Nov. 6, 2014 - TORONTO, ON - Smart Employee Benefits Inc. (“SEB”) (TSX VENTURE:SEB), is a technology company which uses a SaaS business model to provide “business processes software solutions and services” to corporate and government clients with specialty practices focused on “managing group benefit solutions and health claims processing environments”.
SEB is pleased to announce that it has closed for the remaining proceeds of $475,000 in a second tranche closing pursuant to the two equity financings for an aggregate total of $3,000,000, the first tranche of which was closed for proceeds of $2,525,000 and set out in a press release on October 29, 2014.
1) $2,000,000 Equity Units (the “Equity Units”) – The second and final tranche of this financing has been completed for proceeds of $475,000. The Equity Units were issued at $0.50 per unit and each Equity Unit consists of one SEB common share and one SEB common share purchase warrant exercisable for a period of 36 months at $0.60 per share for year one and year two and $0.75 per share for year three. The President/CEO of SEB, through a personal holding company, subscribed for $550,000 of the Equity Units in the first tranche and personally subscribed for $375,000 in the second tranche. An independent SEB Director also participated in the second tranche of this financing for $100,000. As previously announced, as part of the financing, SEB issued 200,000 finders warrants exercisable at $0.50 per share for a period of 24 months to BBS Securities Inc. All securities issued pursuant to this financing are subject to a four month hold period from the date of closing.
2) $1,000,000 Equity Units (the “Equity Units”) – As previously announced on October 29, 2014, this financing has been completed for proceeds of $1,000,000. The Equity Units were issued at $0.50 per unit and each Unit consists of one SEB common share and one SEB common share purchase warrant exercisable for a period of 36 months at $0.60 per share for year one and year two and $0.75 per share for year three. This financing had no finder. All securities issued pursuant to this financing are subject to a four month hold period from the date of closing.
The proceeds of these two financings are being used primarily for acquisitions and working capital.
ABOUT SEB: SEB’s core expertise is managing specialized Big Data environments, of which healthcare and benefits claims processing is a major focus. SEB uses a SaaS business model to provide software solutions and services specializing in managing group benefit solutions and healthcare claims processing environments for corporate and government clients. Health Claims Processing in Canada is a $60.0 plus billion industry, of which over $36.0 billion is employee group benefit plans and over $25.0 billion of other healthcare benefit claims (e. g. workers’ compensation claims, travel benefits, various federal and provincial government programs, dental associations, drug associations, etc.). In the employee group benefits industry, SEB operates as a Third Party Administrator and Insurance Brokerage utilizing its software platform to provide “totally hosted PCI compliant supply chain solutions” for managing the complete group benefits business processes between insurers, clients, brokers, consultants, technology service providers and healthcare service providers. In healthcare claims processing, SEB also operates as a systems integrator utilizing its technology platform together with other technologies and specialized practice expertise to provide customized, fully integrated solutions for unique claims environments (e.g. travel claims, student benefits, hospitals, unique government applications etc.). The technology and expertise deployed in this area also allows SEB to provide other related supply chain, systems integration and human resource solutions and services to the same clients. SEB has unique expertise in tying legacy systems data to new systems environments while providing real time integrated access to the legacy systems data.
This news release is intended for information purposes only. Statements made in this news release may contain “forward looking” information about the company’s future business prospects. These statements while expressed in good faith and believed to have a reasonable basis are subject to risk and uncertainties that could cause actual results to differ materially from those set forth or implied by such forward looking statements. Investors should consult a professional advisor before making any investment decision.
For further information about SEB, please visit www.seb-inc.com.
Neither the 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.