Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) announces that the proposed amendments to the Company’s Omnibus Long-Term Incentive Plan (the “Plan”) were approved by shareholders at the annual meeting of shareholders held on May 27, 2021, and which amendments were set out in the Company’s management information circular for the meeting.  Certain additional housekeeping and clerical amendments are currently being incorporated into the Plan, subject to approval from TSX Venture Exchange (the “Exchange”).  Upon receipt of Exchange approval, a copy of the further amended Plan will be available on SEDAR under the Company’s profile at www.sedar.com.

Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) today reports its financial results for the second quarter ending May 31, 2021.

States John McKimm, President/CEO/CIO of Smart Employee Benefits Inc.:

“The second quarter, 2021 is the fifth consecutive quarter of positive EBITDA and Adjusted EBITDA. The trailing twelve months EBITDA was a positive $1.662M and adjusted EBITDA was $3.047M for the same period. Continued positive growth is targeted for the remainder of fiscal 2021 and beyond. Adjusted EBITDA and EBITDA improved significantly for the second quarter 2021 over the comparable period the previous year. Adjusted EBITDA for Q2/21 was $1.015M vs. $0.520M in Q2/20. EBITDA was $0.708M vs. $0.511M for the same periods. Consolidated gross margin percentage improved by 4.2% compared to the second quarter 2020 and 5.2% over the same 6-month period in fiscal 2020. Operating costs were up marginally for the quarter, but down $0.504M for the first half, year over year. 

SEB Administrative Services Inc. (“SEB Admin”) has fully implemented and gone live with the life insurance administration for the Royal Canadian Mounted Police (“RCMP”) Group Life Insurance and Disability Income Insurance plans. This is in accordance with the multi-year contract awarded to SEB Admin as announced by the RCMP on January 28, 2021. This initiative is in line with the Royal Canadian Mounted Police objective of providing enhanced member experience, and to ensure its active and retired 40,000+ plan members have a modern and sustainable insurance administration solution. 

Smart Employee Benefits Inc., (“SEB”, TSXV:SEB), through its operating entities, has been awarded net new contracts valued in excess of $27.0M during the month of May, 2021. Clients included the Government of Canada and various corporate entities. The contracts extend out as long as 5 years. They include benefits processing contracts valued at over $2.0M and IT solutions and services valued at over $25.0M. This brings net new contract wins to in excess of $69.0M for fiscal 2021 year to date.

In line with the Royal Canadian Mounted Police (RCMP) objective of providing quality technology solutions, and to ensure its active and retired 40,000+ plan members have a modern and sustainable insurance administration solution, the RCMP announced on January 28, 2021, that SEB Administrative Services Inc. (“SEB Admin”), a subsidiary of Smart Employee Benefits Inc. (“SEB Inc.”, TSXV: SEB), was awarded a multi-year contract to provide insurance administration services for the RCMP Group Life Insurance and Disability Income Insurance plans, which will take effect on June 14, 2021.

Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) announces that the Board of Directors of the Company has approved the following grants pursuant to the Company’s Omnibus Long-Term Incentive Plan (the “Plan”).

Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) is pleased to announce that it has closed its previously announced shares for debt transaction. The Company issued 2,858,175 common shares in the capital of the Company (the “Shares”) at a price of $0.15 per Share in settlement of accrued directors’ fees in the amount of $428,726.25 owing to certain directors of the Company (the “Debt Settlement”).

Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) is pleased to announce the following updates:

Board of Director and Chairman Changes – Our Chairman, Ronald Barbaro has resigned as Chairman and Director of the Company. Mr. Barbaro has been Chairman and Director from the early stages when SEB was founded. Mr. Barbaro remains one of the largest shareholders of SEB and committed to the success of the Company. Mr. Barbaro is scaling back his business activities to focus more on family. We thank Mr. Barbaro for his leadership and commitment to the Company over the years.

Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) a leader in benefits processing solutions and services, today announced the issuance by SEB of a $20,000,000 convertible debenture (the “Debenture”) by way of a non-brokered private placement (the “Financing”). The Financing solidifies SEB’s balance sheet and provides the capital to focus on numerous growth opportunities. 

Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) a leader in benefits processing solutions and services, and The Co-operators Group Ltd., a Canadian insurance and financial services co-operative, today announced the signing of a definitive debenture purchase agreement for the issuance of a $20,000,000 convertible debenture (the “Debenture”) by way of a non-brokered private placement (the “Financing”).  The Financing solidifies SEB’s balance sheets and provides the capital to focus on numerous growth opportunities.