Automated Benefits Inc., a wholly-owned subsidiary of Automated Benefits Corp. (TSX VENTURE: AUT), is pleased to announce Sirius Benefit Plans of Winnipeg, Manitoba, has begun the transition of their existing block of group insurance business to the Adjudicare software.
Sirius Benefit Plans (Sirius) is a full service third party administrator of employee benefit programs for small and large clients in the private and public sectors across Canada. Commencing in September 2009, Sirius placed all new business on the Adjudicare software and will now begin transitioning its existing block of business from its current supplier.
This transition will occur over the course of 2010 and, when complete, will represent an increase of 35% to the Adjudicare software in force block of business. The combination of this block of business together with organic growth from existing contracts will bring the amount of business processed on the Adjudicare platform to close to $60 million.
"We were looking for a solution to support both traditional and self-insured plans to support our clients' needs," states Ed Melna, president, Sirius Benefit Plans. "The combination of our administration software with the Adjudicare software enables us to control the entire process with a fully integrated solution."
Automated Benefits Corp. also announces that, as per the approval of the TSX Venture Exchange, it intends to satisfy its obligation to pay independent director fees for the period January 1, 2009 to June 30, 2009 by issuing shares instead of paying cash in an effort to preserve cash for working capital purposes. The Corporation will issue 135,761 Common Shares with a deemed value of $0.13 per share (for an aggregate value of $17,648.86) to the independent directors of the Corporation for services provided for the period January 1, 2009 to June 30, 2009. Such aggregate value is the aggregate net amount owing to the independent directors after making all statutorily required source deductions.
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 automates property insurance claims through its two complementary components. Its award-winning Symbility Mobile Adjuster software is an estimating tool that increases speed, efficiency and accuracy by allowing on-site claims processing. Symbility Claims Connect is the collaborative workflow management tool that gives every claim participant real-time access to the claims they are working on. Symbility software solutions give 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.
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.
