TORONTO, ONTARIO--(Marketwire - Sept. 20, 2012) - Automated Benefits Corp. (the "Corporation") (TSX VENTURE:AUT), a leading provider of cloud-based claims technology for the insurance industry, announced today that its shareholders have approved changing the name of the Corporation to Symbility Solutions Inc. As of September 24, 2012, the stock symbol of Symbility Solutions will be (TSX VENTURE:SY) and our corporate website will be www.symbilitysolutions.com.
"Though the company name has been Automated Benefits for almost a decade, we are best known in the marketplace by our main product brand, Symbility," commented James Swayze, CEO of Symbility Solutions. "With our continued focus on delivering product innovation and growing even further into the P&C insurance industry globally, it is imperative that we maximize the strength of this brand that more accurately describes our evolving product mix."
The Corporation also announced the voting results of the Annual and Special Meeting of shareholders of the Corporation ("Shareholders") that was held on September 19, 2012 (the "Meeting"). The following resolutions were passed at the Meeting:
- The election of the following individuals, being nominees proposed by the management of the Corporation, as directors of the Corporation: R. Larry Binnion, Christopher Cartwright, Christopher Jutkiewicz, Robert Landry, G. Scott Paterson, Nehal Raj, Timothy Stanley, James R. Swayze and Robert Tretiak.
- The reappointment of Ernst & Young LLP, Chartered Accountants, as auditors of the Corporation for the ensuing year and the authorization of the directors to fix their remuneration.
- The changing of the name of the Corporation from Automated Benefits Corp. to Symbility Solutions Inc.
- The resolution in the form included in the Corporation's Management Information Circular to repeal By-Law No. 1 of the Corporation and enact By-Law No. 2; and
- The resolution in the form included in the Corporation's Management Information Circular ratifying the Corporation's amended and restated stock option plan.
After conducting the business of the Annual and Special Shareholders Meeting, James Swayze, Chief Executive Officer, delivered his executive presentation on the Corporation. The presentation will be available on our website.
About Symbility Solutions Inc.
Symbility Solutions (TSX VENTURE:SY) is a progressive software company dedicated to developing applications for the insurance industry. The organization currently has two product family brands: Symbility® and Adjudicare®.
The Symbility platform is a cutting-edge, easy-to-use, cloud-based claims processing and estimating technology that optimizes claims performance for Property & Casualty insurance industry. Relying on the most extensive and defendable property cost data developed by Marshall & Swift/Boeckh ("MSB"), our collaborative workflow management, mobile estimating, claims triage solutions and analytical services allow insurers to reduce costs while delivering a market-leading claims experience. Symbility Claims solutions, used in conjunction with MSB's Underwriting Solutions, means property insurers now have a dynamic, market-driven enterprise solution. Providing a virtual feedback loop between claims and underwriting systems, this enterprise solution allows insurers to manage property risks more proactively and effectively.
Adjudicare is an advanced, practical web-based 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.