Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

October 23, 2015 13:55 ET

Cortex Reports Fiscal Fourth Quarter and Fiscal 2015 Network Statistics

CALGARY, ALBERTA--(Marketwired - Oct. 23, 2015) - Cortex Business Solutions Inc. (TSX VENTURE:CBX), the online network that helps companies connect and interact with each other to transmit documents and grow their businesses, reported network statistics for its fiscal fourth quarter and year ended July 31, 2015.

Fiscal Q4 2015 Network Statistics Summary

  • Signed 3 new buying organizations in Canada, and 3 new buying organization signed in the United States
  • Added 358 new suppliers to the Cortex Network, a decrease of 51% from Q3 2015.
  • Active buying organizations on the Cortex Network increased from Q3 2015, totaling 86.
  • Active suppliers on the Cortex Network increased 1% to 8,997 compared to Q3 2015.
  • Billable transactions decreased 5% to 1,166,258 from 1,221,999 Q3 2015.
  • Total transactions decreased 9% to 3,054,263 from 3,355,769 in Q3 2015.

To view the Network Statistics, please visit the following link: http://media3.marketwire.com/docs/1029705a.pdf

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

Quarter Over Quarter
Q4 FY15 Q3 FY15 Change
Total Transactions 3,054,263 3,355,769 (9 %)
Billable Transactions 1,166,258 1,221,999 (5 %)
Active Suppliers 8,997 8,890 1 %
New Suppliers Added 358 727 (51 %)
Active Buying Organizations 86 84 2 %
e-Billing Destinations 1,273* 949* 34 %
Quarterly Year Over Year
Q4FY15 Q4 FY14 Change
Total Transactions 3,054,263 3,279,344 (7 %)
Billable Transactions 1,166,258 1,182,665 (1 %)
Active Suppliers 8,997 8,236 9 %
New Suppliers Added 358 581 (38 %)
Active Buying Organizations 86 75 15 %
e-Billing Destinations 1,273* 288* 342 %
Annualized Year Over Year
FY2015 FY2014 Change
Total Transactions 14,347,213 12,551,554 14 %
Billable Transactions 5,286,725 4,543,056 16 %
Active Suppliers 8,997 8,236 9 %
New Suppliers Added 2,287 1,693 35 %
Active Buying Organizations 86 75 15 %
e-Billing Destinations 1,273* 288* 342 %

* Cortex supplier. Ebilling destinations has been redefined to exclude extended connections. Ebilling destinations are redefined as a buying organization who is not currently integrated on the Cortex Network and has received an email invoice from an integrated Cortex Supplier.

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENTURE:CBX) 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.

Contact Information

  • Investor Relations Contacts:
    Cortex Business Solutions Inc.
    Joel Leetzow
    CEO
    1-403-219-2898
    jleetzow@cortex.net

    Cortex Business Solutions Inc.
    Sandra Weiler
    CFO
    1-403-219-2898
    sweiler@cortex.net