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

Cortex Business Solutions Inc.

August 14, 2014 08:30 ET

Cortex Reports Fiscal Fourth Quarter 2014 Network Statistics

CALGARY, ALBERTA--(Marketwired - Aug. 14, 2014) - Cortex Business Solutions Inc. (TSX VENTURE:CBX)(OTCQX:CTPNF), an enterprise e-Procurement solutions company, reported network statistics for its fiscal fourth quarter ended July 31, 2014.

Fiscal Q4 2014 Network Statistics Summary

  • Three new 100% e-Billing solution customers were signed.
  • Six new buying organizations were signed in Canada, with one signed in the United States.
  • 581 new suppliers were added to the Cortex Network.
  • Active buying organizations on the Network increased by 34% for a total of 75, compared to 56 in the year-ago quarter.
  • Total active suppliers on the Network increased 36% to 8,236, compared to 6,047 in the year-ago quarter.
  • Billable transactions increased 46% to 1,182,665, compared to 808,324 in the year-ago quarter.
  • Total transactions increased 25% to 3,279,344, compared to 2,613,928 in the year-ago quarter.

Network Statistics

A graph is available at the following address: http://media3.marketwire.com/docs/962633.pdf

Q4 FY14 Q4 FY13 Change
Total Transactions 3,279,344 2,613,928 25 %
Billable Transactions 1,182,665 808,324 46 %
Active Suppliers 8,236 6,047 36 %
New Suppliers Added 581 325 79 %
Active Buying Organizations 75 56 34 %
e-Billing Destinations (First reported Q2 FY14) 676 N/A N/A

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENTURE: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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