Automated Benefits Corp.
TSX VENTURE : AUT

Automated Benefits Corp.

November 28, 2006 08:00 ET

Automated Benefits Corp. Reports Results for the Quarter Ended September 30, 2006

TORONTO, ONTARIO--(CCNMatthews - Nov. 28, 2006) -

(Not for dissemination in the United States of America)

Automated Benefits Corp. (the "Corporation") (TSX VENTURE:AUT) today reported financial results for the quarter ending September 30, 2006. This press release should be read in conjunction with the Corporation's interim consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter ending September 30, 2006, copies of which can be found at www.sedar.com.

Recent Events

- On October 12, 2006, the Corporation announced the appointment of John Jackson to the position of Vice President of Sales & Marketing of Autoben. Prior to joining Autoben, Mr. Jackson spent 10 years as national partner for the benefits practice at KPMG LLP and another 5 years as account manager for global accounts for Watson Wyatt Worldwide.

- On October 23, 2006, the Corporation announced that Symbility was recently awarded two Mobile Star Awards from Mobile Village for its Symbility Mobile Claims solution. The product received a Gold Star award for best Tablet PC Application and a Bright Star award in the Field Inspections Software category.

- On November 14, 2006, the Corporation announced that State Auto Mutual Insurance Company has signed a multi-year contract to use Symbility's Mobile Claims system as an integral piece of its catastrophe solution for its customers. This contract represents a further expansion into the Midwestern states in the U.S. for Symbility.

- On November 21, 2006, the Corporation announced that Promutuel du Lac au Fjord had signed a multi-year contract with Symbility to implement the Symbility Mobile Claims system. This marks the first Quebec-based company to adopt the Mobile Claims system that is not part of a rollout of a national carrier.

Highlights During the Third Quarter

- On July 5, 2006, the Corporation entered into a commercial agreement with Sinisoft, a Quebec- based claims estimation solution. Sinisoft is a leading Quebec-based software vendor which offers a French application for estimating and adjusting claims with 300 users generating over 50,000 claims annually.

- In July of 2006, the Corporation announced that Autoben joined together with DHC Administrators to create a custom benefits program that will be marketed through CanTrust Financial Services Inc. to over 10,000 members of the Cosmetology Industry Association of British Columbia.

- On August 2, 2006, the Corporation entered into an agreement with Xactware Inc. of Orem Utah ("Xactware") to settle the prolonged lawsuit that the two companies had been involved in. The settlement agreement ends all claims and counterclaims between the two parties.

- In September of 2006, the Corporation announced that Symbility had met the significant milestone of signing up the 3500th user of its Mobile Claims system. This number has recently grown to over 4000 users.

- On September 20, 2006, the Corporation announced that it had appointed Boris Znebel as the President of Symbility. Prior to joining Symbility, Mr. Znebel spent 12 years with Epicor Software Corporation, a leading vendor in enterprise resource planning.

Results from Operations

Revenues for the three month period ended Sept. 30, 2006 increased to approximately $628,000 which represents a revenue increase of 54% as compared to the same period last year. The net loss for the three month period ended Sept. 30, 2006 was approximately $1,534,000 and represents a basic and fully diluted loss per share of $.02. This compares to a loss of $1,373,000 during the same period last year which represented a basic and fully diluted loss per share of $.03.

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 27,000 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 & Chief Executive Officer
    (416) 359-9339 ext. 1003
    or
    Automated Benefits Corp.
    Richard Adair
    Chief Financial Officer
    (416) 359-9339 ext. 1002