Research indicates future growth within new opportunities
TORONTO, ONTARIO–(Marketwire – Sept. 9, 2008) – Automated Benefits Corp. (the “Corporation”) (TSX VENTURE:AUT) today announces the release of a new research report by Ubika Research, a division of Ubika Corporation, which is an independent investment research firm based in Toronto that provides investors with objective and independent research on under-researched micro and small cap companies. Ubika Research’s findings analyzed Automated Benefits Corp.’s two subsidiaries, Symbility Solutions Inc. (“Symbility”) and Automated Benefits Inc. (“Autoben”), and their respective financial and operational procedures.
Within the report on Automated Benefits Corp., Ubika Research identified several key metrics deemed significant to future growth. The total number of customers and projected qualified opportunities, defined as projected business transactions with companies who have signed a non-disclosure agreement in software evaluation trials, were both explored in great detail.
Autoben currently has 53 active clients that account for $43,000,000 in annual claims paid. The qualified opportunities include a number of companies representing over $77,000,000 in annual claims payments. Among other revenue drivers, Autoben charges primarily as a percentage of claims dollars processed on the software system.
Symbility counts 11 insurance companies and over 800 restoration and independent adjusters among its active users that are currently running over 80,000 claims on an annual basis. Within Symbility’s qualified opportunities, a number of companies, in multiple territories, represent in excess of 400,000 claims. Symbility’s primary revenue driver is a per-claim transaction fee.
James Swayze, president and chief executive officer of Automated Benefits Corp., states, “As we close the third quarter of this calendar year, we are very encouraged with the strong and growing opportunities we have in the pipeline for 2009. With our past efforts around cost containment and operational restructuring, we are now able to focus our energy on revenue generation.”
For more information on Ubika Research and to read its full findings, visit www.ubikaresearch.com. Automated Benefits Corp. did not give Ubika Research any material undisclosed information in the preparation of this report. We understand that Ubika’s conclusions are based on their analysis of historical financial information and forward looking information available in public documents issued by Automated Benefits Corp.
About Automated Benefits Corp.
Automated Benefits Corp., headquartered in Toronto, Ontario, is a software company dedicated to developing applications for the insurance industry. The corporation currently has two subsidiaries, Automated Benefits Inc. and Symbility Solutions Inc., and operates in Toronto and Montreal, Quebec with 30 employees in aggregate.
Symbility Solutions Inc. (www.symbilitysolutions.com) is in the business of automating insurance claims. Its award-winning mobile claims solutions are designed to increase the speed and accuracy of damage claims processing by allowing claims adjusters, carriers, and restoration contractors to process claims on-site, resulting in increased customer satisfaction levels. Handwritten notes and post-inspection data entry are eliminated. Complete mobility provides the means to access key information on location and instantly settle claims up to three times faster and with greater accuracy, thereby reducing adjusting expenses and lowering indemnity.
Automated Benefits Inc. (www.autoben.com) provides a software solution for the adjudication of health and dental claims. This software adjudicates claims in real time, providing clients with the highest level of flexibility available along with complete disclosure on the plan’s financial performance. Autoben enables their clients to provide an additional level of value-added service in a very cost effective manner.
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Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Automated Benefits Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Automated Benefits Corp.
Adjusted EBITDA does not have any standardized meaning prescribed by GAAP and is not necessarily comparable to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation of as a substitute for net earnings (loss) prepared in accordance with GAAP.
Automated Benefits Corp. is not aware of any uniform standards for calculating users, claims, claims dollars paid or certificates and we believe that the Corporation’s presentation of these measures may not be calculated consistently with other companies in the same or similar business. Moreover, these measures are of operational performance and not measures of financial performance under generally accepted accounting principles. All other financial measures referenced herein have been prepared in accordance with Canadian generally accepted accounting principles unless stated otherwise.
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