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  • MIL-OSI: NCS Multistage Holdings, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter Results

    • Total revenues of $36.5 million, a 23% year-over-year improvement
    • Net income of $0.9 million and diluted earnings per share of $0.34, which includes a positive impact of $1.4 million related to the release of our deferred tax valuation allowance in Canada
    • Adjusted EBITDA of $2.2 million, a $1.3 million year-over-year improvement   
    • $25.4 million in cash and $7.7 million of total debt as of June 30, 2025

    HOUSTON, July 31, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (Nasdaq: NCSM) (the “Company,” “NCS,” “we” or “us”), a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies, today announced its results for the quarter ended June 30, 2025.

    Review and Outlook

    NCS’s Chief Executive Officer, Ryan Hummer commented, “Our team at NCS has continued to enable strong operational and financial performance in an industry and market environment marked by uncertainty. Our revenue and Adjusted EBITDA for the second quarter exceeded the high end of the expectations we provided in our last earnings call and our year-over-year revenue improvement for the quarter of 23% outperformed industry activity levels, demonstrating the value we bring to our customers.

    Furthermore, our revenue and Adjusted EBITDA for the first six months of 2025 have improved by $12.9 million, or 18%, and $3.4 million, or 49%, respectively, as compared to 2024, as we continue to benefit from our core strategies of building upon our leading market positions, capitalizing on international and offshore opportunities and commercializing innovative solutions to complex customer challenges.

    We have maintained our strong balance sheet, ending the second quarter with over $25 million in cash and over $17 million in availability under our undrawn credit facility and only $8 million in debt, comprised entirely of capital leases.

    We’re also excited to announce today’s acquisition of Reservoir Metrics, LLC, and its related entities (“ResMetrics”). ResMetrics, a leader in reservoir analysis utilizing chemical tracer technology, is a profitable and rapidly growing business serving a high-quality customer base in the U.S. and internationally. For the trailing twelve months ended June 30, 2025, ResMetrics’ unaudited revenue was over $10 million with an EBITDA margin of over 30%. We believe that ResMetrics’ business is highly complementary with NCS’s tracer diagnostics service line, and we look forward to working with the ResMetrics team to deliver valuable and actionable reservoir insights to our customers. This all-cash transaction represents a strategic fit for NCS operationally, a strategic use of our balance sheet, and adds to our talented team.

    This has been a strong start to 2025 for NCS and we remain cautiously optimistic about the second half of the year. That optimism is tempered by market conditions that have continued to deteriorate, with continued U.S. rig count declines, a slower than normal rig count recovery in Canada following spring break-up, the potential for an oversupplied oil market in late 2025 as announced OPEC+ oil supply increases materialize, and ongoing uncertainties related to tariffs and trade.

    I want to extend my continued appreciation to the outstanding teams at NCS and Repeat Precision and welcome the ResMetrics team to NCS. Our results, and the opportunities ahead, reflect the vision, ability and commitment of our people and our aligned pursuit of NCS’s strategic priorities. We have the right people, the right technology, and the right strategies in place to deliver tangible benefits to our customers, develop industry solutions, and create shareholder value.”

    Financial Review

    Total revenues were $36.5 million for the quarter ended June 30, 2025 compared to $29.7 million for the second quarter of 2024. Revenue growth was driven primarily by increased fracturing systems activity and frac plug sales in Canada and the United States. The increase for Canada occurred despite a decline in Canadian rig counts during 2025, reflecting more activity with customers that remained active during spring break-up. Our international revenues decreased primarily due to reduced tracer diagnostics activity in the Middle East, partially offset by higher sales of well construction products in the Middle East and fracturing systems equipment in the North Sea.

    Compared to the first quarter of 2025, total revenues decreased by 27%, primarily due to a decrease in Canada of 52%, attributable to the normal seasonal decline associated with spring break-up, partially offset by an increase of 67% in international revenues and a 45% increase in U.S. revenues.

    Gross profit was $12.3 million, or a gross margin of 34%, for the second quarter of 2025, compared to $11.3 million, or a gross margin of 38%, for the second quarter of 2024. Gross margin for 2025 declined, reflecting the mix of products sold and services provided during the respective periods. Adjusted gross profit, which we define as total revenues less total cost of sales, exclusive of depreciation and amortization (“DD&A”), was $13.0 million, or an adjusted gross margin of 36%, for the second quarter of 2025, compared to $12.0 million, or 40%, for the second quarter of 2024.

    Selling, general and administrative (“SG&A”) expenses totaled $13.6 million for the second quarter of 2025, a decrease of $1.2 million compared to the same period in 2024, with a decrease in professional fees, lower payroll and employee benefit expenses, and a decrease in research and development expense, partially offset by higher share-based compensation expense attributable to cash settled awards remeasured at the balance sheet date based on the price of our common stock.

    Other income was $1.6 million for the second quarter of 2025 compared to $2.2 million for the second quarter of 2024. The decline in other income reflects a reduction in the amount attributable to the technical services and assistance agreement with our local partner in Oman, as the program ended in November 2024, with no contribution associated with this agreement in the second quarter of 2025. In addition, there was a year-over-year decrease in royalty income earned from licensees for these periods, as the second quarter of 2024 included an initial payment from a new licensee reflecting both current and certain historical volumes.

    Income tax benefit was $1.0 million for the second quarter of 2025 compared to an expense of $0.3 million for the second quarter of 2024. As of June 30, 2025, we reversed a portion of the valuation allowance previously recorded against the deferred tax assets of our Canadian operating subsidiary due to sustained improvements in operating results, including a return to profitability and forecasts of future taxable income that are sufficient to realize the remaining deferred tax assets. The reversal of the valuation allowance resulted in a deferred income tax benefit of $1.4 million during the period ended June 30, 2025. 

    Net income was $0.9 million, or $0.34 per diluted share, for the quarter ended June 30, 2025 compared to a net loss of $(3.1) million, or $(1.21) per share for the quarter ended June 30, 2024. 

    Adjusted EBITDA was $2.2 million for the quarter ended June 30, 2025, an increase of $1.3 million compared to the same period a year ago. This improvement is primarily the result of an increase in revenues and lower SG&A expenses. Adjusted EBITDA margin of 6% for the quarter ended June 30, 2025, compared to 3% for the same period a year ago. 

    Cash flow from operating activities for the six months ended June 30, 2025 was a source of cash of $1.9 million, a $2.2 million decrease compared to the same period in 2024. For the six months ended June 30, 2025, free cash flow less distributions to non-controlling interest was a source of cash of $0.5 million compared to $3.2 million for the same period in 2024. The overall change in free cash flow was largely attributed to our change in net working capital including payment of incentive bonuses and cash-settled awards in the first quarter of 2025 and an increase in the amount distributed to our non-controlling interest in 2025, partially offset by an increase in net income in 2025.

    Liquidity and Capital Expenditures

    As of June 30, 2025, NCS had $25.4 million in cash, $7.7 million in total indebtedness related to finance lease obligations, and a borrowing base under the undrawn asset-based revolving credit facility (“ABL Facility”) of $17.2 million. Our working capital, defined as current assets minus current liabilities, was $87.2 million and $80.2 million as of June 30, 2025 and December 31, 2024, respectively.

    Net working capital, calculated as working capital, less cash and excluding the current maturities of long-term debt, was $64.0 million and $56.4 million as of June 30, 2025 and December 31, 2024, respectively. The increase in net working capital was primarily attributable to an increase in accounts receivable and inventory and a decrease in accrued expenses and other current liabilities due in part to payment of our 2024 incentive bonus and cash-settled awards in the first quarter of 2025, partially offset by an increase in accounts payable. 

    NCS incurred capital expenditures, net of proceeds from the sale of property and equipment, of $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively.

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are non-GAAP financial measures. For an explanation of these measures and a reconciliation, refer to “Non-GAAP Financial Measures” below.

    Strategic Acquisition of Reservoir Metrics, LLC

    On July 31, 2025, we acquired 100% of the equity interests of ResMetrics, a provider of tracer diagnostics services, for $5.9 million, on a cash-free, debt-free basis, in cash and assumed debt, subject to a working capital adjustment, with an additional earn-out of up to $1.3 million to be paid in early 2026, depending solely on changes in international trade tariff rates for certain chemical imports during 2025. We believe the purchase of ResMetrics will further expand and complement our existing tracer diagnostics offerings.

    Conference Call

    The Company will host a conference call to discuss its second quarter 2025 results and latest earnings guidance on Friday, August 1, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. The live webcast can also be accessed by visiting the Investors section of the Company’s website at ir.ncsmultistage.com. It is recommended that participants join at least 10 minutes prior to the event start.

    The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

    About NCS Multistage Holdings, Inc.

    NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause our actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: declines in the level of oil and natural gas exploration and production activity in Canada, the United States and internationally; oil and natural gas price fluctuations; significant competition for our products and services that results in pricing pressures, reduced sales, or reduced market share; inability to successfully implement our strategy of increasing sales of products and services into the U.S. and international markets; loss of significant customers; losses and liabilities from uninsured or underinsured business activities and litigation; change in trade policy, including the impact of tariffs; our failure to identify and consummate potential acquisitions; the financial health of our customers including their ability to pay for products or services provided; our inability to integrate or realize the expected benefits from acquisitions; our inability to achieve suitable price increases to offset the impacts of cost inflation; loss of any of our key suppliers or significant disruptions negatively impacting our supply chain; risks in attracting and retaining qualified employees and key personnel; risks resulting from the operations of our joint venture arrangement; currency exchange rate fluctuations; impact of severe weather conditions; our inability to accurately predict customer demand, which may result in us holding excess or obsolete inventory; failure to comply with or changes to federal, state and local and non-U.S. laws and other regulations, including tax policies, anti-corruption and environmental regulations, guidelines and regulations for the use of explosives; impairment in the carrying value of long-lived assets including goodwill; system interruptions or failures, including complications with our enterprise resource planning system, cybersecurity breaches, identity theft or other disruptions that could compromise our information; our inability to successfully develop and implement new technologies, products and services that align with the needs of our customers, including addressing the shift to more non-traditional energy markets as part of the energy transition and the adoption of artificial intelligence and machine learning; our inability to protect and maintain critical intellectual property assets, the inability to protect our current royalty income, or the losses and liabilities from adverse decisions in intellectual property disputes; loss of, or interruption to, our information and computer systems; our failure to establish and maintain effective internal control over financial reporting; restrictions on the availability of our customers to obtain water essential to the drilling and hydraulic fracturing processes; changes in legislation or regulation governing the oil and natural gas industry, including restrictions on emissions of greenhouse gases; our inability to meet regulatory requirements for use of certain chemicals by our tracer diagnostics business; the reduction in our ABL Facility borrowing base or our inability to comply with the covenants in our debt agreements; and our inability to obtain sufficient liquidity on reasonable terms, or at all and other factors discussed or referenced in our filings made from time to time with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact

    Mike Morrison
    Chief Financial Officer and Treasurer
    (281) 453-2222
    IR@ncsmultistage.com 

    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Revenues                                
    Product sales   $ 27,776     $ 19,022     $ 62,842     $ 50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues     36,454       29,690       86,459       73,548  
    Cost of sales                                
    Cost of product sales, exclusive of depreciation and amortization expense shown below     18,214       12,209       38,566       31,901  
    Cost of services, exclusive of depreciation and amortization expense shown below     5,242       5,510       13,040       12,105  
    Total cost of sales, exclusive of depreciation and amortization expense shown below     23,456       17,719       51,606       44,006  
    Selling, general and administrative expenses     13,626       14,820       29,821       28,650  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    (Loss) income from operations     (2,030 )     (4,150 )     2,259       (1,649 )
    Other income (expense)                                
    Interest expense, net     (68 )     (115 )     (110 )     (215 )
    Other income, net     1,563       2,203       2,446       3,340  
    Foreign currency exchange gain (loss), net     1,201       (507 )     1,198       (1,005 )
    Total other income     2,696       1,581       3,534       2,120  
    Income (loss) before income tax     666       (2,569 )     5,793       471  
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Net income (loss)     1,698       (2,839 )     6,152       (286 )
    Net income attributable to non-controlling interest     774       256       1,172       739  
    Net income (loss) attributable to NCS Multistage Holdings, Inc.   $ 924     $ (3,095 )   $ 4,980     $ (1,025 )
    Earnings (loss) per common share                                
    Basic earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.36     $ (1.21 )   $ 1.93     $ (0.41 )
    Diluted earnings (loss) per common share attributable to NCS Multistage Holdings, Inc.   $ 0.34     $ (1.21 )   $ 1.84     $ (0.41 )
    Weighted average common shares outstanding                                
    Basic     2,594       2,548       2,581       2,528  
    Diluted     2,734       2,548       2,704       2,528  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands, except share data)
    (Unaudited)
     
        June 30,     December 31,  
        2025     2024  
    Assets                
    Current assets                
    Cash and cash equivalents   $ 25,372     $ 25,880  
    Accounts receivable—trade, net     34,216       31,513  
    Inventories, net     43,510       40,971  
    Prepaid expenses and other current assets     2,707       2,063  
    Other current receivables     5,165       5,143  
    Total current assets     110,970       105,570  
    Noncurrent assets                
    Property and equipment, net     20,470       21,283  
    Goodwill     15,222       15,222  
    Identifiable intangibles, net     3,356       3,690  
    Operating lease assets     5,468       5,911  
    Deposits and other assets     622       712  
    Deferred income taxes, net     1,869       424  
    Total noncurrent assets     47,007       47,242  
    Total assets   $ 157,977     $ 152,812  
    Liabilities and Stockholders’ Equity                
    Current liabilities                
    Accounts payable—trade   $ 9,997     $ 8,970  
    Accrued expenses     6,803       8,351  
    Income taxes payable     790       683  
    Operating lease liabilities     1,685       1,602  
    Current maturities of long-term debt     2,200       2,141  
    Other current liabilities     2,331       3,672  
    Total current liabilities     23,806       25,419  
    Noncurrent liabilities                
    Long-term debt, less current maturities     5,462       6,001  
    Operating lease liabilities, long-term     4,338       4,891  
    Other long-term liabilities     206       206  
    Deferred income taxes, net     186       186  
    Total noncurrent liabilities     10,192       11,284  
    Total liabilities     33,998       36,703  
    Commitments and contingencies                
    Stockholders’ equity                
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2025 and December 31, 2024     —       —  
    Common stock, $0.01 par value, 11,250,000 shares authorized, 2,607,362 shares issued and 2,540,849 shares outstanding at June 30, 2025 and 2,563,979 shares issued and 2,507,430 shares outstanding at December 31, 2024     26       26  
    Additional paid-in capital     448,582       447,384  
    Accumulated other comprehensive loss     (85,916 )     (87,604 )
    Retained deficit     (254,044 )     (259,024 )
    Treasury stock, at cost, 66,513 shares at June 30, 2025 and 56,549 shares at December 31, 2024     (2,211 )     (1,943 )
    Total stockholders’ equity     106,437       98,839  
    Non-controlling interest     17,542       17,270  
    Total equity     123,979       116,109  
    Total liabilities and stockholders’ equity   $ 157,977     $ 152,812  
     
    NCS MULTISTAGE HOLDINGS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
      Six Months Ended  
      June 30,  
      2025   2024  
    Cash flows from operating activities            
    Net income (loss) $ 6,152   $ (286 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
    Depreciation and amortization   2,773     2,541  
    Amortization of deferred loan costs   104     103  
    Share-based compensation   2,837     2,062  
    Provision for inventory obsolescence   191     679  
    Deferred income tax (benefit) expense   (1,398 )   21  
    Gain on sale of property and equipment   (475 )   (340 )
    Provision for (recovery of) credit losses   19     (5 )
    Net foreign currency unrealized (gain) loss   (1,854 )   956  
    Proceeds from note receivable   —     61  
    Changes in operating assets and liabilities:            
    Accounts receivable—trade   (1,827 )   (1,024 )
    Inventories, net   (1,476 )   (1,501 )
    Prepaid expenses and other assets   972     (619 )
    Accounts payable—trade   1,719     1,353  
    Accrued expenses   (1,680 )   1,761  
    Other liabilities   (4,101 )   (2,092 )
    Income taxes receivable/payable   (80 )   429  
    Net cash provided by operating activities   1,876     4,099  
    Cash flows from investing activities            
    Purchases of property and equipment   (745 )   (633 )
    Purchase and development of software and technology   —     (53 )
    Proceeds from sales of property and equipment   271     293  
    Net cash used in investing activities   (474 )   (393 )
    Cash flows from financing activities            
    Payments on finance leases   (1,072 )   (932 )
    Line of credit borrowings   2,338     2,974  
    Payments of line of credit borrowings   (2,338 )   (2,974 )
    Treasury shares withheld   (268 )   (237 )
    Distribution to noncontrolling interest   (900 )   (500 )
    Net cash used in financing activities   (2,240 )   (1,669 )
    Effect of exchange rate changes on cash and cash equivalents   330     (143 )
    Net change in cash and cash equivalents   (508 )   1,894  
    Cash and cash equivalents beginning of period   25,880     16,720  
    Cash and cash equivalents end of period $ 25,372   $ 18,614  
    Noncash investing and financing activities            
    Assets obtained in exchange for new finance lease liabilities $ 723   $ 1,821  
    Assets obtained in exchange for new operating lease liabilities $ 247   $ —  
                 
    NCS MULTISTAGE HOLDINGS, INC.
    REVENUES BY GEOGRAPHIC AREA
    (In thousands)
    (Unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    United States                                
    Product sales   $ 11,930     $ 8,550     $ 18,797     $ 16,317  
    Services     1,682       3,241       4,187       5,485  
    Total United States     13,612       11,791       22,984       21,802  
    Canada                                
    Product sales     13,021       8,263       39,864       30,938  
    Services     4,948       3,795       15,823       12,789  
    Total Canada     17,969       12,058       55,687       43,727  
    Other Countries                                
    Product sales     2,825       2,209       4,181       3,525  
    Services     2,048       3,632       3,607       4,494  
    Total other countries     4,873       5,841       7,788       8,019  
    Total                                
    Product sales     27,776       19,022       62,842       50,780  
    Services     8,678       10,668       23,617       22,768  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
     

    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    Non-GAAP Financial Measures 

    EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital (our “non-GAAP financial measures”) are not defined under generally accepted accounting principles (“GAAP”), are not measures of net income (loss), income (loss) from operations, gross profit and gross margin (inclusive of DD&A), cash provided by (used in) operating activities, working capital or any other performance measure derived in accordance with GAAP, and are subject to important limitations. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with GAAP. Our non-GAAP financial measures have important limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our financial performance as reported under GAAP, and they should not be considered as alternatives to net income (loss), income (loss) from operations, gross profit, gross margin, cash provided by (used in) operating activities, working capital or any other performance measures derived in accordance with GAAP as measures of operating performance or as alternatives to cash flow from operating activities as measures of our liquidity.

    However, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA Less Share-Based Compensation, Adjusted Gross Profit, Adjusted Gross Margin, Free Cash Flow, Free Cash Flow Less Distributions to Non-Controlling Interest and Net Working Capital are key metrics that management uses to assess the period-to-period performance of our core business operations or metrics that enable investors to assess our performance from period to period relative to the performance of other companies that are not subject to such factors, or who may provide similar non-GAAP measures in their public disclosures.

    The tables below set forth reconciliations of our non-GAAP financial measures to the most directly comparable measures of financial performance calculated under GAAP:

    NET WORKING CAPITAL

    Net working capital is defined as total current assets, excluding cash and cash equivalents, minus total current liabilities, excluding current maturities of long-term debt. Net working capital excludes cash and cash equivalents and current maturities of long-term debt in order to evaluate the investments in working capital that we believe are required to support our business. We believe that net working capital is useful in analyzing the cash flow and working capital needs of the Company, including determining the efficiencies of our operations and our ability to readily convert assets into cash.

        June 30,     December 31,  
        2025     2024  
    Working capital   $ 87,164     $ 80,151  
    Cash and cash equivalents     (25,372 )     (25,880 )
    Current maturities of long term debt     2,200       2,141  
    Net working capital   $ 63,992     $ 56,412  
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands, except per share data)
    (Unaudited)

    ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN

    Adjusted gross profit is defined as total revenues minus cost of sales, exclusive of depreciation and amortization expense, which we present as a separate line item in our statement of operations. Adjusted gross margin represents adjusted gross profit as a percentage of total revenues.

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Total revenues   $ 36,454     $ 29,690     $ 86,459     $ 73,548  
    Total cost of sales, exclusive of depreciation and amortization expense     23,456       17,719       51,606       44,006  
    Total depreciation and amortization associated with cost of sales     729       653       1,444       1,269  
    Gross Profit   $ 12,269     $ 11,318     $ 33,409     $ 28,273  
    Gross Margin     34 %     38 %     39 %     38 %
    Exclude total depreciation and amortization associated with cost of sales     (729 )     (653 )     (1,444 )     (1,269 )
    Adjusted Gross Profit   $ 12,998     $ 11,971     $ 34,853     $ 29,542  
    Adjusted Gross Margin     36 %     40 %     40 %     40 %
     


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    EBITDA, ADJUSTED EBITDA, ADJUSTED EBITDA MARGIN, AND ADJUSTED EBITDA LESS SHARE-BASED COMPENSATION

    EBITDA is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items which we believe are not reflective of ongoing operating performance or which, in the case of share-based compensation, is non-cash in nature. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA Less Share-Based Compensation is defined as Adjusted EBITDA minus share-based compensation expense. We believe that Adjusted EBITDA is an important measure that excludes costs that do not reflect the Company’s ongoing operating performance, legal proceedings for intellectual property as further described below, and certain costs associated with our capital structure. We believe that Adjusted EBITDA Less Share-Based Compensation presents our financial performance in a manner that is comparable to the presentation provided by many of our peers.

    We periodically incur legal costs associated with the assertion of, or defense of, intellectual property, which we exclude from our definition of Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation, unless we believe that settlement will occur prior to any material legal spend (included in the table below as “Professional Fees”). Although these costs may recur between periods, depending on legal matters then outstanding or in process, we believe the timing of when these costs are incurred does not typically match the settlement or recoveries associated with such matters, and therefore, can distort our operating results. Similarly, we exclude from Adjusted EBITDA and Adjusted EBITDA Less Share-Based Compensation the one-time settlement or recovery payment associated with these excluded legal matters when realized but would not exclude any go forward royalties or payments, if applicable. We expect to continue to incur these legal costs for current matters under appeal and for any future cases that may go to trial, provided that the amount will vary by period. 

        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
    Net income (loss)   $ 1,698     $ (2,839 )   $ 6,152     $ (286 )
    Income tax (benefit) expense     (1,032 )     270       (359 )     757  
    Interest expense, net     68       115       110       215  
    Depreciation     1,235       1,134       2,439       2,207  
    Amortization     167       167       334       334  
    EBITDA     2,136       (1,153 )     8,676       3,227  
    Share-based compensation (a)     646       667       1,198       1,433  
    Professional fees (b)     370       677       1,359       930  
    Foreign currency exchange (gain) loss (c)     (1,201 )     507       (1,198 )     1,005  
    Other (d)     272       218       402       398  
    Adjusted EBITDA   $ 2,223     $ 916     $ 10,437     $ 6,993  
    Adjusted EBITDA Margin     6 %     3 %     12 %     10 %
    Adjusted EBITDA Less Share-Based Compensation   $ 1,577     $ 249     $ 9,239     $ 5,560  

    _______________________

    (a) Represents non-cash compensation charges related to share-based compensation granted to our officers, employees and directors.
    (b) Represents non-capitalizable costs of professional services primarily incurred or reversed in connection with our legal proceedings associated with the assertion of, or defense of, intellectual property as further described above as well as the cost incurred for the evaluation of potential strategic transactions.
    (c) Represents realized and unrealized foreign currency exchange gains and losses primarily due to movement in the foreign currency exchange rates during the applicable periods.
    (d) Represents the impact of a research and development subsidy that is included in income tax expense in accordance with GAAP along with other charges and credits.
       


    NCS MULTISTAGE HOLDINGS, INC.
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
    (In thousands)
    (Unaudited)

    FREE CASH FLOW AND FREE CASH FLOW LESS DISTRIBUTIONS TO NON-CONTROLLING INTEREST

    Free cash flow is defined as net cash provided by (used in) operating activities less purchases of property and equipment (inclusive of the purchase and development of software and technology) plus proceeds from sales of property and equipment, as presented in our consolidated statement of cash flows. We define free cash flow less distributions to non-controlling interest as free cash flow less amounts reported in the financing activities section of the statement of cash flows as distributions to non-controlling interest. We believe free cash flow is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures and other investment needs. We believe that free cash flow less distributions to non-controlling interest is useful because it provides information to investors regarding the cash that was available in the period that was in excess of our needs to fund our capital expenditures, other investment needs, and cash distributions to our joint venture partner.

        Six Months Ended  
        June 30,  
        2025     2024  
    Net cash provided by operating activities   $ 1,876     $ 4,099  
    Purchases of property and equipment     (745 )     (633 )
    Purchase and development of software and technology     —       (53 )
    Proceeds from sales of property and equipment     271       293  
    Free cash flow   $ 1,402     $ 3,706  
    Distributions to non-controlling interest     (900 )     (500 )
    Free cash flow less distributions to non-controlling interest   $ 502     $ 3,206  

    The MIL Network –

  • MIL-OSI: iRhythm and Lucem Health Partner to Introduce Predictive AI Solution for Early Detection of Arrhythmias in Patient Populations with Comorbid Conditions

    Source: GlobeNewswire (MIL-OSI)

    • Partnership aims to utilize predictive AI to help identify arrhythmias earlier in patient populations with an elevated risk for arrhythmias to enable timely care for millions who remain undiagnosed
    • Commercial offering from this collaboration designed to support scalable population health and value-based care strategies

    SAN FRANCISCO, July 31, 2025 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ:IRTC), a digital health leader focused on creating trusted solutions that detect, predict, and prevent disease, today announced a strategic partnership with Lucem Health, a leader in AI-driven early disease detection, to accelerate early identification of undiagnosed arrhythmias in patient populations with an elevated risk for arrhythmias.

    “Healthcare is entering an era where the goal is no longer just to detect disease, but to predict it,” said Quentin Blackford, iRhythm President and CEO. “Together with Lucem Health, iRhythm is helping lead a new way forward in care, with the goal of reaching patients before symptoms surface and before complications arise. This is a bold step toward predictive, preventive, and precise care powered by AI, informed by data, and designed for scale. We believe more than 27 million people in the U.S. alone could benefit from proactive cardiac monitoring1 — and this is just the beginning.”

    Traditional care models often rely on reactive diagnosis and can leave arrhythmias undetected until stroke, hospitalization, or worse. This partnership brings together Lucem Health’s Reveal AI powered early disease detection platform and iRhythm’s proven diagnostic service to shift that paradigm. By identifying risk earlier and enabling targeted cardiac monitoring, the goal is to help clinicians intervene sooner, improve outcomes across patient populations with elevated arrhythmia risk, and support scalable, data-driven strategies for health systems focused on value-based care.

    “Each day, clinicians find themselves reacting to the circumstances of the patients in their exam rooms — they often don’t have the time or the information they need to deliver truly proactive care,” said Sean Cassidy, founder and CEO of Lucem Health. “Together with iRhythm, we’re bringing predictive intelligence to healthcare’s front lines — enabling earlier action, smarter resource allocation, and better outcomes for patients.”

    This strategic partnership, supported by iRhythm’s direct investment in Lucem Health, reflects a shared commitment to advancing predictive innovation for population-level impact.

    Introducing a Predictive AI Solution for Smarter, Earlier Arrhythmia Detection

    The first commercial offering from the collaboration is an exclusive, AI-powered solution that analyzes subtle patterns in clinical and electronic health record (EHR) data to help identify elevated arrhythmia risk in individuals with Type 2 diabetes (T2D), chronic kidney disease (CKD), chronic obstructive pulmonary disease (COPD), and coronary artery disease (CAD) — individuals who may otherwise not be flagged as candidates for ambulatory cardiac monitoring. This offering enables healthcare organizations to proactively pinpoint patients with one or more specifically diagnosed or undiagnosed clinical conditions who could benefit from earlier cardiac monitoring and intervention.

    Once identified, appropriate patients can be monitored using iRhythm’s clinically proven Zio® ECG monitors and service. The Zio ECG device is worn for up to 14 days, enabling continuous, uninterrupted heart rhythm monitoring, and the end-to-end service, powered by an advanced FDA-cleared AI algorithm, delivers actionable insights, reviewed and curated by qualified cardiac technicians, to help clinicians make the right diagnosis the first time and support timely care.

    By integrating predictive AI, the new offering builds on iRhythm’s existing proactive monitoring programs deployed with healthcare systems focused on population health management and should enable even earlier arrhythmia risk identification and targeted intervention. The solution is designed to support accountable care organizations (ACOs), integrated health systems, payviders, and other managed care organizations that take on financial responsibility for the cost and quality of care as they pursue scalable value-based care strategies.

    Early pilot testing conducted by iRhythm, in collaboration with Lucem Health, suggests promising improvement in targeting patient populations with elevated arrhythmia risk and enabling earlier clinical engagement with greater precision. Both organizations anticipate that use of the AI-powered predictive tool will increase arrhythmia detection among an estimated 27 million undiagnosed patients in the U.S. alone,1 helping reduce healthcare resource utilization (HCRU) and costs, and improve patient outcomes.

    The Cost of Missed Arrhythmias and the Case for Earlier Detection

    Cardiac arrhythmias, conditions in which the heart beats too fast, too slow, or irregularly,2 affect roughly 1 in 20 U.S. adults3. Left undetected and untreated, they can lead to stroke, heart failure, hospitalization, or death,4 making early identification and intervention critical. Yet in many care pathways for individuals with T2D and/or other comorbid conditions, arrhythmias are not routinely screened for, despite elevated risk.5

    A growing body of evidence highlights the opportunity to detect arrhythmias earlier in at-risk populations — particularly around key clinical turning points in disease progression, as seen in recent data on patients with T2D.

    New research presented at the American Diabetes Association’s 85th Scientific Sessions (ADA 2025), based on a real-world study of more than 30 million U.S. adults, found that arrhythmias — often asymptomatic — frequently cluster around key moments in disease progression, particularly in T2D patients. Many arrhythmias were identified just before or shortly after diagnoses of CKD or major adverse cardiovascular events (MACE) such as stroke or heart failure.6

    Additional findings reinforce the broader clinical and economic impact of arrhythmias across chronic conditions like T2D and COPD, and the value of earlier detection and monitoring.

    Data presented at the American Heart Association’s 2024 Scientific Sessions revealed that patients with T2D and/or COPD who develop arrhythmias experience up to 2x higher hospitalization rates, 35–50% higher emergency care costs, and an average of $46,000 in annual healthcare expenses — compared to $30,000 for those without arrhythmias.7

    Adding to this evidence, new research presented at the American Thoracic Society (ATS) International 2025 conference, based on a real-world study of more than 2.5 million U.S. adults, found that COPD patients with arrhythmia have greater HCRU and costs compared to those without arrhythmia. However, among COPD patients with arrhythmia, those who were monitored had lower HCRU and costs compared to those who were never monitored.8

    Together, these findings underscore the clinical and economic impact of earlier, smarter detection — and the opportunity for predictive solutions like this initial offering from the iRhythm–Lucem Health collaboration to support value-based care models, reduce unnecessary healthcare utilization, and improve outcomes at scale for patient populations with elevated arrhythmia risk.

    Predictive AI-Powered Solution for Population Health and Value-Based Care
    U.S.-based innovative care delivery organizations, accountable care organizations (ACOs), integrated health systems, payviders, and other managed care organizations that assume financial responsibility for the cost and quality of care can learn more about the predictive AI solution9 and how it may support their population health strategies and value-based care goals by visiting iRhythm’s Value-Based Care page to connect with the iRhythm team.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate,’ ‘estimate,’ ‘expect,’ ‘intend,’ ‘will,’ ‘project,’ ‘plan,’ ‘believe,’ ‘target’ and other words and terms of similar meaning in connection with any discussion of future actions or operating or financial performance. In particular, these include statements regarding market opportunity, ability to penetrate the market and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about July 31, 2025. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

    About iRhythm Technologies
    iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining our Zio® 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, our vision at Rhythm is to deliver better data, better insights, and better health for all.

    About Lucem Health
    Lucem Health helps healthcare providers accelerate disease detection and treatment using practical, responsible AI, so they can improve patients’ lives and increase the clinical and financial yield from today’s scarce care delivery resources. We envision a world in which clinicians detect problems before they become life-threatening and patients get world-class care, everywhere. Learn more at www.lucemhealth.com.

    Media Contact
    Kassandra Perry
    irhythm@highwirepr.com

    Investor Contact
    Stephanie Zhadkevich
    investors@irhythmtech.com

    1. iRhythm internal estimate based on analysis of public and proprietary sources, including U.S. Census Bureau data, CDC healthcare utilization data, Medicare Public Use Files, IQVIA, Komodo Health, Definitive Healthcare, and peer-reviewed literature on arrhythmia prevalence, symptom presentation, and diagnostic pathways. Full source list available upon request.
    2. What is an arrhythmia? National Heart Lung and Blood Institute, 2022. https://www.nhlbi.nih.gov/health/arrhythmias
    3. Desai et al. Arrhythmias. StatPearls [Internet], 2023. https://www.ncbi.nlm.nih.gov/books/NBK558923/
    4. Ataklte et al. Meta-analysis of ventricular premature complexes and their relation to cardiac mortality in general populations. The American Journal of Cardiology, 2013.
    5. Bhave, P. D., & Soliman, E. Z. (2024). Should patients with diabetes be routinely screened for atrial fibrillation? Expert Review of Cardiovascular Therapy, 22(1–3), 5–6. https://doi.org/10.1080/14779072.2024.2328645
    6. Russo P, Nathan R, Pfeffer D, Kamdar S, Wright B, Boyle K. Incidence and Timing of Major Arrhythmias in T2D and CKD: A Real-World Analysis [poster presentation]. Presented at: American Diabetes Association (ADA) 85th Scientific Sessions; June 20–23, 2025; Chicago, IL, USA.
    7. Russo P, Nathan R, Pfeffer D, Kamdar S, Wright B, Boyle K. Real-World Evidence on Health Care Resource Utilization and Economic Burden of Arrhythmias in Patients with Diabetes and COPD [poster presentation]. Presented at: American Heart Association (AHA) Scientific Sessions; November 16-18, 2024; Chicago, IL. Available at: https://s205.q4cdn.com/296879096/files/doc_events/2024/11/1/120-001752-003_DA_2024-AHA-Poster-iRhythmtech_RWE-HCRU-Arrhythmias_v2.pdf
    8. Russo P, Nathan R, Pfeffer D, Poh J, Jha V, Singh H, Wright B, Boyle K. Real-World Evidence on Health Care Resource Utilization and Economic Burden of Arrhythmias in Patients with COPD [poster presentation]. Presented at: American Thoracic Society (ATS) 2025 International Conference; May 16–21, 2025; San Francisco, CA, USA.
    9. The predictive-AI solution does not represent the functionality of any Zio branded medical device.

    The MIL Network –

  • MIL-OSI USA: Congressman Auchincloss: New CBO Analysis Shows Trump Cuts to R&D Programs Will Harm the U.S. Economy

    Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

    July 30, 2025

    Washington, D.C. – As the Trump Administration continues to attack federal research and development (R&D) investments, new analysis from the nonpartisan Congressional Budget Office (CBO) confirms that these investments spur economic growth and reduce the long-term cost of innovation.

    This analysis, requested by Congressman Jake Auchincloss (MA-04) and House Budget Committee Ranking Member Brendan F. Boyle (PA-02), demonstrates that increasing federal investment in nondefense R&D over the next 10 years would boost the nation’s real economic output over the next three decades due to increased innovation and higher productivity. The increased federal investment would also reduce the cumulative federal deficit over the next 30 years. CBO’s analysis also indicates that cutting federal R&D investments would have the opposite effect, reducing economic growth.

    “Funding science is a good investment. Every dollar spent returns multiples from which all Americans benefit, through higher standard of living, healthier families, and national defense,” said Congressman Auchincloss. “I am encouraged that the CBO is quantifying the bounty of science, as it will support Congress in investing in our future.”

    “Federal R&D investments drive innovation, create jobs, and help keep America competitive,” said Ranking Member Boyle. “In Philadelphia, we see the impact every day through cutting-edge medical research and a growing R&D sector that supports good-paying, stable jobs. This report makes clear that these investments strengthen our economy and reduce the cost of innovation. It also shows that Trump’s cuts to R&D programs are short-sighted and harmful. They stall progress, threaten jobs, and put our future at risk.”

    Read CBO’s new analysis here.

    MIL OSI USA News –

  • MIL-OSI USA: Welch Helps Reintroduce John R. Lewis Voting Rights Advancement Act 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) joined U.S. Senator Reverend Raphael Warnock (D-Ga.), Senate Judiciary Ranking Member Dick Durbin (D-Ill.), Senate Minority Leader Chuck Schumer (D-N.Y.) and the entire Senate Democratic caucus in reintroducing the John R. Lewis Voting Advancement Act, legislation that would update and restore critical safeguards of the original Voting Rights Act of 1965 that have been eroded in recent years by federal court rulings. The legislation would strengthen our democracy by reestablishing preclearance for jurisdictions with a pattern of voting rights violations, protecting minority communities subject to discriminatory voting practices, and defending election workers from threats and intimidation. It is named in honor of voting rights champion and former U.S. Congressman John Lewis of Georgia. 
    This legislation is especially relevant in Texas, where, following historic disapproval of Congressional Republicans’ tax bill, Texas state lawmakers are looking to add five additional Republican seats in the House of Representatives. The move comes in direct response to President Trump’s fears that voters may flip the House in the 2026 midterms.  
    “Voting is a sacred freedom, and depriving people of their right to participate in our democratic process is a threat to democracy. Right now, states across the country are violating this fundamental right by enacting discriminatory laws deliberately designed to keep people from the ballot box. The John R. Lewis Voting Rights Advancement Act works to restore crucial protections of the Voting Rights Act to ensure that everyone has a voice in our democratic system,” said Senator Welch. 
    “As I often say, a vote is a kind of prayer for the world we desire for ourselves and our children,” said Senator Reverend Warnock. “Our prayers are stronger when we pray together. Democracy is the political enactment of a spiritual idea that each of us has within ourselves the spark of the divine. We all have value, and if we all have value, we ought to have a voice in the direction of our country; we ought to have a vote.”   
    “There is no freedom more fundamental than the right to vote.  But between the Trump Administration’s executive order on voter registration and state legislatures’ gerrymandering districts, there has been a clear, concerted effort to chip away at the protections guaranteed to every American under the Voting Rights Act,” said Senator Durbin. “In the face of these injustices that target communities of color and their right to vote, we must continue the work of civil rights leaders like John Lewis and strengthen the framework of the Voting Rights Act by passing the John R. Lewis Voting Rights Advancement Act.” 
    “The ‘good trouble’ John Lewis spoke of is not just an inspirational phrase – it’s a challenge to all of us to rise to the occasion and to fight for the ideals that make our country great. I’ve been clear that when it comes to protecting democracy, we must fight fire with fire. We will not stand idly by while Republicans’ revert to Jim Crow era voting restrictions— suppressing votes and people that do not match their ideals. We will fight to protect democracy – the bedrock of our society and the foundation of what makes the American dream possible,” said Democratic Leader Schumer.  
    In the wake of the Supreme Court’s damaging Shelby County decision in 2013—which crippled the federal government’s ability under the Voting Rights Act of 1965 to prevent discriminatory changes to voting laws and procedures—states across the country have unleashed a torrent of voter suppression efforts, including SB 202 in Georgia. The Supreme Court’s decision in Brnovich v Democratic National Committee delivered yet another blow to the Voting Rights Act by making it significantly harder for plaintiffs to win lawsuits under the landmark law against discriminatory voting laws or procedures. 
    In addition to Senator Warnock, Ranking Member Durbin, Leader Schumer, and Senator Welch, the legislation is cosponsored by the entire Democratic caucus. The VRAA is endorsed by 178 organizations. These organizations understand that voting rights are preservative of all other rights and progress on a range of critical issues cannot take place if citizens cannot make their voices heard. The list of endorsing Georgia and national organizations of the John R. Lewis Voting Rights Advancement Act can be found here. 
    Learn more about the John R. Lewis Voting Rights Advancement Act. 
    Read and download the full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI Canada: Supporting innovation research

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: Expanded, streamlined HPV vaccine program protects more people against cancers

    Source: Government of Canada regional news

    The Province is broadening access to the free, publicly funded human papillomavirus (HPV) vaccine and simplifying the immunization schedule, ensuring more people in B.C. have the protection they need against HPV-related cancers.

    “The HPV vaccine is a powerful tool to protect health and prevent cancer,” said Josie Osborne, Minister of Health. “By expanding free access and making it easier for people to get immunized, we’re taking another meaningful step forward in our 10-year Cancer Action Plan – reducing cancer rates and improving health outcomes for people across British Columbia.”

    Following guidance from the National Advisory Committee on Immunization and provincial immunization experts, the government is streamlining the immunization process for HPV.

    Starting Thursday, July 31, 2025, the HPV vaccine schedule will shift from two doses to one dose for people age nine to 20. People 21 and older will be eligible for a two-dose series, with six-months between doses. Individuals who are immunocompromised will continue to need a three-dose series.

    With this change, the Province is expanding eligibility for B.C.’s publicly funded HPV immunization program to include all people 19 to 26, plus people 27 to 45 who are living with HIV or who self-identify as belonging to the gay, bisexual, questioning, Two-Spirit, transgender and non-binary communities.

    Those who have undergone post-colposcopy treatments on or after July 31, 2025, are eligible to get the vaccine at any age. A colposcopy is a procedure to check for abnormal areas on the cervix and vagina.

    The HPV vaccine will continue to be offered through voluntary, school-based immunization clinics starting with students in Grade 6 and through multi-grade catch-up clinics, as well as in some community pharmacies for those who may have missed their dose. Other eligible people can get the vaccine from some pharmacies, sexually transmitted infection clinics, public-health units, primary-care providers or a community-health nurse. People living in First Nation communities can contact their community health centre or nursing station to book an appointment.

    “B.C.’s community pharmacists are proud to be an accessible provider of vaccines for British Columbians living in communities, large and small,” said pharmacist Colleen Hogg, chair of the BC Pharmacy Association. “Pharmacists are one of the top immunizers and are there for patients when they need us.”

    This initiative is a part of B.C.’s 10-year Cancer Action Plan to better prevent, detect and treat cancers, and to deliver improved care for people facing cancer now, while preparing for growing needs of the future.

    Learn More:

    For general information and how to book an appointment, visit:
    https://www.healthlinkbc.ca/health-library/health-features/get-hpv-vaccine

    For locating services, including public-health units offering immunizations, visit:
    https://www.healthlinkbc.ca/find-care/find-health-services

    To access your health information online, visit:
    https://www.healthgateway.gov.bc.ca/

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI USA: Larsen: Trade War with Canada Harms Washington Families

    Source: United States House of Representatives – Congressman Rick Larsen (2nd Congressional District Washington)

    Larsen: Trade War with Canada Harms Washington Families

    Everett, WA, July 31, 2025

    Today, Representative Rick Larsen (WA-02) released the following statement:

    “President Trump’s unnecessary trade war with Canada is hurting families and businesses in Northwest Washington state.  

    • As of last month, Canadian travelers from B.C. to Washington state via Whatcom County have decreased by 43% compared to 2024.
    • Online purchases from U.S. retailers are down 14% and travel purchases in the U.S. are down 27%.
    • Northwest Yarns, a small business in Bellingham, lost 20% of their sales because of Canadian shoppers choosing to spend their money at home. 
    • Point to Point Parcel, a local Point Roberts shipping company that survived 24 years, closed in May because of the President’s reckless tariffs.
    • An international company shifted manufacturing work from Washington state to Canada and a maritime employer moved a project from Bellingham to Canada because of tariff uncertainty.

    “Instead of a pointless trade war, the President should work with Canada to address the challenges facing both Americans and Canadians. A positive, effective agenda would include rebuilding manufacturing jobs, bringing down the cost of living, building stronger cross-border energy and critical minerals sectors, and confronting unfair competition from non-market economies.

    “With Trump’s arbitrary deadline of August 1st approaching, any deal that locks in U.S. tariffs will cause further harm for families in Northwest Washington state. The Administration should be working with Canada to reduce barriers between our two economies, create jobs and lower prices.”

    Rep. Larsen is a member of the New Democrat Coalition Trade and Tariffs Task Force and has been a leader in opposing the Trump administration’s tariffs.

    ###

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Dynamix Corporation (NASDAQ: DYNX)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Dynamix Corporation (NASDAQ: DYNX) related to its merger with The Ether Reserve LLC. Upon completion of the proposed transaction, each Dynamix shareholder will receive one share of non-voting Class A common stock in the combined company. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/dynamix-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Trisura Announces Timing of Second Quarter Results Release and Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, announces the timing of second quarter 2025 results release and earnings conference call.

    Trisura will release its second quarter 2025 results after market close on Thursday, August 7th, 2025. The company will host a conference call for analysts and investors on Friday, August 8th, 2025 at 9:00 a.m. ET. Conference call participants will be David Clare, President and Chief Executive Officer and David Scotland, Chief Financial Officer.

    To listen to the call via live audio webcast, please follow the link below:
    https://edge.media-server.com/mmc/p/tta4p4qp

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

  • MIL-OSI: Riot Platforms Reports Second Quarter 2025 Financial Results, Current Operational and Financial Highlights

    Source: GlobeNewswire (MIL-OSI)

    CASTLE ROCK, Colo., July 31, 2025 (GLOBE NEWSWIRE) — Riot Platforms, Inc. (NASDAQ: RIOT) (“Riot” or “the Company”), a Bitcoin-driven industry leader in the development of large-scale data centers for high performance computing and bitcoin mining applications, reported financial results for the three-month period ended June 30, 2025. The accompanying presentation materials are available on Riot’s website.

    “I am pleased to announce Riot’s results for the second quarter of 2025,” said Jason Les, CEO of Riot. “Strong tailwinds in the price of bitcoin contributed to Riot achieving a record $219.5 million in net income and $495.3 million in adjusted EBITDA, representing exceptionally strong results for the quarter.

    “We are immensely proud of our evolution over the past several years, having built world-class capabilities in power procurement, Bitcoin mining at global scale, and infrastructure engineering, culminating in a strong position to control our destiny and maximize shareholder value. Our strategy centers on optimizing our ready-for-service power portfolio – anchored by flagship sites in Rockdale and Corsicana – while progressively shifting capacity toward high-value data centers, bolstered by our addition of hyperscale expertise through recent hires, in particular Jonathan Gibbs as Chief Data Center Officer. With a robust balance sheet, battle-hardened teams, and significant access to capital markets, we are uniquely positioned at the intersection of surging high performance computing demand and Bitcoin growth to maximize utilization of our significant power capacity, expand thoughtfully, and drive compelling long-term value for our shareholders.”

    Second Quarter 2025 Financial and Operational Highlights

    Key financial and operational highlights for the second quarter include:

    • Total revenue of $153.0 million, as compared to $70.0 million for the same three-month period in 2024. The increase was primarily driven by a $85.1 million increase in Bitcoin Mining revenue.
    • Produced 1,426 bitcoin, as compared to 844 during the same three-month period in 2024.
    • The average cost to mine bitcoin, excluding depreciation, was $48,992 in the quarter, as compared to $25,329 per bitcoin in the same three-month period in 2024. The increase was primarily driven by the block subsidy ‘halving’ event, which occurred in April 2024, and a 45% increase in the average global network hash rate as compared to the same period in 2024.
    • Bitcoin Mining revenue of $140.9 million for the quarter, as compared to $55.8 million for the same three-month period in 2024, primarily driven by higher average bitcoin prices and an increase in operational hash rate, partially offset by the block subsidy ‘halving’ event and an increase in the average global network hash rate.
    • Engineering revenue of $10.6 million for the quarter, as compared to $9.6 million for the same three-month period in 2024. Riot has benefited from $18.5 million in capex savings alone since the acquisition of ESS Metron in December 2021, representing a key advantage of the Company’s vertical integration strategy.
    • Maintained industry-leading financial position, with $141.1 million in working capital, including $255.4 million in unrestricted cash on hand, $74.9 million in restricted cash, and $62.5 million in marketable equity securities.
    • Held 19,273 bitcoin (of which 3,300 is currently held as collateral), equating to approximately $2.1 billion based on a market price for one bitcoin on June 30, 2025, of $107,174.

    About Riot Platforms, Inc.

    Riot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform.

    Our mission is to positively impact the sectors, networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows the Company to achieve best-in-class execution and create successful outcomes.

    Riot is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. The Company has Bitcoin mining operations in central Texas and Kentucky, and electrical engineering and fabrication operations in Denver, Colorado, and Houston, Texas.

    For more information, visit www.riotplatforms.com.

    Safe Harbor

    Statements in this press release that are not historical facts are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions. Such statements rely on the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “anticipates,” “believes,” “plans,” “expects,” “intends,” “will,” “potential,” “hope,” similar expressions and their negatives are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements relating to the Company’s development of its facilities and the Company’s plans, projections, objectives, expectations, and intentions about future events and trends that it believes may affect the Company’s financial condition, results of operations, business strategy, short-term and long- term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: risks related to the Company’s growth, the anticipated demand for AI/HPC uses, the feasibility of developing the Company’s power capacity for AI/HPC uses, competition in the markets in which the Company operates, market growth, the Company’s ability to innovate and expand into new markets, the Company’s ability to realize benefits from its implementation of new strategies into its business, estimates of Bitcoin production; our future hash rate growth (EH/s); the anticipated benefits, construction schedule, and costs associated with the development of our mining facilities in Texas, Kentucky and elsewhere; our expected schedule of new miner deliveries; our access to electrical power; the impact of weather events on our operations and results; our ability to successfully deploy new miners; the variance in our mining pool rewards may negatively impact our results of Bitcoin production; our megawatt capacity under development; risks related to the Company’s inability to realize the anticipated benefits from immersion cooling; the inability to integrate acquired businesses successfully, or such integration may take longer or be more difficult, time-consuming or costly to accomplish than anticipated; or the failure of the Company to otherwise realize anticipated efficiencies and strategic and financial benefits from our business strategies. Detailed information regarding the factors identified by the Company’s management which they believe may cause actual results to differ materially from those expressed or implied by such forward-looking statements in this press release may be found in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as amended, and the other filings the Company makes with the SEC, copies of which may be obtained from the SEC’s website, www.sec.gov. All forward- looking statements included in this press release are made only as of the date of this press release, and the Company disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which the Company hereafter becomes aware, except as required by law. Persons reading this press release are cautioned not to place undue reliance on such forward-looking statements.

    For further information, please contact:

    Investor Contact:
    Phil McPherson
    303-794-2000 ext. 110
    IR@Riot.Inc

    Media Contact:
    Alexis Brock
    303-794-2000 ext. 118
    PR@Riot.Inc

    Non-U.S. GAAP Measures of Financial Performance

    In addition to financial measures presented under generally accepted accounting principles in the United States of America (“GAAP”), we consistently evaluate our use of and calculation of non-GAAP financial measures such as “Adjusted EBITDA.” EBITDA is computed as net income before interest, taxes, depreciation, and amortization. Adjusted EBITDA is a performance measure defined as EBITDA, adjusted to eliminate the effects of certain non-cash and/or non-recurring items that do not reflect our ongoing strategic business operations, which management believes results in a performance measurement that represents a key indicator of the Company’s core business operations of Bitcoin mining. The adjustments include fair value adjustments such as derivative power contract adjustments, equity securities value changes, and non-cash stock-based compensation expense, in addition to financing and legacy business income and expense items. We exclude impairments and gains or losses on sales or exchanges of Bitcoin from our calculation of Adjusted EBITDA for all periods presented.

    We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments. Additionally, Adjusted EBITDA is used as a performance metric for share-based compensation.

    Adjusted EBITDA is provided in addition to, and should not be considered to be a substitute for, or superior to, net income, the most comparable measure under GAAP for Adjusted EBITDA. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, diluted earnings per share or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider such measures either in isolation or as substitutes for analyzing our results as reported under GAAP.

    The following table reconciles Adjusted EBITDA to Net income (loss), the most comparable GAAP financial measure:

        Three Months Ended   Six Months Ended
        June 30,    June 30, 
        2025     2024     2025     2024  
    Net income (loss)   $ 219,454     $ (84,449 )   $ (76,913 )   $ 127,328  
    Interest income     (3,334 )     (8,466 )     (6,731 )     (16,655 )
    Interest expense     6,093       314       8,401       698  
    Income tax expense (benefit)     320       55       757       33  
    Depreciation and amortization     83,197       37,326       161,123       69,669  
    EBITDA     305,730       (55,220 )     86,637       181,073  
                             
    Adjustments:                        
    Stock-based compensation expense     30,120       32,135       59,696       64,135  
    Acquisition-related costs     111       —       187       —  
    Change in fair value of derivative asset     42,747       (27,484 )     853       (47,716 )
    Change in fair value of contingent consideration     (9,390 )     —       (17,642 )     —  
    Loss (gain) on equity method investment – marketable securities     (6,143 )     (24,462 )     57,095       (24,462 )
    Loss (gain) on sale/exchange of equipment     350       68       479       68  
    Casualty-related charges (recoveries), net     (119 )     (187 )     (119 )     (2,487 )
    Loss on contract settlement     158,137       —       158,137       —  
    Gain on acquisition post-close dispute settlement     (26,007 )     —       (26,007 )     —  
    Other (income) expense     (244 )     (33 )     (337 )     (41 )
    License fees     (24 )     (24 )     (48 )     (48 )
    Adjusted EBITDA   $ 495,268     $ (75,207 )   $ 318,931     $ 170,522  
     

    The Company defines Cost to Mine as the cost to mine one Bitcoin, excluding Bitcoin miner depreciation, as calculated in the table below.

        Three Months Ended   Six Months Ended
        June 30,    June 30, 
        2025   2024   2025   2024
    Cost of power for self-mining operations   $ 62,170       $ 26,465       $ 123,999       $ 54,463    
    Other direct cost of revenue for self-mining operations(1)(2), excluding bitcoin miner depreciation     16,005         8,810         28,994         17,361    
    Cost of revenue for self-mining operations, excluding bitcoin miner depreciation     78,175         35,275         152,993         71,824    
    Less: power curtailment credits(3)     (8,313 )       (13,897 )       (16,114 )       (19,028 )  
    Cost of revenue for self-mining operations, net of power curtailment credits, excluding bitcoin miner depreciation     69,862         21,378         136,879         52,796    
    Bitcoin miner depreciation(4)(5)     60,252         26,377         117,314         48,816    
    Cost of revenue for self-mining operations, net of power curtailment credits, including bitcoin miner depreciation   $ 130,114       $ 47,755       $ 254,193       $ 101,612    
                                     
    Quantity of bitcoin mined     1,426         844         2,956         2,208    
    Production value of one bitcoin mined(6)   $ 98,800       $ 66,069       $ 95,991       $ 57,591    
                                     
    Cost to mine one bitcoin, excluding bitcoin miner depreciation   $ 48,992       $ 25,329       $ 46,305       $ 23,911    
    Cost to mine one bitcoin, excluding bitcoin miner depreciation, as a % of production value of one bitcoin mined     49.6   %   38.3   %   48.2   %   41.5   %
                                     
    Cost to mine one bitcoin, including bitcoin miner depreciation   $ 91,244       $ 56,582       $ 85,992       $ 46,020    
    Cost to mine one bitcoin, including bitcoin miner depreciation, as a % of production value of one bitcoin mined     92.4   %   85.6   %   89.6   %   79.9   %
                                     
    (1)  Other direct cost of revenue includes compensation, insurance, repairs, and ground lease rent and related property tax.                  
                                     
    (2) During the three and six months ended June 30, 2025 and 2024, we paid cash of approximately $92.3 million and $190.9 million, respectively, in total deposits and payments for the purchase of miners. Costs to finance the purchase of miners were zero in all periods presented as the miners were paid for with cash from the Company’s cash balance. The seller did not provide any financing nor did the Company borrow from a third-party to purchase the miners.
                                     
    (3) Power curtailment credits are credited against our power invoices as a result of temporarily pausing our operations to participate in ERCOT’s Demand Response Service Programs. Our fixed-price power purchase contracts enable us to strategically curtail our mining operations and participate in these programs, which significantly lower our cost to mine bitcoin. These credits are recognized outside of cost of revenue in Power curtailment credits on our Condensed Consolidated Statements of Operations, but they significantly reduce our overall cost to mine bitcoin.
                                     
    (4) We capitalize the acquisition cost of our miners and include these costs in Property and equipment, net on our Condensed Consolidated Balance Sheets. The miners are depreciated over an estimated useful life of three years, during which time the miners are expected to generate bitcoin revenue. We do not consider depreciation expense in determining whether it is economical to operate our miners since depreciation is a non-cash expense and is not a variable operating cost that can be avoided even if we curtail operations temporarily. Depreciation expense incurred is disclosed for each respective period in the table above.
                                     
    (5) The following table presents the future depreciation expense of all of our bitcoin miners:                          
                                     
    Remainder of 2025                               125,435  
    2026                               209,009  
    2027                               150,214  
    2028                               15,198  
    Total                             $ 499,856  
                                     
    (6)  Computed as revenue recognized from bitcoin mined divided by the quantity of bitcoin mined during the same period.                  
                       

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b7dca734-235b-4d1a-92de-b5e4353c92ab

    The MIL Network –

  • MIL-OSI: Trupanion to Participate in the Canaccord Genuity 45th Annual Growth Conference

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, July 31, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today that Margi Tooth, Chief Executive Officer and President, will participate in a fireside chat at the Canaccord Genuity 45th Annual Growth Conference in Boston, Massachusetts on Wednesday, August 13, 2025 at 9:30 a.m. ET and will participate in meetings with investors throughout the day.

    The presentation will be webcast live and can be accessed on Trupanion’s Investor Relations website at http://investors.trupanion.com.

    About Trupanion

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, and certain countries in Continental Europe with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada or GPIC Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. For more information, please visit trupanion.com.

    Contacts 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of UY Scuti Acquisition Corp. (NASDAQ: UYSC)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating UY Scuti Acquisition Corp. (NASDAQ: UYSC) related to its merger with Isdera Group Limited. Upon completion of the proposed transaction, each outstanding UY ordinary share will be converted automatically into a one Class A Ordinary Share of the combined company. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/uy-scuti-acquisition-corp/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Norfolk Southern Corporation (NYSE: NSC)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Norfolk Southern Corporation (NYSE: NSC) related to its sale to Union Pacific Corporation for 1.0 Union common stock and $88.82 in cash for each share of Norfolk. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/norfolk-southern-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Synovus Financial Corp. (NYSE: SNV)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Synovus Financial Corp. (NYSE: SNV) related to its merger with Pinnacle Financial Partner. Upon the terms of the proposed transaction, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. Upon closing of the proposed transaction, Synovus shareholders will own approximately 48.5% of the combined company. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/synovus-financial-corp/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI USA: John James Demands Immediate Action from Canada to Stop Toxic Wildfire Smoke Endangering Michiganders

    Source: United States House of Representatives – Congressman John James (Michigan 10th District)

    MICHIGAN — Congressman John James today authored a letter calling on Canadian leaders to take urgent and decisive action to contain the growing wildfire crisis that is poisoning the air and threatening the health of millions across Michigan and the Midwest.

    The 2023 wildfire season in Canada was catastrophic, releasing an unprecedented 647 teragrams of carbon — the equivalent of running over 500 million cars for a full year. This toxic smoke has blanketed cities from Detroit to Minneapolis, contributing to increased hospitalizations, respiratory illnesses, and premature deaths, especially among vulnerable populations such as children with asthma, dialysis patients, and seniors. 

    For three years running, nearly 70 million acres have burned across Canada, the largest cumulative loss on record, turning major U.S. cities into some of the most polluted urban areas in the world.

    Despite the clear public health crisis, Canadian officials have shown alarming disregard. Manitoba’s Premier Wab Kinew recently dismissed the health risks to Americans as “trivial” adding that Americans “enjoying their summers” is not a priority for Manitoba. This lack of urgency undermines decades of cross-border cooperation and damages the U.S.—Canada relationship.

    “Michigan families deserve clean air and respect. Canada’s failure to control these wildfires is not just an environmental issue, it’s a public health emergency that threatens our communities,” said Congressman James. “Our friendship with Canada is strong, but friendship requires respect. And respect means protecting each other’s health, not dismissing it.”

    With over 69 million residents across the Midwest under air quality alerts, and American firefighting teams deployed to help contain Canadian fires, the status quo is no longer acceptable. Congressmen James is urging Natural Resources Canada and the Canadian Forest Service to reform outdated forest management policies and invest in modern technologies to prevent future disasters.

    Click here to read the full letter.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Hawley Urges Boeing to Take Action to Remedy Latest Toxic Chemical Spill

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Today, U.S. Senator Josh Hawley (R-Mo.) sent a letter to the Boeing Company’s President and CEO Robert Ortberg urging him to take further action following reports of a chemical leak at a Boeing facility in north St. Louis. 

    “I write concerning new reports that a Boeing facility in north St. Louis leaked up to a thousand gallons of toxic nitric acid into Coldwater Creek. As you know, nitric acid is a caustic industrial agent that can cause burns and respiratory problems, and in high enough concentrations, death. You must continue to work to remedy this latest spill and ensure it never happens again,” Senator Hawley said. 

    And this is not the first time Boeing has polluted Coldwater Creek with toxic waste.  In June 2023, a Boeing industrial wastewater treatment plant released high levels of hexavalent chromium—a carcinogen—into the creek. 

    Residents in this region have also suffered from nuclear contamination in the creek bed due to Manhattan Project-related activities. Senator Hawley fought for years to secure financial compensation for the victims of this radiation exposure provided through the passage of his RECA Act.  

    Senator Hawley continues to fight to protect the residents of this region and is calling on Boeing to answer the following questions by August 15, 2025: 

    1. Have Missourians been harmed by the July 25, 2025 toxic spill into Coldwater Creek?
    2. If so, what actions have you taken or will you take to remedy such harms?
    3. What actions have you taken or will you take to ensure that similar leakages of toxic chemicals do not occur in the future?

    Read the full letter here or below.

    July 31, 2025

    Robert K. Ortberg
    President & CEO
    The Boeing Company

    Jeff Shockey
    EVP of Government Operations, Global Public Policy, & Corporate Strategy
    The Boeing Company

    Mr. Ortberg:

    I write concerning new reports that a Boeing facility in north St. Louis leaked up to a thousand gallons of toxic nitric acid into Coldwater Creek. As you know, nitric acid is a caustic industrial agent that can cause burns and respiratory problems, and in high enough concentrations, death. You must continue to work to remedy this latest spill and ensure it never happens again.

    The spill threatens the lives and health of residents in my state. And this is not the first time. In June 2023, a Boeing industrial wastewater treatment plant released high levels of hexavalent chromium—a carcinogen—into Coldwater Creek. As you may know, residents of this region have also suffered for years from the presence of nuclear contamination in the creek bed due to Manhattan Project-related activities. That remediation is still ongoing. It is disappointing that corporate neglect is following government neglect when it comes to the safety of my constituents who live near Coldwater Creek.

    Your company has stated that, “the situation was safely resolved.” Missourians deserve to know more. Since this is the second time your company has possibly endangered residents, you must take remedial actions. Please answer the following questions by August 15, 2025:

    1. Have Missourians been harmed by the July 25, 2025 toxic spill into Coldwater Creek?
    2. If so, what actions have you taken or will you take to remedy such harms?
    3. What actions have you taken or will you take to ensure that similar leakages of toxic chemicals do not occur in the future?Thank you for your attention to this matter.

    Thank you for your attention to this matter.

    Sincerely,

    Josh Hawley
    United States Senator

    MIL OSI USA News –

  • MIL-OSI USA: Castro, Welch, Van Hollen, Jacobs Demand U.S. Security Companies Answer for Deadly Actions in Gaza

    Source: United States House of Representatives – Congressman Joaquin Castro (20th District of Texas)

    July 31, 2025

    Bicameral lawmakers warn Safe Reach Solutions (SRS) and UG Solutions (UG) that they have put American veterans at risk of criminal and civil liability for de facto “military operations” in Gaza

    WASHINGTON, D.C. – Today, U.S. Representatives Joaquin Castro (TX-20) and Sara Jacobs (CA-51) joined U.S. Senators Peter Welch (D-VT) and Chris Van Hollen (D-MD) in leading an effort to demand answers from U.S.-based security companies, Safe Reach Solutions, LLC (SRS) and UG Solutions, LLC (UG) about their activities in Gaza, which according to press reports, include using lethal force against unarmed and starving Palestinian civilians at aid distribution sites.  

    The lawmakers warned SRS and UG that the companies and personnel—many of them American military veterans hired as private security contractors—may be subject to future criminal and civil liability under U.S. laws prohibiting torture, war crimes, and forced deportation. The lawmakers also requested the preservation of all documents and communication related to the security companies’ contracts and work with the Gaza Humanitarian Foundation (GHF). 

    “We were horrified by reporting this week on your companies’ deadly security operations in Gaza. Your operations have exposed hundreds of brave American veterans to future criminal and civil liability under U.S. laws criminalizing war crimes, torture, and forced deportation,” wrote the lawmakers. “Reports and firsthand witnesses have indicated to us that your personnel—American veterans hired as private security contractors—were brought into Israel on tourist visas inappropriate for the intended purpose of their travel, sent to Gaza armed for combat, and ordered by Israeli officials to use lethal force against unarmed and starving Palestinian civilians. We have also learned that under Israeli orders, your personnel are conducting crowd control at food distribution sites by firing live rounds over the heads of civilians and using stun grenades and pepper spray—all in an active military zone under direct supervision by Israeli military officers.” 

    The lawmakers continued: “As a result, we are deeply concerned that you may have failed to alert your personnel—or investors—of the immense legal risks they face for conducting what amounts to military operations on behalf of the Israeli government on land outside of the State of Israel.” 

    Read and download the letter here and below:  

    Mr. Govoni, Mr. Reilly,  

    We were horrified by reporting this week on your companies’ deadly security operations in Gaza. Your operations have exposed hundreds of brave American veterans to future criminal and civil liability under U.S. laws criminalizing war crimes, torture, and forced deportation.  

    Reports and firsthand witnesses have indicated to us that your personnel —American veterans hired as private security contractors—were brought into Israel on tourist visas inappropriate for the intended purpose of their travel, sent to Gaza armed for combat, and ordered by Israeli officials to use lethal force against unarmed and starving Palestinian civilians. We have also learned that under Israeli orders, your personnel are conducting crowd control at food distribution sites by firing live rounds over the heads of civilians and using stun grenades and pepper spray—all in an active military zone under direct supervision by Israeli military officers.  

    As a result, we are deeply concerned that you may have failed to alert your personnel —or investors—of the immense legal risks they face for conducting what amounts to military operations on behalf of the Israeli government on land outside of the State of Israel.   

    Even before the latest revelations, press had reported on Israeli military actions that include the wanton destruction of civilian homes, the use of human shields, rules of engagement resulting in disproportionate civilian casualties, and blockage of medicine and food. More than 50,000 children have already been killed or injured in Gaza, and as we write, infant boys and girls are starving to death. Prime Minister Netanyahu, in response to a question concerning remaining legitimate targets to strike, is reported to have said “I don’t care about the targets” and ordered military officials to “destroy the homes, bomb everything in Gaza. Finance Minister Bezalel Smotrich is reported to have said, “Gaza will be totally destroyed… They will be totally despairing… and will be looking for relocation to begin a new life in other places.” As a result of these actions, U.S. allies have already cut off the supply of offensive weapons to Israel. 

    We, therefore, ask that you urgently respond to the following questions: 

    1. What are the Rules of Engagement currently in effect for your staff in Gaza and what is the nature of their command-and-control relationship with Israeli military officers and government officials? 
    1. Did you inform your investors and staff prior to their departure from the United States that they are subject to U.S. criminal law prohibiting torture, war crimes, and forced deportation, including under the War Crimes Act? And further, that they could be held legally responsible for crimes by Israeli forces when those actions were enabled or facilitated by your operations? 
    1. Did you inform prospective staff and investors that they could face civil suits upon return to the United States under the Torture Prevention Act by Americans and the families of Americans harmed in Gaza? 
    1. Did you inform your staff that the International Criminal Court and third states may exercise jurisdiction over war crimes in Gaza and that they could consider your American staff as combatants for purposes of liability, potentially limiting future freedom of travel to other countries?  
    1. How is your organization documenting activities in Gaza and what happens to that data? We request that you preserve all documents and communications related to your contracts and work with the Gaza Humanitarian Foundation.  

    We respectfully request a response withing two weeks.  

    Sincerely, 

     CC: 

    • Charles J. Africano (“Chuck”/“Joe”), Safe Reach Solutions (SRS) 
    • Kevin Sullivan, UG Solutions 
    • Jennifer C, UG Solutions 
    • Lou Rassey, Chief Executive Officer, McNally Capital, Chicago IL 
    • Ward McNally, Founder, Co-CEO, and Managing Partner, McNally Capital, Chicago IL 
    • Brian Grogan, Chief Financial Officer & Chief Compliance Officer, McNally Capital, Chicago IL 
    • Ravi Shah, Partner, McNally Capital, Chicago IL 
    • Joel Revill, Chief Executive Officer, Two Ocean Trust, Jackson Hole WY  
    • Albert Forkner, Chief Risk and Compliance Officer, Two Ocean Trust, Jackson Hole WY 
    • Dustin Sventy, Chief Investment Officer, Two Ocean Trust, Jackson Hole WY  

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 1663, Veterans Scam and Fraud Evasion Act of 2025

    Source: US Congressional Budget Office

    H.R 1663 would establish a Veterans Scam and Fraud Evasion Officer within the Department of Veterans Affairs (VA). The bill also would reduce the amount of VA pensions the department pays to certain veterans and survivors who reside in nursing homes. Implementing the bill would increase spending subject to appropriation by $12 million and reduce direct spending by $8 million over the 2025-2035 period, CBO estimates. The budgetary effects of the legislation, detailed in Table 1, fall within budget function 550 (health) and 700 (veterans benefits and services).

    Spending Subject to Appropriation

    Under the bill, the Veterans Scam and Fraud Evasion Officer would be responsible for coordinating efforts to protect veterans from frauds and scams. The officer would promote resources for preventing frauds and scams, provide training to department employees, and coordinate with similar efforts of other federal agencies. Using information from VA, CBO estimates the department would require four full-time equivalent employees (the new officer and three support staff) to satisfy the bill’s requirements. Compensation, benefits, and operating expenses would total $1 million in 2026, CBO estimates. Including adjustments for inflation, CBO estimates those costs would total $12 million over the 2025-2035 period. Such spending would be subject to the availability of appropriated funds.

    Table 1.

    Estimated Budgetary Effects of H.R. 1663
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Increases in Spending Subject to Appropriation

    		    

    Estimated Authorization

    0

    1

    1

    1

    1

    1

    1

    1

    1

    2

    2

    5

    12

    Estimated Outlays

    0

    1

    1

    1

    1

    1

    1

    1

    1

    2

    2

    5

    12
     

    Decreases (-) in Direct Spending

    		    

    Estimated Budget Authority

    0

    0

    0

    0

    0

    0

    0

    -8

    0

    0

    0

    0

    -8

    Estimated Outlays

    0

    0

    0

    0

    0

    0

    0

    -8

    0

    0

    0

    0

    -8

    Direct Spending

    Under current law, VA reduces pension payments to veterans and survivors who reside in Medicaid nursing homes to $90 per month. That required reduction expires November 30, 2031. Section 3 of H.R. 1663 would extend that reduction for 61 days, through January 30, 2032. CBO estimates that extending that requirement would reduce VA benefits by $10 million per month. (Those benefits are paid from mandatory appropriations and are therefore considered direct spending.) As a result of that reduction in beneficiaries’ income, Medicaid would pay more of the cost of their care, increasing spending for that program by $6 million per month. Thus, enacting section 3 would reduce net direct spending by $8 million over the 2025-2035 period.

    The CBO staff contact for this estimate is Logan Smith. The estimate was reviewed by Christina Hawley Anthony, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI USA: FY 2026 Hospital Inpatient Prospective Payment System (IPPS) and Long-Term Care Hospital Prospective Payment System (LTCH PPS) Final Rule — CMS-1833-F

    Source: US Department of Health and Human Services

    FY 2026 Hospital Inpatient Prospective Payment System (IPPS) and Long-Term Care Hospital Prospective Payment System (LTCH PPS) Final Rule — CMS-1833-F

    On July 31, 2025, the Centers for Medicare & Medicaid Services (CMS) issued a final rule that updates Medicare payment policies and rates for inpatient and long-term care hospitals under the Medicare hospital Inpatient Prospective Payment System (IPPS) and Long-Term Care Hospital Prospective Payment System (LTCH PPS) final rule for fiscal year (FY) 2026. CMS is publishing this final rule in accordance with existing statutory and regulatory requirements.

    MIL OSI USA News –

  • MIL-OSI USA: FY 2026 Skilled Nursing Facility (SNF) Prospective Payment System Final Rule (CMS-1827-F)

    Source: US Department of Health and Human Services

    FY 2026 Skilled Nursing Facility (SNF) Prospective Payment System Final Rule (CMS-1827-F)

    On July 31, 2025, the Centers for Medicare & Medicaid Services (CMS) issued a final rule for updates to Medicare payment policies and rates for skilled nursing facilities under the Skilled Nursing Facility Prospective Payment System (SNF PPS) for fiscal year (FY) 2026. CMS is publishing this final rule in accordance with the statutory requirements to update Medicare payment policies and rates for SNFs on an annual basis. This fact sheet outlines the major provisions of the final rule.

    FY 2026 Final Updates to the SNF Payment Rates

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Chart Industries, Inc. (NYSE: GTLS)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Chart Industries, Inc. (NYSE: GTLS) related to its sale to Baker Hughes Co. for $210.00 per share in cash. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/chart-industries-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of DURECT Corporation (NASDAQ: DRRX)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating DURECT Corporation (NASDAQ: DRRX) related to its sale to Bausch Health Companies Inc. for $1.75 per share in cash. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/durect-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of CyberArk Software Ltd. (NASDAQ: CYBR)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating CyberArk Software Ltd. (NASDAQ: CYBR) related to its sale to Palo Alto Networks for $45.00 in cash and 2.2005 shares of Palo Alto common stock for each CyberArk share. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/cyberark-software-ltd/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Pinnacle Financial Partners (NASDAQ: PNFP)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 31, 2025 (GLOBE NEWSWIRE) —

    Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Pinnacle Financial Partners (NASDAQ: PNFP) related to its merger with Synovus Financial Corp. Upon the terms of the proposed transaction, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. Upon closing of the proposed transaction, Pinnacle shareholders will own approximately 51.5% of the combined company. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/pinnacle-financial-partners/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-Evening Report: A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland

    Source: The Conversation (Au and NZ) – By Duncan Caillard, Postdoctoral Research Fellow, School of Communication Studies, Auckland University of Technology

    Jason Momoa’s historical epic Chief of War, launching August 1 on Apple TV+, is a triumph of Hawaiians telling their own stories – despite the fact their film and TV production industry now struggles to be viable.

    The series stars Momoa (Aquaman, Game of Thrones) as Kaʻaina, an ali’i (chief) who fights for – and later rises against – King Kamehameha I during the bloody reunification of Hawaii.

    Already receiving advance praise, the nine-episode first season co-stars New Zealand actors Temeura Morrison, Cliff Curtis and Luciane Buchanan, alongside Hawaiian actors Kaina Makua, Brandon Finn and Moses Goods.

    A passion project for Momoa, the Hawaiian star co-created the series with writer Thomas Pa’a Sibbett after years in development. With a reported budget of US$340 million, it is one of the most expensive television series ever produced.

    It is also a milestone in Kānaka Maoli (Native Hawaiian) representation onscreen. Controversially, however, the production only spent a month in Hawaiʻi, and was mostly shot in New Zealand with non-Hawaiian crews.

    Momoa has even expressed an interest in New Zealand citizenship, but the choice of location is more a reflection of the troubled state of the film industry in Hawaiʻi. On the other hand, it is a measure of the success of the New Zealand screen industry, with potential lessons for other countries in the Pacific.

    Ea o Moʻolelo – story sovereignty

    Set at the turn of the 19th century, Chief of War tells the moʻolelo (story, history) of King Kamehameha I’s conquest of the archipelago.

    Hawaiʻi was historically governed by aliʻi nui (high chiefs), and each island was ruled independently. Motivated by the threat of European colonisation and empowered by Western weaponry, Kamehameha established the Hawaiian Kingdom, culminating in full unification in 1810.

    The series is an important example of what authors Dean Hamer and Kumu Hinaleimoana Wong-Kalu have called “Ea o Moʻolelo”, or story sovereignty, which emphasises Indigenous peoples’ right to control their own narrative by respecting the “the inalienable right of a story to its own unique contents, style and purpose”.

    Chief of War is also the biggest Hawaiian television series ever produced. Although Hawaiʻi remains a popular setting onscreen, these productions have rarely involved Hawaiians in key decision-making roles.

    Sea of troubles

    The series hits screens at a time of major disruption in Hollywood, with streaming services upending established business models.

    “Linear” network television faces declining viewership and advertising revenue. Movie studios struggle to draw audiences to theatres. The consequences for workers in the the industry have been severe, as the 2023 writers strike showed.

    Those changes have had a catastrophic impact on the Hawaiʻi film industry, too.

    Long a popular location – Hawaii Five-O (1968-1980, 2010-2020), Magnum P.I. (1980-1988, 2018-2024) and Lost (2004-2010) were all shot on location in Hawaiʻi – it is an expensive place to film.

    Actors, crew and production equipment often have to be flown in from the continental United States, and producers compete with tourism for costly accommodation.

    Kaina Makua as King Kamehameha and New Zealand actor Luciane Buchanan as Ka’ahumanu in Chief of War.
    Apple TV+

    An industry in transition

    These are not uncommon problems in distant locations, and many governments try to attract screen productions through tax incentives and rebates on portions of the production costs.

    New Zealand, for example, offers a 20-25% rebate for international productions and 40% for local productions. Hawaiʻi offers a 22-27% rebate.

    But this is less than other US states offer, such as Georgia (30%), Louisiana (40%) and New Mexico (40%). Hawaiʻi also has an annual cap of US$50 million on rebates.

    To make things even harder, Hawaiʻi offers only limited support for Indigenous filmmakers. Governments in Australia and New Zealand provide targeted funding and support for Aboriginal, Torres Strait Islander and Māori filmmakers.

    By contrast, the Hawaiʻi Film Commission doesn’t provide direct grants to local filmmakers or producers (Indigenous or otherwise). Small amounts of government funding have been administered through the Public Broadcasting Service, but this is now in jeopardy after US President Donald Trump recently cut federal funding.

    The Hawaiʻi screen industry faces a perfect storm. For the first time since 2004, film and TV production has ground to a halt. Many workers now doubt the long-term sustainability of their careers.

    Lessons from Aotearoa NZ

    While there are lessons Hawaiʻi legislators and industry leaders could learn from New Zealand’s example, there should also be a measure of caution.

    The Hawaiʻi tax credit system is out of date. But despite industry lobbying, legislation to update it failed to reach the floor of the legislature earlier this year. New tax settings would help make local production viable again.

    Secondly, decades of investment in Māori cinema have seen it become diverse, engaging and creatively accomplished. Hawaiʻi could benefit from greater direct investment in Hawaiian storytelling, respecting its cultural value even if it doesn’t turn a commercial profit.

    On the other hand, New Zealand has a favourable currency exchange rate with the US which can’t be replicated in Hawaiʻi. And New Zealand film production workers have seen their rights to unionise watered down compared to their American peers.

    But if Hawaiʻi can get its settings right, a possible second season of Chief of War may yet be filmed there, which could mark a genuine rejuvenation of its own film industry.

    Duncan Caillard 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. A Hawaiian epic made in NZ: why Jason Momoa’s Chief of War wasn’t filmed in its star’s homeland – https://theconversation.com/a-hawaiian-epic-made-in-nz-why-jason-momoas-chief-of-war-wasnt-filmed-in-its-stars-homeland-261742

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Colombia is producing more cocaine than ever – and more is reaching Australian shores

    Source: The Conversation (Au and NZ) – By Cesar Alvarez, Lecturer in Terrorism and Security Studies, Charles Sturt University

    Members of the Colombian anti-narcotics police test cocaine after a drug bust. RAUL ARBOLEDA/AFP via Getty Images

    Imagine an area larger than the Australian Capital Territory, nearly twice the size of London and four times that of New York City covered in coca plantations.

    That’s the scale of Colombia’s coca cultivation, according to an estimate from the United Nations Office of Drugs and Crime (UNODC).

    Colombia produces an estimated 2,664 metric tonnes of cocaine annually. That is enough to fill 20 Boeing 747 cargo planes per year.

    Not even during the darkest days of Pablo Escobar’s infamous empire did Colombia cultivate as much coca or produce as much cocaine as it does today.

    In the past year alone, coca crops expanded by 10% and production capacity soared more than 50%.

    So how did it come to this?

    A worrying mix

    Colombia did not arrive at this point overnight, nor by chance. A complex mix of radical and failed policy shifts, scientific innovation and global demand, among other factors, has shaped this trajectory.

    For example, in 2015, Colombia’s Constitutional Court suspended aerial fumigation and banned the use of glyphosate. Despite the herbicide’s effectiveness in killing coca plants, the court cited concerns over its health risks and environmental impact.

    Aerial spraying had allowed the government to reduce the risk that manual eradication brigades were exposed to over large areas.

    In 2016, then-president Juan Manuel Santos introduced a scheme to substitute coca with non-illicit plants. Incentives were offered to farmers. However, it ended up encouraging many peasants who had never grown coca before to begin cultivating it, simply to qualify for the new subsidies.

    It is no surprise that during Santos’ second term (2014–18), Colombia’s coca crops nearly doubled, from 96,000 hectares to more than 170,000.

    This was all in an effort to secure a peace deal with the narco-terrorist group Revolutionary Armed Forces of Colombia (FARC).

    More recently, in 2022, President Gustavo Petro announced his Paz Total (Total Peace) policy. This was designed to bring trafficking organisations – including Colombia’s second largest narco-terrorist group, the National Liberation Army (ELN) – to the negotiation table.

    Ironically, and paradoxically, Colombia is now producing more drugs than ever. It is also experiencing a sharp increase in violence by non-state armed groups.

    The impact on Australia

    What happens in Colombia matters to Australia because criminal innovation is fuelling greater cocaine volumes and higher purity. This means more is flowing towards Australian shores.

    Colombia’s coca production is being reshaped by enhanced cultivation techniques, more secure and autonomous smuggling methods, and an increasingly fragmented criminal landscape.

    Production is now more efficient and profitable than ever. Growers are planting improved coca leaf varieties and achieve more harvest cycles per year with higher alkaloid yields per kilo.

    Smuggling methods have also evolved.

    Semi-submersibles or narco-submarines are increasing in storage capacity. Recent seizures show manned vessels with four to five tonnes of capacity are now the rule rather than the exception.

    Some networks are also transitioning from manned to unmanned operations.

    Also, the growing presence and operational influence of Mexican cartels in Colombia has amplified the scope and scale of alliances between transnational organised crime groups across Europe, Asia and Oceania. International police investigations are even more complex.

    Like much of the world, there is a growing demand for and increasing use of cocaine in Australia.

    Despite record-high seizure numbers and total volumes intercepted, Australia is still among the most attractive destination markets for drug trafficking organisations because of the high price users pay for the drugs.

    Unless something radically changes in Colombia, Australia continues to face growing risks from maritime trafficking routes. There is also an increased threat of being used as a transit and money laundering hub in the global drug economy.

    Some possible solutions

    Even if conditions in Colombia were to change swiftly and drastically, supply-focused strategies alone are insufficient to mitigate the risks facing Australia.

    After all, Colombia cannot simply fumigate its way out of this cocaine crisis, just as Australia cannot arrest its way out of it.

    However, continued collaboration between the Australian Federal Police and the National Police of Colombia remains essential to keep drugs at bay.

    The appointment of Colombia’s first police attaché to Australia will be a welcome and meaningful step forward. (While not yet formally announced, the Colombian embassy in Australia has informed me and several other experts the country is appointing the attaché.)

    Both countries must deepen this relationship and collectively engage meaningfully and frequently to help solve the problem.

    Cesar Alvarez 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. Colombia is producing more cocaine than ever – and more is reaching Australian shores – https://theconversation.com/colombia-is-producing-more-cocaine-than-ever-and-more-is-reaching-australian-shores-261745

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA News: Fact Sheet: President’s Council on Sports, Fitness, and Nutrition, and the Reestablishment of the Presidential Fitness Test

    Source: US Whitehouse

    RESTORING HEALTH AND FITNESS FOR AMERICA’S YOUTH: Today, President Donald J. Trump signed an Executive Order revitalizing the President’s Council on Sports, Fitness, and Nutrition, and reestablishing the Presidential Fitness Test.

    • The Order reestablishes the President’s Council on Sports, Fitness, and Nutrition to develop bold and innovative fitness goals for young Americans with the aim of fostering a new generation of healthy, active citizens.
    • The Order directs the Council to create school-based programs that reward excellence in physical education and develop criteria for a Presidential Fitness Award.
    • The Order reestablishes the Presidential Fitness Test, which shall be administered by the Secretary of Health and Human Services.
    • This Order ensures American youth will have opportunities at the global, national, State, and local levels that emphasize the importance of an active lifestyle, good nutrition, American sports, and military readiness.
    • The Order instructs the Council to partner with professional athletes, sports organizations, and influential figures.

    MAINTAINING A STRONG AND VITAL AMERICA: President Trump is addressing the widespread epidemic of declining health and physical fitness with a time-tested approach celebrating the exceptionalism of America’s sports and fitness traditions.

    • Rates of obesity, chronic disease, inactivity, and poor nutrition are at crisis levels, particularly among our children.
    • These trends weaken our economy, military readiness, academic performance, and national morale.
    • President Eisenhower recognized this issue when he created the President’s Council on Youth Fitness in response to reports on the poor state of youth fitness in America.
    • President Trump is creating a national culture of strength, vitality, and excellence for the next generation by promoting the physical, mental, and civic benefits of exercise and good nutrition.

    MAKING AMERICA ACTIVE AGAIN: President Trump is taking action to end the nationwide health crisis and restore urgency in improving the health of all Americans.

    • In 2018, President Trump originally revitalized the Council, renaming it the “President’s Council on Sports, Fitness, and Nutrition.”
    • In 2019, The Trump Administration launched the National Youth Sports Strategy to unify U.S. youth sports culture around a shared vision that one day all youth will have the opportunity, motivation, and access to play sports.
    • In May 2025, President Trump proclaimed May 2025 as National Physical Fitness and Sports Month.
    • Over the next three years, America will host the Ryder Cup, the President’s Cup, the FIFA World Cup, and the Olympic Games –- the world’s premiere sporting competitions. 
    • In 2026, we will celebrate the 250th anniversary of our great Nation, honor the 70th anniversary of the original President’s Council on Youth Fitness, and showcase America’s continued global dominance in sports. 

    MIL OSI USA News –

  • MIL-OSI Canada: Investigation into fatal RCMP shooting in Lac La Biche continues

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: Updating Flood Risk Planning for Safe and Strong Community Development

    Source: Government of Canada regional news

    Released on July 31, 2025

    Saskatchewan Adopting 1:200-Year Flood Elevation                                                         

    Ensuring municipalities can plan for the growth of their communities, the Ministry of Government Relations is aligning the regulations of The Planning and Development Act, 2007, to the standard of a one-in-200-year flood event. 

    This change will bring the province into alignment with the Federal Disaster Financial Assistance Arrangements program. A one-in-200-year flood risk is a 0.5 per cent chance of flooding occurring in a given year.  

    “Keeping our communities safe while supporting development is key to a growing province,” Government Relations Minister Eric Schmalz said. “This move confirms our commitment to growing communities, making room for economic development opportunities in this province. Our government will continue to examine how we can harmonize standards across Canada, including for community planning and building.”

    “The Water Security Agency (WSA) is committed to helping municipalities build and grow in a sustainable way,” Minister Responsible for the WSA Daryl Harrison said. “WSA has been engaging with communities across Saskatchewan about flood mapping and helping them balance development and flood mapping.” 

    “The RM of Corman Park welcomes the Government of Saskatchewan’s move to adopt the one-in-200-year flood elevation standard,” R.M. of Corman Park Reeve Joe Hargrave said. “This legislative change not only prioritizes public safety but also strengthens our ability to plan and build with confidence in a changing climate within the flood fringe areas. We appreciate the province’s effort to align with federal guidelines, and we look forward to further guidance and potential provincial support to help municipalities like ours adapt zoning bylaws and building policies in a way that balances safety and local development needs. These new guidelines will help form our upcoming discussions with valley residents who live within the flood plain.” 

    “Ensuring alignment between provincial and municipal efforts is key to maximizing the growth of the province, especially when it comes to critical information tied to safety and real estate development,” Saskatchewan Realtors Association President and CEO Chris Guérette said. “We are pleased to see this kind of alignment in regard to flood protection so property owners, neighbourhoods and municipalities can work together to maximize their growth potential.”

    For communities interested in more information and details on this change, visit: saskatchewan.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI Canada: More Than $53 Million for Southwest and Area Highway Improvements Move Export Based Economy

    Source: Government of Canada regional news

    Released on July 31, 2025

    Today, the Government of Saskatchewan provided an update about more than $53 million of highway investments this year in the southwest and area that keep Saskatchewan’s export-based economy moving.

    “These projects are a snapshot of our provincial government’s ongoing commitment and investment to maintain, improve and upgrade our highways,” Education Minister and Swift Current MLA Everett Hindley said on behalf of Highways Minister David Marit. “Our road network is a key link in getting Saskatchewan goods and products throughout the province, across Canada and around the world to support our economy to maintain our quality of life. We appreciate the patience and understanding of all motorists during road construction. Drivers are reminded to be cautious, alert and obey all signage and flag persons when approaching work zones as highway crews and contractors do this important work. We want everyone to get home safely.”

    Provincial highway work includes paving, culvert replacements, grading and various maintenance.

    “The Swift Current and District Chamber of Commerce sincerely appreciates the provincial government’s investment in highways and related infrastructure in the southwest,” Swift Current and District Chamber of Commerce CEO Corla Rokochy said. “Continued investment in our transportation network helps local businesses grow, supports tourism and ensures that communities across southwest Saskatchewan remain connected. We value the Government of Saskatchewan’s ongoing commitment to building and maintaining the infrastructure that drives economic opportunity in our region.”

    “Infrastructure investments like those being made in southwest Saskatchewan are vital to the success of our industry,” Saskatchewan Trucking Association Executive Director Susan Ewart said. “Enhancing key trade routes, such as the Trans-Canada Highway, strengthens supply chains, supports innovation through modern vehicle configurations and ensures goods move safely and efficiently. The Saskatchewan Trucking Association welcomes these improvements and the continued commitment to growing our province’s economic backbone.” 

    Some of the projects in the southwest in the Swift Current and Kindersley areas include:

    • An estimated $12.2 million toward Trans-Canada Highway 1 east of Swift Current to pave about 25 km and to upgrade five culverts. The culverts are under Highway 1 eastbound between Waldeck and 7 km west. The paving portions are in the westbound lanes of Highway 1 from west of the Herbert Access Road to about 3 km east of its junction with Highway 4. Work began in April and was completed in July.
    • About $4.5 million to micro-surface more than 95 km of Highway 1 west of Swift Current. Work is expected to begin around mid-August and be completed this fall.
    • An estimated $14 million for daily routine maintenance from spring to fall this year in the southwest. Examples of that maintenance work, which can occur over a day or two include: shoulder work on Highway 37 from its junction with Highway 18 north to Shaunavon and spot sealing west of Cadillac on Highway 13 earlier this year.
    • An estimated $15.9 million to grade and replace culverts toward upgrading work on more than 24 km of Highway 51 west of Biggar. Work began in July and is expected to be finished by late 2026. Paving for the project has yet to be tendered.
    • An estimated $3.4 million toward improving the driving surface of about a 4.5 km segment of Highway 44 between Glidden and Eston. Work began in May and will be completed this summer.
    • About $3.5 million for surface mixing and paving on approximately 10 km of Highway 13 west of Cadillac. The work is anticipated to start in summer of 2025.

    The start and completion dates of all projects are subject to weather.

    Motorists are reminded to check the Highway Hotline before heading out. Saskatchewan’s provincial road information service provides details about construction zones, ferry crossings, closures and incidents related to wildfires.

    Since 2008, the Government of Saskatchewan has invested more than $13.8 billion in transportation infrastructure, improving over 21,800 kilometres of highways across the province.

    -30-

    For more information, contact:

    Dan Palmer
    Highways
    Regina
    Phone: 306-787-3179
    Email:     dan.palmer@gov.sk.ca

    MIL OSI Canada News –