Automated Benefits Corp.

Automated Benefits Corp.

April 30, 2007 08:41 ET

Automated Benefits Corp. Reports Results for the Fiscal Year December 31, 2006

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) -

(Not for dissemination in the United States of America)

Automated Benefits Corp. (the "Corporation") (TSX VENTURE:AUT) today reported results for the fiscal year ending December 31, 2006. This press release should be read in conjunction with the Corporation's Audited Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operation for the fiscal year ending December 31, 2006, copies of which can be found at

Revenues for the twelve month period ended December 31, 2006 increased to approximately $2,447,000 which represents a revenue increase of 52% as compared to the same period last year. The net loss for the twelve month period ended December 31, 2006 was approximately $6,643,000 and represents a basic and fully diluted loss per share of $.08. This compares to a loss of $5,469,000 during the same period last year which represented a basic and fully diluted loss per share of $.10.

Recent Events

On April 16, 2007, the Corporation announced that it was undertaking a best efforts offering of units, each unit consisting of one common share of the Corporation and one-half of one common share purchase warrant on a private placement basis (the "Proposed Private Placement"). Pricing of the units was subject to the context of the market at the time of the Proposed Private Placement and allowable discounts as permitted by the TSX Venture Exchange ("the Exchange"). If the Proposed Private Placement is completed, the Corporation expected to raise approximately $2,000,000.

On April 26, 2007, the Corporation received conditional approval from the TSX Venture Exchange for the Corporation's Proposed Private Placement of up to 17,500,000 units at a price of $.20 per unit ("the Units").

Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each full common share purchase warrant will entitle the holder thereof to acquire one additional common share at an exercise price of $.25 per common share for a two year period. In the event that the common shares trade for not less than 10 consecutive trading days at the closing price of $.60 or greater, the holder shall exercise its warrants within 30 days, failing which the warrants will expire.

As of April 27, 2007, the Corporation had received signed subscription agreements representing 18,344,000 units for total gross proceeds of $3,668,800. The total gross proceeds includes signed subscription agreements representing $300,000 from insiders.

The closing of the Proposed Private Placement shall be effected, subject to the satisfaction of all of the conditions of purchase in the Subscription Agreement and receipt of all necessary approvals of the TSX Venture Exchange including the increased size of the Proposed Private Placement, on or about May 1, 2007, or such other date and at such time and place as may be determined by the Corporation.

If the Proposed Private Placement is completed, the brokers assisting with the offering will be granted 842,200 units representing 5% of the gross proceeds of the Proposed Private Placement not related to insiders.

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.

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 30,000 employees across Canada.

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.

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 & Chief Executive Officer
    (416) 359-9339 ext. 1003
    Automated Benefits Corp.
    Richard Adair
    Chief Financial Officer
    (416) 359-9339 ext. 1002