CORRECTION FROM SOURCE: Cortex Reports Fiscal Third Quarter 2014 Network Statistics
Supplier Initiated Transactions Increased 21% to a Record 1.0 Million, Driven by a 34% Increase in Transacting Suppliers
CALGARY, ALBERTA--(Marketwired - Jun 6, 2014) - Cortex Business Solutions Inc. (TSX VENTURE:CBX)(OTCQX:CTPNF) - In the news release, "Cortex Reports Fiscal Third Quarter 2014 Network Statistics", issued Thursday, May 8, 2014, by Cortex, we are advised by the company that the fiscal third quarter 2014 Supplier Initiated Transactions should read, "998,814" rather than, "1,179,089" and the fiscal third quarter 2014 Active Suppliers should read, "7,817" rather than, "7,774" as originally issued. Complete corrected text follows.
Cortex Business Solutions Inc., an enterprise e-Procurement solutions company, reported network statistics for its fiscal third quarter ended April 30, 2014.
Fiscal Q3 2014 Network Statistics Summary
- Four new 100% e-Billing solution customers were signed.
- One new buying organization was signed in Canada, with two signed in the United States.
- 410 new suppliers were added to the Cortex Network.
- Active buying organizations on the network increased by 44% for a total of 69, compared to 48 in the year-ago quarter.
- Total suppliers transacting on the network increased 34% to 7,817, compared to 5,849 in the year-ago quarter.
- Supplier initiated transactions increased 21% to 998,814, compared to 823,440 in the year-ago quarter.
- Total transactions increased 15% to 3,231,611, compared to 2,821,534 in the year-ago quarter.
Network Statistics
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| Q3 FY14 | Q3 FY13 | Change | |
| Total Transactions | 3,231,611 | 2,821,534 | 15% |
| Supplier Initiated Transactions | 998,814 | 823,440 | 21% |
| Active Suppliers | 7,817 | 5,849 | 34% |
| New Suppliers Added (In Q3 FY14) | 410 | 367 | 12% |
| Active Buying Organizations | 69 | 48 | 44% |
| e-Billing Destinations (First reported Q2 FY14) | 249 | N/A | N/A |
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 www.cortex.net .
Forward-Looking Statements
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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Brisco Capital Partners
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