Cortex Business Solutions Inc.

TSX VENTURE : CBX
OTCQX : CTPNF


Cortex Business Solutions Inc.

May 08, 2014 09:01 ET

Cortex Reports Fiscal Third Quarter 2014 Network Statistics

Supplier Initiated Transactions Increased 43% to a Record 1.2 Million, Driven by a 33% Increase in Transacting Suppliers

CALGARY, ALBERTA--(Marketwired - May 8, 2014) - Cortex Business Solutions Inc. (TSX VENTURE:CBX)(OTCQX:CTPNF), an enterprise e-Procurement solutions company, reported network statistics for its fiscal third quarter ended April 30, 2014.

Fiscal Q3 2014 Network Statistics Summary

  • Four new 100% e-Billing solution customers were signed.
  • One new buying organization was signed in Canada, with two signed in the United States.
  • 410 new suppliers were added to the Cortex Network.
  • Active buying organizations on the Network increased by 44% for a total of 69, compared to 48 in the year-ago quarter.
  • Total suppliers transacting on the Network increased 33% to 7,774, compared to 5,849 in the year-ago quarter.
  • Supplier initiated transactions increased 43% to 1,179,089, compared to 823,440 in the year-ago quarter.
  • Total transactions increased 15% to 3,231,611, compared to 2,821,534 in the year-ago quarter.

Network Statistics

To view the bar graph accompanying this press release, please visit the following link: http://media3.marketwire.com/docs/944449.png

Q3 FY14 Q3 FY13 Change
Total Transactions 3,231,611 2,821,534 15%
Supplier Initiated Transactions 1,179,089 823,440 43%
Active Suppliers 7,774 5,849 33%
New Customers Added (In FYQ3-14) 410 367 12%
Active Buying Organizations 69 48 44%
e-Billing Destinations (First reported FYQ2-14) 249 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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