NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: AUTOMATED BENEFITS CORP.
TSX VENTURE SYMBOL: AUT
FEBRUARY 9, 2005 – 16:59 ET
Automated Benefits Announces Completion of $2.5
Million Financing
TORONTO, ONTARIO–(CCNMatthews – Feb. 9, 2005) – Automated Benefits
Corp. (TSX VENTURE:AUT) (“Automated Benefits” or the “Corporation”) is
pleased to announce that it has completed the closing of its previously
announced private placement financing of 5,000,000 units of Automated
Benefits at a price of $0.51 per unit, each unit consisting of one (1)
common share of the Corporation and one-half share purchase warrant,
with each whole warrant exercisable at a price of $0.64 per common share
until August 8, 2006, for gross proceeds to the Corporation of
$2,550,000.
The Corporation intends to utilize the proceeds from the private
placement as general working capital and for further marketing of the
software of Symbility Solutions Inc., a subsidiary of the Corporation
and the ABI software operated by Automated Benefits Inc., also a
subsidiary of the Corporation.
The common shares and warrants issued as part of the units are subject
to a four-month hold period expiring on June 9, 2005. The number of
currently issued and outstanding common shares of the Corporation is
52,392,395.
“We are delighted that a number of leading small cap institutional
investors have made an investment in Automated Benefits” said G. Scott
Paterson, Chairman of the Corporation.
About Automated Benefits
The Corporation is a software company dedicated to applications for the
insurance industry. The Corporation currently has two subsidiaries,
Autoben and Symbility.
Symbility has developed the Symbility mobile claims system, focusing
principally on residential and commercial property claims estimation for
use by insurance company adjusters and independent contractors. With
offices in Waterloo, Ontario and Montreal, Quebec, the Symbility mobile
claims system has begun pilot launches with Allstate Insurance Company
of Canada and Economical Insurance Group. Upon successful completion of
its Canadian pilots, Symbility intends to expand its sales efforts of
the Symbility mobile claims system in the United States and Europe.
Autoben is focused on the employee benefit segment of the life insurance
industry. Located in Edmonton, Alberta, Autoben provides claims
management software for health and dental plans in addition to insurance
products for employer groups. The proprietary software of Autoben, ABI,
assists in reducing the cost of employee benefits programs by allowing
local adjudication and administration to approximately 20,000 employees
across Canada.
(Not for dissemination in the United States of America)