Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

February 13, 2014 09:00 ET

Cortex Reports Network Statistics for Q2 F2014

CALGARY, ALBERTA--(Marketwired - Feb. 13, 2014) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) reports the following Network Statistics update for the second quarter of fiscal year 2014.

As indicated in our last Network Statistics update, Cortex continues to report on quarterly activity as opposed to monthly to provide a more consistent view of trends within the business.

Summary

  • In the past quarter, 2 new customers were signed to the new 100% e-Billing solution:
    • Maverick Oilfield Services
    • X-Cel Energy Services
  • Since our last report 3 new buying organizations have been signed in Canada:
    • OMERS
    • Teine Energy
    • Second Wave
  • Growth in the United States continues with the signing of 3 new buying organizations:
    • Talos Energy
    • Laredo Energy
    • Halcon Resource Group
  • 62 Hubs are now live on the Cortex Network, an increase of 48% year-over-year
  • 6,584 total Suppliers transacted in the quarter, which is a 13% increase over Q2, F2013
  • Supplier initiated transactions increased 19% from 778,387 in Q2, F2013 to 925,445 in Q2, F2014
  • Year-over-year, transactions on the Network increased 16% from 2,622,069 from Q2, F2013 to 3,039,967 in Q2, F2014
  • 342 new Suppliers have been added to the Cortex Network in Q2, F2014

Network Statistics

Q2 F2013
Total
Q2 F2014
Total
Change
Total Transactions 2,622,069 3,039,967 16%
Supplier Initiated Transactions 778,387 925,445 19%
Total Active Suppliers* 5,844 6,584 13%
New Customers Added (Quarterly) 340 342 1%
Total Hubs Active 42 62 48%
e-Billing Destinations (NEW)** N/A 88 N/A
* Cortex now reports on 'Total Active Suppliers' in the quarter as a more accurate reflection of activity across the Cortex Trading Partner Network.
** Cortex now reports on the total e-Billing Destinations that are live on the Cortex Trading Partner Network.

About Cortex Business Solutions

Cortex Business Solutions Inc. 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 our website at www.cortex.net.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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.

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