NewzIntel Latest Reports – Page 5061

MIL-OSI USA: Senator Peters Announces Nearly $119 Million in Federal Funding to Improve Rail Infrastructure Across Michigan

US Senate News:

Source: United States Senator for Michigan Gary Peters
Published: 10.29.2024

WASHINGTON, DC – U.S. Senator Gary Peters (MI) announced that the Federal Railroad Administration (FRA) is investing $119 million to support five major commercial and passenger rail improvement projects across Michigan. These projects are funded by the FRA’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which was funded through the bipartisan infrastructure law Peters helped enact.
“Michigan communities and businesses depend on rail infrastructure for safe and efficient transportation of essential goods across the state, as well as to regional and global partners,” said Senator Peters. “These five projects will strengthen our railways and expand shipping capacity while creating jobs and spurring economic growth.”
Below are descriptions of each project:
Detroit RECHARGED – Realizing Environmental Changes Happening Around Railroads Generating Equitable Development: The Michigan Department of Transportation will receive $67,440,000 to improve and expand capacity of the Livernois Intermodal Facility by installing 17,200 feet of new rail track. The project will also make important site enhancements on at the Livernois Intermodal Facility, including new pavement and replacing aging diesel gantry cranes with new hybrid and fully electric models.
Huron Subdivision Track & Service Improvement Program: The Lake State Railway Company will receive $27,130,810 to install approximately 52 miles of continuous welded rail between Pinconning and Alpena. Funding will also improve 34 highway-rail crossings and upgrade train signal devices at 13 locations along the route.
Leveraging Ludington: The City of Ludington will receive $16,400,000 to make improvements along a key rail route between Ludington and Grand Rapids, and enhance the Ludington Rail yard to improve efficiency and reliability of safe movement of goods throughout the area.
Wolverine and Blue Water Capacity Enhancement: The National Railroad Passenger Corporation (Amtrak) will receive $8,384,000 to restore functionality of the historic double-track on Amtrak’s Michigan Line between Glenwood Road and Niles in Wayne Township. This project will maximize performance and improve service speed.
Enhancing Grade Crossing Safety in Rural Areas through FRA’s LiDAR Data, Machine Learning, and Collaborative Risk Assessment for Railroads and Highway Agencies: Michigan State University will receive $428,133 to conduct research aimed at improving the safety of rural rail crossings. Researchers will utilize Light Detection and Ranging (LiDAR) data provided by the Federal Railroad Administration to analyze rural crossings and develop new approaches for identifying roadway hazards.
The CRISI grant program invests in railroad infrastructure projects that improve safety, efficiency and support economic development in communities across the country. Peters has consistently advocated for the CRISI program and fought for Michigan applicants. Last year, he announced a $20 million CRISI grant awarded to MDOT for replacement of the Manistee River Bridge in Manton. As Chairman of the Commerce Subcommittee on Surface Transportation, Maritime, Freight, and Ports, Peters held a field hearing in Lansing earlier this year to highlight the importance of the bipartisan infrastructure law and grant programs like CRISI for improving Michigan’s transportation infrastructure across the state. More information about the CRISI program can be found here.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

Financial Highlights

Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
Adjusted EBITDA⁽¹⁾ was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

Operational Highlights

Canada’s activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

MANAGEMENT COMMENTARY

“Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio⁽¹⁾ of less than one time.

“Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

“In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

“Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

“I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)		2024		2023		% Change				2024		2023		% Change
Revenue		477,155		446,754			6.8			1,434,157		1,430,983			0.2
Adjusted EBITDA⁽¹⁾		142,425		114,575			24.3			400,695		459,887			(12.9	)
Net earnings		39,183		19,792			98.0			96,400		142,522			(32.4	)
Cash provided by operations		79,674		88,500			(10.0	)		319,292		330,316			(3.3	)
Funds provided by operations⁽¹⁾		113,322		91,608			23.7			342,837		388,220			(11.7	)

Cash used in investing activities		38,852		34,278			13.3			141,032		157,157			(10.3	)
Capital spending by spend category⁽¹⁾
Expansion and upgrade		7,709		13,479			(42.8	)		30,501		39,439			(22.7	)
Maintenance and infrastructure		56,139		38,914			44.3			127,297		108,463			17.4
Proceeds on sale		(5,647	)	(6,698	)		(15.7	)		(21,825	)	(20,724	)		5.3
Net capital spending⁽¹⁾		58,201		45,695			27.4			135,973		127,178			6.9

Net earnings per share:
Basic		2.77		1.45			91.0			6.74		10.45			(35.5	)
Diluted		2.31		1.45			59.3			6.73		9.84			(31.6	)
Weighted average shares outstanding:
Basic		14,142		13,607			3.9			14,312		13,643			4.9
Diluted		14,890		13,610			9.4			14,317		14,858			(3.6	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

Operating Highlights

	For the three months ended September 30,							For the nine months ended September 30,
	2024		2023		% Change			2024		2023		% Change
Contract drilling rig fleet		214		224		(4.5	)		214		224		(4.5	)
Drilling rig utilization days:
U.S.		3,196		3,815		(16.2	)		9,885		13,823		(28.5	)
Canada		6,586		5,284		24.6			17,667		15,247		15.9
International		736		554		32.9			2,192		1,439		52.3
Revenue per utilization day:
U.S. (US$)		32,949		35,135		(6.2	)		33,011		35,216		(6.3	)
Canada (Cdn$)		32,325		32,224		0.3			34,497		32,583		5.9
International (US$)		47,223		51,570		(8.4	)		51,761		51,306		0.9
Operating costs per utilization day:
U.S. (US$)		22,207		21,655		2.5			22,113		20,217		9.4
Canada (Cdn$)		19,448		18,311		6.2			20,196		19,239		5.0

Service rig fleet		165		121		36.4			165		121		36.4
Service rig operating hours		62,835		46,894		34.0			194,390		144,944		34.1

Drilling Activity

	Average for the quarter ended 2023								Average for the quarter ended 2024
	Mar. 31		June 30		Sept. 30		Dec. 31			Mar. 31		June 30		Sept. 30
Average Precision active rig count⁽¹⁾:
U.S.		60		51		41		45			38		36		35
Canada		69		42		57		64			73		49		72
International		5		5		6		8			8		8		8
Total		134		98		104		117			119		93		115

^{(1) Average number of drilling rigs working or moving.}

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	September 30, 2024		December 31, 2023⁽²⁾
Working capital⁽¹⁾		166,473		136,872
Cash		24,304		54,182
Long-term debt		787,008		914,830
Total long-term financial liabilities⁽¹⁾		858,765		995,849
Total assets		2,887,996		3,019,035
Long-term debt to long-term debt plus equity ratio ⁽¹⁾		0.32		0.37

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}^{(2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

Summary for the three months ended September 30, 2024:

Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

Summary for the nine months ended September 30, 2024:

Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
Repurchased $50 million of common shares under our NCIB.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

Concentrate organizational efforts on leveraging our scale and generating free cash flow.
- Generated cash from operations of $80 million, bringing our year to date total to $319 million.
- Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
- Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
- Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
- Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
- Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
- Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
- Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
- Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
- Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

OUTLOOK

The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at October 29, 2024	Average for the quarter ended 2023								Average		Average for the quarter ended 2024								Average
	Mar. 31		June 30		Sept. 30		Dec. 31		2023		Mar. 31		June 30		Sept. 30		Dec. 31		2024
Average rigs under term contract:
U.S.		40		37		32		28		34		20		17		17		16		18
Canada		19		23		23		23		22		24		22		23		24		23
International		4		5		7		7		6		8		8		8		8		8
Total		63		65		62		58		62		52		47		48		48		49

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

	For the three months ended September 30,									For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			% Change				2024		2023			% Change
Revenue:
Contract Drilling Services		406,155			390,728			3.9			1,215,125			1,257,762			(3.4	)
Completion and Production Services		73,074			57,573			26.9			225,987			178,257			26.8
Inter-segment eliminations		(2,074	)		(1,547	)		34.1			(6,955	)		(5,036	)		38.1
		477,155			446,754			6.8			1,434,157			1,430,983			0.2
Adjusted EBITDA:⁽¹⁾
Contract Drilling Services		133,235			131,701			1.2			406,662			468,302			(13.2	)
Completion and Production Services		19,741			14,118			39.8			50,786			39,031			30.1
Corporate and Other		(10,551	)		(31,244	)		(66.2	)		(56,753	)		(47,446	)		19.6
		142,425			114,575			24.3			400,695			459,887			(12.9	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change				2024		2023		% Change
Revenue		406,155		390,728			3.9			1,215,125		1,257,762			(3.4	)
Expenses:
Operating		262,933		247,937			6.0			776,210		759,750			2.2
General and administrative		9,987		11,090			(9.9	)		32,253		29,710			8.6
Adjusted EBITDA⁽¹⁾		133,235		131,701			1.2			406,662		468,302			(13.2	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		32.8	%	33.7	%					33.5	%	37.2	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

United States onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		38		602		60		744
June 30		36		583		51		700
September 30		35		565		41		631
Year to date average		36		583		51		692

^{(1) United States lower 48 operations only.}
^{(2) Baker Hughes rig counts.}

Canadian onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		73		208		69		221
June 30		49		134		42		117
September 30		72		207		57		188
Year to date average		65		183		56		175

^{(1) Canadian operations only.}
^{(2) Baker Hughes rig counts.}

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended September 30,							For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change			2024		2023
Revenue		73,074		57,573			26.9		225,987		178,257		26.8
Expenses:
Operating		50,608		41,612			21.6		167,128		133,325		25.4
General and administrative		2,725		1,843			47.9		8,073		5,901		36.8
Adjusted EBITDA⁽¹⁾		19,741		14,118			39.8		50,786		39,031		30.1
Adjusted EBITDA as a percentage of revenue⁽¹⁾		27.0	%	24.5	%				22.5	%	21.9	%
Well servicing statistics:
Number of service rigs (end of period)		165		121			36.4		165		121		36.4
Service rig operating hours		62,835		46,894			34.0		194,390		144,944		34.1
Service rig operating hour utilization		41	%	42	%				43	%	44	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023		2024		2023
Cash settled share-based incentive plans		(1,626	)		30,105		28,810		20,091
Equity settled share-based incentive plans		1,440			701		3,517		1,834
Total share-based incentive compensation plan expense		(186	)		30,806		32,327		21,925

Allocated:
Operating		221			7,692		8,159		6,732
General and Administrative		(407	)		23,114		24,168		15,193
		(186	)		30,806		32,327		21,925

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures

We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.

Adjusted EBITDA

We believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Adjusted EBITDA by segment:
Contract Drilling Services		133,235		131,701			406,662		468,302
Completion and Production Services		19,741		14,118			50,786		39,031
Corporate and Other		(10,551	)	(31,244	)		(56,753	)	(47,446	)
Adjusted EBITDA		142,425		114,575			400,695		459,887
Depreciation and amortization		75,073		73,192			227,104		218,823
Gain on asset disposals		(3,323	)	(2,438	)		(14,235	)	(15,586	)
Foreign exchange		849		363			772		(894	)
Finance charges		16,914		19,618			53,472		63,946
Gain on repurchase of unsecured notes		—		(37	)		—		(137	)
Loss (gain) on investments and other assets		(150	)	(3,813	)		(330	)	6,075
Incomes taxes		13,879		7,898			37,512		45,138
Net earnings		39,183		19,792			96,400		142,522

Funds Provided by (Used in) Operations

We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

The most directly comparable financial measure is cash provided by (used in) operations.

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

The most directly comparable financial measure is cash provided by (used in) investing activities.

Net capital spending is calculated as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Capital spending by spend category
Expansion and upgrade		7,709		13,479			30,501		39,439
Maintenance, infrastructure and intangibles		56,139		38,914			127,297		108,463
		63,848		52,393			157,798		147,902
Proceeds on sale of property, plant and equipment		(5,647	)	(6,698	)		(21,825	)	(20,724	)
Net capital spending		58,201		45,695			135,973		127,178
Business acquisitions		—		—			—		28,000
Proceeds from sale of investments and other assets		—		(10,013	)		(3,623	)	(10,013	)
Purchase of investments and other assets		7		3,211			7		5,282
Receipt of finance lease payments		(207	)	(64	)		(591	)	(64	)
Changes in non-cash working capital balances		(19,149	)	(4,551	)		9,266		6,774
Cash used in investing activities		38,852		34,278			141,032		157,157

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Current assets		472,557		510,881
Current liabilities		306,084		374,009
Working capital		166,473		136,872

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Total non-current liabilities		920,812		1,069,364
Deferred tax liabilities		62,047		73,515
Total long-term financial liabilities		858,765		995,849

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Adjusted EBITDA % of Revenue*	We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
*Long-term debt to long-term debt plus equity*	We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
*Net Debt to Adjusted EBITDA*	We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Capital Spending by Spend Category*	We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CHANGE IN ACCOUNTING POLICY

Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

JOINT PARTNERSHIP

On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

our strategic priorities for 2024;
our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
the average number of term contracts in place for 2024;
customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
timing and amount of synergies realized from acquired drilling and well servicing assets;
potential commercial opportunities and rig contract renewals; and
our future debt reduction plans.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
the status of current negotiations with our customers and vendors;
customer focus on safety performance;
existing term contracts are neither renewed nor terminated prematurely;
our ability to deliver rigs to customers on a timely basis;
the impact of an increase/decrease in capital spending; and
the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

volatility in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and development activities;
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
liquidity of the capital markets to fund customer drilling programs;
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
the impact of weather and seasonal conditions on operations and facilities;
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
ability to improve our rig technology to improve drilling efficiency;
general economic, market or business conditions;
the availability of qualified personnel and management;
a decline in our safety performance which could result in lower demand for our services;
changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
fluctuations in foreign exchange, interest rates and tax rates; and
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	September 30, 2024			December 31, 2023⁽¹⁾			January 1, 2023⁽¹⁾
ASSETS
Current assets:
Cash	$	24,304		$	54,182		$	21,587
Accounts receivable		401,652			421,427			413,925
Inventory		41,398			35,272			35,158
Assets held for sale		5,203			—			—
Total current assets		472,557			510,881			470,670
Non-current assets:
Income tax recoverable		696			682			1,602
Deferred tax assets		27,767			73,662			455
Property, plant and equipment		2,296,079			2,338,088			2,303,338
Intangibles		15,566			17,310			19,575
Right-of-use assets		63,708			63,438			60,032
Finance lease receivables		4,938			5,003			—
Investments and other assets		6,685			9,971			20,451
Total non-current assets		2,415,439			2,508,154			2,405,453
Total assets	$	2,887,996		$	3,019,035		$	2,876,123

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	282,810		$	350,749		$	404,350
Income taxes payable		3,059			3,026			2,991
Current portion of lease obligations		19,263			17,386			12,698
Current portion of long-term debt		952			2,848			2,287
Total current liabilities		306,084			374,009			422,326

Non-current liabilities:
Share-based compensation		10,339			16,755			47,836
Provisions and other		7,408			7,140			7,538
Lease obligations		54,010			57,124			52,978
Long-term debt		787,008			914,830			1,085,970
Deferred tax liabilities		62,047			73,515			28,946
Total non-current liabilities		920,812			1,069,364			1,223,268
Equity:
Shareholders’ capital		2,337,079			2,365,129			2,299,533
Contributed surplus		76,656			75,086			72,555
Deficit		(915,629	)		(1,012,029	)		(1,301,273	)
Accumulated other comprehensive income		158,602			147,476			159,714
Total equity attributable to shareholders		1,656,708			1,575,662			1,230,529
Non-controlling interest		4,392			—			—
Total equity		1,661,100			1,575,662			1,230,529
Total liabilities and equity	$	2,887,996		$	3,019,035		$	2,876,123

^{(1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

^{(2) See “JOINT PARTNERSHIP” for additional information.}

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)	2024			2023			2024			2023


Revenue	$	477,155		$	446,754		$	1,434,157		$	1,430,983
Expenses:
Operating		311,467			288,002			936,383			888,039
General and administrative		23,263			44,177			97,079			83,057
Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization		142,425			114,575			400,695			459,887
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		849			363			772			(894	)
Finance charges		16,914			19,618			53,472			63,946
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Earnings before income taxes		53,062			27,690			133,912			187,660
Income taxes:
Current		2,297			2,047			4,659			4,008
Deferred		11,582			5,851			32,853			41,130
		13,879			7,898			37,512			45,138
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Net earnings per share attributable to shareholders:
Basic	$	2.77		$	1.45		$	6.74		$	10.45
Diluted	$	2.31		$	1.45		$	6.73		$	9.84

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency		(16,104	)		39,180			30,409			3,322
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt		9,536			(24,616	)		(19,283	)		(1,484	)
Comprehensive income	$	32,615		$	34,356		$	107,526		$	144,360

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Cash provided by (used in):
Operations:
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Adjustments for:
Long-term compensation plans		2,620			11,577			14,490			9,200
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		815			1,275			965			(13	)
Finance charges		16,914			19,618			53,472			63,946
Income taxes		13,879			7,898			37,512			45,138
Other		27			—			120			(220	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Income taxes paid		(508	)		(187	)		(4,842	)		(2,395	)
Income taxes recovered		58			4			58			7
Interest paid		(31,692	)		(35,500	)		(69,435	)		(79,702	)
Interest received		426			227			1,558			562
Funds provided by operations		113,322			91,608			342,837			388,220
Changes in non-cash working capital balances		(33,648	)		(3,108	)		(23,545	)		(57,904	)
Cash provided by operations		79,674			88,500			319,292			330,316

Investments:
Purchase of property, plant and equipment		(63,797	)		(51,546	)		(157,747	)		(146,378	)
Purchase of intangibles		(51	)		(847	)		(51	)		(1,524	)
Proceeds on sale of property, plant and equipment		5,647			6,698			21,825			20,724
Proceeds from sale of investments and other assets		—			10,013			3,623			10,013
Business acquisitions		—			—			—			(28,000	)
Purchase of investments and other assets		(7	)		(3,211	)		(7	)		(5,282	)
Receipt of finance lease payments		207			64			591			64
Changes in non-cash working capital balances		19,149			4,551			(9,266	)		(6,774	)
Cash used in investing activities		(38,852	)		(34,278	)		(141,032	)		(157,157	)

Financing:
Issuance of long-term debt		10,900			23,600			10,900			162,649
Repayments of long-term debt		(59,658	)		(49,517	)		(162,506	)		(288,538	)
Repurchase of share capital		(16,891	)		—			(50,465	)		(12,951	)
Issuance of common shares from the exercise of options		495			—			686			—
Debt amendment fees		—			—			(1,317	)		—
Lease payments		(3,586	)		(2,410	)		(10,005	)		(6,413	)
Funding from non-controlling interest		4,392			—			4,392			—
Cash used in financing activities		(64,348	)		(28,327	)		(208,315	)		(145,253	)
Effect of exchange rate changes on cash		(403	)		251			177			(428	)
Increase (decrease) in cash		(23,929	)		26,146			(29,878	)		27,478
Cash, beginning of period		48,233			22,919			54,182			21,587
Cash, end of period	$	24,304		$	49,065		$	24,304		$	49,065

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662
Net earnings for the period		—			—			—		96,400			96,400			—		96,400
Other comprehensive income for the period		—			—			11,126		—			11,126			—		11,126
Share options exercised		978			(292	)		—		—			686			—		686
Settlement of Executive Performance and Restricted Share Units		21,846			(1,479	)		—		—			20,367			—		20,367
Share repurchases		(51,050	)		—			—		—			(51,050	)		—		(51,050	)
Redemption of non-management directors share units		176			(176	)		—		—			—			—		–
Share-based compensation expense		—			3,517			—		—			3,517			—		3,517
Funding from non-controlling interest		—			—			—		—			—			4,392		4,392
Balance at September 30, 2024	$	2,337,079		$	76,656		$	158,602	$	(915,629	)	$	1,656,708		$	4,392	$	1,661,100

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714	$	(1,301,273	)	$	1,230,529		$	—	$	1,230,529
Net earnings for the period		—			—		—		142,522			142,522			—		142,522
Other comprehensive income for the period		—			—		1,838		—			1,838			—		1,838
Settlement of Executive Performance and Restricted Share Units		19,206			—		—		—			19,206			—		19,206
Share repurchases		(12,951	)		—		—		—			(12,951	)		—		(12,951	)
Redemption of non-management directors share units		757			—		—		—			757			—		757
Share-based compensation expense		—			1,834		—		—			1,834			—		1,834
Balance at September 30, 2023	$	2,306,545		$	74,389	$	161,552	$	(1,158,751	)	$	1,383,735		$	—	$	1,383,735

2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/mov2xb4k

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Senators Peters and Stabenow Announce Michigan Will Receive Nearly $134 Million to Upgrade Water Infrastructure

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) announced Michigan will receive $133,663,000 in federal funding to upgrade Michigan’s outdated water infrastructure and keep communities safe. This funding will support local projects to improve wastewater management systems, protect freshwater resources, and deliver safe drinking water to homes, schools, and businesses. This investment comes from the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, that the senators helped enact. The Bipartisan Infrastructure Law made the largest investment in water infrastructure in American history.
“This robust investment will help our state make great strides in upgrading Michigan’s outdated water infrastructure, addressing emerging contaminants like PFAS, and safeguarding our state’s unmatched freshwater resources,” said Senator Peters. “I was proud to play a role in passing the Bipartisan Infrastructure Law, which made these upgrades possible, and I’m glad that this support will go to the communities in our state who need it most. We must continue working to ensure that every Michigander has access to safe drinking water.”
“The Infrastructure Investment and Jobs Act continues to deliver for Michigan,” said Senator Stabenow. “This new investment will improve our water systems, clean up pollution, keep our drinking water safe, fix old pipes, and more. Step-by-step, this law is making our state a safer, better place for families to live.”
“Water keeps us healthy, sustains vibrant communities and dynamic ecosystems, and supports economic opportunity. When our water infrastructure fails, it threatens people’s health, peace of mind, and the environment,” said EPA Administrator Michael S. Regan. “With the Bipartisan Infrastructure Law’s historic investment in water, EPA is working with states and local partners to upgrade infrastructure and address local challenges—from lead in drinking water, to PFAS, to water main breaks, to sewer overflows and climate resilience. Together, we are creating good-paying jobs while ensuring that all people can rely on clean and safe water.
These Bipartisan Infrastructure Law funds for Michigan – specifically $106,994,000 in Clean Water General Supplemental funding, $9,236,000 in Clean Water Emerging Contaminant funding, and $17,433,000 in Drinking Water Emerging Contaminant funding – will flow through the Clean Water and Drinking Water State Revolving Funds (CWSRF and DWSRF). The State Revolving Fund (SRF) programs have been the foundation of water infrastructure investments for more than 30 years, providing low-cost financing for local projects across America. These critical programs help communities minimize pollution, invest in clean infrastructure projects, address emerging contaminants like PFAS, and implement systems to provide clean drinking water to residents.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

MUNSTER, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:


Performance Ratios	Quarter ended,															Nine months ended,
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Return on equity		1.60	%		0.39	%		24.97	%		4.92	%		6.55	%		4.50	%		6.68	%
Return on assets		0.12	%		0.03	%		1.77	%		0.29	%		0.42	%		0.64	%		0.44	%
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%
Noninterest income / average assets		0.55	%		0.50	%		2.57	%		0.53	%		0.46	%		1.21	%		0.51	%
Noninterest expense / average assets		2.80	%		2.79	%		2.86	%		2.60	%		2.59	%		2.82	%		2.67	%
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		83.68	%

“The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

Highlights of the current period include:

Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.

Funding – As of September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.

Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024. The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.

Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.

Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.

Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management. The allowance for credit losses (ACL) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.

Operating Expenses – Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.

Capital Adequacy – As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

Disclosures Regarding Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

About Finward Bancorp
Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

Finward Bancorp
Quarterly Financial Report

Performance Ratios	Quarter ended,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Return on equity		1.60%		0.39%		24.97%		4.92%		6.55%		4.50%		6.68%
Return on assets		0.12%		0.03%		1.77%		0.29%		0.42%		0.64%		0.44%
Yield on loans		5.22%		5.11%		5.02%		5.09%		5.02%		5.12%		4.87%
Yield on security investments		2.37%		2.43%		2.37%		2.57%		2.41%		2.39%		2.39%
Total yield on earning assets		4.73%		4.64%		4.52%		4.64%		4.51%		4.64%		4.39%
Cost of interest-bearing deposits		2.47%		2.37%		2.36%		2.22%		1.95%		2.40%		1.58%
Cost of repurchase agreements		4.04%		3.86%		3.88%		3.78%		3.83%		3.93%		3.59%
Cost of borrowed funds		4.56%		4.95%		4.62%		4.41%		4.48%		4.70%		4.58%
Total cost of interest-bearing liabilities		2.63%		2.55%		2.53%		2.38%		2.16%		2.57%		1.82%
Tax adjusted net interest margin (1)		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Noninterest income / average assets		0.55%		0.50%		2.57%		0.53%		0.46%		1.21%		0.51%
Noninterest expense / average assets		2.80%		2.79%		2.86%		2.60%		2.59%		2.82%		2.67%
Net noninterest margin / average assets		-2.24%		-2.29%		-0.29%		-2.08%		-2.13%		-1.60%		-2.16%
Efficiency ratio		97.32%		98.56%		59.41%		87.49%		86.88%		80.16%		83.68%
Effective tax rate		-51.88%		-6.72%		9.48%		-30.85%		-22.20%		7.01%		0.30%

Non-performing assets to total assets		0.73%		0.61%		0.64%		0.61%		0.54%		0.73%		0.54%
Non-performing loans to total loans		0.92%		0.75%		0.78%		0.76%		0.66%		0.92%		0.66%
Allowance for credit losses to non-performing loans		134.12%		161.17%		159.12%		163.90%		192.89%		134.12%		192.89%
Allowance for credit losses to loans receivable		1.23%		1.22%		1.25%		1.24%		1.27%		1.23%		1.27%
Foreclosed real estate to total assets		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%

Basic earnings per share	$	0.14	$	0.03	$	2.18	$	0.36	$	0.52	$	2.35	$	1.60
Diluted earnings per share	$	0.14	$	0.03	$	2.17	$	0.35	$	0.51	$	2.35	$	1.60
Stockholders’ equity / total assets		7.69%		7.16%		7.32%		6.99%		5.70%		7.69%		5.70%
Book value per share	$	36.99	$	34.45	$	35.17	$	34.28	$	27.68	$	36.99	$	27.68
Closing stock price	$	31.98	$	24.52	$	24.60	$	25.24	$	22.00	$	31.98	$	22.00
Price to earnings per share ratio		56.21		182.60		2.82		17.77		10.67		10.19		10.28
Dividends declared per common share	$	0.12	$	0.12	$	0.12	$	0.12	$	0.31	$	0.36	$	0.93

Common equity tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Total capital to risk-weighted assets		12.14%		11.95%		11.92%		11.36%		11.12%		12.14%		11.12%
Tier 1 capital to adjusted average assets		8.38%		8.32%		8.24%		7.78%		7.81%		8.38%		7.81%


Non-GAAP Performance Ratios	Quarter ended,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Net interest margin – tax equivalent		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Tangible book value per diluted share	$	31.28	$	28.67	$	29.30	$	28.31	$	21.63	$	31.28	$	21.63
Tangible book value per diluted share adjusted for AOCL	$	42.47	$	42.33	$	42.36	$	40.31	$	39.96	$	42.47	$	39.96
Tangible common equity to total assets		6.51%		5.95%		6.09%		5.77%		4.46%		6.51%		4.46%
Tangible common equity to total assets adjusted for AOCL		8.83%		8.79%		8.81%		8.22%		8.23%		8.83%		8.23%

(1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures

Quarter Ended
(Dollars in thousands)	Average Balances, Interest, and Rates
(unaudited)	September 30, 2024						June 30, 2024
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS
Interest bearing deposits in other financial institutions	$	44,365		$	665	6.00	$	60,378		$	800	5.30
Federal funds sold		682			9	5.28		1,263			10	3.17
Securities available-for-sale		342,451			2,031	2.37		337,226			2,047	2.43
Loans receivable		1,506,967			19,660	5.22		1,501,584			19,174	5.11
Federal Home Loan Bank stock		6,547			107	6.54		6,547			96	5.87
Total interest earning assets		1,901,012		$	22,472	4.73		1,906,998		$	22,127	4.64
Cash and non-interest bearing deposits in other financial institutions		32,198						18,054
Allowance for credit losses		(18,482	)					(18,788	)
Other noninterest bearing assets		155,996						158,358
Total assets	$	2,070,724					$	2,064,622

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,451,414		$	8,946	2.47	$	1,455,007		$	8,610	2.37
Repurchase agreements		43,074			435	4.04		41,388			399	3.86
Borrowed funds		95,224			1,085	4.56		85,940			1,064	4.95
Total interest bearing liabilities		1,589,712		$	10,466	2.63		1,582,335		$	10,073	2.55
Non-interest bearing deposits		287,507						291,618
Other noninterest bearing liabilities		41,696						45,029
Total liabilities		1,918,915						1,918,982
Total stockholders’ equity		151,809						145,640
Total liabilities and stockholders’ equity	$	2,070,724					$	2,064,622


Return on average assets		0.12	%					0.03	%
Return on average equity		1.60	%					0.39	%
Net interest margin (average earning assets)		2.53	%					2.53	%
Net interest margin (average earning assets) – tax equivalent		2.67	%					2.67	%
Net interest spread		2.10	%					2.09	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Year-to-Date
(Dollars in thousands)	Average Balances, Interest, and Rates
(unaudited)	September 30, 2024						September 30, 2023
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS				`
Interest bearing deposits in other financial institutions	$	51,522		$	2,317	6.00	$	31,171		$	1,112	4.76
Federal funds sold		919			29	4.21		1,158			38	4.38
Certificates of deposit in other financial institutions		–			–	–		1,169			44	5.02
Securities available-for-sale		348,269			6,239	2.39		369,897			6,631	2.39
Loans receivable		1,504,197			57,713	5.12		1,519,981			55,481	4.87
Federal Home Loan Bank stock		6,547			285	5.80		6,547			221	4.50
Total interest earning assets		1,911,454		$	66,583	4.64		1,929,923		$	63,527	4.39
Cash and non-interest bearing deposits in other financial institutions		29,183						18,723
Allowance for credit losses		(18,670	)					(17,619	)
Other noninterest bearing assets		155,433						154,227
Total assets	$	2,077,400					$	2,085,254

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,464,682		$	26,350	2.40	$	1,455,410		$	17,258	1.58
Repurchase agreements		40,879			1,204	3.93		33,170			892	3.59
Borrowed funds		90,423			3,189	4.70		102,864			3,537	4.58
Total interest bearing liabilities		1,595,984		$	30,743	2.57		1,591,444		$	21,687	1.82
Non-interest bearing deposits		291,161						326,431
Other noninterest bearing liabilities		41,540						30,178
Total liabilities		1,928,685						1,948,053
Total stockholders’ equity		148,715						137,201
Total liabilities and stockholders’ equity	$	2,077,400					$	2,085,254


Return on average assets		0.64	%					0.44	%
Return on average equity		4.50	%					6.68	%
Net interest margin (average earning assets)		2.50	%					2.89	%
Net interest margin (average earning assets) – tax equivalent		2.64	%					3.04	%
Net interest spread		2.07	%					2.57	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Finward Bancorp
Quarterly Financial Report

Balance Sheet Data
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
ASSETS

Cash and non-interest bearing deposits in other financial institutions	$	23,071		$	19,061		$	16,418		$	17,942		$	17,922
Interest bearing deposits in other financial institutions		48,025			63,439			54,755			67,647			52,875

Total cash and cash equivalents		71,649			83,207			71,780			86,008			71,648

Securities available-for-sale		350,027			339,585			346,233			371,374			339,280
Loans held-for-sale		2,567			1,185			667			340			2,057
Loans receivable, net of deferred fees and costs		1,508,242			1,506,398			1,508,251			1,512,595			1,525,660
Less: allowance for credit losses		(18,516	)		(18,330	)		(18,805	)		(18,768	)		(19,430	)
Net loans receivable		1,489,726			1,488,068			1,489,446			1,493,827			1,506,230
Federal Home Loan Bank stock		6,547			6,547			6,547			6,547			6,547
Accrued interest receivable		7,442			7,695			7,583			8,045			7,864
Premises and equipment		47,912			48,696			47,795			38,436			38,810
Foreclosed real estate		–			–			71			71			71
Cash value of bank owned life insurance		33,312			33,107			32,895			32,702			32,509
Goodwill		22,395			22,395			22,395			22,395			22,395
Other intangible assets		2,203			2,555			2,911			3,272			3,636
Other assets		40,882			44,027			43,459			45,262			56,423

Total assets	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:
Non-interest bearing	$	285,157		$	286,784		$	296,959		$	295,594		$	312,635
Interest bearing		1,463,653			1,469,970			1,450,519			1,517,827			1,471,402
Total		1,748,810			1,756,754			1,747,478			1,813,421			1,784,037
Repurchase agreements		43,038			42,973			41,137			38,124			48,310
Borrowed funds		85,000			85,000			90,000			80,000			100,000
Accrued expenses and other liabilities		38,259			43,709			41,586			29,389			36,080

Total liabilities		1,915,107			1,928,436			1,920,201			1,960,934			1,968,427

Commitments and contingencies

Stockholders’ Equity:

Preferred stock, no par or stated value;
10,000,000 shares authorized, none outstanding		–			–			–			–			–
Common stock, no par or stated value; 10,000,000 shares authorized;		–			–			–			–			–
shares issued and outstanding: September 30, 2024 – 4,313,940
December 31, 2023 – 4,298,773
Additional paid-in capital		69,916			69,778			69,727			69,555			69,482
Accumulated other comprehensive loss		(48,241	)		(58,939	)		(56,313	)		(51,613	)		(78,848	)
Retained earnings		137,880			137,792			138,167			129,403			128,409

Total stockholders’ equity		159,555			148,631			151,581			147,345			119,043

Total liabilities and stockholders’ equity	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

Finward Bancorp
Quarterly Financial Report

Consolidated Statements of Income	Quarter Ended,															Nine months ended,
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Interest income:
Loans	$	19,660		$	19,174		$	18,879		$	19,281		$	19,161		$	57,713		$	55,481
Securities & short-term investments		2,812			2,953			3,105			2,975			2,617			8,870			8,046
Total interest income		22,472			22,127			21,984			22,256			21,778			66,583			63,527
Interest expense:
Deposits		8,946			8,610			8,794			8,180			7,066			26,350			17,258
Borrowings		1,520			1,463			1,410			1,361			1,579			4,393			4,429
Total interest expense		10,466			10,073			10,204			9,541			8,645			30,743			21,687
Net interest income		12,006			12,054			11,780			12,715			13,133			35,840			41,840
Provision for credit losses		–			76			–			779			244			76			1,246
Net interest income after provision for credit losses		12,006			11,978			11,780			11,936			12,889			35,764			40,594
Noninterest income:
Fees and service charges		1,463			1,257			1,153			1,507			1,374			3,873			4,517
Wealth management operations		731			763			633			672			572			2,127			1,812
Gain on sale of loans held-for-sale, net		338			320			152			352			192			810			729
Increase in cash value of bank owned life insurance		205			212			193			193			193			610			573
Gain (loss) on sale of real estate		–			15			11,858			–			2			11,873			(13	)
Loss on sale of securities, net		–			–			(531	)		–			–			(531	)		(48	)
Other		130			6			17			11			64			154			441
Total noninterest income		2,867			2,573			13,475			2,735			2,397			18,916			8,011
Noninterest expense:
Compensation and benefits		6,963			7,037			7,109			6,290			6,729			21,109			21,365
Occupancy and equipment		2,181			2,120			1,915			1,520			1,711			6,205			4,898
Data processing		1,165			1,135			1,170			1,269			1,085			3,470			3,465
Federal deposit insurance premiums		435			397			501			492			474			1,333			1,511
Marketing		209			212			158			191			235			579			649
Other		3,521			3,516			4,151			3,755			3,259			9,465			8,547
Total noninterest expense		14,474			14,417			15,004			13,517			13,493			43,895			41,715
Income before income taxes		399			134			10,251			1,154			1,793			10,785			6,890
Income tax expenses (benefit)		(207	)		(9	)		972			(356	)		(398	)		756			21
Net income	$	606		$	143		$	9,279		$	1,510		$	2,191		$	10,029		$	6,869

Earnings per common share:
Basic	$	0.14		$	0.03		$	2.18		$	0.36		$	0.52		$	2.35		$	1.60
Diluted	$	0.14		$	0.03		$	2.17		$	0.35		$	0.51		$	2.35		$	1.60

Finward Bancorp
Quarterly Financial Report

Asset Quality			(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
(Dollars in thousands)			September 30,		June 30,		March 31,		December 31,		September 30,
				2024		2024		2024		2023		2023
Nonaccruing loans			$	13,806	$	11,079	$	11,603	$	9,608	$	9,840
Accruing loans delinquent more than 90 days				–		294		215		1,843		233
Securities in non-accrual				1,440		1,371		1,442		1,357		1,155
Foreclosed real estate				–		–		71		71		71
	Total nonperforming assets		$	15,246	$	12,744	$	13,331	$	12,879	$	11,299

Allowance for credit losses (ACL):
	ACL specific allowances for collateral dependent loans		$	1,821	$	1,327	$	1,455	$	906	$	554
	ACL general allowances for loan portfolio			16,695		17,003		17,351		17,862		18,876
		Total ACL	$	18,516	$	18,330	$	18,806	$	18,768	$	19,430

(Dollars in millions)									Minimum Required To Be
					Minimum Required For				Well Capitalized Under Prompt
	Actual				Capital Adequacy Purposes				Corrective Action Regulations
September 30, 2024	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	71.9	4.50	%	$	103.9	6.50	%
Tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	95.9	6.00	%	$	127.9	8.00	%
Total capital to risk-weighted assets	$	194.0	12.14	%	$	127.9	8.00	%	$	159.8	10.00	%
Tier 1 capital to adjusted average assets	$	176.3	8.38	%	$	84.7	4.00	%	$	105.8	5.00	%

Table 1 – Reconciliation of the Non-GAAP Performance Measures

(Dollars in thousands)	Quarter Ended,															Nine months ended,
(unaudited)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of tangible common equity
Total stockholder’s equity	$	159,555		$	148,631		$	151,581		$	147,345		$	119,043		$	159,555		$	119,043
Goodwill		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)
Other intangibles		(2,203	)		(2,555	)		(2,911	)		(3,272	)		(3,636	)		(2,203	)		(3,636	)
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012

Calculation of tangible common equity adjusted for accumulated other comprehensive loss
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Accumulated other comprehensive loss		48,241			58,939			56,313			51,613			78,848			48,241			78,848
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860

Calculation of tangible book value per share
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share	$	31.28		$	28.67		$	29.30		$	28.31		$	21.63		$	31.28		$	21.63

Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Diluted average common shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share adjusted for accumulated other comprehensive loss	$	42.47		$	42.33		$	42.36		$	40.31		$	39.96		$	42.47		$	39.96

Calculation of tangible common equity to total assets
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets		6.51	%		5.95	%		6.09	%		5.77	%		4.46	%		6.51	%		4.46	%

Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets adjusted for accumulated other comprehensive loss		8.83	%		8.79	%		8.81	%		8.22	%		8.23	%		8.83	%		8.23	%

Calculation of tax adjusted net interest margin
Net interest income	$	12,006		$	12,054		$	11,780		$	12,715		$	13,133		$	35,840		$	41,840
Tax adjusted interest on securities and loans		678			677			699			722			730			2,054			2,234
Adjusted net interest income		12,684			12,731			12,749			13,437			13,863			37,894			44,074
Total average earning assets		1,901,012			1,906,998			1,945,501			1,920,127			1,930,118			1,911,454			1,929,923
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%

Efficiency ratio
Total non-interest expense	$	14,474		$	14,417		$	15,004		$	13,517		$	13,493		$	43,895		$	13,493
Total revenue		14,873			14,627			25,255			15,450			15,530			54,756			15,530
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		86.88	%

FOR FURTHER INFORMATION
CONTACT SHAREHOLDER SERVICES
(219) 853-7575

The MIL Network –

January 25, 2025

MIL-OSI: Blackwells Capital Calls on Brancous to End its Alarmist Attacks on Braemar

Source: GlobeNewswire (MIL-OSI)

Brancous’ misleading accusations are not constructive and could negatively impact the Company’s business

Blackwells encourages all Braemar shareholders to support the enhanced Board and management team

NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Blackwells Capital LLC (“Blackwells”), a shareholder of Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) (NYSE: BHR), today released a letter to its fellow Braemar shareholders:

The full text of the letter follows:

Dear Fellow Braemar Shareholders,

Over the past months, Blackwells Capital, in its capacity as an engaged shareholder of Braemar Hotels & Resorts (“Braemar” or the “Company”), exchanged views with the board of directors (the “Board”) and management of Braemar. Blackwells’ concerns were heard by Braemar, and Blackwells was pleased to enter into a constructive agreement with the Company, reflective of its confidence in the Board and management team to drive value for all shareholders.

Recently, another shareholder, Brancous LP1 (“Brancous”) has issued several public letters to Braemar. While Brancous is free to have its say as a shareholder of the Company, we believe its accusations and inferences are increasingly alarmist in nature, and without merit. Left uncorrected, Blackwells is concerned these accusations could have a negative impact on Braemar’s business.

Brancous’ latest letter dated October 22, 2024 appears to be a regurgitation of false claims made by a disgruntled hotel union. We believe it is irresponsible to peddle such misinformation, and, in particular, highlight the recklessness of stating that a lawsuit was filed against Braemar when no such thing happened.

Contrary to Brancous’ misstatements, Ashford Inc has stated publicly that Braemar has received an official private letter ruling from the Internal Revenue Service regarding its structure and operating relationship with Remington Hospitality, providing assurance of its proper REIT compliance. We question Brancous’ claim that “No other REIT operates in this manner,” and believe that it demonstrates a lack of knowledge of the REIT space.

Further, Brancous’ missives about the Braemar Board ignore the recent appointment of Jay Shah. Mr. Shah is a seasoned hospitality and real estate executive and joined the Board as an independent director. Blackwells believes that Mr. Shah brings an infusion of skills, experience and fresh expertise to Braemar. Blackwells strenuously objects to Brancous’ attacks which oddly single out Braemar independent director, Stefani Carter. Blackwells has had the opportunity to meet with Ms. Carter and believes she is an effective and independent fiduciary for shareholders, with an esteemed professional background.

Brancous closes its October 22, 2024 letter noting that “BHR has incredible potential…” Blackwells agrees with that assessment wholeheartedly. Brancous’ hyperbolic attacks, however, are not constructive, and could unjustly hurt the Company and its prospects.

Blackwells calls on Brancous and all shareholders to join us in voting in favor of the enhanced Board and management team as they unlock value for all shareholders.

Sincerely,

Jason Aintabi
Chief Investment Officer
Blackwells Capital

About Blackwells Capital

Blackwells is a multi-strategy alternative asset management firm that invests in public and private markets globally. Our public markets portfolio focuses on currencies, equities, credit and commodities. When necessary, we engage with public company boards to drive value for all stakeholders. Our private markets portfolio includes investments in space, clean energy, infrastructure, real estate and technology. Further information is available at www.blackwellscap.com.

Media
Gagnier Communications
Dan Gagnier & Riyaz Lalani
646-569-5897
blackwells@gagnierfc.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Cassidy, Tillis, Colleagues Introduce Legislation to Replenish the SBA Disaster Loan Program Following Hurricanes Francine, Helene, Milton

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Thom Tillis (R-NC), Ted Budd (R-NC), Tim Scott (R-SC), and Rick Scott (R-FL) announced plans to introduce the Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act that would replenish the U.S. Small Business Administration (SBA) Disaster Loan Program. On October 15th, the SBA announced the Disaster Loan Fund had run out of money. The senators plan to seek passage of the legislation when Congress returns to session.
“Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient,” said Dr. Cassidy. “This funding is essential to help small businesses recover from these storms and support our local economies.”
“The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track,” said Senator Tillis. “That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again. ”
“The citizens of Western North Carolina are some of the toughest and most resilient people in this country,” said Senator Budd. “As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”
“Hurricane Helene brought a level of devastation to South Carolina we haven’t seen since Hugo. With a natural disaster of this magnitude, Congress should take the opportunity to show leadership and help ease the pain of those who have lost everything,” said Senator Tim Scott. “Communities back home and in surrounding states have come together to recover, but it will take every possible effort to get us back to where we were.”
“We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S,” said Senator Rick Scott. “I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”
The Relief Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475B in lending capacity projected to last until the end of 2024.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Urgently Announces Third Quarter 2024 Earnings Release Date and Conference Call; Participation in Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the date for the release of its third quarter 2024 financial results and its participation in upcoming investor conferences.

Third Quarter 2024 Earnings

Urgently will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.

Those wishing to participate via webcast should access the call through Urgently’s Investor Relations website at https://investors.geturgently.com. Those wishing to participate via telephone may dial in at 1-844-481-2521 (USA) or 1-412-317-0549 (International). The replay will be available via webcast through Urgently’s Investor Relations website.

Upcoming Investor Conferences

During the fourth quarter of 2024, Matt Booth, Chief Executive Officer of Urgently, and Tim Huffmyer, Chief Financial Officer of Urgently, will participate in the following upcoming investor conferences:

The Sidoti Micro-Cap Virtual Investor Conference on November 13-14, 2024. Management is scheduled to present at 10:00 a.m. Eastern Time on Thursday, November 14, and will host one-on-one and small group investor meetings throughout both days.
The Micro-Cap Investor Summit Virtual Conference on November 21, 2024. Management will host a presentation and hold one-on-one and small group meetings with investors during the conference.

A live webcast and archived replay of conference presentations will be available on the Urgently Investor Relations website at https://investors.geturgently.com/.

About Urgently

Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

Contacts:
For Press: media@geturgently.com
For Investor Relations: investorrelations@geturgently.com

The MIL Network –

January 25, 2025

MIL-OSI: Oxford Square Capital Corp. Schedules Third Quarter 2024 Earnings Release and Conference Call for November 5, 2024

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss third quarter 2024 earnings on Tuesday, November 5, 2024 at 9:00 AM Eastern time. The toll free dial-in number is 800-445-7795 and the conference identification is “Oxford”. There will be a recording available for 30 days after the call. If you are interested in hearing the recording, please dial 800-945-1517. The replay pass-code number is 25209.

About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Contact:
Bruce Rubin
203-983-5280

The MIL Network –

January 25, 2025

MIL-OSI USA: Readout of U.S.-Croatia Bilateral Defense Consultations

Source: United States Department of Defense

Department of Defense Spokesman Cmdr. Javan Rasnake provided the following readout:

On October 29, 2024, Ms. Lisa Sawyer, the Deputy Assistant Secretary of Defense (DASD) for European and NATO Policy in the Office of the Secretary of Defense, co-chaired the U.S.-Croatia Bilateral Defense Consultations (BDC) with Ms. Nikolina Volf, Deputy Director of Policy, Croatian Ministry of Defense. The meeting took place in the Pentagon in Washington, DC, and included participation from the Ministry of Defense and General Staff of Croatia, the U.S. Joint Staff, U.S. European Command, the Minnesota National Guard, the Defense Security Cooperation Agency, and the Department of State.

Participants discussed global security, support to Ukraine, and bilateral security cooperation priorities, including exercises, training, military-to-military engagements, defense modernization initiatives, and Croatia’s longstanding State Partnership Program with the Minnesota National Guard. Croatian defense officials provided their perspective on the security situation in the Western Balkans, their role within the North Atlantic Treaty Organization (NATO) Alliance including the fielding of a Heavy Brigade to meet a NATO capability, infrastructure development at its training ranges and ports, logistics cooperation, and combating malign influence in the Western Balkans. The United States thanked Croatia for a productive BDC and reaffirmed the importance of the EU-facilitated Dialogue as the best way to achieve a stable and secure Western Balkans.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Pennsylvania State Police to Showcase Progress of Academy Construction Project

Source: US State of Pennsylvania

October 30, 2024 – Hershey, PA

ADVISORY – Pennsylvania State Police to Showcase Progress of Academy Construction Project

The Pennsylvania State Police (PSP) on Wednesday will provide a progress report on the construction of a new Pennsylvania State Police Academy, a project to completely modernize the 64-year-old campus and ensure troopers are trained in the best possible environment for decades to come. A tour of the grounds and project for media members will immediately follow the remarks.

Following months of site preparation, construction began on the most visible aspect of the project, the five-story Marquee Building overlooking East Hersheypark Drive. The building will house modern classrooms and administrative offices, 300 individual cadet dormitories, a 500-seat auditorium, and a spacious cafeteria.

Construction work is underway on several other new buildings, including horse stables for the PSP Mounted Unit, the Bureau of Emergency and Special Operations headquarters, the central supply warehouse, and an outdoor tactical village for hosting simulations of high-risk incidents such as active shooters and hostage situations.

Lieutenant Colonel George Bivens, Deputy Commissioner of Operations, will provide the progress report, answer questions about the construction project, and offer a tour of the site to interested members of the media.

Media members planning to attend are asked to RSVP to ra-pspcomm@pa.gov.

WHAT: Pennsylvania State Police to Showcase Progress of Academy Construction Project

WHEN: Wednesday, October 30, 2024; 10:00 A.M.

WHERE: Pennsylvania State Police Academy, 175 E. Hersheypark Drive, Hershey

MIL OSI USA News –

January 25, 2025

MIL-OSI Security: Balgonie — White Butte RCMP asks members of the public for assistance identifying semi

Source: Royal Canadian Mounted Police

On October 12, 2024, White Butte RCMP received a report of a chemical spill on Highway #46.

Investigation determined a semi hauling a belly dump style of trailer left a business on the Service Road in Balgonie. While driving south on Highway #46, then continuing on to Highway #1 toward Winnipeg, the semi spilled fertilizer it was hauling. The semi did not stop at the scene of the spill.

The Balgonie Fire Department, Ministry of Highways, Ministry of Environment and Regina Bypass responded to – and are managing – the spill and clean-up, and were responsible for the closure of the highway that resulted from the spill. Any questions on these matters can be directed to the appropriate agency.

White Butte RCMP is now investigating whether there is a criminal element to the spill, including gathering information about the vehicle driver’s failure to stop after the spill and determining whether the resulting cost of clean-up constitutes mischief.

The vehicle and driver have not been identified at this time.

White Butte RCMP is asking members of the public for assistance. If you saw the semi spilling fertilizer on Highway #46 between 5:15 and 5:45 a.m. on October 12, or if you potentially captured security or dashcam footage of it, contact White Butte RCMP by dialling 310-RCMP.

Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

MIL Security OSI –

January 25, 2025

MIL-OSI New Zealand: Protecting the Pahurehure Inlet and Manukau Harbour East coastlines

Source: Auckland Council

At its most recent meeting, the Policy and Planning Committee endorsed the latest two Shoreline Adaptation Plans – Pahurehure Inlet and Manukau Harbour East. Collectively, these plans cover the coast from Karaka Point in the south to Onehunga.

Shoreline Adaptation Plans are living plans that focus on how we manage Auckland Council-owned coastal land and assets. This includes reserves, public facilities, transport and water infrastructure, as well as any associated coastal defence structures like seawalls.

Councillor Richard Hills, Chair of the Policy and Planning Committee welcomes these Shoreline Adaptation Plans and emphasises their importance as a strategic guide.

“We’ve seen the impacts of climate change on our coastlines, public assets and our coastal communities have directly experienced the effects. This is about working with mana whenua and Aucklanders to plan for the future of our shorelines,” says Cr Hills.

“It’s great to see more and more of these plans adopted and encouraging to see the level of involvement from the community as we have these important conversations.”

What is included in these plans?

Our Shoreline Adaptation Plans recommend one of four adaptation strategies for each stretch of shoreline and can apply a mix of these strategies. These are:

Hold the line

The coastal edge is fixed at a certain location.
Defence of the coastal edge may be through nature-based options (like beach nourishment) or engineered hard structures (like sea walls).

Limited intervention

Generally focussed on maintaining and making the area safe.
The coastal edge does not need to be fixed and can be altered.

No active intervention

Natural processes are allowed to continue.
No investment into coastal hazard protection or flood protection and reserved for coastlines that are not exposed or vulnerable to coastal hazards.

Managed retreat

Assets and the way the land is used are relocated or realigned to reduce risk.
Any relocation is planned and undertaken over time.
Managed retreat does not signal abandonment of ‘at risk’ areas – it is about identifying a process to reconfigure council assets to accommodate natural coastal processes and build a more resilient shoreline.

Strategies are recommended over short-term (now to 20 years) medium-term (20 to 60 years) and long-term (60 to 100+ years) timeframes reflective of projected sea level rise over the coming decades of 0.5 to 1m. This long-term view of our changing coastal areas is a first step in adaptive planning and lays a foundation for consistent coastal management.

Paul Klinac, Auckland Council General Manager, Engineering, Assets and Technical Advisory explains that these high-level strategies provide guidance on how council-owned coastal land and assets can be adapted over time to sustainably manage the escalating impacts of coastal hazards and climate change.

“The development of shoreline adaptation plans across the region is funded through the Long-term Plan 2024-2034 as part of the climate action investment package,” says Mr Klinac.

“Shoreline Adaptation Plans – like the ones for the Pahurehure Inlet and Manukau Harbour East – will help guide us in future decision-making around these public assets. This could be reserve management, operational maintenance and renewal of coastal structures or initiation of new capital works projects. This will be alongside ongoing monitoring of council-owned coastal assets and the surrounding coastal environment.”

Pahurehure Inlet Shoreline Adaptation Plan

The Pahurehure Inlet Shoreline Adaptation Plan includes the area of the coastline from the Puhinui Creek in the north up to Karaka Point south. This coastline covers the Manurewa, Papakura and Franklin local board areas.

It recommends limited and no active intervention for many areas of the Pahurehure Inlet shoreline over the next 100 years.

It also suggests a ‘hold the line’ approach for specific areas, including Karaka Harbourside, Conifer Grove and Keith Park, due to an increased risk from coastal inundation over time. This is to maintain existing infrastructure and highly valued coastal connections from coastal erosion.

Lastly, it states a ‘managed retreat’ approach to support proactive adaptation planning in the mid to long-term for Waikirihinau / Bottle Top Bay, Youngs Point and in the Drury Creek area should be adopted. This is as the increasing risk from coastal hazards will impact the long-term use of the land in these areas.

Manukau Harbour East Shoreline Adaptation Plan

The Manukau Harbour East Shoreline Adaptation Plan includes the area of the coastline from the Puhinui Creek in the south to Taumanu Reserve in the north. This coastline includes the Ōtara-Papatoetoe, Māngere-Ōtāhuhu and Maungakiekie-Tāmaki local board areas.

It states that limited intervention is the best approach for many areas of this shoreline over the next 100 years and continuing to maintain existing coastal management practices.

It also recommends a ‘hold the line’ approach for specific areas due to the highly modified shoreline and the location of significant (council-owned) infrastructure like the Māngere Wastewater Treatment Plant.

This also reflects iwi values and aspirations and the importance of ensuring we are managing past land use decisions and asset owner requirements alongside community values and uses.

Managed retreat (in the longer-term) is identified where space is constrained and there will be a need to ensure that valued community activities avoid hazard areas to remain safe and functional.

Get involved

The remaining shoreline adaptation plans are continuing to be developed and will be completed in 2025. Plans will continue to be presented to the Policy and Planning Committee for approval.

Tell us what you think over the course of 2024 and for some areas, we’re also asking for your feedback on our draft adaptation strategies – head to akhaveyoursay.nz to see what plans are currently open for feedback.

You can also help by joining the conversation and telling us what you value about your local coastline today by visiting our regional interactive map – drop pins to leave comments on coastal areas not yet open.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: Gov. Justice delivers $4.4 million Abandoned Mine Land Economic Revitalization grant for Wheeling Gateway Center

Source: US State of West Virginia

WHEELING, WV — Gov. Jim Justice announced today $4.4 million in funding through the Abandoned Mine Land Economic Revitalization (AMLER) grant program for the Wheeling Gateway Center.

Funding will be utilized to redevelop the former Wheeling Inn site into the Wheeling Gateway Center. The 20,000-square-foot welcome center will feature a heritage museum, event space, retail shops, office areas, a marquee restaurant, and outdoor plazas.

This historic investment marks the first time the state has partnered with a local community to build an official state welcome center. The model will allow more flexibility in the building’s uses and free up West Virginia Division of Highways state employees who have traditionally had to oversee these facilities in addition to the roads in their district.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Congressman D’Esposito (NY-04) and Congressman David Trone (MD-06) introduce the H.R.10038: Veterans Naloxone Access Expansion Act

Source: United States House of Representatives – Congressman Anthony D’Esposito (NY-04)

Congressman D’Esposito (NY-04) and Congressman David Trone (MD-06) have introduced H.R.10038: Veterans Naloxone Access Expansion Act that would expand access to naloxone for veterans and caregivers of veterans.

The Veterans Naloxone Access Expansion Act would remove restrictive requirements for acquiring naloxone, initiating a two-year pilot program allowing veterans and their caregivers the freedom to receive naloxone without a prescription or fee. Upon receiving naloxone, the VA will provide veterans and their caregivers invaluable information on addiction services, suicide prevention, mental health resources, and the use and application of naloxone. To understand the program’s impact and future considerations, the Secretary of the Department of Veteran’s Affairs will conduct a report to Congress, detailing the number of participants, the feasibility of extending this access to immediate family members and non-department providers, the potential effects of a consultation requirement by a VA medical provider and addressing any budgetary needs.

While the current programs in place for providing naloxone have been effective in saving lives, the prescription requirement for veterans can dissuade them from utilizing care due to the stigma associated with substance use disorder and the process itself of acquiring the prescription. Furthermore, allowing caregivers of disabled veterans the ability to get naloxone without the prescription requirement and for free will help save lives.

“America’s opioid crisis is affecting all Americans, especially the tens of thousands of veterans who’ve died from opioid related overdoses. Having already sacrificed so much for our freedoms, we owe it to our veterans to expand access to life saving treatments, not restrict access with bureaucratic red tape. I am proud to introduce this bipartisan legislation to do exactly that, to provide veterans and their caregivers the lifesaving drug naloxone.” said Congressman D’Esposito.

“Naloxone has been proven highly effective at combating substance use disorder, saving countless lives,” said Congressman Lawler. “With so many of our nation’s veterans reeling from physical and psychological injuries incurred during their service, ensuring they have access to the help they need is mission critical. That’s why I’m proud to join Representatives D’Esposito and Trone in introducing the bipartisan Veterans Naloxone Access Expansion Act. I look forward to working with my colleagues in both parties to get this important legislation passed,” said Congressman Mike Lawler (NY-17).

“Naloxone is a lifesaving medication that has already prevented thousands of veterans from dying of an opioid overdose. On behalf of The American Legion and our 1.6 million dues-paying members, I am pleased to support the Veterans Naloxone Access Expansion Act. This legislation will create a pilot program removing burdensome requirements to access this lifesaving medication through the VA, saving veterans’ lives. We are proud to have worked closely with Rep. D’Esposito and his staff in writing this bill, and commend their dedication to veterans’ health and welfare,” said American Legion’s National Commander, James A. LaCoursiere.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: News 10/24/2024 Blackburn, Cornyn, Blumenthal, Colleagues Introduce Bill to Combat Child Exploitation

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.), John Cornyn (R-Texas), Richard Blumenthal (D-Conn.), and three of their Senate colleagues introduced the PROTECT Our Children Act, which would reauthorize and modernize the Internet Crimes Against Children Task Force Program:
“For more than 15 years, the Internet Crimes Against Children Task Force Program has helped law enforcement agencies protect innocent children from sexual predators who wish to exploit them online,” said Senator Blackburn. “The PROTECT Our Children Act would reauthorize this critical program to combat technology-facilitated crimes against children.”
“For decades, the Internet Crimes Against Children Task Force Program has played an invaluable role in helping federal, state, and local law enforcement work together to fight child exploitation and put vicious predators behind bars,” said Senator Cornyn. “By extending and modernizing this program, our legislation would ensure these Task Forces can continue to protect our next generation in an increasingly digital world.”
“We must save children who are victims of the most ongoing vile, stomach-churning crimes because child sexual abuse goes unstopped,” said Senator Blumenthal. “Protecting such victims is urgent and imperative—and we have an obligation to provide tools and resources necessary to do it. The PROTECT Our Children Act reauthorizes and modernizes the Internet Crimes Against Children Task Force Programs, enabling law enforcement to combat the exploding, serious dangers of abhorrent abuse in an online society. This essential legislation will help safeguard our children and hold predators accountable.”

BACKGROUND:

The Internet Crimes Against Children (ICAC) Task Force Program helps state and local law enforcement agencies develop an effective response to technology-facilitated child sexual exploitation and Internet crimes against children. This encompasses forensic and investigative components, training and technical assistance, victim services, and community education. This national network of 61 coordinated task forces represents more than 5,400 federal, state, and local law enforcement and prosecutorial agencies engaged in both proactive and reactive investigations, forensic investigations, and criminal prosecutions.
Since 1998, ICAC Task Forces have trained more than 826,700 law enforcement officers, prosecutors, and other professionals on techniques to investigative and prosecute ICAC-related cases. They have also reviewed more than 1,452,040 reports of online child exploitation, resulting in the arrest of more than 123,790 suspects.

THE PROTECT OUR CHILDREN ACT:

The PROTECT Our Children Act would:
Update and modernize the requirements for the National Strategy for Child Exploitation Prevention and Interdiction, including requiring the U.S. Department of Justice to provide detailed, useful information on efforts to protect children nationwide;
Provide liability protection for ICAC Task Forces in the course of conducting criminal investigations of child sexual abuse material (CSAM) and child abuse material;
Make needed technical improvements and clarifications to the statutory text of the program to match it to current technology and needs;
Focus the ICAC program on both proactive and reactive investigations; and
Reauthorize the ICAC Program through 2027 with an escalator authorization.

ENDORSEMENTS:

The PROTECT Our Children Act is endorsed by the National Center on Sexual Exploitation (NCOSE), the Rape, Abuse, and Incest National Network (RAINN), National Children’s Alliance, National Center for Missing & Exploited Children (NCMEC), Rights 4 Girls, National District Attorneys Association (NDAA), Raven, Fraternal Order of Police, Association of State Criminal Investigative Agencies (ASCIA), and the National Criminal Justice Training Center (NCJTC).

CO-SPONSORS:

This legislation is also co-sponsored by Senators Josh Hawley (R-Mo.), Dick Durbin (D-Ill.), and Amy Klobuchar (D-Minn.). Companion legislation was introduced in the House by Representatives Nathaniel Moran (R-Texas) and Debbie Wasserman Schultz (D-Fla.).

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: News 10/29/2024 Blackburn, Whitehouse, Colleagues Urge DEA to Extend Telehealth Flexibilities for Substance Use Disorder and Mental Health Treatment

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)

NASHVILLE, Tenn. – U.S. Senators Marsha Blackburn (R-Tenn.), Sheldon Whitehouse (D-R.I.), Lisa Murkowski (R-Alaska), and Mark Warner (D-Va.) led a group of 11 Senators in sending a bipartisan letter calling on the Drug Enforcement Administration (DEA) to extend COVID-era regulatory flexibilities that increase access to telehealth services.

These rules have been a lifeline for many patients, particularly those in rural and underserved communities, as well as individuals managing mental health conditions, substance use disorders, and chronic illnesses.

“Telemedicine has proven to be an effective tool in reducing barriers to care, supporting those with the greatest need, and bridging the divide between patients and providers,” wrote the Senators.

“As bipartisan senators committed to safeguarding public health and promoting equitable access to health care, we are concerned that the reported proposed restrictions could have significant unintended consequences, including disrupting access to treatment for substance use disorder,” added the Senators. “We urge the DEA to continue working with stakeholders on a proposal that prioritizes the public health benefit for continued access to telemedicine, and finalize an additional temporary extension well before the December 31, 2024 deadline so that both providers and patients have certainty that there will be no gap in their ongoing care.”

BACKGROUND:

The bipartisan letter urges the Biden administration to extend the current flexibilities that safeguard access to necessary care while addressing the risks of prescription medication misuse, and recommends a final rule that creates no new barriers to care.

The letter highlights that telemedicine has expanded access to life-saving treatments, particularly for opioid use disorder, mental health care, and chronic illnesses.

Overdose deaths involving opioids rose to a peak of 84,181 Americans in 2022 before falling to 81,083 in 2023. Despite strong evidence that medication is the most effective treatment for opioid use disorder, only one in five Americans with opioid addiction receive medication treatment that could help them quit and stay in recovery.

The Senators’ letter also stresses the importance of ensuring there is no gap in services when the current rules expire at the end of 2024.

TREATS ACT:

The bipartisan legislation would waive regulatory restrictions for accessing care, preserving flexibilities put in place to save lives during the COVID-19 pandemic.

During the COVID-19 Public Health Emergency, the DEA and the Department of Health and Human Services temporarily removed the in-person exam requirement for prescribing medication via telemedicine for people with opioid use disorder. Telehealth flexibilities helped a broad range of patients – including veterans, those living in rural areas, people experiencing homelessness, individuals in the criminal justice system, and racial and ethnic minorities – access treatment. The flexibilities are set to expire on December 31, 2024.

The TREATS Act would make the changes permanent, allowing providers to waive the in-person visit requirement and instead use audio-only or audio-visual telehealth technology. The TREATS Act has 20 bipartisan co-sponsors in the Senate.

CO-SIGNERS:

The letter is also signed by Senators Ron Wyden (D-Ore.), Martin Heinrich (D-N.M.), Mark Kelly (D-Ariz.), Angus King (I-Maine), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore.), and Peter Welch (D-Vt.). Representatives Doris Matsui (D-Calif.) and Buddy Carter (R-Ga.) are leading a similar effort in the House.

Full text of the letter can be found here.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Sinema Expanding Women’s Access to Cancer Screening & Treatment Services

US Senate News:

Source: United States Senator Kyrsten Sinema (Arizona)

The bipartisan, bicameral legislation reauthorizes the National Breast and Cervical Cancer Early Detection Program (NBCCEDP) for five years

WASHINGTON – Arizona senior Senator Kyrsten Sinema cosponsored the Screening for Communities to Receive Early and Equitable Needed Services (SCREENS) for Cancer Act – bipartisan, bicameral legislation reauthorizing the National Breast and Cervical Cancer Early Detection Program (NBCCEDP) for five years to allow for greater flexibility in providing access to lifesaving screening, diagnostic, and treatment services and continue its innovative work aimed to reduce disparities and advance health equity in breast and cervical cancer.

The National Breast and Cervical Cancer Early Detection Program (NBCCEDP) provides breast and cervical cancer screenings, diagnostic tests, and treatment referral services to women who are limited-income, underserved, underinsured, or uninsured, and do not qualify for Medicaid. The SCREENS for Cancer Act would reauthorize NBCCEDP through 2028.

“Our legislation ensures the National Breast and Cervical Cancer Early Detection Program may continue providing lifesaving breast and cervical cancer screenings, diagnostic, and treatment services to women in underserved communities,” said Sinema.

Early detection of breast and cervical cancer through screening can improve survival and reduce mortality by finding cancer at an early stage when treatment is more effective and less expensive. However, research has shown there are many barriers to cancer screening for people with limited income, including access to providers and facilities, costs of screening and care, lack of knowledge and understanding about the role of screening, as well as barriers like time off work and access to childcare. Unfortunately, people who are uninsured and underinsured have lower breast and cervical cancer screening rates, resulting in a greater risk of being diagnosed at a later, more advanced stage of disease.

Since the program’s inception in 1991, NBCCEDP has provided over 16.1 million screening exams to more than 6.2 million eligible people, detecting 77,968 invasive breast cancers and 24,656 premalignant breast lesions, as well as 5,220 invasive cervical cancers, and 242,261 premalignant cervical lesions, of which 38% were high grade.

In 2024, an estimated 310,720 women in the U.S. will be diagnosed with invasive breast cancer, and 42,250 will die from the disease. Additionally, an estimated 13,820 people will be diagnosed with invasive cervical cancer, and 4,360 will die from the disease.

The SCREENS for Cancer Act does not require any additional funding and has no score. Importantly, early detection of breast and cervical cancer through screening can improve survival and reduce mortality by finding cancer at an early stage when treatment is more effective and less expensive. Currently, the U.S. spends approximately $30 billion annually on breast cancer treatments. This could be significantly reduced if more women receive their annual screenings, and the disease is caught early. For cervical cancer, the current expenditure is approximately $12 billion annually.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Gillibrand, Schumer Announce Port Authority Of NY/NJ To Receive Over $347 Million From Program Gillibrand Helped Create, Including $344 Million To Deploy Zero-Emission Equipment And Upgrade Green Energy Infrastructure

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand
Today, U.S. Senator Kirsten Gillibrand and Senate Majority Leader Chuck Schumer announced that the U.S. Environmental Protection Agency (EPA) has selected the Port Authority of New York and New Jersey (PANYNJ) to receive an anticipated $344,138,135 through EPA’s Clean Ports Program for its proposed project, Catalyzing Change: Zero-Emissions NY-NJ Port Projects for a Greener Future. This project will support the installation of zero-emission equipment and promote good-paying and union jobs at the Port of New York and New Jersey. The grant is funded by the Inflation Reduction Act, the most substantial climate change and clean energy legislation in history. Senator Gillibrand was an original cosponsor and champion of the standalone legislation (the Climate Smart Ports Act) to create the Clean Ports Program, and she helped secure its enactment as part of the Inflation Reduction Act.
According to the EPA, PANYNJ’s proposed project “includes the deployment of electric cargo handling equipment and drayage trucks with supporting charging infrastructure, including through a ZE Equipment for Ports (ZEEP) Voucher Incentive Program and Green Drayage Accelerator (GDA) program. PANYNJ commits to reducing the number of polluting vehicles at the port by scrapping a portion of the existing fleet. The project also includes the installation of vessel shore power infrastructure. As part of this project, PANYNJ will implement a comprehensive community engagement plan and train workers to operate and maintain new equipment and infrastructure.”
In addition to the over $344 million grant for the zero-emission technology deployment project, EPA selected PANYNJ to receive $3,000,000 to support a proposed climate and air quality project, which is also through EPA’s Clean Ports Program.
“I fought hard to secure $3 billion via the Inflation Reduction Act for the EPA to fund a new program for zero-emission port equipment and to modernize infrastructure as well as climate and air quality planning at ports across the country,” said Senator Schumer. “I’m proud to announce more than $344 million—the second largest award in the country—for the Port Authority of New York and New Jersey to deploy zero-emission equipment, install charging equipment, and train workers for new green jobs. This substantial federal investment will help transform Port Liberty NY on Staten Island by replacing harmful diesel-powered equipment with zero-emission electric infrastructure.”
“This over $347 million investment in the Port Authority of New York and New Jersey will lay the foundation for a stronger, more sustainable future,” said Senator Gillibrand. “This funding will promote the use of zero-emission equipment and clean power, as well as train workers for the green energy jobs of the future. I am proud to have helped secure the creation of the transformative Clean Ports Program in the Inflation Reduction Act and am thrilled about today’s historic investment. Not only are we improving air quality and combating climate change, but we’re creating good-paying jobs and putting New York and the United States in position to lead in global clean energy.”
The selection of the PANYNJ projects was announced as part of the Biden-Harris administration’s Investing in America agenda, which today announced nearly $3 billion of investments in Clean Ports.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: Miller Tours Nucor Steel Mill Site and Rivers Health Hospital

Source: United States House of Representatives – Congresswoman Carol Miller (R-WV)

Washington D.C. – Today, Congresswoman Carol Miller (R-WV) met with Nucor Steel staff to tour the grounds and see the current state of the plant’s construction. The Congresswoman also visited Rivers Health Hospital to see the beginning renovations to their Emergency Department and discuss the $2.6 million in funding the Congresswoman secured for the project.

Congresswoman Miller stopped by the construction site of Nucor Steel’s mill to see progress being made.

“I was glad to see firsthand the progress Nucor Steel has made on the construction of their steel mill. It’s important that we continue to create more opportunities to invest in our state and our economy, and this project is a great example of that. I look forward to returning in the future for updates and to see the mill fully functioning,” said Congresswoman Miller.

Congresswoman Miller later visited Rivers Health for a groundbreaking ceremony of their Emergency Department.

“I enjoyed participating in the groundbreaking ceremony for Rivers Health Hospital’s Emergency Department. I am glad to know that the $2.6 million in funding I secured for Rivers Health will be used towards improving and expanding this department in 2025 to help with current and incoming residents. The hospital staff do a fantastic job at serving Mason and Jackson counties and I know this latest addition underway will improve the already excellent care they give to patients in Point Pleasant and throughout the community,” said Congresswoman Miller.

Congresswoman Miller visiting Nucor Steel’s mill site

Congresswoman Miller touring Rivers Health Hospital

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MIL OSI USA News –

January 25, 2025

MIL-OSI USA: PHOTOS: Capito Makes Stops in Kanawha County Focused on Healthcare, Economic Development

US Senate News:

Source: United States Senator for West Virginia Shelley Moore Capito

CHARLESTON, W.Va. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), who serves as the Ranking Member of the Senate Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies (Labor-HHS), delivered remarks and met with local leaders at events focused on healthcare and economic development.

First, Senator Capito delivered remarks at the ribbon cutting ceremony for the new West Virginia University (WVU) Medicine Thomas Orthopedic Hospital. The orthopedic hospital offers inpatient and outpatient surgical units, physical therapy, occupational therapy, as well as six orthopedic, spine, and nerve physician offices.

“Since the partnership between Thomas Health, WVU Health System, and Saint Francis Hospital, we have seen tremendous growth. The addition of this new orthopedic hospital is an example of that growth,” Senator Capito said. “Partnerships like this mean more doctors, equipment, and staff, additional and specialized services, a stronger network of care, and a stronger community here in Charleston and the Kanawha Valley. With the addition of this new orthopedic hospital, I am confident the entire state of West Virginia will benefit, bringing a new suite of services and care for patients.”

“We are thrilled to open the doors to our new state-of-the-art orthopedic Hospital serving all of southern West Virginia and the Region. As a member of WVU Medicine, we have worked throughout the last 18 months to transform Thomas Hospitals into a destination to receive advanced orthopedic care serving southern West Virginia and beyond,” Greg Rosencrance, M.D., president and CEO of Thomas Hospitals, said. “I thank Senator Capito for her partnership as we continue our expansion of services for the people of West Virginia.”

Second, Senator Capito visited the West Virginia Hospital Association’s (WVHA) LEAD (Learn, Excel, Achieve, Deploy) pilot program training for new health care managers. The program aims to create a better pipeline of healthcare leaders for the future.

“Managers have an important position in the overall success of any organization, including health care organizations,” Senator Capito said. “The skills these participants are learning at the LEAD training program are helpful for keeping health systems running effectively and efficiently, and it also can help with retention. I have no doubt that these trainees will come away as stronger and more confident leaders.”

Photos from today’s events are below:

U.S. Senator Shelley Moore Capito (R-W.Va.) at the WVU Medicine Thomas Orthopedic Hospital ribbon cutting ceremony in Charleston, W.Va. on Tuesday, October 29, 2024.

U.S. Senator Shelley Moore Capito (R-W.Va.) at the WVHA LEAD pilot program training in Charleston, W.Va. on Tuesday, October 29, 2024.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: DeLauro Statement on Israel Banning UNRWA

Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)

Today, Congresswoman Rosa DeLauro (CT-03) released a statement in response to Israel’s parliament passing legislation to ban the United Nation’s Relief and Works Agency for Palestine Refugees in the Near East (UNRWA):

“The United Nations Relief and Works Agency (UNRWA) is indispensable in addressing Gaza’s humanitarian crisis, as well as maintaining stability in the West Bank. Israel’s decision to enact legislation to halt UNRWA operations and cease all cooperation is dangerous, short-sighted, and would leave innocent Palestinians even more vulnerable to the devastating impacts of this war. At a time when we are already failing to meet the urgent needs of Gazans, this action further undermines UNRWA, fosters distrust in our international institutions, and fuels animosity toward Israel from its neighbors. This crisis is costing far too many innocent lives, including at least 60 people – mostly women and children – killed in a single strike on Tuesday in northern Gaza. The toll on civilian lives is tragic and underscores the need for uninterrupted humanitarian support.

“As nearly 2 million Gazans continue to face starvation, this action would intensify an already dire crisis. It further threatens the health of Gazans, interrupting vital healthcare efforts, such as the World Health Organization’s polio vaccination campaign, which depends on UNRWA infrastructure and support and Israeli cooperation. Further destabilized Palestinian communities and friction with the United Nations jeopardizes regional security and isolates Israel globally.

“UNRWA must be able to continue its lifesaving work. The agency has expressed commitment to working with Israel to ensure that its operations are not used by Hamas. Our focus should be placed on the proposed reforms laid out in the Colonna Report to ensure the organization’s neutrality in a difficult working environment, not scapegoating a critical humanitarian actor.

“Achieving peace and stability in the region requires an immediate ceasefire, a dramatic increase in humanitarian aid reaching civilians in need, and the release of the hostages held by Hamas.”

MIL OSI USA News –

January 25, 2025

MIL-OSI New Zealand: EIT student decides to become teacher to help raise literacy and mathematics standards among Māori | EIT Hawke’s Bay and Tairāwhiti

Source: Eastern Institute of Technology – Tairāwhiti

7 seconds ago

Johnson Hauraki is in his second year of the Bachelor of Teaching (Primary) at EIT Tairāwhiti.

Johnson Hauraki (Ngāti Porou, Tuhoe) has always wanted to be a teacher, but it was only when he started at EIT Tairāwhiti that he realised that he could play a role in raising literacy and mathematics standards among Māori.

Johnson is finishing his second year of the Bachelor of Teaching (Primary), having first done the NZ Certificate in Study and Career Preparation (Level 4) in 2022. Born and bred in Tairāwhiti, Johnson went straight from Gisborne Boys High to EIT.

Johnson, 20, says that he has wanted to be a teacher since primary school.

“I thought it would be quite rewarding to have an impact on a student’s life and then also see them come back when they get older and remember what you did for them.”

“With teaching I want to be able to raise the literacy and the mathematics among Māori students.”

He says that while he would not mind teaching in mainstream schools, he also likes the idea of going to a kura kaupapa.

The Bachelor of Teaching (Primary) requires students to undertake placements at local schools.

He says that he would have no hesitation in recommending EIT as a place to study because of the environment.

“It was so different to high school, where it is very structured. At EIT, while you have things that you are required to do, you also have more freedom to make decisions.”

Johnson says that his association with EIT will not come to an end when he finishes his teaching degree, as he plans to enrol in a te reo Māori programme when he is finished.

As for where he wants to teach, Johnson says that he will be prepared to leave Gisborne to pursue his career.

Emma McFadyen, EIT Tairāwhiti Site Coordinator and Lecturer, Primary Education, said: “Developing teachers for Te Tairāwhiti is central to the EIT/Te Pūkenga Bachelor of Teaching (Primary) programme, as well as being a degree recognised internationally.”

“Being raised in the region provides Johnson with unique opportunities to give back to his community, along with the potential to spread his wings and explore his horizons. I’m excited to see where Johnson chooses to go in the future.”

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI USA: Bureau of Ocean Energy Management and DOD Sign Agreement to Bolster Interagency Collaboration on Offshore Wind Development

Source: United States Department of Defense

Memorandum of Understanding Strengthens Ongoing Federal Collaboration and Advances the Biden-Harris Administration’s Clean Energy Objectives

As part of the Biden-Harris administration’s commitment to expand offshore wind opportunities and advance an all-of-government approach to address the climate crisis, the Bureau of Ocean Energy Management (BOEM) today announced a Memorandum of Understanding (MOU) with the Department of Defense (DOD) to support the coordinated development of wind energy generation on the Nation’s Outer Continental Shelf (OCS). Today’s MOU will help further institutionalize the deep collaboration between BOEM and DOD that is ensuring that offshore wind lease areas and project plans strengthen the nation’s energy security in ways that are compatible with military operations.

Elizabeth Klein, BOEM director and Brendan Owens, assistant secretary of defense for energy, installations, and environment signed the MOU during a ceremony at the Offshore WINDPOWER Conference in Atlantic City, NJ.

“BOEM is dedicated to establishing a strong offshore wind industry that supports communities and co-exists with other ocean uses,” said BOEM Director Elizabeth Klein. “Our collaboration with the Department of Defense is crucial to ensure offshore wind development is carried out efficiently and sustainably, while minimizing impacts to military operations.”

“DOD is committed to working across the U.S. government to accelerate the ongoing clean energy transition, which is critical to ensuring access to in order to fulfill our mission,” said Honorable Brendan Owens. “We will continue to work with BOEM and our other interagency partners, to find solutions that enable offshore wind development while ensuring long-term compatibility with testing, training, and operations critical to our military readiness.”

DOD and BOEM share responsibility for ensuring that offshore wind project plans consider military preparedness requirements. The new MOU will define and clarify the roles and duties of both organizations during leasing and project review. This collaborative approach also includes participating in Intergovernmental Renewable Energy Task Forces.

The MOU calls for DOD and BOEM to:

Find mutual solutions that support renewable energy in a manner compatible with essential military operations.
Collaborate as early as possible in the offshore wind leasing process.
Regularly communicate and exchange information at the staff and leadership levels.
Determine what areas should be deferred from leasing to enable the performance of DOD activities on the OCS.

The MOU signed today expands on and complements the July 1983 “Memorandum of Agreement Between the Department of Defense and the Department of the Interior on Mutual Concerns on the Outer Continental Shelf” that continues to provide a framework for coordination between the agencies regarding energy development on the OCS.

DOD and BOEM support the Biden-Harris administration’s goals to address the climate crisis and create good-paying jobs by deploying 30 gigawatts of offshore wind energy capacity by 2030 and 15 gigawatts of floating offshore wind energy capacity by 2035.

To learn more about the offshore wind leasing process, visit BOEM’s website.

To learn more about DoD energy resilience, visit DoD Energy, Installations, and Environment website.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: FEMA Continues Recovery Efforts Following Hurricanes Helene and Milton, over $1.2 Billion in Direct Assistance to Survivors

Source: US Federal Emergency Management Agency

Headline: FEMA Continues Recovery Efforts Following Hurricanes Helene and Milton, over $1.2 Billion in Direct Assistance to Survivors

FEMA Continues Recovery Efforts Following Hurricanes Helene and Milton, over $1.2 Billion in Direct Assistance to Survivors

Federal, state and local partners remain throughout the Southeast to help survivors affected by recent stormsWASHINGTON – The Biden-Harris Administration has approved more than $1.2 billion in direct assistance to Hurricanes Helene and Milton survivors. These funds help survivors with housing repairs, personal property replacement and other essential recovery efforts. Additionally, over $1.1 billion has been approved for debris removal and emergency protective measures, which are necessary to save lives, protect public health and prevent further damage to public and private property.Today, Deputy Administrator Erik Hooks is in North Carolina meeting with state and local officials and supporting federal response efforts. FEMA personnel remain on the ground in communities across the Southeast conducting damage assessments, coordinating with local officials, and helping individuals apply for disaster assistance programs. More than 1,400 FEMA Disaster Survivor Assistance team members are in affected neighborhoods helping survivors apply for assistance and connecting them with additional state, local, federal and voluntary agency resources.Applying for assistance is a critical first step towards recovery. Disaster survivors in certain areas of Georgia, Florida (Helene), Florida (Milton), North Carolina, South Carolina, Tennessee and Virginia can begin their recovery process by applying for federal assistance through FEMA. Federal assistance for individuals may include upfront funds to help with essential items like food, water, baby formula, breastfeeding supplies and other emergency supplies. Funds may also be available to repair storm-related damage to homes and personal property, as well as assistance to find a temporary place to stay. Applicants may be eligible for Transitional Sheltering Assistance, which provides survivors with a safe, temporary place to stay, like a hotel or motel, until they can find a short or longer-term housing solution. To date, more than 23,000 households have checked into FEMA provided hotels.Individuals affected by the hurricanes are encouraged to apply as soon as they are able to by visiting DisasterAssistance.gov, which is the fastest way to get an application started. Individuals can also apply using the FEMA App, calling 1-800-621-3362 or in person at a local Disaster Recovery Center. Disaster Recovery Centers can provide survivors in-person help with their applications. FEMA now has 75 Disaster Recovery Centers open throughout the hurricane affected communities. Center locations can be found at FEMA.gov/DRC. FEMA also has Disaster Survivor Assistance team members in the field supporting survivors and helping them with the application process. Support for North CarolinaFEMA has approved over $185 million for over 116,000 households and other types of assistance. Additionally, FEMA has approved more than $189 million for debris removal and reimbursement of emergency protective measures for the state.More than 6,300 households have checked into FEMA-funded hotels and lodging through FEMA’s Transitional Sheltering Assistance program. There are 411 Disaster Survivor Assistance members in communities providing support. There are also 21 Disaster Recovery Centers now open in Asheville (Mobile), Bakersville, Boone, Brevard, Bryson City, Burnsville, Charlotte, Conover, Fairview, Hendersonville, Jefferson, Lake Lure, Lenoir, Marion, Marshall, Morganton, Newland, Old Fort, Sparta, Sylva, and Waynesville where survivors can speak directly with FEMA and state personnel for assistance with their recovery. To find the nearest center, visit FEMA.gov/DRC.Support for Florida In response to Helene, FEMA has approved over $413 million in housing and other types of assistance for more than 125,000 households. Additionally, FEMA has approved more than $335 million in Public Assistance for debris removal and emergency work. In response to Milton, FEMA has approved over $252 million in housing and other types of assistance for over 174,000 households. Additionally, FEMA has approved more than $631 million in Public Assistance for debris removal and emergency work.More than 13,200 households have checked into FEMA-funded hotels and lodging through FEMA’s Transitional Sheltering Assistance program. There are 486 Disaster Survivor Assistance members in communities to provide support. There are also 20 Disaster Recovery Centers now open in Bartow, Branford, Brooksville, Carrabelle (Mobile), Dale City (Mobile), Fort Pierce, Homosassa, Lake City, Largo, Live Oak, Madison, Old Town, Orlando, Palmetto (Mobile), Perry (2), Punta Gorda (Mobile), Sarasota, Stuart and Vero Beach supporting survivors from Debby, Helene and Milton where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents in need of information or resources should call the State Assistance Information Line (SAIL) at 1-800-342-3557. English, Spanish and Creole speakers are available to answer questions. Support for South CarolinaFEMA has approved over $196 million in housing and other types of assistance for more than 198,000 households. More than 3,400 households have checked into FEMA-funded hotels and lodging through FEMA’s Transitional Sheltering Assistance program.There are 155 Disaster Survivor Assistance members in communities providing support. There are also nine Disaster Recovery Centers now open in Abbeville, Anderson, Columbia, Edgefield, Graniteville, Greenville, Greenwood, Spartanburg and Winnsboro where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents with questions on Helene can call the state’s toll-free hotline, open 24 hours a day, at 1-866-246-0133. Residents who are dependent on medical equipment at home and who are without power due to Helene may be eligible for a medical needs shelter. Call the state’s Department of Public Health Care Line at 1-855-472-3432 for more information. Support for GeorgiaFEMA has approved over $190 million in housing and other types of assistance for more than 160,000 households.There are 267 Disaster Survivor Assistance members in communities providing support. There are also 12 Disaster Recovery Centers now open in Augusta, Baxley, Douglas, Lyons, McRae–Helena (Mobile), Midway, Ocilla (Mobile), Sandersville, Savannah, Thompson, Valdosta and Waycross (Mobile) where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents can find resources like shelters and feeding sites at gema.georgia.gov/hurricane-helene. Support for Virginia To date, FEMA has approved over $8 million in housing and other types of assistance for more than 2,700 households.There are about 79 Disaster Survivor Assistance members in communities providing support. There are also eight Disaster Recovery Centers open in Christiansburg, Damascus, Dublin, Independence, Marion, Pembroke, Tazewell and Wytheville where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Residents can find resources like shelters and feeding sites at: Recover – Hurricane Helene | VDEM (vaemergency.gov).Support for Tennessee FEMA has approved more than $15.9 million in housing and other types of assistance for more than 4,700 households. There are more than 58 Disaster Survivor Assistance members in communities providing support. There are now five Disaster Recovery Center open in Elizabeth, Erwin, Greenville, Morristown and Newport where survivors can speak to state and federal personnel to help with their recovery. Survivors may find their closest center by visiting FEMA.gov/DRC.Counties continue to establish donation centers. For the evolving list, visit TEMA’s website.
amy.ashbridge
Tue, 10/29/2024 – 21:15

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: 100 billion reasons why the night-time economy is no afterthought

Source: New South Wales Government 2

Headline: 100 billion reasons why the night-time economy is no afterthought

Published: 30 October 2024

Released by: Minister for Music and the Night-time Economy

The NSW night-time economy is worth $102 billion a year, employs a fifth of all workers and supports more than 53,000 core businesses, including music venues, restaurants, bars and leisure activity providers.

These are some of the insights from Data After Dark, a pioneering new platform released today that will track growth and changes in economic activity across the state between 6pm and 6am.

Data After Dark, which draws from multiple information sources, including Opal travel data and spending transactions, will create a baseline to track the impact of the Minns Labor Government’s Vibrancy laws that are cutting red tape and tearing up the restrictions that have strangled nightlife and the night-time economy.

The Vibrancy Reforms have:

Torn up “no entertainment” clauses and bizarre restrictions on what genres of music venues can play
Made outdoor dining permanently available
Stopped single neighbour noise complaints from shutting down pubs and other licensed venues
Required property buyers to be notified when they are moving into an entertainment zone to reduce friction between venues and neighbours
Ended the outdated rule that prevents people living within five kilometres of a registered club from signing in without first becoming a member
Binned restrictions that prevented patrons from standing while drinking outside a licenced premises

Businesses and the public will have free access to quarterly updates of Data After Dark, while NSW Government, its agencies and participating councils will be able to access live information via a world-first dashboard feed.

In the three months to June 30, the report found spending in person on Saturday night eclipsed Thursday night ($50.8 million vs $46.7 million). In the March quarter, Thursday night had recorded the most spending at night.

At a business level, the biggest growth over the past year has been in takeaway food and sports and physical recreation services, including gyms, while liquor retailing and gambling have recorded declines in their share of the night-time economy.

Other insights from the June quarter:

More businesses opened, including an additional 1,197 core night-time businesses year-on-year
Public transport recorded year-on-year growth of 4.4%, with 35.7 million Opal tap-offs at night
People in NSW made 464 million night-time trips across all transport modes
Night-time in-person spending was $3.57 billion – or 16.9% of the 24-hour total

By location, the “eastern harbour city” which includes the Sydney CBD, eastern suburbs and inner-west, represents 52 per cent of the total night time economy across the “six cities” that incorporates Newcastle, Wollongong, Central Coast, the Parramatta area and the “western parkland city” beyond.

Data After Dark will be launched by Minister for Music and the Night-time Economy John Graham at the second annual NEON Forum in Sydney today which brings together the world’s leading experts on night-time economies, hosted by the NSW Office of the 24-Hour Economy Commissioner.

Quarterly reports can be accessed here

Minister for Music and the Night-time Economy, John Graham said:

“A strong night-time economy is critical to a global city like Sydney and the centres of commerce right across NSW.

“The insights that Data After Dark provides will help business and government understand this part of the economy better and make the most informed, data-led decisions on how to grow its contribution.

“The platform leverages a wealth of information on night-time trading, safety and mobility to tailor policy like never before. This is a world-leading tool to monitor the night-time economy.

“As part of the Minns Labor Government’s Vibrancy Reforms we are stripping back red tape and ending some of the frustrating rules and restrictions that have stopped people enjoying time outside the home after hours.

24-Hour Economy Commissioner Michael Rodrigues said:  

“Previously there has been no real baseline dataset that offers an insightful health check of our night-time economies across the State. Data After Dark fills that gap as the first of its kind tool that establishes a set of universal measures for night-time economies.

“The application of reliable and consistent data will help State agencies and local councils as they work with the private sector and communities to build lively and safe going out districts. We also now have a tool to make sure we can measure the performance of new initiatives and programs.”

Jeremy Gill, Head of Policy, Committee for Sydney said:

“Sydney’s night-time economy is buzzing again. To ensure it meets the needs of all Sydneysiders, we need to know who’s involved, how they’re engaging with it, what they want and what that looks like in different parts of the city.

“Great data is central to this. The Data after Dark platform gives us insights into the current state of affairs and empowers us to advocate for policies that can effectively address our challenges and seize the opportunities ahead.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Used car ratings provide a roadmap to second hand safety

Source: New South Wales Government 2

Headline: Used car ratings provide a roadmap to second hand safety

Published: 30 October 2024

Released by: Minister for Regional Transport and Roads, Minister for Transport

Used Car Safety Ratings released today show the wide gap between a safe second-hand vehicle and a poor performer in a crash.

The NSW Government is urging used car buyers – particularly young people and their parents looking for a first car – to use the guide to buy a car that protects most for a particular price point.

The annual guide shows a driver of the lowest rated vehicle is ten times more likely to be killed or seriously injured in a crash than a driver in the safest vehicle.

Footage released today by the NSW Government shows the dramatic difference in outcomes when a 2012 Great Wall V200 and a 2012 Holden Colorado were crashed head on.

The one star-rated Great Wall is decimated in the crash, putting driver and passenger at risk of serious injury while the four-star Colorado provided significantly better safety protection.

The 2024 Used Car Safety guide rates 404 vehicles manufactured since 2000. Of those, 110 earned an “excellent” five-star rating – four more than in 2023 and 55 more than in 2022.

The best of the five-star vehicles are marked as a ‘Safer Pick’, with 60 per cent of those vehicles available to purchase second hand for less than $10,000.

Safer picks include:

Mazda 3 (2013 – 2019)

Toyota Camry (2011 – 2022)

Volkswagen Touareg (2011 – 2019)

Cars that received a very poor one-star rating include:

Ford Fiesta (2004 – 2008)

Hyundai Accent (2000 – 2006)

Toyota Camry (1997- 2002)

Holden Commodore VT/VX (1997 – 2002)

The vast majority of the vehicles given a ‘Safer Pick’ rating were manufactured from 2008 onwards, demonstrating the benefits of more advanced safety equipment and design improvements like electronic stability control and advanced occupant protection systems.

The ratings, which are in their 32^nd year, were produced by Monash University in partnership with Transport for NSW and other transport agencies around Australia and New Zealand to help motorists choose the safest used car that fits their budget, needs, and lifestyle.

The guide is available at https://towardszero.nsw.gov.au/sites/default/files/2024-10/ucsr-brochure-2024.pdf

Minister for Roads John Graham said:

“The hunt for a second-hand car has generally focused on a car that will not break down. No one wants to buy a lemon.

“What is just as important is considering which used car delivers the safest performance for your budget. Your choice might literally save your life.

“The Used Car Safety Ratings guide provide simple, reliable safety information at no cost into the hands of vehicle buyers.

“I urge parents of young people who may be looking for a first car to consider safety above all else and if you can buy a vehicle that is the safest in its category or price point, do so.

“A driver behind the wheel of the lowest-rated vehicle is ten times more likely to be killed or seriously injured compared to a driver in the safest vehicle. The choice is that clear.”

“With more than 60 per cent of the best-rated cars available for $10,000 or less, you don’t have to pick the most expensive car on the market to make a safer choice.

Minister for Regional Transport and Roads Jenny Aitchison said:

“For drivers in regional NSW, distances of travel are longer and many people use older vehicles, so choosing a vehicle with a high safety rating increases your chances of surviving a crash.

“The 2024 Used Car Safety Ratings guide helps regional drivers find the safest options, ensuring they are well-protected no matter where their journey takes them.

“Cost of living, particularly in regional areas, is an important issue for the Government and that is why we are encouraging everyone considering purchasing a second-hand car to use this guide to ensure they choose a safe vehicle.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Australia joins global conventions to protect workers’ rights and safety

Source: Australian Government – Minister of Foreign Affairs

Australia has now ratified all ten International Labour Organization’s (ILO) Fundamental Conventions, reaffirming the Albanese Government’s commitment to protect workers’ rights and safety.

The final Fundamental Convention – Promotional Framework for Occupational Safety and Health Convention 187 – was ratified by Australia overnight [29 October] in a tripartite ceremony in Geneva, Switzerland, with representatives of the Australian Council of Trade Unions and the Australian Chamber of Commerce and Industry.

The Convention promotes nationwide policies, systems and programs to support a safe and healthy working environment, and prevent occupational injuries, diseases and deaths.

This achievement underscores the Government’s belief in upholding international rules, norms and standards, and securing a safe and healthy working environment for all.

Ratification ensures Australian Governments continue to promote labour standards and protect workers from occupational harm, in line with international best practice.

For more information on the ILO’s Fundamental Conventions, see International Labour Standards.

Quotes attributable to Minister for Foreign Affairs, Penny Wong:

“While our Government is making sure that Australians make more and keep more of what they earn, we are also ensuring that their working conditions are safe and supportive.

“This is a major milestone for Australian workers. We are demonstrating Australia’s leadership and ongoing commitment to workers’ rights, as well as internationally agreed rules, norms and standards.”

Quotes attributable to Minister for Employment and Workplace Relations, Murray Watt:

“By ratifying these conventions, Australia sends a powerful message: we respect the fundamental rights of all workers.

“As such, Australia upholds all fundamental international labour rights and is a fair, safe and secure place to work and do business.

“Through the Albanese Government’s workplace law changes and ratifying these Conventions, we are delivering secure jobs and better pay to Australian workers.

“Australia is committed to workplace health and safety as a fundamental principle and right at work.”

MIL OSI News –

January 25, 2025

MIL-OSI USA: Governor Katie Hobbs Announces $1.5 Million Grant to Help Protect the San Pedro River

Source: US State of Arizona

SIERRA VISTA, AZ — Yesterday, Governor Katie Hobbs joined the Audubon Society, The Nature Conservancy, environmental advocates, and officials from Sierra Vista, Cochise County, Fort Huachuca and the Bureau of Land Management to announce a $1.5 million grant for Cochise County to complete a water recharge project on the San Pedro River.

“The San Pedro River is a one-of-a-kind desert river that plays a critical role in the habitat and ecosystem of the region,” said Governor Katie Hobbs. “This funding isn’t just dollars and cents, it’s a down payment on the state’s long-term commitment to securing Arizona’s water future. Important water conservation projects like this, alongside efforts to reform rural groundwater management will bring real solutions to build a sustainable future across the entire state.”

With the support of the grant, the Coyote Wash Stormwater Management Project will capture additional precipitation and stormwater to recharge the aquifer, protect flows in the San Pedro River, and improve water quality.

“Thank you to Governor Hobbs for recognizing the efforts we have made to protect our San Pedro River,” said Sierra Vista Mayor Clea McCaa. “As the major migratory corridor for wildlife, the San Pedro River is crucial for both the health of our environment and for the vitality of our communities here in Cochise County. The City of Sierra Vista has worked with our partners at the local, state, and federal levels to implement innovative and responsible water management for decades and we continue to work on that today.”

“We have to protect the Fort, as well as the people, as well as the river,” said Cochise County Supervisor Ann English. “This is the last mile and last dollar we needed to finish this project. We’ve been working on this project, as well as many other conservation projects for years because we knew it needed to happen. Our flood control department and our staff in the supervisors office all have been and are committed toward working toward a better water future for Cochise County.”

“The Nature Conservancy is thankful for the investment by Governor Hobbs in the Cochise Conservation and Recharge Network’s Coyote Wash Project,” said Kim Schonek, The Nature Conservancy’s Arizona Water Program Director. “Long-term collaboration with state, local, and federal partners combined with sound science led to the development and design of this project. These efforts are key examples of how water managers can plan for a resilient future that balances water needs for communities and nature.”

Prior to the announcement, the Governor joined local advocates and stakeholders for a tour of the river to see its current condition and the wildlife it supports. This grant is part of the Hobbs Administration’s efforts and commitments to protect Arizona’s water supplies and improve sustainable water management practices.

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MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: Reforming transfer balance cap for Successor Fund Transfers

Source: Australian Department of Revenue

The Income Tax Assessment Amendment (Superannuation) Regulations 2024External Link commenced on 6 July 2024.

We’re working with you to put these changes in place to ensure individuals with a capped defined benefit income stream (CDBIS) aren’t negatively impacted by an SFT.

Funds should contact us if:

you’ve been part of an SFT since 1 July 2017,
CDBIS members have been negatively impacted and
you’ve not been contacted by us to discuss remediation.

You can lodge an enquiry through our Super Enquiry Service.

Looking for the latest news for Super funds? – You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.

MIL OSI News –

January 25, 2025

MIL-OSI: Sunrun Announces Appointment of John Trinta to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced the appointment of John Trinta, former CEO of Deloitte Financial Advisory Services, as a member of the Company’s board of directors (the “Board”) and Audit Committee of the Board. Mr. Trinta brings nearly 40 years of expertise in tax and accounting, paired with a proven track record in driving strategic growth and leading organizations to new heights.

“It is with great excitement that I introduce John as the newest member of our Board. Having spent nearly four decades at Deloitte, he brings exceptional expertise in finance, accounting, and tax—critical skills as we navigate today’s complexities and continue to position ourselves as a market leader in the clean energy sector,” said Sunrun CEO Mary Powell. “Beyond his technical strengths, John’s leadership, strategic mindset, and ability to inspire teams set him apart. I’m confident that his insights will be a value add as we continue to execute on our margin-focused and disciplined growth strategy.”

Mr. Trinta is a seasoned finance professional with a distinguished career in finance, accounting, and tax. From June 1998 to May 2020, Mr. Trinta held several executive positions at Deloitte, including as the CEO of Deloitte Financial Advisory Services, Deputy CEO of Advisory Services, Partner in Charge of Americas Financial Advisory Services, and Deputy National Managing Partner in Tax Services. He also served on Deloitte’s U.S. and Functional Global Board of Directors from 2003 to 2005. During his time at Deloitte, Mr. Trinta spearheaded Deloitte’s merger of Financial Advisory and Risk practices and co-led Deloitte’s purchase and integration of various tax and advisory businesses.

“I am excited to join Mary and the Sunrun Board as the Company continues to innovate and differentiate itself within the market by focusing on creating cleaner, reliable, and sustainable energy solutions for its customers,” said Mr.Trinta. “I look forward to sharing my financial, accounting, and tax expertise with the entire Sunrun team and contributing to the mission of connecting people to the cleanest energy on earth.”

Mr. Trinta holds a Bachelor of Science degree in Business Administration with a concentration in accounting from California State University, Chico, and a Master of Science degree in Taxation from Golden Gate University.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

The MIL Network –

January 25, 2025

Blog

Memorandum of Understanding Strengthens Ongoing Federal Collaboration and Advances the Biden-Harris Administration’s Clean Energy Objectives