Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

October 15, 2008 17:08 ET

Paperless Supply Chain Management: Cortex Business Solutions and TELUS to Expand eProcurement Network to Help Energy Sector Companies Decrease Costs and Improve Efficiencies

CALGARY, ALBERTA--(Marketwire - Oct. 15, 2008) - Cortex Business Solutions Inc. (TSX VENTURE:CBX), a leading provider of eCommerce services, today announced an agreement that will offer Cortex's services to TELUS energy sector customers and rapidly expand Canada's fastest growing open access eProcurement network.

The TELUS relationship will expand Cortex's open access eProcurement network to enable energy sector companies to exchange procurement and accounts payable information electronically with their customers and suppliers, regardless of which accounting software they use. By joining this network, customers will reduce administration costs, improve validation and accuracy of invoicing and deliver visible cost benefits to procurement processing.

Procurement - the business-to-business sale and purchase of goods and services - is a largely manual and paper-based process, presenting businesses with time-consuming and costly tasks like tracking cost commitments, matching purchase orders, receipts and invoicing, data entry and analyzing invoicing errors.

"Cortex is pleased to enter into this strategic agreement with one of Canada's largest telecommunications companies," said Ryan D. Lailey, vice-president, Business Development at Cortex. "The sales, consulting and marketing capabilities of TELUS will further accelerate the expansion of our service offerings to the energy sector. Through our relationship with TELUS, Cortex continues to surround itself with world class organizations that understand the potential in the market to reduce costs, improve cash flow and financial controls for any company by utilizing Cortex services."

TELUS will be recognized as a Tier 1 consulting partner and Cortex Network reseller with rights to market and distribute Cortex's services. Customers will benefit from the usability and efficiencies provided by Cortex's services and will enjoy the full support from both the Cortex and TELUS teams.

About Cortex Business Solutions Inc.

Cortex Business Solutions is a leading eCommerce service 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 days outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging its customers' existing business environment - evolving business. For further information please visit www.cortex.net.

Forward-looking statements

This news release contains forward looking statements. Forward looking statements are not based on historical facts, but rather on current expectations, Company assumptions and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Company assumptions and risk factors are listed from time to time in TELUS' reports, public disclosure documents including Management's discussion and analysis, Annual Information Form, and in other filings with securities regulatory authorities in Canada and the United States.

Contact Information