Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

September 13, 2012 10:00 ET

Cortex Reports Network Statistics for the Month of August 2012

CALGARY, ALBERTA--(Marketwire - Sept. 13, 2012) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) reports the following network statistic updates for the month of August 2012. This report is issued the second Thursday of each month.

Summary

  • Since our last report, there were seven new buying organizations that signed, including: White Cap Resources, CWC Well Services, K Kenn Industries, Ken X Energy, B&W Chemical Toilets Inc, Van Houtte Coffee Services Ltd, and High Gear Contracting Ltd.
  • Year over year, transactions on the network increased 43% from 588,104 in August 2011 to 841,516 in August 2012.
  • Total Customer Contracts increased 49% from 5,410 in August 2011 to 8,073 in August 2012.
  • 140 new suppliers were added to the Cortex Network in August 2012.
  • 25 Hubs are now live on the Trading Partner Network, an increase of 150% year over year.
    • Now active this month: Alberta Tubular Products Ltd, Arsenal Energy, Velvet Energy and Titus Tools.

Network Statistics

August-12 August-11 % Change
Total Transactions 841,516 588,104 43%
Supplier Initiated Transactions 246,081 195,556 26%
Total Active Contracts 8,073 5,410 49%
Total Hubs Active 25 10 150%

For a full version of this press release, including the graphs and charts, please visit: http://www.cortex.net/s/NetworkStats.asp

The Company will issue on September 10th, 2012 200,000 common shares at a deemed price of $0.20 previously disclosed in the June 20, 2012 news release as being submitted to approval to the TSX Venture to an employee under the terms of their letter of offer. This issuance has been approved by the TSX Venture. In addition, the Company has applied to the TSX Venture exchange for approval of 166,666 common shares to be issued as part of the Hub Shares program, as voted on and approved at the AGM on June 11, 2012. These shares have been applied to the TSX Venture exchange for approval at a deemed price of $0.18.

About Cortex Business Solutions

Cortex Business Solutions Inc. is an Enterprise eProcurement 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.

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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