TORONTO, ONTARIO–(Marketwire – Aug. 21, 2009) – Automated Benefits Corp. (the “Corporation”) (TSX VENTURE:AUT) is pleased to announce that it has converted 628,343 preferred Series A shares (“Preferred Shares”), previously issued to certain shareholders of the Corporation into 628,343 common shares pursuant to the conversion terms of such Preferred Shares.
In 2004, the Corporation completed the acquisition (the “Acquisition”) of Symbility Solutions Inc. (“Symbility”). Pursuant to the Acquisition, each of the holders of class B shares of Symbility (“Symbility Class B Shares”) received one Preferred Share of the Corporation for each Symbility Class B Share held. An aggregate of 8,000,000 Preferred Shares were issued. Each Preferred Share is convertible into one Common Share for each $0.50 in annual revenue received by Symbility from the sale of products and services of, or any commissions, license fees or royalties (excluding license fees or royalties in respect of the m.Claim wireless mobile technology) received by Symbility during a five year period commencing May 31, 2004.
The current conversion of the 628,343 Preferred Shares is based on the year to date revenue received by Symbility for the 2009 fiscal year. This represents the final conversion of Preferred Shares related to the Acquisition.
“We are thrilled that Symbility has generated over $4 million in revenues since it was acquired in 2004 resulting in the full conversion of the Preferred Shares,” states James Swayze, president and CEO of Automated Benefits Corp. “This creative financing technique provided the original Symbility shareholders with the opportunity to see a significant return on their investment by participating in the growth of 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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.