Automated Benefits Corp.
TSX VENTURE : AUT

Automated Benefits Corp.

October 18, 2006 08:00 ET

Automated Benefits Corp. Announces Loan to C.E.O. to Purchase Additional Shares

TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2006) -

(Not for dissemination in the United States of America)

Automated Benefits Corp. (TSX VENTURE:AUT) ("AutoBen" or the "Corporation") announces today that it has agreed to loan $40,000 to its President and Chief Executive Officer, Mr. James Swayze, to enable him to purchase additional common shares of the Corporation.

The loan will take the form of a promissory note that will mature on December 31, 2007 and will accrue an interest coupon of 4% annually. Mr. Swayze will make pledge in favour of the Corporation of such the shares being purchased as collateral to secure the loan.

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 Solutions.

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 26,000 employees across Canada.

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.

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