Press Releases


SEB closes new operating credit facility with Canadian Chartered Bank

May 13, 2013 – Toronto, ON

Smart Employee Benefits Inc. (“SEB”) (TSX VENTURE:SEB), announced today that its subsidiaries, SOMOS Consulting Group Ltd. (“SOMOS”) and Logitek Technology Ltd. (“Logitek”) entered into credit facility arrangements with a leading Canadian Chartered Bank, including a revolving credit facility of $1,000,000, plus additional ancillary related facilities (the “Facility”) of approximately $200,000. The Facility was provided to SOMOS and Logitek and was guaranteed by SEB and SOMOS Information Technology Services Ltd. (“SOMOS IT”).

The Facility involves the grant of a security interest in the collateral of Logitek, SOMOS and SOMOS IT at the date hereof and any collateral that such companies may acquire in the future, to secure the payment obligations owed to the Bank under the Facility.