CALGARY, Alberta, Sept. 28, 2018 (GLOBE NEWSWIRE) — Case Business Solutions Inc. (“Cortex”) (TSXV: CBX), a North American network-as-a-service e-invoicing solutions provider, today announces it has entered into a allotment acquirement acceding (the “Purchase Agreement”) with the shareholders of Powervision Software Inc. (“Powervision”), pursuant to which Case has agreed to access all of the issued and outstanding accepted and adopted shares of Powervision (the “Transaction”) for an accumulated acquirement bulk of $7,000,000, to be annoyed by way of a banknote acquittal of $4,750,000, accountable to accepted holdbacks and adjustments, and a promissory agenda in the bulk of $2,250,000.
Powervision is a privately-owned association specializing in the development cyberbanking certificate administration and workflow administration software. Powervision’s applicant abject crosses assorted verticals of business from accounts to oil and gas throughout Canada. Powervision has been a avant-garde and a baton in the accouterment of such solutions in the Canadian activity industry back its birth in 1992. Powervision’s acclaimed AP Workflow artefact is acclimated circadian by hundreds of users. Powervision has been a Case accomplice back Cortex’s birth and a cogent cardinal of Powervision barter are already on the Case Network. The accretion of Powervision will strengthen and aggrandize Cortex’s position as the agenda certificate belvedere of best beyond North America.
“I accept this transaction is transformational for Case and its stakeholders. The accumulation of these technologies, agnate cultures and customer-centric ethics has been a continued time advancing in our customers’ eyes and with their around-the-clock support, we will now be accouterment a distinct antecedent to our audience that has historically appropriate our barter to use 2 vendors, 2 abutment numbers and accept 2 budgets for a band-aid that has consistently formed abundant together. Case has broadcast its artefact alms to accommodate a agenda certificate workflow and accumulator solution,” said Joel Leetzow, President and CEO of Cortex. “This accretion is accumbent with what I accept aggregate ahead apropos our advance action through both M&A affairs and amoebic growth.”
“We are captivated to amalgamate the awful accessory Case e-invoicing-as-a-service with the broadcast workflow and certificate administration solutions alms of Powervision acceptance Case to be added competitive,” said Jason Baird, VP, Accounts & CFO of Cortex. “This transaction will abound Cortex’s circumscribed revenue, EBITDA, operating margins, and chump abject to add actual bulk for our shareholders and accommodate added advance abeyant of our products.”
The Transaction was advisedly structured to not adulterate accepted Case shareholders while convalescent Cortex’s antithesis area and approaching advance opportunities.
Cortex expects that the closing of the Transaction will action in the advancing days. The closing of the Transaction is accountable to assertive closing altitude as set out in the Acquirement Agreement, and the approval of the TSX Venture Exchange.
Cortex has tentatively appointed a appointment alarm to abode the accretion for Monday October 1st, 2018 at 9:00am Mountain time (11:00am Eastern time). Appointment alarm capacity will be appear aloft closing of the acquisition.
Cortex’s action is to accommodate B2B certificate barter by replacing acceptable paper-based chiral systems with efficient, automatic solutions. This positions companies with the scalability and adaptability bare to accommodated the demands of today’s business. Case offers a B2B arrangement that enables cyberbanking invoicing for affairs and bartering organizations application adjustable affiliation methods to advantage absolute chump technologies and processes. Access to the Case Arrangement enhances the barter of abstracts acceptance companies to affix and collaborate with anniversary added to abound their businesses.
Cortex is currently carrying e-invoicing casework to over 11,000 Trading Partners in Oil & Gas, Mining, Manufacturing and Sports & Entertainment industries.
For added information, amuse appointment www.cortex.net.
Investor Relations Contacts:
Joel Leetzow President and CEO [email protected] 403-219-2838
Jason Baird VP, Accounts & [email protected]
Forward Attractive Statements:
This account absolution contains advanced statements and advanced advice aural the acceptation of applicative balance laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and agnate expressions are advised to yze advanced advice or statements. In particular, this account absolution contains advanced advice apropos to the closing of the Transaction and TSXV approval of the Transaction. The advanced statements and advice are based on assertive key expectations and assumptions fabricated by Cortex. Although Case believes that the expectations and assumptions on which such advanced statements and advice are based are reasonable, disproportionate affirmation should not be placed on the advanced attractive statements and advice because Case can accord no affirmation that they will prove to be correct.
Since advanced statements and advice abode approaching contest and conditions, by their actual attributes they absorb inherent risks and uncertainties. Actual after-effects could alter materially from those currently advancing due to a cardinal of factors and risks. Such factors may accommodate the abortion to aing the Transaction and abortion to accept TSXV approval for the Transaction. Added factors which could materially affect such advanced advice are declared in the accident factors in Cortex’s best contempo anniversary management’s altercation and assay that is accessible on Cortex’s contour on SEDAR at www.sedar.com. Readers are cautioned that the above account of factors is not exhaustive. The advanced statements included in this account absolution are especially able by this cautionary statement. The advanced statements and advice independent in this account absolution are fabricated as of the date hereof and Case undertakes no obligation to amend about or alter any advanced statements or information, whether as a aftereffect of new information, approaching contest or otherwise, unless so appropriate by applicative balance laws.
Neither the TSX Venture Barter nor its Regulation Casework Provider (as that appellation is authentic in behavior of the TSX Venture Exchange) accepts albatross for the capability or accurateness of this release.
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