TORONTO, ONTARIO–(Marketwire – Dec. 11, 2012) –
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Symbility Solutions Inc. (TSX VENTURE:SY) (the “Company” or “Symbility“) provider of cloud-based claims technology using the most comprehensive data for the property and casualty insurance industry, is pleased to announce that it has closed its previously announced public offering (the “Offering“) of 22,727,500 common shares (“Common Shares“) of the Company on a bought deal basis, at a price of $0.44 per Common Share, for gross proceeds of $10,000,100. The Offering was conducted through a syndicate of underwriters led by Cormark Securities Inc. and including Paradigm Capital Inc., Stifel Nicolaus Canada Inc. and Salman Partners Inc. (collectively, the “Underwriters“).
“We are excited to add a new group of institutions to our shareholder base,” states James Swayze, CEO, Symbility Solutions Inc. “Strengthening our balance sheet will create more opportunities to accelerate our growth.”
The Offering was made by way of a short form prospectus (the “Prospectus”) dated December 5, 2012 filed with securities regulatory authorities in the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick and Nova Scotia. The Prospectus and other documents filed by the Company and referred to therein are available under the Company’s profile on SEDAR at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Symbility intends to use the net proceeds from the Offering for general corporate working capital purposes to support its sales and marketing initiatives as well as for strategic transactions and/or acquisitions, should they arise.
About Symbility Solutions Inc.
Symbility Solutions Inc. (TSX VENTURE:SY) is a progressive software company dedicated to developing applications for the insurance industry. The organization currently has two product family brands: Symbility® and Adjudicare®.
The Symbility platform is a cutting-edge, easy-to-use, cloud-based claims processing and estimating technology that optimizes claims performance for the Property & Casualty insurance industry. Relying on the most extensive and defendable property cost data developed by Marshall & Swift/Boeckh (“MSB”), our collaborative workflow management, mobile estimating, claims triage solutions and analytical services allow insurers to reduce costs while delivering a market-leading claims experience. Symbility Claims solutions, used in conjunction with MSB’s Underwriting Solutions, means property insurers now have a dynamic, market-driven enterprise solution. Providing a virtual feedback loop between claims and underwriting systems, this enterprise solution allows insurers to manage property risks more proactively and effectively.
Adjudicare is an advanced, practical web-based software solution used by a network of Employee Benefits Brokers and Third-Party Administrator partners across Canada in the adjudication of health and dental claims. Adjudicare’s rules-based engine and leading-edge features ensure that claims are precisely adjudicated and paid in real-time, giving our partners’ customers optimum flexibility, along with transparent disclosure on the benefit plan’s financial performance.
Caution Regarding Forward-Looking Information
Statements in this press release relating to the strengthening of the Company’s balance sheet, the creation of opportunities to accelerate the Company’s growth and the use of proceeds from the Offering are forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Forward-looking information is qualified in its entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under “Risk Factors” in the Annual Information Form and under “Risks and Uncertainties” of the Management’s Discussion and Analysis of the Company which are available at www.sedar.com. The cautionary statements qualify all forward-looking information attributable to the Company and persons acting on their behalf. Unless otherwise stated or required by law, all forward-looking information speaks only as of the date of this press release and the Company has no obligation to update such forward-looking information.
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