|By Marketwired .||
|May 27, 2014 08:31 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/27/14 -- Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF), an enterprise e-Procurement solutions company, has partnered with CENDEC, an enterprise-wide solutions company that employs financial accounting principles and best business practices, to extend their service offerings to all current and prospective Cortex customers.
CENDEC has been supporting the energy industry for over 25 years, which creates an opportunity for Cortex to rapidly connect additional trading partners and expand the value of the Cortex Trading Partner Network. As an expert in the delivery of authority for expenditure (AFE) management through to asset management via their CORE Enterprise Application, CENDEC aligns with Cortex's service of electronically connecting trading partners.
As a result of this partnership, CENDEC and Cortex will be able to provide greater visibility into process requisitions, AFE's, purchase orders, invoices and inventory management to finance, supply chain and operational users of both systems. CENDEC and Cortex are dedicated to optimizing procurement and payment processes, which have traditionally been expensive and time consuming for companies to manage. This partnered offering will allow customers to reduce unnecessary costs, streamline their procure-to-pay processes and improve business controls.
"Partnering with Cortex aligns very well within our strategy to provide true business value applications and real-time tracking of project costs for our clients," said Kevin Hintz, Partner at CENDEC Systems. "The quick, seamless integration of our solutions secures and improves the exchange of critical business documents, while the Cortex Trading Partner Network reduces cost and cycle times in the procure-to-pay process. Combined, this improved communication and exchange of information enhances our clients' ability to manage their on-going operational costs while improving the relationship with their suppliers."
Ryan Lailey, Senior Vice President of U.S. Operations and Business Development of Cortex, commented: "This partnership is an important step forward in our company's strategy and allows us to enhance the Cortex offering by capitalizing on the benefits of the CENDEC CORE system, which has been widely recognized as an industry leader. CENDEC's CORE system directly aligns with Cortex's service offering. In fact, their current customer base within the energy industry includes many producers that will now be able to access the Cortex Trading Partner Network through this partnership."
Formed in 1997, CENDEC is widely recognized for its accounting and business process expertise, whose systems have an excellent reputation as an enterprise wide solution employing sound financial accounting principles and incorporating best business practices. This, coupled with the flexibility to adapt to customer processes and the flexibility to change as business evolves, results in an easy to use solution crucial to providing finance with a direct line of sight to operations. For more information, please visit www.cendec.com.
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.
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.
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