CALGARY, ALBERTA — (Marketwired) — 10/22/15 — Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF), the online network helping companies connect and interact with each other to transmit documents and grow their businesses, today announces its Q4 F2015 and F2015 Annual Report, including Management–s Discussion and Analysis and Consolidated financial statements.
Joel Leetzow, President and CEO commented, “Although Cortex faced some significant challenges in 2015 retooling, we were also able to take advantage of the current downturn in the Oil & Gas market to spend some long overdue time with our customers and partners. Listening to what they expected and how we could improve our value proposition for them has set us on a course to create what I will refer to as Cortex 2.0. This is not a version of our product, but a cultural revolution at Cortex that will prepare us for the next decade of business. I appreciate their time and willingness to work with us as partners which I think is a testament to the value we provide.
“I believe that 2016 will be the year to capitalize on our strengths as a company. The changes we have made thus far are not small and they were by no means easy, but they were essential to protect our significant and loyal customer base, improve upon a product suite that pays more than it costs and ensure our dedicated partners and employees were clearly aligned with our building shareholder value.”
Fiscal 2015 Highlights:
Revenue
During a year where many oil and gas companies struggled to remain profitable and grow revenue, Cortex was able to:
Gross Profit and Cost of Sales
During F2015, the Company improved its gross profit from 36% to 40%.
Expenses
The new leadership made significant changes to the companies cost structure during the last two quarters of fiscal 2015. Although these reductions will not be fully realized until fiscal 2016; the results were material in Q4 F2015.
Operational
Cash Position
Subsequent to the year end, on September 2, 2015 the Company completed a bought deal private placement and raised net proceeds of approximately $2,800,000 through the issuance of 1,551,375 common shares at a price of $2.00 per share. This additional cash further solidifies the Company–s balance sheet and provides stability.
Fiscal Q4 2015 Highlights:
Revenue
Gross Profit and Cost of Sales
Expenses
The Company had an increase in total expenses, excluding the income tax provision of 1% Q4 F2015 over Q4 F2014.
Our recent focus on right sizing the business resulted in considerable future cost savings to the Company, with no negative impact on our ability to serve existing customers. In addition to this consolidation activity, we made the difficult decision to remove certain individuals from the Company in an effort to reduce our recurring costs. After careful review, we strengthened our leadership structure by consolidating the base of operations into our headquarters located in Calgary, AB.
Conference Call
Cortex management will host a conference call, followed by a question and answer period. The details of the conference call are as follows:
Please call the conference telephone number ten minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Cortex Business Solutions at 403-219-2838.
A replay of the conference call will be available after the call through October 30, 2015.
About Cortex Business Solutions
Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF) is an enterprise e-Procurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex 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 clients– existing business environment. For more information, please visit .
To view the Consolidated Statements associated with this press release, please visit the following link: .
Contacts:
Investor Relations Contacts:
Cortex Business Solutions Inc.
Joel Leetzow
President and CEO
403-219-2838
Cortex Business Solutions Inc.
Sandra Weiler
CFO
403-219-2838
Cortex Business Solutions Inc.
Andrew Stewart
Director of Marketing & Investor Relations
403-219-2838
You must be logged in to post a comment Login