Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

June 14, 2012 10:00 ET

Cortex Reports Network Statistics for the Month of May 2012

CALGARY, ALBERTA--(Marketwire - June 14, 2012) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) reports the following network statistic updates for the month of May 2012. This report is issued the second Thursday of each month.


  • Since our last report, there were two new buying organizations that signed: Titus Tools and Pajak Engineering. This brings the total new buying organizations signed from August 1, 2011 to June 13, 2012 to eighteen. Titus Tools and Pajak Engineering represent the third and fourth oil and gas service companies on the Cortex Network to become Hubs.
    • Arsenal Energy Inc.
    • Canadian Utility Construction Corp.
    • Compton Petroleum Corp.
    • Regent Resources Ltd
    • Sure Energy Inc.
    • Twin Butte Energy Inc.
    • Pinecrest Energy
    • Insignia
    • Trident Exploration Corp.
    • Atikwa Resources
    • Renegade Petroleum Inc.
    • Alberta Tubular Products
    • Southern Pacific Resource Corp.
    • Velvet Energy
    • Just Freehold Energy
    • United Safety
  • The May transaction count of 693,921 on the Cortex Network was flat compared to the April transaction count of 695,886 which is consistent with spring break up
  • Year over year, transactions on the network increased 71% from 405,274 to 693,921
  • 198 new suppliers were added to the Cortex Network in May 2012
  • Total Customer Contracts increased 3% to 7,537
  • Since our last report, two new Hubs went live on the trading partner network, which were Insignia and Pinecrest Energy

Network Statistics

May-12 April-12 % Change
Total Transactions 693,921 695,886 0 %
Supplier Initiated Transactions 217,115 210,215 3 %
Total Active Contracts 7,537 7,339 3 %
New Customers Added 198 160 24 %
Total Hubs Active 19 17 12 %

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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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