Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

May 18, 2010 10:00 ET

Cortex Receives Grant from Alberta Innovates

CALGARY, ALBERTA--(Marketwire - May 18, 2010) -

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Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") and its current partner Betach Solutions Inc. have been granted an Alberta Innovation Pilot Program Voucher to be used to help develop and commercialize the Cortex services under the name of QuikFamily; QuikTikit and QuikApproval.

The Alberta Innovation Voucher program aims to serve small technology companies by providing funding to help commercialize their products and services. Alberta Innovates – Technology Futures is looking to build relationships with small businesses that contribute to the growth and diversification of the local economy. As a result, Cortex was chosen as a recipient of the grant with our goal to commercialize our QuikFamily services. These services add value to our current offerings with a purpose to expedite the paper collection in the field for invoicing, safety, and other distribution information.

Our goal is to develop and demonstrate the technology, the business processes and the workflows necessary to have the SmartPhone act as a fully functioning device that securely captures and delivers pertinent invoicing and business documents through the cloud-based application we provide. The application will allow our customers to initiate the processing of an invoice on the same day as the expense occurred or work was completed, thus reducing the amount of time in between completion of a job and payment received. This will help to increase efficiency and improve the liquidity of our customers.

As a result of this program, we have also partnered with Cybera as our service provider. Cybera's support and expertise in application development and design for cloud technologies will help Cortex and Betach enhance the functionality and applicability of our services designed for mobile devices or SmartPhones. Our current target market will remain oil and gas focused. Commercializing this service will translate into a greater usage and transaction volume of the Cortex Trading Partner Network. 

"Cortex is very excited to be partnering with Betach, Cybera and Alberta Innovates – Technology Futures to initiate and complete this pilot project. The funding will help us to execute and commercialize our QuikFamily services and start providing our current customers with valued-added services," stated Ryan Lailey, VP of Business Development and Corporate Strategy at Cortex Business Solutions.

About Alberta Innovates – Technology Futures
Alberta Innovates – Technology Futures is an agency within Alberta's research and innovation system, Alberta Innovates. Under this banner, the Alberta government is building the networks for researchers, innovators and investors to work together to create new opportunities, new solutions and new sectors that will drive the province's next generation economy. For more information on Alberta Innovates, visit www.albertainnovates.ca.

About Cybera
Cybera works to spur and support innovation that will advance the economic well-being of all Albertans. Cybera collaborates with public and private partners to accelerate research and product development in priority areas such as health, energy, environment, and emerging technologies. Cybera operates CyberaNet, a high-speed, high-bandwidth advanced network in Alberta, and acts as the prime contractor for the management of WestGrid, a consortium that provides advanced computing resources in support of research across Canada.

About Betach Solutions
Betach Solutions Inc. (Betach) is a leading management and information systems and technology consulting firm. We are dedicated to helping our clients successfully design, implement and support their mobile work force automation solutions. Betach focuses on Field Service Automation (FSA) and Field Force Automation (FFA) solutions with a particular specialty in the area of electronic field ticketing systems for the oil and gas sector. Betach's experience in designing, implementing and supporting complex mission critical mobile solutions is shown by our strong customer base. Founded in 2003, Betach is based in Calgary, Canada and has an enviable track record of successfully delivering on our client's expectations and providing solutions with measurable business results.

About Cortex Business Solutions
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.

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.

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