Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

March 18, 2009 12:00 ET

Cortex & Powervision Announce Strategic Partnership

CALGARY, ALBERTA--(Marketwire - March 18, 2009) -


Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") and Powervision Software Inc. ("Powervision"), are pleased to announce their formal strategic partnership to extend their service offerings to all current and future customers. Powervision's expertise in document and workflow management solutions directly aligns with Cortex's service of electronically connecting trading partners. Powervision's current customer base and exposure to the Oil & Gas producer community creates a unique opportunity for Cortex to rapidly connect additional trading partners and expand the value of its Trading Partner Network.

As a result of the global recession and increased regulation, executives today are even more concerned about controlling spend, reducing administrative costs and implementing accurate accounting processes. Being able to reduce costs, such as duplicate entry and exception handling, while improving business controls is beneficial to all corporations. Today, the procurement and payment processes depend largely on manual processes and paper. Tracking and monitoring this process is expensive and time consuming for a company. Powervision and Cortex are dedicated and focused on optimizing these processes for corporations by implementing electronic procurement, invoicing and document management solutions. In the end, their customers reduce unnecessary costs, streamline their procure-to-pay process and improve business controls.

"This solution allows our customers to save significant time in the processing of Trade Payable invoices as compared to receiving paper invoices which require labour intensive tasks such as scanning and data entry" stated JP de Poyen, President and CEO of Powervision. "By using Cortex our customers no longer have to design and negotiate electronic data exchange agreements individually with hundreds if not thousands of suppliers. They let Cortex do the connections and provide training and support to all these suppliers!" he added.

"Cortex is excited about capitalizing on the benefits of partnering with Powervision," said Ryan Lailey, Vice President of Business Development and Corporate Strategy at Cortex Business Solutions. "Powervision directly aligns with our core service and their current Oil & Gas customer base includes many producers that, through this partnership, can access the Cortex Trading Partner Network. This is a simple, low cost solution that achieves significant cost savings and efficiency gains, quickly."

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

About Powervision Software Inc.

Powervision Software Inc. is a leader in the development and provisioning of enterprise class Imaging, Document Management and Workflow solutions in the North American marketplace. Leveraging over 16 years of experience, Powervision solutions drive cost savings and productivity increases at companies ranging from an Energy Resources organization with over $17 billion in revenue processing several millions documents online, to SMEs with less than 50 employees. Our solutions integrate seamlessly to provide a powerful platform to capture, organize, index, store, secure, route and access a company's vital corporate documents. For more information, please visit our website at

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.

Contact Information