CALGARY, CANADA - (May 4, 2015) - Cortex Business Solutions Inc. (TSX VENTURE:CBX), a provider of network solutions that enables companies to automate and streamline their payment and invoicing processes, is pleased to announce that Joel Leetzow has joined the company as Chief Executive Officer and a member of the Board.
“The Board is thrilled to have Joel lead Cortex through the next stages of its growth” said Randy Henderson, Chairman of the Board. “His demonstrated leadership success in sales and operations in numerous technology organizations will significantly enhance our future.”
A native of Elkhorn Wisconsin, Joel brings more than 25 years of experience working in leadership roles with technology companies in both Canada and the United States. Most recently, Joel served as the President of Scancode, a Toronto-based software company that was acquired by Descartes Systems Group. Previously, Joel led several technology-based growth initiatives across North America and he has been repeatedly recognized for his sales and team leadership skills.
“It’s an honour to be named Cortex’s new CEO,” said Joel. “Cortex has a strong foundation of success and I am confident that, with the continued support of our loyal customers and the hard work of our dedicated employees, together we can build a sustainable and profitable business network for the future.”
Mr. Leetzow has been granted six (6) million stock options that are being awarded under the terms of the Company's Stock Option Plan (the “Plan”) as approved by the shareholders and TSXV exchange in June 2014. The options will vest 1/3 each year over a three-year period from date of grant. The strike price of the stock options is determined in accordance with the provisions of the Plan and the rules as defined by the TSX Venture Exchange, being market value the day prior to issuance (May 4, 2015) for a strike price of $0.08 per share. The Corporation has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the issuance of the options.
The Board wishes to thank Jim Barker for acting as Interim CEO over the past months while the search for a full-time CEO was being conducted.
About Cortex Business Solutions
Cortex Business Solutions Inc. (TSXV: CBX) 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.
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.
Investor Relations Contacts:
|Joel Leetzow||Sandra Fawcett (formerly Weiler)||Andrew Stewart|
|President and CEO||CFO||Director, Marketing & Investor Relations|