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  • MIL-OSI: Avid Capital Partners Unveils Comprehensive Financial Services Suite, Launches Disruptive Newsletter

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 28, 2024 (GLOBE NEWSWIRE) — Avid Capital Partners, an innovative financial services firm, today announced the launch of its comprehensive suite of services designed to level the playing field between retail, high-net-worth individuals, public and private companies, and institutional investors.

    Avid Capital Partners brings together a proven combination of digital marketing prowess, strategic investment banking capabilities, and expert consulting services. The firm’s unique approach leverages its vast network and proven track record to identify and capitalize on under-the-radar investment opportunities.

    Avid Capital Partners is not your typical Wall Street firm. Our team has consistently outperformed the market by identifying hidden gems before they hit the mainstream. Many of our early investments have generated 100% returns with some reaching many multiples higher.

    Avid Capital Partners’ service offerings include:

    1. Digital Marketing: With a network of over 20,000 followers across social media platforms, Avid Capital Partners can produce and distribute compelling, targeted content, precisely conveying company messaging to a wide audience of investors.
    2. Strategic Partnerships: We maintain relationships with select investment banks and family offices, allowing us to facilitate introductions for companies seeking funding opportunities. Our role is to connect promising businesses with appropriate financial institutions while ensuring alignment of interests for all parties involved. We prioritize building long-term partnerships that create mutual value for all parties involved.
    3. Consulting: Avid Capital Partners offers comprehensive advisory services for high-net-worth investors, public and private companies, and institutions. The firm’s expertise includes fundamental and technical analysis, portfolio management, and assessment of company holdings.

    Avid Capital Partners recently launched their second newsletter, 6 Reasons This Tiny Biotech Could Surge Later This Month — Avid Capital Partners. The publication alerted investors to an opportunity that has now yielded a double in three weeks (+115% low to high).

    At Avid Capital, our track record speaks volumes – we encourage you to review our performance and see the results for yourself.

    About Avid Capital Partners

    Avid Capital Partners is a forward-thinking financial services firm that combines innovative digital marketing, strategic investment banking, and expert consulting services. With a focus on identifying under-the-radar investment opportunities and fostering long-term relationships, Avid Capital Partners is committed to delivering exceptional value to its diverse clientele of high-net-worth individuals, public and private companies, and institutional investors.

    For more information, please visit https://avidcapital.co

    Contact us: Info@AvidCapital.co

    The MIL Network

  • MIL-OSI: QuestionPro Appoints Chris Robson as Vice President, Managed Services

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — QuestionPro, a global leader in online survey and research services announces Chris Robson has joined the company in the newly created position of Vice President, Managed Services. Robson will create this new division which is focused on helping QuestionPro customers get the most out of its robust research platform.

    Well known as a research industry thought-leader, Robson is a mathematician by training who has worked at both large enterprises as well as startups. Immediately prior to joining QuestionPro, he was the Global Head of Data Science at Human8, a global brand consultancy where he developed new methodologies including the application of Generative AI and LLMs. Earlier in his career he managed advanced research teams and large software teams (70+ people) at HP.

    He was also Chief Innovation Officer and Global Head of Research Science at ORC, where he led a team of analysts and statisticians to embrace and adopt new approaches for data-centered insights. Robson also co-founded and ran two successful research analytics agencies: Parametric Marketing and Deckchair Data. He holds a Bachelor of Science with Honors in Mathematics from the Brunel University of London.

    Robson will have overall responsibility for establishing and growing QuestionPro’s Managed Services Group which provides services to clients who need assistance to go above and beyond the capabilities of the company’s existing suite of research platforms. This can include project management, study design, custom programming, reporting and analytics. Whether it is providing end-to-end project support, simply customizing the appearance of a single question or running advanced analytic methods the group ensures that clients can get the answers they need for their business decisions.

    In particular, Robson will apply his deep expertise in Artificial Intelligence (AI) to not only integrate AI across the QuestionPro platform, but also leverage it for new ways to drive consumer insights through emerging techniques like synthetic data.

    “I’ve known and worked with Chris for close to 20 years,” said Vivek Bhaskaran, founder and CEO of QuestionPro. “In fact, he helped build some of our early features like MaxDiff and others. It’s great to have him on board full time to launch a new division and also ensure our customers benefit from the application of AI across our platform.”

    About QuestionPro:
    Founded in 2006, QuestionPro is a global provider of online survey and research services that help companies make better decisions through data. Our fully integrated online platform includes surveys, research & insights, customer experience (CX) and workforce/employee experience software. We additionally offer polling, journey mapping, employee 360s and data visualization. Our clientele ranges from small businesses to Fortune 100 companies, who rely on us for insights about customers, employees, and the marketplace. With offices in the US, Canada, Mexico, U.K., Germany, Japan, Australia, the United Arab Emirates and India, we offer customers 24-7 access to highly trained support specialists and engineers. More information is available at www.questionpro.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9035859-cb80-41e3-be32-21eab55be2d3

    The MIL Network

  • MIL-OSI: Viewpointsystem Joins the AR Alliance for Augmented Reality Wearable Devices

    Source: GlobeNewswire (MIL-OSI)

    PISCATAWAY, N.J., Oct. 28, 2024 (GLOBE NEWSWIRE) — The AR Alliance announces that Viewpointsystem, a leader in the development of advanced eye tracking and gaze tracking solutions, including eye-tracking-based smart glasses, has joined the alliance as an associate member.

    The AR Alliance provides a supportive and neutral environment for organizations of all sizes to take an active role in advancing and strengthening the augmented reality hardware development ecosystem. Diverse organizations across the expanding, global AR ecosystem work together through the AR Alliance to speed innovation of breakthrough technologies and processes for building AR wearables and devices that create a meaningful and positive experience for users.

    “We are building AR together,” said Dr. Bharath Rajagopalan, Chair, AR Alliance, and Director of Strategic Marketing, STMicroelectronics. “The promise of AR and its potential market are so vast that there is ample room for all our member companies to succeed together. The AR Alliance is the place where concrete work takes place to harmonize approaches for advancing, unifying, and growing the global AR supply chain and accelerating innovation. We are excited for Viewpointsystem to join us in this important work and bring their technology leadership in eye tracking to help enable the AR market.”

    “Eye tracking is one of the most promising technologies to unlock the full potential of AR,” explained Nils Berger, CEO and Founder of Viewpointsystem. “It already enhances AR experiences with intuitive controls, like selecting objects with your eyes. But its potential goes far beyond that, enabling the detection of cognitive load and emotional states, allowing devices to respond seamlessly to users’ needs. At Viewpointsystem, we’ve moved eye tracking from the lab to real-world applications, showing its readiness for future mass-market AR devices.”

    About the AR Alliance
    The AR Alliance Founding Board Members are represented by STMicroelectronics, META, Essilor Luxottica, Corning, Dispelix, Optofidelity, MICROOLED, Google, and Qualcomm.

    Organizations of every size and at any spot in the ecosystem are respected, heard, and advocated for via the AR Alliance’s non-competitive environment. Flexible membership levels allow companies of varying strategies, maturity, and resources to engage.

    To learn more about membership in the AR Alliance, please visit www.thearalliance.org.

    About Viewpointsystem
    Viewpointsystem, an innovative deep-tech company based in Vienna, Austria, is at the forefront of integrating eye tracking into industrial and commercial applications. Specializing in enhancing operational efficiency, the company develops internationally award-winning smart glasses used by enterprise customers worldwide.

    Their technology is particularly valuable in areas like manufacturing, maintenance, and training, where it aids in real-time guidance and decision-making. With experience from over 200 use cases across five verticals, Viewpointsystem helps businesses streamline processes, reduce errors, and improve overall productivity.

    Viewpointsystem’s integration technology, Digital Iris Inside, sets a new industry benchmark by providing proven, best-in-class eye tracking and human insight technology ready for integration into external devices. Viewpointsystem continues to lead the way in evolving the technology from mere eye tracking to comprehensive perception and emotional analysis in human-machine interaction​.

    MEDIA CONTACTS

    Areeb Lakhani
    Program Manager – The AR Alliance
    Areeb.Lakhani@ieee-isto.org

    Jana Riethausen
    PR & Communications Lead – Viewpointsystem
    j.riethausen@viewpointsystem.com

    The MIL Network

  • MIL-OSI: Baker Hughes Awarded Contracts to Supply Petrobras with Flexible Pipe Systems, Associated Services across Several Fields

    Source: GlobeNewswire (MIL-OSI)

    • Company to support projects in Brazil’s pre-salt fields, reinforcing position as a leading provider of flexible pipe for deepwater and high CO2projects
    • Local manufacturing boost Brazilian economy, strengthen energy supply chain

    HOUSTON and LONDON, Oct. 28, 2024 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Monday significant contracts with Petrobras to provide 77 km of flexible pipe systems to be deployed in Brazil’s pre-salt fields. The agreement was signed Oct. 15, 2024, following an open tender.

    The multi-year project includes risers and flowlines for hydrocarbon production and associated gas and water injection with support for equipment storage, maintenance and installation. Delivery is scheduled to begin in mid-2026, and the equipment will be utilized across Petrobras’ Búzios, Libra, Berbigão, Sururu and Sépia fields.

    These systems will also address the critical issue of stress-induced corrosion cracking from CO2 (SCC-CO2), which can affect flexible pipes in pre-salt fields with high concentrations of the gas. Baker Hughes’ flexible pipes have proven effective at mitigating this issue, which can arise as gas is reinjected into wells to reduce flaring and enhance oil recovery. Petrobras has committed to limiting CO2 emissions to the atmosphere in their operations, and CO2 storage is an important tool for producing lower-carbon barrels.

    “Brazil’s Santos Basin contains incredible potential to help power Latin America into the future,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “Operating in deep waters with high CO2 concentrations presents unique challenges. Baker Hughes’ combination of industry-leading subsea technology and engineering, expertise in offshore operations, and extensive experience in the region will assist Petrobras to unlock and develop this potential, delivering these vital resources safely and efficiently.”

    Baker Hughes has been deeply involved in the development of Brazil’s offshore oil and gas fields for decades, and its localization strategy contributes to the nation’s economy while strengthening its energy supply chain. The company’s plant in Niteroi, Brazil, where these systems will be manufactured, is a major supplier of flexible pipe systems for the industry and employs hundreds of people in the state of Rio de Janeiro.

    The company has announced several agreements with Petrobras throughout 2024, including additional contracts for 69.1 km of flexible pipe systems and associated services in the third quarter. Other awards have included integrated well construction services in the Buzios field and integrated solutions for workover and plug and abandonment services across Petrobras’ pre-salt and post-salt fields.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Media Relations

    Brian Reynolds
    +1 346-315-6663
    brian.reynolds@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    The MIL Network

  • MIL-OSI: Franklin Electric Declares Quarterly Dividend of $0.25 Per Share

    Source: GlobeNewswire (MIL-OSI)

    FORT WAYNE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable November 21, 2024, to shareholders of record on November 7, 2024.

    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.

    “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.

    The MIL Network

  • MIL-OSI: SWA Lithium and Koch Technology Solutions Sign License for First Commercial DLE Project in North America

    Source: GlobeNewswire (MIL-OSI)

    EL DORADO, Ark., Oct. 28, 2024 (GLOBE NEWSWIRE) — SWA Lithium, the Joint Venture between Standard Lithium and Equinor which is developing the South West Arkansas Project (“SWA” or the “Project”), is pleased to announce that it has entered into a license agreement with Koch Technology Solutions LLC (“KTS”) to deploy and use KTS’ Li-ProTM Lithium Selective Sorption (“Li-Pro LSS”) technology at the JV’s commercial plant for the SWA Phase 1 Project.

    The license agreement allows the JV to utilize KTS’ technology for the lifetime of the first phase of the Project, with an option for utilization in subsequent phases of the Project. Considerations and benefits of the license agreement include:

    • Rights to use the Li-Pro LSS technology for subsequent phases of the JV’s SWA Project;
    • Certain technology performance guarantees for lithium recovery, contaminant rejection and water use;
      • Lithium recovery ≥ 95.00%
      • Impurity rejection Calcium, Sodium, Potassium & Magnesium ≥ 99%
    • Technical support from KTS to fully integrate the Li-Pro LSS technology into overall process plant design;
    • Continued exclusive joint development of the technology in the Smackover Formation;
    • Technical support from KTS during commissioning and startup;
    • License payment phased over several milestones; and
    • Continued collaboration and technology refinement between SWA Lithium and KTS.

    Standard Lithium’s Director, President & COO, Dr. Andy Robinson commented: “Signing this license agreement is the culmination of over two years of close work with the KTS team to refine the direct lithium extraction (‘DLE’) technology and integrate it into the JV’s flowsheet. The Li-Pro LSS technology is now sufficiently scaled-up, tested and derisked, so not only is the JV comfortable committing to its use at commercial scale, but KTS is also able to offer performance guarantees for its commercial deployment. We view this as a significant derisking event for the Project, and it points to the successful ongoing partnership with the KTS team.

    Garrett Krall, Business Leader for Koch Technology Solutions, said: “This license agreement for use of our Li-Pro LSS technology is another key milestone in the development of DLE as a commercially viable, economic and environmentally responsible solution to deliver against future lithium demand.”

    UPDATED PERFORMANCE OF COMMERCIAL-SCALE DLE COLUMN

    Standard Lithium is also pleased to announce the continued successful operation of the commercial-scale DLE column at its wholly-owned Demonstration Plant (“Demo Plant”) near El Dorado, Arkansas. The Company installed a commercial-scale DLE column in late March 2024 and has been operating the column continuously. The column is a Li-Pro LSS unit, supplied by KTS and identical to those currently being integrated into the front-end engineering and design (FEED) study for the SWA Project.

    Since commissioning, the column has exceeded the targeted design parameters for lithium recovery and rejection of impurities. Key technical highlights of the commercial-scale DLE column are provided below:

    • Lithium recovery efficiency of 95.4%: During a four-month continuous operating period (1st April to 31st July 2024), the Li-Pro LSS process achieved an average lithium recovery (i.e. after loading and elution) of 95.4% from the 90 gallons per minute (gpm) incoming brine flow (the average incoming brine contained 183 mg/L lithium during the same period).
    • Excellent contamination rejection rate: During the same period, the DLE process rejected, on average;
      • Sodium – 99.9%
      • Calcium – 99.6%
      • Magnesium – 99.2%
      • Potassium – 99.7%
      • Boron – 95.4%
        High and consistent contaminant rejection at the DLE stage means that the eluate (the initial lithium chloride solution) is easier and cheaper to further refine and concentrate using tested and proven steps to make a concentrated and purified lithium chloride solution. This solution can then be converted to a battery quality carbonate, as has been demonstrated multiple times and at several different scales, both at the Demo Plant and off-site with various third-party vendors.
    • Nearly 10,000 operational cycles for the Li-Pro LSS technology: The commercial-scale Li-Pro LSS column has completed over 725 operational cycles, and the Li-Pro LSS technology has completed over 9,740 operational cycles at the Demo Plant (as of early October 2024).
    • Over 24 million gallons of brine processed: As of the end of September 2024, the Demo Plant had processed 24,446,306 gallons (92,539,335 litres) of Smackover brine, produced directly from the formation and reinjected continuously back into the same formation.

    Figure 1 – Side elevation of operators working on the commercial-scale DLE column at Standard Lithium’s Demonstration Plant near El Dorado, Arkansas.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.

    About Koch Technology Solutions (KTS)

    Koch Technology Solutions is the technology licensing business of Koch Engineered Solutions (KES). KTS creates value for its customers across a growing portfolio of technologies including direct lithium extraction, the polyester value chain, and 1,4-Butananediol plus its derivates. KTS combines its exclusive technologies, expertise, and capabilities with those of other KES companies to provide overall solutions to optimize customer’s capital investments and existing manufacturing assets.

    Qualified Person

    Marek Dworzanowski, EUR ING, CEng, HonFSAIMM, FIMMM, a qualified person as defined by National Instrument 43 -101 – Technical Report Standards of Disclosure for Mineral Projects, and a Consulting Metallurgical Engineer who is independent of the Company, has reviewed and approved the relevant scientific and technical information in this news release.

    Twitter: @standardlithium
    LinkedIn: https://www.linkedin.com/company/standard-lithium/

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, continued operation of the LSS column, regulatory or government requirements or approvals, the reliability of third party information, the continued accuracy of current contaminant rejection rates, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c4dea63-0750-44b2-bea8-e287cc9be29c

    The MIL Network

  • MIL-OSI: FlexShopper Announces a Purchase Option for 91% of its Outstanding Series 2 Preferred Stock at a 50+% Discount to Liquidation Preference

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., Oct. 28, 2024 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY), (“the Company”), a leading online lease-to-own retailer and payment solutions provider, today announced that it has entered into a purchase option agreement with the majority holder of the Company’s Series 2 Preferred Stock (the “Preferred Stock”), in which FlexShopper has the option to redeem 91% of FlexShopper’s Preferred Stock at a 50+% discount to the second quarter of 2024 liquidation preference of approximately $43 million. The discount is based upon the date of repayment and the option to purchase lasts for a one-year period. In addition, further payments to the seller of the Preferred Stock may be required based upon the purchase price in a change of control in the next 12 months or patent settlement announcements in the next 24 months.

    “We are excited to pursue options to redeem over 90% of our outstanding Series 2 Preferred Stock at a significant discount to its liquidation preference. We believe this opportunity will enhance shareholder value by improving our cost of capital, simplifying our capital structure and transferring $23 million of equity value to our common shareholders, representing approximately $1 per share. In addition, the redemption of our Series 2 Preferred Stock at a 50%+ discount will be highly accretive to earnings and will contribute approximately $4 million to annual operating income,” said Russ Heiser, CEO of FlexShopper.

    Expected Benefits of the Redemption of FlexShopper’s Series 2 Preferred Stock owned by PIMCO:

    Highly Accretive to Earnings. The Company expects to save approximately $4 million in annual payment-in-kind (PIK) dividends. As a result, FlexShopper expects the repurchase transaction to be highly accretive to net income to common and Preferred Series 1 shareholders once completed.

    Material Discount in Liquidation Preference Price: As part of the agreement, FlexShopper has the option to repurchase its Series 2 Preferred Stock at a 50+% discount to its liquidation preference. The current liquidation preference, as of the end of the second quarter of 2024, is valued at approximately $43 million, with an option to purchase at approximately $20 million.

    Increase in Common Equity Value: By redeeming 91% of the Preferred Stock, the approximately $23 million of savings would benefit common shareholders. The savings are equivalent to ~$1 per share in value, based on the Company’s share count at June 30, 2024.

    Illustrative Non-GAAP Changes in FlexShopper’s Enterprise Value and Stock Price Based on 91% Redemption of FlexShopper’s Series 2 Preferred Stock

        Actual
    Valuation at
    June 30,
    2024
        Pro-forma
    Valuation at
    June 30,
    2024
        Expected
    change ($)
        Expected
    change (%)
     
    Common Equity   $ 30,057,074 (1)   $ 52,917,027 (7)   $ 22,859,953       76 %
    Net Debt   $ 132,086,383 (2)   $ 132,086,383 (2)            
    Series 1 Preferred Stock   $ 288,296 (3)   $ 288,296 (3)            
    Series 2 Preferred Stock   $ 47,301,212 (4)   $ 24,441,259 (8)   $ (22,859,953 )     (48 )%
    Total Enterprise Value   $ 209,732,965 (5)   $ 209,732,965 (5)            
    Share Price   $ 1.28 (6)   $ 2.25 (9)   $ 0.97       76 %

      

    (1) Common Shares Equivalent(1.1) times Actual Share Price at June 30, 2024.
       
    (1.1) Common shares outstanding at June 30, 2024 plus common shares increased using the Treasury Stock Method upon exercise of warrants, stock options and performance share units at June 30, 2024.
       
    (2) Short- and long-term loans minus cash at June 30, 2024.
       
    (3) Common shares upon conversion of Series 1 Preferred Stock at June 30, 2024 times Actual Share Price at June 30, 2024.
       
    (4) Series 2 Preferred Stock at liquidation preference at June 30, 2024 which includes the balance sheet amount and accrued dividends.
       
    (5) Actual Valuation at June 30, 2024 of Common Equity plus Actual Valuation at June 30, 2024 of Net Debt plus Actual Valuation at June 30, 2024 of Series 1 Preferred Stock plus Actual Valuation at June 30, 2024 of Series 2 Preferred Stock.
       
    (6) Share Price of Common Stock at June 30, 2024.
       
    (7) Actual Valuation at June 30, 2024 of Total Enterprise Value minus Pro-forma Valuation at June 30, 2024 of Series 2 Preferred Stock, minus Pro-forma Valuation at June 30, 2024 of Series 1 Preferred Stock, minus Pro-forma Valuation at June 30, 2024 of Net Debt.
       
    (8) Series 2 Preferred Stock, after the redemption of the Series 2 Preferred Stock owned by the majority holder, at liquidation preference at June 30, 2024 plus the current purchase price per the purchase option
       
    (9) Pro-forma Valuation at June 30, 2024 of Common Equity divided by Common Shares Equivalent (as defined in 1.1)


    About FlexShopper

    FlexShopper, Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer online marketplace at Flexshopper.com and in partnership with merchants both online and at brick-and-mortar locations. FlexShopper’s solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own and lending products.

    Forward-Looking Statements

    All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of the redemption of over 90% of the Company’s outstanding Series 2 Preferred Stock, the expectation that the redemption of our Series 2 Preferred Stock would be highly accretive to earnings or would improve our company’s share price, lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

    Contacts

    For FlexShopper:
    Investor Relations
    ir@flexshopper.com

    Investor and Media Contact:
    Andrew Berger, Managing Director
    SM Berger & Company, Inc.
    Tel: (216) 464-6400
    andrew@smberger.com

    The MIL Network

  • MIL-OSI: Newly Published Research Shows 14-Day Monitoring Detected Almost Three Times More Nonsustained Ventricular Tachycardia Than Standard 48-Hour Monitoring in Patients with Hypertrophic Cardiomyopathy

    Source: GlobeNewswire (MIL-OSI)

    • Hypertrophic cardiomyopathy (HCM) is a genetic heart condition affecting about 1 in 500 people and is one of the leading causes of sudden cardiac death (SCD) in people under 35, including among athletes.1
    • NSVT (nonsustained ventricular tachycardia), a known marker for increased risk of SCD in HCM, was detected in nearly 50% of HCM patients in the study undergoing long-term continuous ambulatory ECG monitoring of up to 14 days with a Zio®XT LTCM ECG patch device; 63% of NSVT episodes detected only after 48 hours, suggesting that Holter monitoring would miss the majority of episodes.
    • NSVT episodes clinically judged to be higher risk were identified in 24% of the study population and were detected more frequently during 14-day monitoring (3-fold greater diagnostic yield vs 48 hours).

    SAN FRANCISCO, Oct. 28, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a leading digital health company focused on creating trusted solutions that detect, predict, and prevent disease, today announced that the results of the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy (EXAMINE-HCM) study have been published in Heart Rhythm Journal. The findings were also presented at the Heart Rhythm Society’s annual meeting in 2023, and most recently, at the International HCM Summit 8 in Boston, MA (October 25-28, 2024).

    The newly published research highlights the value of 14-day long-term, uninterrupted2 continuous monitoring (LTCM), using a Zio® XT patch ECG device, for detecting nonsustained ventricular tachycardia (NSVT), a known marker for sudden cardiac death (SCD) in patients with hypertrophic cardiomyopathy (HCM). The findings support more informed decisions about care pathways and interventions, particularly by capturing arrhythmias that would go undetected by standard 48-hour monitoring, such as with a conventional Holter device monitoring period. Prior research has demonstrated that NSVT episodes occurring with higher heart rate, longer duration, and greater frequency are associated with increased risk of SCD3 and practice guidelines place greater emphasis on these episodes (8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period) in clinical decision-making regarding use of primary prevention implantable cardioverter-defibrillator (ICD).4 These NSVT episodes clinically judged to be higher risk were detected in only 8% of the study population through 48 hours, but in 24% of patients through 14-days.       

    “The EXAMINE-HCM study provides important new insights into how we manage patients with hypertrophic cardiomyopathy identified with ventricular arrhythmias,” said Martin S. Maron, MD, study lead investigator, HCM expert, and Medical Director, Hypertrophic Cardiomyopathy Center, Lahey Hospital and Medical Center. “By extending the monitoring period beyond the traditional 48 hours, we have been able to detect nonsustained ventricular tachycardia episodes that may have otherwise gone undetected with traditional shorter monitoring periods, which may offer the potential to inform more tailored clinical decision-making to help prevent sudden cardiac death in this high-risk population.”

    Overall, the study authors concluded that traditional 48-hour short-term cardiac monitoring is significantly less effective compared to extended 14-day continuous monitoring for both NSVT and NVST detection with features judged to be high risk in patients with HCM. These data support the need for additional clinical studies to evaluate the significance of longer-term monitoring for NSVT detection and relationship to future risk for sudden death in HCM.

    Key findings from the Extended Ambulatory ECG Monitoring Enhances Identification of Higher-Risk Ventricular Tachyarrhythmias in Patients with Hypertrophic Cardiomyopathy study:

    • 48% of study patients (n=114) with HCM experienced NSVT episodes, and high-risk NSVT was detected in 24% (n=56) of study patients during the 14-day monitoring period.
    • 63% of NSVT episodes (n=72) were detected during a 3 to 14-day continuous monitoring period, compared to 37% (n=42) of NSVT episodes detected during the standard 48-hour Holter monitoring period. This resulted in a 2.7-fold higher diagnostic yield for detecting NSVT during the 14-day extended monitoring period compared to the initial 48 hours (48% vs. 18%; p<0.001).
    • 64% of NSVT episodes clinically judged to be higher risk (n=36); 8 consecutive beats, >200 bpm, 2 runs in consecutive 2-day period)) were detected during a 3 to 14-day continuous monitoring period, compared to 36% (n=20) of high-risk NSVT episodes detected during the standard 48-hour Holter monitoring period. Therefore, the diagnostic yield of high-risk NSVT was 3.0-fold greater over the entire 2 weeks of monitoring vs. only the first 48 hours (24% vs. 8%; p<0.001).
    • 17% of patient profiles were re-classified with respect to risk of sudden cardiac death (n=40) based on their extended 14-day continuous monitoring period. The number of patients at high-risk for SCD increased 2.3-fold (95% CI: 1.2, 4.3) vs. 48-hour monitoring, with 18 (8%) of study patients reclassified from low- or intermediate-risk to high-risk for SCD. In addition, 22 (9%) of patients were reclassified from low to intermediate risk.

    Importance of Detecting NSVT in HCM Patients

    HCM is a genetic condition that affects approximately 1 in 500 people and one of the leading causes of sudden cardiac death (SCD), especially in individuals under 35, including among athletes. HCM is caused by mutations in genes controlling the production of heart muscle proteins, resulting in thickening of the left ventricle wall. These changes can impair the heart’s ability to pump blood efficiently and disrupt its electrical signaling. Nonsustained ventricular tachycardia (NSVT) is a well-recognized marker for SCD risk in patients with HCM.

    Standard Holter monitoring captures only up to 48 hours of data, potentially missing episodes of NSVT that can occur later. This study shows that extended monitoring can detect NSVT that would otherwise go unnoticed, providing clinicians with clinical actionable information needed to make timely interventions such as implantable cardioverter-defibrillators (ICDs).

    The findings underscore the importance of long-term continuous monitoring (LTCM) for patients with HCM. By detecting NSVT that would otherwise go undetected, clinicians are better equipped to assess sudden cardiac death (SCD) risk and recommend interventions like ICD placement.

    This study highlights the value of extended monitoring as an important tool for risk stratification in HCM patients, complementing current American Heart Association/American College of Cardiology guidelines, which recommend monitoring every 1 to 2 years but do not yet specify the optimal duration for detecting arrhythmias.

    “There is an abundance of clinical evidence demonstrating that uninterrupted, continuous, patch-based monitoring with the Zio® long-term continuous monitoring service leads to increased diagnostic yield of Afib, atrial arrhythmias, ventricular arrhythmias, more accurate ectopic burden estimation, and lower rates of retesting,”5 said Mintu Turakhia, MD, iRhythm’s Chief Medical and Scientific Officer and EVP, Product Innovation. “This study adds to the evidence by showing how ascertainment of NSVT could be missed during risk stratification, in this case specifically for hypertrophic cardiomyopathy, depending on the diagnostic test being used.”

    About the Study

    The EXAMINE-HCM study was a single-center, prospective study focused on patients with hypertrophic cardiomyopathy (HCM), a common genetic heart disease and a leading cause of sudden cardiac death (SCD) in young adults. The study aimed to evaluate the prevalence and clinical profile of nonsustained ventricular tachycardia (NSVT), a key marker for SCD risk, using extended continuous ambulatory ECG monitoring. The primary goal was to assess the benefit of long-term monitoring compared to traditional 48-hour Holter monitoring, with a focus on NSVT episodes of longer duration, greater frequency, and occurring with a higher heart rate, which have been associated greater risk of SCD.

    The study enrolled 236 consecutive adult patients diagnosed with HCM (mean age 49 ± 12 years; 72% male), none of whom had prior implantable cardioverter-defibrillators (ICDs) or permanent pacemakers. These patients were being evaluated for SCD risk stratification. Participants wore the Zio® XT long-term continuous (LTCM) patch ECG device (iRhythm Technologies, Inc.), a long-term continuous monitoring ECG patch device, for 14 days. The Zio patch recorded ECG data continuously, offering an extended wear time compared to traditional 48-hour Holter monitors. After the 14-day monitoring period, patients returned the device for data analysis, which was performed using artificial intelligence (AI)-powered algorithms and validated by certified cardiographic technicians.

    NSVT was defined as more than 3 consecutive ventricular beats at a rate of ≥120 beats per minute (bpm) lasting for less than 30 seconds and terminating spontaneously. High-risk NSVT episodes were defined as those with one or more of the following: ≥8 consecutive beats, a rate of >200 bpm, or ≥2 runs within a 48-hour period, all of which are associated with a higher risk of SCD.

    The study’s primary objective was to compare the prevalence, burden, speed, and length of NSVT episodes detected during the initial 48-hour period (standard Holter monitoring) versus the full 14-day extended monitoring period.

    Key outcomes included the detection of NSVT with features judged to be higher risk and its potential impact on SCD risk stratification. The European Society of Cardiology (ESC) SCD risk score was calculated based on both the 48-hour and full 14-day data, and patients were stratified into low, intermediate, and high-risk SCD categories over a 5-year period.

    This project was supported by an investigator-initiated grant from iRhythm Technologies, Inc. Results presented are scientific data and not product or marketing claims.

    Zio XT is indicated for use on patients who may be asymptomatic or who may suffer from transient symptoms such as palpitations, shortness of breath, dizziness, light-headedness, pre-syncope, syncope, fatigue or anxiety.

    To learn more about the study, visit Heart Rhythm. To learn more about the value of the Zio LTCM service, which has been demonstrated in over 100 original scientific research manuscripts6, visit iRhythmTech.com..

    About iRhythm Technologies, Inc.
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all. To learn more about iRhythm, including its portfolio of Zio products and services, please visit irhythmtech.com.

    Media Contact:
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Relations Contact:
    Stephanie Zhadkevich
    investors@irhythmtech.com

    1“Hypertrophic Cardiomyopathy (HCM).” Www.Heart.Org, American Heart Association, Aug. 2024, www.heart.org/en/health-topics/cardiomyopathy/what-is-cardiomyopathy-in-adults/hypertrophic-cardiomyopathy.

    2“Uninterrupted” refers to uninterrupted ECG recording.

    3Wang W, Lian Z, Rowin EJ, Maron BJ, Maron MS, Link MS. Prognostic implications of nonsustained ventricular tachycardia in high-risk patients with hypertrophic cardiomyopathy. Circ Arrhythm Electrophysiol. 2017;10.

    4Ommen et al. 2024 AHA/ACC/AMSSM/HRS/PACES/SCMR Guideline for the Management of Hypertrophic Cardiomyopathy: A Report of the American Heart Association/American College of Cardiology Joint Committee on Clinical Practice Guidelines. Circulation. 2024 Jun 4;149(23):e1239-e1311.

    5Reynolds et al. Comparative effectiveness and healthcare utilization for ambulatory cardiac monitoring strategies in Medicare beneficiaries. Am Heart J. 2024;269:25–34. Accessed January 2, 2024. https://doi.org/10.1016/j.ahj.2023.12.002

    6Data on file. iRhythm Technologies, 2023: https://www.irhythmtech.com/providers/evidence/list-of-clinical-articles

    The MIL Network

  • MIL-Evening Report: Echoes of a Lost Gaza – Al Jazeera documentary on a brutal war

    Pacific Media Watch

    Mariam Shahin has been making films about Gaza for more than 30 years.

    She has also made many documentaries and short films for Al Jazeera English since it launched in 2006.

    When she moved to Gaza in 2005, she felt a powerful sense of optimism following the Israeli withdrawal.

    Mariam Shahin . . . revisiting the Gaza people and lives the film maker has met over the years. Image: MS

    But by 2009, war had badly damaged its infrastructure, neighbourhoods, businesses and communities — and that optimism had evaporated.

    Now, in the wake of the even more destructive war that began on 7 October 2023, Shahin seeks out the people she has met in Gaza over the years.

    She reflects on the wasted potential and devastated lives after 16 years of blockade and a year of one of the most destructive wars in Middle East history.


    Echoes of a Lost Gaza: 2005-2024.     Video: Al Jazeera

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Video: Department of State Daily Press Briefing – October 28, 2024 – 2:00 PM

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

    Spokesperson Matthew Miller leads the Department Press Briefing, at the Department of State, on October 28, 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=fzr1hZL12Pk

    MIL OSI Video

  • MIL-OSI Video: AH64: Tank Killer! | U.S. Army

    Source: US Army (video statements)

    About the U.S. Army:

    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L

    Connect with the U.S. Army online:
    Web: https://www.army.mil
    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #Shorts #AH64 #Apache #TankKiller

    https://www.youtube.com/watch?v=-bUNAkohYvI

    MIL OSI Video

  • MIL-OSI Video: National Police Commissioner provides update on crime combatting operations across the country

    Source: Republic of South Africa (video statements-2)

    The National commissioner of the SAPS General Fannie Masemola to provide update on crime combatting operations across the country

    https://www.youtube.com/watch?v=A68AbNODuUI

    MIL OSI Video

  • MIL-OSI Africa: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

    Somaliland is due to hold a presidential election on 13 November 2024.

    The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

    Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

    Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

    Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

    I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

    Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

    Political landscape

    Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

    Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

    The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

    Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

    Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.


    Read more: Somaliland has been pursuing independence for 33 years. Expert explains the impact of the latest deal with Ethiopia


    Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

    However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

    This potential shift reflects an understanding that both regional and global dynamics are changing.

    Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

    KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

    KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

    Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

    Regional implications

    A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

    Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

    Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.


    Read more: Somaliland crisis: delayed elections and armed conflict threaten dream of statehood


    There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

    Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

    Risks that lie ahead

    There are some risks of instability regardless of who wins the election.

    The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

    There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

    After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

    Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

    – Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa
    – https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

    MIL OSI Africa

  • MIL-OSI China: Chinese supply chain expo to promote global industrial cooperation

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 28 — The second China International Supply Chain Expo will be held in Beijing from Nov. 26 to 30, and will focus on promoting international cooperation in industrial and supply chains, a Chinese trade official said on Monday.

    As the world’s first national-level exhibition focusing on supply chains, the expo aims to connect upstream, midstream and downstream sectors, bring together enterprises of various sizes, and help companies better integrate into global industrial and supply chains, said Zhang Shaogang, deputy director of the China Council for the Promotion of International Trade, at a press conference.

    This year’s expo will feature more than 600 domestic and foreign exhibitors. Overseas exhibitors will constitute 32 percent of participants at the 2024 expo, up from 26 percent at the first expo held last year, Zhang said.

    U.S. companies will contribute the largest share of overseas participation at the expo this year, while the number of participants from Europe and Japan will also significantly surpass that of the first expo, Zhang added.

    This shows foreign investors remain optimistic concerning the outlook of the Chinese market and that China is still considered their top supply chain partner for global resource allocation, said Zhang.

    Similar to last year, the expo will have areas dedicated to supply chains for clean energy, smart vehicles, digital technology, healthy living, green agriculture and supply chain services.

    In addition, this year’s expo has introduced a new exhibition area dedicated to advanced manufacturing chains — showcasing the latest achievements in the integration of technological and industrial innovation.

    Unlike many expos, the supply chain expo is not about showcasing products. It is, instead, about presenting chains, ecosystems and scenarios, Zhang added.

    Rather than focusing on short-term transactions, it emphasizes long-term cooperation and common development among upstream, midstream and downstream enterprises, Zhang explained. Exhibitors attend not to compete for clients, but to join hands and seek partnership.

    Hungary is the guest country of honor at this year’s expo. The Hungary Pavilion will showcase Hungary’s leading industries, unique resources, cultural heritage, beautiful landscapes and national brand image.

    MIL OSI China News

  • MIL-OSI United Kingdom: More Scottish energy projects unlocked to deliver clean power

    Source: United Kingdom – Executive Government & Departments

    Consultation on proposed changes to improve the planning system for large energy projects in Scotland

    • UK and Scottish governments set out proposals to streamline the system for determining energy infrastructure consents in Scotland
    • consultation to reform outdated processes with the aim to cut delays and create a fairer system, in which communities can have their say from the outset
    • the move could help to unlock Scotland’s pipeline of energy projects, driving forward the UK’s clean power mission and energy independence

    The planning process for new clean energy infrastructure in Scotland will be improved under UK and Scottish government proposals to reform outdated legislation that can delay new projects being built. 

    In collaboration with the Scottish Government, the UK government has today (28 October) launched a consultation on proposed changes that will make the system for considering large energy projects in Scotland more efficient, while also ensuring that affected communities can have their say on proposals at the right time in the process. 

    Currently it can take up to four years to approve large electricity infrastructure projects in Scotland, such as power lines and onshore wind farms, under UK legislation that has been in place since 1989.

    This system can create uncertainty for investors and communities, which in turn can lead to higher costs being passed onto bill payers. In England and Wales, new large-scale electricity projects can take around half as long on average to be determined compared to Scotland, thanks to previous legislative reforms to streamline the process. 

    By making vital updates to the energy consents system in Scotland, the UK and Scottish governments aim to support the rollout of new clean energy projects while giving communities early and meaningful opportunities to be heard. The consultation proposes making it a requirement that communities and wider stakeholders are consulted at pre-application stage. 

    Energy Minister Michael Shanks said:  

    Scotland has huge potential to propel the UK towards our clean power by 2030 goal, with its natural resources, energy expertise and highly skilled workforce.  

    Together with the Scottish Government, we are modernising outdated bureaucratic processes to make sure Scotland is firmly open for business as we build the UK’s clean energy future.  

    This will help to accelerate new clean, homegrown energy – taking us a step closer to energy independence and protecting billpayers from the rollercoaster of volatile fossil fuel markets for good.

    Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said:

    These long-awaited UK legislative reforms will help support Scotland realise our clean power ambitions, while providing investors with confidence that a more robust and efficient process is being applied.

    This will in turn support our net zero ambitions, enable economic growth and ensure our communities have an enhanced opportunity to be heard.

    Today’s announcement forms the next step in joint work from the two governments to cement Scotland’s role in making the UK a clean energy superpower.  

    It comes after the UK government confirmed Aberdeen as the headquarters for the publicly-owned company Great British Energy, that will own and invest in clean power projects across the UK. This month, Scottish and UK governments also signed an agreement to support clean energy supply chains and infrastructure, via new partnerships between Great British Energy and Scottish public bodies. 

    The proposed reforms aim to provide developers and communities with an updated system when submitting plans for large clean energy projects. The changes cover the entire process from pre-application to challenging decisions, tackling issues that have already been addressed in England and Wales under previous reforms. They include: 

    • Pre-application requirements: New standardised processes for both onshore and offshore developers to engage with local communities and stakeholders before submitting an application to the Scottish Government for new energy infrastructure. This will involve communities at an earlier stage and improve the quality and speed of applications, with new powers for the Scottish Government to reject any that do not meet requirements. The Scottish Government will also be able to charge fees for pre-application services, helping to deliver the new system effectively. 

    • Appealing decisions: Standardising the appeals process, with set criteria for challenging decisions on new energy infrastructure and a 6-week time limit in which objections can be raised. Currently challenges to large onshore projects must be brought by judicial review within three months, which can lead to lengthy delays.  

    • Public Inquiries: Reforming the public inquiry process which is automatically triggered when Planning Authorities raise objections to new energy infrastructure. These inquiries can take an average of 18 months and have cost the Scottish Government £1.9 million since 2021. Under the proposals, inquiry sessions will still be held where necessary, but other forms of decision making will also be deployed on a case-by-case basis guided by a specialist reporter.

    • Changes to planning consent: New powers to allow the Scottish Government to revoke, suspend or vary consents for energy infrastructure projects under specific circumstances. This will allow for necessary amends to be made, without the applicant having to restart the process. 

    • Necessary wayleaves: A new power for the Scottish Government to charge developers a fee for submitting wayleave applications to place overhead lines on private land. Similar fees are charged in England and Wales, and will help the Scottish Government to meet an expected increase in applications in the rollout of new clean energy projects.   

    Notes to editors:  

    The consultation, launched today, will run for 4 weeks until 26 November. Read more about the consultation.

    All decisions on new energy infrastructure projects in Scotland are devolved and applications over 50MW are made to the Scottish Government. The UK government is responsible for energy policy and the legislative framework (i.e. Electricity Act 1989) is reserved for the UK Parliament.  

    Changes to the Planning Act 2008 (such as Nationally Significant Infrastructure Projects) helped to speed up decision making on energy infrastructure projects in England and Wales. The proposed reforms in this consultation will update the approvals process for energy infrastructure in Scotland.  

    Following the consultation process, the UK government will bring forward the necessary legislation as soon as Parliamentary time allows.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: UK statement for 75th session of the UNHCR Executive Committee

    Source: United Kingdom – Executive Government & Departments

    UK general statement delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley, at the 75th session of the UNHCR Executive Committee, October 2024.

    Thank you, Chair, High Commissioner,

    Let me start by paying tribute to those humanitarians who have so tragically lost their lives in the past year – not least among them the UNHCR colleagues whom we have lost in the course of their duties in Lebanon. They have paid the ultimate price in their labour for peace and humanitarianism.

    We are deeply concerned about the escalating humanitarian situation in the Middle East and in Lebanon. The UK emphasises all parties’ obligation to comply with international humanitarian law and to ensure protection for civilians and civilian infrastructure. My government has been clear: the fighting must stop, the hostages must be freed, and there must be safe and free humanitarian access to those in need.

    Turning to the themes of the Executive Committee, as we face future uncertainties and ever-increasing global displacement, we need to continue to work in solidarity and in unity to find solutions. Forcibly displaced persons demand and expect that the international community takes responsibility.

    My government’s commitment to multilateralism and multilateral solutions is clear and deep-rooted. The UK will work hand-in-hand with UNHCR to respond to the growing list of protracted and emerging crises. We will tackle climate and nature emergencies and global development challenges together, by working for peace and promoting global economic development and growth to develop sustainable solutions. And we welcome the High Commissioner’s recent visit to London and the contact he has had with UK Ministers.

    But clearly, the situation in countries of origin needs international attention too. We need to address root causes and invest in early anticipatory action that builds resilience and independence. We need partnerships that promote local leadership. And we need to empower women and girls.

    Where needs arise, UNHCR must continue to provide protection for the most vulnerable. But clearly, more predictable and more sustainable support is needed so that increasingly stretched resources can be used more efficiently to keep pace with rising needs. UNHCR’s ongoing commitment to reform, efficiencies and effectiveness is an important part of this.

    The UK is committed to seeking sustainable solutions together. Not just because inclusion in national systems is the right thing to do, but also because it is the smart thing to do. And we support national ownership and the leadership of hosting countries, who I want to recognize here for their generosity, where this is in refugees’ best interests.

    This is why, at last year’s Global Refugee Forum, the UK highlighted the need to look beyond traditional humanitarian partnerships to galvanize joint sustainable action. And we have been working hard with our partners over the last ten months to put those commitments into action.

    We must be led by the needs of displaced people wherever and whenever we find them. But I want to point to two specific crises which demand our attention. Firstly, Russia’s brutal invasion of Ukraine in flagrant breach of the UN Charter. This year, the UK provided £100 million in humanitarian assistance and like my Czech colleague I want to pay tribute to the British people who have extended sanctuary to almost 300,000 Ukrainians since the start of the invasion.

    And Sudan which is perhaps the world’s most severe humanitarian crisis with almost 25 million people in need of assistance. Thank you, High Commissioner, for speaking out so clearly about the scale and horror of the conflict. We have provided almost £100m in assistance for Sudan this year.

    And finally, on statelessness, we are grateful to UNHCR for its leadership of the I Belong campaign. The achievements are a strong foundation on which to launch the Global Alliance, which the UK is honoured to join. We know statelessness can be ended, and we look forward to working with others on this shared mission.

    I’ll end by reiterate the UK’s gratitude to all UNHCR staff who tirelessly provide assistance to those who need it, so often in such difficult and dangerous circumstances. Let us, through the Executive Committee, show them our sustained support.

    Thank you.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: New Coastguard station is ‘great news for both the team and the island’

    Source: United Kingdom – Executive Government & Departments

    After around 40 years in the same station, a coastguard rescue team on the Isle of Wight has a new home.

    Needles Coastguard Rescue Team standing outside their new station

    Needles Coastguard Rescue Team is now operating from its new station at Golden Hill Fort in the Freshwater area, offering a spacious, modern and well-equipped space to prepare for search and rescue missions.

    With a dedicated training room and washing and drying facilities, and located in the heart of the community, the team of 11 volunteers will be even more ready to respond to those in need.

    Senior Coastal Operations Officer Andrew Woodford said:

    This is great news for both the team and the island, as we are now in a much better place to respond to call outs and undertake training activities.

    The station is future-proof so it will be there for officers for years to come, it looks the part, and has all the facilities we need in a much more suitable space.

    A fit-for-purpose station is such an important part of coastguard training and response, so this is a brilliant addition to the service which will have clear benefits.

    After 12 months of planning and costing more than £200,000, the building and fit-out took around three months to complete, with the final touches added in October, marking its operational status.

    An official opening ceremony for the new station will take place later this year.

    Press office

    Email public.relations@mcga.gov.uk

    Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

    Outside these hours or on bank holidays and weekends, for media enquiries ONLY, please send an email outlining your query and putting #Urgent in the subject title.

    Updates to this page

    Published 28 October 2024

    MIL OSI United Kingdom

  • MIL-OSI: NEWTON GOLF Company Provides Preliminary Financial Results for Third Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMARILLO, CA, Oct. 28, 2024 (GLOBE NEWSWIRE) — NEWTON GOLF Company (Nasdaq: SPGC) (“NEWTON GOLF” or the “Company”), a technology-forward golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, reports preliminary financial results for the third quarter of 2024 (three months ended September 30, 2024) ahead of its quarterly filing.

    Financial Highlights for Third Quarter 2024

    • Revenue of $1,150,000 – $1,250,000 in 3Q24, an increase of 1,163% at the midpoint of the range over $95,000 in 3Q23 and a sequential increase of 48% at the midpoint of the range over $813,000 in 2Q24.
    • Gross margin of 63-67% in 3Q24 was driven by increased volume in manufacturing and compares to 41% in 3Q23.
    • Announced a complete rebranding of the Company.
    • Launched the new Gravity Premium putter line with the introduction of five models.
    • Expanded the Company’s global presence with the launch of the Newton Motion shafts in Japan in 50 of its largest golf retail locations.
    • Closed on $732,000 of underwritten public offering of shares of common stock.
    • Increased the number of professionals using the Newton Motion Shafts on the PGA TOUR Champions to 34, generating greater exposure.
    • Executed successful digital campaigns.
    • Introduced the new advanced performance shafts for higher swing speeds.

    NEWTON GOLF Company Executive Chairman Greg Campbell commented, “Our third quarter was marked by continued momentum in the sales of our Newton Motion replacement driver shafts and the first full quarter of revenue from our fairway woods replacement shafts. The continued traction we are seeing from professional golfers, highlighted by 34 Champions TOUR players now using the Newton Motion shafts, gives us confidence that our technology-forward approach to design is the proper cornerstone of our product development strategy. Additionally, a recent launch of our putter line that now carries the NEWTON GOLF Gravity brand can potentially add to our growth trajectory.”

    This press release contains preliminary estimated financial results for the quarter ended September 30, 2024, and may change as a result of management’s continued review. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release and has been prepared by Company management. This preliminary financial and operational information should not be viewed as a substitute for full financial statements and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial and operational information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About NEWTON GOLF: A Sacks Parente Company

    NEWTON GOLF: A Sacks Parente Company, is a technology-forward golf company that help golfers elevate their game. With a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories, the Company’s innovative accomplishments include: the First Vernier Acuity putter, patented Ultra-Low Balance Point (ULBP) putter technology, weight-forward Center-of-Gravity (CG) design, and pioneering ultra-light carbon fiber putter shafts.

    In consideration of its growth opportunities in golf shaft technologies, the Company expanded its manufacturing business in April of 2022 to develop the advanced Newton brand of premium golf shafts by opening a new shaft manufacturing facility in St. Joseph, MO. It is the Company’s intent to manufacture and assemble substantially all products in the United States, while also expanding into golf apparel and other golf-related product lines to enhance its growth.

    The Company’s future expansions may include broadening its offerings through mergers, acquisitions or internal developments of product lines that are complementary to its premium brand. The Company currently sells its products through resellers, the Company’s websites, Club Champion retail stores, and distributors in the United States, Japan, and South Korea.

    For more information, please visit the Company’s website at www.newtongolfco.com or on social media at @newtongolfco.com, @newtonshafts, or @gravityputters.

    Investor Contact for NEWTON GOLF
    CORE IR
    516-222-2560
    investors@sacksparente.com

    The MIL Network

  • MIL-OSI: Norwood Financial Corp Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Quarterly Highlights:

    • Net interest margin increased 19 basis points vs. the prior quarter and 7 basis points over the prior year.
    • Loans grew at an 8% annualized rate during the 3rd quarter.
    • Capital continues to improve as the negative mark-to-market effect lessens 42% since last year.

    HONESDALE, Pa., Oct. 28, 2024 (GLOBE NEWSWIRE) — Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2024 of $3.8 million, which was $275 thousand lower than the same three-month period of last year. Net interest income was up by $892 thousand which was offset by increases in operating expense and the provision for credit losses. Earnings per share (fully diluted) were $0.48 in the three months ended September 30, 2024, compared to $0.51 in the same period of last year. The annualized return on average assets for the three months ended September 30, 2024, was 0.68%, while the annualized return on average tangible equity was 9.58%.

    Net income for the nine months ended September 30, 2024, was $12.5 million, which is $3.9 million lower than the same nine-month period of 2023, due to a decrease in net interest income, an increase in the provision for credit losses, and an increase in operating expenses, partially offset by an increase in total other income. Earnings per share (fully diluted) for the nine months ended September 30, 2024, were $1.55, compared to $2.03 for the nine months ended September 30, 2023. The annualized return on average assets for the nine months ended September 30, 2024 was 0.75%. The annualized return on average tangible equity for the nine months ended September 30, 2024 was 10.82%.

    Total assets as of September 30, 2024 were $2.280 billion, compared to $2.180 billion at September 30, 2023. At September 30, 2024, loans receivable were $1.675 billion, total deposits were $1.855 billion and stockholders’ equity was $195.7 million.

    For the three months ended September 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled $16.1 million, an increase of $914 thousand compared to the same period in 2023. A $77.5 million increase in average interest-earning assets, generated an increase in interest income of $4.0 million. Interest expense increased $3.1 million mainly due to higher deposit balances and higher rates on those deposits. Net interest margin (fte) for the three months ended September 30, 2024 was 2.99%, compared to 2.92% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 58 basis points to 5.31% during the three months ended September 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 62 basis points to 3.09%.

    Net interest income (fte) for the nine-months ended September 30, 2024 totaled $45.6 million, which was $1.2 million lower than the same period in 2023, due primarily to a $14.8 million increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.87% for the nine-months ended September 30, 2024, as compared to 3.10% for the nine-months ended September 30, 2023.

    Other income for the three months ended September 30, 2024, totaled $2.3 million, compared to $2.3 million for the same period in 2023. For the nine-months ended September 30, 2024, other income totaled $6.5 million, compared to $6.0 million for the nine-months ended September 30, 2023.

    Other expenses totaled $12.0 million for the three months ended September 30, 2024, an increase of $755 thousand, compared to the $11.3 million for the same period of 2023. For the nine-months ended September 30, 2024, other expenses totaled $35.2 million, compared to $32.6 million for the same period in 2023, due primarily to an increase in salaries and benefits, professional fees, data processing costs and FDIC insurance.

    Jim Donnelly President and CEO of Norwood Financial Corp and Wayne Bank, stated, “We are pleased to present our result of operations for the third quarter. Although strong loan growth caused an increase in our provision for credit losses we welcome the ongoing opportunity to serve our customers. Net interest margin (fte) for this quarter eclipsed the margin for last year, something that hasn’t happened since the Federal Reserve began raising interest rates. Our capital base remains above “Well-Capitalized” targets and we continue to show less impact from the market value of our bond portfolio. Additionally, our credit quality metrics remained strong during the third quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers.”

    Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

    Forward-Looking Statements

    The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

    Non-GAAP Financial Measures

    This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a fully taxable-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.

    The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis:

         
    (dollars in thousands) Three months ended Nine months ended
    September 30 September 30
        2024     2023     2024     2023
    Net Interest Income $         15,931   $         15,039   $         45,566   $         46,774
    Taxable equivalent basis
    adjustment using 21% marginal
    tax rate
      207     185     601     554
    Net interest income on a fully
    taxable equivalent basis
    $ 16,138   $ 15,224   $ 46,167   $ 47,328
                           

    This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.

    The following table reconciles average equity to average tangible equity:

           
      Three months ended   Nine months ended
    (dollars in thousands) September 30   September 30
        2024      2023     2024     2023
    Average equity $ 189,135   $ 175,224   $ 183,593    $ 174,943
    Average goodwill and other
    intangibles
       (29,440)     (29,514)      (29,457)     (29,536)
    Average tangible equity $ 159,695   $ 145,710   $ 154,136   $ 145,407
                           

    Contact: John M. McCaffery
    Executive Vice President &
    Chief Financial Officer
    NORWOOD FINANCIAL CORP
    272-304-3003
    www.waynebank.com

     
    NORWOOD FINANCIAL CORP
    Consolidated Balance Sheets
    (dollars in thousands, except share and per share data)
    (unaudited)
      September 30
        2024
      2023
     
    ASSETS              
    Cash and due from banks $  47,072     $ 41,141  
    Interest-bearing deposits with banks   35,808       13,005  
    Cash and cash equivalents   82,880       54,146  
                   
    Securities available for sale   396,891       380,499  
    Loans receivable   1,675,139       1,611,069  
    Less: Allowance for credit losses   18,699       16,086  
    Net loans receivable   1,656,440       1,594,983  
    Regulatory stock, at cost   6,329       8,843  
    Bank premises and equipment, net   18,503       17,254  
    Bank owned life insurance   46,382       46,197  
    Foreclosed real estate owned   0       290  
    Accrued interest receivable   8,062       7,759  
    Deferred tax assets, net   18,818       25,610  
    Goodwill   29,266       29,266  
    Other intangible assets   167       240  
    Other assets   16,013       14,911  
    TOTAL ASSETS $         2,279,751     $         2,179,998  
               
    LIABILITIES          
    Deposits:          
    Non-interest bearing demand $ 420,967     $ 430,242  
    Interest-bearing   1,434,284       1,316,582  
    Total deposits   1,855,251       1,746,824  
    Short-term borrowings   52,453       103,881  
    Other borrowings   144,959       137,447  
    Accrued interest payable   12,688       8,605  
    Other liabilities   18,746       18,539  
    TOTAL LIABILITIES   2,084,097       2,015,296  
                   
    STOCKHOLDERS’ EQUITY
    Preferred Stock, no par value per share, authorized 5,000,000 shares
             
    Common Stock, $.10 par value per share,              
    authorized: 20,000,000 shares,
    issued: 2024: 8,311,851 shares, 2023: 8,291,401 shares
      831       829  
    Surplus   98,330       97,449  
    Retained earnings   140,489       137,363  
    Treasury stock, at cost: 2024: 221,140 shares, 2023: 222,051 shares   (5,969 )     (5,957 )
    Accumulated other comprehensive loss   (38,027 )     (64,982 )
    TOTAL STOCKHOLDERS’ EQUITY   195,654       164,702  
    TOTAL LIABILITIES AND
    STOCKHOLDERS’ EQUITY
    $ 2,279,751     $ 2,179,998  
             
    NORWOOD FINANCIAL CORP
    Consolidated Statements of Income
    (dollars in thousands, except per share data)
    (unaudited)
           
        Three Months Ended September 30,   Nine Months Ended September 30,
        2024  2023     2024       2023  
    INTEREST INCOME                      
    Loans receivable, including fees $ 25,464   22,021   $ 73,266   $ 61,881  
    Securities   2,526     2,433     7,635     7,418  
    Other   497     54     2,194     156  
    Total Interest income   28,487     24,508     83,095     69,455  
                         
    INTEREST EXPENSE                    
    Deposits   10,553     7,017     31,349     17,119  
    Short-term borrowings   323     1,126     1,015     2,702  
    Other borrowings   1,680     1,326     5,165     2,860  
    Total Interest expense   12,556     9,469     37,529     22,681  
    NET INTEREST INCOME   15,931     15,039     45,566     46,774  
    PROVISION FOR CREDIT LOSSES   1,345   $ 882   $         1,069   $ (568 )
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   14,586     14,157     44,497     47,342  
                         
    OTHER INCOME                    
    Service charges and fees   1,517     1,527     4,364     4,192  
    Income from fiduciary activities   256     246     719     688  
    Net realized (losses) gains on sales of securities               (209 )
    Gains on sales of loans, net   103     18     145     27  
    Gains on sales of foreclosed real estate owned       13     32     13  
    Earnings and proceeds on life insurance policies   261     328     781     770  
    Other   158     174     467     520  
    Total other income   2,295     2,306     6,508     6,001  
                         
    OTHER EXPENSES                    
    Salaries and employee benefits   6,239     6,083     18,328     17,893  
    Occupancy, furniture and equipment   1,269     1,242     3,758     3,818  
    Data processing and related operations   1,162     876     3,208     2,465  
    Taxes, other than income   179     167     452     490  
    Professional fees   576     524     1,669     1,132  
    FDIC Insurance assessment   339     254     1,009     699  
    Foreclosed real estate   9     9     45     112  
    Amortization of intangibles   16     20     54     66  
    Other   2,242     2,101     6,683     5,974  
    Total other expenses   12,031     11,276     35,206     32,649  
                             
    INCOME BEFORE TAX   4,850     5,187     15,799     20,694  
    INCOME TAX EXPENSE   1,006     1,068     3,308     4,289  
    NET INCOME $ 3,844   $ 4,119   $ 12,491   $ 16,405  
                             
    Basic earnings per share $ 0.48   $ 0.51   $ 1.55   $ 2.03  
                             
    Diluted earnings per share $ 0.48   $ 0.51   $ 1.55   $ 2.03  
                   
    NORWOOD FINANCIAL CORP
    Financial Highlights (Unaudited)
    (dollars in thousands, except per share data)
                 
    For the Three Months Ended September 30   2024       2023  
    Net interest income $         15,931     $         15,039  
    Net income   3,844       4,119  
                   
    Net interest spread (fully taxable equivalent)   2.23 %     2.26 %
    Net interest margin (fully taxable equivalent)   2.99 %     2.92 %
    Return on average assets   0.68 %     0.76 %
    Return on average equity   8.09 %     9.33 %
    Return on average tangible equity   9.58 %     11.22 %
    Basic earnings per share $         0.48     $         0.51  
    Diluted earnings per share $         0.48     $         0.51  
                   
    For the Nine Months Ended September 30   2024       2023  
    Net interest income $         45,566     $         46,774  
    Net income   12,491       16,405  
                   
    Net interest spread (fully taxable equivalent)   2.12 %     2.56 %
    Net interest margin (fully taxable equivalent)   2.87 %     3.10 %
    Return on average assets   0.75 %     1.04 %
    Return on average equity   9.09 %     12.54 %
    Return on average tangible equity   10.82 %     15.08 %
    Basic earnings per share $         1.55     $         2.03  
    Diluted earnings per share $         1.55     $         2.03  
                   
    As of September 30   2024       2023  
    Total assets $         2,279,751     $         2,179,998  
    Total loans receivable   1,675,139       1,611,069  
    Allowance for credit losses   18,699       16,086  
    Total deposits   1,855,251       1,746,824  
    Stockholders’ equity   195,654       164,702  
    Trust assets under management   209,857       185,913  
                   
    Book value per share $         24.92     $         21.15  
    Tangible book value per share $         21.28     $         17.49  
    Equity to total assets   8.58 %     7.56 %
    Allowance to total loans receivable   1.12 %     1.00 %
    Nonperforming loans to total loans   0.47 %     0.65 %
    Nonperforming assets to total assets   0.35 %     0.50 %
     
    NORWOOD FINANCIAL CORP
    Consolidated Balance Sheets (unaudited)
    (dollars in thousands)
      September 30
    2024
    June 30
    2024
    March 31
    2024
    December 31
    2023
    September 30
    2023
    ASSETS          
    Cash and due from banks $         47,072   $         29,903   $         19,519   $         28,533   $         41,141  
    Interest-bearing deposits with banks    35,808     39,492     92,444     37,587     13,005  
    Cash and cash equivalents   82,880     69,395     111,963     66,120     54,146  
                                   
    Securities available for sale   396,891     397,578     398,374     406,259     380,499  
    Loans receivable   1,675,139     1,641,356     1,621,448     1,603,618     1,611,069  
    Less: Allowance for credit losses   18,699     17,807     18,020     18,968     16,086  
    Net loans receivable   1,656,440     1,623,549     1,603,428     1,584,650     1,594,983  
    Regulatory stock, at cost   6,329     6,443     6,545     7,318     8,843  
    Bank owned life insurance   46,382     46,121     45,869     46,439     46,197  
    Bank premises and equipment, net   18,503     18,264     18,057     17,838     17,254  
    Foreclosed real estate owned   0     0     97     97     290  
    Goodwill and other intangibles   29,433     29,449     29,468     29,487     29,506  
    Other assets   42,893     44,517     46,622     42,871     48,280  
    TOTAL ASSETS $         2,279,751   $         2,235,316   $         2,260,423   $         2,201,079   $         2,179,998  
               
    LIABILITIES          
    Deposits              
    Non-interest bearing demand $         420,967   $         391,849   $         383,362   $         399,545   $         430,242  
    Interest-bearing deposits   1,434,284     1,419,323     1,455,636     1,395,614     1,316,582  
    Total deposits   1,855,251     1,811,172     1,838,998     1,795,159     1,746,824  
    Borrowings   197,412     210,422     211,234     198,312     241,328  
    Other liabilities   31,434     31,534     28,978     26,538     27,144  
    TOTAL LIABILITIES   2,084,097     2,053,128     2,079,210     2,020,009     2,015,296  
                                   
    STOCKHOLDERS’ EQUITY   195,654     182,188     181,213     181,070     164,702  
                                   
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $         2,279,751   $         2,235,316   $         2,260,423   $         2,201,079   $         2,179,998  
                 
    NORWOOD FINANCIAL CORP
    Consolidated Statements of Income (unaudited)
    (dollars in thousands, except per share data)
           
                 
        September 30
    2024
    June 30
    2024
    March 31
    2024
    December 31
    2023
    September 30
    2023
    Three months ended  
    INTEREST INCOME            
    Loans receivable, including fees $ 25,464   $ 24,121   $ 23,681   $ 23,328   $ 22,021  
    Securities   2,526     2,584     2,526     2,504     2,433  
    Other   497     966     731     253     54  
    Total interest income   28,487     27,671     26,938     26,085     24,508  
                                   
    INTEREST EXPENSE            
    Deposits   10,553     10,687     10,110     8,910     7,017  
    Borrowings   2,003     2,059     2,118     1,882     2,452  
    Total interest expense   12,556     12,746     12,228     10,792     9,469  
    NET INTEREST INCOME   15,931     14,925     14,710     15,293     15,039  
    (RELEASE OF) PROVISION FOR CREDIT LOSSES   1,345     347     (624   6,116     882  
    NET INTEREST INCOME AFTER (RELEASE OF)
    PROVISION FOR CREDIT LOSSES
               
    14,586     14,578     15,334     9,177     14,157  
                 
    OTHER INCOME                              
    Service charges and fees   1,517     1,504     1,343     1,421     1,527  
    Income from fiduciary activities   256     225     238     210     246  
    Net realized (losses) gains on sales of securities                    
    Gains on sales of loans, net   103     36     6     36     18  
    Gains on sales of foreclosed real estate owned       32         66     13  
    Earnings and proceeds on life insurance policies   261     253     268     242     328  
    Other   158     157     151     148     174  
    Total other income   2,295     2,207     2,006     2,123     2,306  
                                   
    OTHER EXPENSES            
    Salaries and employee benefits   6,239     5,954     6,135     5,672     6,083  
    Occupancy, furniture and equipment, net   1,269     1,229     1,261     1,265     1,242  
    Foreclosed real estate   9     15     21     17     9  
    FDIC insurance assessment   339     309     361     287     254  
    Other   4,175     3,937     3,954     3,608     3,688  
    Total other expenses   12,031     11,444     11,732     10,849     11,276  
                                   
    INCOME BEFORE TAX   4,850     5,341     5,608     451     5,187  
    INCOME TAX EXPENSE   1,006     1,128     1,175     96     1,068  
    NET INCOME $ 3,844   $ 4,213   $ 4,433   $ 355   $ 4,119  
                                   
    Basic earnings per share $ 0.48   $ 0.52   $ 0.55   $ 0.04   $ 0.51  
                                   
    Diluted earnings per share $ 0.48   $ 0.52   $ 0.55   $ 0.04   $ 0.51  
                                   
    Book Value per share $ 24.92   $ 23.26   $ 23.01   $ 22.99   $ 21.15  
    Tangible Book Value per share   21.28     19.62     19.38     19.36     17.49  
                                   
    Return on average assets (annualized)   0.68 %   0.75 %   0.80 %   0.06   0.76 %
    Return on average equity (annualized)   8.09 %   9.41   9.79   0.84   9.33 %
    Return on average tangible equity (annualized)   9.58 %   11.26   11.68   1.01   11.22 %
                                   
    Net interest spread (fte)   2.23 %   2.05   2.07   2.24   2.28 %
    Net interest margin (fte)   2.99 %   2.79   2.79   2.95   2.94 %
                                   
    Allowance for credit losses to total loans   1.12 %   1.08   1.11   1.18   1.00 %
    Net charge-offs to average loans (annualized)   0.08 %   0.13   0.08   0.79   0.59 %
    Nonperforming loans to total loans   0.47 %   0.47   0.23   0.48   0.65 %
    Nonperforming assets to total assets   0.35 %   0.34   0.17   0.35   0.50 %
    NORWOOD FINANCIAL CORP
    NET INTEREST MARGIN ANALYSIS
    (dollars in thousands)

      For the Quarter Ended
      September 30, 2024 For the Quarter Ended June 30, 2024 September 30, 2023
    Average
    Balance
    (2)
    Interest
    (1) 
    Average
    Rate
    (3)
    Average
    Balance
    (2)
    Interest
    (1)
    Average
    Rate

    (3)
    Average
    Balance
    (2)
    Interest
    (1) 
    Average
    Rate
     (3)

    Assets                      
    Interest-earning assets:                      
    Interest-bearing deposits with banks $ 36,221   $ 497   5.46 % $ 69,173   $ 967   5.62 % $ 3,675   $ 54   5.83 %
    Securities available for sale:                      
    Taxable   392,168     2,161   2.19     401,014     2,206   2.21     406,962     2,052   2.00  
    Tax-exempt (1)   67,563     461   2.71     69,126     477   2.78     70,219     483   2.73  
    Total securities available for sale (1)   459,731     2,622   2.27     470,140     2,683   2.30     477,181     2,535   2.11  
    Loans receivable (1) (4) (5)   1,651,921     25,575   6.16     1,629,283     24,220   5.98     1,589,474     22,104   5.52  
    Total interest-earning assets   2,147,873     28,694   5.31     2,168,596     27,870   5.17     2,070,330     24,693   4.73  
    Non-interest earning assets:                      
    Cash and due from banks   28,193           26,422           27,910      
    Allowance for credit losses   (17,944 )         (18,023 )         (17,262 )    
    Other assets   78,344           69,718           65,863      
    Total non-interest earning assets   88,593           78,117           76,511      
    Total Assets $ 2,236,466         $ 2,246,713         $ 2,146,841      
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
                           
    Interest-bearing demand and money market $ 461,897   $ 2,782   2.40   $ 450,918   $ 2,397   2.14   $ 439,255   $ 1,647   1.49  
    Savings   221,366     13   0.02     233,676     286   0.49     238,493     77   0.13  
    Time   734,235     7,758   4.20     755,224     8,004   4.26     611,607     5,293   3.43  
    Total interest-bearing deposits   1,417,498     10,553   2.96     1,439,818     10,687   2.99     1,289,355     7,017   2.16  
    Short-term borrowings   53,622     323   2.40     61,689     356   2.32     116,470     1,126   3.84  
    Other borrowings   146,357     1,680   4.57     149,442     1,703   4.58     116,700     1,326   4.51  
    Total interest-bearing liabilities   1,617,477     12,556   3.09     1,650,949     12,746   3.11     1,522,525     9,469   2.47  
    Non-interest bearing liabilities:                      
    Demand deposits   400,314           387,962           425,216      
    Other liabilities   29,540           28,308           23,876      
    Total non-interest bearing liabilities   429,854           416,270           449,092      
    Stockholders’ equity   189,135           179,494           175,224      
    Total Liabilities and Stockholders’ Equity $ 2,236,466         $ 2,246,713         $ 2,146,841      
    Net interest income/spread (tax equivalent basis)     16,138   2.23 %     15,124   2.06 %     15,224   2.26 %
    Tax-equivalent basis adjustment     (207 )         (199 )         (185 )  
    Net interest income   $ 15,931         $ 14,925         $ 15,039    
    Net interest margin (tax equivalent basis)     2.99 %     2.80 %     2.92 %
                             

    (1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
    (2) Average balances have been calculated based on daily balances.
    (3) Annualized
    (4) Loan balances include non-accrual loans and are net of unearned income.
    (5) Loan yields include the effect of amortization of deferred fees, net of costs.

    The MIL Network

  • MIL-OSI Economics: CBB Governor receives PM Fellowship Program candidate

    Source: Central Bank of Bahrain

    Published on 28 October 2024

    Manama, Kingdom of Bahrain – 28 October 2024 – HE Khalid Humaidan, Governor of the Central Bank of Bahrain, affirmed that the PM Fellowship Program reflects the Kingdom of Bahrain’s commitment to investing in its national workforce and engaging them in comprehensive development, under the leadership of His Majesty King Hamad bin Isa Al Khalifa and in line with the vision of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.

    HE the Governor received at his office Mr. Rashed Adel Kamal, the CBB employee selected as a candidate for the 10th intake of the Prime Minister’s Fellowship Program, and  congratulated him on his selection, wishing him ongoing success and benefit from the program’s opportunities.

    Mr. Kamal expressed his gratitude to HE the Governor for his continuous support for CBB employees in achieving their aspirations.

    Share this

    MIL OSI Economics

  • MIL-OSI NGOs: Nigeria: Escalation of mob violence emboldens impunity

    Source: Amnesty International –

    • At least 555 victims of mob violence recorded over the last decade
    • Upsurge of blasphemy killings fueled by alleged incitement from clerics
    • Allegations of corruption and policing failures perpetuating violence

    The failure of the Nigerian authorities to protect lives has led to a growing escalation of mob violence over the last decade, as people increasingly take law into their hands and carry out so- called ‘jungle justice,’ said Amnesty International Nigeria in a new report. 

    Instantly Killed: How Law Enforcement failures exacerbate wave of mob violence in Nigeria documents how victims accused of theft, blasphemy, shoplifting and witchcraft are beaten, tortured and killed with impunity and suspected perpetrators almost always get away with it. 

    Between January 2012 to August 2023, Amnesty International recorded at least 555 victims of mob violence (how many killed), from 363 documented incidents across Nigeria. Over the period of this investigation 57 people were killed by violent mobs; 32 were burnt alive, 2 persons were buried alive, while 23 people were tortured to death.

    “The menace of mob violence is perhaps one of the biggest threats to the right to life in Nigeria. The fact that these killings have been happening for a long time, with few cases investigated and prosecuted, highlights the authorities’ shocking failure to uphold and fulfil their obligation to protect people from harm and violence,” said Isa Sanusi, Director Amnesty International Nigeria.

    “The failure of law enforcement agencies, especially the Nigeria Police Force, to prevent mob violence, investigate allegations of torture and killings, and bring suspected perpetrators to justice, is empowering mobs to kill. The problem is compounded by weak and corrupt legal institutions and systems.” 

    Isa Sanusi, Director Amnesty International Nigeria

    Amnesty International’s research details cases of victims of mob violence that include at least 13 women, six children, and two people with actual or perceived mental health illnesses and/or psycho-social or intellectual disabilities. Cases of mob violence were documented in each of Nigeria’s six geopolitical zones: South-South (82), South-East (43), South-West (98), North-Central (42), North-West (100), and North-East (26).

    In the southern parts of Nigeria, mob violence is mostly targeted at those accused of theft, of taking part in rituals or practising witchcraft. In northern Nigeria, it is mostly used against those accused of blasphemy and often endorsed by religious clerics. 

    Those with mental health conditions and psycho-social disabilities are consistently targeted by violent mobs that use their disabilities to make false accusations against victims and to justify lynching them. 

    “It is appalling that mob violence is gradually becoming the norm, often meted out in crowded areas, such as motor parks, market areas and busy roads. Victims were always tortured including by beating, stoning, or via the use of improvised weapons like sticks and metal rods,” said Isa Sanusi.

    Many of the victims of mob violence were targeted because of their social status, identities as members of religious or other minority groups. Other reasons for targeting victims include attempts to curtail the rights to freedom of expression, and freedom from discrimination due to gender or specific conditions, including against women, children, and people with psycho-social disabilities.

    MIL OSI NGO

  • MIL-OSI Global: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

    Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

    Somaliland is due to hold a presidential election on 13 November 2024.

    The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

    Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

    Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

    Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

    I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

    Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

    Political landscape

    Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

    Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

    The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

    Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

    Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.




    Read more:
    Somaliland has been pursuing independence for 33 years. Expert explains the impact of the latest deal with Ethiopia


    Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

    However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

    This potential shift reflects an understanding that both regional and global dynamics are changing.

    Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

    KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

    KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

    Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

    Regional implications

    A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

    Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

    Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.




    Read more:
    Somaliland crisis: delayed elections and armed conflict threaten dream of statehood


    There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

    Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

    Risks that lie ahead

    There are some risks of instability regardless of who wins the election.

    The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

    There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

    After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

    Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

    Brendon J. Cannon does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa – https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

    MIL OSI – Global Reports

  • MIL-OSI Video: Enlargement will remain a top priority in the Commission’s next mandate

    Source: European Commission (video statements)

    Title: Enlargement will remain a top priority in the Commission’s next mandate

    Description:
    Enlargement will remain a top priority in the European Commission’s next mandate.
    President Ursula von der Leyen has reaffirmed the EU’s commitments to the European future of our six Western Balkan partners during this year’s edition of the Western Balkans tour.

    https://www.youtube.com/watch?v=plJZfB5whmI

    MIL OSI Video

  • MIL-OSI United Kingdom: Help create a fairer private rented sector in Westminster | Westminster City Council

    Source: City of Westminster

    Westminster City Council is inviting tenants, landlords, property agents and anyone with experience or an interest in the private rented housing sector to have their say on the council’s proposals to introduce a new property licensing scheme in parts of the city.

    The scheme, if approved, would apply to private rented homes that are occupied by a family or a maximum of two sharers. It is known as selective licensing.

    The private rented sector (PRS) continues to grow across the country and Westminster has the largest PRS in England. With the ongoing national housing crisis, an increased shortage of social housing and home ownership unobtainable for many, private rented housing is often the only viable option.

    In 2021, the council introduced a boroughwide additional houses in multiple occupation (HMO) licensing scheme to improve safety standards for tenants living in small HMOs. The council want to ensure the safety of more residents and are now proposing that privately rented homes of all types (not just HMOs) should be licensed in 15 wards across the borough. This will help the council to tackle poor housing conditions and antisocial behaviour in the PRS.

    Councillor Matt Noble, Cabinet Member for Regeneration and Renters, said:

    We know that most landlords and agents operating in Westminster provide homes that are safe, of a high standard and managed well. When properties are not safe and well managed, the impact upon the lives of tenants and the wider community can be detrimental. Sometimes this is because landlords are not aware of their responsibilities and sometimes this is because criminal landlords knowingly flout housing laws.

    “We want to ensure that all private rented properties are operating legally and, above all else, safe.

    “Before any decisions are made, we need the views of everyone in the borough, especially those that live in a private rented home.”

    Westminster City Council is consulting about a licensing scheme which, if it is introduced, could come into effect from spring 2026.

    The consultation runs until Sunday 19 January 2025, and everyone can share their views by visiting www.westminster.gov.uk/prs

    Paper copies will be available at libraries throughout the city and can be requested by emailing [email protected] or calling 020 7641 6161.

    MIL OSI United Kingdom

  • MIL-OSI Russia: Delegation of SPbGASU visited Lakhta Center

    Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Delegation of SPbGASU and representatives of the Leningrad Region Construction Committee: Alexander Glukhanov, Marina Malyutina, Roman Motylev, Anna Tsarenko, Andrey Nikulin, Evgeny Korolev, Olga Pastukh, Sergey Mikhailov, Svetlana Golovina, Alexander Dorozhkin, Galina Tokunova, Ekaterina Voznyak and Evgeny Enokaev

    A delegation from SPbGASU headed by First Vice-Rector Svetlana Golovina visited the Lakhta Center on October 22. The delegation included Vice-Rector for Educational Activities Sergey Mikhailov, Vice-Rector for Research Activities Evgeny Korolev, Vice-Rector for Youth Policy Marina Malyutina, Dean of the Faculty of Civil Engineering, Head of the Department of Technosphere Safety Andrey Nikulin, Deputy Dean of the Faculty of Civil Engineering for Research Work Olga Pastukh, Deputy Dean of the Faculty of Civil Engineering for Career Guidance Work Alexander Glukhanov, Deputy Dean of the Faculty of Civil Engineering for Educational Work Anna Tsarenko, Head of the Department of Construction Organization Roman Motylev, Dean of the Faculty of Economics and Management Galina Tokunova and Dean of the Faculty of Architecture Ekaterina Voznyak. The visit took place with the support of the Leningrad Region Construction Committee and personally the First Deputy Chairman of the Committee, Evgeny Enokaev, as well as the Deputy Chairman of the Industrial Construction Committee, Oleg Razgulyaev.

    Representatives of SPbGASU visited the tallest building in Europe, discussed its design features and visited the observation deck on the 83rd–86th floors of the tower, which offers a breathtaking view of St. Petersburg from a height of 365 m.

    The Lakhta Center complex includes public and business buildings: the Gazprom headquarters, including office space and a transformable conference hall with 390 seats, a multifunctional public and scientific and educational center with a planetarium, and much more.

    In 2024, as part of the Russia exhibition at VDNKh, the approved concept for the further development of the complex was presented to the general public, including the construction of two more high-rises, 555 and 703 m high. The construction of the second of them, symbolically referring to the year the city on the Neva was founded, is planned to be completed by the 330th anniversary of St. Petersburg.

    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: Giant Panda Naming Competition attracts overwhelming response and Giant Panda Painting Competition to conclude next Friday

    Source: Hong Kong Government special administrative region

         â€‹To welcome the two giant pandas gifted by the Central Government to the Hong Kong family, the Culture, Sports and Tourism Bureau (CSTB) announced the launch of the Giant Panda Naming Competition and Giant Panda Painting Competition on October 2. The submission period of the naming competition concluded yesterday (October 27). Over 22 600 submissions were received by the Ocean Park Corporation (Ocean Park), the co-organiser.
          
         A spokesperson for the CSTB said the overwhelming response received for the naming competition shows the public’s love for the giant pandas. 

         Submission period for the painting competition will conclude next Friday (November 8). The spokesperson encourages the public to continue to support and participate in the painting competition by capturing the adorable traits of the giant pandas through artwork. Details of the competition, including the terms and conditions, means for submission of entries, judging criteria and prizes, can be found at the Ocean Park’s dedicated website at https://www.oceanpark.com.hk/en/park-experience/giant-panda-campaign-2024/painting-competition-2024. 

         Results of the two competitions will be announced by the end of this year and winners will be notified individually by correspondence. 

         The two giant pandas have completed their one-month quarantine in the Ocean Park and are adopting to their new habitat. The CSTB will maintain close communication with experts from the Agriculture, Fisheries and Conservation Department and the Ocean Park, and, subject to the health and adaptation conditions of the giant pandas, arrange for them to meet the public by the end of this year.

    MIL OSI Asia Pacific News

  • MIL-OSI Security: Grand Bay-Westfield — 18-year-old man arrested in connection with firearm-related incident

    Source: Royal Canadian Mounted Police

    An 18-year-old man from Grand Bay-Westfield, N.B., has been arrested following a firearm-related incident in Grand Bay-Westfield, N.B.

    On October 24, 2024, at approximately 5:25 p.m., members of the Grand Bay-Westfield RCMP responded to a complaint of a man with a firearm on River Valley Drive in Grand Bay-Westfield.

    When police arrived at the scene, they were able to quickly identify a person of interest. Shortly after, the 18-year-old man was arrested without incident near his parked vehicle. A firearm was also seized as part of the investigation.

    The man was later released on conditions pending a future court appearance.

    At the time, police believed the incident to have been isolated, and that there was no danger to the general public. No one was injured at the time of the incident.

    The investigation is ongoing.

    MIL Security OSI

  • MIL-OSI: VERB Regains Nasdaq Listing Compliance

    Source: GlobeNewswire (MIL-OSI)

    LOS ALAMITOS, Calif. and LAS VEGAS, Oct. 28, 2024 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the company behind MARKET.live, a leading livestream social shopping platform, and GO FUND YOURSELF!, a TV show and innovative new platform disrupting the crowd funding industry, today announced that on October 23, 2024, the Company received a letter from the Nasdaq Stock Market stating that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Stock Market, as set forth in Nasdaq Listing Rule 5550(a)(2).

    Separately, the Company today announces that it has begun an investigation of apparent price manipulation in the trading of its shares following the Company’s announcement of a stockholder approved reverse stock split.

    On October 4, 2024, the Company announced that its stockholders had voted to authorize its Board to implement a 1-for-200 reverse stock split in order to retain the Company’s Nasdaq listing and that the shares would begin trading on a split-adjusted basis on October 9, 2024.

    Prior to the foregoing announcement, the Company estimates that there were approximately 40,000 beneficial owners of the Company’s stock. Assuming every single shareholder was entitled to a round-up share, which is highly unlikely, that would mean the Company would issue 40,000 shares to address any stockholders left with a fractional share following the reverse split. However, post-split, certain recently identified brokerage firms and clearing houses have requested roundup shares totaling more than 260,000 shares of the Company’s common stock – notwithstanding the fact that the Company’s total public float immediately post-split was less than 800,000.

    Not coincidentally, the Company became aware of a significant increase in short positions in its stock at or around the same time – and around the same number of round-up shares as those requested by these brokerages and clearing houses.

    And VERB is not the only company who has been subject to this same apparent manipulation. The Company knows of at least two other companies who are experiencing the same thing. The Company’s management is in communication with leadership at other affected companies and is seeking to coordinate efforts while actively pursuing the engagement of securities fraud counsel to investigate the facts, determine if there has been illicit activity affecting the Company, and if so, moving aggressively to hold those responsible accountable through swift private legal action as well as through the intervention of securities regulators.

    “Do not underestimate our resolve to protect our company and our stockholders,” stated Rory J. Cutaia, VERB Chairman & CEO. “For those of you waiting to receive your 260,000 round-up shares, here’s some advice, don’t hold your breath.”

    About VERB Technology Company 
    Verb Technology Company, Inc. (NASDAQ: VERB), is the innovative force behind interactive video-based social commerce. The Company’s MARKET.live platform is a multi-vendor, livestream social shopping destination at the forefront of the convergence of ecommerce and entertainment, where brands, retailers, creators, and influencers engage their customers, clients, fans, and followers across multiple social media channels simultaneously. GO FUND YOURSELF!, is a revolutionary interactive social crowd funding platform for public and private companies seeking broad-based exposure across social media channels for their crowd-funded Regulation CF and Regulation A offerings. The platform combines a ground-breaking interactive TV show with MARKET.live’s back-end capabilities allowing viewers to tap on their screen to facilitate an investment, in real time, as they watch companies presenting before the show’s panel of “Titans”. Presenting companies that sell consumer products are able to offer their products directly to viewers during the show in real time through shoppable onscreen icons. The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in Los Alamitos, California and Philadelphia, PA. 

    FORWARD-LOOKING STATEMENTS  
    This communication contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our 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 our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, those identified in our filings with the Securities and Exchange Commission (the “SEC”), including our annual, quarterly and current reports filed with the SEC and the risk factors included in our annual report on Form 10-K filed with the SEC on April 1, 2024. Any forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

    Investor Relations:
    investors@verb.tech

    The MIL Network

  • MIL-OSI: Ozop Capital Partners, Inc. Enters Agreement with Empire Auto Protect

    Source: GlobeNewswire (MIL-OSI)

    Empire Auto Protect to White Label the Fully Charged VSC as EMPIRE PLUS

    Warwick, NY, Oct. 28, 2024 (GLOBE NEWSWIRE) — OZOP Capital Partners, Inc., a wholly owned subsidiary of Ozop Energy Solutions, Inc. (OZSC or the “Company”), announces the execution of a White Label Agreement with Empire Auto Protect, a leading provider of comprehensive protection and aftermarket products to the automotive industry.

    Under the agreement, Empire will white label the Royal Administration’s Fully Charged Vehicle Service Contract, incorporating their own branding as Empire Plus. OZOP Plus will be providing battery protection and will be ceded the battery portion of all premiums sold through Empire. Empire’s version of the Fully Charged VSC will offer the same enhanced features and benefits of the Fully Charged VSC to their extensive customer base through their well-established marketing programs.

    The benefits of this white-label agreement are that Empire can immediately go to market with their branded version of the Fully Charged VSC and will also use Royal Administration as the Third-Party Administrator (the “TPA”) for any claims. Royal provides their TPA services for processing claims through their claims center. This seamless integration of services ensures that consumers and dealerships will experience a smooth and efficient claims process, further enhancing their overall experience.

    Brian Conway, CEO of Ozop Plus stated, “This agreement opens new revenue opportunities for OZOP Plus, from Empire’s comprehensive national marketing network which sees a monthly average of 5,000 + vehicle service policies written nationwide. This expansion allows the Fully Charged VSC to be accessible to new and current EV owners in addition to our total of 7,000+ dealerships, consolidating the strengths of both Royal Administration, Ozop Plus, and Empire within the automotive industry.”

    Empire Auto Protect, a trusted name in the automotive market, boasts a remarkable 17-year track record of offering a wide variety of top-rated vehicle service protection plans. As they launch a new Electric Vehicle product, the company is equally enthusiastic about integrating the Fully Charged VSC into their existing portfolio. This move aims to fortify their position in the market and provide their customers with a comprehensive suite of offerings to protect and enhance their electric vehicles.

    Robin and Michael Isaac Kassin, CEO & CFO of Empire Auto Protect talked about the partnership with Ozop Plus: “With this collaboration, we’re leveraging Empire Auto Protect’s cutting-edge digital technology to meet the evolving needs of today’s drivers. We’re excited to lead the warranty sector into a new era of efficiency and accessibility. Through our partnership with OZOP Plus, we will become the leading provider for EV and hybrid vehicles for all automotive warranty needs. This partnership will give customers access to a large network of fully charged Vehicle Service Contracts, offering the best warranty options tailored to each consumer, giving all drivers the peace of mind they deserve.”

    About Ozop Energy Solutions.

    Ozop Energy Solutions (Ozop Energy Solutions (http://ozopenergy.com/) is the flagship company that oversees a wide variety of products in various stages of development in the renewable energy sector. Our strategy focuses on capturing a significant share of the rapidly growing renewable energy market as a provider of assets and infrastructure needed to store energy.

    About Empire Auto Protect

    Empire Auto Protect is at the forefront of transforming the auto warranty landscape by integrating cutting-edge technology into every aspect of our services. Much like how Apple revolutionized consumer electronics and Tesla redefined automotive innovation, we are setting new standards in the warranty sector.

    Our advanced digital platforms streamline the warranty process, making it more efficient and user-friendly for customers. By harnessing data analytics and seamless online tools, we empower consumers with tailored warranty solutions that meet their unique needs. This commitment to innovation not only enhances customer experience but also positions Empire Auto Protect as the leading technology provider in the automotive warranty industry, driving it into a new digital age.

    https://empireautoprotect.com/

    About Automated Room Controls, Inc.

    Also known as ARC, Inc. its mission is to deliver cutting-edge technology that simplifies complex control needs, ensuring seamless integration and exceptional performance. We aim to lead the industry by continuously innovating and providing solutions that meet the evolving demands of our customers. Our vision is to make control systems smarter, more efficient, and more accessible to everyone.

    www.ARControl.com

    About Ozop Energy Systems, Inc.

    Ozop Energy Systems is a manufacturer and distributor of Renewable Energy products in the Energy Storage, Solar, Microgrids, and EV charging Station space. We offer a broad portfolio of Renewable Energy products at competitive prices with a commitment to customer satisfaction from selection, to ordering, shipping, and delivery.

    About Ozop Engineering and Design

    Ozop Engineering and Design engineers’ energy efficient, easy to install and use, digital lighting controls solutions for commercial buildings, campuses, and sports complexes throughout North America. Products include relays panels, controllers, occupancy/vacancy sensors, daylight sensors and wall switch stations. Ozop has a dedicated design team that produces system drawings and a technical support group for product questions and onsite system commissioning. Our mission is to be recognized for our deep understanding of power management systems and ability to provide the right solution for each facility.

    www.ozopengineering.com

    About Ozop Capital Partners

    Ozop Capital Partners, Inc. is a wholly owned subsidiary of the Company, and wholly owns EV Insurance Company, Inc. (“EVIC”). EVIC, DBA Ozop Plus is licensed as a captive insurer that reinsures. www.OzopPlus.com

    https://twitter.com/OzopEnergy

    https://www.facebook.com/OzopEnergy/

    Safe Harbor Statement

    “This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”

    Investor Relations Contact – Ozop
    The Waypoint Refinery, LLC
    845-397-2956
    Visit our Discord:
    https://discord.gg/waypoint

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