Automated Benefits Corp.
TSX VENTURE : AUT

Automated Benefits Corp.

May 23, 2006 12:39 ET

Automated Benefits Corp. Announces Hire of New Chief Financial Officer

TORONTO, ONTARIO--(CCNMatthews - May 23, 2006) -

(Not for dissemination in the United States of America)

Automated Benefits Corp. (TSX VENTURE:AUT) proudly appoints Richard Adair as Chief Financial Officer of the Company.

Prior to joining Automated Benefits Corp., Mr. Adair was Chief Financial Officer of Systech Retail Systems Corp. (TSX:SYS) in Raleigh, North Carolina. Systech was a provider of a .NET based point-of-sale software solution to the North American retail industry. Mr. Adair led Systech through a three-year reorganization which culminated in the sale of the company to a European strategic acquirer for an enterprise value of $29 million CDN.

From 1997-2002, Mr. Adair acted as Chief Financial Officer for a series of small to medium-sized technology companies offering computer hardware, software, internet access, application services, IT training, and data-conferencing to their customers. He provided advisory services to these public and private companies through his own consulting firm Radar Consulting Inc. and as Vice President of a management consulting firm called Financial Task Force Inc.

From 1993-1997, Mr. Adair was part of the senior management team of a high-tech startup from the University of Waterloo. The company provided laser processing services to the automotive sector and was acquired by a TSX-listed Tier One parts supplier. The division subsequently grew to $150 million in sales with production plants in Canada, the United States and the United Kingdom.

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. 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 over 23,000 employees across Canada.

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.

Contact Information

  • Automated Benefits Corp.
    James R. Swayze
    President and Chief Executive Officer
    (416) 359-9339
    Website: www.autoben.com