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Cortex Reports Network Statistics for the Month of April 2012(May 10, 2012)
CALGARY, ALBERTA -- (Marketwire) -- 05/10/12 -- Cortex Business Solutions Inc. (TSX VENTURE:CBX), reports the following network statistic updates for the month of April 2012. This report is issued the second Thursday of each month.
-- Since our last report, there were four new buying organizations signed: Southern Pacific Resource Corp., Velvet Energy, Just Freehold Energy and United Safety. This brings the total new buying organizations signed from August 1 to May 10, 2012 to sixteen. United Safety represents the second oil and gas service company on the Cortex Network to become a Hub. -- Arsenal Energy Inc. -- Canadian Utility Construction Corp. -- Compton Petroleum Corp. -- Regent Resources Ltd -- Sure Energy Inc. -- Twin Butte Energy Inc. -- Pinecrest Energy -- Insignia -- Trident Exploration Corp. -- Atikwa Resources -- Renegade Petroleum Inc. -- Alberta Tubular Products -- The April transaction count of 695,886 on the Cortex Network was an 18% decrease compared to the March transaction count of 821,893. This reduction in transaction counts on the network was expected and is the effect of spring break up. US Transactions continue to grow and accounted for 193,705 or 28% of the total transactions in April. -- Year over year, transactions on the network increased 91% from 366,075 to 695,886 -- 160 new suppliers were added to the Cortex Network in April 2012 -- Total Customer Contracts increased 2% to 7,339
---------------------------------------------------------------------------- April-12 March-12 % Change Total Transactions 695,886 821,893 -18% Supplier Initiated Transactions 210,215 255,357 -21% Total Active Contracts 7,339 7,179 2% New Customers Added 160 177 -11% Total Hubs Active 17 17 0%
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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.
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.
Brisco Capital Partners
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