Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

June 15, 2015 19:21 ET

Cortex Reports Fiscal Third Quarter 2015 Network Statistics

CALGARY, ALBERTA--(Marketwired - June 15, 2015) - Cortex Business Solutions Inc. (TSX VENTURE:CBX), the pioneering online network that helps companies connect and interact with each other to transmit documents and grow their businesses, reported network statistics for its fiscal third quarter ended April 30, 2015.

Fiscal Q3 2015 Network Statistics Summary

  • Signed 7 new 100% e-Billing solution customers.
  • Signed 4 new buying organizations in Canada, and 0 new buying organization signed in the United States.
  • Added 727 new suppliers to the Cortex Network, an increase of 47% from Q2 2015.
  • Active buying organizations on the Cortex Network increased from 78 at January 31, 2015 (Q2 2015) to 84 at April 30, 2015.
  • Active suppliers on the Cortex Network increased 2% to 8,890 compared to Q2 2015.
  • Billable transactions decreased 14% to 1,221,999 compared to Q2 2015.
  • Total transactions decreased 14% to 3,355,769 compared to Q2 2015.

Network Statistics

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

Quarter Over Quarter

Q3 FY15 Q2 FY15 Change
Total Transactions 3,355,769 3,915,442 -14%
Billable Transactions 1,221,999 1,423,818 -14%
Active Suppliers 8,890 8,752 2%
New Suppliers Added 727 496 47%
Active Buying Organizations 84 78 8%
e-Billing Destinations 2,694 2,131 26%

Year Over Year

Q3FY15 Q3 FY14 Change
Total Transactions 3,355,769 3,231,611 4%
Billable Transactions 1,221,999 1,203,283 2%
Active Suppliers 8,890 7,817 14%
New Suppliers Added 727 410 77%
Active Buying Organizations 84 69 22%
e-Billing Destinations 2,694 249 982%

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

Certain statements contained in this press release may constitute forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. In particular, this press release contains forward-looking statements pertaining to meaning revenue growth from e-billing solution and
recurring revenue growth. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Cortex believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. With respect to forward-looking statements contained in this press release, Cortex has made assumptions regarding, among other things: Cortex's continued success in gaining new customers in Canada and the United States, general economic and financial conditions, and other assumptions as set forth in the company's annual filings. Cortex's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: worse than expected general economic conditions in Canada and the United States, the inability of management to execute its business plan and manage growth successfully and the risk of slow service adoption. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Cortex's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

The forward-looking statements contained in this press release speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement. Readers should not place undue reliance on forward-looking information. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements.

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