Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

June 23, 2008 10:08 ET

Cortex Selected as Primary Provider to Major Oil & Gas Company

CALGARY, ALBERTA--(Marketwire - June 23, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex") is pleased to announce that it has entered into a memorandum of understanding with one of Canada's top 5 integrated Oil & Gas companies to expand our current initiative and become their primary e - commerce solution provider. Under the terms of the MOU, Cortex will connect the top 3000 service suppliers and a yet to be determined number of material suppliers across their upstream, midstream, downstream, oil sands and corporate business units across North America. Implementation will begin immediately, with the majority of the initiative being completed by year end. As part of the agreement, the current service contract has been extended by 3 years, with the option to extend the contract for an additional 3 years in 2011.

"Cortex is very pleased to have been selected as the primary e - commerce solution" said Ryan D. Lailey Vice President Business Development & Corporate Strategy at Cortex "This contract further validates the benefits of our approach and solutions in the marketplace by providing a low cost, highly efficient solution to solve an important business need. As a result, over the next 12 months Cortex will experience significant growth in our customer base across North America and will provide the foundation to expand our service to additional companies of similar size."

About Cortex Business Solutions Inc.

Cortex solutions increase cash flow, controls and efficiencies in a low cost manner for all of our customers. Information previously anchored by paper that relied on fax, e-mail, mail etc, is now electronically sent and translated, allowing normally non-compatible ERP systems to communicate fluently. We enable the secure electronic exchange of business critical documents such as purchase orders, field receipts, invoices and acknowledgments, between a large cohort of trading partners. Customers can implement the approach quickly and achieve productivity improvements, enhanced cash flow and efficiencies. It offers a sophisticated, non-intrusive, electronic solution to help navigate the procurement and supply chain process with ease and efficiency. Cortex evolves the existing systems by handling the entire business transaction process from purchase point to payment.

To receive Company press releases, please email jacqueline@chfir.com and mention "Cortex News" on the subject line.

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.

Contact Information

  • Cortex Business Solutions Inc.
    Ryan Lailey
    VP Business Development & Corporate Strategy
    (403) 260-6647
    Email: rlailey@cortex.net
    Website: www.cortex.net
    or
    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 ext. 228
    Email: robin@chfir.com
    or
    CHF Investor Relations
    Jacqueline Wagenaar
    Account Manager
    (416) 868-1079 ext. 289
    Email: jacqueline@chfir.com