Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB)
today reports its financial results for the first quarter of 2020.
States John McKimm, President/CEO/CIO of
Smart Employee Benefits Inc.:“Adjusted EBITDA and EBITDA
improved significantly for the first quarter, 2020 over the
comparable period the previous year. The gross margin
percentage quarter over quarter declined 1.2%. Operating costs
reduction initiatives led to the year over year improvement of over
$1.089M in cost structure, which is expected to be over $4.0M
annually.
EBITDA improved by $0.937M in the first quarter
to a negative $0.072M from a negative $1.009M. Adjusted
EBITDA for the year improved by $0.870M to a negative $0.056M from
a negative $0.926M. The improvement is the result of cost reduction
initiatives across the company.
SEB has made significant investments in both the
Technology and Benefits Divisions since the Company’s
inception. Building the infrastructure, while a time
consuming and costly process, has created significant contract
backlog with blue chip and government clientele and strong
strategic partnerships in both divisions. As a result, the
Technology Division (“TD”) currently experienced a positive $0.524M
of EBITDA in the quarter versus $0.492M the previous year. The
Benefits Division (“BD”) experienced a positive $0.03M versus a
negative $1.032M the previous year.
From January 2020 to April 2020, the company has
won over $20.0M of net new contracts. This represents a win
rate of approximately 50% of opportunities bid, well above industry
averages and the company’s previous track record. Submitted
proposals and bids outstanding for net new business total
approximately $74.0M with decisions pending in the near future.
Additionally, the Company has signed agreements per its
“Channel Partner White Label TPA” initiatives, to add approximately
150,000 new plan members to its benefits processing business.
The Benefits Division has under contract over 96% of its 2020
budget and is expected to be cash flow positive in 2020. The
signed new business to date, in 2020, is materially ahead of our
business development budget. The Technology Division has
historically been cash flow positive and net new business wins
remain strong. Signed contracts (backlog, evergreen, option years),
based on a 5-year time frame are valued at over $400M.
COVID-19 has led to demand for our BD solutions,
including our “online medical care partnerships”. In our TD,
a portion of our revenues are at risk near term, primarily those
related to the project driven portion of the business and the delay
of government renewals of existing contracts and the onboarding of
new contracts. Budget allocations have not changed, but the
expenditures have been delayed. The remaining business is
largely multi-year managed services driven contracts for mission
critical infrastructure and systems. On a consolidated level
the company applied for COVID-19 government relief which offset the
profitability loss from the decline in revenue in the TD. The
remaining business has experienced stable and growing revenue and
is not eligible.
The sales pipeline is the strongest it has ever
been. At a 50% win rate in the past four months this win rate
is well above our historical 30% to 35%. The cost savings
initiatives taken over the past several years should be fully
experienced in 2020. We are anticipating improved
consolidated financial performance in 2020 fiscal year vs. 2019,
particularly in the BD.”
Quarterly Statements of Comprehensive Income
(Loss)
|
Dec 1, 2019 to Feb 29, 2020 |
Sep 1, 2019 to Nov 30, 2019 |
June 1, 2019 to Aug 31, 2019 |
Mar 1, 2019 to May 31, 2019 |
Dec 1, 2018 to Feb 28, 2019 |
Sep 1, 2018 to Nov 30, 2018 (Note 1) |
June 1, 2018 to Aug 31, 2018 (Note 1) |
Mar 1, 2018 to May 31, 2018 (Note 1) |
Revenue |
$ |
16,520,977 |
|
$ |
17,326,306 |
|
$ |
16,974,918 |
|
$ |
17,675,478 |
|
$ |
16,506,330 |
|
$ |
18,559,118 |
|
$ |
17,990,986 |
|
$ |
20,019,485 |
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
11,198,629 |
|
|
11,689,312 |
|
|
11,403,091 |
|
|
12,224,037 |
|
|
10,989,649 |
|
|
12,803,253 |
|
|
12,272,162 |
|
|
14,061,863 |
|
Gross
Margin |
|
5,322,348 |
|
|
5,636,994 |
|
|
5,571,827 |
|
|
5,451,441 |
|
|
5,516,681 |
|
|
5,755,865 |
|
|
5,718,823 |
|
|
5,957,622 |
|
Gross Margin as a % of
Revenue |
|
32.2% |
|
|
32.5% |
|
|
32.8% |
|
|
30.8% |
|
|
33.4% |
|
|
31.0% |
|
|
31.8% |
|
|
29.8% |
|
|
|
|
|
|
|
|
|
|
Salaries and other
compensation costs |
|
3,805,798 |
|
|
3,520,013 |
|
|
4,008,953 |
|
|
4,427,102 |
|
|
4,486,090 |
|
|
4,886,028 |
|
|
4,363,734 |
|
|
3,868,546 |
|
Professional fees |
|
169,443 |
|
|
303,312 |
|
|
111,674 |
|
|
315,072 |
|
|
137,112 |
|
|
580,742 |
|
|
60,214 |
|
|
553,123 |
|
Office
and general |
|
1,403,431 |
|
|
1,946,928 |
|
|
1,275,940 |
|
|
1,235,608 |
|
|
1,819,528 |
|
|
1,723,510 |
|
|
1,159,385 |
|
|
1,269,466 |
|
Adjusted
EBITDA |
|
(56,324 |
) |
|
(133,259 |
) |
|
175,261 |
|
|
(526,341 |
) |
|
(926,049 |
) |
|
(1,434,415 |
) |
|
135,490 |
|
|
266,487 |
|
|
|
|
|
|
|
|
|
|
Investment income |
|
- |
|
|
(181,424 |
) |
|
(34,077 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Gain on sale of assets |
|
- |
|
|
(153,461 |
) |
|
(1,894,514 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Write down of assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
6,671,890 |
|
|
- |
|
|
- |
|
Transition and decommissioning
costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
161,750 |
|
Change in fair value of
contingent consideration |
|
- |
|
|
(36,094 |
) |
|
- |
|
|
- |
|
|
- |
|
|
(480,374 |
) |
|
- |
|
|
- |
|
Share- based compensation |
|
15,576 |
|
|
11,903 |
|
|
35,675 |
|
|
63,151 |
|
|
76,158 |
|
|
(171,152 |
) |
|
216,998 |
|
|
425,270 |
|
Transaction costs |
|
- |
|
|
(117,856 |
) |
|
136,021 |
|
|
50,000 |
|
|
6,437 |
|
|
- |
|
|
- |
|
|
- |
|
EBITDA |
|
(71,900 |
) |
|
343,673 |
|
|
1,932,158 |
|
|
(639,493 |
) |
|
(1,008,644 |
) |
|
(7,454,779 |
) |
|
(81,508 |
) |
|
(320,533 |
) |
|
|
|
|
|
|
|
|
|
Interest and financing
costs |
|
725,580 |
|
|
783,599 |
|
|
994,527 |
|
|
608,487 |
|
|
531,528 |
|
|
(400,582 |
) |
|
618,939 |
|
|
878,706 |
|
Income tax expense
(recovery) |
|
(3,928 |
) |
|
(141,521 |
) |
|
(451,128 |
) |
|
(556 |
) |
|
556 |
|
|
(1,267,024 |
) |
|
(42,983 |
) |
|
22,706 |
|
Depreciation and
amortization |
|
633,171 |
|
|
744,460 |
|
|
623,321 |
|
|
1,120,003 |
|
|
655,231 |
|
|
768,493 |
|
|
777,520 |
|
|
757,185 |
|
Deprecation charge |
|
161,077 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net income (loss) from
continuing operations |
|
(1,587,800 |
) |
|
(1,042,865 |
) |
|
765,438 |
|
|
(2,367,426 |
) |
|
(2,195,959 |
) |
|
(6,555,666 |
) |
|
(1,434,984 |
) |
|
(1,979,130 |
) |
|
|
|
|
|
|
|
|
|
Income
(Loss) from assets held for sale, net of tax |
|
- |
|
|
- |
|
|
(93,799 |
) |
|
35,890 |
|
|
(312,776 |
) |
|
(1,432,309 |
) |
|
128,204 |
|
|
(312,934 |
) |
Net comprehensive income (loss) |
$ |
(1,587,800 |
) |
$ |
(1,042,865 |
) |
$ |
671,639 |
|
$ |
(2,331,536 |
) |
$ |
(2,508,735 |
) |
$ |
(7,987,974 |
) |
$ |
(1,306,780 |
) |
$ |
(2,292,064 |
) |
|
|
|
|
|
|
|
|
|
Attributed to non-controlling
interest |
|
(241,535 |
) |
|
(50,105 |
) |
|
(50,776 |
) |
|
(184,035 |
) |
|
155,922 |
|
|
(136,312 |
) |
|
167,478 |
|
|
(8,158 |
) |
Attributed to common shareholders |
|
(1,346,265 |
) |
|
(992,760 |
) |
|
722,415 |
|
|
(2,147,501 |
) |
|
(2,664,657 |
) |
|
(7,851,662 |
) |
|
(1,474,258 |
) |
|
(2,283,910 |
) |
Total |
$ |
(1,587,800 |
) |
$ |
(1,042,865 |
) |
$ |
671,639 |
|
$ |
(2,331,536 |
) |
$ |
(2,508,735 |
) |
$ |
(7,987,974 |
) |
$ |
(1,306,780 |
) |
$ |
(2,292,068 |
) |
|
|
|
|
|
|
|
|
|
Note 1 - Historic
quarters have been restated to reflect the operations of Paradigm
Consulting Group as income from discontinued operations |
|
|
|
Segmented Results for the fiscal years
ended February 29, 2020 and 2019…
Smart Employee Benefits Inc. |
|
|
|
Segmented Income Statement Detail for the quarter ended
February 29, 2020 (in C$) |
Technology |
Benefits |
Corporate |
Inter-company Sales/COS |
Total Continuing Operations |
Discontinued operations |
Total Company |
Revenue |
$ |
13,603,083 |
$ |
3,338,835 |
|
$ |
- |
|
$ |
(420,942 |
) |
$ |
16,520,977 |
|
$ |
- |
$ |
16,520,977 |
|
Cost of
revenues |
|
|
|
|
|
|
|
Cost of revenues |
|
11,495,798 |
|
123,773 |
|
|
- |
|
|
(420,942 |
) |
|
11,198,629 |
|
|
- |
|
11,198,629 |
|
Gross
margin |
|
2,107,285 |
|
3,215,063 |
|
|
- |
|
|
- |
|
|
5,322,348 |
|
|
- |
|
5,322,348 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Salaries and other
compensation costs |
|
1,138,985 |
|
2,410,565 |
|
|
256,248 |
|
|
- |
|
|
3,805,798 |
|
|
- |
|
3,805,798 |
|
Office and general |
|
433,310 |
|
769,448 |
|
|
200,674 |
|
|
- |
|
|
1,403,431 |
|
|
- |
|
1,403,431 |
|
Professional fees |
|
10,719 |
|
5,031 |
|
|
153,692 |
|
|
- |
|
|
169,443 |
|
|
- |
|
169,443 |
|
|
|
1,583,014 |
|
3,185,044 |
|
|
610,614 |
|
|
- |
|
|
5,378,672 |
|
|
|
5,378,672 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
524,271 |
|
30,019 |
|
|
(610,614 |
) |
|
- |
|
|
(56,324 |
) |
|
- |
|
(56,324 |
) |
Share-based compensation |
|
- |
|
- |
|
|
15,576 |
|
|
- |
|
|
15,576 |
|
|
- |
|
15,576 |
|
EBITDA |
|
524,271 |
|
30,019 |
|
|
(626,190 |
) |
|
- |
|
|
(71,900 |
) |
|
- |
|
(71,900 |
) |
|
|
|
|
|
|
|
|
Amortization of intangible
assets |
|
3,035 |
|
76,520 |
|
|
500,564 |
|
|
- |
|
|
580,119 |
|
|
- |
|
580,119 |
|
Depreciation |
|
27,546 |
|
24,679 |
|
|
827 |
|
|
- |
|
|
53,052 |
|
|
- |
|
53,052 |
|
Depreciation of right-of-use
assets |
|
58,512 |
|
- |
|
|
102,565 |
|
|
- |
|
|
161,077 |
|
|
|
161,077 |
|
Interest and financing
costs |
|
263,397 |
|
73,340 |
|
|
388,842 |
|
|
- |
|
|
725,580 |
|
|
- |
|
725,580 |
|
Income tax expense |
|
8,512 |
|
- |
|
|
(12,440 |
) |
|
- |
|
|
(3,928 |
) |
|
- |
|
(3,928 |
) |
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
163,268 |
$ |
(144,520 |
) |
$ |
(1,606,548 |
) |
$ |
- |
|
$ |
(1,587,800 |
) |
$ |
- |
$ |
(1,587,800 |
) |
…Segmented Results for the fiscal years
ended February 29, 2020 and 2019
Smart Employee Benefits Inc. |
|
|
|
Segmented Income Statement Detail for the quarter ended
February 28, 2019 (in C$) |
Technology |
Benefits |
Corporate |
Inter-company Sales/COS |
Total Continuing Operations |
Discontinued operations |
Total Company |
Revenue |
$ |
14,067,434 |
$ |
3,005,821 |
|
$ |
- |
|
$ |
(566,925 |
) |
$ |
16,506,330 |
|
$ |
5,604,238 |
|
$ |
22,110,568 |
|
Cost of
revenues |
|
|
|
|
|
|
|
Cost of revenues |
|
11,309,164 |
|
152,522 |
|
|
- |
|
|
(472,038 |
) |
|
10,989,649 |
|
|
4,497,148 |
|
|
15,486,797 |
|
Gross
margin |
|
2,758,269 |
|
2,853,299 |
|
|
- |
|
|
(94,887 |
) |
|
5,516,681 |
|
|
1,107,090 |
|
|
6,623,771 |
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Salaries and other
compensation costs |
|
1,384,146 |
|
2,882,842 |
|
|
313,989 |
|
|
(94,887 |
) |
|
4,486,090 |
|
|
512,459 |
|
|
4,998,549 |
|
Office and general |
|
813,049 |
|
987,523 |
|
|
18,957 |
|
|
- |
|
|
1,819,528 |
|
|
450,833 |
|
|
2,270,361 |
|
Professional fees |
|
69,402 |
|
15,933 |
|
|
51,777 |
|
|
- |
|
|
137,112 |
|
|
53,850 |
|
|
190,962 |
|
|
|
2,266,596 |
|
3,886,298 |
|
|
384,723 |
|
|
(94,887 |
) |
|
6,442,730 |
|
|
1,017,143 |
|
|
7,459,873 |
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
491,673 |
|
(1,032,999 |
) |
|
(384,723 |
) |
|
- |
|
|
(926,049 |
) |
|
89,947 |
|
|
(836,102 |
) |
Transaction costs |
|
- |
|
- |
|
|
6,437 |
|
|
- |
|
|
6,437 |
|
|
91,641 |
|
|
98,078 |
|
Share-based compensation |
|
- |
|
- |
|
|
76,158 |
|
|
- |
|
|
76,158 |
|
|
- |
|
|
76,158 |
|
EBITDA |
|
491,673 |
|
(1,032,999 |
) |
|
(467,319 |
) |
|
- |
|
|
(1,008,645 |
) |
|
(1,694 |
) |
|
(1,010,338 |
) |
Amortization of intangible
assets |
|
52,497 |
|
64,463 |
|
|
480,611 |
|
|
- |
|
|
597,572 |
|
|
- |
|
|
597,572 |
|
Depreciation |
|
30,258 |
|
26,575 |
|
|
827 |
|
|
- |
|
|
57,659 |
|
|
- |
|
|
57,659 |
|
Interest and financing
costs |
|
328,365 |
|
9,625 |
|
|
193,539 |
|
|
- |
|
|
531,528 |
|
|
251,082 |
|
|
782,611 |
|
Income tax expense |
|
556 |
|
- |
|
|
- |
|
|
- |
|
|
556 |
|
|
60,000 |
|
|
60,556 |
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
79,997 |
$ |
(1,133,662 |
) |
$ |
(1,142,295 |
) |
$ |
- |
|
$ |
(2,195,959 |
) |
$ |
(312,776 |
) |
$ |
(2,508,735 |
) |
Comparative Consolidated Results for
First Quarter 2020 and 2019
|
|
|
|
|
|
|
|
For the Quarter Ended |
|
|
|
Feb 29, 2020 |
|
Feb 28, 2019 |
|
Revenue |
|
|
$ |
16,520,977 |
|
$ |
16,506,330 |
|
Cost of
revenues |
|
|
|
11,198,629 |
|
|
10,989,649 |
|
Gross Margin |
|
|
|
5,322,348 |
|
|
5,516,681 |
|
Gross Margin as a % of
Revenue |
|
|
|
32.2% |
|
|
33.4% |
|
|
|
|
|
|
Operating costs |
|
|
|
5,209,229 |
|
|
6,305,618 |
|
Professional fees |
|
|
|
169,443 |
|
|
137,112 |
|
Adjusted
EBITDA |
|
|
|
(56,324 |
) |
|
(926,049 |
) |
Share based compensation |
|
|
|
15,576 |
|
|
76,158 |
|
Transaction costs |
|
|
|
- |
|
|
6,437 |
|
EBITDA |
|
|
$ |
(71,900 |
) |
$ |
(1,008,644 |
) |
|
|
|
|
|
Net loss from continuing operations (Note
1) |
|
|
$ |
(1,587,800 |
) |
$ |
(2,195,959 |
) |
|
|
|
|
|
Note 1 - During Fiscal 2018, an
LOI was signed with Golden Opportunities Fund to sell Paradigm,
leading to a change in financial presentation. In compliance
with IFRS, the results of Paradigm and its associated
assets/liabilities have been disclosed as assets held for sale in
the financial statements. During Fiscal 2019, the transaction
was completed. |
Reconciliation of Consolidated Net
income (loss) to EBITDA
|
For the Quarter Ended |
|
Feb 29, 2020 |
|
Feb 28, 2019 |
|
Net loss from continuing operations |
$ |
(1,587,800 |
) |
$ |
(2,195,959 |
) |
Interest and financing
costs |
|
725,580 |
|
|
531,528 |
|
Income tax
expense(recovery) |
|
(3,928 |
) |
|
556 |
|
Depreciation and
amortization |
|
633,171 |
|
|
655,231 |
|
Deprecation charge |
|
161,077 |
|
|
- |
|
EBITDA |
|
(71,900 |
) |
|
(1,008,644 |
) |
Share- based compensation |
|
15,575 |
|
|
76,158 |
|
Transaction costs |
|
- |
|
|
6,437 |
|
Adjusted EBITDA |
$ |
(56,325 |
) |
$ |
(926,049 |
) |
RevenueDuring the first
quarter, 2020 consolidated revenues from continuing operations was
a $16.521M compared to $16.506M in the prior year. In the TD,
revenues decreased by $0.464M, while the BD’s revenues increased by
$0.333M. The differential is due to intercompany revenue
elimination difference of $0.146M resulting from
consolidation. Most of the revenue reduction in the TD is due
to non-recurring project revenue. This project revenue has
transitioned to managed services revenue, smaller in amounts, but
higher in profit margin. The Company is focused on the higher
margin business within the Benefits Division.
Gross Margins and Gross Margin %The Company
generated $5.322M in gross margin during the first quarter February
29, 2020 vs. $5.517M the previous year. Gross Margin % (“GM %”) for
continuing operations was 32.2% in 2020 compared to 33.4% in 2019.
TD gross margins were 15.5% vs. 19.6% the previous year, largely
due to one-time revenue. BD gross margins improved by $0.362M and
1.4% of sales.
Operational Costs:
- Salaries and Other Compensation - salaries
decreased by $0.680M during the quarter over the comparable period
the prior year. The reduction is a result of the cost
reduction initiatives. The cost reduction was across the
company. Additional savings are targeted for 2020, as the
full impact of 2019 cost saving initiatives flow through for the
complete 2020 year.
- Office and General Costs – Normalized office
and general costs decreased by $0.416M quarter over quarter. This
cost reduction was across all divisions and expected to prevail
throughout 2020.
- Professional Fees - Professional fees
increased by $0.032M, quarter over quarter. Professional fees
vary with the amount of financing or acquisition/disposition
activity during the period. Given the major transactions in
process, these fees will increase in 2020 as transactions
close.
Non-Cash Expenses:Non-Cash
expenses include amortization, depreciation and share-based
(options) compensation increased $0.078M over the quarter ended
February 29, 2020 compared to the previous year. The largest
component is amortization of intangible assets (mostly related to
acquisition). These costs are expected to be largely amortized by
the end of Fiscal 2020.
Interest and Financing Costs and
Interest Accretion:Interest and financing costs increased
approximately $0.194M during the first quarter compared to prior
year with approximately $0.726M being expensed in the first
quarter. The increase is due largely to refinancing costs
during the year and is expected to decline as short-term financing
is converted to longer term financing in the third quarter.
KEY DEVELOPMENTS DURING AND SUBSEQUENT
TO THE YEAR
Update on Scotia Capital Strategic
Review Process Scotia Capital Inc. was engaged in March
2019 to assist the Company in identifying and negotiating a
transaction with a strategic investment partner. The SEB
Board and Management believes this process will provide the optimal
immediate value for shareholders, be operationally strategic to
SEB, and provide the working capital to expedite the many growth
opportunities. The Company is currently in the final stages
of the refinancing process with negotiations at advanced levels on
5-year convertible notes of $20M and operating credit facilities in
the $10.0M range.
Business Development to
DateRelationships have been consolidated and grown with
multiple new consulting partners. The Company’s Channel
Partner strategy has gained strong traction with more than a dozen
active negotiations with Channel Partner opportunities including
brokerage organizations, MGAs, TPAs, insurers, unions, and
corporate entities. Several LOIs and LOAs have been executed
with revenue growth expected in 2020 and beyond from the Channel
Partner business initiatives. Channel Partner “white label
TPA” agreements have been recently signed with organizations
representing approximately 150,000 plan members. The Company has
gained significant traction with its online medical care
partnership with EQ Care, recently adding clients representing over
100,000 plan members. In addition, the company is launching
“FlexPlus – Worksafe”, a fully integrated module for collecting,
aggregating, and analyzing and managing workforce data to manage
the complexities of returning workforce to the workplace.
The Company’s RFP sales pipeline is the largest
it has ever been, in both corporate and government
opportunities.
In the TD the Company won or renewed in 2019
over $90.0M of new multi-year contracts and added over $20.0M of
contracts value in the first quarter 2020. Total contract
value for both TD and BD including backlog, option years and
evergreen remains strong.
Cost Reduction and Integration
In the first quarter, the Company reduced its cost structure by
over $1.089M, with the full annualized amount expected to be
reflected in Fiscal 2020 and beyond. Technology
infrastructure represents more than half of the savings. This
amount brings total cost reductions to in excess of $4.0M per annum
since Fiscal 2017, over 60% attributed to technology
infrastructure. The Company is targeting additional cost
realignment and reduction in Fiscal 2020 as new technology systems
improve efficiencies.
States John McKimm, President/CEO/CIO of
Smart Employee Benefits Inc.:“SEB has been in an
investment mode since its inception in both the TD and more
significantly in the BD. The TD, historically, has strong
profitability. The BD has required significant investment,
the majority of which has been expensed. This has penalized
cash flow, net earnings, and EBITDA. Going forward, the
capital expenditures are minimal, the cost structure from
acquisitions and integrations has been largely realigned and both
the TD and BD are anticipated to show strong growth and positive
cash flow in 2020. The contract values including backlog,
option years and evergreen remain strong, with the Company
continually renewing or winning sufficient new business to replace
annual revenues. The Company has established strong traction
in multiple new business initiatives and is well positioned to win
new business going forward. The RFP win rates in the first
quarter have been over 50% of submitted bids and proposals, well
above the industry average and the company’s past experience in the
30%-35% range.”
CONFERENCE CALL DETAILS
Date/Time: Wednesday June 17, at 11:00 AM ET.
Canada & USA Toll Free Dial In:
1-800-319-4610Toronto Toll Dial In:
1-416-915-3239Callers should dial in 5-10 minutes prior to the
scheduled start time and simply ask to join the
call. Webcast Link access at
http://services.choruscall.ca/links/sebIR20200617.htmlConference
Call Replay Numbers:
Canada & USA Toll Free: |
1-855-669-9658 |
Code: |
4749 followed by the # sign |
Replay Duration: Available for one week until
end of day Wednesday June 24, 2020.
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.
The forward-looking information
contained in this release represents the Company’s current
expectations and, accordingly, is subject to change. However,
the Company expressly disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
All figures are in Canadian dollars unless
otherwise stated.
Media and Investor ContactJohn
McKimmPresident/CEO/CIOOffice (888) 939-8885 x 2354Cell (416)
460-2817john.mckimm@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 Inc.) accepts responsibility
for the adequacy or accuracy of this release.
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