Automated Benefits Corp.

Automated Benefits Corp.

May 07, 2007 08:00 ET

Automated Benefits Corp. Announces Completion of Private Placement

TORONTO, ONTARIO--(CCNMatthews - May 7, 2007) -


AUTOMATED BENEFITS CORP. (the "Corporation") (TSX VENTURE:AUT) is pleased to announce the closing of its previously announced private placement (the "Private Placement"). The Private Placement was completed with the issuance of 18,344,000 units of the Corporation (the "Units") at a price of $0.20 per Unit for aggregate gross proceeds of $3,668,800. Insiders subscribed for $300,000 of the total gross proceeds.

Each Unit is comprised of one common share (a "Common Share") and one-half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to subscribe for one Common Share at a price of C$0.25 per share for a period of twenty-four (24) months from the Closing Date, provided that, in the event that the Common Shares trade for not less than 10 consecutive trading days at the closing price of $0.60 or greater, the holder shall exercise its Warrants within 30 days, failing which the Warrants will expire.

The brokers assisting with the offering were issued 842,200 units representing 5% of the gross proceeds of the Private Placement not related to insiders.

The final acceptance of the Private Placement by TSX Venture Exchange Inc. ("TSX Venture") is subject to the completion of certain filings by the Corporation.

The Corporation intends to use the net proceeds of the Private Placement for sales and marketing activities, further research and development, and for general working capital purposes.

About Automated Benefits Corp. and Symbility Solutions

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, Autoben and Symbility.

Symbility Solutions ( 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

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.

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