Cortex & Basware Announce Project with Apache Corporation
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
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.
Cortex Announces Creation of Advisory Committee
& STOCK BASED COMPENSATION AWARDS
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./
Calgary, Canada -- (Marketwire -- 12:13pm MST, February 9, 2010) Cortex Business Solutions Inc. (TSXV: CBX) ("Cortex" or the "Company") is proud to announce the formation of the Cortex Advisory Committee ("the Committee"). The Committee will be comprised of up to ten individuals with experience in various industries ranging from research and business development to entrepreneurship and IT solutions.
The Committee was developed to advise Cortex management on the following:
"We are excited about the Committee and working with these individuals to expand our knowledge and expertise across other industries and geographical locations," said Ryan Lailey, Vice President of Business Development and Corporate Strategy at Cortex Business Solutions. "The exceptional expertise and experience that each member of the Committee brings will help Cortex achieve its corporate goals and accelerate growth. We look forward to expanding this Committee with additional members over the next couple months."
Cortex has officially launched the Advisory Committee with the following four members:
Tim Stanley
Tim Stanley is the President and Founder of Broadstreet Data -- one of Canada's premier Data Solution consulting companies located in Toronto. Prior to Broadstreet Data, Tim held senior sales positions with software companies Informatica and Brio Technology. From 1999-2008, Tim was involved in over 100 major Data Warehouse projects with many of Canada's largest companies.
In his career, Tim has worked with hundreds of senior executives in Canada's IT industry as a business partner or supplier of enterprise software solutions. Tim is recognized as an industry expert in data integration, data quality, and business intelligence systems.
Tim holds an MBA from Richard Ivey School of Business at the University of Western Ontario and currently serves on the Board of Directors at Automated Benefits Corporation listed on the Toronto Venture Exchange (AUT).
Michael Blum
Mr. Blum is a co-founder of Hedgeye Risk Management, LLC. Hedgeye is a leading provider of real-time investment ideas, sector research and risk management. He is also the Founder and Managing Director of Hong Kong-based Repulse Bay Capital Ltd., a private investment vehicle. Prior to starting Hedgeye Risk Management, he was Founder and Chief Operating Officer of Falconhenge Partners, LLC. The firm was integrated into Magnetar Capital in April 2006, where Mr. Blum lead several international expansion efforts.
Prior to working on Wall Street, Mr. Blum spent 7 years in Silicon Valley where he began his career at frog design, exploring opportunities for the firm in the venture capital arena. Later he joined PayPal, the world's leading electronic payment system, where he initially served as Country Manager, Germany and eventually oversaw the firm's business in Asia and the Pacific. PayPal sold to eBay for $1.5B in 2002.
Born to German parents and a native of Hong Kong, Mr. Blum is an Astronaut-in-waiting with Virgin Galactic, and received his Bachelor of Arts in Economics and International Studies (honors) from Yale University.
Randy Henderson
Randy Henderson CA CF ICD.D is a senior finance executive and corporate director who serves as a corporate financial advisor to the board of directors and executive management teams of both publicly-traded and private entities. He is the Chief Financial Officer and a director of Blackline GPS Corp (TSX-V: BLN) and a director of Paragon Pharmacies Ltd. (TSX-V: PGN). Previously, Mr. Henderson was Chief Financial Officer of several significant public and private entities, including CE Franklin Ltd., a publicly-traded international oilfield services distribution company; Emera Inc., a publicly-traded international energy and energy services company; and ENMAX Corporation, a privately-held integrated electric energy company.
In 2003, he was nominated for Canada's CFO of the Year Award. He is a member of the Canadian Institute of Chartered Accountants (CICA) and is an executive leadership program alumnus of the Stanford Business School of Stanford University. In 2008, he was awarded the Corporate Finance (CF) designation by the CICA. In 2009, he successfully completed the Directors Education Program offered by the Institute of Corporate Directors of Canada and was awarded its designation of ICD.D.
Rebecca Runkle
Rebecca is the technology sector head at Hedgeye Risk Management LLC and is also an advisor to the company. Previously, she worked at Arience Capital Management LP of New York, where she was a senior research analyst, leading the firm's coverage of the information technology and consumer industries. Rebecca joined Arience in February 2007. Rebecca is a generalist with sector responsibility for information technology and related industries.
Ms. Runkle was also a managing director at New York-based Morgan Stanley, where she spent more than a decade following a broad spectrum of industries, including aerospace and defense, consumer, enterprise systems and PC hardware.
She spent 12 years following various industries, including defense and aerospace, consumer, imaging and, for the past six years, enterprise systems and PC hardware. Before joining Morgan Stanley, Rebecca was at Smith Barney, assisting in coverage of the defense and aerospace group. From 1989 through 1992, she worked at Martin Marietta as both a strategic planner and financial analyst. Rebecca graduated Phi Beta Kappa with a BA in Humanities from the University of Colorado and received an MBA from the University of Chicago Graduate School of Business.
***
In addition, as part of the Company's reduction in cash salaries and continued focus on reducing outlays of cash, the Company has awarded share based compensation to certain employees of up to a maximum of 1,400,000 shares at a deemed price of $0.20 and the waiving of the exercise price of vested options for up to a maximum of 764,750 shares with exercise prices varying from $0.15 - $0.20, of this amount 250,000 shares has been awarded to an insider of the Company. These awards were earned for services performed in 2009.
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
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.
Cortex & Powervision Announce Project with Large Calgary based Energy Trust
/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 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.
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.
###
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.
Cortex Announces Project with Murphy Oil
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.