CALGARY, ALBERTA — (Marketwired) — 06/15/15 — Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTC PINK: CTPNF), the pioneering online network that helps companies connect and interact with each other to transmit documents and grow their businesses, today announces its Q3 F2015 Financial Results.
Operational Highlights:
The Q3 F2015 financial highlights are:
Quarter ended April 30, 2015 summary financial information
Management Commentary
“I have been truly inspired during my first 30 days as Cortex Business Solutions President and CEO. Since coming on board May 4, 2015 I have received a warm welcome and the support of our key customers, the Cortex staff, the Board of Directors and the investment community. I have witnessed firsthand the value and market leading position of the Cortex Trading Partner Network and the vital role that we play in driving automation and cost savings for our customers. Clearly, we have some hard work ahead of us preparing for a profitable future, but I am confident that with the support of my management team and staff and by continuing to leverage our recent sales wins in construction, mining and retail that we will indeed see our way to running a profitable business. Our customers clearly support us and our future success and I am excited to be able to see a clear path to doing just that.” said Joel Leetzow, Cortex–s President and CEO.
Conference Call
Cortex will hold a conference call Tuesday June 16th, 2015 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss its financial results for the third quarter ended April 30, 2015. The company–s President and CEO, Joel Leetzow, and CFO, Sandra Weiler, will host the conference call, followed by a question and answer period.
Date: Tuesday, June 16th, 2015
Time: 11:00 a.m. Eastern time (9:00 a.m. Mountain time)
Toll-free dial-in number: 1-800-355-4959
International dial-in number: 1-416-340-8527
Please call the conference telephone number ten minutes prior to the start time. An operator will register your name and organization.
A replay of the conference call will be available after the call through June 23, 2015 (23:59).
Toll-free replay number: 1-800-408-3053
Toll replay number: 1-905-694-9451
Replay ID: 2139986
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 each 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.
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 ().
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.
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statement of Financial Position
(Prepared in Canadian dollars)
(unaudited)
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss
For the three and nine months ended April 30, 2015 and 2014
(Prepared in Canadian dollars)
(unaudited)
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statement of Changes in Shareholders– Equity
(Prepared in Canadian dollars)
(unaudited)
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statement of Cash Flows
For the three and nine months ended April 30, 2015 and 2014
(Prepared in Canadian dollars)
(unaudited)
Contacts:
Sandra Weiler
CFO
(403) 219-1500
Joel Leetzow
CEO
(403) 219-1503
Andrew Stewart
Director, Marketing
(403) 219-1532
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