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Automated Benefits Appoints Richard Adair President and COOThe Corporation Also Announces Issuance of Shares to Directors (March 05, 2012)
TORONTO, ONTARIO -- (Marketwire) -- 03/05/12 -- Automated Benefits Corp. (the "Corporation") (TSX VENTURE:AUT) a progressive software company dedicated to developing applications for the insurance industry in North America and Europe, today announced that it has named Richard Adair as President and Chief Operating Officer of Automated Benefits Corp., and its subsidiaries Symbility Solutions Inc., Symbility Solutions (USA) Inc., and Adjudicare. Since 2007, Richard has held the position of Chief Financial Officer and Chief Operating Officer and has been instrumental in the success of the Corporation, overseeing and maximizing operational excellence in the Finance, Information Technology Support, Human Resources, and Customer Service departments. Richard will continue to contribute to the Corporation's exponential growth by taking responsibility for Sales, Marketing, Account Management and Analytics teams as well. Richard's first priority will be to lead the successful integration of the Marshall Swift & Boeckh ("MSB") Claims Division with Symbility Solutions Inc., once the transaction has been finalized and approved by the shareholders of Automated Benefits.
"I would like to take this opportunity to recognize Richard's tremendous and invaluable contribution to Automated Benefits," states James Swayze, CEO, Automated Benefits Corp. "Our organization's success is a testament to Richard's keen sense in recognizing the needs of Automated Benefits' many stakeholders. He has the ability to successfully navigate through challenges, and his consistent, thorough and disciplined leadership style has a direct impact on the growth of our organization."
"I am honored to be given this opportunity at such an exciting time in the Company's evolution," comments Richard Adair. "I look forward to working with James and our talented staff to continue to focus our efforts on creating maximum value for our customers and our shareholders."
The Corporation also announces that, subject to approval of the TSX Venture Exchange, it intends to satisfy its obligation to pay independent director fees for the period January 1, 2011 to December 31, 2011 by issuing shares. The Corporation intends to issue Common Shares with a deemed value of $0.332 per share (for an aggregate value of $64,863.95) to the independent directors of the Corporation for services provided for the period January 1, 2011 to December 31, 2011. Such aggregate value is the aggregate net amount owing to the independent directors after making all statutorily required source deductions.
The Corporation also announces that today 300,000 options were granted to the independent Directors of the Corporation in accordance with the Corporation's stock option plan. Each option entitles its holder to purchase one common share of the Corporation at a price of $0.35 per share for a period of ten years from the date of grant. The options will vest in three equal tranches with one-third vesting immediately, one-third vesting on the first anniversary of the grant date, and one-third vesting on the second anniversary of the grant date. The granting of the stock options is subject to regulatory approval.
About Automated Benefits Corp.
Automated Benefits Corp.?? is a progressive software company dedicated to developing applications for the insurance industry in North America and Europe. The organization currently has two platforms: Symbility Solutions?? and Adjudicare??.
Symbility Solutions provides powerful, accurate and easy-to-use claims processing and estimating software solutions for Property & Casualty Insurers. Our collaborative workflow management, mobile estimating and claims triage solutions allow insurers to reduce costs while delivering a market leading claims experience.
Adjudicare is an advanced, practical software solution used by a network of Employee Benefits Brokers and Third Party Administrator partners across Canada in the adjudication of health and dental claims. Adjudicare's rules-based engine and leading-edge features ensure that claims are precisely adjudicated and paid in real-time, giving our partners' customers optimum flexibility, along with transparent disclosure on the benefit plan's financial performance.
All trade names are the property of their respective owners.
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.
Automated Benefits Corp.
Lucy De Oliveira
Director of Marketing
(416) 359-9339, ext. 1007
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