SEB Announces Postponement in Timing of Annual Meeting of Shareholders and Filing of Executive Compensation Disclosure and Q1...
May 28 2020 - 7:42PM
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 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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