Press Releases

All Posts Author: Communications
2023

Co-operators Financial Services Limited Completes Acquisition of Smart Employee Benefits Inc.

March 1, 2023 – Toronto, ON

Acquisition set to enhance Co-operators insurance capabilities to Group Benefits clients

Co-operators Financial Services Limited (“Co-operators”), a wholly owned subsidiary of The Co-operators Group Limited, and Smart Employee Benefits Inc. (TSXV: SEB) (OTCQB: SEBFF) (“SEB”) are pleased to announce that they have completed the previously announced plan of arrangement under the Business Corporations Act (Ontario) (the “Transaction”). 

2023

SEB Administrative Services Inc. to Launch Data Lab

February 22, 2023 – Mississauga, ON

SEB Administrative Services Inc. (“SEB Admin”), a subsidiary of Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) (OTCQB: SEBFF), an Insurtech provider of cloud based, end-to-end IT and Benefit Processing solutions for the life and group benefits marketplace and government, is pleased to announce that it is set to launch its new Data Lab, an innovation centre for data, to harness opportunities within the field of data science.  Initially, the Data Lab will be focused internally, to accelerate data experimentation and educate employees on the field of data science, the limitless possibilities of data applications and to stretch the application of data. 

2023

Smart Employee Benefits Inc. Shareholders Approve Plan of Arrangement

February 21, 2023 – Mississauga, ON

Smart Employee Benefits Inc. (TSXV: SEB) (OTCQB: SEBFF) (“SEB” or the “Company”) is pleased to announce that shareholders of the Company (“Shareholders”) approved the previously announced plan of arrangement (the “Transaction”) with Co-operators Financial Services Limited (the “Parent”) and its wholly-owned subsidiary 1000391399 Ontario Inc. (together with the Parent, “Co-operators”), at a special meeting of Shareholders held today for that purpose. 

2023

SEB Administrative Services & VUMI® Canada partner to make International Medical Insurance accessible to Canadians

February 21, 2023 – Mississauga, ON

SEB Administrative Services Inc. (“SEB Admin”), a subsidiary of Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) (OTCQB: SEBFF), an Insurtech provider of cloud based, end-to-end IT and Benefit Processing solutions for the life and group benefits marketplace and government, is pleased to announce that it has signed an agreement with VUMI® Canada Inc., a privately-owned Canadian company that is part of VUMI® Group, an international healthcare management group that delivers the best health care worldwide through an unparalleled VIP service experience.

2023

Smart Employee Benefits Inc. reminds shareholders to vote on plan of arrangement

February 8, 2023 – Mississauga, ON

Smart Employee Benefits Inc. (TSXV: SEB) (OTCQB: SEBFF) (“SEB” or the “Company”) would like to remind the Company’s shareholders (the “Shareholders”) to vote at the previously announced special meeting of Shareholders (the “Meeting”) that will be held on February 21, 2023 in connection with the proposed plan of arrangement transaction pursuant to which Co-operators Financial Services Limited (“Co-operators”) will, indirectly through its wholly-owned subsidiary 1000391399 Ontario Inc., acquire all of the issued and outstanding common shares of SEB (the “SEB Shares”) for $0.30 in cash per SEB Share by way of a statutory plan of arrangement (the “Plan of Arrangement”) under the Business Corporations Act (Ontario) (the “Transaction”). 

2023

Co-operators Financial Services Limited to Acquire Smart Employee Benefits Inc.

January 3, 2023 – Toronto, ON

Co-operators Financial Services Limited (“Co-operators”), a wholly owned subsidiary of The Co-operators Group Limited, and Smart Employee Benefits Inc. (TSXV: SEB) (OTCQB: SEBFF) (“SEB”) announced today that they have entered into an arrangement agreement (the “Arrangement Agreement”) dated January 3, 2023 pursuant to which Co-operators will, indirectly through its wholly-owned subsidiary, acquire all of the issued and outstanding common shares of SEB (“SEB Shares”) by way of a statutory plan of arrangement (“Plan of Arrangement”) under the Business Corporations Act (Ontario) (the “Transaction”).

2022

SEB & Everyday People Financial Form Joint Venture to Launch Health Spending Account Mastercard® Program Across North America

November 1, 2022 – Mississauga, ON

SEB Administrative Services Inc. (“SEB Admin”), a subsidiary of Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) (OTCQB: SEBFF), an Insurtech provider of cloud based, end-to-end IT and Benefit Processing solutions for the life and group benefits marketplace and government, is pleased to announce, further to the letter of intent entered into April 22, 2022, pursuant to a definitive agreement dated October 27, 2022, that it has formed a Joint Venture with Everyday People Financial Inc. (“EP” or “Everyday People”), a financial technology and consumer financing company, a “Healthcare Spending Account Mastercard® Program”, offering a challenger product to traditional employer health spending accounts.

2022

Smart Employee Benefits Reports Q3/2022 Results

October 31, 2022 – Mississauga, ON

10 Consecutive Quarters of Positive Adjusted EBITDA; 

·      Q3/2022 revenue at $16.0 million increased by 3.3% versus Q3/2021 and 6.1% YTD

·      Posted 10th consecutive quarter of positive adjusted EBITDA

·      Trailing Twelve Months (“TTM”) revenue increased by $4.7 million (7.9%)

·      TTM gross profit remains flat

2022

Smart Employee Benefits Inc. Provides Clarifying Disclosure with respect to its Credit Facility and Limited Guarantee

September 6, 2022 – Mississauga, ON

Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) (OTCQB: SEBFF) a leader in benefits processing solutions and services announced on June 24, 2022 via press release (the “Initial Press Release”) that it had entered into a third amending agreement to its secured revolving credit facility agreement (the “Credit Agreement”) with its international asset-focused lender (the “Lender”) to, among other things, extend availability to $15,000,000 under the existing Credit Agreement.