SEB ANNOUNCES POSTPONEMENT IN FILING OF FINANCIAL STATEMENTS
March 27 2020 - 5:46PM
Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB)
announces that it will not be in a position to file its audited
annual financial statements for the fiscal year ended November 30,
2019 and the related management’s discussion and analysis, as
required by Part 4 and Part 5 of National Instrument 51-102:
Continuous Disclosure Obligations (collectively, the “Annual
Filings”) by the filing deadline of March 30, 2020.
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.
In response to recent proclamations from
Canadian health authorities and the challenges resulting from the
COVID-19 pandemic, the Company has taken the necessary precautions
to protect the health and safety of its employees and the public.
Accordingly, a significant portion of the Company’s staff as well
as its auditor’s staff have been working from home, and travel for
in-person meetings has been curtailed. While working remotely, the
coordination of tasks and work product has been more difficult, the
completion of audit procedures due to limited access to paper-based
supporting evidence has been delayed, and the entire audit process
has been slowed. Furthermore, since the Company’s various
suppliers and clients have also been working remotely, their
responses to standard audit inquiries have slowed, including
responses from significant Company clients.
The challenges posed by COVID-19 have resulted
in a delay in the finalization and filing of the Annual
Filings. However, the Company’s board of directors and its
management confirm that they are working expeditiously to meet the
Company’s obligations relating to the filing of the Annual
Filings. At this time, the Company anticipates being able to
complete the Annual Filings by April 29, 2020.
There have not been any material business
developments since the date of the last interim financial reports
of the Company that were filed.
The Company confirms that its management and
other insiders are subject to an insider trading black-out policy
that reflects the principles in section 9 of National Policy
11-207: Failure-to-File Cease Trade Orders and Revocations in
Multiple Jurisdictions, such that they are in a black-out period
until the end of the second trading day after the Annual Filings
have been disclosed by way of a news release.
ABOUT SEBSEB 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:John McKimmPresident/CEO/CIOOffice (888) 939-8885
x 2354Cell (416) 460-2817john.mckimm@seb-inc.com
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