CALGARY, ALBERTA -- (Marketwired) -- 12/30/14 -- Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF), an enterprise e-Procurement solutions company, today announced the approval from the TSX Venture Exchange of the issuance of 9,620,000 shares to employees and executives of the Company in alignment with the Company's Employee Performance Management ("EPM") program.
Out of the 9,620,000 total common shares, 7,725,000 common shares are being distributed to Cortex employees, including insiders, as part of their compensation from the EPM program. The EPM program is an internal performance program that rewards employees who meet or exceed their objectives based on key deliverables and measurement criteria. The remaining 1,895,000 are paid to executives of the Company in alignment with their employment letters; these letters also include specific deliverables and objectives subject to performance criteria.
These common share awards were both approved by the shareholders at the June 2014 AGM. The shares have a deemed price of $0.07.
About Cortex Business Solutions
Cortex Business Solutions Inc. (TSX VENTURE: CBX) (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
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 (www.sedar.com).
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:
Cortex Business Solutions Inc.
Ryan Lailey
SR VP US Operations and Business Development
1-403-219-1504
rlailey@cortex.net
Cortex Business Solutions Inc.
Sandra Weiler
CFO
1-403-219-1500
sweiler@cortex.net
www.cortex.net
