|By Marketwired .||
|August 8, 2013 11:10 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/08/13 -- Cortex Business Solutions Inc. (TSX VENTURE:CBX) reports the following network statistic updates for the month of July 2013.
This network statistic update for July 2013 marks the final monthly update. After this report network statistic updates will be distributed on the second Thursday of the month directly following the completed fiscal quarter. The next network statistics update will be distributed on November 14, 2013.
-- Since our last report, 4 new buying organizations have been signed: -- Breitburn Energy (US based) -- Painted Pony Petroleum -- Sekur Energy Management Corp -- Waterworks Technologies Inc.
The signing of Breitburn Energy extends our US presence to include California along with our existing customer base in Colorado and Texas.
-- On July 15th Cortex successfully launched a major upgrade to our network that included over 50 enhancements for our customers. -- Year-over-year, transactions on the network increased 26% from 738,074 in July 2012 to 933,341 in July 2013. -- Total Customer Contracts increased 19% from 7,933 in July 2012 to 9,472 in July 2013. -- 79 new suppliers were added to the Cortex Network in July 2013. -- 56 Hubs are now live on the Trading Partner Network, an increase of 167% year-over-year. Network Statistics July-13 July-12 % Change Total Transactions 933,341 738,074 26% Supplier Initiated Transactions 295,230 221,301 33% Total Active Contracts 9,472 7,933 19% New Customers Added 79 209 -62% Total Hubs Active 56 21 167%
In addition, 2,000,000 stock options with a strike price equal to the closing price on Aug 7, 2013 have been granted to insiders as part of their compensation package for the upcoming fiscal year ending July 31, 2014. These options are in accordance with the Company's approved 2013 Stock Option Plan with a vesting period of 18 months and a 5 year term.
About Cortex Business Solutions
Cortex Business Solutions Inc. is an Enterprise eProcurement 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 our website at www.cortex.net.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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.