Automated Benefits Corp.
TSX VENTURE : AUT

Automated Benefits Corp.

August 10, 2006 10:35 ET

Automated Benefits Corp. Announces the Conversion of Series A Preferred Shares

TORONTO, ONTARIO--(CCNMatthews - Aug. 10, 2006) -

(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 513,999 series A preferred shares ("Preferred Shares") previously issued to certain shareholders of the Corporation into 513,999 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 513,999 Preferred Shares is based on the annual revenue received by Symbility for the 2004 and 2005 fiscal years.

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.

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 25,000 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