NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: AUTOMATED BENEFITS CORP.
TSX VENTURE SYMBOL: AUT
JANUARY 26, 2005 – 16:52 ET
Automated Benefits Corp. Announces $2.5 Million
WATERLOO, ONTARIO–(CCNMatthews – Jan. 26, 2005) – Automated Benefits
Corp. (TSX VENTURE:AUT) (“Automated Benefits” or the “Corporation”) is
pleased to announce that it intends to complete a private placement
financing of 5,000,000 units of the Corporation at a price of $0.51 per
Unit for proceeds of $2,550,000 to the Corporation. Each Unit will
consist of one (1) common share of the Corporation and one-half of one
share purchase warrant, with each whole Warrant exercisable at a price
of $0.64 per Common Share for a period of 18 months following the
The Corporation intends to place the Units with a group of institutional
investors as well as four individuals who are employees or consultants
to the Corporation, none of which are board members or senior management.
Automated Benefits intends to utilize the proceeds from the private
placement as general working capital and for further marketing of the
software of Symbility Solutions Inc. (“Symbility”), a subsidiary of the
Corporation and the ABI software, operated by Automated Benefits Inc.
(“Autoben”), also a subsidiary of the Corporation.
The private placement is subject to regulatory approval and the
Corporation is required to file a formal application with the TSX
Venture Exchange Inc. The Corporation expects closing to take place on
February 7, 2005.
About the Corporation
The Corporation is a software company dedicated to applications for the
insurance industry. The Corporation currently has two subsidiaries,
Autoben and Symbility.
Symbility has developed the Symbility mobile claims system, focusing
principally on residential and commercial property claims estimation for
use by insurance company adjusters and independent contractors. With
offices in Waterloo, Ontario and Montreal, Quebec, the Symbility mobile
claims system has begun pilot launches with Allstate Insurance Company
of Canada and Economical Insurance Group. Upon successful completion of
its Canadian pilots, Symbility intends to expand its sales efforts of
the Symbility mobile claims system in the United States and Europe.
Autoben is focused on the employee benefit segment of the life insurance
industry. Located in Edmonton, Alberta, Autoben provides claims
management software for health and dental plans in addition to insurance
products for employer groups. The proprietary software of Autoben, ABI,
assists in reducing the cost of employee benefits programs by allowing
local adjudication and administration to approximately 20,000 employees
(Not for dissemination in the United States of America)