Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

August 09, 2012 10:00 ET

Cortex Reports Network Statistics for the Month of July 2012

CALGARY, ALBERTA--(Marketwire - Aug. 9, 2012) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) reports the following network statistic updates for the month of July 2012. This report is issued the second Thursday of each month.

  • Since our last report, there were three new buying organizations that signed: Fidelity E&P, Mistral Energy and Stuart Wright Ltd. This brings the total new buying organizations signed from August 1, 2011 to August 9, 2012 to twenty-eight. Fidelity E&P of Denver, Colorado is the second US oil and gas producer to join the Cortex Trading Partner Network in as many months, while Stuart Wright Ltd is the sixth oil and gas service company to become a Hub on the Cortex Network.
    • Arsenal Energy Inc.
    • Canadian Utility Construction Corp.
    • Compton Petroleum Corp.
    • Regent Resources Ltd
    • Sure Energy Inc.
    • Twin Butte Energy Inc.
    • Pinecrest Energy
    • Insignia Energy Ltd.
    • Trident Exploration Corp.
    • Tamarack Valley Energy
    • Rife Resources Ltd
    • Torc Oil and Gas Ltd
    • Vermilion Resources Ltd
    • Osum Oilsands Corp.
    • Vantage Energy
    • Grand Isle Shipyard
    • Atikwa Resources
    • Renegade Petroleum Inc.
    • Alberta Tubular Products
    • Southern Pacific Resource Corp.
    • Velvet Energy
    • Just Freehold Energy
    • United Safety
    • Pajak Engineering
    • Titus Tools
  • The July transaction count of 738,074 was flat compared to June's transaction count of 747,921
  • Year over year, July transactions on the network increased 63% from 453,175 to 738,074
  • 209 new suppliers were added to the Cortex Network in July 2012
  • Total Customer Contracts increased 3% to 7,933 in July 2012
  • Since our last report, no new Hubs went live on the trading partner network
Network Statistics
July-12 June-12 % Change
Total Transactions 738,074 747,921 -1 %
Supplier Initiated Transactions 221,301 213,724 4 %
Total Active Contracts 7,933 7,724 3 %
New Customers Added 209 187 12 %
Total Hubs Active 21 21 0 %

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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.

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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