Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

January 04, 2011 10:30 ET

Cortex & Full Circle Systems Kick-Off Project With Energen Resource Corporation

CALGARY, ALBERTA--(Marketwire - Jan. 4, 2011) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") together with its US partner Full Circle Systems ("Full Circle") are pleased to announce the signing of Energen Resource Corporation ("Energen") onto the Cortex Trading Partner Network ("Network"). Energen is a diversified energy company headquartered in Birmingham, Alabama. Energen (NSE: EGN) is a growing top 25 independent oil and gas exploration and production company complemented by a single-state natural gas utility. Energen has signed a 5 year agreement to automate its supply chain through Cortex. With over 50 percent of its suppliers already on the Cortex network, connecting Energen will significantly increase the value to our US customers using the Cortex network.

"This project with Energen is the second one with Full Circle and is one of many future projects we are working together to start this year," said Ryan Lailey, Vice President of Business Development and Corporate Strategy at Cortex. "The momentum of our partnership with Full Circle's customers is impressive. We are rapidly growing the Cortex network in the United States. We started with Apache Corporation and Petro Hunt and now with Energen coming aboard; it brings our total producers in the US going-live in the first few months of 2011 to three."

Julian Gelfand, Executive Vice President of Sales at Full Circle, said the project with Energen strengthens the momentum he is seeing with his customers in recognizing the many productivity advantages of electronic invoicing. "The large number of vendors already on the Cortex network coupled with the tight integration between Cortex and Full Circle have allowed our clients to get up and running quickly. We are able to process electronic invoices seamlessly with minimal disruption to the daily running of their business," said Gelfand.

Given the successes to date and the significant interest shown by customers, both parties fully expect 2011 to be an excellent year to take the partnership to the next level. 

Lailey concluded by saying that both Cortex and Full Circle are dedicated and focused on optimizing document, workflow management, and invoice processing for corporations by implementing electronic invoicing solutions. "Our solutions have reduced customers' costs, while streamlining their procure-to-pay process and improving their business controls."

About Cortex Business Solutions Inc.

Cortex Business Solutions Inc. is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner 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 its customers existing business environment. For more information please visit our website at www.cortex.net.

About Full Circle Systems LLC

With over 100 oil and gas companies using its DocVue products, Full Circle Systems is an industry leader in image-enabling key business processes involving AFE's, JIB's, invoices, job tickets, land files, contracts, and well files. By integrating its imaging, document management and workflow suite of products with the leading oil and gas software solutions, DocVue provides the ability to electronically capture, secure, distribute, route, and manage business critical documents and their associated approval processes. For more information please visit our website at www.fullcirclesystems.com.

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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