CALGARY, ALBERTA — (Marketwired) — 10/27/16 — Cortex Business Solutions Inc. (TSX VENTURE: CBX), the online network helping companies connect and interact with each other to transmit documents and grow their businesses, today announces its three months ended July 31, 2016 (Q4 F2016) and year ended July 31, 2016 (“F2016”) Management–s Discussion and Analysis and Consolidated Financial Statements.
“Fiscal 2016 has been an exciting year for everyone involved, and as we post the results of our first full fiscal year together as a management team; I am excited to share that phase one of our transformation plan is now complete” expressed Joel Leetzow, President and CEO of Cortex Business Solutions. “When I came aboard last year, our established oil and gas market was in the early stages of a major economic downturn. As a management team, it was clear that what we had to do, during F2016, would be difficult. While others began looking at how to merely survive this economic headwind, Cortex instead began to reshape our business to better position ourselves for continued success. The cost cutting measures Cortex undertook while working together with our customers to further reduce their costs has been mutually beneficial and will continue to pay off for years to come.”
F2016 was a year of ensuring the Company strategy and processes are aligned with a lower cost structure for future success. After the major restructuring in F2015, Cortex was prepared to move ahead with its ambitious plan of reshaping the business further in F2016. Part of that work included the improvement of internal processes, implementation of a proven sales strategy and a culture of organizational discipline. With companies facing hard financial decisions, the value proposition of a platform such as the Cortex Network has never been more appealing, and gives customers greater control over their costs. Cortex provides value to customers in an environment where cost reductions are necessary, through the automation and streamlining of their invoice processes, while preparing them for scalable growth when the economy recovers.
Sandra Fawcett, CFO of Cortex added, “Cortex is proud of the results realized over the past fiscal year. These results show not only the strength of our offering but also the Company–s ability to survive a tough economic environment. Although total revenue is down, it is minor compared to the severity of decline throughout the entire oil and gas industry.”
F2016 Highlights:
Revenue
Expenses
CashFlow
F2016 was a positive year for the Company. The cost savings realized did not impede the ability to continue to provide a quality product to the marketplace with the same level of customer support and quality our customers have been accustomed to. This transition year was required to align the processes internally to allow for future growth and success without the same level of costs of the past.
Q4 F2016 Highlights compared to Q4 F2015
Revenue
Expenses
Cashflow
The introduction of the new VP of Sales in Q4 F2016 has refocused the sales organization. The new sales leadership is putting together a solid, senior experienced salesforce to help take us into F2017 and beyond. The upcoming year will see growth in our sales and marketing expenditures as the new sales team is put into place and continues to work through and refine the existing sales pipeline.
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 November 4, 2016
About Cortex Business Solutions
Cortex Business Solutions Inc. (TSX VENTURE: CBX) is a business-to-business network that enables electronic invoicing for buying and supplying organizations. The Cortex network offers flexible connection methods to reduce the time required to process invoices and tools that leverage existing customer technologies and processes. Access to the Cortex Network enhances the exchange of documents allowing companies to connect and interact with each other to grow their businesses.
For more information, please visit .
Contacts:
Investor Relations Contacts:
Joel Leetzow
President and CEO
403-219-2838
Sandra Fawcett (formerly Weiler)
CFO
403-219-2838
Andrew Stewart
Director, Marketing & Investor Relations
403-219-2838
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