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Symbility Solutions Reports Revenue of $7.1 Million in Q2 2014

TORONTO, ONTARIO -- (Marketwired) -- 08/15/14 -- Symbility Solutions Inc. (the "Corporation"), (TSX VENTURE:SY) a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and casualty and health insurance industries, today reported that revenue increased to $7.1 million for the three months ending June 30, 2014. This compares to revenues of $6.0 million in the same period last year, which represents an increase of 17% or $1.1 million. This brings the six month revenue total to $14.2 million versus $11.0 million for the first half of last year, representing a 30% increase year to date.

The net loss for the three months ending June 30, 2014 was $101,000 and represents a basic and fully diluted loss per share of ($0.00). This compares to net loss of $334,000 in the same period last year, representing a basic and fully diluted loss per share of ($0.00). The Corporation has a cash balance of $16.1 million as at June 30, 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 June 30, 2014 was $610,000 compared to adjusted EBITDA of $635,000 in the same period last year.

"We are focused on expanding our reach in Europe, Asia Pacific and other parts of the world as well as offering new technology solutions to complement and enhance our existing array of products in the North American market. Along these lines, we have initiated several strategic partnerships which are generating new business opportunities that will help grow our customer base," stated James Swayze, Chief Executive Officer, Symbility Solutions Inc.

Selected Financial Information


----------------------------------------------------------------------------
                   Three months ended June 30,    Six months ended June 30, 
                   ---------------------------  ----------------------------
                            2014          2013           2014          2013 
----------------------------------------------------------------------------
Revenue             $      7,066   $     6,019    $    14,248   $    10,994 
----------------------------------------------------------------------------
Cost of Sales       $      1,229   $     1,107    $     2,559   $     2,104 
----------------------------------------------------------------------------
Expenses            $      5,978   $     5,275    $    12,564   $    11,254 
----------------------------------------------------------------------------
Net Loss            $       (101)  $      (334)   $      (799)  $    (2,306)
----------------------------------------------------------------------------
Adjusted EBITDA     $        610   $       635    $     1,417   $       434 
----------------------------------------------------------------------------
Loss per share (1)  $      (0.00)  $     (0.00)   $     (0.00)  $     (0.01)
============================================================================
                                                                            
                                                                            
----------------------------------------------------------------------------
As at June 30, 2014 and December 31, 2013, in                               
 thousands of dollars                                 2014              2013
----------------------------------------------------------------------------
Cash and cash equivalents                      $    16,109       $    12,173
----------------------------------------------------------------------------
Total Assets                                   $    37,531       $    33,613
----------------------------------------------------------------------------
Total long term liabilities                    $       347       $       350
----------------------------------------------------------------------------
                                                                            

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


                                                                            
----------------------------------------------------------------------------
                                Three months ended         Six months ended 
                                          June 30,                 June 30, 
                           -----------------------  ------------------------
                                  2014        2013         2014        2013 
----------------------------------------------------------------------------
IFRS Net Loss               $     (101) $     (334)  $     (799) $   (2,306)
Finance income, net                (41)        (29)         (80)        (61)
Depreciation and                                                            
 amortization                      471         407          918         782 
Stock-based compensation           280         591        1,374       2,016 
Income tax expense                   1           -            4           3 
----------------------------------------------------------------------------
Adjusted EBITDA             $      610  $      635   $    1,417  $      434 
============================================================================
                                                                            
(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) 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 June 30, 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               
                                         -----------------------------------
                                           June 30, 2014   December 31, 2013
Assets                                                                      
  Current assets                                                            
  Cash and cash equivalents                       16,109              12,173
  Accounts receivable and other assets             4,301               4,153
  Prepaid expenses and other assets                  635                 791
                                         ===================================
                                                  21,045              17,117
                                                                            
                                                                            
  Long-term assets                                                          
  Security deposits                                   50                  33
  Property and equipment                             883                 675
  Intangible assets                                8,782               9,017
  Goodwill                                         6,771               6,771
                                         -----------------------------------
                                                  37,531              33,613
                                         ===================================
Liabilities                                                                 
  Current liabilities                                                       
    Accounts payable and accrued                                            
     liabilities                                   3,845               3,755
    Deferred revenue                               6,063               3,032
                                         -----------------------------------
                                                   9,908               6,787
  Long-term liabilities                                                     
    Finance lease obligations                          2                   5
    Customer deposits                                345                 345
                                         -----------------------------------
                                                  10,255               7,137
                                         -----------------------------------
                                                                            
Shareholders' equity                              27,276              26,476
                                         -----------------------------------
                                                  37,531              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   Six-month period ended  
                                 June 30                   June 30          
                        ========================= ==========================
                                2014         2013         2014         2013 
                                                                            
Revenue                        7,066        6,019       14,248       10,994 
                                                                            
Cost of sales                  1,229        1,107        2,559        2,104 
                        ----------------------------------------------------
                                                                            
                               5,837        4,912       11,689        8,890 
                        ----------------------------------------------------
                                                                            
Expenses                                                                    
  Sales and marketing          2,478        2,401        5,615        5,135 
  General and                                                               
   administration              1,703        1,794        3,649        3,989 
  Research and                                                              
   development                 1,526        1,026        3,311        2,013 
  Other operating                                                           
   (income)                      271           54          (11)         117 
                        ====================================================
                               5,978        5,275       12,564       11,254 
                        ----------------------------------------------------
                                                                            
Loss before finance                                                         
 income, net and income                                                     
 tax expense                    (141)        (363)        (875)      (2,364)
                                                                            
Finance income, net              (41)         (29)         (80)         (61)
Income tax expense                 1            -            4            3 
                        ----------------------------------------------------
                                                                            
Net loss and                                                                
 comprehensive loss for                                                     
 the period                     (101)        (334)        (799)      (2,306)
                                                                            
Basic and diluted loss                                                      
 and comprehensive loss                                                     
 per common share              (0.00)       (0.00)       (0.00)       (0.01)
                                                                            
Weighted average number                                                     
 of common shares                                                           
 outstanding                                                                
Basic and diluted        209,061,193  205,070,400  207,405,740  204,523,466 
                        ====================================================

Contacts:
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]
www.symbilitysolutions.com

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