Cortex closes on previously announced acquisition of Powervision
CALGARY, Alberta, Sept. 28, 2018 (GLOBE NEWSWIRE) -- Cortex Business Solutions Inc. (“Cortex”) (TSXV: CBX), a North American network-as-a-service e-invoicing solutions provider, announces it has closed on the share purchase agreement (the “Purchase Agreement”) with the shareholders of Powervision Software Inc. (“Powervision”), pursuant to which Cortex has acquired all of the issued and outstanding common and preferred shares of Powervision (the “Transaction”) for an aggregate purchase price of $7,000,000, satisfied by way of a cash payment of $4,750,000, subject to customary holdbacks and adjustments, and a promissory note in the amount of $2,250,000. The Transaction is subject to the final approval of the TSXV.
Cortex management will host a conference call, followed by a question and answer period.
The details of the conference call are as follows:
Date: Monday, October 1, 2018 Time: 9:00 a.m. Mountain time (11:00 a.m. Eastern time) Toll-free dial-in number: 1-800-273-9672 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 Cortex Business Solutions at 403-219-2838.
A replay of the conference call will be available after the call through October 8, 2018
Toll-free replay number: 1-800-408-3053 Toll replay number: 1-905-694-9451 Replay ID: 5013207
Cortex’s strategy is to revolutionize B2B document exchange by replacing traditional paper-based manual systems with efficient, automated solutions. This positions companies with the scalability and flexibility needed to meet the demands of today’s business. Cortex offers a B2B network that enables electronic invoicing for buying and supplying organizations using flexible connection methods to leverage existing customer technologies and processes. Access to the Cortex Network enhances the exchange of documents allowing companies to connect and interact with each other to grow their businesses.
Cortex is currently delivering e-invoicing services to over 11,000 Trading Partners in Oil & Gas, Mining, Manufacturing and Sports & Entertainment industries.
For more information, please visit www.cortex.net.
Investor Relations Contacts:
Joel Leetzow Jason Baird President and CEO VP, Finance & CFO firstname.lastname@example.org email@example.com 403-219-2838 403-219-2838
Forward Looking Statements:
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, this news release contains forward-looking information relating to TSXV final approval of the Transaction. The forward-looking statements and information are based on certain key expectations and assumptions made by Cortex. Although Cortex believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because Cortex can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Such factors may include the failure to receive TSXV final approval for the Transaction. Other factors which could materially affect such forward-looking information are described in the risk factors in Cortex’s most recent annual management’s discussion and analysis that is available on Cortex’s profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and Cortex undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.