Cortex Business Solutions Inc.

Cortex Business Solutions Inc.

November 14, 2013 09:30 ET

Cortex Reports Network Statistics for the Q1 F2014

CALGARY, ALBERTA--(Marketwired - Nov. 14, 2013) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) reports the following network statistic updates for the first quarter of F2014.

As indicated in our last Network Statistics update, Cortex now reports on quarterly activity as opposed to monthly, to provide a more consistent view of trends within the business. Going forward, the following quarterly information will be presented in this document:

  • Total amount of new Hubs sold in the quarter
  • Hubs that have gone live in the quarter
  • Suppliers transacting in the quarter
  • YOY transactions
  • Number of 100% e-Billing sales & progress in quarter
  • Amount of Suppliers added in quarter


  • In the past quarter, 3 new customers were signed to the new 100% eBilling solution:
    • Matrix Solutions (Canada)
    • Zedi (Canada)
    • Sunbelt Rentals (US)
  • Since our last report 5 new buying organizations have been signed in Canada:
    • Enhance Energy Inc.
    • Clearbrook Resource Inc.
    • Crew Energy Inc.
    • Saguaro Resources Ltd.
    • Beaumont Energy Inc.
  • Growth in the United States has continued with the signing of the following 2 buying organizations:
    • Fieldwood Energy
    • Finley Resources
  • 60 Hubs are now live on the Cortex Network, an increase of 100% year-over-year
  • 6,304 total Suppliers transacted in the quarter, which is a 16% increase over Q1, 2013
  • Supplier initiated transactions increased 24% from 749,059 in Q1, 2013 to 939,794 in Q1, 2014
  • Year-over-year, transactions on the Network increased 19% from 2,522,913 from Q1, 2013 to 3,000,632 in Q1, 2014
  • 360 new Suppliers have been added to the Cortex Network in Q1 2014

Network Statistics

Q1 2013 Total Q1 2014 Total Change
Total Transactions 2,522,913 3,000,632 19 %
Supplier Initiated Transactions 749,059 939,794 24 %
Total Active Suppliers* 5,417 6,304 16 %
Total Hubs Active 30 60 100 %

*Going forward Cortex will be focusing on 'Total Active Suppliers' in the quarter as a more accurate reflection of activity across 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

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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