiencies by routing all of their invoices through the Cortex Network," said Greg Chudiak, president and CEO of Pandell. "Enabling all invoice information to be electronically captured, validated, approved, and uploaded into JVNexus means our clients will be able to focus on their operations, instead of chasing payables."

About Pandell

Based in Calgary, AB, Pandell is a software solutions company specializing in oil and gas software products; oil and gas accounting services; and .NET application development and support. The company serves more than 350 organizations across North America, including E&P companies, major pipeline operators, public utility companies, and government sectors. Pandell is recognized as an Alberta's Best Workplace (2013), a Calgary TechRev Innovator (2012), and a Branham300 Top Technology Company in Canada (2012). For more information, please visit www.pandell.com.

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENTURE:CBX) is an enterprise eProcurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex 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 clients' existing business environment. For more information, please visit www.cortex.net.

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.

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