|By Marketwired .||
|August 29, 2013 06:48 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/29/13 -- Further to the press release of Smart Employee Benefits Inc. ("SEB"), dated February 7, 2013, with respect to the completion of SEB's acquisition (the "Transaction") of all of the issued and outstanding shares of Logitek Technology Ltd. in accordance with the policies of the TSX Venture Exchange, Logitek Data Sciences Ltd. ("Logitek Data") announces its acquisition of securities of SEB.
As part of the Transaction, SEB issued 6,698,173 common shares and 1,000,000 common share purchase warrants ("Warrants"). The Warrants have a term of 42 months and an escalating exercise price every twelve months of $0.45, $0.55 and $0.65 during the first three years of the term and $0.75 for the last six months of the term. The warrants contain vesting conditions during their term based on performance of Logitek Technology Ltd. and its subsidiaries equating to cumulative revenue and EBITDA targets of $15.0 million and $3.0 million, respectively.
In connection with the Transaction, Mr. Qureshi was appointed as a director of SEB.
Effective February 6, 2013 in connection with the Transaction, Logitek Data acquired 6,698,173 or approximately 12.2% of the SEB common shares outstanding at such time, at a deemed price of $0.30 per share, and 1,000,00 Warrants.
The aforementioned securities held by Logitek Data are subject to the provisions of an escrow agreement between SEB and Logitek Data (the "Escrow Agreement"). Subject to the Escrow Agreement and compliance with applicable securities laws, Logitek Data reserves the right to purchase additional securities of SEB or to dispose of any securities of SEB that it may own, from time to time, in the open market or in privately negotiated transactions with one or more persons.
Source and Information: Logitek Data Sciences Ltd. 2625 Hammond Road Mississauga, Ontario, L5K 1T3
This news release is issued pursuant to National Instrument 62-103: The Early Warning System.
A copy of the Early Warning Report will appear with SEB's documents on the SEDAR website at www.sedar.com. A copy of the Early Warning Report may also be obtained by contacting Logitek Data Sciences Ltd., 2625 Hammond Road, Mississauga, Ontario, L5K 1T3, Attention Latiq Qureshi, President.
Logitek Data Sciences Ltd.
1.800.699.8204 Ext 226