Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

December 09, 2010 12:00 ET

Cortex Signs New Project With Calgary Based Oil & Gas Company

CALGARY, ALBERTA--(Marketwire - Dec. 9, 2010) - Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company"), together with its partner Powervision Software Inc. ("Powervision"), are pleased to announce the signing of a new hub project with a mid-sized natural gas-focused Canadian energy corporation based in Calgary. Over the next several months, Powervision and Cortex will be working closely to implement the Powervision Workflow Management software and automate 80% of each company's invoicing process by on-boarding the hub's suppliers onto the Cortex Trading Partner Network. The on-boarding process is expected to commence in February of 2011 and therefore, revenue from suppliers will be recognized in the months following. This customer has hundreds of suppliers and approximately 60% of their suppliers are already connected to our Network.

"This new project demonstrates that companies of all sizes can benefit from joining the Cortex Network," said Ryan Lailey, VP of Business Development at Cortex. "Through our strong partnership with Powervision, we continue to gain momentum in the Canadian Oil and Gas marketplace and anticipate additional buying organizations to begin projects in the near future."

The Cortex Network continues to grow and now has over 3,800 companies connected. This month, Cortex has begun signing up US based suppliers as part of our ongoing Apache North America project. Over the next few months, Cortex anticipates over 2,000 new US based suppliers to join the Cortex Network through this project.

Powervision and Cortex are dedicated and focused on optimizing purchase to payment and invoicing processes for corporations by implementing electronic procurement, workflow and document management solutions. In the end, our customers reduce costs, streamline their procure-to-pay process and improve business controls.

About Cortex Business Solutions Inc.

Cortex Business Solutions Inc. is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner 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 its customers existing business environment. For more information please visit our website at www.cortex.net.

About Powervision Software Inc.

Powervision Software Inc. is a leader in the development and provisioning of enterprise class Imaging, Document Management and Workflow solutions in the North American marketplace. Leveraging over 16 years of experience, Powervision solutions drive cost savings and productivity increases at companies ranging from an Energy Resources organization with over $17 billion in revenue processing several millions documents online, to SMEs with less than 50 employees. Our solutions integrate seamlessly to provide a powerful platform to capture, organize, index, store, secure, route and access a company's vital corporate documents. For more information, please visit our website at www.powervisionsw.com.

Forward-Looking Statements

Statements in this release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements may involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results implied by such forward-looking statements. Forward-looking statements are often, but not exclusively identified by words such as "anticipate", "may", "expect", "plan", "future", "continue", "intends", "projects", "believes", "seek", "budget", "estimate" ,"forecast", "will", "predict", "potential" ,"target", "could", "might", and other similar expressions.

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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