| | CORTEX & POWERVISION ANNOUNCE PROJECT WITH LARGE CALGARY BASED ENERGY TRUST
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Calgary, Alberta - (Marketwire -- 7:00AM MST on Monday, January 25, 2009) Cortex Business Solutions Inc. (TSXV: CBX) ("Cortex" or the "Company"), together with its tier one partner Powervision Software Inc. ("Powervision"), is pleased to announce the signing of a new project with a large Calgary based Energy Trust. Powervision and Cortex will be working together to automate their supply chain by connecting their suppliers to the Cortex Trading Partner Network (the "Network").
Signing this new project comes at a great time for Cortex and its current customers. The continued expansion of our Network increases our recurring revenue stream, financial position and market share in the oil and gas industry in Western Canada. This new buying organization's supplier base and area of operations coincide with other buying organizations on the Network; therefore, increasing the value of the Network and the ability for current clients to automate transactions with more of their trading partners.
"This is the second large buying organization to join the Cortex network since January 1st." stated Ryan Lailey, Vice President of Business Development at Cortex. "As our Network continues to grow, large buying organizations like this one realize immediate value by connecting. Out of this company's 4000+ suppliers, Cortex has 53% invoice coverage; meaning that 53% of the invoices this company receives are from customers already connected to our Network. As a result, achieving the goal of 80% automation is accomplished quickly in a low cost, low risk implementation. Our partnership with Powervision is producing excellent results and our momentum in the market place has never been better."
We are very excited to be working with Cortex on this project helping our client automate their invoicing process," said JP de Poyen, President of Powervision. "Being connected to Cortex will bring additional value to our client; process visibility, supplier e-invoicing, and on time contract payments."
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, our customers reduce unnecessary costs, streamline their procure-to-pay process and improve business 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
Email: skoyich@briscocapital.com
About Powervision 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
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 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. |
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