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Symbility Solutions Inc. Announces TSX Venture Exchange Approval to Issue Shares to Independent Directors
By: Marketwired .
Jan. 22, 2013 05:28 PM
TORONTO, ONTARIO -- (Marketwire) -- 01/22/13 -- Symbility Solutions Inc.® (TSX VENTURE:SY), provider of cloud-based claims technology using the most comprehensive data for the property and casualty insurance industry, today announces its intent to satisfy its obligation to pay independent director fees for the period July 1, 2012 to December 31, 2012 by issuing shares, pending approval from the TSX Venture Exchange. The Corporation will issue 111,438 Common Shares with a deemed value of $0.469 per share (for an aggregate value of $52,264.81) to the independent directors of the Corporation for services provided. Such aggregate value is the aggregate net amount owing to the independent directors after making all statutorily required source deductions.
In addition, the Corporation also announced that 300,000 options were granted to the Board of Directors of the Corporation in accordance with the Corporation's stock option plan. Each option entitles its holder to purchase one Common Share at a price of $0.47 per Common 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.
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 the 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.
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