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| | June 03, 2010
Cortex & Full Circle Systems Announce Partnership
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| | Calgary, Alberta - (Marketwire -- June 3, 2010) Cortex Business Solutions Inc. (TSXV: CBX) ("Cortex" or the "Company") and Full Circle Systems LLC ("Full Circle"), are pleased to announce they have entered into an agreement to jointly develop and market an integrated solution between Full Circle's DocVue workflow and document management solution and the Cortex Trading Partner Network.
Full Circle, a leading solutions provider to mid-tier oil and gas companies in the U.S., is focused on providing its customers with document management, imaging and workflow applications integrated with the industry leading accounting, land, engineering, and compliance software. "By delivering electronic invoices through the Cortex Trading Partner Network we have found a perfect complement to our current solution offering," says Beth Trammell, President, Full Circle Systems.
Leveraging Cortex and the thousands of companies connected, Full Circle customers will be able to further automate their supply chains and achieve the efficiencies of approving electronic invoices. "Our alliance with Cortex enables us to deliver breakthrough efficiencies through automated coding, routing, and dispute resolution, further reducing costs and improving cycle times for our customers", adds Ms. Trammell.
"This partnership is important to the acceleration of our growth into the U.S. market providing Cortex with the opportunity to connect over 100 Oil & Gas producers spanning the continental US." said Ryan Lailey, Vice President of Business Development and Corporate Strategy at Cortex Business Solutions. "Full Circle's experience in the US and in the oil and gas industry aligns with our strategy to build strong relationships with complimentary software providers to accelerate the growth of the Cortex Trading partner Network. We look forward to working with Full Circle to jointly market this solution to the industry."
In addition, Cortex has entered into a financial advisory agreement dated for reference June 3, 2010 with Wolverton Securities Ltd. ("Wolverton"), whereby Wolverton has agreed to provide general financial consulting services to the Company.
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 Full Circle Systems LLC
With over 100 oil and gas companies using its DocVue products, Full Circle Systems is an industry leader in image-enabling key business processes involving AFE's, JIB's, invoices, job tickets, land files, contracts, and well files. By integrating its imaging, document management and workflow suite of products with the leading oil and gas software solutions, DocVue provides the ability to electronically capture, secure, distribute, route, and manage business critical documents and their associated approval processes. For more
information please visit our website at www.fullcirclesystems.com or contact:
Julian Gelfand
Executive Vice President, Sales
julian@fullcirclesystems.com
303-697-9045
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 the Company'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. The Company does not assume the obligation to update any forward-looking statement.
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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