TORONTO, ONTARIO — (Marketwired) — 05/13/13 — Smart Employee Benefits Inc. (“SEB”) (TSX VENTURE: SEB), announced today that its subsidiaries, SOMOS Consulting Group Ltd. (“SOMOS”) and Logitek Technology Ltd. (“Logitek”) entered into credit facility arrangements with a leading Canadian Chartered Bank, including a revolving credit facility of $1,000,000, plus additional ancillary related facilities (the “Facility”) of approximately $200,000. The Facility was provided to SOMOS and Logitek and was guaranteed by SEB and SOMOS Information Technology Services Ltd. (“SOMOS IT”).
The Facility involves the grant of a security interest in the collateral of Logitek, SOMOS and SOMOS IT at the date hereof and any collateral that such companies may acquire in the future, to secure the payment obligations owed to the Bank under the Facility.
About SEB: SEB is a technology company providing software, solutions and services specializing in managing group benefit solutions and healthcare claims processing environments for corporate and government clients. This is a $56.0 billion industry, of which over $33.0 billion relates to employee group benefit plans and over $23.0 billion relates to other healthcare benefit claims (e.g.: workers compensation claims, travel benefits, various federal and provincial government programs, dental associations, drug associations, etc.) In the employee group benefits industry, SEB operates a licensed third party administrator (“TPA”) and insurance broker utilizing its software platform to provide “totally hosted PCI compliant supply chain solutions” for managing the complete group benefits business processes between insurers, clients, brokers, consultants, technology service providers and healthcare service providers. In healthcare claims processing, SEB also operates as a systems integrator utilizing its technology platform together with other technologies to provide customized solutions for highly specialized environments (e.g. travel claims, etc.). The technology and expertise deployed in this healthcare area also allows SEB to provide other related supply chain, systems integration and human resource solutions and services to the same clients.
For further information about the Company, please visit .
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.
Contacts:
Media Contacts:
Smart Employee Benefits Inc.
John McKimm
President/Chief Executive Officer
(888) 939-8885 x 354 or (416) 460-2817
Smart Employee Benefits Inc.
Shelly Frank
Vice-President, Marketing
(888) 939-8885 x 358
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