January 29, 2009 Cortex Launches New QuikTikitTM Application on Smartphones
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CALGARY, ALBERTA--(Marketwire -- January 29, 2009) - Cortex Business Solutions Inc. (TSXV: CBX) is pleased to introduce QuikTikitTM, an extension of their core service for use on Smartphones. QuikTikitTM is an application that offers companies the ability to expedite their invoicing process and to retrieve billing information or service tickets produced in the field in a more timely and efficient manner. Simply input a few data fields, capture an image of the signed service/field ticket and send it electronically to your billing office. Invoicing can be done in days instead of months.
The collection of goods and services receipts in remote locations or in a corporate environment is a significant challenge in the Oil & Gas, Construction and Transportation industries. Today, millions of paper receipts are created in the field and shipped via courier or manually scanned and mailed to billing departments hundreds of miles away for processing. Invoices cannot be created until these signed receipts are received in the billing department and included with the invoice. This manual processing causes invoicing times to be extended or receipts to be lost or misplaced resulting in payments being delayed from weeks to months.
Cortex developed QuikTikitTM to offer an end-to-end solution to reduce the number of days sales outstanding and to streamline invoicing. The application can directly integrate into the client's current enterprise or accounting software and third party ticketing systems, thus reducing the amount of administrative work required for billing. In addition, the connection to Cortex's Trading Partner Network provides the clients with the ability to communicate invoicing information seamlessly. By expediting the invoicing process using Cortex's QuikTikitTM application, companies will:
Reduce days sales outstanding by reducing the amount of time between when work is completed and when a customer is invoiced
Expedite invoicing by linking backup images of signed tickets and invoice information, eliminating the need and costs associated with scanning
Increase daily cash flow by enabling companies to invoice on the day the service is performed
Reduce peak volumes of ticket or invoice processing by spreading out invoice generation to a daily or weekly process
With numerous operators and servicing companies in the Oil & Gas industry in Canada alone, the market potential for QuikTikitTM is conceivably large. Use of the application will not only expand the reach of their Trading Partner Network but will also generate additional recurring revenue for the Company.
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.
Cortex products and services are non-intrusive and allow our customers the freedom to leverage and optimize their existing processes and information technology assets when it makes the best business sense for them. This approach improves the productivity, cash flow and profitability of our customers, while avoiding the risk and delays associated with large information technology or business processes re-engineering initiatives.
For more information please visit our website at www.cortex.net or contact:
Cortex Business Solutions Inc.
Ryan Lailey, VP Business Development & Corporate Strategy
Tel: (403) 219-1504
Email:
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.
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