Cortex closes on previously announced acquisition of Powervision
29 September 2018 - 9:00AM
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 |
About Cortex
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 |
jleetzow@cortex.net |
jbaird@cortex.net |
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.
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