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| | January 15, 2010
Cortex Announces Agreement with Basware
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| | CORTEX ANNOUNCES AGREEMENT WITH BASWARE
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
Calgary, Alberta - (Marketwire -- 8:00AM MST on Friday, January 15th, 2010) Cortex Business Solutions Inc. (TSXV: CBX) ("Cortex" or the "Company") is pleased to announce its interoperability agreement with Basware Inc. ("Basware") to extend its service offerings to all current and future customers. The agreement presents Cortex with the opportunity to extend its services beyond Western Canada and into the USA.
Basware is the global leader in purchase-to-pay solutions. Over 850,000 users depend on Basware software to automate business-critical financial processes. Founded in 1985, Basware Corporation is a public company listed on the Helsinki Stock Exchange. Basware's global e-invoicing network includes more than 60 partners in the U.S., Europe and Scandinavia, providing direct connections to more than 30 countries, and transmitting more than ten million transactions annually. Under the agreement, Basware customers receive purchase invoices electronically through an interface to the Cortex supplier base. Invoice data is then automatically sent to the Basware Invoice Automation solution, allowing Basware's customers to automate their entire procurement and inbound logistics cycle with suppliers. These automated connections provide many benefits: they enable customers to gain better control over cash flow with faster processing of invoices, facilitate compliance with regulatory requirements, reduce work processes, decrease order-to-cash cycle times, simplify audits, and mitigate risk.
"By working with Cortex we can better service our customers and help them strengthen their supplier relationships," said Ari Salonen, general manager of Basware, North American market. "The agreement allows us to significantly strengthen the reach of our e-invoicing network, and provide companies with improved efficiency and transparency within their financial supply chains." The Basware Invoice Automation (IA) solution uses automatic, business-rule based matching to minimize the need for time-consuming, repetitive invoice-handling tasks and enable efficient management of exceptions. Basware Invoice Automation optimizes process performance in financial departments and business units, enabling an organization to focus on creating added value for its customers.
"We are excited about the benefits of working with Basware," said Ryan Lailey, vice president of Business Development and Corporate Strategy at Cortex Business Solutions. "Partnering with Basware is a continuation of our strategy to surround Cortex with industry leading companies that provide Cortex with the opportunity to accelerate growth as well as a platform for geographic and industry expansion in the near future."
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
Email: skoyich@briscocapital.com
About Basware
Basware is the global leader in purchase-to-pay solutions with more than 1,500 customers and 850,000 users in over 50 countries around the world. With Basware, organizations can reduce the cost of buying and paying for goods and services and gain visibility and control of their entire spending process by automating manual processes, from sourcing, contract management, purchasing and supplier collaboration to invoice automation. Basware solutions and services enable substantial cost reductions across businesses and deliver value by providing compliance and control, as well as fast return on investment. The solutions are distributed and implemented, either on site or as a service, in Europe, the U.S., and Asia-Pacific through an extensive network of Basware offices and business partners. The company's U.S. business, Basware, Inc., is headquartered in Stamford, Conn. More information can be found at www.basware.com/us.
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The Basware name is a registered trademark of Basware Corporation. The Basware logo is a trademark of Basware Corporation. All other product and service names mentioned herein are trademarks of their respective companies.
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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