TORONTO, ONTARIO–(October 17, 2014) Symbility Solutions Inc. (TSX.V: SY) (the “Corporation”), a global software company dedicated to developing cloud-based applications for the property and health insurance industries, announces its intent to satisfy its obligation to pay independent director fees for the period July 1, 2014 to September 30, 2014 by issuing shares, pending approval from the TSX Venture Exchange. The Corporation will issue 105,080 Common Shares with a deemed value of $0.285 per share (for an aggregate value of $29,948) to the independent directors of the Corporation for services provided. Such aggregate value is the aggregate net amount owing to the independent directors after making all statutorily required source deductions.
Symbility Solutions has also retained Trapeze Capital Corp. to provide market-making services in accordance with TSX Venture Exchange (“TSX.V“) policies. Under the terms of the agreement between the Corporation and Trapeze dated October 16, 2014 (the “Agreement“), Trapeze will receive compensation of $5,000 per month plus HST and will not receive any Common Shares or options of the Corporation as compensation. However, Trapeze and its clients may have or may acquire a direct interest in the securities of the Corporation. Symbility Solutions and Trapeze are unrelated and unaffiliated entities; Trapeze is a member of the Investment Industry Regulatory Organization of Canada, a participating organization of TSX and a member of TSX.V. The capital and securities required for any trade undertaken by Trapeze as principal will be provided by Trapeze. The Agreement is for a term of 6 months and will automatically renew for additional 6 month periods unless terminated by the Corporation.
About Symbility Solutions Inc.
Symbility Solutions® (TSX.V: SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions’ two product suites, Symbility Property™ and Symbility Health™, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.
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