TORONTO, ONTARIO–(Marketwire – Dec. 4, 2009) – Automated Benefits Corp. (the “Corporation”) (TSX VENTURE:AUT) announces that, subject to approval of the TSX Venture Exchange, it intends to satisfy its obligation to pay independent director fees for the period January 1, 2009 to June 30, 2009 by issuing shares instead of paying cash in an effort to preserve cash for working capital purposes. The Corporation intends to issue 175,555 Common Shares with a deemed value of $0.13 per share (for an aggregate value of $22,822.38) to the independent directors of the Corporation for services provided for the period January 1, 2009 to June 30, 2009. Such aggregate value is the aggregate net amount owing to the independent directors after making all statutorily required source deductions.
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.