Cortex Business Solutions Inc.
TSX VENTURE : CBX
OTCQX : CTPNF

Cortex Business Solutions Inc.

November 13, 2014 08:30 ET

Cortex Reports Fiscal First Quarter 2015 Network Statistics

CALGARY, ALBERTA--(Marketwired - Nov. 13, 2014) - Cortex Business Solutions Inc. (TSX VENTURE:CBX)(OTCQX:CTPNF), an enterprise e-Procurement solutions company, reported network statistics for its fiscal first quarter ended October 31, 2014.

Fiscal Q1 2015 Network Statistics Summary

  • Signed three new 100% e-Billing solution customers.
  • Signed four new buying organizations in Canada.
  • Added 706 new suppliers to the Cortex Network, an increase of 22% from Q4 2014.
  • Active buying organizations on the Cortex Network totaled 78, an increase of 4% from Q4 2014.
  • Active suppliers on the Cortex Network increased 5% to 8,630 compared to Q4 2014.
  • Billable transactions increased 25% to 1,474,650 compared to Q4 2014.
  • Total transactions increased 23% to 4,021,739 compared to Q4 2014.

To view the Network Statistics graph, please visit the following link: http://media3.marketwire.com/docs/978728graph.pdf.

In the fourth quarter of 2014, the company began reporting Billable Transactions in place of Supplier Initiated Transactions. Billable Transactions more accurately track average transaction charges and are therefore a better indicator of performance.

Please see the following tables for a more detailed look at current and historical network statistics.

Quarter Over Quarter

Q1 FY15 Q4 FY14 Change
Total Transactions 4,021,739 3,279,344 23 %
Billable Transactions 1,474,650 1,182,665 25 %
Active Suppliers 8,630 8,236 5 %
New Suppliers Added 706 581 22 %
Active Buying Organizations 78 75 4 %
e-Billing Destinations 1,856 676 175 %

Year Over Year

Q1 FY15 Q1 FY14 Change
Total Transactions 4,021,739 3,000,632 34 %
Billable Transactions 1,474,650 1,074,126 37 %
Active Suppliers 8,630 6,304 37 %
New Suppliers Added 706 360 96 %
Active Buying Organizations 78 60 30 %
e-Billing Destinations 1,856 See note 1 N/A
Note 1: First reported Q2 FY14.

For comparative purposes, quarterly network statistics using Billable Transactions for the past year were as follows:

Q4 FY14 Q3 FY14 Q2 FY14 Q1 FY14
Total Transactions 3,279,344 3,231,611 3,039,967 3,000,632
Billable Transactions 1,182,665 1,203,283 1,082,982 1,074,126
Active Suppliers 8,236 7,817 6,584 6,304
New Suppliers Added 581 410 342 360
Active Buying Organizations 75 69 62 60
e-Billing Destinations 676 249 88 N/A

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENUTRE:CBX)(OTCQX:CTPNF) is an enterprise e-Procurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex 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 clients' existing business environment. For more information, please visit www.cortex.net.

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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