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Cortex Announces Results of Special Meeting and Election of Directors(October 28, 2011)
CALGARY, ALBERTA -- (Marketwire) -- 10/28/11 -- Cortex Business Solutions Inc. (TSX VENTURE:CBX) ("Cortex" or the "Company") held a special shareholders meeting on October 14, 2011. The result of this meeting was the passing of 2 resolutions pertaining to the Company's Employee Performance Management Program ("EPM") and Hub Share Awards by the shareholders of Cortex.
In addition, the company announces that at the AGM held on June 13(th) 2011 the following individuals were elected as members to serve on the Board of Directors until the next AGM;
-- Douglas Lailey - Chairman -- Keith Powell -- Mark Ripplinger -- Randy Henderson -- Art Smith - CEO
At a meeting following the AGM the board of directors re appointed Trevor Wong-Chor as corporate secretary.
In accordance with the Company's compensation program, a total of 950,000 options have been granted to the independent directors and corporate secretary as compensation for fiscal 2012 with strike price equal to the closing price on October 28(th), 2011 and subject to the terms of the Company's approved stock option plan.
The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options.
About Cortex Business Solutions Inc.
Cortex Business Solutions Inc. is an industry leading service company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Trading Partner 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 its customers existing business environment. For more information please visit our website at www.cortex.net.
Statements in this release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements may involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results implied by such forward-looking statements. Forward-looking statements are often, but not exclusively identified by words such as "anticipate", "may", "expect", "plan", "future", "continue", "intends", "projects", "believes", "seek", "budget", "estimate","forecast", "will", "predict", "potential","target", "could", "might", and other similar expressions.
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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