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| | January 11, 2010
Cortex Announces Project with Murphy Oil
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| | /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
Calgary, Alberta - (Marketwire -- 7:00AM MST on Monday, January 11, 2010) Cortex Business Solutions Inc. (TSXV: CBX) ("Cortex" or the "Company"), together with its partner Powervision Software Inc. ("Powervision"), are pleased to announce the signing of a new project with Murphy Oil Company Ltd.'s Canadian Division. Its Canadian division is focused on crude oil and natural gas exploration as well as production, extraction and sale of synthetic crude oil. Powervision and Cortex will be working together to automate over 80% of Murphy Oil's supply chain by connecting Murphy's suppliers to the Cortex Trading Partner Network (the "Network") and integrating Powervision's Workflow Management software. This project is expected to go live in March 2010.
Powervision and Cortex are dedicated and focused on optimizing purchase to payment and invoicing processes for corporations by implementing electronic procurement, invoicing and document management solutions. In the end, their customers reduce costs, streamline their procure-to-pay process and improve business controls.
Signing Murphy Oil expands Cortex's reach and market share within the oil and gas industry in Western Canada. This agreement increases the value of the Cortex Trading Partner Network by bringing on new suppliers and the number of transactions moving through their Network. Cortex allows its customers to connect once and transact with the various trading partners already on the Network. Expansion of the Network not only provides value to the current users but also provides the buyer a central point of contact with all its suppliers for purchasing and invoicing.
"Working with Powervision and its clients has opened up the opportunity to work with large oil and gas companies. Our services extend the benefits of our partner's software allowing our customers to achieve additional value by streamlining their invoicing processes" stated Ryan Lailey, VP of Business Development at Cortex. "We are looking forward to starting the project with Powervision and Murphy Oil."
"We are very excited to be working with Cortex on this project with Murphy Oil," said JP de Poyen, President of Powervision. "Being connected to Cortex will bring additional value to our client through reduced costs, improved visibility of process, and improved controls."
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. For more information please visit our website at www.cortex.net or contact:
Brisco Capital Partners
Scott Koyich, President
Tel: (403) 215-5979
skoyich@briscocapital.com
About Powervision Software Inc.
Powervision Software Inc. is a leader in the development and provisioning of enterprise class Imaging, Document Management and Workflow solutions in the North American marketplace. Leveraging over 16 years of experience, Powervision solutions drive cost savings and productivity increases at companies ranging from an Energy Resources organization with over $17 billion in revenue processing several millions documents online, to SMEs with less than 50 employees. Our solutions integrate seamlessly to provide a powerful platform to capture, organize, index, store, secure, route and access a company's vital corporate documents. For more information, please visit our website at www.powervisionsw.com.
Jean-Paul de Poyen President & CEO
Tel: (403) 265-0555
jp.depoyen@powervisionsw.com
Forward-Looking Statements
Statements in this release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements may involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results implied by such forward-looking statements. Forward-looking statements are often, but not exclusively identified by words such as "anticipate", "may", "expect", "plan", "future", "continue", "intends", "projects", "believes", "seek", "budget", "estimate" ,"forecast", "will", "predict", "potential" ,"target", "could", "might", and other similar expressions.
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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