The Company had a net loss per share of $(0.016) for the second quarter of fiscal 2009 and $(0.033) per share for the six months ended January 31, 2009. The Company is executing its business plan and experiencing the losses anticipated during this growth phase.
Cortex continues to execute on its strategy and business plan in which management began to invest the $5.2 million raised on May 29, 2008 into our sales marketing and delivery organizations. The result of this investment continues to pay off in the second quarter of 2009 by adding new customers to our trading partner network. The Company's major project relating to the Memorandum of Understanding signed during the fiscal year ended July 31, 2008 is continuing, and together with our partnership with TELUS, our alliance with Research in Motion, activity in the marketplace, and acceptance of our solutions, demand for our solution has increased significantly. Our sales opportunities are the strongest in Company history. Management is focused on securing sales and execution of our business plan.
The steady growth of suppliers signing on to the trading partner network is encouraging and aligns with the Company's business plan. The recurring access and usage fees from these new users have been slower to materialize than expected due to circumstances beyond the Company's control. During the quarter, management continued to control and reduce costs, and as part of these reductions the compensation committee has agreed to award the senior management 364,545 stock options on March 31, 2009 at an exercise price of $0.22 in exchange for a 10% reduction in salary. These reductions will assist the Company in reaching its goal of attaining positive cash flow and continuing to execute its growth strategy.
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 - evolving business.
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
Ryan Lailey
VP of Business Development & Corporate Strategy
(403) 219-1504
email: rlailey@cortex.net
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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.
