Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

October 18, 2010 15:31 ET

Cortex & Full Circle Systems Kick-Off Project With Petro-Hunt LLC

CALGARY, ALBERTA--(Marketwire - Oct. 18, 2010) - 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 Petro-Hunt, LLC ("Petro-Hunt") onto the Cortex Trading Partner Network ("Network"). Petro-Hunt is a large Dallas based independent producer with significant oil and gas operations throughout the United States.

"Signing Petro-Hunt to the Network not only increases Cortex's penetration into the US market, but it also further demonstrates the viability of the electronic invoicing solution we have developed with Full Circle," said Ryan Lailey Vice President of Business Development and Corporate Strategy at Cortex Business Solutions. "The signing of Petro-Hunt follows on the heels of our current project with Apache Corporation. Cortex is excited about working with Full Circle and Petro-Hunt. Our partnership with Full Circle Systems provides tremendous opportunity and Petro Hunt is the first of many US producers with the opportunity to leverage this partnership over the next year."

Julian Gelfand, Executive Vice President of Sales for Full Circle added, "Petro-Hunt's wholehearted commitment to this project clearly demonstrates that the additional product functionality we have added with our Cortex partnership provides critical solutions that will immediately benefit our oil and gas customers." 

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

In addition, on June 14, 2010 Cortex held its Annual General Meeting in which management updated the shareholders on the business strategies and progress of the Company, highlighting the fact that the Company had record revenue growth in the fiscal year ended July 31, 2009. At that time, the shareholders approved the issuance of Common Shares (the "EPM Shares") to employees, including insiders, based on specific key deliverables and objectives. In conjunction with the 2010 EPM Program, the Company has awarded 1,546,870 Common Shares to employees; of this amount 343,540 Common Shares were issued to insiders of the Company.

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.

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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