Cortex Business Solutions Inc.
TSX VENTURE : CBX

Cortex Business Solutions Inc.

April 04, 2011 11:30 ET

Verian Technologies and Cortex Partner to Offer Paperless Invoicing Solution for E&P Companies

CHARLOTTE, NORTH CAROLINA and CALGARY, ALBERTA--(Marketwire - April 4, 2011) - Verian Technologies, a leading provider of purchasing and materials management automation solutions in the E&P industry, has partnered with Cortex Business Solutions (TSX VENTURE:CBX), an industry-leading supplier network, to offer paperless invoicing to E&P companies.

Verian Technologies will integrate Cortex Business Solutions' Trading Partner Network into its procurement automation solution, enabling Verian's E&P clients to eliminate paper invoices, speed invoice approval, and capture more early-pay discounts.

One of Verian's clients, an independent oil and natural gas company based in Houston, will go live with the joint technology solution later this year. The integration will provide the E&P firm with paperless invoicing to nearly 80 percent of its supplier base.

"Using Verian's procurement automation system, we've been able to move most of our requisitions onto purchase orders. However, the nature of our business makes it nearly impossible to create POs for every purchase," said the customer's VP of Information Technology. "We needed to find a faster and easier way to process non-PO invoices. After looking at several options, it made the most sense to augment the Verian system we've been using for several years with Cortex's supplier network."

"Cortex is pleased to welcome Verian customers to the Cortex Trading Partner Network," said Ryan Lailey, VP Business Development at Cortex. "This partnership with Verian Technologies will open up new opportunities in the oil and gas industry as well as potential new industry expansion in the future."

"For nearly a decade, our solutions have been helping our oil and gas clients solve purchasing challenges," said Tehseen Ali Dahya, President and CEO of Verian Technologies. "Our highly-flexible solution allows customers to easily enhance the system with additional modules like a supplier network. As our customers' needs evolve and change, we will be ready to help them every step of the way."

About Verian Technologies 

Verian Technologies helps oil and gas organizations reduce costs and increase efficiency with intelligent, easy-to-use solutions that automate the entire purchase-to-pay process including procurement, materials and asset management, invoice processing and employee reimbursements — capturing all spend intelligence in a single database for analysis. Verian was founded in 1997 and is headquartered in Charlotte, N.C. The company's clients include W&T Offshore, Stone Energy, Huber Natural Resources, DCOR, Canoro, Blue Tip Energy, Cobalt Energy, Double Eagle and GMX Resources.

About Cortex Business Solutions Inc. 

Cortex Business Solutions is an enterprise eProcurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers.

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 days outstanding and administrative costs. Cortex is a low cost, low risk cloud-based solution that can be implemented quickly by leveraging its customers' existing business environment.. For more information please visit our website at www.cortex.net.

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 Cortex'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. Cortex does not assume the obligation to update any forward-looking statement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Verian Technologies
    Adam C. Slick
    Media Contact
    704.547.7301
    or
    Cortex Business Solutions
    Ryan Lailey
    403.219.1504
    www.cortex.net