MISSISSAUGA, ONTARIO--(Marketwired - Jan. 19, 2017) - Smart Employee Benefits Inc. ("SEB" or the "Company") (TSX VENTURE:SEB) announces that further to its press release dated January 6, 2017 regarding a $5 million unit offering (the "Offering"), the TSX Venture Exchange has granted the Company approval to increase the maximum size of the Offering from $5 million to $6 million. The increased size of the Offering is in response to the Company's objective of raising additional capital to take advantage of Benefits Division opportunities and indications of interest from investors.
Aggregate proceeds of $3,204,445 have been raised in the Offering to date. Insiders have contributed approximately $1.3 million of this amount. A subsequent third tranche of the Offering is expected to close on or around January 31, 2017. Insiders have committed approximately $600,000 to the third tranche. Other investors have committed over $300,000 to the third tranche.
Smart Employee Benefits Inc.'s global infrastructure is comprised of two operating divisions: Technology and Benefits. The Technology Division currently serves corporate and government clients across Canada and internationally. The Benefits Division focuses on offering SAAS and BPO solutions in the Health Benefits Sector to corporate and government clientele. The Benefits Division operates as a client of the Technology Division. The Technology Division is a critical competitive advantage in supporting the implementation of SEB's benefits processing solutions into client environments. Benefits Processing is a high-growth specialty practice area.
The core expertise of both divisions is data processing. Emphasis is on automating business processes utilizing SEB proprietary software solutions combined with solutions of third parties through joint ventures and partnerships.
Acquisitions, joint ventures, and RFP wins will continue to be dominant influences in driving growth in both divisions. Growth emphasis for fiscal 2017 is in the Benefits Division.
For further information about SEB, please visit www.seb-inc.com.
The statements made in this release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, including statements regarding the Company's areas of focus, other than statements of historical facts, which address the Company's expectations, should be considered as forward-looking statements and therefore subject to various risks and uncertainties. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective", "hope" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
Such forward-looking statements are based on knowledge of the environment in which the Company currently operates, but because of the factors listed herein, as well as other factors beyond the Company's control, actual results may differ materially from the expectations expressed in the forward-looking statements. Investors are cautioned not to put undue reliance on forward-looking statements. The Company undertakes no obligation, and does not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.