SEB UPDATE ON STRATEGIC FINANCING TRANSACTION

MISSISSAUGA, Ontario, March 23, 2020 (GLOBE NEWSWIRE) -- Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) announces that it is continuing to work on completing the Company’s $20,000,000 private placement financing, which is being provided by a large strategic investor.  The financing was previously announced by press release dated November 5, 2019, December 9, 2019, January 8, 2020 and February 7, 2020.  The strategic financing transaction is expected to close coincident with the completion of an operating credit facility, which negotiations are in process.

The TSX Venture Exchange (“TSXV”) has conditionally approved this strategic financing transaction, but completion of the transaction remains subject to final approval from the TSXV and consent from the Company’s shareholders.

ABOUT SEB
SEB is a technology company providing Business Process Automation and Outsourcing software, solutions and services to a national and global client base. SEB has a specialty growth focus in cloud enabled SaaS processing solutions for managing employer and government sponsored health benefit plans on a BPO (Business Processing Outsourcing) business model, globally. SEB currently serves corporate and government clients across Canada and internationally. Over 80% of SEB’s revenues derive from government, insurance and health care organizations. SEB’s technology infrastructure of over 650 multi-certified technical professionals, across Canada and globally, is a critical competitive advantage in supporting the implementation and management of SEB’s benefits processing solutions into client environments. SEB’s Benefits Processing Solutions can be game changing for SEB clients.

The core expertise of SEB is automating and managing business processes utilizing SEB proprietary software solutions combined with solutions of third parties through joint ventures and partnerships. SEB’s client acquisition model in benefits processing is “Channel Partnerships” where SEB processing solutions both improve cost structures and enable new revenue models for Channel Partners and clients. All SEB solutions are cloud enabled and can be delivered on a SaaS platform. SEB solutions turn cost centers to profit centers for our Channel Partners.