Cortex Business Solutions Inc.

TSX VENTURE : CBX


Cortex Business Solutions Inc.

November 08, 2012 10:00 ET

Cortex Reports Network Statistics for the Month of October 2012

CALGARY, ALBERTA--(Marketwire - Nov. 8, 2012) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) reports the following network statistic updates for the month of October 2012. This report is issued the second Thursday of each month.

Summary

  • Since our last report, there were five new buying organizations that signed, which included: Boomer Transportation Ltd., RMP Energy Inc., Manitok Energy Inc., Laredo Petroleum Inc. and Jones Energy Ltd.
  • Year over year, transactions on the network increased 48% from 622,937 in October 2011 to 921,443 in October 2012.
  • Total Customer Contracts increased 44% from 5,864 in October 2011 to 8,440 in October 2012.
  • 192 new suppliers were added to the Cortex Network in October 2012.
  • 34 Hubs are now live on the Trading Partner Network, an increase of 209% year over year.
    • Vantage, Fidelity, B&W Chemical Toilets and United Safety went live in October
Network Statistics
October-12 October-11 % Change
Total Transactions 921,443 622,937 48 %
Supplier Initiated Transactions 272,983 202,634 35 %
Total Active Contracts 8,440 5,864 44 %
New Customers Added 192 216 -11 %
Total Hubs Active 34 11 209 %

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

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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