| | CORTEX & BASWARE ANNOUNCE E-INVOICING PROJECT WITH APACHE CORPORATION
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Calgary, Alberta - (Marketwire -- on Wednesday, February 17th, 2010) Cortex Business Solutions Inc. (TSXV: CBX) ("Cortex" or the "Company"), leader in order to cash and procure to pay electronic services, is pleased to announce that it has signed a project agreement with Basware and Apache Corporation.
Basware and Cortex have begun a project to automate Apache's invoice processing for its North America operations. The solution will utilize Basware's Invoice Automation service and the Cortex Trading Partner Network to reach Apache's top suppliers across North America. As a result of this agreement, Cortex's market share in the oil and gas industry will expand in Western Canada and grow significantly in the United States and Gulf Coast region.
"The joint solution offered through our partnership with Cortex will enable Apache to strengthen its supplier relationships and provide the company with improved efficiency and transparency throughout its financial supply chain," said Ari Salonen, general manager of Basware Inc. North America. "Our automated solution, combined with Cortex's Trading Partner Network, makes it easier for an increasing number of companies to embrace electronic e-invoicing and to reap the benefits that can be gained from eliminating manual invoicing processes."
"We are impressed to see immediate results from our agreement with Basware. This project with Apache is one example of the work we are doing in growing our network and expanding our supplier relationships across North America." said Ryan Lailey, Vice President of Business Development at Cortex. "Not only is this our third major buying organization to join our Network this year, but this project will also continue our momentum in the marketplace with other large buying organizations. Our Trading Partner Network and support services continue to deliver superior value for our clients in a reliable, low cost, low risk implementation."
Apache will be able to receive e-invoices from its suppliers via Cortex, which will be processed using Basware's Invoice Automation solutions. This process automation will streamline the invoicing process, and minimize the time and money spent manually handling invoices.
In addition, as part of the corporation's performance management program, Cortex Business Solutions has issued 3,900,000 stock options to Senior Management and insiders of the Corporation in accordance with the 2009 stock option plan approved at the 2008 AGM and in association with key performance goals attained. The stock options are exercisable at market value at close of day today, expire in five years and vest over the next 18 months in three equal intervals. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options.
About Apache
Apache Corporation is an independent oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina. Apache posts announcements, updates and investor information, in addition to copies of all recent press releases, on its Web site, www.apachecorp.com.
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.
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. |
