Smart Employee Benefits Announces Filing of Information Circular for Annual Meeting of Shareholders

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MISSISSAUGA, Ont., May 04, 2022 (GLOBE NEWSWIRE) — Smart Employee Benefits Inc. (“Seb“or the”Company”) (TSXV: SEB) (OTCQB: SEBFF), an Insurtech provider of cloud-based IT and end-to-end benefits processing solutions for the life and group insurance market and government, is pleased to announce that the annual meeting of shareholders (the “Meeting”) is to be held virtually on May 31, 2022 at 4:00 p.m. (Toronto time) and that it has filed its meeting materials therein. The record date was set at April 25, 2022 in order to determine the shareholders entitled to receive the notice of meeting and to vote at the Meeting. Further details regarding the virtual meeting are included in the management information circular dated April 27, 2022 (the “Circular”) which has been filed under the Company’s profile at www.sedar.com and mailed to shareholders.

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Within the framework of the Meeting, SEB will seek the approval of the shareholders to carry out a consolidation of the issued and outstanding common shares of the Company according to a ratio which will be determined by the directors of the Company, out of one (1) for a maximum of ten (10) such that up to ten (10) common shares issued and outstanding before the consolidation are consolidated into one (1) common share after the consolidation (the “Consolidation”), as more particularly described in the Circular. The Company has decided to seek shareholder approval for the consolidation in order to improve the marketability of the Company’s common stock as well as to increase the Company’s flexibility with respect to potential business transactions, including financings. If the Consolidation is approved by shareholders and the Company’s Board of Directors decides to proceed with the Consolidation, the number of Common Shares will be reduced from 171,227,700 (as of the date of the Circular) to approximately 17,122,770 ( assuming a ratio of one to ten).

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The consolidation is subject to shareholder approval by at least two-thirds of the votes cast by shareholders entitled to vote at the meeting, as well as the approval of the TSX Venture Exchange. The Company is not expected to change its name or trading symbol as part of the Consolidation. For greater clarity, the Company will not proceed on the basis of the one-for-five stock consolidation previously approved by shareholders at last year’s annual meeting.

Assuming the Consolidation is approved at the Meeting, registered shareholders are urged not to mail the certificate(s) representing their Common Shares until they have received a letter of transmittal and confirmation from the Company by press release that the board of directors of the Company has decided to implement the Consolidation.

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About Smart Employee Benefits Inc. (“SEB”):
SEB is an Insurtech company focused on benefits administration technology, which generates two interrelated revenue streams: software/solutions and services. The company is a recognized provider of industry-leading IT and benefits processing software, solutions and services for the employee and group benefits market and government. We design, customize, build and manage end-to-end technology, people and critical infrastructure solutions using SEB’s proprietary technologies and expertise and partner technologies. We manage critical business processes for over 150 blue chip and government accounts, nationally and globally. Over 90% of our revenues and contracts are multi-year recurring revenue stream contracts related to government, insurance, healthcare, benefits and e-commerce. Our solutions are supported nationally and globally by more than 600 multi-certified technical professionals in a multilingual infrastructure, from multiple offices across Canada and around the world.

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Our solutions include both software and service-focused ecosystems, including multiple SaaS solutions, cloud solutions and services, managed services offering intelligent provisioning (near shore/offshore), managed security services, software development and custom software support, professional services, deep systems integration expertise, and several specialized practice areas including AI, CRM, BI, portals, EDI, e-commerce, transformation digital, analytics, project management, to name a few. The company has over 20 strategic partnerships/relationships with leading global and regional technology and consulting organizations.

Forward-looking statements:
Certain information contained in this press release may constitute forward-looking information. In some, but not necessarily all, cases, forward-looking information may be identified by the use of forward-looking terminology such as “anticipates”, “target”, “expects” or “does not expect”. to”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of these words and phrases or state that certain actions, events or results “could”, “might”, “will”, “could”, “will” or “will be taken”, “will occur” or “will be achieved “. In addition, any statement that refers to expectations, projections or other characterizations of future events or circumstances contains forward-looking information. Statements containing forward-looking information are not historical facts but rather represent management’s expectations, estimates and projections regarding future events.

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THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS ANNOUNCEMENT REPRESENTS THE COMPANY’S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. .

All figures are in Canadian dollars unless otherwise stated.

Media and investor contact
John McKim
President/CEO/CIO
Office (888) 939-8885 ext. 2354
Cell (416) 460-2817
john.mckimm@seb-inc.com
www.seb-inc.com

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