TORONTO, ONTARIO–(CCNMatthews – May 23, 2007) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Automated Benefits Corp. (“AutoBen” or the “Corporation”) (TSX VENTURE:AUT) announces today that it is has converted 1,323,762 series A preferred shares (“Preferred Shares”) previously issued to certain shareholders of the Corporation into 1,323,762 common shares (“Common 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 1,323,762 Preferred Shares is based on the annual revenue received by Symbility for the 2006 fiscal year.
About Automated Benefits Corp. and Symbility Solutions
Automated Benefits Corp. (www.autoben.com), headquartered in Toronto, Ontario, is a software company dedicated to developing applications for the insurance industry. The corporation currently has two subsidiaries, Autoben and Symbility.
Symbility Solutions (www.symbilitysolutions.com) has developed a mobile claims system focusing principally on residential and commercial property claims estimation for use by insurance company adjusters and independent contractors. Symbility has offices in Waterloo, Ontario and Montreal, Quebec.
With offices in Edmonton and Toronto, Autoben provides a software solution for the adjudication of Health and Dental claims. This software adjudicates claims in real time while providing their clients with the highest level of flexibility available and complete disclosure on the plan’s financial performance. Autoben enables their clients to provide an additional level of value-added service in a very cost effective manner. The Autoben software supports the adjudication of Health and Dental claims through the local insurance broker for over 30,000 employees across Canada.
For more information about the Symbility mobile claims solution, please visit www.symbilitysolutions.com.
All trade names are the property of their respective owners.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Automated Benefits Corp. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Automated Benefits Corp.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.