Automated Benefits Corp.

Automated Benefits Corp.

April 30, 2009 08:00 ET

Automated Benefits Corp. Increases Revenue 19% FY 2008 vs. FY 2007

Net Loss Improved 56%

TORONTO, ONTARIO--(Marketwire - April 30, 2009) - Automated Benefits Corp. (the "Corporation") (TSX VENTURE:AUT) today reported revenue increased by 19% to approximately $3,855,000 for the fiscal year ending December 31, 2008. This compares to revenues of approximately $3,231,000 for the same period last year which represents an increase of approximately $624,000.

The net loss for the twelve month period ending December 31, 2008 decreased by 56% to approximately $1,774,000 and represents a basic and fully diluted loss per share of $0.02. This compares to a loss of approximately $4,020,000 during the same period last year representing a basic and fully diluted loss per share of $0.04 and an improvement of approximately $2,246,000.

Management believes adjusted EBITDA is also a useful measure that facilitates period-to-period operating comparisons. Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, stock based compensation, restructuring, impairment charges and other one-time gains and losses. Adjusted EBITDA for the twelve month period ending December 31, 2008 was ($1,262,000), an improvement of 62%, or $2,074,000, over EBITDA of ($3,336,000) for the prior year.

Automated Benefits Corp. President and Chief Executive Officer James R. Swayze commented, "In 2008, we were able to grow revenue while reducing our annual operating expenses from approximately $6.3 million to $4.6 million." He added, "Both of our operating divisions secured high-profile contract wins after year end which gives the Corporation significant momentum going into 2009."

Symbility Solutions Inc. and Automated Benefits Inc. report the following recent business developments:

- On March 12, 2009, Symbility Solutions Inc. announced that it had signed a five-year contract with the Chubb Group of Insurance Companies of Warren, New Jersey. The member insurers of Chubb form a worldwide organization providing property and casualty insurance for personal and commercial customers.

- On March 23, 2009, Symbility Solutions Inc. announced the formalization of a one year contract with Farmers Mutual United Insurance Company, which focuses exclusively on serving property owners in the State of Nebraska.

- On April 1, 2009, Symbility Solutions Inc. announced the signing of a three-year contract with Promutuel Lanaudiere, which provides insurance and financial services to Quebec-based insured customers.

- On April 7, 2009, Automated Benefits Inc. announced that it had formalized a contract with Platinum Health Benefits Solutions of Mississauga, Ontario. Platinum Health Benefits Solutions provides self-insured and administrative services for drugs, extended health, dental and disability benefits.

- On April 14, 2009, Automated Benefits Inc. announced that it had formalized a contract with GroupHEALTH Global Partners of White Rock, British Columbia. GroupHEALTH Global Partners provides group benefit consulting and systems administration to companies across Canada.

The Corporation intends to convert 3,158,539 preferred Series A shares previously issued to certain shareholders of the Corporation into 3,158,539 common shares. Pursuant to the conversion terms of these preferred Series A shares, the expected conversion is based on the annual revenue received by Symbility for the 2008 fiscal year and is subject to TSX Venture Exchange approval. Following this conversion there are now 628,343 preferred shares outstanding. For more information on the conversion terms, please refer to the Corporation's audited consolidated financial statements and management's discussion and analysis for the fiscal year ending December 31, 2008.

About Automated Benefits Corp

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, Automated Benefits Inc. and Symbility Solutions Inc.

Symbility Solutions, based in Toronto, Ontario, automates property insurance claims through its two complementary components. Its award-winning mobile claims solution is an estimating tool that increases speed, efficiency and accuracy by allowing on-site claims processing. Symbility.NET is the collaborative workflow management tool that gives every claim participant real-time access to the claims they are working on. The Symbility solution gives users the mobility, speed and control they need to effectively and quickly move onto their next claim.

Automated Benefits Inc. provides the Adjudicare software solution for the adjudication of health and dental claims. This software adjudicates claims in real time, providing clients with the highest level of flexibility available along with complete disclosure on the plan's financial performance. Automated Benefits Inc. enables their clients to provide an additional level of value-added service in a very cost effective manner. The Adjudicare software supports the adjudication of health and dental claims through local insurance brokers across Canada.

All trade names are the property of their respective owners.

This press release should be read in conjunction with Corporation's audited consolidated financial statements and management's discussion and analysis for the fiscal year ending December 31, 2008, copies of which can be found at

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.

Adjusted EBITDA does not have any standardized meaning prescribed by GAAP and is not necessarily comparable to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation of as a substitute for net earnings (loss) prepared in accordance with GAAP. All other financial measures referenced herein have been prepared in accordance with Canadian generally accepted accounting principles unless stated otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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