CALGARY, ALBERTA — (Marketwired) — 03/13/15 — Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF), an enterprise e-Procurement solutions company, reported financial results for the fiscal second quarter ended January 31, 2015.
Operational Highlights:
The Q2 F2015 financial highlights are:
Management Commentary
“Cortex is committed to maximizing the investment it has made in its Procurement to Payment platform” said Jim Barker, interim President and CEO. “The Company–s commercialization focus is increasingly directed toward product and market expansion, while exploring complimentary verticals that benefit from Cortex–s portfolio of products and services”. The second quarter was the tenth consecutive quarter of increased recurring access fees.
“Cortex had a challenging quarter with the sharp drop in oil prices impacting our customers and their future capital plans, combined with change in Cortex leadership. The management changes incurred some one-time costs in the quarter and additional costs have been incurred in the third quarter. With these one-time expenses behind us we are now focused on expanding our sales activity while focusing on improving our internal processes to reduce costs and expand our customer offering.
As we move through 2015, we will continue to develop new products to further enhance the Cortex Network experience. In fact Mobile Approval, originally schedule to be released during the fall of 2015, will be released in May 2015. This will be followed by our three way match product in Q1 F2016. These products are driven by customer demand and defined with market partners through our new Product Management process. Cortex expects this product to continue to expand the growth opportunities of the network.”
Conference Call
Cortex will hold a conference call Monday, March 16, 2015 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss its financial results for the second quarter ended January 31, 2015. The company–s Interim President and CEO, Jim Barker, and CFO, Sandra Weiler, will host the conference call, followed by a question and answer period.
Date: Monday, March 16, 2015
Time: 11:00 a.m. Eastern time (9:00 a.m. Mountain time)
Toll-free dial-in number: 1-800-355-4959
International dial-in number: 1-416-340-8527
Please call the conference telephone number ten minutes prior to the start time. An operator will register your name and organization.
A replay of the conference call will be available after the call through March 23, 2015 (23:59).
Toll-free replay number: 1-800-408-3053
Toll replay number: 1-905-694-9451
Replay ID: 2857539
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 .
Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking statements. All statements other than statements of historical fact may be forward-looking statements. In particular, this press release contains forward-looking statements pertaining to meaning revenue growth from e-billing solution and recurring revenue growth. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Cortex believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. With respect to forward-looking statements contained in this press release, Cortex has made assumptions regarding, among other things: Cortex–s continued success in gaining new customers in Canada and the United States, general economic and financial conditions, and other assumptions as set forth in the company–s annual filings. Cortex–s actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: worse than expected general economic conditions in Canada and the United States, the inability of management to execute its business plan and manage growth successfully and the risk of slow service adoption. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Cortex–s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ().
The forward-looking statements contained in this press release speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement. Readers should not place undue reliance on forward-looking information. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements.
Contacts:
Investor Relations Contacts:
Cortex Business Solutions Inc.
Jim Barker, Interim President and CEO
1-403-219-1503
Cortex Business Solutions Inc.
Sandra Weiler, CFO
1-403-219-1500
Cortex Business Solutions Inc.
Andrew Stewart, Director of Marketing
1-403-219-1532
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