CALGARY, ALBERTA -- (Marketwired) -- 07/11/13 -- Cortex Business Solutions Inc. (TSX VENTURE: CBX) reports the following network statistic updates for the month of June 2013. This report is issued by the second Thursday of each month.
On-boarding efforts and transaction volumes were significantly impacted from June 21 to June 30th, due to major flooding throughout southern Alberta. While Cortex saw no interruption in service, many of our customers were impacted by the evacuation and closure of Downtown Calgary resulting in the inability to send or receive over the Cortex system.
Cortex provided seamless continuity during this time for our customers by holding supplier submitted invoices in the system until affected organizations restored power and came back online. On June 28th Cortex began processing the backlogged transactions to our customers and all customers are now fully operational.
-- Since our last report, 1 new buying organization has been signed -- Strategic Oil & Gas-- Year-over-year, transactions on the network increased 8% from 747,921 in June 2012 to 810,821 in June 2013.-- Total Customer Contracts increased 18% from 7,750 in June 2012 to 9,393 in June 2013.-- 88 new suppliers were added to the Cortex Network in June 2013.-- 53 Hubs are now live on the Trading Partner Network, an increase of 152% year-over-year.
June-13 June-12 % ChangeTotal Transactions 810,821 747,921 8%Supplier Initiated Transactions 253,044 213,724 18%Total Active Contracts 9,393 7,724 22%New Customers Added 88 187 -53%Total Hubs Active 53 21 152%
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.
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.
Brisco Capital Partners