June 2, 2014 – TORONTO, ON - Smart Employee Benefits Inc. (“SEB”) (TSX VENTURE:SEB) – SEB is pleased to announce it has raised $2,143,800 of new equity over the past 4 months from the conversion of a Convertible Note issued on acquisition and the exercise of warrants. Of this amount, $1,673,750 or 78% was from insiders, including SEB’s Chairman, President/CEO, Independent Directors, Executive Management and Employees. The details are as follows:
- Convertible Notes – $400,000 convertible @ $0.45 per SEB share
- Converted by an executive officer
- Warrants Exercised by SEB’s Chairman, President/CEO, Executive Officers & Employees
- @ $0.30 – 1,890,000 warrants for proceeds of $567,000
- @ $0.45 – 325,000 warrants for proceeds of $146,250
- @ $0.50 – 1,121,000 warrants for proceeds of $560,500
Proceeds from these warrants totaled $1,273,750
- Warrants Exercised by SEB’s Underwriter
- @ $0.30 – 450,000 warrants for proceeds of $135,000
- @ $0.45 – 21,222 warrants for proceeds of $9,550.
Proceeds from these warrants totaled $144,550.
- Warrants Exercised by Arms-Length Investors
- @ $0.30 – 1,085,000 warrants for proceeds of $325,500.
The cash proceeds from the exercise of warrants totaled $1,743,800. A Convertible Note of $400,000 issued to a majority shareholder from an acquisition was converted @ $0.45 per share.
ABOUT SEB: SEB is a technology company providing software, solutions and services specializing in managing group benefit solutions and healthcare claims processing environments for corporate and government clients. This is a $60.0 plus billion industry, of which over $37.0 billion relates to employee group benefit plans and over $25.0 billion relates to 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 licensed third party administrator (“TPA”) and insurance broker 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 to provide customized solutions for highly specialized environments (e.g.: travel claims, etc.). The technology and expertise deployed in this healthcare area also allows SEB to provide other related supply chain, systems integration and human resource solutions and services to the same clients.
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.