Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

December 22, 2010 14:08 ET

Cortex & Powervision Sign Northern Blizzard Resources

CALGARY, ALBERTA--(Marketwire - Dec. 22, 2010) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company"), together with its partner Powervision Software Inc. ("Powervision"), are pleased to announce the signing of Northern Blizzard Resources Inc., a private company focused on exploration, development and production of oil and gas in Western Canada

"Northern Blizzard is a rapidly growing junior O&G company who recently purchased over $900m of production and properties from Nexen Inc." Said Ryan D. Lailey Vice President of Business Development at Cortex "Connecting Northern Blizzard to the Cortex network increases our coverage and value to our customers already connected to Cortex and continues to demonstrate the value of Cortex to both Large and small Oil and Gas producers and Suppliers"

Over the next several months, Powervision and Cortex will be working closely to implement the Powervision Workflow Management software and automate 80% of Northern Blizzard's suppliers to the Cortex Trading Partner Network. The on-boarding process is expected to commence in February of the 2011 and therefore transactions from suppliers will be begin in the months following.

"We are beginning to see momentum in the industry and a push towards invoice automation" Continued Mr. Lailey, "It is an exciting time for Cortex and the growth of our company, Powervision and Cortex are dedicated and focused on optimizing purchase to payment and invoicing processes for corporations by implementing electronic procurement, workflow and document management solutions. In the end, our customers reduce costs, streamline procure-to-pay process and improve 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 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 www.powervisionsw.com.

Forward-Looking Statements

Statements in this release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements may involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results implied by such forward-looking statements. Forward-looking statements are often, but not exclusively identified by words such as "anticipate", "may", "expect", "plan", "future", "continue", "intends", "projects", "believes", "seek", "budget", "estimate" ,"forecast", "will", "predict", "potential" ,"target", "could", "might", and other similar expressions.

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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