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| | May 26, 2009
Cortex Grants Stock Options to Board of Directors
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| | For Immediate Release: Tuesday, May 26, 2009 2:00PM MST
CORTEX GRANTS STOCK OPTIONS TO BOARD OF DIRECTORS
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
Calgary, Alberta, May 26, 2009 -- Cortex Business Solutions Inc. (TSX-V: CBX) ("Cortex") - on May 4, 2009 Cortex held its Annual General Meeting in which management updated the shareholders on the business strategies and progress of the Company, highlighting the fact that the Company had record revenue growth in the fiscal year ended July 31, 2008. As a matter of normal business, all items up for shareholder vote were approved. As part of the annual process, the Company has issued an aggregate of 800,000 stock options to the Board of Directors (4 members) as total compensation for their upcoming term. At the same time, 100,000 options were issued to the Company's Corporate Secretary. All options were approved at an exercise price of $0.165 representing the closing price of Cortex's common shares on the TSX Venture Exchange on May 22nd, 2009, vesting over the next 18 months, in line with the Company's 2009 Stock Option Plan. The options will expire five years from the date of grant, being May 25, 2014.
The Corporation has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the grant of these Options. The Options are subject to TSX Venture Exchange acceptance.
About Cortex Business Solutions Inc.
Cortex Business Solutions 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 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. For further information please visit www.cortex.net or contact:
Cortex Business Solutions Inc.
Ryan Lailey, VP Business Development & Corporate Strategy
Tel: (403) 266-6272
Email: investor-relations@cortex.net
Brisco Capital Partners
Scott Koyich, President
Tel: (403) 215-5979
Email: skoyich@dskconsulting.ca
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.
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. |
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