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Symbility Solutions Reports Record Revenue of $7.2 Million and Adjusted EBITDA of $808,000

TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- Symbility Solutions Inc. (the "Corporation"), (TSX VENTURE:SY), a global software company dedicated to developing applications for the insurance industry, today reported that revenue increased to $7.182 million for the three months ending March 31, 2014. This compares to revenues of $4.974 million in the same period last year, which represents an increase of 44% or $2.208 million.

The net loss for the three months ending March 31, 2014 was $698,000 and represents a basic and fully diluted loss per share of $(0.00). This compares to net loss of $1.972 million in the same period last year, representing a basic and fully diluted loss per share of $(0.01). The Corporation has a cash balance of $18.0 million as at March 31, 2014.

The Corporation believes adjusted EBITDA(1) is also a useful measure as a proxy for operating cash flow and facilitates period-to-period operating comparisons. Adjusted EBITDA for the three months ending March 31, 2014 was $808,000 compared to adjusted EBITDA of $(200,000) in the same period last year.

As announced on April 2, 2014, the Corporation signed twenty-one domestic and international customer contracts in the first quarter of 2014. The contracts represent new business for Symbility in Canada, USA, UK and Germany, including a number of different insurers, independent adjusting firms, contractors and other P&C supply chain vendors for the Property Division, and new third-party administrators for Symbility Health. The contracts range in duration from one to five years and the combined annual net new contract value (ACV)(2) of these agreements is $1.3 million, with a total contract value (TCV)(3) of $4.5 million.

"Our sales performance in the quarter was very solid as our products continue to gain traction in property insurance claims markets globally," commented James Swayze, Chief Executive Officer, Symbility Solutions Inc. "With much of last year focused on building the team and pipeline, it is nice to see the payoff in the form of adoption and growing momentum by new customers, especially internationally where our revenue doubled year-over-year compared to Q1 2013."

Selected Financial Information

For the three months ended March 31, in thousands of                        
 dollars                                                    2014        2013
Consolidated Revenue                                 $    7,182  $    4,974 
Net Loss                                             $     (698) $   (1,972)
Loss per share(4)                                    $    (0.00) $    (0.01)
As at March 31, 2014 and December 31, 2013, in                              
 thousands of dollars                                      2014        2013 
Cash and cash equivalents                            $   18,090  $   12,173 
Total Assets                                         $   40,395  $   33,613 
Total long term liabilities                          $      349  $      350 

The Corporation has provided a reconciliation of adjusted EBITDA to IFRS net loss in the following table:

For the three months ended March 31, in thousands of                        
 dollars                                                    2014        2013
IFRS Net Loss                                        $     (698) $   (1,972)
Finance and other income                                    (38)        (32)
Depreciation and amortization                               447         375 
Stock-based compensation                                  1,094       1,426 
Income tax expense                                            3           3 
Adjusted EBITDA                                      $      808  $     (200)

Board of Directors of the Corporation granted 300,000 options to an officer in accordance with the Corporation's stock option plan. Each option entitles its holder to purchase one Common Share at the closing price on May 15, 2014 for a period of ten years from the date of grant. The options will vest in three equal tranches with one-third vesting the first anniversary of the grant date, one-third vesting on the second anniversary of the grant date, and one-third vesting on the third anniversary of the grant date.

As previously announced, the Corporation is holding their Annual and Special Meeting of shareholders on Thursday May 22, 2014 at 12:00 p.m. EDT. The meeting will be held at the TMX Broadcast Centre - The Exchange Tower - 130 King Street West Toronto, Ontario, for shareholders, investors and guests.

(1) Adjusted EBITDA is defined as earnings before interest income, taxes, depreciation and amortization, impairment losses, stock-based compensation, and other non-recurring gains or losses including transaction costs related to acquisition. Management believes Adjusted EBITDA is a useful measure that facilitates period-to-period operating comparisons. Adjusted EBITDA does not have any standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures presented by other companies. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS as issued by the IASB.

(2) The ACV is an estimated variable amount impacted by: (1) the actual number of claims processed; (2) the impact of severe weather on insurance property claims; (3) the number of claims assigned by an insurance carrier to an independent adjuster or contractor; (4) the time required to integrate the Company's system with Symbility Solutions platform, any of which may result of a time delay between the signed agreement and revenue recognition.

(3) The TCV is the total of the estimated ACV over the term of each the contracts. TCV also includes expected changes from the use of Symbility's products and/or price increases.

(4) In Canadian dollars, rounded to the nearest cent.

About Symbility Solutions Inc.

Symbility Solutions® (TSX VENTURE:SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions' two product suites, Symbility Property(TM) and Symbility Health(TM), empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering a market-leading claims experience. For more information, please visit www.symbilitysolutions.com or follow Symbility on Twitter at @symbility and on LinkedIn at symbility-solutions.

This press release should be read in conjunction with Corporation's consolidated financial statements and related notes, and management's discussion and analysis for the period ending March 31, 2014, copies of which can be found at http://www.sedar.com.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Symbility Solutions Inc. will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Symbility Solutions Inc.

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.

All trade names are the property of their respective owners.

Symbility Solutions Inc.                                                    
Interim Consolidated Statements of Financial Position                       
(Unaudited - In thousands of Canadian dollars)                              
                                                           As at            
                                                    March 31,   December 31,
                                                         2014           2013
Current assets                                                              
  Cash and cash equivalents                            18,090         12,173
  Accounts receivable and other assets                  4,827          4,153
  Prepaid expenses and other assets                       818            791
                                                       23,735         17,117
Long-term assets                                                            
  Security deposits                                        52             33
  Property and equipment                                  690            675
  Intangible assets                                     9,147          9,017
  Goodwill                                              6,771          6,771
                                                       40,395         33,613
Current liabilities                                                         
  Accounts payable and accrued liabilities              4,595          3,755
  Deferred revenue                                      8,543          3,032
                                                       13,138          6,787
Long-term liabilities                                                       
  Finance lease obligations                                 4              5
  Customer deposits                                       345            345
                                                       13,487          7,137
Shareholders' equity                                   26,908         26,476
                                                       40,395         33,613
Symbility Solutions Inc.                                                    
Interim Consolidated Statements of Loss and Comprehensive Loss              
(Unaudited - In thousands of Canadian dollars, except per share data)       
                                                  Three-month period ended  
                                                          March 31,         
                                                           2014         2013
Revenue                                                 7,182         4,974 
Cost of sales                                           1,329           997 
                                                        5,853         3,977 
  Sales and marketing                                   3,138         2,734 
  General and administration                            1,946         2,195 
  Research and development                              1,785           987 
  Other operating (income)                               (283)           62 
                                                        6,586         5,978 
Loss before finance costs (income), net and                                 
 income tax expense                                      (733)       (2,001)
  Finance costs (income), net                             (38)          (32)
  Income tax expense                                        3             3 
Net loss and comprehensive loss for the period           (698)       (1,972)
Basic and diluted loss and comprehensive loss per                           
 common share                                           (0.00)        (0.01)
Weighted average number of common shares                                    
 outstanding Basic and diluted                    205,731,893   203,970,455 

Media Contacts: Symbility Solutions Inc.
James R. Swayze
Chief Executive Officer
(647) 775-8603
[email protected]

Symbility Solutions Inc.
Blair R. Baxter
Chief Financial Officer
(647) 775-8608
[email protected]

Symbility Solutions Inc.
Lucy De Oliveira
Marketing Director
(647) 775-8607
[email protected]

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