SEB Announces Postponement in Timing of Annual Meeting of Shareholders and Filing of Executive Compensation Disclosure and Q1 Financial Statements

MISSISSAUGA, Ontario, May 28, 2020 (GLOBE NEWSWIRE) -- Smart Employee Benefits Inc. (“SEB” or the “Company”) (TSXV: SEB) announces that the challenges posed by COVID-19 have resulted in a continuing delay in the finalization and filing of the Company’s interim financial statements for the quarter ended February 29, 2020 and the related management’s discussion and analysis (collectively the “First Quarter Filings”), as required by Part 4 and Part 5 of National Instrument 51-102: Continuous Disclosure Obligations. 

This news release is being issued in accordance with the blanket relief of a 45-day extension, provided by Canadian Securities Administrators and Ontario Instrument 51-502: Temporary Exemption from Certain Corporate Finance Requirements, for periodic filings normally required to be made by issuers during the period from March 23, 2020 to June 1, 2020.

The Company’s board of directors and its management confirm that they are continuing to work expeditiously to meet the Company’s obligations relating to the filing of the First Quarter Filings.  At this time, the Company anticipates being able to complete the First Quarter Filings by June 15, 2020.

There have not been any material business developments since the date of the last news release dated April 28, 2020 that was filed regarding the financial reports of the Company, other than as set out below.

The Company has completed and filed its audited annual financial statements and related management’s discussion and analysis for the year ended November 30, 2019.

In addition, after careful consideration and in accordance with applicable corporate and securities laws and stock exchange rules, the Company has determined to reschedule its 2020 annual meeting of shareholders to be held after May 31, 2020 on a date to be determined. The Company will therefore rely on the blanket relief granted by the Canadian Securities Administrators and Ontario Instrument 51-504: Temporary Exemption from Certain Requirements to File or Send Securityholder Materials. This allows the Company to include its executive compensation disclosure required under Part 9 of National Instrument 51-102: Continuous Disclosure Obligations in its management information circular for the aforementioned meeting of shareholders as it normally would have done in previous years.