CALGARY, ALBERTA--(Marketwired - Nov. 4, 2013) - Cortex Business Solutions (TSX VENTURE:CBX) has partnered with TCI Oilfield Factoring to offer our customers access to direct invoice discounting that works seamlessly with the network. Cortex users will be able to obtain immediate payment on eligible invoices for a small fee through TCI.
Cortex provides companies with an industry-leading eInvoicing platform, simple supplier on-boarding process, and best-in-class post-implementation support. Cortex is a leader in the provision of eInvoicing and ebilling services and tools that facilitate invoice delivery and supplier community development.
TCI Oilfield Factoring offers growing companies the ability to alleviate "cash flow stress." For nearly 20 years, TCI has been providing best-in-class factoring solutions to thousands of small to mid-sized transportation and oilfield companies across North America. Through a simple and customer friendly set-up process, TCI Oilfield Factoring can help most customers receive written approvals in less than 30 minutes. In excess of 200 members of the Cortex community are currently using TCI for their financing needs. The offering of TCI services directly through Cortex will allow suppliers more streamlined access to the services of the Oil and Gas finance specialists at TCI.
This value-added financing service will provide the Cortex supplier community an opportunity to receive quicker payments on outstanding invoices. TCI will allow Cortex Trading Partners an opportunity to receive immediate payment for approved invoices long before traditional manual payments are received. Payments can be disbursed within 24 hours.
"Cortex is pleased to partner with TCI as we continue to expand the range of value added services available to the Cortex community. We look forward to working with TCI in offering invoice financing and providing the Cortex community an opportunity to receive early payments from a partner that is a respected provider of funds for the Oil and Gas community," said Mike Rose, Cortex Vice President of Business Development.
"TCI is pleased to provide a best in class factoring solution to the Cortex community. We are confident that Cortex Suppliers will find our oilfield factoring lines to be a helpful tool in managing day to day working capital needs," said Kraig Gunwall, TCI Business Capital Senior Vice President of Business Development.
In addition, 500,000 stock options with a strike price equal to the closing price on November 1st, 2013 have been granted to insiders as part of their compensation package for the upcoming fiscal year ending July 31, 2014. These options are in accordance with the Company's approved 2013 Stock Option Plan with a vesting period of 18 months and a 5 year term.
About Cortex Business Solutions
Cortex Business Solutions Inc. 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. www.cortex.net
About TCI Oilfield Factoring
TCI Oilfield Factoring is the oilfield factoring division of TCI Business Capital. TCI Business Capital is a privately held, national financial services company founded in 1994. The Company is headquartered in the Minneapolis/St Paul suburb of Burnsville, Minnesota. TCI Business Capital provides a full range of business financial services including: accounts receivable management, collection services, credit analysis, factoring services, risk assessment, treasury and more. TCI assists Oilfield Service and Supply Providers throughout North America. The company is proud to be recognized for its reliability, flexibility, responsiveness, innovative products, customer service, and exemplary corporate citizenship.
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.