SEB Announces Postponement in Timing of Annual Meeting of Shareholders and Filing of Executive Compensation Disclosure and Q1 Financial Statements
MISSISSAUGA, Ontario, May 28, 2020 (GLOBE NEWSWIRE) — Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) announces that the challenges posed by COVID-19 have resulted in a continuing delay in the finalization and filing of the Company’s interim financial statements for the quarter ended February 29, 2020 and the related management’s discussion and analysis (collectively the “First Quarter Filings”), as required by Part 4 and Part 5 of National Instrument 51-102: Continuous Disclosure Obligations.
This news release is being issued in accordance with the blanket relief of a 45-day extension, provided by Canadian Securities Administrators and Ontario Instrument 51-502: Temporary Exemption from Certain Corporate Finance Requirements, for periodic filings normally required to be made by issuers during the period from March 23, 2020 to June 1, 2020.The Company’s board of directors and its management confirm that they are continuing to work expeditiously to meet the Company’s obligations relating to the filing of the First Quarter Filings. At this time, the Company anticipates being able to complete the First Quarter Filings by June 15, 2020.There have not been any material business developments since the date of the last news release dated April 28, 2020 that was filed regarding the financial reports of the Company, other than as set out below.The Company has completed and filed its audited annual financial statements and related management’s discussion and analysis for the year ended November 30, 2019.In addition, after careful consideration and in accordance with applicable corporate and securities laws and stock exchange rules, the Company has determined to reschedule its 2020 annual meeting of shareholders to be held after May 31, 2020 on a date to be determined. The Company will therefore rely on the blanket relief granted by the Canadian Securities Administrators and Ontario Instrument 51-504: Temporary Exemption from Certain Requirements to File or Send Securityholder Materials. This allows the Company to include its executive compensation disclosure required under Part 9 of National Instrument 51-102: Continuous Disclosure Obligations in its management information circular for the aforementioned meeting of shareholders as it normally would have done in previous years.ABOUT SEB
SEB is a technology company providing Business Process Automation and Outsourcing software, solutions and services to a national and global client base. SEB has a specialty growth focus in cloud enabled SaaS processing solutions for managing employer and government sponsored health benefit plans on a BPO (Business Processing Outsourcing) business model, globally. SEB currently serves corporate and government clients across Canada and internationally. Over 80% of SEB’s revenues derive from government, insurance and health care organizations. SEB’s technology infrastructure of over 650 multi-certified technical professionals, across Canada and globally, is a critical competitive advantage in supporting the implementation and management of SEB’s benefits processing solutions into client environments. SEB’s Benefits Processing Solutions can be game changing for SEB clients.The core expertise of SEB is automating and managing business processes utilizing SEB proprietary software solutions combined with solutions of third parties through joint ventures and partnerships. SEB’s client acquisition model in benefits processing is “Channel Partnerships” where SEB processing solutions both improve cost structures and enable new revenue models for Channel Partners and clients. All SEB solutions are cloud enabled and can be delivered on a SaaS platform. SEB solutions turn cost centers to profit centers for our Channel Partners.For further information about SEB, please visit www.seb-inc.com.Neither TSX Venture Exchange Inc. 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.Forward Looking Information
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, including statements regarding the Company’s areas of focus, other than statements of historical facts, which address the Company’s expectations, should be considered as forward-looking statements and therefore subject to various risks and uncertainties. The words “may”, “will”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “plan”, “anticipate”, “estimate”, “expect”, “intend”, “forecast”, “objective”, “hope”, “target” and “continue” (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.Such forward-looking statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company’s control, actual results may differ materially from the expectations expressed in the forward-looking statements. Investors are cautioned not to put undue reliance on forward-looking statements. The Company undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, other than as required by applicable law.For further information about SEB, please visit www.seb-inc.com.MEDIA AND INVESTOR CONTACTS:
Office (888) 939-8885 x 2354
Cell (416) 460-2817