Cortex Business Solutions Inc.

TSX VENTURE : CBX


Cortex Business Solutions Inc.

December 06, 2013 09:01 ET

Cortex Submits Application to TSX Venture Exchange for the Issuance of Common Shares for Employee Compensation

CALGARY, ALBERTA--(Marketwired - Dec. 6, 2013) - Cortex Business Solutions Inc. ("Cortex" or the "Company") (TSX VENTURE:CBX), an enterprise eProcurement solutions company, has applied to the TSX Venture Exchange (TSXV) for the issuance of 2,484,200 common shares, which were approved at the June 10, 2013 annual general meeting (AGM).

Out of the 2,484,200 common shares, 100,000 common shares are being distributed as part of the company's hub shares resolution as payment for the signing of significant buying organizations. The remaining 2,384,200 common shares are being distributed to Cortex employees, including insiders, as part of their compensation from employee performance management (EPM) shares, which is based on specific key deliverables and objectives. Both the EPM share and Hub share resolutions were voted on and approved by shareholders at the June AGM. The total shares have been applied to the TSXV for a deemed price of $0.19.

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENTURE:CBX) 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 www.cortex.net.

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