CALGARY, ALBERTA, July 14, 2015 – Cortex Business Solutions Inc. (“Cortex or the Company”) (TSXV: CBX), today announces significant and immediate changes to its Sales Leadership Team.
“On July 13, I lead the Management team in the execution of a reorganization plan that saw changes at all levels of the company.” said Joel Leetzow, President and CEO of Cortex. “As part of the reorganization we announced Riley Orman as the new Vice President of Sales and Business Development for Cortex.”
Riley Orman has built a successful and diverse background with leadership roles in investor relations, technical sales, and business development in multiple verticals including oil & gas. Mr. Orman also brings a global acumen to Cortex having studied in four countries; which culminated with the completion of his Masters of Business Administration from Trinity College in Dublin, Ireland.
“I am honored to be a part of such a dynamic and motivated management team,” says Mr. Orman. “I am also very excited to step in and lead my new sales team to realize their potential while working with the executive team to hit targets and further the goals of the Company to achieve great success.”
In conjunction with changes in the Sales Team, additional staff reductions were carried out with the removal of personnel signifying a 14% reduction in total headcount, which equates to approximately $1.4 Million in savings annually for a one-time cost of approximately $295,000.
Mr. Leetzow added “Staff reductions, while difficult, are critical in reducing excess cost within the business to better position Cortex for profitability and long-term financial health. We thank the departing individuals for their service to Cortex, and wish them success going forward.”
About Cortex Business Solutions
Cortex Business Solutions Inc. is an Enterprise eProcurement 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 each 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.
Investor Relations Contacts:
|Joel Leetzow||Sandra Fawcett (formerly Weiler)||Andrew Stewart|
|President and CEO||CFO||Director, Marketing & Investor Relations|