Recognition Group invests in Automated Benefits Corp. (TSX Venture: AUT.)
February 1, 2005AUTOMATED BENEFITS
APPOINTS KALEIL ISAZA TUZMAN TO BOARD
February 2, 2005
Toronto, Ontario. . . Automated Benefits Corp. (“Automated Benefits” or the “Corporation”) (TSX Venture: AUT) is pleased to announce the addition of Kaleil Isaza Tuzman to the board of directors of Automated Benefits.
Mr. Isaza Tuzman is the President of Recognition Group, a New York-based merchant bank focused on emerging growth companies. Concurrent with Mr. Isaza Tuzman joining the board, Recognition Group is making an investment in Automated Benefits by participating in the previously announced private placement of units expected to close February 7, 2005.
Mr. Isaza Tuzman is a well-known entrepreneur and venture capitalist having founded or led companies in software, media and business services fields. Prior to joining Recognition Group, Mr. Isaza Tuzman worked in investment banking and proprietary investing at Goldman, Sachs & Co.
Mr. Isaza Tuzman regularly appears or comments in international media outlets, including CNN, CNBC, The Wall Street Journal and Inc. Magazine, and recently published The Entrepreneur's Success Kit: A 5- Step Lesson Plan to Create and Grow Your Own Business (St. Martin's Press, 2005). He is a member of the Council on Foreign Relations and has acted as a trade representative under the Bush Administration. Mr. Isaza Tuzman is also a board member of leading e-government software provider, Versa Systems, Inc.
"Having Recognition Group make an investment and adding Kaleil to the board of directors of Automated Benefits gives us increased depth and underlines the expansion and maturation of our shareholder base," commented G. Scott Paterson, Chairman of Automated Benefits. "Among other things, he will help Automated Benefits increase its presence in the U.S. market."
In connection with the appointment announced above, Automated Benefits has granted to Mr. Isaza Tuzman stock options to acquire 100,000 common shares at a price of $0.75 per share. In addition, Automated Benefits has granted to a consultant and employees, stock options to acquire an aggregate of 440,000 common shares at a price of $0.75 per share. The stock options will vest as to one-third (1/3) immediately and one-third (1/3) on each of twelve (12) and twenty-four (24) months from the date of grant, and will expire five (5) years from the date of grant.
About Automated Benefits
The Corporation is a software company dedicated to applications for the insurance industry. The Corporation currently has two subsidiaries, Autoben and Symbility.
Symbility has developed the Symbility mobile claims system, focusing principally on residential and commercial property claims estimation for use by insurance company adjusters and independent contractors. With offices in Waterloo, Ontario and Montreal, Quebec, the Symbility mobile claims system has begun pilot launches with Allstate Insurance Company of Canada and Economical Insurance Group. Upon successful completion of its Canadian pilots, Symbility intends to expand its sales efforts of the Symbility mobile claims system in the United States and Europe.
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 approximately 20,000 employees across Canada.
For further information, please contact:
James R. Swayze
President & CEO of the Corporation
(780) 944-9184 or (416) 399-8630
jswayze@autoben.com
www.autoben.com