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  • MIL-OSI Economics: MTN SA and Huawei Launch World’s First Commercial SDB IBT 2D Microwave Deployment Oct 29, 2024

    Source: Huawei

    Headline: MTN SA and Huawei Launch World’s First Commercial SDB IBT 2D Microwave Deployment
    Oct 29, 2024

    [Johannesburg, South Africa, October 29th, 2024] MTN South Africa (hereinafter referred to as MTN SA) and Huawei have completed the world’s first commercial deployment of the innovative SDB IBT 2D microwave solution in Johannesburg. This breakthrough solution leverages Super Dual Band (SDB) and two-dimensional intelligent beam tracking (IBT 2D) to prevent pole shaking from affecting link stability in dual-band scenarios.
    With a large portion of its territory on a plateau, South Africa is typically exposed to intense sunlight. Separately, the considerable temperature difference between day and night can lead to deformation of towers across the country, typically monopole and mast towers. This deformation degrades the performance of existing large-capacity SDB transmission links (the E-band frequencies sub-system particularly) and has a negative impact on services. Given that it is difficult to obtain tower space and permission for installing two separate antennas for one physical link at a single site, the new IBT-capable SDB antenna fulfils an urgent market need.
    Huawei continuously invests in E-band IBT and SDB technologies and launched the innovative SDB IBT 2D solution that allows a single antenna to support dual-band transmission via both traditional band and E-band. The solution also supports two-dimensional IBT function, which enables vertical sway and horizontal twist to be adjusted in real time to counteract the shaking, warping, and deformation of poles and towers caused by sunshine or wind. The co-deployment of this solution with MTN SA in Johannesburg marks its first commercial deployment in the world.
    MTN SA and Huawei Launch World’s First SDB IBT 2D Microwave link

    Through this deployment, the SDB IBT 2D solution helps MTN SA address periodic fading and unstable performance of microwave links caused by periodic pole deformation, while also enhancing the anti-shaking performance of SDB links. This guarantees 100% reliable transmission and expands SDB deployment scenarios by 66% for MTN SA. Deploying this new antenna occupies less space on a tower than installing two separate single-band antennas. Additionally, the IBT function removes restrictions on tower type and antenna installation height and ensures that services are always online. The SDB IBT 2D solution will enhance MTN SA’s site construction by providing large-capacity and consistently stable transmission.
    Commenting on the deployment of the IBT solution, Rodney Reddy, Transmission Planning Senior Manager of MTN SA, remarked: “We are dedicated to delivering the best network and services for users by adhering to high construction standards. IBT solution helps us solve link problems caused by the external environment to ensure stable service running. It is now an essential solution for our E-band network construction.”
    James Zeng, President of Huawei’s Microwave Product Line, commented: “We are committed to continuous innovation in microwave transmission. We offer high-quality microwave transmission solutions tailored to multiple complex scenarios. Our latest SDB IBT solution supports stable transmission even in complex weather conditions, enabling customers to build high-quality networks to exacting standards.”

    MIL OSI Economics –

  • MIL-OSI Economics: MTN SA and Huawei Launch World’s First Commercial SDB IBT 2D Microwave Deployment

    Source: Huawei

    Headline: MTN SA and Huawei Launch World’s First Commercial SDB IBT 2D Microwave Deployment

    [Johannesburg, South Africa, October 29th, 2024] MTN South Africa (hereinafter referred to as MTN SA) and Huawei have completed the world’s first commercial deployment of the innovative SDB IBT 2D microwave solution in Johannesburg. This breakthrough solution leverages Super Dual Band (SDB) and two-dimensional intelligent beam tracking (IBT 2D) to prevent pole shaking from affecting link stability in dual-band scenarios.
    With a large portion of its territory on a plateau, South Africa is typically exposed to intense sunlight. Separately, the considerable temperature difference between day and night can lead to deformation of towers across the country, typically monopole and mast towers. This deformation degrades the performance of existing large-capacity SDB transmission links (the E-band frequencies sub-system particularly) and has a negative impact on services. Given that it is difficult to obtain tower space and permission for installing two separate antennas for one physical link at a single site, the new IBT-capable SDB antenna fulfils an urgent market need.
    Huawei continuously invests in E-band IBT and SDB technologies and launched the innovative SDB IBT 2D solution that allows a single antenna to support dual-band transmission via both traditional band and E-band. The solution also supports two-dimensional IBT function, which enables vertical sway and horizontal twist to be adjusted in real time to counteract the shaking, warping, and deformation of poles and towers caused by sunshine or wind. The co-deployment of this solution with MTN SA in Johannesburg marks its first commercial deployment in the world.
    MTN SA and Huawei Launch World’s First SDB IBT 2D Microwave link

    Through this deployment, the SDB IBT 2D solution helps MTN SA address periodic fading and unstable performance of microwave links caused by periodic pole deformation, while also enhancing the anti-shaking performance of SDB links. This guarantees 100% reliable transmission and expands SDB deployment scenarios by 66% for MTN SA. Deploying this new antenna occupies less space on a tower than installing two separate single-band antennas. Additionally, the IBT function removes restrictions on tower type and antenna installation height and ensures that services are always online. The SDB IBT 2D solution will enhance MTN SA’s site construction by providing large-capacity and consistently stable transmission.
    Commenting on the deployment of the IBT solution, Rodney Reddy, Transmission Planning Senior Manager of MTN SA, remarked: “We are dedicated to delivering the best network and services for users by adhering to high construction standards. IBT solution helps us solve link problems caused by the external environment to ensure stable service running. It is now an essential solution for our E-band network construction.”
    James Zeng, President of Huawei’s Microwave Product Line, commented: “We are committed to continuous innovation in microwave transmission. We offer high-quality microwave transmission solutions tailored to multiple complex scenarios. Our latest SDB IBT solution supports stable transmission even in complex weather conditions, enabling customers to build high-quality networks to exacting standards.”

    MIL OSI Economics –

  • MIL-OSI Video: Department of State Daily Press Briefing – October 29, 2024 – 1:15 PM

    Source: United States of America – Department of State (video statements)

    Spokesperson Matthew Miller leads the Department Press Briefing, at the Department of State, onnOctober 29, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=o0DZRsxwOqM

    MIL OSI Video –

  • MIL-OSI Security: Defense News: Navy Week Charts Course to Kansas City

    Source: United States Navy

    Kansas City Navy Week brings Sailors from across the fleet to the area to emphasize the importance of the Navy to Kansas City, the states of Missouri and Kansas, and the nation.

    More than 50 Sailors will participate in education and community outreach events throughout the city.

    Participating Navy organizations include Navy Band Great Lakes, USS Constitution, Naval Meteorology and Oceanography Command, Navy Talent Acquisition Group Mid-America, Maritime Expeditionary Security Squadron Two, Navy History and Heritage Command, The Strike Group, Fleet Outreach Ambassador Team (FLOAT), Bureau of Medicine and Surgery, Office of Small Business Programs, Office of Civilian Human Resources, Naval Reserve Center Kansas City, and Independence-class littoral combat ship USS Kansas City (LCS 22).

    The Navy’s senior executive is Rear Adm. Larry Watkins, Vice Commander, U.S. Naval Forces Europe/Vice Commander, U.S. Naval Forces Africa. He commissioned through the University of Missouri-Columbia Naval Reserve Officer Training Corps program in December 1990, graduating with an economics degree. He is also a 2012 graduate of Webster University with a Master of Business Administration and completed Joint Professional Military Education curriculum at Army Command & General Staff College. During Kansas City Navy Week, he is participating in community engagements, and meeting with local organizations, higher education, local business, civic, and government leaders.

    Navy Weeks are a series of outreach events coordinated by the Navy Office of Community Outreach designed to give Americans an opportunity to learn about the Navy, its people, and its importance to national security and prosperity. Since 2005, the Navy Week program has served as the Navy’s flagship outreach effort into areas of the country without a significant Navy presence, providing the public a firsthand look at why the Navy matters to cities like Kansas City.

    “Sailors are the reason America’s Navy is the most powerful in the world,” said NAVCO’s director, Cmdr. Julie Holland. “We are thrilled to bring your Navy Warfighters to Kansas City.  At Navy Weeks, Americans will connect with Sailors who have strong character, competence, and dedication to the mission, and who continue a nearly 250-year tradition of decisive power from seabed to cyberspace.”

    Throughout the week, Sailors are participating in various community events across the area, including ceremonial celebrations at Harry S. Truman Museum, WWI Museum, and Negro League Baseball Museum; volunteering with the Kansas City Urban Youth Academy, Habitat for Humanity Kansas City, Bishop Sullivan’s Center, Happy Bottoms, and Thelma’s Kitchen; and engaging with students across multiple high schools. Residents will also enjoy free live music by Navy Band Great Lakes at venues throughout the week.

    Kansas City Navy Week is the last of 15 Navy Weeks in 2024, which brings a variety of assets, equipment, and personnel to a single city for a weeklong series of engagements designed to bring America’s Navy closer to the people it protects. Each year, the program reaches more than 130 million people — about half the U.S. population.

    Media organizations wishing to cover Kansas City Navy Week events should contact Ensign Lamar Badger at (901) 229-5709 or erick.l.badger.mil@us.navy.mil.

    MIL Security OSI –

  • MIL-OSI Russia: Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Deputy Prime Minister Dmitry Patrushev, as part of a working visit to St. Petersburg, together with the city’s governor, Alexander Beglov, took part in the ceremonial laying of the keel of the scientific expedition vessel Ivan Frolov.

    Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

    October 29, 2024

    Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

    October 29, 2024

    Keel-laying ceremony of the research expedition vessel “Ivan Frolov” in St. Petersburg

    October 29, 2024

    Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

    October 29, 2024

    Minister of Natural Resources and Environment Alexander Kozlov took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

    October 29, 2024

    Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

    October 29, 2024

    Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

    October 29, 2024

    Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

    October 29, 2024

    Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

    October 29, 2024

    Previous news Next news

    Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

    According to the Deputy Prime Minister, after commissioning, the vessel should become the flagship of the Roshydromet fleet. It will house a powerful scientific complex that will allow research to be conducted even in the harshest weather conditions. And in general, this multi-purpose project will ensure the uninterrupted operation of Roshydromet polar stations – five year-round and five field bases in Antarctica.

    “Studying the Arctic and Antarctic is one of the key areas of activity of the federal service. More than 20 expeditions are already conducted annually. They allow us to track climate change, collect data for the development of navigation along the Northern Sea Route and clarify the boundaries of the country’s continental shelf. The appearance of the new vessel “Ivan Frolov” will certainly strengthen our positions in the polar regions,” said Dmitry Patrushev.

    The Deputy Prime Minister noted that a range of advanced knowledge and technologies is being used in construction. This will contribute to the development of Russia’s competencies in high-tech areas.

    It is planned that the research and expedition vessel Ivan Frolov will replace the flagship of the polar fleet Akademik Fedorov and will remain in service for at least 30 years. The vessel will be about 165 m long. Up to 20 laboratories and a platform for helicopters will be located on board. The research vessel will allow scientific research to be carried out on modular programs of any complexity by different scientific teams. Dozens of scientific projects will be carried out on board at the same time – from research of the ocean floor to the upper atmosphere and space, depending on the need and priority of research in polar latitudes.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: CE meets top ecology official

    Source: Hong Kong Information Services

    Chief Executive John Lee today met Leading Party Members Group of the Ministry of Ecology & Environment Secretary Sun Jinlong to exchange views on issues of mutual concern.

    Mr Lee welcomed Mr Sun’s visit with his delegation to attend the opening ceremony of the 19th Eco Expo Asia and to learn more about Hong Kong’s work in improving harbour water quality and waste management through site visits. 

    The Chief Executive also thanked the central government and the Ministry of Ecology & Environment for their strong support to the Hong Kong Special Administrative Region Government’s work in protecting the ecological environment.

    He said the Third Plenary Session of the 20th Central Committee of the Communist Party of China focused on achieving the objective of building a beautiful China by ramping up green transition in all areas of economic and social development and improving the environmental governance system.

    “The Hong Kong SAR Government will continue to work closely with the Ministry of Ecology & Environment and the governments of provinces and cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to promote environmental governance in the GBA, including improving water quality of Shenzhen River and enhancing regional air quality, in efforts to build a beautiful China and a beautiful Hong Kong.”

    Mr Lee also stated that the Hong Kong SAR Government will leverage the city’s unique advantages of enjoying strong national support while maintaining unparalleled connectivity with the world to introduce ecological protection and development technologies from the Mainland and internationally, with a view to establishing Hong Kong as a demonstration base for green technologies.

    He added that Hong Kong will play its role as a super connector and a super value-adder, combining its world-class professional services and advantages in financing to contribute to ecological protection and development.

    Secretary for Environment & Ecology Tse Chin-wan and Director of the Chief Executive’s Office Carol Yip also attended the meeting.      

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Gateway: Centering Science

    Source: NASA

    Gateway is set to advance science in deep space, bringing groundbreaking research opportunities to lunar orbit.

    Stephanie Dudley sits at the intersection of human spaceflight and science for Gateway, humanity’s first lunar space station that will host astronauts and unique scientific investigations.
    Gateway’s mission integration and utilization manager, Dudley recently posed for this photo in a high-fidelity mockup of the space station’s HALO (Habitation and Logistics Outpost), where astronauts will live, conduct science, and prepare for missions to investigate the lunar South Pole region. Dudley works with NASA’s partner space agencies and academia to identify science opportunities on Gateway.
    HALO will host various science experiments, including the Heliophysics Environmental and Radiation Measurement Experiment Suite, led by NASA, and the Internal Dosimeter Array, led by ESA (European Space Agency) and JAXA (Japan Aerospace Exploration Agency). The heliophysics experiment will fly on HALO’s exterior, and the dosimeter will be housed inside Gateway in a series of racks, mockups of which are shown to the right of Dudley in the image above. Both experiments will study solar and cosmic radiation to help the science community better understand how to protect astronauts and hardware during deep space travels to places like Mars.
    “We are building [Gateway] for a 15-year lifespan, but definitely hope that we go longer than that,” Dudley recently said on Houston We Have a Podcast. “And so that many years of scientific study in a place where humans have never worked and lived long-term, Gateway is going to allow us to do that.”
    Dudley pulls double duty as a deputy director for the Exploration Operations Office within NASA’s Moon to Mars Program, a role that connects her to Artemis science beyond Gateway, including science investigations on the Orion and Human Landing System spacecraft and lunar terrain vehicle.
    “My work…is helping to make sure that across all of the six [Artemis] programs, including Gateway, we’re all focusing on utilization in the same way,” Dudley said.
    Dudley’s team coordinates science payloads for Artemis II, the first mission to send humans to the Moon since 1972, and Artemis III, the first landing in the lunar South Pole region that is of keen interest to the global science community.
    Gateway’s HALO will launch with the space station’s Power and Propulsion Element ahead of the Artemis IV mission in 2028, the first lunar mission to include an orbiting space station.
    “Gateway sounds so science fiction, but it’s real,” Dudley recently said. “And we’re building it. And in a few years, it’s going to be around the Moon and that’s when the real work, the fun work in my opinion, is going to begin and science will never be the same.”
    Gateway is humanity’s first lunar space station as a central component of the Artemis campaign that will return humans to the Moon for scientific discovery and chart a path for the first human missions to Mars.

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Joins International Action Against RedLine and META Infostealers

    Source: Office of United States Attorneys

    RedLine and META Infostealers stole information from millions of victims around the world; U.S. complaint charges developer and administrator; U.S. law enforcement seizes infrastructure

    AUSTIN, Texas – The Department of Justice joined the Netherlands, Belgium, Eurojust and other partners in announcing an international disruption effort against the current version of RedLine Infostealer, one of the most prevalent infostealers in the world that has targeted millions of victim computers, and the closely-related META Infostealer.

    The Justice Department, FBI, Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division joined international partners in the Joint Cybercrime Action Taskforce (“JCAT”) Operation Magnus (supported by Europol) to seize domains, servers, and Telegram accounts used by the RedLine and META administrators to disrupt the operations of the infostealers.

    International authorities have created a website at www.operation-magnus.com with additional resources for the public and potential victims.

    Infostealers are a prevalent form of malware used to steal sensitive information from victim’s computers including usernames and passwords, financial information, system information, cookies, and cryptocurrency accounts. The stolen information—referred to as “logs”—is sold on cybercrime forums and used for further fraudulent activity and other hacks. RedLine has been used to conduct intrusions against major corporations. RedLine and META infostealers can also enable cyber criminals to bypass multi-factor authentication (MFA) through the theft of authentication cookies and other system information.

    RedLine and META are sold through a decentralized Malware as a Service (“MaaS”) model where affiliates purchase a license to use the malware, and then launch their own campaigns to infect their intended victims. The malware is distributed to victims using malvertising, e-mail phishing, fraudulent software downloads, and malicious software sideloading. Various schemes, including COVID-19 and Windows update related ruses have been used to trick victims into downloading the malware. The malware is advertised for sale on cybercrime forums and through Telegram channels that offer customer support and software updates. RedLine and META have infected millions of computers worldwide and, by some estimates, RedLine is one of the top malware variants in the world.

    Through various investigative steps, law enforcement has collected victim log data stolen from computers infected with RedLine and META. While an exact number has not been finalized, agents have identified millions of unique credentials (usernames and passwords), email addresses, bank accounts, cryptocurrency addresses, credit card numbers, etc. The United States does not believe it is in possession of all the stolen data and continues to investigate.

    The Department has unsealed a warrant issued in the Western District of Texas that authorized law enforcement to seize two domains used by RedLine and META for command and control.

    In conjunction with the disruption effort, the Justice Department unsealed charges against Maxim Rudometov, one of the developers and administrators of RedLine Infostealer. According to the complaint, Rudometov regularly accessed and managed the infrastructure of RedLine Infostealer, was associated with various cryptocurrency accounts used to receive and launder payments and was in possession of RedLine malware. For his actions, he has been charged with access device fraud, in violation of 18 U.S.C. § 1029, conspiracy to commit computer intrusion, in violation of 18 U.S.C. §§ 1030 and 371, and money laundering, in violation of 18 U.S.C. § 1956.

    If convicted, Rudometov faces a maximum penalty of 10 years in prison for access device fraud, five years in prison for conspiracy to commit computer intrusion, and 20 years in prison for money laundering. The complaint is merely an allegation, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    The FBI Austin Cyber Task Force is investigating the case. The Task Force participants include the Naval Criminal Investigative Service, IRS Criminal Investigation, Defense Criminal Investigative Service, and Army Criminal Investigation Division, among other agencies.

    Assistant U.S. Attorney G. Karthik Srinivasan is prosecuting the case. The Justice Department’s Cybercrime Liaison Prosecutor to Eurojust and Office of International Affairs also provided significant assistance.

    The disruption effort announced today was in conjunction with Operation Magnus, a JCAT law enforcement operation to investigate RedLine and META Infostealers. The participating agencies included the Dutch National Police, Belgian Federal Police, Belgian Federal Prosecutor’s Office, United Kingdom National Crime Agency, Australian Federal Police, Portuguese Federal Police, and Eurojust.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Darnell Bishop Sentenced To 15 Years For Role In Benton Harbor Dunham’s Store Handgun Theft

    Source: Office of United States Attorneys

              GRAND RAPIDS, MICHIGAN — U.S. Attorney for the Western District of Michigan Mark Totten today announced that Darnell Bishop, 32, of Benton Harbor, was sentenced to 15 years in federal prison for kidnapping and brandishing a firearm during and in relation to a crime of violence. 

              “Mr. Bishop’s criminal scheme, had it succeeded, would have flooded the streets of southwest Michigan with illegal guns,” said U.S. Attorney Mark Totten. “The proliferation of illegal guns is one cause behind the gun violence epidemic we are experiencing in Benton Harbor, across the state, and across the nation. I am grateful to our local, state, and federal law enforcement partners for their swift and smart response that prevented the worst from happening. Moving forward, we will continue to focus our efforts on those few individuals who are driving gun violence in their communities.”

              Bishop was charged along with his brother and codefendant, Dontrell Nance, for the theft of 123 handguns from Benton Harbor Dunham’s Sports Store. Bishop and Nance kidnapped the Dunham’s manager from outside the manager’s home using a pistol, blindfolded and handcuffed him, took him to a second location, and threatened the manager into providing the alarm code for Dunham’s. Bishop then went to the store and stole 123 pistols, which he carried away in two large coolers. Law enforcement has since recovered all the firearms.  

              Nance previously pled guilty to kidnapping and brandishing a firearm during and in relation to a crime of violence.  He was sentenced to 15 years in federal prison.

              “Today’s sentence is an example of our commitment to our industry partners and their employees, that their safety and security is one of ATF’s top priorities,” said Detroit Field Division Special Agent in Charge James Deir. “Mr. Bishop and his cohorts need to be held accountable for their actions and represent the most deserving of Federal prosecution. They are criminals who put personal greed before the safety of Dunham’s employees and their families. Now, they will have plenty of time in prison to reflect on their wrongdoing.”

              “Mr. Bishop’s sentencing brings closure to a community left rattled by a violent attack against Dunham’s Sports and its manager in a plot to traffic over 100 illegal guns into our streets,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “I am thankful for the cooperation of our law enforcement partners, especially the Benton Harbor Safe Streets Task Force, whose prompt response thwarted this plot and averted potentially devastating consequences.”

              This case was investigated by the Benton Charter Township Police Department, Benton Harbor Department of Public Safety, Berrien County Sheriff’s Department, Michigan State Police, ATF, and FBI.

    ###

              The previous press releases, complaint, and press conference can be viewed at the following links here, here, here, here, and here. 

    MIL Security OSI –

  • MIL-OSI: Bybit Card Expands Into New Regions, Offering Seamless and Rewarding International Crypto Payments

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, elevates off-ramp experiences for crypto users in more regions with the Bybit Card. Officially open for registration for new users in select regions, the Bybit Card marks another step forward in the company’s mission to enable digital asset investors worldwide to access, hold and spend their cryptocurrencies with ease and confidence.

    In collaboration with S1LKPAY, principal member of Mastercard’s payment network and a provider of Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS), the Bybit Card is now accepting applications from customers of Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA). Having obtained the full license in Sep., this is the first time Bybit Limited (AFSA) issued a prepaid card for international customers. 

    To celebrate the launch, eligible users who successfully register for the campaign will receive 10% cashback up to 600 USD for a limited time only. The Bybit Card simplifies the integration of crypto into everyday spending by offering users the ability to make payments in multiple currencies wherever Mastercard is accepted worldwide.

    The Bybit Card has been mapping out new markets globally throughout 2024, now serving customers in multiple markets across four continents.

    “Bybit is dedicated to bridging the gap between our customers’ digital assets and their real-world needs. As the Bybit Card continues to gain traction, it is being recognized as a trusted and easy-to-use crypto payment solution. We’re excited to welcome more users to the future of crypto and are committed to delivering more rewards and features in the near future,” said Joan Han, Sales and Marketing Director at Bybit. “SILKPAY is the first in the region to bring cutting-edge digital asset payment technology to market. Our partnership with Bybit brings together complementary strengths, enabling us to deliver more secure, seamless, and faster transactions through the Bybit Card. Together, we are setting a new standard for innovation and inclusion in the region’s financial landscape,” said Gani Uzbekov, Founder and CEO of SILKPAY.

    Key Features of the Bybit Card

    • Free virtual card: Zero fees for the virtual Bybit Card
    • No hidden charges: No annual or monthly fees
    • Attractive rewards: Up to $600 USD in rewards during the promotional period with 10% cashback, followed by 2-10% rebates and up to 8% APY
    • Instant access: Virtual card available immediately for use
    • Wide range of digital assets: The Bybit Card supports USDT, BTC, ETH, and more.

    Users can read more about how to qualify for the rewards: Bybit Card – 10% Cashback and Card Bonuses (Selected International Users Only)

    #Bybit / #TheCryptoArk

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, users can visit: Bybit Press 

    For media inquiries, users can contact: media@bybit.com

    For more information, users can visit: https://www.bybit.com

    For updates, users can follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    About Mastercard

    Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, their innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Mastercard decency quotient, or DQ, drives our culture and everything they do inside and outside of their company. With connections across more than 210 countries and territories, they are building a sustainable world that unlocks priceless possibilities for all.

    Mastercard press office in Kazakhstan

    Tel: +7 (727) 264 67 37

    mastercard@pressclub.kz

    Contact

    Head of PR

    Tony Au

    Bybit

    tony.au@bybit.com

    The MIL Network –

  • MIL-OSI: Locus Unveils Refrigerant Management Software Aligned with the EPA’s Final Rule on Hydrofluorocarbon Phasedown

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN VIEW, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Locus Technologies the sustainability and Environmental Health and Safety (EHS) compliance software leader, today announced the release of Locus Refrigerant Management software, the cloud-based, mobile-friendly product that generates exceedance alerts, facilitates leak detection, and automates response protocols in addition to providing comprehensive tracking of fluorinated greenhouse gases (F-gases), chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and substitutes like hydrofluorocarbons (HFCs). The software empowers companies to manage complex refrigerant phasedowns with accuracy and confidence, ultimately avoiding excessive emissions. The software also positions Locus clients to comply with tougher US federal regulations taking effect 14 months from now and to easily adapt as US and EU rules evolve in the future.

    On September 20, 2024, EPA Administrator, Michael S. Regan, signed the final rule Phasedown of Hydrofluorocarbons: Management of Certain Hydrofluorocarbons and Substitutes under of the American Innovation and Manufacturing (AIM) Act which indicates tougher requirements will be phased in starting January 1, 2026. Refrigerants are the most potent of greenhouse gases, with some varieties having a global warming potential hundreds and even thousands of times greater than CO2. Even small leaks pack a big punch on the environment, which is why stricter regulations are emerging.

    “These next 12 months will be critical for companies to articulate their refrigerant management plans, train their technicians, and adopt technology that will help them avoid costly errors and get this right,” said Mark Harbin, veteran refrigerant compliance expert and Locus product designer. “Locus is pleased to bring to market refrigerant management software as well as refrigerant management training and certification to help each client manage the phase down and transition successfully.”

    Immediate regulatory priorities include detecting leaks and resolving them within mandated timeframes; comprehensive record keeping of equipment, inspections, refrigerant inventories, and rates of use; and meticulously disposing and reclaiming used refrigerants. Locus Refrigerant Management software simplifies these challenges. Locus manages everything from service records to cylinder barcodes and automatically alerts users when any dates or datapoints are out of compliance. Immediate notifications and dynamic dashboards deliver real-time insights, and the software’s fully configurable components flex to future demands.

    “Refrigeration and air conditioning cause up to 10 percent of global carbon emissions, and the leaks alone produce more carbon than all the air travel worldwide, which is why waiting on periodic reports pulled from static refrigerant databases just won’t cut it,” said Wes Hawthorne, President of Locus Technologies. “Locus software enables clients to act quickly; the software immediately alerts users of potential problems with their equipment so that issues can be resolved before becoming disastrous.”

    Locus Refrigerant Management is one of several integrated applications available in Locus software. Other Locus offerings include EHS risk and compliance, sustainable construction, waste management, water quality, incident management, ESG reporting, and robust environmental data management software. This collection of specialized and unified SaaS applications enables clients to manage every facet of refrigerant management and environmental data in one place. To learn more about Locus Refrigerant Management or the full suite of applications, please visit www.locustec.com.

    About Locus Technologies
    Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit www.locustec.com or email info@locustec.com.

    The MIL Network –

  • MIL-OSI: Mattermost Wins “Overall Incident Response Solution of the Year” in 2024 Cybersecurity Breakthrough Awards

    Source: GlobeNewswire (MIL-OSI)

    Palo Alto, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Mattermost, Inc., a leader in delivering the secure, real-time collaboration and workflow tools that modern defense, security, and intelligence teams need to maintain command, control, and operational tempo, today announced that it has won the “Overall Incident Response Solution of the Year” award in the eighth annual Cybersecurity Breakthrough Awards.

    The Cybersecurity Breakthrough Awards are one of the cybersecurity industry’s most comprehensive programs dedicated to recognizing the world’s best information security companies, products, and people. Mattermost’s win signifies the efficacy of its cybersecurity incident response playbooks, as the solution was weighed against thousands of global entries for its innovation, functionality, ease of use, performance, value, and impact.

    Today, it takes an average of 277 days to identify and contain a single attack, according to research from IBM and Ponemon Institute, resulting in costly, unexpected downtime, reputational damage, and potential compliance implications. To address these hurdles, Mattermost offers customizable digital Playbooks that document workflows and individual roles and responsibilities, and support real-time, out-of-band collaboration.

    Activating the moment an incident is detected, Playbooks alert designated teams across IT, security, legal, communications, and other business units via a secure channel with persona-based access controls. The Playbooks checklist-based automation is valuable in a variety of proactive and reactive incident response use cases such as managing a cyber attack, deploying a patch, issuing reports to customers and regulatory entities, and more. Near-term enhancements to Playbooks will serve to further transform incident response with advanced workflow features to help companies better respond to threats and maintain compliance with industry regulations.

    “Effective incident response is crucial for mitigating the fallout of cyberattacks, especially with the rapid evolution of today’s threat vectors. Response teams must have access to real-time insights and cross-department collaboration to ensure secure, timely resolution,” said Dr. Bill Anderson, principal product manager at Mattermost. “This award is a testament to our team’s unwavering commitment to empowering our customers across the public and private sectors to achieve excellence in cybersecurity.”

    Beyond cybersecurity, Mattermost Playbooks can also support workflows for logistics, DevOps, mission operations, and more by ensuring employees across business functions have access to the right information at the right time. Additionally, the Mattermost operational and collaboration platform’s open source nature aligns with strict security and compliance requirements by delivering complete data sovereignty when hosted on-premises. The Air Mobility Command is one of many customers that relies on the secure, collaborative power of Mattermost Playbooks to coordinate operations in real-time.  

    For more information about how Mattermost can streamline incident response, please visit: https://mattermost.com/solutions/use-cases/out-of-band-incident-response/. 

    About Mattermost

    Mattermost is the leading collaboration and workflow platform for mission-critical work. We serve national security, government, and critical infrastructure enterprises, from the U.S. Department of Defense, to global tech giants, to utilities, banks, and other vital services. We accelerate out-of-band incident response, DevSecOps workflow, mission operations, and self-sovereign collaboration to bolster the focus, adaptability, and resilience of the world’s most important organizations. 

    Our enterprise software and single-tenant SaaS platforms are built to meet the custom needs of rigorous and complex environments while offering a secure and unrivaled collaboration experience across web, desktop, and mobile with channel-based messaging, file sharing, audio calling and screen share, with integrated tooling, workflow automation and AI assistance. 

    Mattermost is developed on an open core platform vetted by the world’s leading security organizations, and co-built with over 4,000 open source project contributors who’ve provided over 30,000 code improvements towards our shared vision of accelerating the world’s mission-critical work. 

    For more information visit mattermost.com. 

    The MIL Network –

  • MIL-OSI: Paycor Launches Integration Platform to Transform Connectivity

    Source: GlobeNewswire (MIL-OSI)

    CINCINNATI, Oct. 29, 2024 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor”), a leading provider of human capital management (HCM) software, today announced the launch of its Integration Platform, offering flexible solutions to make connecting data and systems easier, especially for organizations who don’t have in-house IT or developer support. The platform enables customers to integrate their third-party HR software and business applications more efficiently, as well as drive better data accuracy and real-time availability.

    The Paycor Integration Platform comes at a critical time, as Finch reports half of HR professionals leverage seven or more employment systems and most of these applications are not integrated, leading to time-consuming manual workarounds, errors, and inefficiencies. Paycor’s Integration Platform offers three flexible ways to enhance connectivity:

    1. Paycor Marketplace: Provides access to over 320 pre-built connectors to industry-leading HCM vendor partners, including vertical-specific market needs.
    2. Developer Services: Offers expert teams to scope, design, build and support custom integrations for clients, many of which are built in 10 days or less.
    3. Developer Tools: Supplies resources that make it easier for customers to build a range of integrations, data feeds and reports. Our robust Developer Portal includes 140+ APIs, customizable templates and pre-built connectors to Paycor’s reporting and data sharing tools.

    “Our Integration Platform represents an industry step change, enabling customers to seamlessly connect their preferred business solutions to our HCM platform,” said Ryan Bergstrom, Chief Product & Technology Officer at Paycor. “By offering industry-specific, highly customized solutions, we’re not just connecting systems, we’re fueling scalable operational efficiency by empowering leaders to meaningfully connect with their people, data and expertise. With this platform, we’re giving mid-market companies the ability to connect systems at a level and scope historically reserved for larger enterprises.”

    To learn more about how Paycor is transforming connectivity, visit Paycor Integration Platform.

    About Paycor
    Paycor’s HR, payroll, and talent platform connects leaders to people, data, and expertise. We help leaders drive engagement and retention by giving them tools to coach, develop, and grow employees. We give them unprecedented insights into their operational data with a unified HCM experience that can seamlessly connect to other mission-critical technology. By providing expert guidance and consultation, we help them achieve business results and become an extension of their teams. Learn more at paycor.com.​

    Media Relations:
    Carly Pennekamp 
    513-954-7282 
    PR@paycor.com 

    Investor Relations:
    Rachel White
    513-954-7388
    IR@paycor.com

    The MIL Network –

  • MIL-OSI: Synchronoss Technologies Announces Third Quarter 2024 Earnings Call Date

    Source: GlobeNewswire (MIL-OSI)

    BRIDGEWATER, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, November 12, 2024 at 4:30 p.m. Eastern time (1:30 p.m. Pacific 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.

    Synchronoss management will host the presentation, followed by a question-and-answer period.

    Date: Tuesday, November 12, 2024
    Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
    Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (international)
    Conference ID: 13749828

    The conference call will be broadcast live and available for replay here and via the Investor Relations section of Synchronoss’ website.

    About Synchronoss
    Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

    Media Relations Contact:
    Domenick Cilea
    Springboard
    dcilea@springboardpr.com

    Investor Relations Contact:
    Ryan Gardella
    ICR for Synchronoss
    SNCRIR@icrinc.com

    The MIL Network –

  • MIL-OSI: Duck Creek Technologies Announces 2024 Partner of the Year Award Winners

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, today announced the winners of the company’s second annual Partner of the Year Awards. Accenture, Aggne Global, EY, Hexaware, LTIMindtree and Xceedance received Systems Integrator Partners awards, while Quadient and Verisk were named Solution Partners of the Year. 

    The awards recognize the power of partnerships and their role in driving success across the P&C and general insurance ecosystem. This year’s Systems Integrator Award winners include: 

    • Accenture: recognized as the Value Creation Partner of the Year for helping our joint customers recognize value and see efficiencies through innovation. Accenture has consistently delivered high-quality solutions to customers in North America and is expanding into Asia-Pacific and Europe. Accenture has also invested heavily in creating specialized assets including a Duck Creek claims gen AI co-pilot.
    • Aggne Global, a wipro company: received North America’s Systems Integrator Partner of the Year, which recognizes a partner who excels in joint go-to-market and delivering Duck Creek solutions to customers in North America and consistently exceeds delivery adherence standards. Aggne has proven instrumental in driving new sales and quality implementations meeting and exceeding Duck Creek’s best practices, Certified Resources, and overall project health across implementations.
    • EY: named Partner of the Year: Advisory Services for successfully delivering implementation services for customers and providing invaluable regional Insurance Advisory expertise in markets outside of North America. EY continues to bring value to Duck Creek’s customers and prospects around the globe.
    • Hexaware: received the Emerging Partner of the Year, which recognizes an emerging Systems Integrator partner in the Duck Creek ecosystem for exhibiting an eagerness to build their best practices and jointly go-to-market with Duck Creek to serve our global customers. They have been awarded for teaming up with Duck Creek to showcase value in a new geography and partnering to provide local language and implementation support.
    • LTIMindtree: received Partner of the Year: Digital Transformation which recognizes a partner who has excelled in helping Duck Creek customers move to the latest Duck Creek OnDemand solution suite and innovatively addressed common issues around migration and integration. LTIMindtree helped to migrate a variety of Duck Creek customers to the latest platform by introducing those innovative technology solutions.
    • Xceedance: Recognized as International Partner of the Year. This award is given to a partner who excels in joint go-to-market activities, effectively delivers Duck Creek solutions to customers in emerging international markets and exceeds implementation standards. Xceedance has played a valuable role in helping Duck Creek secure a large insurer client in a new territory and has a highly successful implementation record.

    This year’s Solution Partner Award winners include:

    • Quadient: recognized as Go-to-Market Solution Partner of the Year because they excelled in co-marketing with Duck Creek to generate increased demand and brand equity for both parties. They stood out amongst our solution partners for their creative marketing with Duck Creek both at Insurtech Connect 2023 and Formation 2024, driving significant interest amongst prospects, and their consistent presence at international Duck Creek events for three consecutive years.
    • Verisk: awarded Solution Partner of the Year for its impact on integrations. Verisk, a leading global data analytics and technology provider, has the most integrations with Duck Creek of any solution partner. Verisk is one of the longest active solution partners with Duck Creek and continues to be a strong collaborator for innovation and go-to-market strategy across multiple Duck Creek products.

    “Our partner ecosystem is an essential element in enabling Duck Creek to continue to deliver solutions that are reimagining the future of insurance,” said Mike Jackowski, Chief Executive Officer, Duck Creek Technologies. “Together, we are accelerating innovation in the insurance industry by providing top-tier cloud-based solutions paired with exceptional services. We value all our partners and celebrate their contributions and accomplishments.” 

    For more information about these award-winning Duck Creek partners, visit https://www.duckcreek.com/partner/ and these partner websites: 

    Systems Integrator award winners: 

    Accenture 

    Aggne

    EY

    Hexaware 

    LTIMindtree 

    Xceedance

    Solution Partner award winners: 

    Quadient

    Verisk

    About Duck Creek Technologies 

    Duck Creek Technologies is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X. 

    Media Contacts: 
    Marianne Dempsey/Tara Stred 

    duckcreek@threeringsinc.com 

    The MIL Network –

  • MIL-OSI: CALIFORNIA BANCORP REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the third quarter of 2024.

    The Company reported net loss of $16.5 million for the third quarter of 2024, or $0.59 diluted loss per share, compared to net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024, and $6.6 million, or $0.35 per diluted share in the third quarter of 2023.

    “As we previously reported, the merger of Southern California Bancorp and California BanCorp closed on July 31, 2024, and I am pleased to announce we executed a successful core conversion on September 20, 2024,” said David Rainer, Executive Chairman of the Company and the Bank. “We are excited to have created a commercial banking franchise with a footprint that covers the best banking markets in both Northern and Southern California and that is based on our trusted brands and reputations. Our scalable business model is expected to bring cost savings and greater efficiency to our operations, while allowing us to offer complementary products and services to all our clients. We will continue to build on our history of service to our communities and remain dedicated to increasing shareholder value.”

    “With the close of the merger and successful conversion behind us, we are now focused on the prudent growth of our franchise by offering the highest quality and level of customer service available to middle-market businesses in both Northern and Southern California,” said Steven Shelton, CEO of the Company and the Bank. “We are excited about our future and look forward to the traction we expect our combined banking franchise will realize in the coming quarters.”

    Third Quarter 2024 Highlights

      ● Merger closed on July 31, 2024, whereby California BanCorp (“CALB”) merged with and into Southern California Bancorp and California Bank of Commerce merged with and into Bank of Southern California, N.A. CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. The combined holding company has assumed the California BanCorp name, and the combined bank has assumed the California Bank of Commerce, N.A. name. The merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California, with approximately 300 employees serving our communities.
      ● Total aggregate consideration paid was approximately $216.6 million and resulted in approximately $74.7 million of preliminary goodwill subject to adjustment in accordance with ASC 805.
      ● Net loss of $16.5 million or $0.59 diluted loss per share for the third quarter reflects the after-tax one-time initial provision for credit losses (“day one provision”) related to non-purchased credit deteriorated (“non-PCD”) loans and unfunded loan commitments of $15.0 million and merger related expenses of $10.6 million; adjusted net income (non-GAAP1) was $9.1 million or $0.33 per share for the third quarter.
      ● Net interest margin of 4.43%, compared with 3.94% in the prior quarter; average total loan yield of 6.79% compared with 6.21% in the prior quarter.
      ● Provision for credit losses of $23.0 million for the third quarter, of which $21.3 million was due to the day one provision for credit losses on non-PCD loans and unfunded loan commitments.

    1 Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

      ● Return on average assets of (1.82)%, compared with 0.03% in the prior quarter.
      ● Return on average common equity of (15.28)%, compared with 0.26% in the prior quarter.
      ● Efficiency ratio (non-GAAP1) of 98.9% compared with 85.7% in the prior quarter; excluding merger related expenses the efficiency ratio was 60.5%, compared with 83.5% in the prior quarter.
      ● Tangible book value per common share (“TBV”) (non-GAAP1) of $11.28 at September 30, 2024, down $2.43 from $13.71 at June 30, 2024.
      ● Total assets of $4.36 billion at September 30, 2024, compared with $2.29 billion at June 30, 2024.
      ● Total loans, including loans held for sale of $3.23 billion at September 30, 2024, compared with $1.88 billion at June 30, 2024, largely due to the merger, with the fair value of the acquired loans totaling $1.36 billion.
      ● Nonperforming assets to total assets ratio of 0.68% at September 30, 2024, compared with 0.20% at June 30, 2024, which included the fair value of $13.9 million in nonaccrual PCD loans in connection with the merger.
      ● Allowance for credit losses (“ACL”) was 1.80% of total loans held for investment at September 30, 2024; allowance for loan losses (“ALL”) was 1.67% of total loans held for investment at September 30, 2024.
      ● Total deposits of $3.74 billion at September 30, 2024, increased $1.81 billion or 93.2% compared with $1.94 billion at June 30, 2024, largely due to the $1.64 billion of deposits acquired in the merger.
      ● Noninterest-bearing demand deposits of $1.37 billion at September 30, 2024, an increase of $701.7 million or 105.3%, of which $635.5 million was related to the merger; noninterest bearing deposits represented 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024.
      ● Cost of deposits was 2.09%, compared with 2.12% in the prior quarter.
      ● Cost of funds was 2.19%, compared with 2.21% in the prior quarter.
      ● The Company’s capital exceeds minimums required to be “well-capitalized,” the highest regulatory capital category.

    Third Quarter Operating Results

    Net Loss

    Net loss for the third quarter of 2024 was $16.5 million, or $0.59 loss per diluted share, compared with net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024. Our third quarter results were negatively impacted by a day one $15.0 million after-tax CECL-related provision for credit losses on non-PCD loans and unfunded loan commitments related to the merger, or $0.54 loss per diluted share, and $10.6 million of after-tax merger expenses, or $0.38 loss per diluted share. Excluding one-time CECL-related provision for credit losses on acquired loans and unfunded loan commitments, and merger related expenses, the Company would have reported net income (non-GAAP1) of $9.1 million, or $0.33 per diluted share, for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP1) for the third quarter was $436 thousand, a decrease of $2.7 million or 86.3% from the prior quarter.

    Net Interest Income and Net Interest Margin

    Net interest income for the third quarter of 2024 was $36.9 million, compared with $21.0 million in the prior quarter. The increase in net interest income was primarily due to a $22.3 million increase in total interest and dividend income, partially offset by a $6.3 million increase in total interest expense in the third quarter of 2024, as compared to the prior quarter. During the third quarter of 2024, loan interest income increased $18.5 million, of which $4.1 million was related to accretion income from the net purchase accounting discounts on acquired loans, total debt securities income increased $458 thousand, and interest and dividend income from other financial institutions increased $3.3 million. The increase in interest income was primarily driven by the mix of interest-earning assets added by the merger and the impact of the accretion and amortization of fair value marks. Average total interest-earning assets increased $1.17 billion, the result of a $900.7 million increase in average total loans, a $114.2 million increase in average deposits in other financial institutions, a $25.1 million increase in average total debt securities, a $124.1 million increase in average Fed funds sold/resale agreements and a $7.5 million increase in average restricted stock investments and other bank stock. The increase in interest expense for the third quarter of 2024 was primarily due to a $6.0 million increase in interest expense on interest-bearing deposits, the result of a $763.7 million increase in average interest-bearing deposits, coupled with a $34.3 million increase in average subordinated debt, partially offset by a 6 basis point decrease in average interest-bearing deposit costs, and a $378 thousand decrease in interest expense on Federal Home Loan Bank (“FHLB”) borrowings, the result of a $26.8 million decrease in average FHLB borrowings in the third quarter of 2024.

    Net interest margin for the third quarter of 2024 was 4.43%, compared with 3.94% in the prior quarter. The increase was primarily related to a 52 basis point increase in the total interest-earning assets yield, coupled with a 2 basis point decrease in the cost of funds. The yield on total average earning assets in the third quarter of 2024 was 6.49%, compared with 5.97% in the prior quarter. The yield on average total loans in the third quarter of 2024 was 6.79%, an increase of 58 basis points from 6.21% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million and the amortization expense impact on interest expense was $283 thousand, which increased the net interest margin by 46 basis points in the third quarter of 2024. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million, which increased the yield on average total loans by 59 basis points in the third quarter of 2024.

    Cost of funds for the third quarter of 2024 was 2.19%, a decrease of 2 basis points from 2.21% in the prior quarter. The decrease was primarily driven by a 6 basis point decrease in the cost of average interest-bearing deposits, and an increase in average noninterest-bearing deposits, partially offset by an increase of 187 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $373 thousand, or 281 basis points from the purchase accounting discounts on acquired subordinated debts. Average noninterest-bearing demand deposits increased $373.8 million to $1.03 billion and represented 33.6% of total average deposits for the third quarter of 2024, compared with $658.0 million and 34.1%, respectively, in the prior quarter; average interest-bearing deposits increased $763.7 million to $2.04 billion during the third quarter of 2024. The total cost of deposits in the third quarter of 2024 was 2.09%, a decrease of 3 basis points from 2.12% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and paying off high cost brokered deposits in the third quarter of 2024.

    Average total borrowings increased $7.6 million to $52.9 million for the third quarter of 2024, primarily due to an increase of $34.3 million in average subordinated debt from the $50.8 million in fair value of subordinated debt acquired in the merger, partially offset by a decrease of $26.8 million in average FHLB borrowings during the third quarter of 2024. The average cost of total borrowings was 7.71% for the third quarter of 2024, up from 5.84% in the prior quarter.

    Provision for Credit Losses

    The Company recorded a provision for credit losses of $23.0 million in the third quarter of 2024, compared to $2.9 million in the prior quarter. The increase was largely related to the merger, and the resulting one-time initial provision for credit losses on acquired non-PCD loans of $18.5 million and unfunded commitments of $2.7 million. Total net charge-offs were $1.2 million in the third quarter of 2024, which included $967 thousand from a construction loan and $135 thousand from an acquired consumer solar loan portfolio. The provision for credit losses in the third quarter of 2024 included a $3.3 million provision for unfunded loan commitments, of which $2.7 million was related to the one-time initial provision for credit losses on acquired unfunded loan commitments, and $511 thousand related to the increase in unfunded loan commitments during the third quarter of 2024, coupled with higher loss rates and average funding rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments increased $662.4 million to $1.03 billion at September 30, 2024, including $574.3 million in unfunded loan commitment related to the merger, compared to $371.5 million in unfunded loan commitments at June 30, 2024. The provision for credit losses for loans held for investment in the third quarter of 2024 was $19.7 million, an increase of $16.7 million from $3.0 million in the prior quarter. The increase was driven primarily by the one-time initial provision for credit losses on acquired non-PCD loans and increases in legacy special mention loans and loans held for investment. Additionally, qualitative factors, coupled with changes in the portfolio mix and in net charge-offs, and in the reasonable and supportable forecast, primarily related to the economic outlook for California which were partially offset by decreases in legacy substandard accruing loans, were factors related to the increase in the provision for credit losses. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

    Noninterest Income

    The Company recorded noninterest income of $1.2 million in the third quarter of 2024, a decrease of $5 thousand compared to $1.2 million in the second quarter of 2024. There was no gain on SBA 7A loan sales in the second and third quarters of 2024. Noninterest income was impacted by the merger through increases in service charges and fees on deposit accounts, bank owned life insurance income, and servicing and related income on loans; offset by a $614 thousand valuation allowance on other real estate owned (“OREO”) due to a decline in the fair value of the underlying property in the third quarter of 2024.

    Noninterest Expense

    Total noninterest expense for the third quarter of 2024 was $37.7 million, an increase of $18.7 million from total noninterest expense of $19.0 million in the prior quarter, which was largely due to the increase in merger related expenses.

    Salaries and employee benefits increased $6.6 million during the quarter to $15.4 million. The increase in salaries and employee benefits was primarily the result of the merger and included $1.4 million related to one-time costs associated with non-continuing directors, executives and employees. Merger and related expenses in connection with the merger increased $14.1 million to $14.6 million. These costs primarily included retention bonus, severance and change in control costs of $6.2 million, financial advisory fees of $2.3 million, information technology expenses of $4.5 million, insurance costs of $919 thousand and legal and other professional costs of $305 thousand. The increase in core deposit intangible amortization was primarily driven by $622 thousand related to the additional amortization from the core deposit intangible of $22.7 million acquired in the merger.

    The Company sold other real estate owned and recognized a $4.8 million loss in the second quarter of 2024. There was no comparable transaction in the third quarter of 2024.

    Efficiency ratio (non-GAAP1) for the third quarter of 2024 was 98.9%, compared to 85.7% in the prior quarter. Excluding the merger and related expenses of $14.6 million, the efficiency ratio (non-GAAP1) for the third quarter of 2024 would have been 60.5%.

    Income Tax

    In the third quarter of 2024, the Company’s income tax benefit was $6.1 million, compared with an $88 thousand income tax expense in the second quarter of 2024. The effective rate was 26.9% for the third quarter of 2024 and 31.7% for the second quarter of 2024. The decrease in the effective tax rate for the third quarter of 2024 was primarily attributable to the impact of the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, as well as non-deductible merger-related expenses.

    Balance Sheet

    Assets

    Total assets at September 30, 2024 were $4.36 billion, an increase of $2.07 billion or 90.2% from June 30, 2024. The increase in total assets from the prior quarter was primarily related to the $1.86 billion in fair value of total assets acquired in the merger, which included increases of $1.36 billion in loans held for investment, $42.6 million in debt securities, and $336.3 million in cash and cash equivalents. In addition, the Company recorded preliminary goodwill of $74.7 million related to the merger in the third quarter of 2024.

    Loans

    Total loans held for investment were $3.20 billion at September 30, 2024, an increase of $1.32 billion, compared to June 30, 2024, primarily the result of the $1.36 billion fair value of loans acquired in the merger. During the third quarter 2024, there were new originations of $70.0 million and net advances of $8.9 million, offset by payoffs of $64.9 million, and the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of loans in the amount of $1.2 million. Total loans secured by real estate increased by $814.5 million, including $780.9 million acquired in the merger, construction and land development loans increased by $42.9 million, commercial real estate and other loans increased by $712.2 million, 1-4 family residential loans decreased by $4.8 million and multifamily loans increased by $64.2 million. Commercial and industrial loans increased by $482.3 million, and consumer loans increased by $25.3 million, largely due to a $25.2 million increase in consumer loans related to the merger. The Company had $33.7 million in loans held for sale at September 30, 2024, compared to $7.0 million at June 30, 2024.

    Deposits

    Total deposits at September 30, 2024 were $3.74 billion, an increase of $1.81 billion from June 30, 2024 due to the $1.64 billion in fair value of deposits related to the merger. Noninterest-bearing demand deposits at September 30, 2024, were $1.37 billion, including $635.5 million noninterest-bearing demand deposits related to the merger, or 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024. At September 30, 2024, total interest-bearing deposits were $2.37 billion, compared to $1.27 billion at June 30, 2024. At September 30, 2024, total brokered time deposits were $222.6 million, including a $251.4 million increase of brokered time deposits related to the merger, compared to $103.4 million in brokered time deposits at June 30, 2024. The Company used excess cash acquired from the merger to pay off high cost callable and noncallable brokered time deposits totaling $131.9 million during the third quarter 2024. The Company also offers the Insured Cash Sweep (ICS) product, providing customers with FDIC insurance coverage at ICS network institutions. At September 30, 2024, ICS deposits were $699.6 million, or 18.7% of total deposits, compared to $239.8 million, or 12.4% of total deposits at June 30, 2024. Legacy CALB was also a participant in the Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, both of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At July 31, 2024, the Company acquired the fair value of $37.7 million in CDARS deposits and $306.6 million in R&T deposits.

    Federal Home Loan Bank (“FHLB”) and Liquidity

    The Company repaid all FHLB borrowings with liquidity primarily derived from the cash acquired in the merger during the third quarter of 2024. At September 30, 2024, the Company had no overnight FHLB borrowings, a $25.0 million decrease from June 30, 2024. There were no outstanding Federal Reserve Discount Window borrowings at September 30, 2024 or June 30, 2024.

    At September 30, 2024, the Company had available borrowing capacity from the FHLB secured line of credit of approximately $663.6 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $446.4 million. The Company also had available borrowing capacity from eight unsecured credit lines from correspondent banks of approximately $121.0 million at September 30, 2024, with no outstanding borrowings. Total available borrowing capacity was $1.23 billion at September 30, 2024. Additionally, the Company had unpledged liquid securities at fair value of approximately $159.3 million and cash and cash equivalents of $614.4 million at September 30, 2024.

    In connection with the merger, the Company assumed subordinated borrowings of $55.0 million, with a fair value of $50.8 million. The subordinated borrowings include $20.0 million with a maturity date in September 2030 and $35.0 million with a maturity date in September 2031.

    Asset Quality

    Total non-performing assets increased to $29.8 million, or 0.68% of total assets at September 30, 2024, compared with $4.7 million, or 0.20% of total assets at June 30, 2024.

    The increase in non-performing assets in the third quarter of 2024 was primarily attributable to downgrades of a construction loan and 1-4 family residential loan from one relationship totaling $12.7 million and a $13.9 million of nonaccrual PCD loans acquired in the merger. This increase was net of total charge-offs of $1.2 million, which included a partial charge-off of $967 thousand for a substandard nonaccrual construction loan collateralized by a stalled construction project in Los Angeles, California. Based on the Company’s internal analysis, which included a review of an updated appraisal, the estimated net collateral value was $9.7 million, which was $967 thousand lower than the subject loan’s net carrying value resulting in a partial charge-off in the third quarter of 2024. The Company expects to pursue the resolution of this matter. Non-performing assets in the third quarter of 2024 included OREO, net of valuation allowance, of $4.1 million related to a multifamily nonaccrual loan of $4.7 million that was transferred to OREO and the Company recorded a $614 thousand valuation allowance on OREO due to a decline in the fair value of the underlying property in the third quarter of 2024.

    Total non-performing loans increased to $25.7 million, or 0.80% of total loans held for investment at September 30, 2024, compared with $4.7 million, or 0.25% of total loans at June 30, 2024. The increase from June 30, 2024 was due primarily to the aforementioned downgrades of a construction loan and 1-4 family residential loan from one relationship, nonaccrual PCD loans acquired in the merger and partial charge-offs of loans in the amount of $1.2 million in the third quarter of 2024.

    Special mention loans increased by $65.6 million, including $41.0 million non-PCD loans and $10.1 million PCD loans, during the third quarter of 2024 to $93.4 million at September 30, 2024. The $14.5 million increase in the legacy special mention loans was due mostly to a $2.2 million increase in special mention commercial real estate loans and a $12.3 million increase in special mention commercial and industrial loans. Substandard loans increased by $81.2 million, including $2.3 million non-PCD loans, $71.3 million PCD loans, and $13.5 million nonaccrual PCD loans, during the third quarter of 2024 to $104.3 million at September 30, 2024. The $5.8 million decrease in the legacy substandard loans was due primarily to the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of $967 thousand for the nonaccrual construction loan, partially offset by a downgrade to substandard of a commercial and industrial loan of $118 thousand during the third quarter of 2024.

    The Company had $37 thousand in consumer solar loans that were over 90 days past due that were accruing interest at September 30, 2024, and no delinquencies at June 30, 2024.

    There were $19.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at September 30, 2024 and no delinquencies at June 30, 2024.

    The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $57.6 million at September 30, 2024, compared to $24.6 million at June 30, 2024. The $33.0 million increase in the allowance included a $19.7 million provision for credit losses for the loan portfolio, of which $11.2 million related to the initial allowance for credit losses on acquired PCD loans, $21.3 million related to the initial provision for credit losses on acquired non-PCD loans and unfunded loan commitments, partially offset by total charge-offs of $1.2 million for the quarter ended September 30, 2024.

    The ALL was $53.6 million, or 1.67% of total loans held for investment at September 30, 2024, compared with $23.8 million, or 1.27% at June 30, 2024.

    Capital

    Tangible book value (non-GAAP1) per common share at September 30, 2024, was $11.28, compared with $13.71 at June 30, 2024. In the third quarter of 2024, tangible book value was primarily impacted by the net loss for the third quarter, the impact of equity issued in connection with the merger, stock-based compensation expense, and a decrease in net of unrealized tax losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $3.6 million to $2.9 million at September 30, 2024, from $6.5 million at June 30, 2024. The decrease in the unrealized losses, net of taxes, on available-for-sale debt securities was primarily attributable to factors other than credit related, including decreases in market interest rates driven by the Federal Reserve’s 50 basis point rate cut in September 2024. Tangible common equity (non-GAAP1) as a percentage of total tangible assets (non-GAAP1) at September 30, 2024, decreased to 8.58% from 11.28% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP1) at September 30, 2024 decreased to 0.8% from 2.6% in the prior quarter.

    The Company’s preliminary capital exceeds minimums required to be “well-capitalized” at September 30, 2024.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Company’s merger with CALB (the “Merger”), as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risk related to the Merger, including the risks that costs may be greater than anticipated, cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

    Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    California BanCorp and Subsidiary
    Financial Highlights (Unaudited)

        At or for the
    Three Months Ended    		     At or for the
    Nine Months Ended    		  
        September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
    EARNINGS   ($ in thousands except share and per share data)  
    Net interest income   $ 36,942     $ 21,007     $ 23,261     $ 78,443     $ 71,579  
    Provision for (reversal of) credit losses   $ 22,963     $ 2,893     $ (96 )   $ 25,525     $ 91  
    Noninterest income   $ 1,174     $ 1,169     $ 815     $ 3,756     $ 3,481  
    Noninterest expense   $ 37,680     $ 19,005     $ 14,781     $ 71,666     $ 44,407  
    Income tax (benefit) expense   $ (6,063 )   $ 88     $ 2,835     $ (3,653 )   $ 9,064  
    Net (loss) income   $ (16,464 )   $ 190     $ 6,556     $ (11,339 )   $ 21,498  
    Pre-tax pre-provision income (1)   $ 436     $ 3,171     $ 9,295     $ 10,533     $ 30,653  
    Adjusted pre-tax pre-provision income (1)   $ 15,041     $ 3,662     $ 9,295     $ 26,178     $ 30,653  
    Diluted (loss) earnings per share   $ (0.59 )   $ 0.01     $ 0.35     $ (0.53 )   $ 1.15  
    Shares outstanding at period end     32,142,427       18,547,352       18,309,282       32,142,427       18,309,282  
                                             
    PERFORMANCE RATIOS                                        
    Return on average assets     (1.82 )%     0.03 %     1.12 %     (0.55 )%     1.25 %
    Adjusted return on average assets (1)     1.01 %     0.11 %     1.12 %     0.74 %     1.25 %
    Return on average common equity     (15.28 )%     0.26 %     9.38 %     (4.48 )%     10.63 %
    Adjusted return on average common equity (1)     8.44 %     0.82 %     9.38 %     6.00 %     10.63 %
    Yield on total loans     6.79 %     6.21 %     5.97 %     6.40 %     5.89 %
    Yield on interest earning assets     6.49 %     5.97 %     5.72 %     6.15 %     5.63 %
    Cost of deposits     2.09 %     2.12 %     1.56 %     2.09 %     1.22 %
    Cost of funds     2.19 %     2.21 %     1.62 %     2.19 %     1.30 %
    Net interest margin     4.43 %     3.94 %     4.23 %     4.12 %     4.43 %
    Efficiency ratio (1)     98.86 %     85.70 %     61.39 %     87.19 %     59.16 %
    Adjusted efficiency ratio (1)     60.54 %     83.49 %     61.39 %     68.15 %     59.16 %
        As of  
        September 30,
    2024    		     June 30,
    2024    		     December 31,
    2023    		  
    CAPITAL   ($ in thousands except share and per share data)  
    Tangible equity to tangible assets (1)     8.58 %     11.28 %     10.73 %
    Book value (BV) per common share   $ 15.50     $ 15.81     $ 15.69  
    Tangible BV per common share (1)   $ 11.28     $ 13.71     $ 13.56  
                             
    ASSET QUALITY                        
    Allowance for loan losses (ALL)   $ 53,552     $ 23,788     $ 22,569  
    Reserve for unfunded loan commitments   $ 4,071     $ 819     $ 933  
    Allowance for credit losses (ACL)   $ 57,623     $ 24,607     $ 23,502  
    Allowance for loan losses to nonperforming loans     2.09 x     5.07 x     1.74 x
    ALL to total loans held for investment     1.67 %     1.27 %     1.15 %
    ACL to total loans held for investment     1.80 %     1.31 %     1.20 %
    30-89 days past due, excluding nonaccrual loans   $ 19,110     $ —     $ 19  
    Over 90 days past due, excluding nonaccrual loans   $ 37     $ —     $ —  
    Special mention loans   $ 93,448     $ 27,861     $ 2,996  
    Special mention loans to total loans held for investment     2.92 %     1.48 %     0.15 %
    Substandard loans   $ 104,298     $ 23,080     $ 19,502  
    Substandard loans to total loans held for investment     3.26 %     1.23 %     1.00 %
    Nonperforming loans   $ 25,698     $ 4,696     $ 13,004  
    Nonperforming loans total loans held for investment     0.80 %     0.25 %     0.66 %
    Other real estate owned, net   $ 4,083     $ —     $ —  
    Nonperforming assets   $ 29,781     $ 4,696     $ 13,004  
    Nonperforming assets to total assets     0.68 %     0.20 %     0.55 %
                             
    END OF PERIOD BALANCES                        
    Total loans, including loans held for sale   $ 3,233,418     $ 1,884,599     $ 1,964,791  
    Total assets   $ 4,362,767     $ 2,293,693     $ 2,360,252  
    Deposits   $ 3,740,915     $ 1,935,862     $ 1,943,556  
    Loans to deposits     86.4 %     97.4 %     101.1 %
    Shareholders’ equity   $ 498,064     $ 293,219     $ 288,152  

    (1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

        At or for the
    Three Months Ended    		     At or for the
    Nine Months Ended    		  
    ALLOWANCE for CREDIT LOSSES   September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
        ($ in thousands)  
    Allowance for loan losses                                        
    Balance at beginning of period   $ 23,788     $ 22,254     $ 22,502     $ 22,569     $ 17,099  
    Adoption of ASU 2016-13 (1)     —       —       —       —       5,027  
    Initial Allowance for PCD loans     11,216       —       —       11,216       —  
    Provision for credit losses (2)     19,711       2,990       202       22,387       600  
    Charge-offs     (1,163 )     (1,456 )     —       (2,620 )     (36 )
    Recoveries     —       —       1       —       15  
    Net (charge-offs) recoveries     (1,163 )     (1,456 )     1       (2,620 )     (21 )
    Balance, end of period   $ 53,552     $ 23,788     $ 22,705     $ 53,552     $ 22,705  
    Reserve for unfunded loan commitments (3)                                        
    Balance, beginning of period   $ 819     $ 916     $ 1,538     $ 933     $ 1,310  
    Adoption of ASU 2016-13 (1)     —       —       —       —       439  
    Provision for (reversal of) credit losses (4)     3,252       (97 )     (298 )     3,138       (509 )
    Balance, end of period     4,071       819       1,240       4,071       1,240  
    Allowance for credit losses   $ 57,623     $ 24,607     $ 23,945     $ 57,623     $ 23,945  
                                             
    ALL to total loans held for investment     1.67 %     1.27 %     1.18 %     1.67 %     1.18 %
    ACL to total loans held for investment     1.80 %     1.31 %     1.24 %     1.80 %     1.24 %
    Net (charge-offs) recoveries to average total loans     (0.17 )%     (0.31 )%     0.00 %     (0.16 )%     0.00 %
    (1 ) Represents the impact of adopting ASU 2016-13, Financial Instruments – Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.
    (2 ) Includes $18.5 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses for non-PCD loans acquired in the merger with CALB.
    (3 ) Included in “Accrued interest and other liabilities” on the consolidated balance sheet.
    (4 ) Includes $2.7 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses on unfunded commitments acquired in the merger with CALB.

    California BanCorp and Subsidiary

    Balance Sheets (Unaudited)

        September 30,
    2024    		     June 30,
    2024    		     December 31,
    2023    		  
    ASSETS   ($ in thousands)  
    Cash and due from banks   $ 115,165     $ 29,153     $ 33,008  
    Federal funds sold & interest-bearing balances     499,258       75,580       53,785  
    Total cash and cash equivalents     614,423       104,733       86,793  
                             
    Debt securities available-for-sale, at fair value (amortized cost of $163,384, $132,862 and $136,366 at September 30, 2024, June 30, 2024 and December 31, 2023)     159,330       123,653       130,035  
    Debt securities held-to-maturity, at cost (fair value of $49,487, $48,476 and $50,432 at September 30, 2024, June 30, 2024 and December 31, 2023)     53,364       53,449       53,616  
    Loans held for sale     33,704       6,982       7,349  
    Loans held for investment:                        
    Construction & land development     247,934       205,072       243,521  
    1-4 family residential     152,540       157,323       143,903  
    Multifamily     252,134       187,960       221,247  
    Other commercial real estate     1,755,908       1,043,662       1,024,243  
    Commercial & industrial     765,472       283,203       320,142  
    Other consumer     25,726       397       4,386  
    Total loans held for investment     3,199,714       1,877,617       1,957,442  
    Allowance for credit losses – loans     (53,552 )     (23,788 )     (22,569 )
    Total loans held for investment, net     3,146,162       1,853,829       1,934,873  
                             
    Restricted stock at cost     27,394       16,898       16,055  
    Premises and equipment     13,996       12,741       13,270  
    Right of use asset     15,310       8,298       9,291  
    Other real estate owned, net     4,083       —       —  
    Goodwill     112,515       37,803       37,803  
    Core deposit intangible     23,031       1,065       1,195  
    Bank owned life insurance     66,180       39,445       38,918  
    Deferred taxes, net     45,644       11,080       11,137  
    Accrued interest and other assets     47,631       23,717       19,917  
    Total assets   $ 4,362,767     $ 2,293,693     $ 2,360,252  
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                        
    Deposits:                        
    Noninterest-bearing demand   $ 1,368,303     $ 666,606     $ 675,098  
    Interest-bearing NOW accounts     781,125       355,994       381,943  
    Money market and savings accounts     1,149,268       660,808       636,685  
    Time deposits     442,219       252,454       249,830  
    Total deposits     3,740,915       1,935,862       1,943,556  
                             
    Borrowings     69,142       42,913       102,865  
    Operating lease liability     19,211       10,931       12,117  
    Accrued interest and other liabilities     35,435       10,768       13,562  
    Total liabilities     3,864,703       2,000,474       2,072,100  
                             
    Shareholders’ Equity:                        
    Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,142,427, 18,547,352 and 18,369,115 at September 30, 2024, June 30, 2024 and December 31, 2023)     441,684       224,006       222,036  
    Retained earnings     59,236       75,700       70,575  
    Accumulated other comprehensive loss – net of taxes     (2,856 )     (6,487 )     (4,459 )
    Total shareholders’ equity     498,064       293,219       288,152  
    Total liabilities and shareholders’ equity   $ 4,362,767     $ 2,293,693     $ 2,360,252  

    California BanCorp and Subsidiary

    Income Statements – Quarterly and Year-to-Date (Unaudited)

        Three Months Ended     Nine Months Ended  
        September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
        ($ in thousands except share and per share data)  
    INTEREST AND DIVIDEND INCOME                                        
    Interest and fees on loans   $ 47,528     $ 29,057     $ 28,977     $ 105,169     $ 83,983  
    Interest on debt securities     1,687       1,229       942       4,129       2,506  
    Interest on tax-exempted debt securities     306       306       359       918       1,302  
    Interest and dividends from other institutions     4,606       1,257       1,206       7,024       3,162  
    Total interest and dividend income     54,127       31,849       31,484       117,240       90,953  
                                             
    INTEREST EXPENSE                                        
    Interest on NOW, savings, and money market accounts     11,073       7,039       5,922       24,882       13,555  
    Interest on time deposits     5,087       3,145       1,867       11,253       4,373  
    Interest on borrowings     1,025       658       434       2,662       1,446  
    Total interest expense     17,185       10,842       8,223       38,797       19,374  
    Net interest income     36,942       21,007       23,261       78,443       71,579  
                                             
    Provision for (reversal of ) credit losses (1)     22,963       2,893       (96 )     25,525       91  
    Net interest income after provision for (reversal of) credit losses     13,979       18,114       23,357       52,918       71,488  
                                             
    NONINTEREST INCOME                                        
    Service charges and fees on deposit accounts     1,136       568       470       2,229       1,439  
    Gain on sale of loans     8       —       (54 )     423       831  
    Bank owned life insurance income     398       266       238       925       693  
    Servicing and related income (expense) on loans     82       (5 )     61       150       223  
    Loss on sale of debt securities     —       —       —       —       34  
    Loss on sale of building and related fixed assets     —       (19 )     —       (19 )     —  
    Other charges and fees     (450 )     359       100       48       261  
    Total noninterest income     1,174       1,169       815       3,756       3,481  
                                             
    NONINTEREST EXPENSE                                        
    Salaries and employee benefits     15,385       8,776       9,736       33,771       29,651  
    Occupancy and equipment expenses     2,031       1,445       1,579       4,928       4,553  
    Data processing     1,536       1,186       1,144       3,872       3,376  
    Legal, audit and professional     669       557       598       1,742       2,050  
    Regulatory assessments     544       347       369       1,278       1,188  
    Director and shareholder expenses     520       229       215       952       642  
    Merger and related expenses     14,605       491       —       15,645       —  
    Core deposit intangible amortization     687       65       128       817       309  
    Other real estate owned expense     3       4,935       —       5,026       —  
    Other expense     1,700       974       1,012       3,635       2,638  
    Total noninterest expense     37,680       19,005       14,781       71,666       44,407  
    (Loss) income before income taxes     (22,527 )     278       9,391       (14,992 )     30,562  
    Income tax (benefit) expense     (6,063 )     88       2,835       (3,653 )     9,064  
    Net (loss) income   $ (16,464 )   $ 190     $ 6,556     $ (11,339 )   $ 21,498  
                                             
    Net (loss) income per share – basic   $ (0.59 )   $ 0.01     $ 0.36     $ (0.53 )   $ 1.18  
    Net (loss) income per share – diluted   $ (0.59 )   $ 0.01     $ 0.35     $ (0.53 )   $ 1.15  
    Weighted average common shares-diluted     27,705,844       18,799,513       18,672,132       21,579,175       18,632,890  
    Pre-tax, pre-provision income (2)   $ 436     $ 3,171     $ 9,295     $ 10,533     $ 30,653  

    (1) Included provision for (reversal of) unfunded loan commitments of $3.3 million, $(97) thousand and $(298) thousand for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $3.1 million and $(509) thousand for the nine months ended September 30, 2024 and 2023, respectively
    (2) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

    California BanCorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

        Three Months Ended  
        September 30, 2024     June 30, 2024     September 30, 2023  
        Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		  
    Assets   ($ in thousands)  
    Interest-earning assets:                                                                        
    Total loans   $ 2,783,581     $ 47,528       6.79 %   $ 1,882,845     $ 29,057       6.21 %   $ 1,924,384     $ 28,977       5.97 %
    Taxable debt securities     149,080       1,687       4.50 %     123,906       1,229       3.99 %     111,254       942       3.36 %
    Tax-exempt debt securities (1)     53,682       306       2.87 %     53,754       306       2.90 %     59,630       359       3.02 %
    Deposits in other financial institutions     161,616       2,215       5.45 %     47,417       638       5.41 %     50,367       681       5.36 %
    Fed funds sold/resale agreements     143,140       1,886       5.24 %     19,062       261       5.51 %     20,653       283       5.44 %
    Restricted stock investments and other bank stock     24,587       505       8.17 %     17,091       358       8.42 %     16,365       242       5.87 %
    Total interest-earning assets     3,315,686       54,127       6.49 %     2,144,075       31,849       5.97 %     2,182,653       31,484       5.72 %
    Total noninterest-earning assets     277,471                       150,603                       131,288                  
    Total assets   $ 3,593,157                     $ 2,294,678                     $ 2,313,941                  
                                                                             
    Liabilities and Shareholders’ Equity                                                                        
    Interest-bearing liabilities:                                                                        
    Interest-bearing NOW accounts   $ 617,373     $ 2,681       1.73 %   $ 361,244     $ 2,134       2.38 %   $ 353,714     $ 1,706       1.91 %
    Money market and savings accounts     999,322       8,392       3.34 %     653,244       4,905       3.02 %     675,609       4,216       2.48 %
    Time deposits     421,241       5,087       4.80 %     259,722       3,145       4.87 %     183,745       1,867       4.03 %
    Total interest-bearing deposits     2,037,936       16,160       3.15 %     1,274,210       10,184       3.21 %     1,213,068       7,789       2.55 %
    Borrowings:                                                                        
    FHLB advances     611       9       5.86 %     27,391       387       5.68 %     11,731       163       5.51 %
    Subordinated debt     52,246       1,016       7.74 %     17,901       271       6.09 %     17,830       271       6.03 %
    Total borrowings     52,857       1,025       7.71 %     45,292       658       5.84 %     29,561       434       5.82 %
    Total interest-bearing liabilities     2,090,793       17,185       3.27 %     1,319,502       10,842       3.30 %     1,242,629       8,223       2.63 %
                                                                             
    Noninterest-bearing liabilities:                                                                        
    Noninterest-bearing deposits (2)     1,031,844                       658,001                       768,148                  
    Other liabilities     41,962                       23,054                       25,722                  
    Shareholders’ equity     428,558                       294,121                       277,442                  
    Total Liabilities and Shareholders’ Equity   $ 3,593,157                     $ 2,294,678                     $ 2,313,941                  
                                                                             
    Net interest spread                     3.22 %                     2.67 %                     3.09 %
    Net interest income and margin           $ 36,942       4.43 %           $ 21,007       3.94 %           $ 23,261       4.23 %
    Cost of deposits   $ 3,069,780     $ 16,160       2.09 %   $ 1,932,211     $ 10,184       2.12 %   $ 1,981,216     $ 7,789       1.56 %
    Cost of funds   $ 3,122,637     $ 17,185       2.19 %   $ 1,977,503     $ 10,842       2.21 %   $ 2,010,777     $ 8,223       1.62 %

    (1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2) Average noninterest-bearing deposits represent 33.61%, 34.05% and 38.77% of average total deposits for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

    California BanCorp and Subsidiary
    Average Balance Sheets and Yield Analysis
    (Unaudited)

        Nine Months Ended  
        September 30, 2024     September 30, 2023  
        Average Balance     Income/
    Expense    		     Yield/
    Cost    		     Average Balance     Income/
    Expense    		     Yield/
    Cost    		  
    Assets   ($ in thousands)  
    Interest-earning assets:                                                
    Total loans   $ 2,194,059     $ 105,169       6.40 %   $ 1,906,327     $ 83,983       5.89 %
    Taxable debt securities     133,321       4,129       4.14 %     104,881       2,506       3.19 %
    Tax-exempt debt securities (1)     53,759       918       2.89 %     68,043       1,302       3.24 %
    Deposits in other financial institutions     87,966       3,569       5.42 %     43,629       1,675       5.13 %
    Fed funds sold/resale agreements     57,634       2,281       5.29 %     21,182       798       5.04 %
    Restricted stock investments and other bank stock     19,383       1,174       8.09 %     15,774       689       5.84 %
    Total interest-earning assets     2,546,122       117,240       6.15 %     2,159,836       90,953       5.63 %
    Total noninterest-earning assets     189,573                       133,224                  
    Total assets   $ 2,735,695                     $ 2,293,060                  
                                                     
    Liabilities and Shareholders’ Equity                                                
    Interest-bearing liabilities:                                                
    Interest-bearing NOW accounts   $ 446,759     $ 6,860       2.05 %   $ 290,326     $ 3,301       1.52 %
    Money market and savings accounts     767,916       18,022       3.13 %     674,452       10,254       2.03 %
    Time deposits     312,544       11,253       4.81 %     170,620       4,373       3.43 %
    Total interest-bearing deposits     1,527,219       36,135       3.16 %     1,135,398       17,928       2.11 %
    Borrowings:                                                
    FHLB advances     26,105       1,103       5.64 %     16,282       632       5.19 %
    Subordinated debt     29,425       1,559       7.08 %     17,807       814       6.11 %
    Total borrowings     55,530       2,662       6.40 %     34,089       1,446       5.67 %
    Total interest-bearing liabilities     1,582,749       38,797       3.27 %     1,169,487       19,374       2.21 %
                                                     
    Noninterest-bearing liabilities:                                                
    Noninterest-bearing deposits (2)     784,609                       829,082                  
    Other liabilities     30,524                       24,086                  
    Shareholders’ equity     337,813                       270,405                  
                                                     
    Total Liabilities and Shareholders’ Equity   $ 2,735,695                     $ 2,293,060                  
                                                     
    Net interest spread                     2.88 %                     3.42 %
    Net interest income and margin           $ 78,443       4.12 %           $ 71,579       4.43 %
    Cost of deposits   $ 2,311,828     $ 36,135       2.09 %   $ 1,964,480     $ 17,928       1.22 %
    Cost of funds   $ 2,367,358     $ 38,797       2.19 %   $ 1,998,569     $ 19,374       1.30 %

    (1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
    (2) Average noninterest-bearing deposits represent 33.94%, and 42.20% of average total deposits for the nine months ended September 30, 2024 and September 30, 2023, respectively.

    California BanCorp and Subsidiary
    GAAP to Non-GAAP Reconciliation
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net (loss) income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

        Three Months Ended     Nine Months Ended  
        September 30,
    2024    		     June 30,
    2024    		     September 30,
    2023    		     September 30,
    2024    		     September 30,
    2023    		  
        ($ in thousands)  
    Adjusted net income                                        
    Net (loss) income   $ (16,464 )   $ 190     $ 6,556     $ (11,339 )   $ 21,498  
    Add: After-tax Day1 provision for non PCD loans and unfunded loan commitments (1)     14,978       —       —       14,978       —  
    Add: After-tax merger and related expenses (1)     10,576       412       —       11,535       —  
    Adjusted net (loss) income (non-GAAP)   $ 9,090     $ 602     $ 6,556     $ 15,174     $ 21,498  
                                             
    Efficiency Ratio                                        
    Noninterest expense   $ 37,680     $ 19,005     $ 14,781     $ 71,666     $ 44,407  
    Deduct: Merger and related expenses     14,605       491       —       15,645       —  
    Adjusted noninterest expense     23,075       18,514       14,781       56,021       44,407  
                                             
    Net interest income     36,942       21,007       23,261       78,443       71,579  
    Noninterest income     1,174       1,169       815       3,756       3,481  
    Total net interest income and noninterest income   $ 38,116     $ 22,176     $ 24,076     $ 82,199     $ 75,060  
    Efficiency ratio (non-GAAP)     98.9 %     85.7 %     61.4 %     87.2 %     59.2 %
    Adjusted efficiency ratio (non-GAAP)     60.5 %     83.5 %     61.4 %     68.2 %     59.2 %
                                             
    Pre-tax pre-provision income                                        
    Net interest income   $ 36,942     $ 21,007     $ 23,261     $ 78,443     $ 71,579  
    Noninterest income     1,174       1,169       815       3,756       3,481  
    Total net interest income and noninterest income     38,116       22,176       24,076       82,199       75,060  
    Less: Noninterest expense     37,680       19,005       14,781       71,666       44,407  
    Pre-tax pre-provision income (non-GAAP)     436       3,171       9,295       10,533       30,653  
    Add: Merger and related expenses     14,605       491       —       15,645       —  
    Adjusted pre-tax pre-provision income (non-GAAP)   $ 15,041     $ 3,662     $ 9,295     $ 26,178     $ 30,653  

    (1) After-tax merger and related expenses are presented using a 29.56% tax rate.

    Return on Average Assets, Equity, and Tangible Equity                                        
    Net (loss) income   $ (16,464 )   $ 190     $ 6,556     $ (11,339 )   $ 21,498  
    Adjusted net (loss) income (non-GAAP)   $ 9,090     $ 602     $ 6,556     $ 15,174     $ 21,498  
                                             
    Average assets   $ 3,593,157     $ 2,294,678     $ 2,313,941     $ 2,735,695     $ 2,293,060  
    Average shareholders’ equity     428,558       294,121       277,442       337,813       270,405  
    Less: Average intangible assets     104,409       38,900       39,158       60,917       39,249  
    Average tangible common equity (non-GAAP)   $ 324,149     $ 255,221     $ 238,284     $ 276,896     $ 231,156  
                                             
    Return on average assets     (1.82 %)     0.03 %     1.12 %     (0.55 %)     1.25 %
    Adjusted return on average assets (non-GAAP)     1.01 %     0.11 %     1.12 %     0.74 %     1.25 %
    Return on average equity     (15.28 %)     0.26 %     9.38 %     (4.48 %)     10.63 %
    Adjusted return on average equity (non-GAAP)     8.44 %     0.82 %     9.38 %     6.00 %     10.63 %
    Return on average tangible common equity (non-GAAP)     (20.21 %)     0.30 %     10.92 %     (5.47 %)     12.43 %
    Adjusted return on average tangible common equity (non-GAAP)     11.16 %     0.95 %     10.92 %     7.32 %     12.43 %
        September 30,
    2024    		     December 31,
    2023    		  
        ($ in thousands except share and per share data)  
    Tangible Common Equity Ratio/Tangible Book Value Per Share                
    Shareholders’ equity   $ 498,064     $ 288,152  
    Less: Intangible assets     135,546       38,998  
    Tangible common equity (non-GAAP)   $ 362,518     $ 249,154  
                     
    Total assets   $ 4,362,767     $ 2,360,252  
    Less: Intangible assets     135,546       38,998  
    Tangible assets (non-GAAP)   $ 4,227,221     $ 2,321,254  
                     
    Equity to asset ratio     11.42 %     12.21 %
    Tangible common equity to tangible asset ratio (non-GAAP)     8.58 %     10.73 %
    Book value per share   $ 15.50     $ 15.69  
    Tangible book value per share (non-GAAP)   $ 11.28     $ 13.56  
    Shares outstanding     32,142,427       18,369,115  

    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce, N.A.
    kmccabe@bankcbc.com
    818.637.7065

    The MIL Network –

  • MIL-OSI: You Could Get Up to $1,300 the Same Day with an H&R Block Emerald Advance® Loan

    Source: GlobeNewswire (MIL-OSI)

    KANSAS CITY, Mo., Oct. 29, 2024 (GLOBE NEWSWIRE) — H&R Block (NYSE: HRB) today announced the opening of the 2024 application period for the H&R Block Emerald Advance® Loan1. Applications will be accepted November 1 through December 31, 2024. The Emerald Advance® Loan originated by Pathward® N.A. provides qualifying individuals up to $1,300 the same day they apply. The Emerald Advance® Loan could provide a little extra breathing room to help with holiday shopping, bills, or unexpected expenses.

    “During the holiday season, tight budgets can create additional stress on individuals and families already facing tighter budgets. The Emerald Advance Loan is designed to be simple to apply for and flexible to pay back, for those who need a little extra financial breathing room this time of year,” said John Thompson, Vice President of Financial Services at H&R Block. “By streamlining the application process and eliminating annual fees, the aim is to make it as simple as possible for families to get the assistance they need.”

    The Emerald Advance Loan has no application fee, and checking eligibility won’t impact a customer’s credit. With no monthly payments required, approved customers now have more flexibility to pay what they can, when they can as long as they pay the loan in full by March 31, 2025. There are convenient repayment options, including using a debit card, check, or money order. And for those who file their taxes with H&R Block this upcoming tax season, the loan can conveniently be paid back with their tax refund.

    Anyone can apply for the H&R Block Emerald Advance® Loan during the application period which runs from November 1 through December 31, 2024. To check eligibility and apply, go to HRBlock.com to make an appointment at one of nearly 4,000 participating H&R Block offices. H&R Block associates will gladly assist with the application process. Approved applicants could leave with funds on an Emerald Card®2 or deposited to their Spruce account2.

    To learn more, and make an appointment to apply for Emerald Advance today, visit HRBlock.com

    1H&R Block Emerald Advance® Loan originated by Pathward®, N.A. Subject to eligibility and credit approval. Annual Percentage Rate (APR) is 35.9%. Loan amounts vary from $350-$1300. If approved, loan proceeds will be disbursed as directed to prepaid card or checking account at Pathward. Additional terms and conditions apply, see account agreements for details. Offered for a limited time at participating locations.

    2 Spruce fintech platform is built by H&R Block, which is not a bank. Spruce℠ Spending and Savings Accounts established at, and the Spruce debit card and the H&R Block Emerald Prepaid Mastercard® are issued by, Pathward®, N.A., Member FDIC, pursuant to license by Mastercard®. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Additional fees, conditions, and terms apply to how you use your Emerald Card or Spruce account. Consult your Cardholder Agreement or Spruce Spending Account Agreement for details.

    About H&R Block 
    H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.

    The MIL Network –

  • MIL-OSI: Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy company specialising in concentrated solar thermal power (CSP) systems that generate zero-carbon, utility-scale electricity and industrial process heat, today announced it has signed a development services agreement with GGS Energy LLC (“GGS Energy”), a leading energy transition development company with deep project development experience, to pursue a commercial-scale synthetic fuels project in the Southwest United States (Project Bravo).

    Project Bravo, Vast’s first deployment in the U.S., will see Vast’s CSP v3.0 technology used to generate carbon free heat and electricity to power a co-located refinery that will produce green methanol and/or electrically powered sustainable aviation fuel (e-SAF). The project is expected to be located in the Southwest United States.

    Methanol is one of the most versatile hydrogen derivatives which, if produced using clean energy, has the potential to decarbonise shipping and aviation fuels. Using CSP can potentially reduce green fuel production costs by up to 40 percent according to a recent report by engineering group Fichtner. Furthermore, e-SAF will be critical to reducing emissions from the aviation industry over the coming decades. Given these and other strong demand trends, the parties expect to attract high-quality, long-term offtake contracts from global strategic partners.

    Project Bravo will build on Solar Methanol 1 (SM1), the CSP-powered green methanol reference plant to be located in Australia at the Port Augusta Green Energy Hub, that Vast is co-developing with global energy company Mabanaft. SM1 will be supplied with baseload renewable heat from Vast’s co-located 30 MW / 288 MWh CSP plant, and it will have the capacity to produce 7,500 tonnes of green methanol each year.

    Vast has been undertaking early-stage development activities for Project Bravo, including initial design, site selection and feasibility assessments, to create a viable project ready for the next phase of development in collaboration with GGS Energy. The project has a development target of 550MWh of CSP generation, with further details to be released as development activities unfold.

    The development services agreement sets out how Vast will advance Project Bravo with GGS Energy, a subsidiary of Glacier Global Partners that was formed in 2020 as an energy transition company focused on developing utility-scale renewable energy. The project’s success could unlock the mass production of green fuels from synthetic feedstocks in the US and catalyse a pipeline of future projects.

    Craig Wood, CEO of Vast, said, “CSP has the potential to unlock low-cost green fuel production in the U.S., and it can play a significant role in helping decarbonise shipping and aviation. We are delighted to have GGS Energy as a development partner to advance our plans in the U.S., which is a key market for Vast’s technology.”

    Tommy Soriero from GGS Energy said, “GGS Energy is excited to partner with Vast and work to develop Project Bravo. This collaboration marks a significant step toward a sustainable future, harnessing advanced technology to produce low-cost green fuels. We are eager to combine our expertise and resources to ensure the success and impact of future innovative projects starting with Project Bravo.”

    About Vast

    Vast is a renewable energy company that has developed CSP systems to generate, store and dispatch carbon free, utility-scale electricity and industrial heat, and to unlock the production of green fuels. Vast’s CSP v3.0 approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. 

    Visit www.vast.energy for more information.  

    About GGS Energy LLC

    GGS Energy was formed in 2020 as an energy infrastructure company focusing on developments of utility-scale energy transition projects. The GGS team has an extensive infrastructure development experience in the U.S. and internationally utilizing multiple technologies including utility scale CSP, coal-to-liquids projects, PV solar, Wind, BESS, and many more.

    Contacts:  

    Vast 

    For Investors:   
    Caldwell Bailey   
    ICR, Inc.   
    VastIR@icrinc.com

    For Australian media:  
    Nick Albrow  
    Wilkinson Butler  
    nick@wilkinsonbutler.com

    For US Media:   
    Matt Dallas   
    ICR, Inc.   
    VastPR@icrinc.com

    Forward Looking Statements
    The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Project Bravo, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project (including SM1) and Project Bravo, at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast’s recent business combination; the inability to recognize the anticipated benefits of Vast’s recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov

    The MIL Network –

  • MIL-OSI: Safe Harbor Financial Originates $1.07 Million Secured Credit Facility for Missouri Cannabis Operator

    Source: GlobeNewswire (MIL-OSI)

    GOLDEN, Colo., Oct. 29, 2024 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced that it has originated a $1.07 million secured credit facility for a Missouri-based cannabis operator, the first tranche of a $5 million commitment to refinance existing senior debt. The loan further solidifies Safe Harbor’s position as a key partner for cannabis operators seeking competitive financial solutions in the rapidly evolving cannabis financial sector.

    The facility is secured by a portfolio that includes four retail dispensaries and a manufacturing facility in Missouri. The refinancing reduces the operator’s borrowing costs and will enable them to optimize their operations within the state’s growing cannabis market.

    “Our competitively-priced financing solutions provide cannabis operators — who are often underserved by traditional banking institutions — with the means to achieve their business goals,” said John Foley, Senior Vice President of Commercial Lending at Safe Harbor. “Our ability to offer competitive rates and tailored lending solutions is a key differentiator for Safe Harbor, and this transaction highlights our commitment to fostering growth in the cannabis sector by providing access to bank-quality financial services. We are building on our credibility and expertise in cannabis underwriting, with the goal of helping more operators achieve financial stability and growth.”

    Mr. Foley added, “Offering cannabis operators access to capital is a major component of Safe Harbor’s long term strategy to support the evolving needs of the cannabis industry, to grow our credit portfolio and deliver value to our investors.”

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past eight years, Safe Harbor has facilitated more than $23 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements
    Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of the Company’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future; and the other risk factors discussed in Safe Harbor’s filings from time to time with the Securities and Exchange Commission. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond the control of Safe Harbor), and other assumptions, that may cause the actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

    Contact Information
    Safe Harbor Media
    Nick Callaio, Marketing Manager
    720.951.0619
    Nick@SHFinancial.org

    Safe Harbor Investor Relations
    ir@SHFinancial.org

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

  • MIL-OSI: StoneX Announces Election Trading Partnership Between FOREX.com and Kalshi

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — FOREX.com, the number one forex broker in the US*, is delighted to announce a new partnership with Kalshi, the innovative CFTC-regulated exchange for trading on the outcome of future events. 

    This partnership enables traders to trade FX markets with the leading forex broker in the US while expressing a view on the US Presidential Election through Kalshi’s unique event-based platform. This partnership also incorporates a $20 bonus** for FOREX.com clients accessing the Kalshi platform to trade the US Presidential Election, subject to certain conditions.  

    Sixto Alonso, Regional Director of FOREX.com Americas commented, “At FOREX.com, we remain steadfast in our commitment to providing our clients with tools and products that enhance their trading experience and broaden their ability to access political and market events. We consider this partnership to be just the start, and plan to develop it further with other event-based promotions for our clients.” 

    Tarek Mansour, founder of Kalshi added, “As the first and largest regulated prediction market, Kalshi’s vision is to bring this asset class mainstream. We are excited to partner with FOREX.com to offer election markets to their hundreds of thousands of customers.” 

    About Kalshi 

    Kalshi is the first and largest legal prediction market in the United States. After leading the charge to legalize election-based event contracts, the Kalshi platform has seen over $100 million in trading volume in less than a month. With deep liquidity and large market makers, Kalshi can easily fulfill institutional demand, up to $100 million. 

    FOREX.com and StoneX Group Inc. 

    FOREX.com is a trading name of StoneX Group Inc. (NASDAQ: SNEX; “StoneX” or the “Company”), a financial services network that connects companies, organizations, traders and investors to the global market ecosystem. StoneX and its over 4,000 employees serve more than 54,000 commercial, institutional, and international payments clients and over 400,000 self-directed accounts from more than 80 offices spread across 6 continents. More information on the company is available at www.stonex.com. 

    Please be aware that political events can cause significant market volatility and increase risks. 

    For more information, please contact: 

    StoneX: stonex@cognitomedia.com 

    Kalshi: media@kalshi.com 

    For further details and inquiries, please visit: 

    StoneX.com

    * Based on client assets per the 2023 monthly Retail Forex Obligation reports published by the CFTC 

    ** To receive the $20 cash bonus, FOREX.com clients must apply and be approved for a Kalshi account and satisfy any other qualification requirements as determined by Kalshi. Please refer to the Kalshi website for details. The $20 bonus is paid by Kalshi in accordance with their terms and conditions. 

    The MIL Network –

  • MIL-OSI: Franklin Electric Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Highlights

    • Consolidated net sales of $531.4 million, a decrease of 1% to the prior year
    • Water Systems and Distribution net sales increased 2% and 1%, respectively, while Fueling Systems net sales decreased 10%
    • Operating income was $73.5 million with operating margin of 13.8%
    • GAAP fully diluted earnings per share (EPS) was $1.17

    FORT WAYNE, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2024.

    Third quarter 2024 net sales were $531.4 million, compared to third quarter 2023 net sales of $538.4 million. Third quarter 2024 operating income was $73.5 million, compared to third quarter 2023 operating income of $78.1 million. Third quarter 2024 EPS was $1.17, versus EPS in the third quarter 2023 of $1.23.

    “Our third quarter results were softer than expected due to continued macro pressure from lower home sales and starts, along with weather being wetter than normal. However, the demand environment remains healthy across our key end markets, which has normalized following record levels of sales in recent years. Margins remained stable due to our disciplined cost management, and we are actively pursuing opportunities to further reduce expenses across the enterprise,” commented Joe Ruzynski, Franklin Electric’s CEO.

    “As we close out the year, we expect tempered order activity in-line with seasonal patterns. That said, having spent time with our incredible global team members over the past few months, I am energized by the potential of Franklin Electric. With our wide range of capabilities, strategic footprint, and flexible balance sheet, we have the ability to drive differentiated growth and accelerate productivity for years to come,” concluded Mr. Ruzynski.

    Segment Summaries

    Water Systems net sales were $302.2 million, a new third quarter record, an increase of $6.4 million or 2 percent compared to the third quarter 2023. The sales increase was driven by higher sales of groundwater products, all other surface products and water treatment products. The sales increase was partially offset by lower sales of large dewatering pumps, which had a record quarter last year. Water Systems operating income in the third quarter 2024 was $52.8 million, a new third quarter record. Third quarter 2023 Water Systems operating income was $52.7 million.

    Distribution net sales were $190.8 million, an increase of $1.6 million or 1 percent compared to the third quarter 2023. Sales increases were driven by sales from a recent acquisition. The Distribution segment operating income in the third quarter 2024 was $12.2 million. Third quarter 2023 Distribution operating income was $10.7 million.

    Fueling Systems net sales were $69.7 million in the third quarter 2024, a decrease of $8.0 million or 10 percent compared to the third quarter 2023. Sales decreases were driven by lower volumes. Fueling Systems operating income in the third quarter 2024 was $24.1 million. Third quarter 2023 Fueling Systems operating income was $25.8 million.

    2024 Guidance

    The Company is lowering its sales guidance for full year 2024 to be approximately $2.00 billion and reducing its EPS guidance for full year 2024 to be in the range of $3.75 to $3.85 which incorporates the Company’s first nine months performance and its outlook for the fourth quarter.

    Earnings Conference Call

    A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

    https://edge.media-server.com/mmc/p/cp5pmtx9

    For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

    https://register.vevent.com/register/BIa5e3e952cc2d47c28144fef8683c97e0

    All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

    A replay of the conference call will be available from Tuesday, October 29, 2024, through 9:00 am ET on Tuesday, November 5, 2024, by visiting the listen-only webcast link above.

    Forward Looking Statements

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    About Franklin Electric

    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

    Franklin Electric Contact:

    Jeffery L. Taylor
    Franklin Electric Co., Inc.
    InvestorRelations@fele.com 

     
     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
                   
    (In thousands, except per share amounts)              
                   
      Third Quarter Ended   Nine Months Ended
      September 30, 2024 September 30, 2023   September 30, 2024 September 30, 2023
                   
    Net sales $ 531,438     $ 538,431     $ 1,535,596     $ 1,592,163  
                   
    Cost of sales   341,775       352,178       982,556       1,055,164  
                   
    Gross profit   189,663       186,253       553,040       536,999  
                   
    Selling, general, and administrative expenses   115,998       107,687       352,290       324,651  
                   
    Restructuring expense   139       462       139       735  
                   
    Operating income   73,526       78,104       200,611       211,613  
                   
    Interest expense   (1,556 )     (2,984 )     (4,980 )     (10,309 )
    Other (expense) income, net   (181 )     277       709       1,865  
    Foreign exchange income (expense), net   88       (2,483 )     (5,228 )     (8,098 )
                   
    Income before income taxes   71,877       72,914       191,112       195,071  
                   
    Income tax expense   16,983       14,746       43,795       39,167  
                   
    Net income $ 54,894     $ 58,168     $ 147,317     $ 155,904  
                   
    Less: Net income attributable to noncontrolling interests   (298 )     (370 )     (663 )     (1,181 )
                   
    Net income attributable to Franklin Electric Co., Inc. $ 54,596     $ 57,798     $ 146,654     $ 154,723  
                   
    Earnings per share:              
    Basic $ 1.19     $ 1.25     $ 3.18     $ 3.34  
    Diluted $ 1.17     $ 1.23     $ 3.14     $ 3.29  
     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
           
    (In thousands)      
           
      September 30, 2024 December 31, 2023
    ASSETS      
           
    Cash and cash equivalents $ 106,273     $ 84,963  
    Receivables (net)   272,003       222,418  
    Inventories   524,647       508,696  
    Other current assets   39,560       37,718  
    Total current assets   942,483       853,795  
           
    Property, plant, and equipment, net   226,072       229,739  
    Lease right-of-use assets, net   62,694       57,014  
    Goodwill and other assets   575,994       587,574  
    Total assets $ 1,807,243     $ 1,728,122  
           
           
    LIABILITIES AND EQUITY      
           
    Accounts payable $ 173,935     $ 152,419  
    Accrued expenses and other current liabilities   124,865       104,949  
    Current lease liability   17,963       17,316  
    Current maturities of long-term debt and short-term borrowings   76,402       12,355  
    Total current liabilities   393,165       287,039  
           
    Long-term debt   11,581       88,056  
    Long-term lease liability   43,484       38,549  
    Income taxes payable non-current   –       4,837  
    Deferred income taxes   31,128       29,461  
    Employee benefit plans   30,781       35,973  
    Other long-term liabilities   23,219       33,914  
     
    Redeemable noncontrolling interest   1,179       1,145  
           
    Total equity   1,272,706       1,209,148  
    Total liabilities and equity $ 1,807,243     $ 1,728,122  
     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
      Nine Months Ended
    (In thousands)      
      September 30, 2024 September 30, 2023
    Cash flows from operating activities:      
    Net income $ 147,317     $ 155,904  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   41,825       39,582  
    Non-cash lease expense   15,223       12,664  
    Share-based compensation   10,127       8,449  
    Other   5,178       10,894  
    Changes in assets and liabilities:      
    Receivables   (51,440 )     (20,427 )
    Inventory   (18,760 )     2,537  
    Accounts payable and accrued expenses   17,218       4,376  
    Operating leases   (15,700 )     (12,847 )
    Income taxes-U.S. Tax Cuts and Jobs Act   (3,870 )     (2,902 )
    Other   3,968       399  
           
    Net cash flows from operating activities   151,086       198,629  
           
    Cash flows from investing activities:      
    Additions to property, plant, and equipment   (28,897 )     (30,155 )
    Proceeds from sale of property, plant, and equipment   704       –  
    Acquisitions and investments   (1,151 )     (6,641 )
    Other investing activities   37       26  
           
    Net cash flows from investing activities   (29,307 )     (36,770 )
           
    Cash flows from financing activities:      
    Net change in debt   (12,477 )     (87,653 )
    Proceeds from issuance of common stock   5,269       9,010  
    Purchases of common stock   (56,989 )     (29,888 )
    Dividends paid   (35,442 )     (31,315 )
    Deferred payments for acquisitions   (348 )     (448 )
           
    Net cash flows from financing activities   (99,987 )     (140,294 )
           
    Effect of exchange rate changes on cash and cash equivalents   (482 )     (4,848 )
    Net change in cash and cash equivalents   21,310       16,717  
    Cash and cash equivalents at beginning of period   84,963       45,790  
    Cash and cash equivalents at end of period $ 106,273     $ 62,507  


    Key Performance Indicators:     Net Sales Summary

                       
      Net Sales
      United States Latin Europe, Middle Asia Total        
    (in millions) & Canada America East & Africa Pacific Water Fueling Distribution Other/Elims Consolidated
                       
    Q3 2023   $182.0     $45.5     $48.7     $19.6     $295.8     $77.7     $189.2     ($24.3 )   $538.4  
    Q3 2024   $183.6     $43.5     $53.4     $21.7     $302.2     $69.7     $190.8     ($31.3 )   $531.4  
    Change   $1.6     ($2.0 )   $4.7     $2.1     $6.4     ($8.0 )   $1.6     ($7.0 )   ($7.0 )
    % Change   1 %   -4 %   10 %   11 %   2 %   -10 %   1 %     -1 %
                       
    Foreign currency translation *   ($0.3 )   ($4.4 )   ($0.3 )   $0.0     ($5.0 )   $0.1     $0.0       ($4.9 )
    % Change   0 %   -10 %   -1 %   0 %   -2 %   0 %   0 %     -1 %
                       
    Acquisitions   $4.5     $0.0     $0.0     $0.0     $4.5     $0.0     $4.7       $9.2  
    % Change   2 %   0 %   0 %   0 %   2 %   0 %   2 %     2 %
                       
    Volume/Price   ($2.6 )   $2.4     $5.0     $2.1     $6.9     ($8.1 )   ($3.1 )   ($7.0 )   ($11.3 )
    % Change   -1 %   5 %   10 %   11 %   2 %   -10 %   -2 %   29 %   -2 %
                       
    *The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.


    Key Performance Indicators:     Operating Income and Margin Summary

               
    Operating Income and Margins          
    (in millions) For the Third Quarter 2024
      Water Fueling Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 52.8   $ 24.1   $ 12.2   $ (15.6 ) $ 73.5  
    % Operating Income To Net Sales   17.5 %   34.6 %   6.4 %     13.8 %
               
               
    Operating Income and Margins          
    (in millions) For the Third Quarter 2023
      Water Fueling Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 52.7   $ 25.8   $ 10.7   $ (11.1 ) $ 78.1  
    % Operating Income To Net Sales   17.8 %   33.2 %   5.7 %     14.5 %
               

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Scheduled to Present at the ThinkEquity Conference on October 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Oct. 29, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced that its senior leadership will lead a presentation at the upcoming ThinkEquity Conference, held on October 30th, 2024, at the Mandarin Oriental Hotel in New York City.

    “The ThinkEquity Conference is well-known and anticipated gathering of innovative companies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “We’re excited to lead an informative and engaging presentation and look forward to meaningful one-on-one discussions with fellow attendees.”

    Figure 1 – NANO Nuclear Energy Inc. Will Present at The ThinkEquity Conference, to be held on October 30th, 2024, at the Mandarin Oriental Hotel in New York City.

    The 2024 edition of the ThinkEquity Conference will showcase innovative companies across sectors such as alternative energy, biotechnology, AI & big data, and more. With over 750 attendees, the event will feature more than 75 company presentations and 650 one-on-one meetings with investors.

    “It is a pleasure to be participating the ThinkEquity Conference this year,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “In addition to discussing the progress of our innovative technologies during the presentation, the event offers a valuable opportunity to engage personally with investors and innovators from other sectors.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further information, please contact:
    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy TWITTER

    Cautionary Note Regarding Forward Looking Statements

    This news release, the conference presentation described herein, and statements of NANO Nuclear’s management in connection with this news release and such presentation contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and the NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: BTQ Technologies Corp. to Present at the AI & Technology Virtual Investor Conference October 31st

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (CBOE CA: BTQ) (FSE: NG3) (OTCQX: BTQQF), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.

    DATE: October 31st
    TIME: 1:30pm ET
    LINK: https://bit.ly/3ASgcyv
    Available for 1×1 meetings: October 31/November 1-5, 2024

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent BTQ Highlights:

    About BTQ
    BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.

    Connect with BTQ: Website | LinkedIn

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    BTQ Technologies Corp.
    Bill Mitoulas
    Investor Relations
    +1.416.479.9547
    bill@btq.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Neither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.  

    The MIL Network –

  • MIL-OSI: TeraWulf Schedules Conference Call for Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EASTON, Md., Oct. 29, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it will hold its earnings conference call and webcast for the third quarter ended September 30, 2024 on Tuesday, November 12, 2024 at 5:00 p.m. Eastern Time.

    A press release detailing these results will be issued prior to the call on the same day.

    Conference Call Information

    To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

    Date: November 12, 2024
    Time: 5:00 p.m. ET
    Access ID: 13749451
    Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1692405&tp_key=67828cf360
    Dial in: 1-877-407-0789 or 1-201-689-8562
    Call me™: https://callme.viavid.com/viavid/?callme=true&passcode=13748140&h=true&info=company&r=true&B=6

    Participants can use the dial-in numbers listed above or click the Call me™ link for instant telephone access to the event. The Call me™ link will be available 15 minutes prior to the scheduled start time.

    Replay Information

    Dial-In: (844) 512-2921 or (412) 317-6671
    Replay Expiration: Tuesday, November 26, 2024 at 11:59 PM ET
    Access ID: 13749451

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Investors:
    Investors@terawulf.com

    Media:
    media@terawulf.com

    The MIL Network –

  • MIL-OSI: Bel Fuse Inc. Announces Regular Quarterly Cash Dividend on its Class A and Class B Shares

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — BEL FUSE INC. (NASDAQ:BELFA) and (NASDAQ:BELFB) today announced that its Board of Directors has declared regular quarterly cash dividends of $0.06 per share on the Company’s Class A common shares and $0.07 per share on the Company’s Class B common shares.

    Cash dividends for Class A and Class B common shares are payable on January 31, 2025 to shareholders of record on January 15, 2025.

    Bel currently has approximately 12,547,000 common shares outstanding, of which 2,115,000 are Class A common shares and 10,432,000 are Class B common shares.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, high-speed data transmission, military, commercial aerospace, transportation and e-Mobility industries. Bel’s portfolio of products also finds application in the automotive, medical and consumer electronics markets. Bel’s product groups include Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components), Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), and Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies). The Company operates facilities around the world.

       
    Investor Contact:
    Steven Hooser or Jean Marie Young
    Three Part Advisors, LLC
    (631) 418-4339    		 Company Contact:
    Lynn Hutkin
    VP of Financial Reporting and Investor Relations
    ir@belf.com
       

    The MIL Network –

  • MIL-OSI: Linklogis Releases Q3 Results: Transaction Volume Exceeds RMB100 Billion, Hitting a Record High

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, China, Oct. 29, 2024 (GLOBE NEWSWIRE) — On October 23, 2024, Linklogis Inc. (09959.HK, “Linklogis”) released its business update for the third quarter of 2024. In the third quarter of 2024, the total transaction volume processed by the technology solutions of Linklogis reached RMB105 billion, representing an 18% year-over-year growth, with the quarterly transaction volume surpassing RMB100 billion for the first time,  setting a new historical record. The company’s core growth driver, the Multi-tier Transfer Cloud, continued to excel, processing a total volume of supply chain assets of RMB47.7 billion, a year-over-year increase of 29%. Additionally, the ABS Cloud regained its growth momentum by launching new products, achieving an impressive 325% growth despite a challenging overall market environment.

    Linklogis is dedicated to high-quality development, prioritizing the enhancement of efficiency and quality in its core business. Linklogis continues to diversify its customer base while strategically optimizing its business structure by reducing low-margin product lines. In the third quarter, Linklogis’ revenue and income from principal activities saw year-on-year growth, accompanied by a notable improvement in gross profit margin.

    Focusing on Core Business Development, ABS Cloud Achieves 325% Growth Against Market Trends 

    In the third quarter of 2024, the total transaction volume processed by the technology solutions of Linklogis reached RMB105 billion, marking an 18% year-on-year increase. Within this, Anchor Cloud processed supply chain assets amounting to RMB64.4 billion, up 13% year-over-year, while FI Cloud handled supply chain assets totaling RMB34.6 billion, a 16% increase. Driven by a focused investment in its core business, the Multi-tier Transfer Cloud within the Anchor Cloud experienced robust growth, processing supply chain assets totaling RMB47.7 billion, a 29% rise year-over-year. Additionally, the ABS Cloud within the FI Cloud successfully launched new products to meet the increasing demand for diversified asset allocation in the current low-interest-rate environment. This initiative expanded services from upstream payable assets to downstream receivable assets, resulting in an impressive transaction volume of RMB22 billion for ABS Cloud in the third quarter, reflecting a remarkable 325% year-over-year growth and achieving success despite market challenges.

    In the third quarter of 2024, Linklogis successfully won bids for the development of the supply chain finance service platform for Yangtze River Industry Investment Group and Genertec Universal Medical Group. Additionally, Linklogis has partnered with several large enterprises and financial institutions, including Shandong Binzhou Urban Construction Group, Huayuan Landport Capital Operation, Hubei Wanchuan State-owned Capital Investment and Operation Group, Changsha Broad Homes Industrial Group, Huaxia Bank, and China Bohai Bank, to collaborate in the supply chain finance technology sector and launch the first batch of multi-tier transfer businesses.

    Linklogis accelerated its high-quality customer acquisition in the third quarter, adding 103 new customers and 184 partners, bringing the total number of customers to 959 and total partners to 2,270. This includes 1,917 anchor enterprises and 353 financial institutions. Notable new anchor enterprise customers include Wahaha Group, Jingye Group, Shanghai Electric Group, Yunnan Provincial Investment Holdings Group, and Yangtze River Pharmaceutical Group. Linklogis continues to expand and optimize its customer base, focusing on key industries such as infrastructure, construction, renewable energy, and public utilities, achieving a remarkable customer retention rate of 96%. 

    Acquisition of Bytter to Advance Treasury Development 

    According to the announcement on October 29, 2024, Linklogis has officially signed an equity acquisition agreement with the current controlling shareholder of Shenzhen Bytter Technology Co., Ltd. (“Bytter”) for the acquisition of 29.38% of its shares. Upon completion of the acquisition, Linklogis’s total shareholding will increase to 54.38%, making it the controlling shareholder of Bytter. The two companies will enhance their product offerings by integrating their core strengths in fund management and supply chain finance technology. Together, they aim to support state-owned enterprises as well as large and medium-sized private enterprises in building a world-class financial management platform. Linklogis will combine external mergers and acquisitions with internal growth to embark on a new chapter in the development of smart industry-finance treasury solutions.

    Linklogis is dedicated to enhancing shareholder returns through active share repurchases. As of the end of the third quarter of 2024, the company has repurchased 142 million shares for approximately HK$280 million. Moving forward, Linklogis will continue to monitor market trends, seize growth opportunities, and focus on sustainable high-growth core businesses. Linklogis aims to maintain rapid customer acquisition while steadily advancing in technological innovation and service expansion, striving to create long-term value for both customers and investors.

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining can involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: Clean Energy Technologies, Inc. and Exergy International Sign MOU to Promote ORC Heat Recovery Solutions Across the Americas

    Source: GlobeNewswire (MIL-OSI)

    Irvine, CA., Oct. 29, 2024 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (“CETY”) (Nasdaq: CETY), a clean energy manufacturing and services company specializing in eco-friendly energy solutions, clean fuels, and alternative power for small and mid-sized projects in Americas, Europe, and Asia, has signed a Memorandum of Understanding (“MOU”) with Exergy International Srl (“Exergy”), a global leading provider of Organic Rankine Cycle (“ORC”) systems, with headquarters in Italy. This strategic partnership aims to drive growth in the field of heat recovery solutions by promoting, selling, and supporting Exergy’s ORC systems across the Americas and potentially other global regions. The collaboration will expand Exergy’s and CETY’s Waste Heat to Power solutions throughout the Americas, enabling CETY to offer small to large-scale ORC systems for industries such as cement, steel, glass, oil & gas, utilities and for power generation from geothermal resources and biomass.

    Leveraging CETY’s established market presence and engineering expertise, coupled with Exergy’s advanced high-capacity ORC systems utilizing the Radial Outflow Turbine, the two companies will offer highly-efficient and competitive waste heat recovery solutions to target specific industry needs for decarbonization.

    “We see a significant growth trajectory ahead,” said Kam Mahdi, CEO of CETY. “With the rising demand for energy-efficient solutions, this partnership provides a scalable platform to tap into a wide range of ORC applications, from waste heat recovery in industrial process heat and biomass projects to geothermal. Together, we’re positioned to make an impact on the waste heat to power landscape, generating strong sales growth and profitability.”

    Luca Pozzoni, General Manager of Exergy, comments: “Exergy views the American market as a key region for the company’s development and growth, a market that we have chosen to focus on in the coming years. I am confident that our collaboration with CETY will allow us to expand our presence, deepen our understanding of the market, and soon establish new ORC references in the region. With over 550 MWe in our portfolio, we are well-positioned to support American industries in their decarbonization journey.”

    This MOU represents a strategic partnership in the waste heat recovery sector and a pathway for scalable global growth. As industries continue to prioritize sustainable energy practices, the demand for ORC solutions is expected to increase. CETY and Exergy are poised to seize the momentum and set a new standard in delivering energy-efficient solutions worldwide.

    About Exergy International srl

    EXERGY INTERNATIONAL Srl is a leading provider of clean energy technologies. We are experts in the design, engineering and manufacturing of Organic Rankine Cycle (ORC) systems with the pioneering Radial Outflow Turbine. EXERGY’s proprietary technologies, covered by several patents, allow for highly efficient energy production via the exploitation of heat sources from geothermal, waste heat from industry, biomass and concentrated solar power. The EXERGY portfolio accounts for over 500 MWe and the second largest geothermal binary fleet worldwide. EXERGY is part of the Chinese TICA Group, a leading integrated system and service provider in HVAC. From the headquarters in the north of Italy (Milan), EXERGY exports and implements its technology worldwide with a particular focus on high growth potential markets. Website: https://exergy-orc.com/

    About Clean Energy Technologies, Inc. (CETY)

    Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. The Company’s principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

    CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol “CETY.” For more information, visit www.cetyinc.com.

    For more information, visit www.cetyinc.com.

    Follow CETY on our social media channels: Twitter | LinkedIn | Facebook

    This summary should be read in conjunction with the Company’s quarterly report on Form 10-Q for the quarterly period ended June 30, 2024 and other periodic filings made pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters located on the website of the Securities and Exchange Commission at www.sec.gov.

    Safe Harbor Statement

    This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “expect,” “estimate,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Clean Energy Technologies, Inc.
    Investor and Investment Media inquiries:
    949-273-4990
    ir@cetyinc.com
    Source: Clean Energy Technologies, Inc.

    Exergy International Srl
    Media contact:
    Sara Milanesi
    s.milanesi@exergy.it
    +39 3666012588

    The MIL Network –

  • MIL-OSI: Leading Fastener Distributor Chooses Bridgeline’s AI-Driven HawkSearch

    Source: GlobeNewswire (MIL-OSI)

    WOBURN, Mass., Oct. 29, 2024 (GLOBE NEWSWIRE) — Bridgeline Digital, Inc. (NASDAQ: BLIN), a provider of AI-driven marketing technology, announced that a leading distributor of fasteners, tools, maintenance, shop, and industrial supplies has selected HawkSearch to enhance their on-site search capabilities.

    The distributor will leverage HawkSearch to optimize their customer experience and product discovery on the Optimizely platform. The solution will address common challenges and use cases for complex part number searches as well as dimensional products with data discrepancies in unit of measure. They will also utilize HawkSearch’s merchandising features including Instant Engage, boost and bury rules, machine learning multipliers, product recommendations, campaigns, as well as entitlements and Visitor Targets for their multiple branch locations.

    This marks the first lead from HawkSearch’s partner Xngage. The distributor will use the Xngage XConnect connector for HawkSearch to power their product discovery. Combining Xngage’s digital commerce expertise with Bridgeline’s AI-driven technology opens new growth opportunities. This initial success lays the groundwork for future joint initiatives that will drive innovation and deliver impactful results.

    “We’re excited to see our partnership with Xngage take off with this first lead. Their expertise in digital commerce, combined with HawkSearch’s advanced capabilities, will help us unlock new growth,” said Carl Prizzi, EVP of Revenue at Bridgeline. “Together, we’re ready to deliver AI-driven solutions that enhance customer experiences and drive revenue growth.”

    About Bridgeline Digital

    Bridgeline helps companies grow online revenue by increasing traffic, conversion rates, and average order value. To learn more, please visit www.bridgeline.com.

    Contact:
    Danielle Colvin
    SVP of Marketing
    Bridgeline Digital
    press@bridgeline.com

    The MIL Network –

  • MIL-OSI: Rigetti Computing to Report Third Quarter 2024 Financial Results and Host Conference Call on November 12, 2024

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release third quarter 2024 results on Tuesday, November 12, 2024 pre-market open. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 8:30 a.m. ET the same day.

    Key details regarding the call are as follows:

    Call Date: Tuesday, November 12, 2024
    Call Time: 8:30 a.m. ET / 5:30 a.m. PT
    Webcast Link: https://edge.media-server.com/mmc/p/aoxe8j5p/
    Live Call Participant Link: https://register.vevent.com/register/BI66e8b07255734ee49c6d5daf2166b220

    Webcast Instructions
    You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

    Live Call Participant Instructions
    To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Contact
    Rigetti Computing Media Contact:
    press@rigetti.com

    Rigetti Computing Investor Relations Contact:
    IR@Rigetti.com

    The MIL Network –

  • MIL-OSI: Quantum Capital Group Raises More Than $10 Billion for Diversified Energy Investment Platform

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Quantum Capital Group (“Quantum”) today announced it has raised more than $10 billion in aggregate capital commitments, inclusive of co-investment, across its private equity, structured capital, and private credit platforms, all of which are focused on the energy industry. The total raised includes $5.25 billion for the firm’s private equity flagship, Quantum Energy Partners VIII, $2.8 billion for the firm’s structured capital fund, Quantum Capital Solutions II, and approximately $2 billion for other associated funds on the Quantum platform.

    Quantum’s latest fundraising cycle received broad institutional support from a diverse, global group of existing and new investors. With a flexible mandate to invest where needed in the capital structure, Quantum invests across the entire energy value chain, including in oil and gas, midstream, thermal and renewable power generation, energy infrastructure, and the energy transition. The successful capital raise will advance Quantum’s mission to provide affordable, reliable, abundant, and environmentally sustainable energy to meet the world’s growing energy needs.

    “We are incredibly grateful for the support we received in this fundraise from long-time investors, as well as many first-time investors,” said Wil VanLoh, Founder and CEO of Quantum. “This milestone is a testament to the strength of our track record and Quantum’s 26-year history of partnering with leading energy-focused entrepreneurs, management teams, and businesses to provide the capital and support they need to execute their business plans. As the energy industry experienced unprecedented change over the past decade, we have continued to evolve our strategy and grow our talented team to capitalize on the corresponding opportunities in our dynamic industry. In particular, we have invested heavily in building a team that combines extensive investment, operating, technical, digital, and ESG expertise to better price and manage risk for our investors, while also enabling us to better support and be a value-added partner to the companies in which we invest.”

    “The ongoing success of our flagship private equity strategy and the rapid growth of our energy credit platform enhances our ability to advance innovative companies in the energy sector, positioning us to drive both value and impact for our investors and portfolio companies,” said Ajay Khurana, Co-President of Quantum. “As there continues to be a massive need for global investment in all forms of energy, we are confident in our continued ability to drive meaningful value for the businesses and teams we partner with, our investors, and the global community.”

    “Since our inception in 1998, Quantum has invested in nearly 150 leading companies across the energy industry. As we continue to grow our franchise, we are well positioned to support the world’s leading energy and sustainability entrepreneurs and help achieve their visions,” said Charles Baillie, Co-President of Quantum. “We thank our tremendous new and existing investors for their confidence in our strategy and look forward to continuing to invest in compelling opportunities where we can unlock additional avenues for growth and enhance the way our companies meet global energy needs.”

    Kirkland & Ellis LLP served as legal counsel to Quantum.

    About Quantum Capital Group
    Founded in 1998, Quantum is a leading provider of private capital to the global energy and energy transition industry, having managed together with its affiliates more than $28 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

    Media Contact
    Kate Thompson / Erik Carlson / Madeline Jones
    Joele Frank, Wilkinson Brimmer Katcher
    212-355-4449

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