TORONTO, ONTARIO–(Marketwire – Sept. 1, 2009) – Automated Benefits Corp. (the “Corporation”) (TSX VENTURE:AUT) is pleased to announce that on August 21, 2009, its board of directors approved a phantom stock plan (the “Plan”). The purpose of the Plan is to provide an incentive and reward for selected employees, executive officers, directors and consultants of the Corporation or a related entity to the Corporation.
The Plan provides for the grant of notional units (“Phantom Stock”) that are economically equivalent to owning shares of the Corporation. The Plan only involves the payment of cash, and not the issuance of common shares of the Corporation, to the holders of the Phantom Stock. The Phantom Stock will be fully vested on the grant date, however payment may only be made on the occurrence of certain trigger events; such as death, retirement or termination of the holder of the Phantom Stock. The payment amount will be equal to the market closing price per common share of the Corporation on the TSX Venture Exchange on the trading day immediately prior to the day of the trigger event.
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.
Symbility Solutions, based in Toronto, Ontario, automates property insurance claims through its two complementary components. Its award-winning mobile claims solution is an estimating tool that increases speed, efficiency and accuracy by allowing on-site claims processing. Symbility.NET is the collaborative workflow management tool that gives every claim participant real-time access to the claims they are working on. The Symbility solution gives users the mobility, speed and control they need to effectively and quickly move onto their next claim.
Automated Benefits Inc. provides the Adjudicare 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. Automated Benefits Inc. enables their clients to provide an additional level of value-added service in a very cost effective manner. The Adjudicare software supports the adjudication of health and dental claims through local insurance brokers across Canada.
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