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Marketwired
5 Leser
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Cortex Reports Record Fiscal Fourth Quarter and Full Year 2014 Financial Results / Q4 Revenues up 73% to $2.8 Million; Recurring Access and Usage Revenues up 45% to $2.1 Million

CALGARY, ALBERTA -- (Marketwired) -- 11/28/14 -- Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF), an enterprise e-Procurement solutions company, reports financial results for the fiscal fourth quarter ("Q4 F2014") and full year ended July 31, 2014 ("F2014").

Fiscal Q4 2014 Financial Highlights vs. Same Year-Ago Quarter

--  Total revenues increased 73% to a record $2.8 million.
--  Revenue from recurring access and usage fees increased 45% to $2.1
    million.
--  Cash on hand at the end of Q4 F2014 was $9,547,661, compared to
    $10,669,125 at the end of Q3 F2014. During Q4 F2014 the Company had an
    outflow $1,121,462 of which, $426,332 was the annual rebate payment
    leaving $695,130 as the outflow net of rebate.

Fiscal 2014 Financial Highlights vs, F2013

--  Total Revenue in F2014 was $9.0 million which was an improvement of 45%
    over F2013 (6.2 million) and usage fees grew 41% F2014 over F2013, an
    increase of $2.2 million.
--  An increase in billable transactions year over year of 26%. During F2014
    there were 4.5 million billable transactions compared to 3.6 million in
    F2013.
--  Net cash used in operating activities improved from $(6.2 million) in
    F2013 to ($4.5 million) in F2014, an improvement of 27%.

Management Commentary

"Fiscal 2014 was a record year for our organization, highlighted by accelerating, sequential double-digit revenue growth throughout all four quarters," said Art Smith, president and CEO of Cortex. "The continued growth in our Cortex Trading Partner Network also resulted in record billable transactions for the F2014 fiscal year demonstrating the organic growth power of the Cortex Network.

"While we continue to focus on growing our recurring revenue stream, we have been successful rolling out additional service offerings to our customers, including the AP Services product line. In fact, during the quarter, 2 clients signed up for the service and we expect this incremental value-added offering to be a contributor to our growth in fiscal 2015. This new growth opportunity is also in addition to our 100% e-billing solution, which continues to progress according to plan.

"Thus far in fiscal 2015, our overall activity remains strong with continued increases across our network. We also continue to ramp our U.S. sales team to further access this market opportunity. Through multiple avenues for growth, particularly our new service offerings and recurring revenue streams, we expect fiscal 2015 to be another record year for our organization."

Fiscal Q4 2014 Financial Results

Total revenues in the Q4 F2014 increased 73% to $2.8 million compared to $1.6 million in the fiscal fourth quarter of 2013 ("Q4 F2013"). The key growth was in the access and usage revenue stream, which increased 45% as a result of billable transactions flowing through the network of 21% (Q4 F2014 - 1,182,665; Q4 F2013 - 974,193). This increase in billable transactions is the direct result of the sales of additional buying organizations in the fiscal year; with the suppliers starting to transact on the Network or increasing their transactions in Q4 F2014.

On a sequential basis, total revenues increased 18% compared to $2.4 million in the third quarter of 2014 ("Q3 F2014"). Recurring access and usage fees increased 3% to $2.1 million in Q4 F2014

Gross Profit net of amortization was $1,069,268 or 38% of revenue.

Net loss in Q4 F2014 was $1.6 million compared to a net loss of $1.5 million in Q4 F2013.

Fiscal Q4 2014 Operational Metrics

--  Three new 100% e-Billing solution customers were signed
--  Six new buying organizations were signed in Canada, with one signed in
    the U.S.
--  581 new suppliers were added to the Cortex Network
--  Active buying organizations on the network increased by 34% for a total
    of 75, compared to 56 in the year-ago quarter
--  Total active suppliers on the network increased 36% to 8,236, compared
    to 6,047 in the year-ago quarter
--  Billable transactions increased 21% to 1,182,665, compared to 974,193 in
    the year-ago quarter
--  Total transactions increased 25% to 3,279,344, compared to 2,613,928 in
    the year-ago quarter

Full Year Fiscal 2014 Financial Result

Total revenues in F2014 increased 45% to $9 million compared to $6.2 million in F2013. Access and usage fees in F2014 increased 41% to $7.7 million compared to $5.5 million in F2013.

Gross Profit net of amortization for the F2014 was $4,288,255 or 48% of revenue.

Net loss in F2014 improved to $5.9 million or $(0.02) per diluted common share, compared to a net loss of $6.9 million or $(0.03) per diluted common share in F2013.

Net cash used in operating activities improved from ($6.2 million) in F2013 to ($4.5 million) in F2014, an improvement of 29%.

During the fourth quarter of 2014, management revisited a certain contract that the Company entered into during fiscal 2009 (the "Agreement"). As a result, the Company determined a restatement was required and as such has restated its F2013 (with F2012 comparatives) and Q1, Q2 and Q3 F2014. The details of the restatement can be found in the press release and restated financial statements and MD&A for the year ended July 31, 2013 with comparatives for the year ended July 31, 2012; the Q1 F2014; Q2 F2014 and Q3 F2014 filed on SEDAR on November 28, 2014

Conference Call

Cortex will conduct a conference call on Friday, November 28, 2014 at 10:00 a.m. Eastern Time (8:00 a.m. Mountain Time) to discuss its financial results for the fiscal fourth quarter and full year ended July 31, 2014. The financial results will be issued in a press release prior to the call.

Cortex management will host the conference call, followed by a question and answer period.

Date: Friday, November 28, 2014
Time: 10:00 a.m. Eastern time (8:00 a.m. Mountain time)
Toll-free dial-in number: 1-866-223-7781
International dial-in number: 1-416-340-2216

Please call the conference telephone number ten minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.

A replay of the conference call will be available after the call through December 5, 2014.

Toll-free replay number: 1-800-408-3053
Toll replay number: 1-905-694-9451
Replay ID: 6253981

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: 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.

Cortex Business Solutions Inc.
Consolidated Statements of Financial Position
(Prepared in Canadian dollars)
----------------------------------------------------------------------------

                                                    July 31         July 31
                                                       2014            2013
Assets
Current assets
  Cash                                        $   9,547,661   $   5,179,066
  Short-term investments                             60,000          50,000
  Accounts receivable                             1,046,424         651,782
  Prepaid expenses                                  237,738         167,870
                                             --------------  --------------
                                                 10,891,823       6,048,718
Deposits                                             39,029               -
Property and equipment                              389,666         476,735
Intangible assets                                 3,474,977       4,275,120
                                             --------------  --------------
                                              $  14,795,495   $  10,800,573
                                             --------------  --------------
                                             --------------  --------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities      $   2,057,348   $   1,376,201
Current portion of deferred revenue                 128,061         539,853
Current portion of rebate provision                 523,592         382,315
                                             --------------  --------------
                                                  2,709,001       2,298,369
Deferred revenue                                          -           4,500
Rebate provision                                    754,395       1,274,600
                                             --------------  --------------
                                                  3,463,396       3,577,469
                                             --------------  --------------
Shareholders' Equity
Share capital                                    56,778,460      47,713,288
Accumulated other comprehensive income              (77,285)              -
Warrants                                            980,941         980,941
Contributed surplus                               7,500,703       6,492,495
Deficit                                         (53,850,720)    (47,963,620)
                                             --------------  --------------
                                                 11,332,099       7,223,104
                                             --------------  --------------
                                              $  14,795,495   $  10,800,573
                                             --------------  --------------
                                             --------------  --------------


Cortex Business Solutions Inc.
Consolidated Statements of Loss and Comprehensive Loss
For the years ended July 31, 2014 and 2013
(Prepared in Canadian dollars)
----------------------------------------------------------------------------

                                                       2014            2013
Revenue
  Access and usage fees                       $   7,673,009   $   5,459,909
  Integration fee and set-up fees                   631,556         704,229
  Project management                                672,778               -
                                             --------------  --------------
                                                  8,977,343       6,164,138
Cost of Sales                                     5,757,401       3,880,606
                                             --------------  --------------
Gross Profit                                      3,219,942       2,283,532
Expenses
  Sales and marketing                             3,218,063       3,823,011
  Research and development costs                  1,493,684       1,472,637
  General and administrative                      4,403,382       3,870,694
                                             --------------  --------------
                                                  9,115,129       9,166,342
                                             --------------  --------------
Loss before finance income                       (5,895,187)     (6,882,810)
Finance income (expense)                              8,087           5,506
                                             --------------  --------------
Net loss                                      $  (5,887,100)  $  (6,877,304)
                                             --------------  --------------
Other comprehensive earnings
  Items that may be reclassified subsequently
   to net loss:
Foreign exchange gain on foreign operations         (77,285)              -
Comprehensive loss                            $  (5,964,385)  $  (6,877,304)
                                             --------------  --------------
Net loss per share-basic and diluted          $       (0.02)  $       (0.03)
                                             --------------  --------------


Cortex Business Solutions Inc.
Consolidated Statements of Changes in Shareholders' Equity
(Prepared in Canadian dollars)
----------------------------------------------------------------------------

                        Number
                            of                      Number
                        Common         Common           of       Warrants
                        Shares         Shares     Warrants          Value

Balance - July
 31, 2012          217,261,141  $  41,858,963    9,806,563  $     753,202
Net loss                     -              -            -              -
Stock-based
 compensation                -              -            -              -
Options exercised
 for cash              191,667         28,750            -              -
Transferred on
 exercise of
 stock options               -         31,855            -              -
Issued in lieu of
 salaries and
 bonus               2,774,567        536,247            -              -
Prospectus
 offering for
 cash               38,920,000      6,168,820   22,379,000      1,148,140
Expiration of
 Compensation
 Units                       -              -   (9,806,563)      (753,202)
Issuance costs               -       (911,347)           -       (167,199)
                 ------------- -------------- ------------ --------------
Balance - July
 31, 2013          259,147,375     47,713,288   22,379,000        980,941
Net loss                     -              -            -              -
Cumulative
 translation
 difference                  -              -            -              -
Prospectus
 offering for
 cash              100,000,000     10,000,000            -              -
Compensation
 units issues in
 conjunction with
 prospectus
 (share issue
 costs)                      -       (462,000)           -              -
Options exercised
 for cash               65,852         13,480            -              -
Transferred on
 exercise of
 stock options               -          8,505            -              -
Issued in lieu of
 salaries and
 wages               2,484,200        397,472            -              -
Issuance costs               -       (892,285)           -              -
Stock based
 compensation                -              -            -              -
                 ------------- -------------- ------------ --------------

Balance -July 31,
 2014              361,697,427  $  56,778,460   22,379,000  $     980,941
                 ------------- -------------- ------------ --------------
                 ------------- -------------- ------------ --------------

                                  Accumulated
                                        Other                         Total
                  Contributed   Comprehensive                 Shareholders'
                      Surplus          Income       Deficit          Equity

Balance - July
 31, 2012        $  5,029,271  $            -  $(41,086,316) $    6,555,120
Net loss                    -               -    (6,877,304)     (6,877,304)
Stock-based
 compensation         480,080               -             -         480,080
Options exercised
 for cash                   -               -             -          28,750
Transferred on
 exercise of
 stock options        (31,855)              -             -               -
Issued in lieu of
 salaries and
 bonus                      -               -             -         536,247
Prospectus
 offering for
 cash                       -               -             -       7,316,960
Expiration of
 Compensation
 Units                753,202               -             -               -
Issuance costs        261,797               -             -        (816,749)
                 ------------ --------------- ------------- ---------------
Balance - July
 31, 2013           6,492,495               -   (47,963,620)      7,223,104
Net loss                    -               -    (5,887,100)     (5,887,100)
Cumulative
 translation
 difference                 -         (77,285)            -         (77,285)
Prospectus
 offering for
 cash                       -               -             -      10,000,000
Compensation
 units issues in
 conjunction with
 prospectus
 (share issue
 costs)               462,000               -             -               -
Options exercised
 for cash                   -               -             -          13,480
Transferred on
 exercise of
 stock options         (8,505)              -             -               -
Issued in lieu of
 salaries and
 wages                      -               -             -         397,472
Issuance costs              -               -             -        (892,285)
Stock based
 compensation         554,713               -             -         554,713
                 ------------ --------------- ------------- ---------------

Balance -July 31,
 2014            $  7,500,703  $      (77,285) $(53,850,720) $   11,332,099
                 ------------ --------------- ------------- ---------------
                 ------------ --------------- ------------- ---------------


Cortex Business Solutions Inc.
Consolidated Statements of Cash Flows
For the years ended July 31, 2014 and 2013
(Prepared in Canadian dollars)
----------------------------------------------------------------------------


                                                       2014            2013

Cash provided by (used in)
Operating activities
Net loss                                      $  (5,887,100)  $  (6,877,304)
Items not affecting cash
  Stock-based compensation                          554,713         480,080
  Amortization                                    1,239,050         667,275
  Salaries paid in shares                            16,000         (74,314)
  Accretion on rebate provision                      47,404          38,618
                                             --------------  --------------
                                                 (4,029,933)     (5,765,645)
Rebate payment                                     (426,332)       (540,682)
Changes in non-cash working capital                 (16,588)         93,265
                                             --------------  --------------

Net cash used in operating activities            (4,472,853)     (6,213,062)
                                             --------------  --------------

Financing activity
  Proceeds from issuance of shares               10,000,000       7,316,960
  Share issuance costs                             (892,285)       (787,999)
  Proceeds on exercise of stock options for
   cash                                              13,480               -
                                             --------------  --------------

Net cash from financing activities                9,121,195       6,528,961
                                             --------------  --------------

Investing activities
  Acquisition of property and equipment             (54,212)       (170,335)
  Software development costs                       (297,626)     (1,667,468)
  Increase in short-term investments                (10,000)        (50,000)
                                             --------------  --------------

Net cash used in investing activities              (361,838)     (1,887,803)
                                             --------------  --------------

Effect of exchange rate changes on cash and
 cash equivalents held in foreign currency           82,091               -
                                             --------------  --------------

Cash inflow (outflow)                             4,368,595      (1,571,904)
Cash, beginning of year                           5,179,066       6,750,970
                                             --------------  --------------
Cash, end of year                             $   9,547,661   $   5,179,066
                                             --------------  --------------

Supplemental cash flow information:
  Interest received during the year           $      55,491   $      44,121
                                             --------------  --------------
Non-cash transactions:
  Issuance of shares in lieu of salaries and
   bonuses including prior years amounts
   accrued in accounts payable and accrued
   liabilities                                $     381,472   $     536,247
                                             --------------  --------------

Contacts:
Investor Relations Contacts:
Liolios Group, Inc.
Cody Slach
1-949-574-3860
CBX@Liolios.com

Brisco Capital Partners
Scott Koyich
1-403-215-5979
skoyich@briscocapital.com

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