NewzIntel.com

Category: Americas

  • MIL-OSI USA: Rosen Helps Introduce Legislation to Ban High-Capacity Gun Magazines

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – U.S. Senator Jacky Rosen (D-NV) helped introduce legislation to reinstate a nationwide ban on the sale, transfer, possession, import, or manufacture of high-capacity gun magazines that hold more than ten rounds. The Keep Americans Safe Act would also authorize a high-capacity magazine buyback program and authorize law enforcement to seize and destroy high-capacity magazines possessed illegally.
    “High-capacity magazines like those used on 1 October in Las Vegas allow those who commit mass shootings to kill more innocent people faster,” said Senator Rosen. “This commonsense legislation will help decrease gun violence, prevent future tragedies, and keep our communities safe.”
    Senator Rosen has been a leader in the fight against gun violence. Following last year’s Supreme Court decision to reverse the bump stock ban implemented during President Trump’s first term, Senator Rosen joined bipartisan legislation to permanently ban bump stocks. She helped introduce the Resources for Victims of Gun Violence Act to provide all victims of gun violence and their loved ones with the resources to help meet medical, legal, financial, and other needs. She also helped pass the historic Bipartisan Safer Communities Act to enhance background checks on firearm purchases for individuals under 21, fund the implementation of red flag laws, combat firearms trafficking, and invest in school safety and mental health programs. 

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Works to Empower Patients, Boost Transparency Through Improved Data on Inpatient Psychiatric Facilities

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a senior member and former chairman of the Senate Finance Committee, is pushing the Centers for Medicare & Medicaid Services (CMS) to provide clear and accessible information on inpatient psychiatric facilities (IPFs) to better support patients and their families. While CMS has supported web-based tools to find and compare providers, the agency lacks a tool for comparing IPFs so that families can make fully-informed decisions.

    “This is the kind of information that patients and their families care about…In all states, patients and their families deserve to have access to all IPF inspection/survey reports through a user-accessible website, no matter whether the survey was performed by a state or local survey agency, CMS, or an accrediting organization,” Grassley wrote.

    Grassley is an outspoken advocate for improved oversight and transparency at health care facilities that care for vulnerable Americans, such as nursing homes and IPFs. His past work revealed that inspection reports are completely inaccessible to consumers in most states. Grassley has previously called for improving the quality of information available to the public about nursing homes. He’s also pushed for greater transparency of financial relationships between drug makers and providers and of the misuse of psychotropic drugs in nursing homes and foster youth.

    “Currently, a search for an IPF on the Care Compare website yields little to no information that would allow a consumer to determine the safety of the facility…There is no information regarding assaults, abuses, suicides, and [unauthorized departures], particularly information regarding facilities that have had repeated and/or potentially preventable events. There is no information regarding Medicare Conditions of Participation violations, citations, penalties, or enforcement actions,” Grassley continued.

    Grassley requested the agency provide details on plans to improve public access to IPF data and any possible barriers to CMS’s progress.

    Text of the letter to Acting CMS Administrator Carlton follows:

    February 28, 2025

    VIA ELECTRONIC TRANSMISSION

    The Honorable Stephanie Carlton

    Acting Administrator

    Centers for Medicare & Medicaid Services

    Dear Acting Administrator Carlton:

    I have long advocated for improved oversight and transparency at health care facilities that care for vulnerable Americans, such as nursing homes and inpatient psychiatric facilities (IPFs).[1]  My oversight has resulted in improvements to the Nursing Home Care Compare website, which has been found to help consumers find their way to higher quality nursing homes and encourage providers to improve quality.[2]  Yet, after more than twenty-five years of the Centers for Medicare & Medicaid Services (CMS) supporting web-based tools for consumers to find and compare providers, the mechanism for comparing IPFs is still lacking. [3]  Like nursing home residents, psychiatric inpatients are at high risk for abuse, neglect, and harm, and the public deserves to be able to readily access information regarding quality, safety, and regulatory citations at IPFs in all states.[4] 

    According to a recent report, it took weeks to compile information regarding safety and regulatory issues at two IPFs because there is no place to readily access that information.[5]  The report noted that, “the Centers for Medicare and Medicaid Services has a robust database of hospital inspections, quality of care and staff ratings.  However, when you try to search many inpatient mental health hospitals, every category says information is not available.”[6]  In response to questions about the lack of information, the prior administration stated that “although CMS doesn’t give star ratings for psychiatric hospitals, consumers can still find valuable quality information by using [other] CMS resources.”[7]  However, a review of those resources found them to be insufficient.[8]

    Currently, a search for an IPF on the Care Compare website yields little to no information that would allow a consumer to determine the safety of the facility.  After searching for an IPF on Care Compare, the website launches a webpage showing that the facility’s “Overall Star Rating” and “Patient Survey Rating” are not available.[9]  Under a drop down, Care Compare primarily presents process measures, including COVID-19 vaccinations for providers, influenza vaccinations and body mass index screenings for patients.[10]  While there is information regarding potentially harmful mechanical restraints and seclusions, there is no data regarding physical holds and chemical restraints, which surveyors have also found to be used inappropriately and with incorrect technique.[11]  There is no information regarding assaults, abuses, suicides, and elopements (unauthorized departures), particularly information regarding facilities that have had repeated and/or potentially preventable events. [12]  There is no information regarding Medicare Conditions of Participation violations, citations, penalties, or enforcement actions.[13]  This is the kind of information that patients and their families care about.

    While Care Compare provides access to inspection reports for nursing homes, this capability is missing from the hospital section of the website.[14]  In all states, patients and their families deserve to have access to all IPF inspection/survey reports through a user-accessible website, no matter whether the survey was performed by a state or local survey agency, CMS, or an accrediting organization, such as The Joint Commission.  While some hospital inspection reports may be accessible through the CMS 2567 Statement of Deficiencies data file, this is not a consumer-facing or readily accessible resource.[15]  Additionally, my past oversight work revealed that inspection reports from accrediting organizations are completely inaccessible to consumers in most states.[16]  Despite my advocacy on the issue, in 2017, CMS reversed course on a proposal to require accrediting organizations to post provider survey reports on their public-facing websites, but noted that, “CMS is committed to ensuring that patients have the ability to review the findings used to determine that a facility meets the health and safety standards required for Medicare participation.”[17]  Seven years later, it still doesn’t appear that patients, or even CMS, have the ability to readily conduct that review.[18]  There also still appears to be incongruity between safety violations and accreditation.[19] 

    For Congress to understand CMS’s current actions to increase the relevance of information regarding IPFs on the Care Compare website as well as any barriers impeding CMS’s progress, please provide answers to the following questions no later than March 14, 2025.

    1. Does CMS plan to take steps to improve how information regarding IPF quality, safety, and regulatory issues are displayed on Care Compare?  If not, why not?  If so, please describe.
    1. Are there any barriers to displaying information regarding patient harm, including abuses, assaults, suicides, and elopements with harm, for IPFs on Care Compare?
    1. Are there any barriers to displaying citations, safety violations, licensure suspensions or limitations, immediate jeopardy findings, Medicare program terminations, monetary penalties, enforcement actions, or any other remediation actions for IPFs on Care Compare?
    1. Are there any barriers to integrating the CMS 2567 Statement of Deficiencies data file in a user-accessible way on Care Compare?
    1. What surveys are included in the CMS 2567 Statement of Deficiencies data file and which surveys are excluded?  For example, does the data file contain surveys conducted by all state and local survey agencies?  Are there any circumstances in which the file would contain surveys conducted by accrediting organizations?
    1. Why are the findings from the following surveys/inspections not included in the 2567 Statement of Deficiencies data file posted on the CMS Hospital website?[20]  What are the barriers to making the following reports accessible on Care Compare?
      1. The survey that corresponds with the nine patient rapes at Options Behavioral Health Hospital.[21]
      2. The February 2022 survey with immediate jeopardy findings for Brynn Marr Hospital.[22]
      3. The survey that corresponds with the sexual assault at Psychiatric Institute of Washington.[23]
      4. The survey conducted at Holly Hill Hospital after the escape of five children in March 2024.[24]
      5. The survey that corresponds with Aurora Vista Del Mar’s loss of permission to admit involuntary patients.[25]
      6. The survey that corresponds with the suicide at Morton Plant North Bay Hospital Recovery Center.[26]
    1. How does CMS assess the usability and relevance of the information regarding IPFs on the Care Compare website from the perspective of patients and their families?
    1. How does CMS validate the data currently contained in Care Compare for IPFs?  For example, what was CMS’s process for validating Harborview Medical Center’s 2022 restraint rate of 22.44 hours per 1000 patient care hours, when the national average was 0.32, and the 2022 seclusion rate of 81.73, when the national average was 0.36?[27] 
    1. How does the data currently contained in Care Compare for IPFs inform the survey/inspection process?  For example, have surveyors examined the restraint and seclusion practices at Harborview Medical Center?[28]
    1. How does CMS “ensur[e] that patients have the ability to review the findings used to determine that a facility meets the health and safety standards required for Medicare participation,” including when those findings come from accrediting organizations?[29]
    1. What role does CMS play in the accreditation process for IPFs?  How do the deficiencies listed in the CMS 2567 Statement of Deficiencies data file factor into accreditation?
    1. How does CMS partner with the Substance Abuse and Mental Health Services Administration (SAMHSA) on the Inpatient Psychiatric Facility Quality Reporting (IPFQR) program and ensure consistency between the IPFs listed on the Care Compare website and the IPFs listed on the FindTreatment.gov website?[30]  How does CMS use data collected through the National Substance Use and Mental Health Services Survey (N-SUMHSS)?[31]

    Thank you for your prompt review and response.  If you have any questions, please contact my Judiciary Committee staff at (202) 224-5225.

    Sincerely,

    Charles E. Grassley

    Chairman

    Committee on the Judiciary

    [1] Press Release, Warren, Grassley Lead the Call for Greater Transparency in Nursing Home Ownership, Off. of Senator Charles E. Grassley (May 19, 2023), https://www.grassley.senate.gov/news/news-releases/warren-grassley-lead-the-call-for-greater-transparency-in-nursing-home-ownership; Press Release, After Year-Long Push for Transparency In Nursing Homes, Grassley Urges Improvements to CMS’s Care Compare, Off. of Senator Charles E. Grassley (June 21, 2023), https://www.grassley.senate.gov/news/news-releases/after-years-long-push-for-transparency-in-nursing-homes-grassley-urges-improvements-to-cmss-care-compare; Press Release, Grassley Welcomes CMS Action Following His Decades-Long Push to Increase Nursing Home Transparency, Off. of Senator Charles E. Grassley (Nov. 15, 2023),  https://www.grassley.senate.gov/news/news-releases/grassley-welcomes-cms-action-following-his-decades-long-push-to-increase-nursing-home-transparency; Press Release, Grassley: Alarming Pattern of Conduct Reported at UHS Facilities, Off. of Senator Charles E. Grassley (Dec. 18, 2017), https://www.grassley.senate.gov/news/news-releases/grassley-alarming-pattern-conduct-reported-uhs-facilities.

    [2] R. Tamara Konetzka, Kevin Yan, and Rachel Werner, Two Decades of Nursing Home Compare: What Have We Learned?, Medical Care Research and Review (June 13, 2020), https://journals.sagepub.com/doi/10.1177/1077558720931652?url_ver=Z39.88-2003&rfr_id=ori:rid:crossref.org&rfr_dat=cr_pub%20%200pubmed.

    [3] Report, Nursing Homes: CMS Offers Useful Information on Website and Is Considering Additional Steps to Assess Underlying Data, Government Accountability Office, GAO-23-105312, (May 2023), https://www.gao.gov/assets/gao-23-105312.pdf.

    [4] Morgan Shields, Maureen Stewart, and Kathleen Delaney, Patient Safety in Inpatient Psychiatry: A Remaining Frontier for Health Policy, Health Affairs (Nov. 18, 2018), https://www.healthaffairs.org/doi/10.1377/hlthaff.2018.0718; Hospital Surveys with 2567 Statement of Deficiencies through 2024 Q3 data file, Hospital webpage, Ctrs. for Medicare & Medicaid Services (accessed Feb. 3, 2025),  https://www.cms.gov/files/document/hospital-surveys-2567-statement-deficiencies-through-2024-q3.xlsx, (Surveyors described findings of abuse, neglect, or harm during numerous surveys listed in the 2567 Statement of Deficiencies data file, such as 6G7O11/October 16, 2023, 52U911/March 4, 2024, VN4211/June 13, 2024, QD1O11/January 6, 2021, ZX8G11/April 8, 2022, YMU211/June 7, 2021, SSIO11/February 23, 2023, 00IG11/June 10, 2022, P33211/April 10, 2024, RKRS11/October 5, 2022, and CYVY11/September 23, 2022).

    [5] Randall Kerr, WRAL Investigates why the truth about mental health hospitals remains hidden, WRAL News (May 7, 2024), https://www.wral.com/story/wral-investigates-why-the-truth-about-mental-health-hospitals-remains-hidden/21418636/.

    [6] Id.

    [7] Id.

    [8] Id, (As described by WRAL, “those resources included with the statement were a spreadsheet you could download, but can’t even decipher considering all of the categories, acronyms and codes that don’t necessarily reflect the actual quality of care.  The other resource was the same online database that again has no information about the hospital’s performance.”).

    [9] Care Compare entry for Aurora Vista Del Mar, Care Compare, Medicare.gov (accessed Feb. 3, 2025), available at https://www.medicare.gov/care-compare/details/hospital/054077?id=a96bf388-2fd6-460f-bca4-d70b1eeb862d&city=Ventura&state=CA&zipcode=.

    [10] Psychiatric unit services drop-down for Aurora Vista Del Mar, Care Compare, Medicare.gov (accessed Feb. 3, 2025), https://www.medicare.gov/care-compare/details/hospital/054077?id=a96bf388-2fd6-460f-bca4-d70b1eeb862d&city=Ventura&state=CA&zipcode=&measure=hospital-psychiatric-surveys. 

    [11] Surveys ZF7G11/June 4, 2024 and D0SD11/July 11, 2024, 2567 data file, supra note 4, (For example, during an inspection of Destiny Springs Healthcare in June 2024, surveyors found that “the Hospital failed to ensure staff did not utilize a chemical restraint as a means of coercion, discipline, convenience or retaliation for one (1) patient.” One month later, surveyors found that “the hospital failed to ensure restraints were conducted safely, resulting in Patient #1 suffering a fractured humerus.”).

    [12] Ross Jones, Congressman, local leaders want answers over Detroit hospital patient abuse, suicide, ABC WXYZ Detroit (Oct. 10, 2024),  https://www.wxyz.com/news/local-news/investigations/congressman-local-leaders-want-answers-over-detroit-hospital-patient-abuse-suicide; Surveys 366M11/June 6, 2024 and 31M611/July 3, 2024, 2567 data file, supra note 4, (In 2024, at Detroit Receiving Hospital, in the span of 73 days, two different female patients were sexually assaulted by two different male patients while sedated and confined to four-point restraints, which is a time when patients should be continuously monitored by staff, and another patient died by suicide in her room in the setting of missed safety checks.); Maddie Kirth, ‘Were they not trained?’ Family of missing Hammond Alzheimer’s patient demands hospital reform, Fox 8 (June 23, 2023),  https://www.fox8live.com/2023/06/24/were-they-not-trained-family-missing-hammond-alzheimers-patient-demands-hospital-reform/; Survey 1UQQ11/June 21, 2023, 2567 data file, supra note 4, (In 2023, a patient with severe dementia was able to walk out of a locked unit at Oceans Behavioral Hospital of Hammond in Louisiana and was found dead in a field one day later. It took nearly an hour for staff to realize that the patient was gone and another ninety minutes to call 911.).

    [13] Heather Catallo, ‘He didn’t deserve this.’ Patient dies after being restrained in psych ward, family speaks out, WXYZ (Dec. 19, 2024), https://www.wxyz.com/news/local-news/investigations/he-didnt-deserve-this-patient-dies-after-being-restrained-in-psych-ward-family-speaks-out; Medicare notice to the public regarding termination of Pontiac General Hospital effective November 24, 2024 (Nov. 8, 2024), https://www.cms.gov/files/document/michigan-pontiac-general-hospital-11/08/2024.pdf, (There is no information regarding Michigan’s Pontiac General Hospital’s termination from the Medicare program on November 24, 2024, after a patient died in the setting of improper restraint technique and a delayed and disorganized resuscitation effort.); Surveys R5UY11/March 22, 2024, 24E111/April 3, 2024, M4B411/June 6, 2024, QORQ11/July 31, 2024, and NB8H11/August 15, 2024, 2567 data file, supra note 4 (There is no information regarding the 30 deficiencies, including three condition-level deficiencies and two immediate jeopardy findings, listed in the CMS 2567 Statement of Deficiencies data file for Oceans Behavioral Hospital of Hammond in Louisiana during the first three quarters of 2024.); Alex Lubben, State gives troubled Mandeville psychiatric hospital one last chance to stay open, NOLA (Apr. 19, 2024), https://www.nola.com/news/northshore/what-is-the-future-of-northlake-behavioral-health-system/article_e5218958-f90a-11ee-ab91-072e26520f37.html, (There is no information regarding Northlake Behavioral Health System’s reported agreement with the Louisiana Department of Health to “pay an $18,000 fine, hire a consultant, cover the cost of all future LDH inspections, and suffer additional penalties for any repeat deficiencies found in the course of those inspections” in order to maintain a provisional license.).

    [14] GAO-23-105312, supra note 3.

    [15] 2567 data file, supra note 4.

    [16] Press Release, Grassley Presses Agency On Statutory Changes Needed to Make Hospital Inspection Reports Public, Off. of Senator Charles E. Grassley (Sep. 20, 2017), https://www.grassley.senate.gov/news/news-releases/grassley-presses-agency-statutory-changes-needed-make-hospital-inspection-reports.

    [17] Charles Ornstein, Secret Hospital Inspections May Become Public At Last, ProPublica (April 18, 2017), https://www.propublica.org/article/secret-hospital-inspections-may-become-public-at-last; Fact Sheet, Fiscal Year (FY) 2018 Medicare Hospital Inpatient Prospective Payment System (IPPS) and Long Term Acute Care Hospital (LTCH) Prospective Payment System Final Rule(CMS-1677-F), Centers for Medicare & Medicaid Services (Aug. 2, 2017), https://www.cms.gov/newsroom/fact-sheets/fiscal-year-fy-2018-medicare-hospital-inpatient-prospective-payment-system-ipps-and-long-term-acute-0; Charles Ornstein, Accreditors Can Keep Their Hospital Inspection Reports Secret, Feds Decide, ProPublica (Aug. 3, 2017), https://www.propublica.org/article/accreditors-can-keep-their-hospital-inspection-reports-secret-feds-decide; Letter from Senator Charles E. Grassley to Administrator Seema Verma, Centers for Medicare & Medicaid Services (Sep. 18, 2017), https://www.grassley.senate.gov/imo/media/doc/2017-09-18%20CEG%20to%20CMS%20(Joint%20Commission).pdf.

    [18] Centers for Medicare & Medicaid Services, Proposed Rule, Medicare Program; Strengthening Oversight of Accrediting Organizations (AOs) and Preventing AO Conflict of Interest, and Related Provisions, Section G, Federal Register (Feb. 15, 2024), https://www.federalregister.gov/documents/2024/02/15/2024-02137/medicare-program-strengthening-oversight-of-accrediting-organizations-aos-and-preventing-ao-conflict#footnote-4-p12000. 

    [19] Press Release, Grassley, Stark hold officials accountable for improper approval of specialty hospital in West Texas, U.S. Comm. on Finance (Mar. 6, 2007), https://www.finance.senate.gov/ranking-members-news/grassley-stark-hold-officials-accountable-for-improper-approval-of-specialty-hospital-in-west-texas; Letter from Senator Charles E. Grassley to Mr. Mark Chassin, The Joint Commission (Apr. 14, 2017), https://www.grassley.senate.gov/imo/media/doc/2017-04-14%20CEG%20to%20Joint%20Commission%20(UHS).pdf; Stephanie Armour, Hospital Watchdog Gives Seal of Approval, Even After Problems Emerge, The Wall Street Journal (Sep. 8, 2017), https://www.wsj.com/articles/watchdog-awards-hospitals-seal-of-approval-even-after-problems-emerge-1504889146; Surveys 2DCB11/March 5, 2024, S6IC11/June 13, 2024, WKNI11/July 12, 2024, 7VB511/April 11, 2024, DICQ11/July 12, 2024, ZF7G11/June 4, 2024, and D0SD11/July 11, 2024, 2567 data file, supra note 4; Search for Mesa Springs, Crestwyn Behavioral Health, Del Amo Hospital, and Destiny Springs Healthcare on The Joint Commission’s “Find Accredited Organizations” webpage, The Joint Commission (accessed Feb. 11, 2025), https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=mesa%20springs&numberOfResults=25, https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=Crestwyn%20Behavioral%20Health%20&numberOfResults=25, https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=Del%20Amo%20Hospital&numberOfResults=25, https://www.jointcommission.org/who-we-are/who-we-work-with/find-accredited-organizations/#q=Destiny%20Springs%20Healthcare&numberOfResults=25, (For example, Mesa Springs in Texas is currently shown as having a gold seal on The Joint Commission website, while the hospital had 14 condition-level deficiencies across three surveys listed in the CMS 2567 Statement of Deficiencies data file for the first three quarters of 2024. Crestwyn Behavioral Health in Tennessee with four condition-level citations in the first three quarters of 2024, Del Amo Hospital in California with three condition-level citations, and Destiny Springs Healthcare in Arizona with three condition-level citations are also currently shown as having Joint Commission accreditation.).

    [20] 2567 data file, supra note 4.

    [21] Joe Ulery, Whistleblower exposes dangers at Indiana facility, Public News Service (Dec. 18, 2024), https://www.publicnewsservice.org/2024-12-18/mental-health/whistleblower-exposes-dangers-at-indiana-facility/a94122-1.

    [22] Letter from the Ctrs. for Medicare & Medicaid to Universal Health Services regarding notification of possible termination from the Medicare program (Mar. 27, 2023), https://www.northcarolinahealthnews.org/wp-content/uploads/2023/05/Brynn-Marr-Hospital-CCN-344016-90-day-3-27-2023.signed-002-3.pdf; Taylor Knopf, NC psych hospital failed to provide ‘safe and therapeutic’ environment, feds say, NC Health News (May 10, 2023), https://www.northcarolinahealthnews.org/2023/05/10/nc-psych-hospital-failed-to-provide-safe-and-therapeutic-environment-feds-say/.

    [23] Peter Herman, Psychiatric health aide in D.C. charged with sexual abuse of a patient, The Washington Post (Dec. 21, 2023), available at https://www.washingtonpost.com/dc-md-va/2023/12/21/sexual-assault-dc-psychiatric/.

    [24] Heidi Kirk, WRAL Investigates: Holly Hill violated standards of care that could’ve prevented patient escapes, inspection says, WRAL News (July 15, 2024), available at https://www.wral.com/story/wral-investigates-holly-hill-violated-standards-of-care-that-could-ve-prevented-patient-escapes-inspection-says/21526230/.

    [25] Nick Welsh, Santa Barbara County’s Psych-Bed Pinch Tightens as Key Mental-Health Safety Valve Shuts Down, Santa Barbara Independent (Nov. 1, 2023), https://www.independent.com/2023/11/01/santa-barbara-countys-psych-bed-pinch-tightens-as-key-mental-health-safety-valve-shuts-down/.

    [26] Adam Walser, Florida grandmother outraged after 13-year-old dies by suicide inside mental hospital, ABC Action News (July 11, 2023),  https://www.abcactionnews.com/news/local-news/i-team-investigates/lutz-grandmother-outraged-after-13-year-old-commits-suicide-inside-mental-hospital.

    [27] “Inpatient psychiatric facility quality measure data – by facility” data set, Ctrs. for Medicare & Medicaid Services (Oct. 30, 2024),  https://data.cms.gov/provider-data/dataset/q9vs-r7wp; “Inpatient psychiatric facility quality measure data – national” data set, Ctrs. for Medicare & Medicaid Services (Oct. 30, 2024), https://data.cms.gov/provider-data/dataset/s5xg-sys6.

    [28] Id.

    [29] Fact sheet, supra note 17.

    [30] Mental health and substance use treatment locator website, Substance Abuse and Mental Health Services Admin. (accessed Feb. 11, 2025), https://findtreatment.gov/locator.

    [31] National Substance Use and Mental Health Services Survey, Substance Abuse and Mental Health Services Admin. (accessed Feb. 11, 2025), https://info.nsumhss.samhsa.gov/.

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    MIL OSI USA News –

  • MIL-OSI Security: Mexican national sentenced for possession of child sexual assault material

    Source: Office of United States Attorneys

    BROWNSVILLE, Texas – A 26-year-old citizen of Mexico has been ordered to federal prison following his conviction of possession of child pornography, announced U.S. Attorney Nicholas J. Ganjei.

    Ezequiel Vallejo-Hernandez pleaded guilty Feb. 12, 2024.

    U.S. District Judge Rolando Olvera has now ordered him to serve 78 months in federal prison. Vallejo-Hernandez was further ordered to pay $57,500 in restitution to various victims and will serve 10 years on supervised release following the completion of his prison term. During that time, he will have to comply with numerous requirements designed to restrict his access to children and the Internet. He will also be ordered to register as a sex offender. 

    On Sept. 16, 2023, Vallejo-Hernandez attempted to enter the United States through the Gateway International Port of Entry, at which time authorities referred him to secondary inspection. At that time, they noticed that Vallejo-Hernandez had a “lookout” placed on him based on a Cybertip report from the National Center for Missing and Exploited Children. Law enforcement conducted a basic search of his cell phone which led to the discovery of child sexual assault material (CSAM) on the device.

    “Since its founding, the Department of Justice’s Project Safe Childhood (PSC) has allowed prosecutors and law enforcement to uncover and prosecute those that prey on children online. This case is a textbook example on how PSC is making the internet safer for children,” said Ganjei.

    A forensic analysis resulted in the discovery of a total of 557 CSAM files within his MEGA application – a cloud-based storage application – on his phone. 

    Vallejo-Hernandez admitted to downloading the CSAM files to his cell phone and acknowledged it was a crime to be in possession of that material.

    Homeland Security Investigations conducted the investigation.

    Assistant U.S. Attorney Ana C. Cano prosecuted the case, which was brought as part of PSC, a nationwide initiative the Department of Justice (DOJ) launched in May 2006 to combat the growing epidemic of child sexual exploitation and abuse. U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section leads PSC, which marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who sexually exploit children and identifies and rescues victims. For more information about PSC, please visit DOJ’s PSC page. For more information about internet safety education, please visit the resources link on that page.

    MIL Security OSI –

  • MIL-OSI Security: FUGITIVE FIREARMS TRAFFICKER CAPTURED IN MEXICO AS PART OF OPERATION RIPSAW

    Source: Office of United States Attorneys

    Richard G. Frohling, Acting United States Attorney for the Eastern District of Wisconsin, announced the arrest of fugitive Roland Munoz (age: 44), who was wanted for trafficking firearms from the United States to a Mexican cartel. 

    On September 21, 2021, along with five other defendants, Munoz was charged in a 12-count indictment with violations of 18 U.S.C. §§ 371 (conspiracy to violate the laws of the United States), 554 (smuggling goods from the United States), 922(a)(6), and 924(a)(2) (straw purchasing firearms), and 22 U.S.C. §§ 2778(b)(2) and 2778(c) and 22 C.F.R. §§ 121.1 and 127.1 (violation of the Arms Export Control Act and the International Traffic in Arms Regulations). In turn, the indictment was the result of a yearslong investigation called “Operation Ripsaw”and led by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and Homeland Security Investigations (HSI).

    The indictment charges a complex conspiracy to smuggle high-powered firearms from the United States to Mexico. According to court filings, Munoz led this conspiracy by recruiting straw purchasers of firearms in Wisconsin and other states, organizing couriers to transport those firearms and money across the nation, and arranging for smugglers to take the firearms across the border in Texas and provide them to a cartel in Mexico. The conspirators purchased and attempted to smuggle over 25 firearms. According to court records, many of those firearms were later recovered in Mexico, including a .50 caliber rifle which was recovered on December 12, 2020, after Mexican law enforcement authorities engaged a group of armed members of Cártel de Jalisco Nueva Generación (CJNG), a Mexican transnational criminal organization. 

    Munoz’s arrest was made in coordination with officials in Mexico and is the result of collaboration between the United States Marshals Service, ATF, and HSI.    

    If convicted of these offenses, Munoz faces a maximum of 20 years in prison and up to a $1 million fine. The maximum potential sentences in this case are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendants will be determined by a judge.

    As noted above, ATF and HSI investigated the case. Assistant United States Attorneys Philip T. Kovoor and Christopher Ladwig will prosecute the case in the United States District Court in Green Bay.    

    An indictment is only a charge and not evidence of guilt. The defendant is presumed innocent and is entitled to a fair trial at which the government must prove his guilt beyond a reasonable doubt.

    ###

    For further information contact:

    Public Information Officer

    Kenneth.Gales@usdoj.gov

    (414) 297-1700

    Follow us on Twitter

    MIL Security OSI –

  • MIL-OSI: James Altucher Declares 2025 as ‘The Great Gain’—A New Era of Opportunity for Americans

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — Renowned entrepreneur, best-selling author, and economic visionary James Altucher has identified 2025 as a pivotal year for American prosperity, calling it “The Great Gain”—a moment in history where major economic and technological forces are converging to create new opportunities unlike anything seen before. “The first 365 days of Trump’s presidency will be remembered as… The best time to get rich in American history.”

    Altucher argues that two major economic forces are colliding for the first time in history to create an unprecedented wave of opportunity. “For the first time in US history… Two major Wealth Drivers are on a collision course.”

    A Once-in-a-Generation Moment

    Altucher, known for his ability to forecast major economic and technological shifts, believes that 2025 will be remembered as one of the most transformative years in modern history. He compares it to past eras of rapid progress, such as the Industrial Revolution, the rise of Silicon Valley, and the early internet boom of the 1990s.

    “The Industrial Revolution created unprecedented business empires. The dot-com boom built some of today’s biggest companies.”

    According to Altucher, this moment is different from previous cycles because of the convergence of two Wealth Drivers:

    1. A Political and Economic Shift – A radical move in the first 100 days of the new administration is set to open new doors for growth.
    2. A Historical Economic Cycle – A peak in the 4-year wealth cycle, which “last time… turned more than 80,000 people into new millionaires.”

    A Call to Action for Americans

    Altucher urges Americans to stay ahead of these changes by recognizing the emerging trends that could redefine the economy. From career opportunities and entrepreneurship to advancements in automation and artificial intelligence, the coming months will present once-in-a-lifetime chances to adapt, grow, and thrive. “In our nation’s history… There have been only a few times… Where regular Americans could quickly gain enough wealth… To radically improve their standard of living.”

    About James Altucher

    James Altucher is not only a tech expert, he’s a former hedge fund manager and best-selling author. Altucher has also launched and sold multiple businesses and advised Fortune 500 companies. His work has been featured on Fox Business, CNBC, Yahoo Finance, The New York Times, and Business Insider​.

    His podcast, The James Altucher Show, has been downloaded over 40 million times, featuring guests such as Mark Cuban, Richard Branson, and Peter Thiel.

    Media Contact:
    Derek Warren
    Public Relations Manager
    Paradigm Press Group
    Email: dwarren@paradigmpressgroup.com

    The MIL Network –

  • MIL-OSI: James Altucher Declares 2025 as ‘America’s Defining Moment’—A Rare Economic Shift That Could Reshape the Future

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 05, 2025 (GLOBE NEWSWIRE) — Tech expert, best-selling author, and market forecaster James Altucher is making a bold proclamation: 2025 will mark a turning point in the American economy—one that could redefine industries, technology, and personal opportunity.

    Calling it “The Great Gain”, Altucher believes that a rare collision of economic forces is underway, creating what could be one of the most significant windows for personal and financial transformation in modern history. “For the first time in US history… Two major Wealth Drivers are on a collision course.”

    These two forces—a major political and economic shift combined with a historic wealth cycle peak—are aligning in a way that hasn’t happened in decades. “The first 365 days of Trump’s presidency will be remembered as… The best time to get rich in American history.”

    A Historic Turning Point for Innovation and Growth

    Altucher, who has successfully predicted market-defining trends for decades, sees 2025 as the start of a technological and financial transformation similar to past economic revolutions. “The Industrial Revolution created unprecedented business empires. The dot-com boom built some of today’s biggest companies.”

    He believes this moment could be even bigger, with industries evolving faster than ever before. “Technology is evolving at an exponential rate, and industries are being reshaped overnight.”

    A Rare Chance for Everyday Americans

    Altucher emphasizes that this shift isn’t just for major corporations or Wall Street—it presents a rare second chance for everyday Americans to take advantage of changes before they become mainstream. “In our nation’s history… There have been only a few times… Where regular Americans could quickly gain enough wealth… To radically improve their standard of living.”

    About James Altucher

    James Altucher is not only a tech expert, he’s a former hedge fund manager and best-selling author. Altucher has also launched and sold multiple businesses and advised Fortune 500 companies. His work has been featured on Fox Business, CNBC, Yahoo Finance, The New York Times, and Business Insider​.

    His podcast, The James Altucher Show, has been downloaded over 40 million times, featuring guests such as Mark Cuban, Richard Branson, and Peter Thiel.

    Media Contact:
    Derek Warren
    Public Relations Manager
    Paradigm Press Group
    Email: dwarren@paradigmpressgroup.com

    The MIL Network –

  • MIL-OSI: Ring Energy Announces Fourth Quarter and Full Year 2024 Results, Year-End 2024 Proved Reserves, and 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, March 05, 2025 (GLOBE NEWSWIRE) — Ring Energy, Inc. (NYSE American: REI) (“Ring” or the “Company”) today reported operational and financial results for the fourth quarter and full year 2024, year-end 2024 proved reserves and provided 2025 operational and financial guidance.

    Fourth Quarter 2024 Highlights

    • Recorded net income of $5.7 million, or $0.03 per diluted share;
    • Reported Adjusted Net Income1 of $12.3 million, or $0.06 per diluted share;
    • Sold 19,658 barrels of oil equivalent per day (“Boe/d”), exceeding midpoint of guidance and 12,916 barrels of oil per day (“Bo/d”);
    • Held all-in cash operating costs1 (on a Boe basis) substantially flat with Q3 2024;
    • Reduced total capital expenditures by 12% to $37.6 million as compared to Q3 2024;
    • Recorded Adjusted Cash Flow from Operations1 of $42.2 million and delivered Adjusted Free Cash Flow1 of $4.7 million, remaining cash flow positive for 21 consecutive quarters; and
    • Strengthened balance sheet by an additional $7.0 million in debt reduction.

    Full Year 2024 Highlights

    • Recorded net income of $67.5 million, or $0.34 per diluted share;
    • Reported Adjusted Net Income1 of $69.5 million, or $0.35 per diluted share;
    • Grew sales volumes year-over-year (“Y-O-Y”) by 8% to a record 19,648 Boe/d and oil sales by 6% to a record 13,283 Bo/d;
    • Reduced Y-O-Y all-in cash operating costs1 (on a Boe basis) by 2%;
    • Generated Adjusted EBITDA1 of $233.3 million despite a 7% reduction in realized prices;
    • Maintained capital spending essentially flat at $151.9 million while improving capital efficiency on horizontal (“Hz”) wells by 11% to ~$492 per foot and vertical wells by ~3% on a per completed interval basis;
    • Generated a Cash Return on Capital Employed (“CROCE”)1 of 15.9% despite lower commodity pricing, which is the third consecutive year that Ring has achieved a CROCE in excess of 15%;
    • Recorded Adjusted Cash Flow from Operations1 of $195.3 million and delivered Adjusted Free Cash Flow1 of $43.6 million, remaining cash flow positive for over 5 years;
    • Divested non-core vertical wells with high operating cost for $5.5 million;
    • Paid down $40.0 million in debt and $70.0 million since closing the Founders acquisition in August 2023;
    • Reaffirmed the borrowing base at $600 million, exited 2024 with ~$217 million of liquidity, borrowings of $385 million, and a Leverage Ratio1 of 1.66x; and
    • Organically grew proved reserves by 4.4 MMBoe, or 3%, to 134.2 MMBoe.

    2025 Outlook2

    • Average annual sales midpoint of 21,000 Boe/d and 13,900 Bo/d, a 7% and 5% increase, respectively;
    • Annual capital spending midpoint of $154 million, essentially flat with the prior year;
    • Total wells drilled, completed and online (midpoint) of ~49 wells; and
    • Assumes nine months of Lime Rock asset operations without the benefit of anticipated synergies and cost reductions.

    Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We finished 2024 delivering on our promises during the fourth quarter, in a year in which the Ring Team enhanced nearly every controllable metric. We grew our sales by 8% over the prior year to a record 19,648 Boe/d and our oil sales by 6% to a record 13,283 Bo/d. We reduced our all-in cash operating costs per Boe by 2% and drilled 13 more wells for slightly less capital than the previous year representing a substantial increase in capital efficiency for both our horizontal and vertical wells. We paid down debt by $40 million and exited the year with $385 million borrowings and approximately $217 million of liquidity. During the fourth quarter of 2024, we reduced our capital expenditures in anticipation of seeking and completing a meaningful acquisition of producing properties, while achieving the midpoint of our guidance on a Boe basis. As we have previously stated, we intend to maintain or slightly grow our production through our organic drilling program and grow through accretive, balance sheet enhancing acquisitions of assets that meet specific criteria. Our strategy retains the flexibility to respond to changing conditions to ensure we continue to make progress profitably growing the Company, achieving the size and scale to earn more attractive market metrics, and build long term shareholder value. Looking forward to 2025, we intend to continue a reduced capital spending program in the first quarter to help us achieve a satisfactory leverage ratio upon closing the Lime Rock transaction. The rest of the year will be consistent with our past. We will continue our focus on maximizing cash flow generation and intend to allocate a portion of our cash flow from operations to maintain production and liquidity and allocate the balance to paying down debt. With the potential added benefit of the proposed Lime Rock production beginning in the second quarter and our historically successful capital spending program, we anticipate ending 2025 stronger than ever.”

    Mr. McKinney concluded, “I would like to thank the Ring Team for the hard work and dedication it took to deliver our 2024 results. I also want to express our gratitude for the continued support of our shareholders. Despite an environment of lower realized commodity prices, being a member of a market segment where investor interest has waned, and other market conditions beyond our control, our shareholders continued to support us as we pursue our value focused proven strategy to build long-term value.”

    Summary Results

      Quarter Year
      Q4 2024 Q3 2024 Q4 2024
    to Q3
    2024 %
    Change    		 Q4 2023 Q4 2024
    to Q4
    2023 %
    Change    		 FY 2024 FY 2023 FY % Change
    Average Daily Sales Volumes (Boe/d) 19,658 20,108 (2 )% 19,397 1 % 19,648 18,119 8 %
    Crude Oil (Bo/d) 12,916 13,204 (2 )% 13,637 (5 )% 13,283 12,548 6 %
    Net Sales (MBoe) 1,808.5 1,849.9 (2 )% 1,784.5 1 % 7,191.1 6,613.3 9 %
    Realized Price – All Products ($/Boe) $46.14 $48.24 (4 )% $56.01 (18 )% $50.94 $54.60 (7 )%
    Realized Price – Crude Oil ($/Bo) $68.98 $74.43 (7 )% $77.33 (11 )% $74.87 $76.21 (2 )%
    Revenues ($MM) $83.4 $89.2 (7 )% $99.9 (17 )% $366.3 $361.1 1 %
    Net Income/Loss ($MM) $5.7 $33.9 (83 )% $50.9 (89 )% $67.5 $104.9 (36 )%
    Adjusted Net Income1 ($MM) $12.3 $13.4 (8 )% $21.2 (42 )% $69.5 $100.5 (31 )%
    Adjusted EBITDA1 ($MM) $50.9 $54.0 (6 )% $65.4 (22 )% $233.3 $236.0 (1 )%
    Capital Expenditures ($MM) $37.6 $42.7 (12 )% $38.8 (3 )% $151.9 $152.0 — %
    Adjusted Free Cash Flow1 ($MM) $4.7 $1.9 144 % $16.3 (71 )% $43.6 $45.3 (4 )%


    Adjusted Net Income, Adjusted EBITDA, Adjusted Free Cash Flow, Adjusted Cash Flow from Operations, Cash Return on Capital Employed and PV-10 are non-GAAP financial measures, which are described in more detail and reconciled to the most comparable GAAP measures, in the tables shown later in this release under “Non-GAAP Financial Information.”

    Sales Volumes, Prices and Revenues: Sales volumes for the fourth quarter of 2024 are shown in the table above.

    For the fourth quarter of 2024, realized average sales prices were $68.98 per barrel of crude oil, $(0.96) per Mcf of natural gas and $9.08 per barrel of NGLs. The realized natural gas and NGL prices are impacted by a fee reduction to the value received. For the fourth quarter of 2024, the weighted average natural gas price per Mcf was $0.87 offset by a weighted average fee value per Mcf of $(1.83), and the weighted average NGL price per barrel was $20.96 partially offset by a weighted average fee of $(11.88) per barrel. The combined average realized sales price for the period was $46.14 per Boe, down 4% versus $48.24 per Boe for the third quarter of 2024, and down 18% from $56.01 per Boe in the fourth quarter of 2023. The average oil price differential the Company experienced from WTI NYMEX futures pricing in the fourth quarter of 2024 was a negative $1.42 per barrel of crude oil, while the average natural gas price differential from NYMEX futures pricing was a negative $3.83 per Mcf.

    Revenues were $83.4 million for the fourth quarter of 2024 compared to $89.2 million for the third quarter of 2024 and $99.9 million for the fourth quarter of 2023. The 7% decrease in fourth quarter 2024 revenues from the third quarter was driven by a ($3.8MM) price variance and a ($2.0MM) volume variance.

    Lease Operating Expense (“LOE”): LOE, which includes expensed workovers and facilities maintenance, was $20.3 million, or $11.24 per Boe, in the fourth quarter of 2024 versus $20.3 million, or $10.98 per Boe, in the third quarter of 2024 and $18.7 million, or $10.50 per Boe, for the fourth quarter of 2023. Fourth quarter 2024 LOE per Boe was within the Company’s guidance range, and the Company remains focused on further improving the efficiencies of its operations.

    Gathering, Transportation and Processing (“GTP”) Costs: As previously disclosed, due to a contractual change effective May 1, 2022, the Company no longer maintains ownership and control of the majority of its natural gas through processing. As a result, GTP costs are now substantially reflected as a reduction to the natural gas sales price and not as an expense item. There remains only one contract in place with a natural gas processing entity where the point of control of gas dictates requiring the fees to be recorded as an expense.

    Ad Valorem Taxes: Ad valorem taxes, inclusive of an accrual for methane taxes of $527,687, were $1.34 per Boe for the fourth quarter of 2024, compared to $1.17 per Boe in the third quarter of 2024 and $0.92 per Boe for the fourth quarter of 2023.

    Production Taxes: Production taxes were $2.13 per Boe in the fourth quarter of 2024 compared to $2.27 per Boe in the third quarter of 2024 and $2.78 per Boe in fourth quarter of 2023. Production taxes ranged between 4.6% to 5.0% of revenue for all three periods.

    Depreciation, Depletion and Amortization (“DD&A”) and Asset Retirement Obligation Accretion: DD&A was $13.57 per Boe in the fourth quarter of 2024 versus $13.87 per Boe for the third quarter of 2024 and $13.76 per Boe in the fourth quarter of 2023. Asset retirement obligation accretion was $0.18 per Boe in the fourth quarter of 2024 compared to $0.19 per Boe for the third quarter of 2024 and $0.20 per Boe in the fourth quarter of 2023.

    General and Administrative Expenses (“G&A”): G&A was $8.0 million ($4.44 per Boe) for the fourth quarter of 2024 versus $6.4 million ($3.47 per Boe) for the third quarter of 2024 and $8.2 million ($4.58 per Boe) in the fourth quarter of 2023. G&A, excluding share-based compensation1, was $6.4 million for the fourth quarter of 2024 ($3.52 per Boe) versus $6.4 million for the third quarter of 2024 ($3.45 per Boe) and $5.7 million in the fourth quarter of 2023 ($3.20 per Boe). The fourth quarter of 2024 included $21,017 of Transaction Costs. Excluding these costs and share-based compensation, G&A was $3.51 per Boe for the period.

    Interest Expense: Interest expense was $10.1 million in the fourth quarter of 2024 versus $10.8 million for the third quarter of 2024 and $11.6 million for the fourth quarter of 2023.

    Derivative (Loss) Gain: In the fourth quarter of 2024, Ring recorded a net loss of $6.3 million on its commodity derivative contracts, including a realized $0.7 million cash commodity derivative gain and an unrealized $7.0 million non-cash commodity derivative loss. This compared to a net gain of $24.7 million in the third quarter of 2024, including a realized $1.9 million cash commodity derivative loss and an unrealized $26.6 million non-cash commodity derivative gain, and a net gain of $29.3 million in the fourth quarter of 2023, including a realized $3.3 million cash commodity derivative loss and an unrealized $32.5 million non-cash commodity derivative gain.

    A summary listing of the Company’s outstanding derivative positions at December 31, 2024 is included in the tables shown later in this release. A quarterly breakout is provided in the Company’s investor presentation.

    For full year 2025, the Company currently has approximately 2.4 million barrels of oil (48% of oil sales guidance midpoint) hedged and 2.4 billion cubic feet of natural gas (33% of natural gas sales guidance midpoint) hedged.

    Income Tax: The Company recorded a non-cash income tax provision of $1.8 million in the fourth quarter of 2024, $10.1 million in the third quarter of 2024, and $7.9 million for fourth quarter 2023.

    Balance Sheet and Liquidity: Total liquidity at December 31, 2024 was $216.8 million, a 4% increase from September 30, 2024 and a 24% increase from December 31, 2023. Liquidity at December 31, 2024 consisted of cash and cash equivalents of $1.9 million and $215.0 million of availability under Ring’s revolving credit facility, which includes a reduction of $35 thousand for letters of credit. On December 31, 2024, the Company had $385.0 million in borrowings outstanding on its revolving credit facility that has a current borrowing base of $600.0 million. Ring paid down $7 million of debt during the fourth quarter of 2024 and $70.0 million since the closing of the Founders Transaction in August 2023. The Company is targeting further debt pay down during 2025 dependent on market conditions, the timing of capital spending, and other considerations.

    During the fourth quarter of 2024, the Company’s borrowing base of $600 million under its revolving credit facility was reaffirmed. The next regularly scheduled bank redetermination is scheduled to occur during May 2025. Ring is currently in compliance with all applicable covenants under its revolving credit facility.

    Capital Expenditures: During the fourth quarter of 2024, capital expenditures on an accrual basis were $37.6 million, which was near the midpoint of Ring’s guidance of $33 million to $41 million. The Company drilled five Hz and four vertical wells, and completed ten wells — with all drilling and completion activity occurring in the Central Basin Platform (“CBP”). Also included in fourth quarter 2024 capital spending were costs for capital workovers, infrastructure upgrades, recompletions, leasing costs, and ESG improvements.

    For the year ended December 31, 2024, capital expenditures on an accrual basis were $151.9 million — substantially flat with full year 2023 despite more than a 40% increase in drilling and completion activity in 2024. Capital spending in 2024 included costs to drill, complete and place on production 21 Hz wells (five in the NWS and 16 in the CBP) and 22 vertical wells in the CBP, as well as costs for capital workovers, infrastructure upgrades, recompletions, leasing costs, and ESG improvements.

    The table below sets forth Ring’s drilling and completions activities by quarter for 2024:

    Quarter   Area   Wells
    Drilled    		   Wells
    Completed    		   Drilled
    Uncompleted
    (“DUC”)     (2)
                     
    1Q 2024   Northwest Shelf (Horizontal)   2   2   —
        Central Basin Platform (Horizontal)   3   3   —
        Central Basin Platform (Vertical)   6   6   —
        Total (1)   11   11   —
                     
    2Q 2024   Northwest Shelf (Horizontal)   —   —   —
        Central Basin Platform (Horizontal)   5   5   —
        Central Basin Platform (Vertical)   6   6   —
        Total   11   11   —
                     
    3Q 2024   Northwest Shelf (Horizontal)   3   3   —
        Central Basin Platform (Horizontal)   4   2   2
        Central Basin Platform (Vertical)   6   6   —
        Total   13   11   2
                     
    4Q 2024   Northwest Shelf (Horizontal)   —   —   —
        Central Basin Platform (Horizontal)   5   6   1
        Central Basin Platform (Vertical)   4   4   —
        Total   9   10   1
                     
    FY 2024   Northwest Shelf (Horizontal)   5   5   —
        Central Basin Platform (Horizontal)   17   16   1
        Central Basin Platform (Vertical)   22   22   —
        Total   44   43   1

    (1) First quarter total and full year total do not include one salt water disposal (“SWD”) well completed in the Central Basin Platform
    (2) Note that the DUC wells represent period-end counts rather than period-to-date totals.

    Full Year 2024 Summary Financial Review

    The Company reported net income for full year 2024 of $67.5 million, or $0.34 per diluted share, and Adjusted Net Income of $69.5 million, or $0.35 per diluted share. For full year 2023, Ring reported net income of $104.9 million, or $0.54 per diluted share, and Adjusted Net Income of $100.5 million, or $0.51 per diluted share.

    In full year 2024, the Company generated Adjusted EBITDA of $233.3 million, Adjusted Free Cash Flow of $43.6 million, and Adjusted Cash Flow from Operations of $195.3 million — representing a four percent or less decline in all three metrics from full year 2023, despite an almost seven percent decrease in overall realized commodity pricing.

    Revenues totaled $366.3 million for 2024 compared to $361.1 million in 2023, with the increase driven by higher sales volumes partially offset by lower overall realized commodity prices.

    Net sales for full year 2024 were a record 19,648 Boe/d, or 7,191,054 Boe, comprised of 4,861,628 Bbls of oil, 6,423,674 Mcf of natural gas, and 1,258,814 Bbls of NGLs. Full year 2023 net sales averaged 18,119 Boe/d, or 6,613,321 Boe, which included 4,579,942 Bbls of oil, 6,339,158 Mcf of natural gas, and 976,852 Bbls of NGLs. The increase in sales volumes was primarily associated with a full year of production from the Founders Acquisition that closed in August 2023, as well as strong organic growth from the Company’s targeted capital spending program.

    For full year 2024, the Company’s realized crude oil sales price was $74.87 per barrel, the natural gas sales price was $(1.44) per Mcf, and the NGLs sales price was $9.23 per barrel. The combined average sales price for full year 2024 was $50.94 per Boe compared to $54.60 per Boe for full year 2023.

    For the full year 2024, LOE was $78.3 million, or $10.89 per Boe (substantially at the midpoint of guidance of $10.70 to $11.00 per Boe). The increase in LOE on an absolute basis from full year 2023 was primarily due to the full year of expenses from the assets acquired with the Founders Acquisition (closed in August 2023) which contributed to the previously discussed 9% increase in production. Also affecting absolute LOE were higher activity levels, partially offset by the Company’s ongoing cost reduction and increased efficiency initiatives.

    For the full year 2024, G&A was $29.6 million, or $4.12 per Boe, compared to $29.2 million, or $4.41 per Boe for full year 2023. G&A, excluding share-based compensation, was $24.1 million, or $3.36 per Boe, compared to $20.4 million, or $3.08 per Boe for full year 2023. Excluding Transaction Costs, full year 2024 G&A, net of share-based compensation, was $3.35 per Boe. The increase from full year 2023 was primarily associated with higher total compensation levels driven by higher activity levels in 2024 and a non-recurring employee retention tax credit in 2023, with the overall net increase partially offset by a $3.3 million year-over-year reduction in share-based compensation.

    Recently Announced Proposed Accretive Bolt-On Acquisition

    On February 25, 2025, the Company entered into an agreement to acquire Lime Rock’s CBP assets for $90 million in cash with $80 million due at closing and $10 million due on the nine month anniversary of closing, and approximately 7.4 million shares of our common stock. The purchase price is subject to customary purchase price adjustments. The transaction has an effective date of October 1, 2024, and is expected to close by the end of the first quarter of 2025.

    Lime Rock’s CBP acreage is in Andrews County, Texas, where the majority of the acreage directly offsets Ring’s core Shafter Lake operations, and the remaining acreage is prospective for multiple horizontal targets and exposes the Company to new active plays. The transaction represents another opportunity for the Company to seamlessly integrate strategic, high-quality assets with Ring’s existing operations and create shareholder value through improved operations and synergy capture.

    The Lime Rock position has been a key target for Ring as the Company has historically sought to consolidate producing assets in core counties in the CBP defined by shallow declines, high margin production and undeveloped inventory that immediately competes for capital. Additionally, these assets add significant near-term opportunities for field level optimization and cost savings that are core competencies of Ring’s operating team.

    2025 Capital Investment, Sales Volumes, and Operating Expense Guidance

    In January, the Company commenced its 2025 development program with one rig drilling horizontal wells followed by another rig drilling vertical wells. During the first quarter, this disciplined capital program is intended to achieve a satisfactory leverage ratio upon the closing of the Lime Rock transaction. The Company intends to utilize a phased (versus continuous) capital drilling program to maximize free cash flow and retain the flexibility to respond to changes in commodity prices and other market conditions.

    For full year 2025, Ring expects total capital spending of $138 million to $170 million that includes a balanced and capital efficient combination of drilling, completing and placing on production 27 to 32 Hz and 15 to 22 vertical wells across the Company’s asset portfolio. Additionally, the full year capital spending program includes funds for the drilling of targeted well recompletions, capital workovers, infrastructure upgrades, reactivations, leasing costs, ESG improvements, and the drilling of approximately three SWD wells, in addition to the Company’s pro-rata capital spending for non-operated drilling, completion, and capital workover activities.

    All projects and estimates are based on assumed WTI oil prices of $65 to $75 per barrel and Henry Hub prices of $2.00 to $4.00 per Mcf.

    Based on the $154 million midpoint of spending guidance, the Company expects the following estimated allocation of capital investment:

    • 73% for drilling, completion, and related infrastructure;
    • 19% for recompletions and capital workovers;
    • 5% for environmental and emission reducing facility upgrades; and
    • 3% for land and non-operated capital.

    The Company remains focused on continuing to generate Adjusted Free Cash Flow. All 2025 planned capital expenditures will be fully funded by cash on hand and cash from operations, and excess Adjusted Free Cash Flow is currently targeted for further debt reduction.

    The Company currently forecasts full year 2025 oil sales volumes of 13,600 to 14,200 Bo/d compared with full year 2024 oil sales volumes of 13,283 Bo/d, with the midpoint of guidance reflecting almost a 5% increase from last year.

    The guidance in the table below represents the Company’s current good faith estimate of the range of likely future results for the first quarter and full year of 2025 and assumes the closing of the Lime Rock transaction at the end of the first quarter of 2025. Guidance could be affected by the factors discussed below in the “Safe Harbor Statement” section. LOE per Boe assumes the full operating costs of the Lime Rock assets before anticipated synergies and cost reductions after the assets are integrated.

        Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2025
                         
    Sales Volumes:                    
    Total Oil (Bo/d)   11,700 – 12,000   13,700 – 14,700   14,000 – 15,000   14,400 – 15,400   13,600 – 14,200
    Midpoint (Bo/d)   11,850   14,200   14,500   14,900   13,900
    Total (Boe/d)   18,000-18,500   20,500 – 22,500   20,700 – 22,700   21,000 – 23,000   20,000 – 22,000
    Midpoint (Boe/d)   18,250   21,500   21,700   22,000   21,000
    Oil (%)   65%   66%   67%   68%   66%
    NGLs (%)   19%   18%   18%   18%   18%
    Gas (%)   16%   16%   15%   14%   16%
                         
    Capital Program:                    
    Capital spending(1) (millions)   $26 – $34   $34 – $42   $46 – $54   $32 – $40   $138 – $170
    Midpoint (millions)   $30   $38   $50   $36   $154
    New Hz wells drilled   4 – 5   8 – 9   11 – 13   4 – 5   27 – 32
    New Vertical wells drilled   3 – 4   3 – 5   4 – 6   5 – 7   15 – 22
    Completion of DUC wells   0   1   0   0   1
    Wells completed and online   7 – 9   12 – 15   15 – 19   9 – 12   43 – 55
                         
    Operating Expenses:                    
    LOE (per Boe)   $11.75 – $12.25   $11.50 – $12.50   $11.25 – $12.25   $11.00 – $12.00   $11.25 – $12.25
    Midpoint (per Boe)   $12.00   $12.00   $11.75   $11.50   $11.75

    (1) In addition to Company-directed drilling and completion activities, the capital spending outlook includes funds for targeted well recompletions, capital workovers, infrastructure upgrades and well reactivations. Also included is anticipated spending for leasing acreage and non-operated drilling, completion, capital workovers, and ESG improvements.

    Year-End 2024 Proved Reserves

    The Company’s year-end 2024 SEC proved reserves were 134.2 MMBoe, up 3% compared to 129.8 MMBoe at year-end 2023. During 2024, Ring recorded reserve additions of 16.0 MMBoe for extensions, discoveries and improved recovery. Offsetting these additions were 1.2 MMBoe related to the sale of non-core assets, 7.2 MMBoe of production, and 3.2 MMBoe of revisions related to changes in pricing and performance.

    The SEC twelve-month first day of the month average prices used for year-end 2024 were $71.96 per barrel of crude oil and $2.130 per MMBtu of natural gas, both before adjustment for quality, transportation, fees, energy content, and regional price differentials, while for year-end 2023 they were $74.70 per barrel of crude oil and $2.637 per MMBtu of natural gas — a decrease of four percent and two percent, respectively.

    Year-end 2024 SEC proved reserves were comprised of approximately 60% crude oil, 19% natural gas, and 21% natural gas liquids. At year end, approximately 69% of 2024 proved reserves were classified as proved developed and 31% as proved undeveloped. This is compared to year-end 2023 when approximately 68% of proved reserves were classified as proved developed and 32% were classified as proved undeveloped. The Company’s year-end 2024 proved reserves were prepared by Cawley, Gillespie & Associates, Inc., and independent petroleum engineering firm.

    The PV-10 value at year-end 2024 was $1,462.8 million versus $1,647.0 million at the end of 2023.

        Oil (Bbl)   Gas (Mcf)   Natural
    Gas
    Liquids
    (Bbl)    		   Net
    (Boe)    		   PV-10(1)
                             
    Balance, December 31, 2023   82,141,277     146,396,322     23,218,564     129,759,229     $ 1,647,031,127  
                             
    Purchase of minerals in place   —     —     —     —          
    Extensions, discoveries and improved recovery   11,495,236     10,630,769     2,738,451     16,005,482          
    Sales of minerals in place   (1,140,568 )   (56,020 )   (16,361 )   (1,166,266 )        
    Production   (4,861,628 )   (6,423,674 )   (1,258,814 )   (7,191,054 )        
    Revisions of previous quantity estimates   (6,730,246 )   (730,235 )   3,621,245     (3,230,707 )        
                             
    Balance, December 31, 2024   80,904,071     149,817,162     28,303,085     134,176,684     $ 1,462,827,136  

    (1) PV-10 is a non-GAAP financial measure and is derived from the Standardized Measure of Discounted Futures Net Cash Flows, which is the most directly comparable generally accepted accounting principles (“GAAP”) measure.

    In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average commodity price for each product, calculated as the unweighted arithmetic average of the first-day-of-the-month price for the year ended December 31, 2024. The SEC average prices used for year-end 2024 were $71.96 per barrel of crude oil (WTI) and $2.130 per MMBtu of natural gas (Henry Hub), both before adjustment for quality, transportation, fees, energy content, and regional price differentials. Such prices were held constant throughout the estimated lives of the reserves. Future production and development costs are based on year-end costs with no escalations.

    Standardized Measure of Discounted Future Net Cash Flows

    Ring’s standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves and changes in the standardized measure as described below were prepared in accordance with GAAP.

    As of December 31,     2024       2023  
             
    Future cash inflows   $ 6,165,487,616     $ 6,622,410,752  
    Future production costs     (2,432,555,200 )     (2,413,303,488 )
    Future development costs (1)     (536,825,664 )     (562,063,424 )
    Future income taxes     (465,768,645 )     (548,664,988 )
    Future net cash flows     2,730,338,107       3,098,378,852  
    10% annual discount for estimated timing of cash flows     (1,497,401,764 )     (1,699,193,661 )
             
    Standardized Measure of Discounted Future Net Cash Flows   $ 1,232,936,343     $ 1,399,185,191  

    (1) Future development costs include not only development costs but also future asset retirement costs.

    Reconciliation of PV-10 to Standardized Measure

    PV-10 is derived from the Standardized Measure of Discounted Future Net Cash Flows (“Standardized Measure”), which is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes, discounted at 10 percent. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies without regard to the specific tax characteristics of such entities. Moreover, GAAP does not provide a measure of estimated future net cash flows for reserves other than proved reserves or for reserves calculated using prices other than SEC prices. We use this measure when assessing the potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. Our PV-10 measure and the Standardized Measure do not purport to represent the fair value of our oil and natural gas reserves.

    The following table reconciles the PV-10 value of the Company’s estimated proved reserves as of December 31, 2024 to the Standardized Measure:

    SEC Pricing Proved Reserves
    Standardized Measure Reconciliation    
    Present Value of Estimated Future Net Revenues (PV-10)   $ 1,462,827,136  
    Future Income Taxes, Discounted at 10%     229,890,793  
    Standardized Measure of Discounted Future Net Cash Flows   $ 1,232,936,343  


    Conference Call Information

    Ring will hold a conference call on Thursday, March 6, 2025 at 11:00 a.m. ET (10:00 a.m. CT) to discuss its fourth quarter and full year 2024 operational and financial results. An updated investor presentation will be posted to the Company’s website prior to the conference call.

    To participate in the conference call, interested parties should dial 833-953-2433 at least five minutes before the call is to begin. Please reference the “Ring Energy 2024 Earnings Conference Call”. International callers may participate by dialing 412-317-5762. The call will also be webcast and available on Ring’s website at www.ringenergy.com under “Investors” on the “News & Events” page. An audio replay will also be available on the Company’s website following the call.

    About Ring Energy, Inc.

    Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets. For additional information, please visit www.ringenergy.com.

    Safe Harbor Statement

    This 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. All statements, other than statements of historical fact included in this release, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. Additionally, forward-looking statements include statements about the expected benefits to the Company and its shareholders from the proposed Lime Rock acquisition and the anticipated completion of the Lime Rock acquisition or the timing thereof. When used in this release, the words “could,” “may,” “will,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “guidance,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. However, whether actual results and developments will conform to expectations is subject to a number of material risks and uncertainties, including but not limited to: declines in oil, natural gas liquids or natural gas prices; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development or production activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts to financial statements as a result of impairment write-downs; risks related to level of indebtedness and periodic redeterminations of the borrowing base and interest rates under the Company’s credit facility; Ring’s ability to generate sufficient cash flows from operations to meet the internally funded portion of its capital expenditures budget; the impacts of hedging on results of operations; and Ring’s ability to replace oil and natural gas reserves. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2024, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and the conduct of business by the Company, and other factors that may be more fully described in additional documents set forth by the Company. Should one or more of the risks or uncertainties described in this release occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this release are expressly qualified in their entirety by this safe harbor statement. This safe harbor statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Ring undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

    Contact Information

    Al Petrie Advisors
    Al Petrie, Senior Partner
    Phone: 281-975-2146
    Email: apetrie@ringenergy.com

    RING ENERGY, INC.
    Condensed Statements of Operations
     
      (Unaudited)        
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    Oil, Natural Gas, and Natural Gas Liquids Revenues $ 83,440,546     $ 89,244,383     $ 99,942,718     $ 366,327,414     $ 361,056,001  
                       
    Costs and Operating Expenses                  
    Lease operating expenses   20,326,216       20,315,282       18,732,082       78,310,949       70,158,227  
    Gathering, transportation and processing costs   130,230       102,420       464,558       506,333       457,573  
    Ad valorem taxes   2,421,595       2,164,562       1,637,722       8,069,064       6,757,841  
    Oil and natural gas production taxes   3,857,147       4,203,851       4,961,768       16,116,565       18,135,336  
    Depreciation, depletion and amortization   24,548,849       25,662,123       24,556,654       98,702,843       88,610,291  
    Asset retirement obligation accretion   323,085       354,195       351,786       1,380,298       1,425,686  
    Operating lease expense   175,090       175,091       175,090       700,362       541,801  
    General and administrative expense   8,035,977       6,421,567       8,164,799       29,640,300       29,188,755  
                       
    Total Costs and Operating Expenses   59,818,189       59,399,091       59,044,459       233,426,714       215,275,510  
                       
    Income from Operations   23,622,357       29,845,292       40,898,259       132,900,700       145,780,491  
                       
    Other Income (Expense)                  
    Interest income   124,765       143,704       96,984       491,946       257,155  
    Interest (expense)   (10,112,496 )     (10,754,243 )     (11,603,892 )     (43,311,810 )     (43,926,732 )
    Gain (loss) on derivative contracts   (6,254,448 )     24,731,625       29,250,352       (2,365,917 )     2,767,162  
    Gain (loss) on disposal of assets   —       —       44,981       89,693       (87,128 )
    Other income   80,970       —       72,725       106,656       198,935  
    Net Other Income (Expense)   (16,161,209 )     14,121,086       17,861,150       (44,989,432 )     (40,790,608 )
                       
    Income Before Provision for Income Taxes   7,461,148       43,966,378       58,759,409       87,911,268       104,989,883  
                       
    Provision for Income Taxes   (1,803,629 )     (10,087,954 )     (7,862,930 )     (20,440,954 )     (125,242 )
                       
    Net Income $ 5,657,519     $ 33,878,424     $ 50,896,479     $ 67,470,314     $ 104,864,641  
                       
    Basic Earnings per Share $ 0.03     $ 0.17     $ 0.26     $ 0.34     $ 0.55  
    Diluted Earnings per Share $ 0.03     $ 0.17     $ 0.26     $ 0.34     $ 0.54  
                       
    Basic Weighted-Average Shares Outstanding   198,166,543       198,177,046       195,687,725       197,937,683       190,589,143  
    Diluted Weighted-Average Shares Outstanding   200,886,010       200,723,863       197,848,812       200,277,380       195,364,850  
    RING ENERGY, INC.
    Condensed Operating Data
    (Unaudited)
     
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
      2024   2024   2023   2024   2023
                       
    Net sales volumes:                  
    Oil (Bbls) 1,188,272     1,214,788     1,254,619     4,861,628     4,579,942  
    Natural gas (Mcf) 1,683,793     1,705,027     1,613,102     6,423,674     6,339,158  
    Natural gas liquids (Bbls) 339,589     350,975     261,020     1,258,814     976,852  
    Total oil, natural gas and natural gas liquids (Boe)(1) 1,808,493     1,849,934     1,784,490     7,191,054     6,613,321  
                       
    % Oil 66 %   66 %   70 %   68 %   69 %
    % Natural gas 15 %   15 %   15 %   15 %   16 %
    % Natural gas liquids 19 %   19 %   15 %   17 %   15 %
                       
    Average daily sales volumes:                  
    Oil (Bbls/d) 12,916     13,204     13,637     13,283     12,548  
    Natural gas (Mcf/d) 18,302     18,533     17,534     17,551     17,368  
    Natural gas liquids (Bbls/d) 3,691     3,815     2,837     3,439     2,676  
    Average daily equivalent sales (Boe/d) 19,658     20,108     19,397     19,648     18,119  
                       
    Average realized sales prices:                  
    Oil ($/Bbl) 68.98     74.43     77.33     74.87     76.21  
    Natural gas ($/Mcf) (0.96 )   (2.26 )   (0.12 )   (1.44 )   0.05  
    Natural gas liquids ($/Bbls) 9.08     7.66     11.92     9.23     11.95  
    Barrel of oil equivalent ($/Boe) 46.14     48.24     56.01     50.94     54.60  
                       
    Average costs and expenses per Boe ($/Boe):                  
    Lease operating expenses 11.24     10.98     10.50     10.89     10.61  
    Gathering, transportation and processing costs 0.07     0.06     0.26     0.07     0.07  
    Ad valorem taxes 1.34     1.17     0.92     1.12     1.02  
    Oil and natural gas production taxes 2.13     2.27     2.78     2.24     2.74  
    Depreciation, depletion and amortization 13.57     13.87     13.76     13.73     13.40  
    Asset retirement obligation accretion 0.18     0.19     0.20     0.19     0.22  
    Operating lease expense 0.10     0.09     0.10     0.10     0.08  
    G&A (including share-based compensation) 4.44     3.47     4.58     4.12     4.41  
    G&A (excluding share-based compensation) 3.52     3.45     3.20     3.36     3.08  
    G&A (excluding share-based compensation and transaction costs) 3.51     3.45     3.00     3.35     3.01  

    (1) Boe is determined using the ratio of six Mcf of natural gas to one Bbl of oil (totals may not compute due to rounding.) The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, natural gas, and natural gas liquids may differ significantly.

    RING ENERGY, INC.
    Condensed Balance Sheets
     
    As of December 31,     2024       2023  
    ASSETS        
    Current Assets        
    Cash and cash equivalents   $ 1,866,395     $ 296,384  
    Accounts receivable     36,172,316       38,965,002  
    Joint interest billing receivables, net     1,083,164       2,422,274  
    Derivative assets     5,497,057       6,215,374  
    Inventory     4,047,819       6,136,935  
    Prepaid expenses and other assets     1,781,341       1,874,850  
    Total Current Assets     50,448,092       55,910,819  
    Properties and Equipment        
    Oil and natural gas properties, full cost method     1,809,309,848       1,663,548,249  
    Financing lease asset subject to depreciation     4,634,556       3,896,316  
    Fixed assets subject to depreciation     3,389,907       3,228,793  
    Total Properties and Equipment     1,817,334,311       1,670,673,358  
    Accumulated depreciation, depletion and amortization     (475,212,325 )     (377,252,572 )
    Net Properties and Equipment     1,342,121,986       1,293,420,786  
    Operating lease asset     1,906,264       2,499,592  
    Derivative assets     5,473,375       11,634,714  
    Deferred financing costs     8,149,757       13,030,481  
    Total Assets   $ 1,408,099,474     $ 1,376,496,392  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current Liabilities        
    Accounts payable   $ 95,729,261     $ 104,064,124  
    Income tax liability     328,985       —  
    Financing lease liability     906,119       956,254  
    Operating lease liability     648,204       568,176  
    Derivative liabilities     6,410,547       7,520,336  
    Notes payable     496,397       533,734  
    Asset retirement obligations     517,674       165,642  
    Total Current Liabilities     105,037,187       113,808,266  
             
    Non-current Liabilities        
    Deferred income taxes     28,591,802       8,552,045  
    Revolving line of credit     385,000,000       425,000,000  
    Financing lease liability, less current portion     647,078       906,330  
    Operating lease liability, less current portion     1,405,837       2,054,041  
    Derivative liabilities     2,912,745       11,510,368  
    Asset retirement obligations     25,864,843       28,082,442  
    Total Liabilities     549,459,492       589,913,492  
    Commitments and contingencies        
    Stockholders’ Equity        
    Preferred stock – $0.001 par value; 50,000,000 shares authorized; no shares issued or outstanding     —       —  
    Common stock – $0.001 par value; 450,000,000 shares authorized; 198,561,378 shares and 196,837,001 shares issued and outstanding, respectively     198,561       196,837  
    Additional paid-in capital     800,419,719       795,834,675  
    Retained earnings (Accumulated deficit)     58,021,702       (9,448,612 )
    Total Stockholders’ Equity     858,639,982       786,582,900  
    Total Liabilities and Stockholders’ Equity   $ 1,408,099,474     $ 1,376,496,392  
    RING ENERGY, INC.
    Condensed Statements of Cash Flows
     
        (Unaudited)        
        Three Months Ended   Twelve Months Ended
        December 31,   September 30,   December 31,   December 31,   December 31,
          2024       2024       2023       2024       2023  
    Cash Flows From Operating Activities                    
    Net income   $ 5,657,519     $ 33,878,424     $ 50,896,479     $ 67,470,314     $ 104,864,641  
    Adjustments to reconcile net income to net cash provided by operating activities:                    
    Depreciation, depletion and amortization     24,548,849       25,662,123       24,556,654       98,702,843       88,610,291  
    Asset retirement obligation accretion     323,085       354,195       351,786       1,380,298       1,425,686  
    Amortization of deferred financing costs     1,299,078       1,226,881       1,221,479       4,969,174       4,920,714  
    Share-based compensation     1,672,320       32,087       2,458,682       5,506,017       8,833,425  
    Credit loss expense     (26,747 )     8,817       92,142       160,847       134,007  
    (Gain) loss on disposal of assets     —       —       —       (89,693 )     —  
    Deferred income tax expense (benefit)     1,723,338       10,005,502       7,735,437       19,935,413       (425,275 )
    Excess tax expense (benefit) related to share-based compensation     9,011       7,553       319,541       104,344       478,304  
    (Gain) loss on derivative contracts     6,254,448       (24,731,625 )     (29,250,352 )     2,365,917       (2,767,162 )
    Cash received (paid) for derivative settlements, net     745,104       (1,882,765 )     (3,255,192 )     (5,193,673 )     (9,084,920 )
    Changes in operating assets and liabilities:                    
    Accounts receivable     349,474       5,529,542       6,825,601       3,594,504       1,154,085  
    Inventory     580,161       1,148,418       (588,100 )     2,089,116       3,113,782  
    Prepaid expenses and other assets     295,555       545,529       158,163       93,509       226,688  
    Accounts payable     4,462,089       (225,196 )     (4,952,335 )     (5,076,738 )     (1,451,422 )
    Asset retirement obligation     (613,603 )     (222,553 )     (836,778 )     (1,588,480 )     (1,862,385 )
    Net Cash Provided by Operating Activities     47,279,681       51,336,932       55,733,207       194,423,712       198,170,459  
                         
    Cash Flows From Investing Activities                    
    Payments for the Stronghold Acquisition     —       —       —       —       (18,511,170 )
    Payments for the Founders Acquisition     —       —       (12,324,388 )     —       (62,227,145 )
    Payments to purchase oil and natural gas properties     (1,423,483 )     (164,481 )     (557,323 )     (2,210,826 )     (2,162,585 )
    Payments to develop oil and natural gas properties     (36,386,055 )     (42,099,874 )     (39,563,282 )     (153,945,456 )     (152,559,314 )
    Payments to acquire or improve fixed assets subject to depreciation     —       (33,938 )     (282,519 )     (185,524 )     (492,317 )
    Proceeds from sale of fixed assets subject to depreciation     —       —       (1 )     10,605       332,229  
    Proceeds from divestiture of oil and natural gas properties     121,232       —       1,500,000       121,232       1,554,558  
    Proceeds from sale of Delaware properties     —       —       (7,993 )     —       7,600,699  
    Proceeds from sale of New Mexico properties     —       —       (420,745 )     (144,398 )     3,891,757  
    Proceeds from sale of CBP vertical wells     —       5,500,000       —       5,500,000       —  
    Net Cash Used in Investing Activities     (37,688,306 )     (36,798,293 )     (51,656,251 )     (150,854,367 )     (222,573,288 )
                         
    Cash Flows From Financing Activities                    
    Proceeds from revolving line of credit     22,000,000       27,000,000       46,000,000       130,000,000       225,000,000  
    Payments on revolving line of credit     (29,000,000 )     (42,000,000 )     (49,000,000 )     (170,000,000 )     (215,000,000 )
    Proceeds from issuance of common stock from warrant exercises     —       —       —       —       12,301,596  
    Payments for taxes withheld on vested restricted shares, net     —       (17,273 )     (225,788 )     (919,249 )     (520,153 )
    Proceeds from notes payable     58,774       —       72,442       1,560,281       1,637,513  
    Payments on notes payable     (475,196 )     (442,976 )     (488,776 )     (1,597,618 )     (1,603,659 )
    Payment of deferred financing costs     (42,746 )     —       (52,222 )     (88,450 )     (52,222 )
    Reduction of financing lease liabilities     (265,812 )     (257,202 )     (224,809 )     (954,298 )     (776,388 )
    Net Cash Provided by (Used in) Financing Activities     (7,724,980 )     (15,717,451 )     (3,919,153 )     (41,999,334 )     20,986,687  
                         
    Net Increase (Decrease) in Cash     1,866,395       (1,178,812 )     157,803       1,570,011       (3,416,142 )
    Cash at Beginning of Period     —       1,178,812       138,581       296,384       3,712,526  
    Cash at End of Period   $ 1,866,395     $ —     $ 296,384     $ 1,866,395     $ 296,384  

    RING ENERGY, INC.
    Financial Commodity Derivative Positions
    As of December 31, 2024

    The following tables reflect the details of current derivative contracts as of December 31, 2024 (quantities are in barrels (Bbl) for the oil derivative contracts and in million British thermal units (MMBtu) for the natural gas derivative contracts):

      Oil Hedges (WTI)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026
                                   
    Swaps:                              
    Hedged volume (Bbl)   193,397       151,763       351,917       141,755       477,350       457,101       59,400       423,000  
    Weighted average swap price $ 68.68     $ 68.53     $ 71.41     $ 69.13     $ 70.16     $ 69.38     $ 66.70     $ 66.70  
                                   
    Two-way collars:                              
    Hedged volume (Bbl)   474,750       464,100       225,400       404,800       —       —       379,685       —  
    Weighted average put price $ 57.06     $ 60.00     $ 65.00     $ 60.00     $ —     $ —     $ 60.00     $ —  
    Weighted average call price $ 75.82     $ 69.85     $ 78.91     $ 75.68     $ —     $ —     $ 72.50     $ —  
      Gas Hedges (Henry Hub)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026
                                   
    NYMEX Swaps:                              
    Hedged volume (MMBtu)   451,884       647,200       330,250       11,400       26,600       555,300       17,400       513,300  
    Weighted average swap price $ 3.77     $ 3.46     $ 3.72     $ 3.74     $ 3.74     $ 3.39     $ 3.74     $ 3.74  
                                   
    Two-way collars:                              
    Hedged volume (MMBtu)   22,016       27,300       308,200       598,000       553,500       —       515,728       —  
    Weighted average put price $ 3.00     $ 3.00     $ 3.00     $ 3.00     $ 3.50     $ —     $ 3.00     $ —  
    Weighted average call price $ 4.40     $ 4.15     $ 4.75     $ 4.15     $ 5.03     $ —     $ 3.93     $ —  
      Oil Hedges (basis differential)
      Q1 2025   Q2 2025   Q3 2025   Q4 2025   Q1 2026   Q2 2026   Q3 2026   Q4 2026
                                   
    Argus basis swaps:                              
    Hedged volume (Bbl)   177,000       273,000       276,000       276,000       —       —       —       —  
    Weighted average spread price (1) $ 1.00     $ 1.00     $ 1.00     $ 1.00     $ —     $ —     $ —     $ —  

    (1) The oil basis swap hedges are calculated as the fixed price (weighted average spread price above) less the difference between WTI Midland and WTI Cushing, in the issue of Argus Americas Crude.

    RING ENERGY, INC.
    Non-GAAP Financial Information

    Certain financial information included in this release are not measures of financial performance recognized by accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are “Adjusted Net Income”, “Adjusted EBITDA”, “Adjusted Free Cash Flow” or “AFCF,” “Adjusted Cash Flow from Operations” or “ACFFO,” “G&A Excluding Share-Based Compensation,” “G&A Excluding Share-Based Compensation and Transaction Costs,” “Leverage Ratio,” “Current Ratio,” “Cash Return on Capital Employed” or “CROCE,” “All-In Cash Operating Costs,” and “Cash Operating Margin.” Management uses these non-GAAP financial measures in its analysis of performance. In addition, Adjusted EBITDA is a key metric used to determine a portion of the Company’s incentive compensation awards. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies.

    Reconciliation of Net Income to Adjusted Net Income

    “Adjusted Net Income” is calculated as net income minus the estimated after-tax impact of share-based compensation, ceiling test impairment, unrealized gains and losses on changes in the fair value of derivatives, and transaction costs for executed acquisitions and divestitures (A&D). Adjusted Net Income is presented because the timing and amount of these items cannot be reasonably estimated and affect the comparability of operating results from period to period, and current period to prior periods. The Company believes that the presentation of Adjusted Net Income provides useful information to investors as it is one of the metrics management uses to assess the Company’s ongoing operating and financial performance, and also is a useful metric for investors to compare our results with our peers.

      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
      Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted    		   Total   Per
    share –
    diluted
    Net Income $ 5,657,519     $ 0.03     $ 33,878,424     $ 0.17     $ 50,896,479     $ 0.26     $ 67,470,314     $ 0.34     $ 104,864,641     $ 0.54  
                                           
    Share-based compensation   1,672,320       0.01       32,087       —       2,458,682       0.01       5,506,017       0.03       8,833,425       0.05  
    Unrealized loss (gain) on change in fair value of derivatives   6,999,552       0.03       (26,614,390 )     (0.13 )     (32,505,544 )     (0.16 )     (2,827,756 )     (0.02 )     (11,852,082 )     (0.07 )
    Transaction costs – executed A&D   21,017       —       —       —       354,616       —       24,556       —       417,166       —  
    Tax impact on adjusted items   (2,008,740 )     (0.01 )     6,132,537       0.03       (35,631 )     —       (628,405 )     —       (1,788,248 )     (0.01 )
                                           
    Adjusted Net Income $ 12,341,668     $ 0.06     $ 13,428,658     $ 0.07     $ 21,168,602     $ 0.11     $ 69,544,726     $ 0.35     $ 100,474,902     $ 0.51  
                                           
    Diluted Weighted-Average Shares Outstanding   200,886,010           200,723,863           197,848,812           200,277,380           195,364,850      
                                           
    Adjusted Net Income per Diluted Share $ 0.06         $ 0.07         $ 0.11         $ 0.35         $ 0.51      


    Reconciliation of Net Income to Adjusted EBITDA

    The Company defines “Adjusted EBITDA” as net income plus net interest expense (including interest income and expense), unrealized loss (gain) on change in fair value of derivatives, ceiling test impairment, income tax (benefit) expense, depreciation, depletion and amortization, asset retirement obligation accretion, transaction costs for executed acquisitions and divestitures (A&D), share-based compensation, loss (gain) on disposal of assets, and backing out the effect of other income. Company management believes Adjusted EBITDA is relevant and useful because it helps investors understand Ring’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as Ring calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    Net Income $ 5,657,519     $ 33,878,424     $ 50,896,479     $ 67,470,314     $ 104,864,641  
                       
    Interest expense, net   9,987,731       10,610,539       11,506,908       42,819,864       43,669,577  
    Unrealized loss (gain) on change in fair value of derivatives   6,999,552       (26,614,390 )     (32,505,544 )     (2,827,756 )     (11,852,082 )
    Income tax (benefit) expense   1,803,629       10,087,954       7,862,930       20,440,954       125,242  
    Depreciation, depletion and amortization   24,548,849       25,662,123       24,556,654       98,702,843       88,610,291  
    Asset retirement obligation accretion   323,085       354,195       351,786       1,380,298       1,425,686  
    Transaction costs – executed A&D   21,017       —       354,616       24,556       417,166  
    Share-based compensation   1,672,320       32,087       2,458,682       5,506,017       8,833,425  
    Loss (gain) on disposal of assets   —       —       (44,981 )     (89,693 )     87,128  
    Other income   (80,970 )     —       (72,725 )     (106,656 )     (198,935 )
                       
    Adjusted EBITDA $ 50,932,732     $ 54,010,932     $ 65,364,805     $ 233,320,741     $ 235,982,139  
                       
    Adjusted EBITDA Margin   61 %     61 %     65 %     64 %     65 %


    Reconciliations of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow and Adjusted EBITDA to Adjusted Free Cash Flow

    The Company defines “Adjusted Free Cash Flow” or “AFCF” as Net Cash Provided by Operating Activities less changes in operating assets and liabilities (as reflected on our Statements of Cash Flows), plus transaction costs for executed acquisitions and divestitures (A&D), current income tax expense (benefit), proceeds from divestitures of equipment for oil and natural gas properties, loss (gain) on disposal of assets, and less capital expenditures, credit loss expense, and other income. For this purpose, our definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and lease maintenance costs) but excludes acquisition costs of oil and gas properties from third parties that are not included in our capital expenditures guidance provided to investors. Our management believes that Adjusted Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of our current operating activities after the impact of capital expenditures and net interest expense (including interest income and expense, excluding amortization of deferred financing costs) and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. Other companies may use different definitions of Adjusted Free Cash Flow.

      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    Net Cash Provided by Operating Activities $ 47,279,681     $ 51,336,932     $ 55,733,207     $ 194,423,712     $ 198,170,459  
    Adjustments – Statements of Cash Flows                  
    Changes in operating assets and liabilities   (5,073,676 )     (6,775,740 )     (606,551 )     888,089       (1,180,748 )
    Transaction costs – executed A&D   21,017       —       354,616       24,556       417,166  
    Income tax expense (benefit) – current   71,280       74,899       (192,048 )     401,197       72,213  
    Capital expenditures   (37,633,168 )     (42,691,163 )     (38,817,080 )     (151,946,171 )     (151,969,735 )
    Proceeds from divestiture of equipment for oil and natural gas properties   121,232       —       —       121,232       54,558  
    Credit loss expense   26,747       (8,817 )     (92,142 )     (160,847 )     (134,007 )
    Loss (gain) on disposal of assets   —       —       (44,981 )     —       87,128  
    Other income   (80,970 )     —       (72,725 )     (106,656 )     (198,935 )
                       
    Adjusted Free Cash Flow $ 4,732,143     $ 1,936,111     $ 16,262,296     $ 43,645,112     $ 45,318,099  
      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    Adjusted EBITDA $ 50,932,732     $ 54,010,932     $ 65,364,805     $ 233,320,741     $ 235,982,139  
                       
    Net interest expense (excluding amortization of deferred financing costs)   (8,688,653 )     (9,383,658 )     (10,285,429 )     (37,850,690 )     (38,748,863 )
    Capital expenditures   (37,633,168 )     (42,691,163 )     (38,817,080 )     (151,946,171 )     (151,969,735 )
    Proceeds from divestiture of equipment for oil and natural gas properties   121,232       —       —       121,232       54,558  
                       
    Adjusted Free Cash Flow $ 4,732,143     $ 1,936,111     $ 16,262,296     $ 43,645,112     $ 45,318,099  


    Reconciliation of Net Cash Provided by Operating Activities to Adjusted Cash Flow from Operations

    The Company defines “Adjusted Cash Flow from Operations” or “ACFFO” as Net Cash Provided by Operating Activities, as reflected in our Statements of Cash Flows, less the changes in operating assets and liabilities, which includes accounts receivable, inventory, prepaid expenses and other assets, accounts payable, and settlement of asset retirement obligations, which are subject to variation due to the nature of the Company’s operations. Accordingly, the Company believes this non-GAAP measure is useful to investors because it is used often in its industry and allows investors to compare this metric to other companies in its peer group as well as the E&P sector.

      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    Net Cash Provided by Operating Activities $ 47,279,681     $ 51,336,932     $ 55,733,207     $ 194,423,712     $ 198,170,459  
                       
    Changes in operating assets and liabilities   (5,073,676 )     (6,775,740 )     (606,551 )     888,089       (1,180,748 )
                       
    Adjusted Cash Flow from Operations $ 42,206,005     $ 44,561,192     $ 55,126,656     $ 195,311,801     $ 196,989,711  


    Reconciliation of General and Administrative Expense (G&A) to G&A Excluding Share-Based Compensation and Transaction Costs

    The following table presents a reconciliation of General and Administrative Expense (G&A), a GAAP measure, to G&A excluding share-based compensation, and G&A excluding share-based compensation and transaction costs for executed acquisitions and divestitures (A&D).

      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
                       
    General and administrative expense (G&A) $ 8,035,977     $ 6,421,567     $ 8,164,799     $ 29,640,300     $ 29,188,755  
    Shared-based compensation   1,672,320       32,087       2,458,682       5,506,017       8,833,425  
    G&A excluding share-based compensation   6,363,657       6,389,480       5,706,117       24,134,283       20,355,330  
    Transaction costs – executed A&D   21,017       —       354,616       24,556       417,166  
    G&A excluding share-based compensation and transaction costs $ 6,342,640     $ 6,389,480     $ 5,351,501     $ 24,109,727     $ 19,938,164  


    Calculation of Leverage Ratio

    “Leverage” or the “Leverage Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our consolidated total debt as of such date to (ii) our Consolidated EBITDAX for the four consecutive fiscal quarters ending on or immediately prior to such date for which financial statements are required to have been delivered under our existing senior revolving credit facility.

    The Company defines “Consolidated EBITDAX” in accordance with our existing senior revolving credit facility that means for any period an amount equal to the sum of (i) consolidated net income (loss) for such period plus (ii) to the extent deducted in determining consolidated net income for such period, and without duplication, (A) consolidated interest expense, (B) income tax expense determined on a consolidated basis in accordance with GAAP, (C) depreciation, depletion and amortization determined on a consolidated basis in accordance with GAAP, (D) exploration expenses determined on a consolidated basis in accordance with GAAP, and (E) all other non-cash charges acceptable to our senior revolving credit facility administrative agent determined on a consolidated basis in accordance with GAAP, in each case for such period minus (iii) all noncash income added to consolidated net income (loss) for such period; provided that, for purposes of calculating compliance with the financial covenants, to the extent that during such period we shall have consummated an acquisition permitted by the credit facility or any sale, transfer or other disposition of any property or assets permitted by the senior revolving credit facility, Consolidated EBITDAX will be calculated on a pro forma basis with respect to the property or assets so acquired or disposed of.

    Also set forth in our existing senior revolving credit facility is the maximum permitted Leverage Ratio of 3.00. The following table shows the leverage ratio calculation for the Company’s most recent fiscal quarter.

      (Unaudited)
      Three Months Ended    
      March 31,   June 30,   September 30,   December 31,   Last Four
    Quarters
        2024       2024       2024       2024    
    Consolidated EBITDAX Calculation:                  
    Net Income (Loss) $ 5,515,377     $ 22,418,994     $ 33,878,424     $ 5,657,519     $ 67,470,314  
    Plus: Consolidated interest expense   11,420,400       10,801,194       10,610,539       9,987,731       42,819,864  
    Plus: Income tax provision (benefit)   1,728,886       6,820,485       10,087,954       1,803,629       20,440,954  
    Plus: Depreciation, depletion and amortization   23,792,450       24,699,421       25,662,123       24,548,849       98,702,843  
    Plus: non-cash charges acceptable to Administrative Agent   19,627,646       1,664,064       (26,228,108 )     8,994,957       4,058,559  
    Consolidated EBITDAX $ 62,084,759     $ 66,404,158     $ 54,010,932     $ 50,992,685     $ 233,492,534  
    Plus: Pro Forma Acquired Consolidated EBITDAX $ —     $ —     $ —     $ —     $ —  
    Less: Pro Forma Divested Consolidated EBITDAX   (124,084 )     (469,376 )     (600,460 )     77,819       (1,116,101 )
    Pro Forma Consolidated EBITDAX $ 61,960,675     $ 65,934,782     $ 53,410,472     $ 51,070,504     $ 232,376,433  
                       
    Non-cash charges acceptable to Administrative Agent:                  
    Asset retirement obligation accretion $ 350,834     $ 352,184     $ 354,195     $ 323,085      
    Unrealized loss (gain) on derivative assets   17,552,980       (765,898 )     (26,614,390 )     6,999,552      
    Share-based compensation   1,723,832       2,077,778       32,087       1,672,320      
    Total non-cash charges acceptable to Administrative Agent $ 19,627,646     $ 1,664,064     $ (26,228,108 )   $ 8,994,957      
                       
      As of                
      December 31,                
        2024                  
    Leverage Ratio Covenant:                  
    Revolving line of credit $ 385,000,000                  
    Pro Forma Consolidated EBITDAX   232,376,433                  
    Leverage Ratio   1.66                  
    Maximum Allowed   ≤ 3.00 x                


    Calculation of Current Ratio

    The “Current Ratio” is calculated under our existing senior revolving credit facility and means as of any date, the ratio of (i) our Current Assets as of such date to (ii) our Current Liabilities as of such date. Based on its credit agreement, the Company defines Current Assets as all current assets, excluding non-cash assets under Accounting Standards Codification (“ASC”) 815, plus the unused line of credit. The Company’s non-cash current assets include the derivative asset marked to market value. Based on its credit agreement, the Company defines Current Liabilities as all liabilities, in accordance with GAAP, which are classified as current liabilities, including all indebtedness payable on demand or within one year, all accruals for federal or other taxes payable within such year, but excluding current portion of long-term debt required to be paid within one year, the aggregate outstanding principal balance and non-cash obligations under ASC 815.

    Also set forth in our existing senior revolving credit facility is the minimum permitted Current Ratio of 1.00. The following table shows the current ratio calculation for the Company’s most recent fiscal quarter.

        As of  
        December 31,  
        2024  
    Current Assets   50,448,092  
    Less: Current derivative assets   5,497,057  
    Current Assets per Covenant   44,951,035  
    Revolver Availability (Facility less debt less LCs)   214,965,000  
    Current Assets per Covenant   259,916,035  
           
    Current Liabilities   105,037,187  
    Less: Current financing lease liability   906,119  
    Less: Current operating lease liability   648,204  
    Less: Current derivative liabilities   6,410,547  
    Current Liabilities per Covenant   97,072,317  
           
    Current Ratio   2.68  
    Minimum Allowed   > or = 1.00 x


    Calculation of Cash Return on Capital Employed

    The Company defines “Return on Capital Employed” or “CROCE” as Adjusted Cash Flow from Operations divided by average debt and shareholder equity for the period. Management believes that CROCE is useful to investors as a performance measure when comparing our profitability and the efficiency with which management has employed capital over time relative to other companies. CROCE is not considered to be an alternative to net income reported in accordance with GAAP.

    CROCE (Cash Return on Capital Employed): As of and for the
      twelve months ended
      December 31,   December 31,   December 31,
        2024       2023       2022  
               
    Total long term debt (i.e. revolving line of credit) $ 385,000,000     $ 425,000,000     $ 415,000,000  
    Total stockholders’ equity $ 858,639,982     $ 786,582,900     $ 661,103,391  
               
    Average debt $ 405,000,000     $ 420,000,000     $ 352,500,000  
    Average stockholders’ equity   822,611,441       723,843,146       480,863,799  
    Average debt and stockholders’ equity   1,227,611,441       1,143,843,146       833,363,799  
               
    Net Cash Provided by Operating Activities $ 194,423,712     $ 198,170,459     $ 196,976,729  
    Less change in WC (Working Capital)   (888,089 )     1,180,748       24,091,577  
    Adjusted Cash Flows From Operations (ACFFO) $ 195,311,801     $ 196,989,711     $ 172,885,152  
               
    CROCE (ACFFO)/(Average D+E)   15.9 %     17.2 %     20.7 %


    All-In Cash Operating Costs

    The Company defines All-In Cash Operating Costs, a non-GAAP financial measure, as “all in cash” costs which includes lease operating expenses, G&A costs excluding share-based compensation, net interest expense (including interest income and expense, excluding amortization of deferred financing costs), workovers and other operating expenses, production taxes, ad valorem taxes, and gathering/transportation costs. Management believes that this metric provides useful additional information to investors to assess the Company’s operating costs in comparison to its peers, which may vary from company to company.

      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    All-In Cash Operating Costs:                  
    Lease operating expenses (including workovers)   20,326,216       20,315,282       18,732,082       78,310,949       70,158,227  
    G&A excluding share-based compensation   6,363,657       6,389,480       5,706,117       24,134,283       20,355,330  
    Net interest expense (excluding amortization of deferred financing costs)   8,688,653       9,383,658       10,285,429       37,850,690       38,748,863  
    Operating lease expense   175,090       175,091       175,090       700,362       541,801  
    Oil and natural gas production taxes   3,857,147       4,203,851       4,961,768       16,116,565       18,135,336  
    Ad valorem taxes   2,421,595       2,164,562       1,637,722       8,069,064       6,757,841  
    Gathering, transportation and processing costs   130,230       102,420       464,558       506,333       457,573  
    All-in cash operating costs   41,962,588       42,734,344       41,962,766       165,688,246       155,154,971  
                       
    Boe   1,808,493       1,849,934       1,784,490       7,191,054       6,613,321  
                       
    All-in cash operating costs per Boe $ 23.20     $ 23.10     $ 23.52     $ 23.04     $ 23.46  


    Cash Operating Margin

    The Company defines Cash Operating Margin, a non-GAAP financial measure, as realized revenues per Boe less “all-in cash” operating costs per Boe. Management believes that this metric provides useful additional information to investors to assess the Company’s operating margins in comparison to its peers, which may vary from company to company.

      (Unaudited for All Periods)
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
        2024       2024       2023       2024       2023  
    Cash Operating Margin                  
    Realized revenues per Boe $ 46.14     $ 48.24     $ 56.01     $ 50.94     $ 54.60  
    All-in cash operating costs per Boe $ 23.20     $ 23.10     $ 23.52     $ 23.04     $ 23.46  
    Cash Operating Margin per Boe $ 22.94     $ 25.14     $ 32.49     $ 27.90     $ 31.14  

    1 Non-GAAP financial measure. Please see “Non-GAAP Information” at the end of this release for details and reconciliations of GAAP to Non-GAAP.
    2 2025 outlook includes the assets to be acquired in the Lime Rock Acquisition, with an anticipated closing date before the end of Q1 2025.

    The MIL Network –

  • MIL-OSI USA: Welch Reintroduces the Digital Integrity in Democracy Act 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    Bill will increase accountability for election-related disinformation 
    WASHINGTON, D.C. –  U.S. Senator Peter Welch (D-Vt.) led Senators Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Ben Ray Luján (D-N.M.), and Mazie Hirono (D-Hawaii) this week in reintroducing the Digital Integrity in Democracy Act, legislation to increase accountability for social media platforms that knowingly host false election administration information. The bill aims to strengthen voting rights protections by carving out a narrow exception from existing legal immunity for social media platforms that intentionally or knowingly amplify election-related misinformation. 
    “Across the country, voting rights are under attack. We see that very clearly on social media, where carefully orchestrated campaigns target voters with false information in an effort to keep them from the ballot box. But social media platforms have been reluctant to intervene and remove this false information, letting these harmful lies live online. They need a reality check,” said Senator Welch. “Our bill seeks to hold social media platforms accountable for intentionally hosting false election administration information to ensure every voter can fairly participate in our democracy.” 
    “Free and fair elections are the cornerstone of our democracy. While election disinformation is not new, emerging technologies make it easier to deceive Americans about how to exercise their right to vote,” said Senator Klobuchar. “This legislation will combat efforts intended to disenfranchise voters by holding social media companies accountable for allowing false information on their platforms about voting like when and where to cast a ballot.” 
    “We must crack down on the spread of false information about our elections,” said Senator Merkley. “Preserving a government ‘of, by, and for the people’ depends on protecting voters from the quick, easy spread of misinformation on social media that can jeopardize voters’ ability to exercise their right to vote.” 
    “Falsehoods posted on social media about the time, place and manner of an election, and lies about voter eligibility requirements, are spread with the intent to suppress voter turnout,” said Senator Luján. “I’m proud to cosponsor the Digital Integrity in Democracy Act, legislation that would hold large-scale social media companies accountable for removing these types of election falsities. This is a reasonable, balanced approach to protecting voters and our democracy, while also protecting free speech online.” 
    “Disinformation about elections on social media platforms is a threat to our democracy and to the right of all Americans to make their voices heard in our elections,” said Senator Hirono. “I’m glad to join Senator Welch and our colleagues in introducing this legislation to hold social media companies accountable for election disinformation shared on their platforms.” 
    The Digital Integrity in Democracy Act is endorsed by Common Cause and Stand Up America. 
    “All voters deserve access to trusted information about our elections. However, when social media companies knowingly allow and amplify false election information on their platforms, voters are left in the dark,” said Ishan Mehta, Common Cause’s Media and Democracy Program Director. “Common Cause thanks Senator Welch for introducing the Digital Integrity in Democracy Act to ensure that voters can get trusted information about elections when making their voices heard, and we encourage Congress to quickly pass this legislation.” 
    “Recent decisions at Meta show that social media companies do not want to take responsibility for the content on their platforms. They don’t care if misinformation and disinformation flow rampantly – they’re profiting from it. Instead, they want to exploit users as unpaid labor to do the fact-checking without any real oversight (i.e. Community Notes on Twitter/X and Facebook),” said Dayanita Ramesh, Senior Social Media Director at Stand Up America. “The truth still matters, particularly when it comes to our elections and our freedom to vote. Senator Welch’s Digital Integrity in Democracy Act would finally hold social media companies accountable for spreading lies about election information and voting access. We applaud Senator Welch’s leadership in demanding accountability from these platforms and ensuring the American people have the accurate information they need to exercise their freedom to vote.” 
    Learn more about the Digital Integrity in Democracy Act. 
    Read a section-by-section summary and full text of the bill. 

    MIL OSI USA News –

  • MIL-OSI USA: Mandatory Spending Under the Jurisdiction of the House Committee on Energy and Commerce

    Source: US Congressional Budget Office

    In response to a request from Ranking Member Boyle and Ranking Member Pallone, CBO provides information about projections of mandatory spending for the 2025–2034 period for the list of programs, excluding Medicare, that the Members indicated are under the jurisdiction of the House Committee on Energy and Commerce.

    In CBO’s January 2025 baseline budget projections, mandatory outlays for the accounts that the Members asked about total $8.8 trillion for the 2025–2034 period. Medicaid outlays account for $8.2 trillion, or 93 percent, of that amount (see Table 1 in the PDF).

    The Members also asked for two subtotals of projected outlays in Table 1:

    • Outlays other than for Medicaid total $581 billion through 2034.
    • Outlays other than for Medicaid and CHIP total $381 billion over the 10‑year period.

    Among the largest programs other than Medicaid and CHIP are the risk adjustment program, in which health insurers make payments to the government or receive payments from it according to the health of their enrollees ($158 billion), and the Universal Service Fund ($87 billion). The risk adjustment program, however, is budget neutral with revenues offsetting spending. Spending from the Universal Service Fund is derived from fees that are classified as revenues on certain telecommunication services. Outlays for all other programs total $135 billion, on net, over the period, encompassing spending for a variety of federal activities.

    MIL OSI USA News –

  • MIL-OSI USA: Update on Alert: Infusion Pump Issue from Fresenius Kabi USA

    Source: US Department of Health and Human Services – 3

    This communication is part of the Communications Pilot to Enhance the Medical Device Recall Program. This recall involves removing certain devices from where they are used or sold. The FDA has identified this recall as the most serious type. This device may cause serious injury or death if you continue to use it. The affected products and recommendations for what to do with the devices below have not changed.
    Affected Product

    The FDA is aware that Fresenius Kabi USA has issued a letter to affected health care providers indicating a subset of Ivenix large-volume pumps are to be removed from use for repair.

    Ivenix large-volume pump, LVP-0004
    UDI 00811505030320

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    What to Do

    On December 5, 2024, Fresenius Kabi USA sent all affected customers a letter recommending the following actions to be taken until the affected LVPs are returned for pneumatic valve repair:

    Review the list of affected Serial Numbers and post the list in a public place. If possible, remove and isolate all affected devices from circulation to prevent inadvertent use.
    If removing all or some of the devices from active use is not feasible (that is, no alternative pumps are available and patient care would be compromised), proceed with caution as outlined below:

    If the Ivenix LVP is being used to deliver life-sustaining medications, enhance clinical monitoring during use and ensure an additional LVP is available for situations where an interruption in infusion could be dangerous. If a problem is encountered, remove the pump from circulation, use the backup LVP to continue, and report the event to Fresenius Kabi.
    For Pump Problem alarm during set up, use another LVP and report the issue to your institution’s biomedical engineers. Remove the pump from circulation and report the event to Fresenius Kabi.
    For Pump Problem alarm during use, reprogram the infusion on another LVP and report the issue to your institution’s biomedical engineers. Remove the pump from circulation and report the event to Fresenius Kabi.
    Post the steps above and the list of affected Serial Numbers at each nursing station.

    Inform potential users of the product within your organization of this notification.

    Reason for Alert
    Fresenius Kabi USA reports that a subset of pneumatic valves installed in some Ivenix LVPs have an increased chance of issuing a non-recoverable pump problem alarm. All devices with the affected valves, should be removed from use, as described in the What to do section above, to be evaluated and returned to Fresenius Kabi’s facility for repair.

    If the pneumatic valve fails, a Pump Problem alarm will be raised.
    If this failure occurs during LVP setup, this could potentially delay therapy. (See Image 1 below) 

    If this failure occurs during an active infusion and flow is interrupted, this could lead to an underdose. (See Image 2 below)

    Delay or interruption of a life-sustaining infusion may result in permanent disability or death.

    The pump problem alarms are working as intended and will arise indicating when to act, if the malfunction occurs.
    The firm has not reported any injuries or deaths associated with this issue.
    Device Use
    The Ivenix LVP is a large volume infusion pump designed to deliver fluids and medications from one of two inlet source containers to the patient through a single outlet. When loaded with an administration set, the LVP delivers infusion therapy to an individual patient.
    Contact Information
    Customers in the U.S. with adverse reactions, quality problems, or questions about this recall should contact Fresenius Kabi USA at Ivenix_support@fresenius-kabi.com or 1-855-354-6387.
    Additional FDA Resources

    Unique Device Identifier (UDI)
    The unique device identifier (UDI) helps identify individual medical devices sold in the United States from distribution to use. The UDI allows for more accurate reporting, reviewing, and analyzing of adverse event reports so that devices can be identified more quickly, and as a result, problems potentially resolved more quickly.

    How do I report a problem?
    Health care professionals and consumers may report adverse reactions or quality problems they experienced using these devices to MedWatch: The FDA Safety Information and Adverse Event Reporting Program.

    Content current as of:
    03/05/2025

    Regulated Product(s)

    MIL OSI USA News –

  • MIL-OSI USA: Update on Alert: Fluid Delivery Set Issue from Medline

    Source: US Department of Health and Human Services – 3

    99000069
    FDS, 135, CHMN, W/F, MLL, RC(2), PG
    0000128741
    10193489069587
    30193489069581

    99000069
    FDS, 135, CHMN, W/F, MLL, RC(2), PG
    0000134505
    10193489069587
    30193489069581

    99000069
    FDS, 135, CHMN, W/F, MLL, RC(2), PG
    0000133893
    10193489069587
    30193489069581

    99000069
    FDS, 135, CHMN, W/F, MLL, RC(2), PG
    0000135769
    10193489069587
    30193489069581

    99000069
    FDS, 135, CHMN, W/F, MLL, RC(2), PG
    0000139596
    10193489069587
    30193489069581

    949000222
    FDS, 135, NV, MICRO-CHAMBER, W/FILTER, BLUE
    0000133018
    10197344018550
    30197344018554

    949000224
    FDS, 135, NV, MICRO-CHAMBER, W/FILTER, GREEN
    0000136573
    10197344018642
    30197344018646

    949000221
    FDS, 135, NV, MICRO-CHAMBER, W/FILTER, RED
    0000133036
    10197344018567
    30197344018561

    949000223
    FDS, 135, NV, MICRO-CHAMBER, W/FILTER, YELLOW
    0000133031
    10197344018543
    30197344018547

    60130527
    MTO, 135, YELLOW, MICRO, SPK-MAIMONIDES
    0000133032
    10193489046465
    20193489046462

    65111341
    MTO, ANGIO, DOUBLE, SPIKE, KIT, KENNEDY HLTH
    0000129541
    10193489061314
    20193489061311

    65111341
    MTO, ANGIO, DOUBLE, SPIKE, KIT, KENNEDY HLTH
    0000134701
    10193489061314
    20193489061311

    65232486
    MTO, ANGIO, SINGLE, SPIKE, KIT
    0000129544
    10193489063950
    20193489063957

    65232486
    MTO, ANGIO, SINGLE, SPIKE, KIT
    0000128715
    10193489063950
    20193489063957

    65232486
    MTO, ANGIO, SINGLE, SPIKE, KIT
    0000133060
    10193489063950
    20193489063957

    65232486
    MTO, ANGIO, SINGLE, SPIKE, KIT
    0000131657
    10193489063950
    20193489063957

    65232486
    MTO, ANGIO, SINGLE, SPIKE, KIT
    0000135723
    10193489063950
    20193489063957

    65232486
    MTO, ANGIO, SINGLE, SPIKE, KIT
    0000135294
    10193489063950
    20193489063957

    65071193
    MTO, ANGIO, SINGLE, SPIKE, KIT, GOOD, SAM
    0000130171
    10193489060904
    20193489060901

    600604422
    MTO, NEURO, FLUSH, SPIKE, KIT, BLUE, FLORIDA
    0000135606
    10193489070224
    20193489070221

    600604422
    MTO, NEURO, FLUSH, SPIKE, KIT, BLUE, FLORIDA
    0000134729
    10193489070224
    20193489070221

    600604422
    MTO, NEURO, FLUSH, SPIKE, KIT, BLUE, FLORIDA
    0000137115
    10193489070224
    20193489070221

    600604422
    MTO, NEURO, FLUSH, SPIKE, KIT, BLUE, FLORIDA
    0000130833
    10193489070224
    20193489070221

    600604422
    MTO, NEURO, FLUSH, SPIKE, KIT, BLUE, FLORIDA
    0000131669
    10193489070224
    20193489070221

    600604422
    MTO, NEURO, FLUSH, SPIKE, KIT, BLUE, FLORIDA
    0000129513
    10193489070224
    20193489070221

    600604422
    MTO, NEURO, FLUSH, SPIKE, KIT, BLUE, FLORIDA
    0000128721
    10193489070224
    20193489070221

    60100045
    MTO, NEURO, KIT, -, JERSEY, SHORE PG
    0000129523
    10193489044928
    30193489044922

    60100045
    MTO, NEURO, KIT, -, JERSEY, SHORE PG
    0000132393
    10193489044928
    30193489044922

    60100045
    MTO, NEURO, KIT, -, JERSEY, SHORE PG
    0000134940
    10193489044928
    30193489044922

    60100045
    MTO, NEURO, KIT, -, JERSEY, SHORE PG
    0000144158
    10193489044928
    30193489044922

    60100045
    MTO, NEURO, KIT, -, JERSEY, SHORE PG
    0000139082
    10193489044928
    30193489044922

    650801715
    MTO, RADIOLOGY, KIT, HAMOT MED CEN
    0000130138
    10193489075458
    20193489075455

    650801715
    MTO, RADIOLOGY, KIT, HAMOT MED CEN
    0000132350
    10193489075458
    20193489075455

    650801715
    MTO, RADIOLOGY, KIT, HAMOT MED CEN
    0000135736
    10193489075458
    20193489075455

    60232481
    MTS, 135, CDS, IV, TUBE-JEFFERSON UNIV.
    0000129534
    10193489053326
    30193489053320

    60120583
    MTS, 135, YELLOW, MICRO, SPIKE, LUTHERAN MED
    0000133660
    10193489045864
    30193489045868

    60120583
    MTS, 135, YELLOW, MICRO, SPIKE, LUTHERAN MED
    0000136501
    10193489045864
    30193489045868

    60120583
    MTS, 135, YELLOW, MICRO, SPIKE, LUTHERAN MED
    0000131600
    10193489045864
    30193489045868

    601403920
    MTS, ANGIO, NEURO, KIT, NORTH SHORE UNIV
    0000131376
    10193489071498
    30193489071492

    601403920
    MTS, ANGIO, NEURO, KIT, NORTH SHORE UNIV
    0000130940
    10193489071498
    30193489071492

    62140602
    MTS, CUST. FILTER-NEWYORK UNIVERSITY
    0000132222
    10193489057805
    30193489057809

    62140602
    MTS, CUST. FILTER-NEWYORK UNIVERSITY
    0000141215
    10193489057805
    30193489057809

    602301614
    MTS, INTERV, NEURO, KIT-WESTCHESTER, MC
    0000133659
    10193489072754
    30193489072758

    6010771601
    MTS, NEU, NORTH SHORE HOSPITAL
    0000127859
    10193489099843
    30193489099847

    600602914
    MTS, NEURO, KIT
    0000135717
    10193489070170
    30193489070174

    600602914
    MTS, NEURO, KIT
    0000128447
    10193489070170
    30193489070174

    601400111
    MTS, NEURO, KIT, 2, NEWENGLAND MED CTR
    0000133121
    10193489071344
    30193489071348

    601400111
    MTS, NEURO, KIT, 2, NEWENGLAND MED CTR
    0000130573
    10193489071344
    30193489071348

    600604423
    MTS, NEURO, KIT, YLW&RED, FLORIDA HOSP
    0000128607
    10193489070231
    30193489070235

    600604423
    MTS, NEURO, KIT, YLW&RED, FLORIDA HOSP
    0000137751
    10193489070231
    30193489070235

    60110552
    MTS, NEURO, KIT-JOHN, F, KENNEDY MED CENTER
    0000131878
    10193489045611
    30193489045615

    60110552
    MTS, NEURO, KIT-JOHN, F, KENNEDY MED CENTER
    0000130577
    10193489045611
    30193489045615

    60110552
    MTS, NEURO, KIT-JOHN, F, KENNEDY MED CENTER
    0000138084
    10193489045611
    30193489045615

    60150035
    MTS, NEURO, KIT-OVERLOOK HOSPITAL PG
    0000130187
    10193489048292
    30193489048296

    60150035
    MTS, NEURO, KIT-OVERLOOK HOSPITAL PG
    0000131883
    10193489048292
    30193489048296

    60150035
    MTS, NEURO, KIT-OVERLOOK HOSPITAL PG
    0000143095
    10193489048292
    30193489048296

    60182723
    MTS, NEURO, SPIKE, KIT, CAPITAL HLTHSYS-FULD
    0000130988
    10193489049817
    30193489049811

    602500214
    MTS, NEURO-RADIOLOGY, KIT-YALE-NEWHAVEN
    0000127874
    10193489072815
    30193489072819

    601403921
    MTS, STROKE/EMBO, KIT, NORTH SHORE UNIV
    0000131619
    30193489071508
    30193489071508

    601403921
    MTS, STROKE/EMBO, KIT, NORTH SHORE UNIV
    0000133025
    30193489071508
    30193489071508

    601403921
    MTS, STROKE/EMBO, KIT, NORTH SHORE UNIV
    0000136559
    30193489071508
    30193489071508

    601305210
    MTS, YELLOW, /, RED, MULTILINE, KIT, MAIMONIDE
    0000130984
    10193489070989
    30193489070983

    601400110
    MTS, YELLOW, /, RED, MULTILINE, KIT, MAIMONIDE
    0000128757
    10193489071337
    30193489071331

    MIL OSI USA News –

  • MIL-OSI USA: Update on Alert: Endoscope Accessories Forceps/Irrigation Plug Issue from Olympus

    Source: US Department of Health and Human Services – 3

    This communication is part of the Communications Pilot to Enhance the Medical Device Recall Program. This recall involves removing certain devices from where they are used or sold. The FDA has identified this recall as the most serious type. This device may cause serious injury or death if you continue to use it. The affected products and recommendations for what to do with the devices below have not changed. 
    Affected Product

    The FDA is aware that Olympus has issued a letter to affected health care providers recommending the forceps/irrigation plug accessory to certain endoscopes be removed from use:

    MAJ-891 Forceps/Irrigation Plug (Isolated Type)
    All lots
    UDI: 04953170063114

    Full Listing of Olympus Endoscopes compatible with the MAJ-891 and Compatible Alternative Devices to MAJ-891

    Scope Series
    Model Number
    Model Name
    Compatible with MAJ-2092
    Compatible with BPS-Y

    Cystoscope (CYF Series)
    CYF-240
    CYF-240 Flexible Video CystoNephroscope
    No
    Yes

    Cystoscope (CYF Series)
    CYF-5
    CYF-5 CYSTOSCOPE EVOLUTIONTI
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-5A
    N3627870 CYF-5A CYSTOSCOPE E
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-5R
    CYF-5R Flex CystoNephro Fiberscope Rever
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-V2
    CYF-V2 VISERA Cysto-Nephro v
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-V2R
    CYF-V2R Flex CystoNephro Videoscope Rev
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-VA2
    CYF-VA2 VISERA Cysto-Nephro Videoscope
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-VH
    CYF-VH HD Flex CystoNephro Videoscope
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-VHA
    CYF-VHA HD FlexCystoNephroVideoscope
    Yes
    Yes

    Cystoscope (CYF Series)
    CYF-VHR
    CYF-VHR HD FlexCystoNephroVideoscope
    Yes
    Yes

    Ureterscope (URF Series)
    URF-P5
    N3627930 OLA URF-P5 URF-P5 FLEXIBLE URET
    Yes
    Yes

    Ureterscope (URF Series)
    URF-P6
    URF-P6 SUPER-SLIM FLEXIBLE FIBEROPTIC UR
    Yes
    Yes

    Ureterscope (URF Series)
    URF-P6R
    URF-P6R SUPER-SLIM FLEXIBLE FIBEROPTIC U
    Yes
    Yes

    Ureterscope (URF Series)
    URF-P7
    URF-P7 Flex Uretero Fiberscope
    Yes
    Yes

    Ureterscope (URF Series)
    URF-P7R
    URF-P7R Flex Uretero Fiberscope
    Yes
    Yes

    Ureterscope (URF Series)
    URF-V
    URF-V EndoEYE Flexible Ureteoscope
    Yes
    Yes

    Ureterscope (URF Series)
    URF-V2
    URF-V2 SLIM FLEXIBLE VIDEO URETEROSCOPE
    Yes
    Yes

    Ureterscope (URF Series)
    URF-V2R
    URF-V2R SLIM FLEX VID URETERO SCOPE, REV
    Yes
    Yes

    Ureterscope (URF Series)
    URF-V3
    URF-V3 URETEROSCOPE, FLEX, VIDEO, STD
    Yes
    Yes

    Ureterscope (URF Series)
    URF-V3R
    URF-V3R URETEROSCOPE, FLEX, VIDEO, REV
    Yes
    Yes

    Choledochoscope (CHF Series)
    CHF-P20Q
    CHF-P20Q CHOLEDOCHOINEPHRO CYS TOFIBERSCOPE
    No
    No

    Choledochoscope (CHF Series)
    CHF-CB30L
    CHF-CB30L TRANSLAPAROSCOPIC CHOLEDOCHOSCOPE
    No
    No

    Choledochoscope (CHF Series)
    CHF-BP30
    CHF-BP30 OES CHOLEDOCHOFIBER
    No
    No

    Choledochoscope (CHF Series)
    CHF-P60
    CHF-P60 OES CHOLEDOCHOSCOPE
    No
    No

    Hysteroscope (HYF Series)
    HYF-1T
    OES HYSTEROFIBERSCOPE OLYMPUS HYF TYPE 1T
    No
    No

    What to Do

    On December 18, 2024, Olympus sent all affected customers an Urgent: Medical Device Advisory Notice recommending the following actions:

    Due to the risk of infection that may result from improper MAJ-891 reprocessing, alternatives to the MAJ-891 should be used instead.
    Available alternative devices to the MAJ-891 for Olympus cystoscopes (CYF series) and ureteroscopes (URF series) include:

    Luer-Split model MAJ-2092 + Seal-Port

    Adjustable Biopsy Port Seal Y-Adapter model BPS-Y
    A full listing of Olympus Endoscopes compatible with the MAJ-891 and Compatible Alternative Devices to MAJ-891 is shown above.

    There are currently no alternative Olympus irrigation plugs for use with CHF and HYF endoscopes. Use an alternative scope in those situations or a non-Olympus irrigation plug provided it has been validated for use with the Olympus scope by the plug manufacturer.
    If no alternative for the MAJ-891 is available, it is important to closely follow the reprocessing instructions for both the endoscope(s) and the MAJ-891 Forceps/Irrigation Plug, especially detaching the MAJ-891 from the instrument channel port of the endoscope and disassembling before it is cleaned, disinfected or sterilized (see image provided under the “Affected Product” section). The reprocessing instructions for the MAJ-891 can be found in Chapters 5 through 7 of the MAJ-891 Instructions for Use (IFU).
    Users should also inspect the biopsy valve (MAJ-579) (see image provided under the “Affected Product” section) for damage or deformation and replace the biopsy valve if damage is identified, as instructed in the IFU. A damaged or deformed biopsy valve may impact the reprocessing efficacy.

    Reason for Alert
    Patient infection as a result of exposure to a contaminated device can occur when reprocessing of the MAJ-891 Forceps/Irrigation Plug is improper and/or incomplete, such as not disconnecting the MAJ-891 from the endoscope and disassembling it before reprocessing. This exposure could result in patient injury including infection, urinary tract infection, or sepsis, and, in some cases, could result in death. These harms may require inpatient hospitalization/monitoring, and treatment with oral or intravenous antibiotics.
    Olympus has reported 120 injuries and 1 report of death due to infection following procedures in which the MAJ-891 was used with a cystoscope (CYF scope).
    Device Use
    The MAJ-891 is endoscope accessory attached to the instrument channel port of certain Olympus endoscopes, including cystoscopes (CYF series), ureteroscopes (URF series), choledochoscopes (CHF series), and hysteroscopes (HYF series) to allow both irrigation and the use of endo-therapy accessories. The MAJ-891 was discontinued in 2022 from the US market.
    Contact Information
    Customers in the U.S. with adverse reactions, quality problems, or questions about this recall should contact Olympus’s Technical Assistance Center at 1-800-848-9024, option 1.
    Additional FDA Resources

    Unique Device Identifier (UDI)
    The unique device identifier (UDI) helps identify individual medical devices sold in the United States from distribution to use. The UDI allows for more accurate reporting, reviewing, and analyzing of adverse event reports so that devices can be identified more quickly, and as a result, problems potentially resolved more quickly.

    How do I report a problem?
    Health care professionals and consumers may report adverse reactions or quality problems they experienced using these devices to MedWatch: The FDA Safety Information and Adverse Event Reporting Program.

    Content current as of:
    03/05/2025

    Regulated Product(s)

    MIL OSI USA News –

  • MIL-OSI USA: Update on Alert: Solution Set Issue from Baxter Healthcare Corporation

    Source: US Department of Health and Human Services – 3

    This communication was initially issued as part of the Communications Pilot to Enhance the Medical Device Recall Program. The FDA has since determined that this device may cause temporary or reversible health problems, or—though unlikely—serious health problems. This recall involves removing certain devices from where they are used or sold. The affected products and recommendations for what to do with the devices below have not changed.
    Affected Product
    The FDA is aware that Baxter Healthcare Corporation has issued a letter to affected health care providers recommending certain lots of Solution Sets with Duo-Vent Spikes be removed from use. 

    Baxter Product Code
    Description
    Lot Number
    Expiration Date
    UDI 

    2R8404
    Solution Set with Duo-Vent Spike
    DR24C22079
    3/24/2026
    00085412676630

    2R8404
    Solution Set with Duo-Vent Spike
    DR24H23086
    8/26/2026
    00085412676630

    2R8538
    Clearlink System Solution Set with Duo-Vent Spike
    DR24C15109
    3/16/2026
    00085412676647

    UC8519
    Continu-Flo Solution Set with Duo-Vent Spike, 2 Luer Activated Valves, Male Luer Lock Adapter with Retractable Collar
    DR24B21017
    2/28/2026
    00085412486512

    What to Do

    On December 20, 2024, Baxter sent all affected customers an Urgent Medical Device Recall letter recommending the following actions:

    Immediately check your stock for the affected product and lot numbers listed above and do not use. The product code and lot number can be found on the individual product and shipping carton.

    Reason for Alert
    Baxter reports that some Solution Sets with Duo-Vent Spikes were incorrectly assembled with inverted slide clamps. If a solution set with an inverted slide clamp is loaded on an infusion pump, the medication may not be delivered and the patient’s blood may backflow into the set and source container. Critical adverse health consequences may occur if the patient does not receive life-sustaining medication or if a significant amount of blood is removed from the patient, especially for high-risk populations, such as neonates or critically ill patients.

    Baxter has not reported any injuries associated with this issue.
    Device Use
    These solution sets are used to administer fluids from a container to patients through a vascular access device, such as an infusion pump. The slide clamp is a feature of these solution sets designed to shut off fluid flow and interact with the infusion pump to load the set into the pump correctly.
    Contact Information
    Customers in the U.S. with adverse reactions, quality problems, or questions about this recall should contact Baxter Healthcare Center for Service at 888-229-0001 or corporate_product_complaints_round_lake@baxter.com.
    Additional FDA Resources

    Unique Device Identifier (UDI)
    The unique device identifier (UDI) helps identify individual medical devices sold in the United States from distribution to use. The UDI allows for more accurate reporting, reviewing, and analyzing of adverse event reports so that devices can be identified more quickly, and as a result, problems potentially resolved more quickly.

    How do I report a problem?
    Health care professionals and consumers may report adverse reactions or quality problems they experienced using these devices to MedWatch: The FDA Safety Information and Adverse Event Reporting Program.

    Content current as of:
    03/05/2025

    Regulated Product(s)

    MIL OSI USA News –

  • MIL-OSI USA: Update on Alert: Infusion Pump Software Issue from Fresenius Kabi USA

    Source: US Department of Health and Human Services – 3

    This communication is part of the Communications Pilot to Enhance the Medical Device Recall Program. This recall involves correcting certain devices and does not involve removing them from where they are used or sold. The FDA has identified this recall as the most serious type. This device may cause serious injury or death if you continue to use it without correction. The affected products and recommendations for what to do with the devices below have not changed.    
    Affected Product

    The FDA is aware that Fresenius Kabi USA has issued a letter to affected health care providers recommending certain software versions of the Ivenix Infusion System be updated:

    Large Volume Pump (LVP) Software, version 5.9.2 and earlier
    Product code: LVP-SW-0005
    UDI: 00811505030122

    This software is part of the Ivenix Infusion System and is embedded in the Ivenix Large-Volume Pump, LVP-0004 (Pump UDI: 00811505030320)

    What to Do

    On January 10, 2025, Fresenius Kabi USA began notifying affected customers recommending customers update the LVP software to version 5.10:

    Install the new Ivenix Infusion Management System (IMS) software version (5.2) on your IMS server to facilitate the installation of the pump software, LVP SW 5.10.
    To request installation of the software, LVP SW 5.10, contact your Fresenius Kabi representative (1-855-354-6387 or Ivenix_support@fresenius-kabi.com) to push the new software update to each of your pumps. 

    When the software update is received by the LVP, the Update Software prompt shown below appears before the LVP is shut down.

    Select the Update Software button to initiate the LVP version 5.10 software update. Note that the LVP will not be available for use during a software update.

    Use care to not select the “Cancel” or “Shut Down Pump” buttons on the prompt as the software update will then not occur. The pump will prompt you every time you try to shut down the pump until the accept/install update is selected.

    If you are unsure of the software version on your pumps, both the “Systems Dashboard” and “Pump Info” screen found under “More Options” allow you to view the Version and date for your institution.

    If you are unable to immediately install the software, then take the following actions until the infusion pump can be updated to software version 5.10:

    When frequent alarming occurs, restart the Ivenix LVP when clinical treatment allows.
    Prior to starting or restarting the secondary infusion, ensure the primary infusion has some volume remaining and has not reached zero.

    Reason for Alert
    Fresenius Kabi USA reports the following anomalies associated with software versions 5.9.2 and earlier. These anomalies have the potential to cause serious patient harm or death.
    If during an alarm condition the Pause Audio option is repeated 70 times or more, it will result in the pump becoming nonfunctional, which may lead to the patient being underdosed or delay their therapy. Underdosage may lead to patient harm including temporary arrhythmias, hyperglycemia, hypo- or hypertension, undersedation, and clotting changes.
    If a secondary infusion is started at the exact moment a primary infusion completes, then the pump will switch to primary once the secondary infusion completes and Volume to be Infused (VTBI) reaches 0. Then, the primary infusion will infuse at the previously programed primary rate and continue until the infusion is stopped or the bag is empty, which may lead to the patient being over infused. Over infusion may lead to patient harm including hyper- or hypoglycemia, hypo- or hypertension, electrolyte imbalance, oversedation, temporary arrhythmias, clotting changes, and unsuccessful resuscitation.
    The firm has not reported any injuries or deaths associated with this issue.
    Device Use
    The Ivenix LVP software is the application embedded in the Ivenix Infusion System. The LVP software controls the functioning of the LVP and exchanges information with Infusion Management System (IMS) applications. When loaded with an administration set, the LVP delivers infusion therapy to an individual patient. 
    Contact Information
    Customers in the U.S. with adverse reactions, quality problems, or questions about this recall should contact Fresenius Kabi USA at Ivenix_support@fresenius-kabi.com or 1-855-354-6387.
    Additional FDA Resources

    Unique Device Identifier (UDI)
    The unique device identifier (UDI) helps identify individual medical devices sold in the United States from distribution to use. The UDI allows for more accurate reporting, reviewing, and analyzing of adverse event reports so that devices can be identified more quickly, and as a result, problems potentially resolved more quickly.

    How do I report a problem?
    Health care professionals and consumers may report adverse reactions or quality problems they experienced using these devices to MedWatch: The FDA Safety Information and Adverse Event Reporting Program.

    Content current as of:
    03/05/2025

    MIL OSI USA News –

  • MIL-OSI: Descartes Announces Fiscal 2025 Fourth Quarter and Annual Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Income from Operations

    WATERLOO, Ontario and ATLANTA, March 05, 2025 (GLOBE NEWSWIRE) — The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2025 fourth quarter (Q4FY25) and year (FY25) ended January 31, 2025. All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).

    “Fiscal 2025 was another year of growth for Descartes, highlighted by the addition of numerous complementary services to the Global Logistics Network,” said Edward J. Ryan, Descartes’ CEO. “We believe these investments can help shippers, carriers, and logistics services providers manage the increased uncertainty and complexity that’s recently been introduced to the global trade environment. Our customers benefit from our diversity in international and domestic supply chains, our expertise with tariffs, sanctions and other global trade issues, and our expansive roster of connected trading partners as they navigate a quickly evolving trade landscape.”

    FY25 Financial Results
    As described in more detail below, key financial highlights for Descartes’ FY25 included:

    • Revenues of $651.0 million, up 14% from $572.9 million in the same period a year ago (FY24);
    • Revenues were comprised of services revenues of $590.2 million (91% of total revenues), professional services and other revenues of $55.1 million (8% of total revenues) and license revenues of $5.7 million (1% of total revenues). Services revenues were up 13% from $520.9 million in FY24;
    • Cash provided by operating activities of $219.3 million, up 6% from $207.7 million in FY24. Cash provided by operating activities was negatively impacted in FY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition;
    • Income from operations of $181.1 million, up 27% from $142.8 million in FY24;
    • Net income of $143.3 million, up 24% from $115.9 million in FY24. Net income as a percentage of revenues was 22%, compared to 20% in FY24;
    • Earnings per share on a diluted basis of $1.64, up 22% from $1.34 in FY24; and
    • Adjusted EBITDA of $284.7 million, up 15% from $247.5 million in FY24. Adjusted EBITDA as a percentage of revenues was 44%, compared to 43% in FY24.

    Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). These items are considered by management to be outside Descartes’ ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release.

    The following table summarizes Descartes’ results in the categories specified below over FY25 and FY24 (dollar amounts in millions):

      FY25
    		   FY24  
    Revenues 651.0   572.9  
    Services revenues 590.2   520.9  
    Gross margin 76 % 76 %
    Cash provided by operating activities* 219.3   207.7  
    Income from operations 181.1   142.8  
    Net income 143.3   115.9  
    Net income as a % of revenues 22 % 20 %
    Earnings per diluted share 1.64   1.34  
    Adjusted EBITDA 284.7   247.5  
    Adjusted EBITDA as a % of revenues 44 % 43 %
             

    (*) FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

    Q4FY25 Financial Results
    As described in more detail below, key financial highlights for Q4FY25 included:

    • Revenues of $167.5 million, up 13% from $148.2 million in the fourth quarter of fiscal 2024 (Q4FY24) and down from $168.8 million in the previous quarter (Q3FY25);
    • Revenues were comprised of services revenues of $156.5 million (93% of total revenues), professional services and other revenues of $10.7 million (6% of total revenues) and license revenues of $0.3 million (1% of total revenues). Services revenues were up 15% from $135.7 million in Q4FY24 and up 5% from $149.7 million in Q3FY25;
    • Cash provided by operating activities of $60.7 million, up 19% from $50.8 million in Q4FY24 and up 1% from $60.1 million in Q3FY25;
    • Income from operations of $47.1 million, up 27% from $37.0 million in Q4FY24 and up 3% from $45.8 million in Q3FY25;
    • Net income of $37.4 million, up 18% from $31.8 million in Q4FY24 and up 2% from $36.6 million in Q3FY25. Net income as a percentage of revenues was 22%, compared to 21% in Q4FY24 and 22% in Q3FY25;
    • Earnings per share on a diluted basis of $0.43, up 16% from $0.37 in Q4FY24 and up 2% from $0.42 in Q3FY25; and
    • Adjusted EBITDA of $75.0 million, up 14% from $65.7 million in Q4FY24 and up 4% from $72.1 million in Q3FY25. Adjusted EBITDA as a percentage of revenues was 45%, compared to 44% in Q4FY24 and 43% in Q3FY25, respectively.

    The following table summarizes Descartes’ results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions):

      Q4
    FY25    		   Q3
    FY25    		   Q2
    FY25    		   Q1
    FY25    		   Q4
    FY24    		  
    Revenues 167.5   168.8   163.4   151.3   148.2  
    Services revenues 156.5   149.7   146.2   137.8   135.7  
    Gross margin 76 % 74 % 75 % 77 % 76 %
    Cash provided by operating activities* 60.7   60.1   34.7   63.7   50.8  
    Income from operations 47.1   45.8   45.9   42.4   37.0  
    Net income 37.4   36.6   34.7   34.7   31.8  
    Net income as a % of revenues 22 % 22 % 21 % 23 % 21 %
    Earnings per diluted share 0.43   0.42   0.40   0.40   0.37  
    Adjusted EBITDA 75.0   72.1   70.6   67.0   65.7  
    Adjusted EBITDA as a % of revenues 45 % 43 % 43 % 44 % 44 %
                         

    (*) Q2FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

    Cash Position
    At January 31, 2025, Descartes had $236.1 million in cash. Cash increased by $54.8 million in Q4FY25 and decreased by $84.9 million in FY25. The table set forth below provides a summary of cash flows for Q4FY25 and FY25 in millions of dollars:

      Q4FY25   FY25  
    Cash provided by operating activities 60.7   219.3  
    Additions to property and equipment (2.1 ) (6.8 )
    Acquisitions of subsidiaries, net of cash acquired (3.7 ) (290.2 )
    Payment of debt issuance costs   (0.1 )
    Issuances of common shares, net of issuance costs 2.5   12.4  
    Payment of withholding taxes on net share settlements –   (6.7 )
    Payment of contingent consideration –   (9.2 )
    Effect of foreign exchange rate on cash (2.6 ) (3.6 )
    Net change in cash 54.8   (84.9 )
    Cash, beginning of period 181.3   321.0  
    Cash, end of period 236.1   236.1  
             

    Conference Call
    Descartes’ executive management team will hold a conference call to discuss the company’s financial results at 5:30 PM ET on Wednesday, March 5. Designated numbers are +1 289 514 5100 or +1 800 717 1738 for North America Toll-Free, using Passcode 45440#.

    The company will simultaneously conduct an audio webcast on the Descartes website at https://www.descartes.com/who-we-are/investor-relations/financial-information. Phone conference dial-in or webcast login is required approximately 10 minutes beforehand.

    Replays of the conference call will be available until March 12, 2025, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 45440#. An archived replay of the webcast will be available at https://www.descartes.com/who-we-are/investor-relations/financial-information.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and X (Twitter).

    Descartes Investor Contact
    Laurie McCauley
    (519) 746-2969
    investor@descartes.com

    Cautionary Statement Regarding Forward-Looking Statements

    This release may contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relates to Descartes’ expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the “Russia-Ukraine Conflict”), and between Israel and Hamas (“Israel-Hamas Conflict”), or other potentially catastrophic events, on our business, results of operations and financial condition; continued growth and acquisitions including our assessment of any increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth and Adjusted EBITDA margin operating range; demand for Descartes’ solutions; growth of Descartes’ Global Logistics Network (“GLN”); customer buying patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing at levels generally consistent with those experienced historically; the Russia-Ukraine Conflict and Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes’ continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes’ continued ability to identify and source attractive and executable business combination opportunities; Descartes’ ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes’ business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes’ ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes’ ability to successfully design and develop enhancements to our products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes’ ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes’ market capitalization; and other factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada, including Descartes’ most recently filed Management’s Discussion and Analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues

    We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.

    The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

    Management considers these non-operating expenses to be outside the scope of Descartes’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed seven acquisitions since the beginning of fiscal 2024 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

    The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our audited Consolidated Statements of Operations for FY25 and FY24, which we believe is the most directly comparable GAAP measure.

    (US dollars in millions) FY25   FY24  
    Net income, as reported on Consolidated Statements of Operations 143.3   115.9  
    Adjustments to reconcile to Adjusted EBITDA:    
    Interest expense 1.0   1.4  
    Investment income (11.5 ) (9.7 )
    Income tax expense 48.3   35.2  
    Depreciation expense 5.6   5.5  
    Amortization of intangible assets 69.4   60.5  
    Stock-based compensation and related taxes 21.1   17.1  
    Other charges 7.5   21.6  
    Adjusted EBITDA 284.7   247.5  
         
    Revenues 651.0   572.9  
    Net income as % of revenues 22 % 20 %
    Adjusted EBITDA as % of revenues 44 % 43 %
             

    The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q4FY25, Q3FY25, Q2FY25, Q1FY25, and Q4FY24, which we believe is the most directly comparable GAAP measure.

    (US dollars in millions) Q4FY25   Q3FY25   Q2FY25   Q1FY25   Q4FY24  
    Net income, as reported on Consolidated Statements of Operations 37.4   36.6   34.7   34.7   31.8  
    Adjustments to reconcile to Adjusted EBITDA:          
    Interest expense 0.2   0.2   0.2   0.3   0.3  
    Investment income (1.9 ) (2.9 ) (2.7 ) (4.1 ) (3.4 )
    Income tax expense 11.4   11.9   13.6   11.5   8.3  
    Depreciation expense 1.5   1.4   1.4   1.4   1.4  
    Amortization of intangible assets 19.4   17.5   17.4   15.0   15.1  
    Stock-based compensation and related taxes 5.4   5.6   5.8   4.3   4.7  
    Other charges 1.6   1.8   0.2   3.9   7.5  
    Adjusted EBITDA 75.0   72.1   70.6   67.0   65.7  
               
    Revenues 167.5   168.8   163.4   151.3   148.2  
    Net income as % of revenues 22 % 22 % 21 % 23 % 21 %
    Adjusted EBITDA as % of revenues 45 % 43 % 43 % 44 % 44 %
               

    The Descartes Systems Group Inc.
    Consolidated Balance Sheets
    (US dollars in thousands; US GAAP)

      January 31,   January 31,  
      2025   2024  
    ASSETS    
    CURRENT ASSETS    
    Cash 236,138   320,952  
    Accounts receivable (net)    
    Trade 53,953   51,569  
    Other 16,931   12,193  
    Prepaid expenses and other 45,544   33,468  
      352,566   418,182  
    OTHER LONG-TERM ASSETS 24,887   24,737  
    PROPERTY AND EQUIPMENT, NET 12,481   11,552  
    RIGHT-OF-USE ASSETS 7,623   6,257  
    DEFERRED INCOME TAXES 3,802   2,097  
    INTANGIBLE ASSETS, NET 321,270   251,047  
    GOODWILL 924,755   760,413  
      1,647,384   1,474,285  
    LIABILITIES AND SHAREHOLDERS’ EQUITY    
    CURRENT LIABILITIES    
    Accounts payable 20,650   17,484  
    Accrued liabilities 79,656   91,824  
    Lease obligations 3,178   3,075  
    Income taxes payable 9,313   6,734  
    Deferred revenue 104,230   84,513  
      217,027   203,630  
    LEASE OBLIGATIONS 4,718   3,903  
    DEFERRED REVENUE 978   1,464  
    INCOME TAXES PAYABLE 5,531   6,153  
    DEFERRED INCOME TAXES 34,127   21,101  
      262,381   236,251  
         
    SHAREHOLDERS’ EQUITY    
    Common shares – unlimited shares authorized; Shares issued and outstanding totaled 85,605,969 at January 31, 2025 (January 31, 2024 – 85,183,455) 568,339   551,164  
    Additional paid-in capital 503,133   494,701  
    Accumulated other comprehensive loss (50,497 ) (28,586 )
    Retained earnings 364,028   220,755  
      1,385,003   1,238,034  
      1,647,384   1,474,285  
             

    The Descartes Systems Group Inc.
    Consolidated Statements of Operations
    (US dollars in thousands, except per share and weighted average share amounts; US GAAP)

      January 31,   January 31,   January 31,  
    Year Ended 2025   2024   2023  
           
    REVENUES 651,000   572,931   486,014  
    COST OF REVENUES 158,574   138,295   113,326  
    GROSS MARGIN 492,426   434,636   372,688  
    EXPENSES      
    Sales and marketing 73,692   68,161   56,573  
    Research and development 95,497   84,103   70,353  
    General and administrative 65,248   57,373   49,710  
    Other charges 7,466   21,649   5,441  
    Amortization of intangible assets 69,399   60,501   60,177  
      311,302   291,787   242,254  
    INCOME FROM OPERATIONS 181,124   142,849   130,434  
    INTEREST EXPENSE (1,004 ) (1,363 ) (1,167 )
    INVESTMENT INCOME 11,513   9,666   4,461  
    INCOME BEFORE INCOME TAXES 191,633   151,152   133,728  
    INCOME TAX EXPENSE (RECOVERY)      
    Current 53,402   41,223   28,248  
    Deferred (5,042 ) (5,978 ) 3,244  
      48,360   35,245   31,492  
    NET INCOME 143,273   115,907   102,236  
    EARNINGS PER SHARE      
    Basic 1.68   1.36   1.21  
    Diluted 1.64   1.34   1.18  
    WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)      
    Basic 85,443   85,068   84,791  
    Diluted 87,323   86,818   86,451  
                 

    The Descartes Systems Group Inc.
    Consolidated Statements of Cash Flows
    (US dollars in thousands; US GAAP)

    Year Ended January 31,   January 31,   January 31,  
      2025   2024   2023  
    OPERATING ACTIVITIES            
    Net income 143,273   115,907   102,236  
    Adjustments to reconcile net income to cash provided by operating activities:      
    Depreciation 5,589   5,474   5,225  
    Amortization of intangible assets 69,399   60,501   60,177  
    Stock-based compensation expense 19,962   16,480   13,667  
    Other non-cash operating activities 23   114   53  
    Deferred tax expense (recovery) (5,042 ) (5,978 ) 3,244  
    Changes in operating assets and liabilities (13,932 ) 15,182   7,793  
    Cash provided by operating activities 219,272   207,680   192,395  
    INVESTING ACTIVITIES      
    Additions to property and equipment (6,743 ) (5,563 ) (6,071 )
    Acquisition of subsidiaries, net of cash acquired (290,204 ) (142,700 ) (115,561 )
    Cash used in investing activities (296,947 ) (148,263 ) (121,632 )
    FINANCING ACTIVITIES      
    Payment of debt issuance costs (53 ) (43 ) (1,118 )
    Issuance of common shares for cash, net of issuance costs 12,391   9,272   1,730  
    Payment of withholding taxes on net share settlements (6,745 ) (4,886 ) –  
    Payment of contingent consideration (9,223 ) (19,084 ) (5,215 )
    Cash used in financing activities (3,630 ) (14,741 ) (4,603 )
    Effect of foreign exchange rate changes on cash (3,509 ) (109 ) (3,212 )
    Increase (decrease) in cash (84,814 ) 44,567   62,948  
    Cash, beginning of year 320,952   276,385   213,437  
    Cash, end of year 236,138   320,952   276,385  
                 

    The MIL Network –

  • MIL-OSI: AGF Reports February 2025 Assets Under Management and Fee-Earning Assets

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — AGF Management Limited reported total assets under management (AUM) and fee-earning assets1 of $53.8 billion as at February 28, 2025.

    AUM

    ($ billions)

    		 February 28,
    2025    		 January 31,
    2025    		 % Change
    Month-Over-Month    		 February 29,
    2024    		 % Change
    Year-Over-Year
    Total Mutual Fund $31.1 $31.4   $26.1  
    Exchange-traded funds + Separately managed accounts $2.9 $2.7   $1.7  
    Segregated accounts and Sub-advisory $6.6 $6.8   $7.3  
    AGF Private Wealth $8.6 $8.6   $7.8  
    Subtotal (before AGF Capital Partners AUM and fee-earning assets1) $49.2 $49.5   $42.9  
    AGF Capital Partners $2.5 $2.8   $0.1  
    Total AUM $51.7 $52.3 -1.1% $43.0 20.2%
    AGF Capital Partners fee-earning assets1 $2.1 $2.1   $2.0  
    Total AUM and fee-earning assets1 $53.8 $54.4 -1.1% $45.0 19.6%
               
    Average Daily Mutual Fund AUM $31.2 $30.8   $25.8  
    1 Fee-earning assets represent assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.
    Mutual Fund AUM by Category

    ($ billions)

    		 February 28,
    2025    		 January 31,
    2025    		 February 29,
    2024
    Domestic Equity Funds $4.5 $4.5 $4.2
    U.S. and International Equity Funds $19.3 $19.7 $15.2
    Domestic Balanced Funds $0.1 $0.1 $0.1
    U.S. and International Balanced Funds $1.7 $1.7 $1.6
    Domestic Fixed Income Funds $2.0 $1.9 $1.7
    U.S. and International Fixed Income Funds $3.2 $3.2 $3.1
    Domestic Money Market $0.3 $0.3 $0.2
    Total Mutual Fund AUM $31.1 $31.4 $26.1
    AGF Capital Partners AUM and fee-earning assets

    ($ billions)

    		 February 28,
    2025    		 January 31,
     2025    		 February 29,
    2024
    AGF Capital Partners AUM $2.5 $2.8 $0.1
    AGF Capital Partners fee-earning assets $2.1 $2.1 $2.0
    Total AGF Capital Partners AUM and fee-earning assets $4.6 $4.9 $2.1


    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Nick Smerek
    VP, Financial Planning & Analysis
    416-865-4337, InvestorRelations@agf.com

    The MIL Network –

  • MIL-OSI: AGF Management Limited to Release First Quarter 2025 Financial Results on April 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 05, 2025 (GLOBE NEWSWIRE) —

    AGF Management Limited (TSX: AGF.B) will release its financial results for Q1 2025 on Tuesday, April 8, 2025 at approximately 7:00 a.m. ET. AGF will hold a conference call and webcast to discuss these results at 11:00 a.m. ET.

    The discussion will feature remarks by Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, and Ken Tsang, Chief Financial Officer. Judy G. Goldring, President and Head of Global Distribution, and Ash Lawrence, Head of AGF Capital Partners, will also be available for the question-and-answer period with investment analysts following the presentation.

    The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/4ch7jtxw. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

    A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    AGF Management Limited shareholders, analysts and media, please contact:

    Nick Smerek
    VP, Financial Planning & Analysis
    416-865-4337, InvestorRelations@agf.com

    The MIL Network –

  • MIL-OSI Canada: Budget 2025: Investing in Alberta’s future | Budget 2025 : Investir dans l’avenir de l’Alberta

    As Alberta continues work to address increasing domestic and international economic pressures, Budget 2025 works to strengthen Alberta’s economy. This budget helps build communities, secure Alberta’s southern border and boost investments in the province’s economic future.

    “While we work closely with partners to find solutions to a possible trade conflict, we will continue our work to make sure Alberta’s economy is strong – in and outside of the energy sector – so that we can manage any turbulence that comes our way. Budget 2025 carves our path forward in the face of this uncertainty.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Budget 2025: Supporting a strong workforce

    Alberta’s workforce is the backbone of the provincial economy. Budget 2025 continues the commitment to training and developing a skilled and resilient labour force to further grow Alberta’s economy and help businesses succeed, including: 

    • $26.1 billion over three years from the Capital Plan, to support about 26,500 direct and 12,000 indirect jobs each year through 2027-28.
    • $135 million for skilled trade programs such as apprenticeship and adult learning initiatives to help Albertans gain the skills and training needed for successful careers, and support access to job opportunities.
    • $2 billion in 2025-26 to support and expand early learning and child-care system so parents and caregivers can participate in training, education or work opportunities.  

    Budget 2025: Securing our borders

    • Alberta’s government is committed to being a good neighbour and trading partner, and part of this commitment involves taking measures to secure the Alberta-US border. Budget 2025 includes $29 million in 2025-26 for a new Interdiction Patrol Team within the Alberta Sheriffs to tackle illegal drug and gun smuggling, human trafficking, apprehension of persons attempting to cross the border illegally, and other illegal activities along Alberta’s international land border. Budget 2025 also includes a $15 million investment over two years for three new vehicle inspection stations located near borders to the USA.

    Budget 2025: Investing in post-secondary education

    Budget 2025 invests a total of $7.4 billion in post-secondary education, with an operating budget of $6.6 billion in 2025-26. This includes:

    • $78 million per year over the next three years to create more seats in apprenticeship classes across the province to build skilled trades and apprenticeship education that will respond to the needs of industry, support the economy and connect Albertans with jobs.
    • $113 million to support greater demand for scholarships and the Alberta Student Grant, with $60 million funded from the Alberta Heritage Scholarship Fund.
    • $4 million to the First Nations Colleges Grant which is distributed equally across five colleges in rural and remote Indigenous communities.

    “Our government is ensuring that Alberta students have the skills and training they need to meet the needs of today while preparing for the economy of the future. Budget 2025 makes foundational investments to meet the challenge of a rapidly growing population while supporting a sustainable post-secondary education system.”

    Rajan Sawhney, Minister of Advanced Education

    Budget 2025: Building communities

    Alberta’s vibrant communities make Alberta the best place in Canada to live, work and raise a family. Budget 2025 invests in stronger communities across Alberta, including:

    • $17.2 million to increase grants made to municipalities in lieu of property taxes on government-owned property to 75 per cent, up from the current 50 per cent. By next year, the province will cover 100 per cent of the amount that would be paid if the property was taxable.
    • $820 million this year and $2.5 billion over three years in Local Government Fiscal Framework capital funding to help fund local infrastructure priorities.

    Budget 2025: Supporting trade and diversification

    Alberta continues to champion economic growth and policies that support productivity. Through Budget 2025, Alberta’s government will continue to build on current successes through:

    • Attracting more investment through low corporate income taxes. At eight per cent, Alberta’s corporate income tax rate is 30 per cent lower than the next lowest province.
    • Providing greater incentive for small- and medium-sized firms that increase their spending on research and development, with Alberta’s Innovation Employment Grant.
    • Promoting Alberta as a reliable partner in supporting North American and global energy security to investors. The province will optimize new and existing infrastructure to access new markets for Alberta’s energy and mineral resources.
    • Supporting Alberta’s agriculture producers and value-added processors, addressing barriers to trade by cultivating export markets, and working to increase market access for Alberta products.
    • Reinforcing Alberta as a critical contributor to North American energy security by continuing to advocate for our remarkable energy sector across Canada, the U.S., Germany, Japan and the rest of the world.

    Budget 2025: Investing in business and industry

    Budget 2025 continues to find ways to help Alberta’s economy grow through investments in business and industry and help our economy grow, including:

    • Support to attract investment in Alberta’s energy and mineral resource sector to accelerate opportunities in emerging resources.
    • $45 million over three years for the Investment and Growth Fund to attract investment into Alberta’s economy.
    • $1.8 million in Western Crop Innovations for industry-leading crop research.
    • $780,000 to support small- and medium-sized meat processors.
    • $3.1 million for the University of Calgary’s Faculty of Veterinary Medicine to expand toward a full-service veterinary diagnostic laboratory. This will give livestock producers and vets access to quicker, more affordable livestock diagnostics closer to home.

    “Budget 2025 builds a stronger Alberta by growing industries, creating high-quality jobs and expanding opportunities for workers and families. With strategic investments in innovation, infrastructure and workforce development, Alberta is rising to the challenge, strengthening our province for many years to come.”

    Matt Jones, Minister of Jobs, Economy and Trade

    “We are advancing cutting-edge research in agriculture and supporting small and medium-sized businesses. Additionally, we are strengthening our agricultural infrastructure, ensuring quicker and more affordable services for livestock producers and veterinarians. We’re supporting innovation, attracting investment, and building a resilient economy for the future.”

    RJ Sigurdson, Minister of Agriculture and Irrigation

    Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.

    Related information

    • Budget 2025

    Related news

    • Budget 2025: Meeting the challenge (Feb 27, 2025)
    • Budget 2025: Meeting the challenge in health and education (Feb 27, 2025)

    Multimedia

    • Watch the Budget address
    • Watch the news conference
    • Listen to the news conference

    Le budget de 2025 relève le défi de l’incertitude en matière de commerce et de sécurité en mettant l’accent sur l’économie.

    À mesure que l’Alberta continue de répondre aux pressions économiques intérieures et internationales, le budget de 2025 vise à renforcer l’économie albertaine. Il contribue à bâtir des communautés, à assurer la sécurité de la frontière au sud de la province et à renforcer les investissements dans notre avenir économique.

    « Alors que nous travaillons en étroite collaboration avec des partenaires pour trouver des solutions à un différend commercial potentiel, nous poursuivons notre travail pour nous assurer que l’économie de l’Alberta est forte, dans le secteur de l’énergie et ailleurs, afin de pouvoir gérer toute perturbation. Le budget de 2025 trace la voie à suivre face à cette incertitude. »

    Nate Horner, président du Conseil du Trésor et ministre des Finances

    Budget 2025 : Soutenir une main-d’œuvre solide

    La main-d’œuvre albertaine est l’épine dorsale de l’économie provinciale. Le budget de 2025 maintient l’engagement envers la formation et le perfectionnement d’une main-d’œuvre qualifiée et résiliente de sorte à faire croître l’économie et aider les entreprises à réussir : 

    • 26,1 milliards de dollars sur trois ans provenant du plan d’immobilisations afin d’appuyer environ 26 500 emplois directs et 12 000 emplois indirects chaque année jusqu’en 2027-2028.
    • 135 millions de dollars pour des programmes de métiers spécialisés, comme des initiatives d’apprentissages et d’éducation des adultes de sorte à aider les Albertains à acquérir les compétences et à suivre la formation nécessaires pour mener des carrières fructueuses, ainsi qu’à soutenir l’accès aux possibilités d’emploi.
    • 2 milliards de dollars en 2025-26 pour appuyer et élargir le système d’apprentissage et de garde des jeunes enfants afin que les parents et les gardiens tirent parti de possibilités de formation, d’éducation ou d’emploi.  

    Budget 2025 : Assurer la sécurité de nos frontières

    • Le gouvernement de l’Alberta est résolu à être un bon voisin et un bon partenaire commercial, ce qui implique la prise de mesures pour assurer la sécurité de la frontière entre l’Alberta et les États-Unis. Le budget de 2025 prévoit 29 millions de dollars en 2025-26 pour une nouvelle équipe de « patrouille d’interdiction » (Interdiction Patrol Team) qui fait partie des shérifs de l’Alberta et sera chargée de lutter contre le trafic de drogue et d’armes et la traite de personnes, d’appréhender les personnes qui tentent de traverser la frontière illégalement et de surveiller d’autres activités illégales le long de la frontière internationale de la province. Le budget de 2025 comprend en outre un investissement de 15 millions de dollars sur deux ans pour trois nouveaux postes d’inspection de véhicules près de la frontière des États-Unis.

    Budget 2025 : Investir dans l’enseignement postsecondaire

    Le budget de 2025 investit en tout 7,4 milliards de dollars dans l’enseignement postsecondaire, le budget d’exploitation étant de 6,6 milliards de dollars en 2025-2026. Cette somme comprend :

    • 78 millions de dollars par années sur trois ans pour créer un plus grand nombre de places dans les cours d’apprentissage de toute la province en vue de renforcer les métiers spécialisés et les formations en apprentissage qui répondront aux besoins de l’industrie, soutiendront l’économie et mettront les Albertains en rapport avec des emplois.
    • 113 millions de dollars pour contribuer à satisfaire à la demande croissante de bourses et appuyer la bourse aux étudiants de l’Alberta (Alberta Student Grant), dont 60 millions de dollars provenant de l’Alberta Heritage Scholarship Fund.
    • 4 millions de dollars pour la subvention aux collèges des Premières Nations (First Nations Colleges Grant), cette somme étant répartie également entre cinq collèges dans des communautés autochtones rurales et éloignées.

    « Notre gouvernement veille à ce que les étudiants en Alberta possèdent les compétences et la formation nécessaires pour répondre aux besoins actuels, tout en se préparant à l’économie future. Le budget de 2025 réalise des investissements fondamentaux de sorte à relever les défis posés par une population en pleine croissance, tout en appuyant un système d’éducation postsecondaire durable. »

    Rajan Sawhney, ministre de l’Enseignement postsecondaire

    Budget 2025 : Bâtir des communautés

    Les communautés dynamiques de notre province font de l’Alberta le meilleur endroit au Canada où vivre, travailler et élever une famille. Le budget de 2025 investit dans des communautés plus fortes partout en Alberta :

    • 17,2 millions de dollars pour augmenter de 50 % à 75 % les subventions accordées aux municipalités en remplacement d’impôts fonciers à l’égard des propriétés qui appartiennent au gouvernement. D’ici l’année prochaine, la province couvrira 100 $ du montant qui serait versé si la propriété était imposable.
    • 820 millions de dollars cette année et 2,5 milliards de dollars sur trois ans en dépenses en capital du cadre fiscal des administrations locales (Local Government Fiscal Framework) afin d’aider à financer les travaux d’infrastructures prioritaires.

    Budget 2025 : Soutenir le commerce et la diversification

    L’Alberta continue de favoriser la croissance économique et des politiques qui appuient la productivité. Par l’entremise du budget de 2025, le gouvernement de l’Alberta continuera de tirer parti des réussites actuelles en faisant ce qui suit :

    • Attirer plus d’investissements grâce à un faible taux d’imposition sur le revenu des sociétés. En Alberta, le taux de 8 % est de 30 % inférieur à celui de la province qui se classe deuxième.
    • Offrir de plus grands stimulants aux petites et moyennes entreprises qui augmentent leurs dépenses en recherche et développement, par l’entremise de la subvention pour l’emploi et l’innovation (Alberta’s Innovation Employment Grant).
    • Promouvoir l’Alberta en tant que partenaire fiable pour soutenir la sécurité énergétique nord-américaine et mondiale auprès des investisseurs. La province optimisera les infrastructures nouvelles et existantes afin d’accéder à de nouveaux marchés pour les ressources énergétiques et minérales de l’Alberta.
    • Soutenir les producteurs agricoles albertains et les transformateurs à valeur ajoutée de l’Alberta, s’attaquer aux obstacles au commerce en cultivant les marchés d’exportation et s’employer à améliorer l’accès au marché pour les produits de l’Alberta.
    • Renforcer la position de l’Alberta en tant que contributrice essentielle à la sécurité énergétique de l’Amérique du Nord en continuant de promouvoir notre secteur énergétique remarquable au Canada, aux États-Unis, en Allemagne, au Japon et dans le reste du monde.

    Budget 2025 : Investir dans les entreprises et les industries

    Le budget de 2025 continue de trouver des moyens de favoriser la croissance de l’économie albertaine en investissant dans les entreprises et les industries :

    • Soutien visant à attirer des investissements dans le secteur de l’énergie et des ressources minérales de sorte à accélérer les possibilités dans le domaine des ressources émergentes.
    • 45 millions de dollars sur trois ans pour le fonds d’investissement et de croissance (Investment and Growth Fund) en vue d’attirer des investissements dans l’économie albertaine.
    • 1,8 million de dollars versés à Western Crop Innovations au titre de la recherche de pointe sur les cultures.
    • 780 000 $ pour appuyer les petites et moyennes entreprises de transformation de viande.
    • 3,1 millions de dollars pour la Faculté de médecine vétérinaire de l’Université de Calgary en vue d’un agrandissement menant à un laboratoire de diagnostic vétérinaire complet. Les éleveurs de bétail et les vétérinaires auront alors accès à un diagnostic plus rapide, plus abordable et plus proche.

    « Le budget de 2025 bâtit une Alberta plus forte en développant les industries, en créant des emplois de haute qualité et en élargissant les possibilités offertes aux travailleurs et aux familles. Grâce à des investissements stratégiques en innovation, infrastructure et perfectionnement de la main-d’œuvre, l’Alberta relève le défi pour être plus forte pendant de nombreuses années à venir. »

    Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

    « Nous faisons progresser la recherche de point en agriculture et nous appuyons les petites et moyennes entreprises. De plus, nous renforçons notre infrastructure agricole pour offrir des services plus rapides et plus abordables aux éleveurs de bétail et aux vétérinaires. Nous soutenons l’innovation, nous attirons les investissements et nous bâtissons une économie résiliente pour l’avenir. »

    RJ Sigurdson, ministre de l’Agriculture et de l’Irrigation

    Le budget de 2025 relève le défi auquel fait face l’Alberta grâce à des investissements continus dans l’éducation et la santé, une baisse des impôts pour les familles et un accent sur l’économie.

    Renseignements connexes

    • Budget 2025

    Nouvelles connexes

    • Budget 2025: Meeting the challenge | Budget 2025 : Relever le défi (27 février 2025)
    • Budget 2025: Meeting the challenge in health and education | Budget 2025 :  Relever le défi dans la santé et l’éducation (27 février 2025)

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    MIL OSI Canada News –

  • MIL-OSI USA: Secretaries Wright & Burgum to Deliver Remarks at Louisiana LNG Export Facility

    Source: US Department of Energy

    WASHINGTON—U.S. Secretary of Energy Chris Wright and Secretary of the Interior Doug Burgum will travel to Plaquemines Parish, Louisiana on Thursday to give remarks and tour Venture Global’s Plaquemines LNG export facility. The visit highlights the Trump administration’s energy dominance agenda and achievements.

    On day one, President Trump and the Department of Energy ended the Biden ban on new LNG export approvals, sending a signal to the world that American energy dominance is back. The Plaquemines LNG export facility was approved by President Trump in 2019 and is the newest LNG Export facility to come online in the United States.

    During the visit, Secretaries Wright and Burgum will join Venture Global CEO Mike Sabel, Louisiana Governor Jeff Landry, and other officials for a press availability.

    Media wishing to attend should RSVP to doenews@hq.doe.gov and press@venturegloballng.com.

    Who:  Secretary of Energy Chris Wright

                Secretary of the Interior Doug Burgum

                Louisiana Governor Jeff Landry

                Mike Sabel, Venture Global CEO

                Additional stakeholders and officials to be announced 

    What: Open-press remarks, tour, and press availability

    When: Thursday, March 6, 2025

                 11:00 am CT

    Where: Plaquemines Parish

    RSVP no later than 4 pm CST // 5 pm ET on Wednesday, March 5th for additional details.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Issues Export Approval to Golden Pass LNG, Accelerating President Trump’s Pledge to Restore American Energy Dominance

    Source: US Department of Energy

    WASHINGTON—U.S. Secretary of Energy Chris Wright today approved an LNG export permit extension for Golden Pass LNG Terminal LLC (Golden Pass), marking yet another step toward meeting President Trump’s and Secretary Wright’s commitment to unleash American energy dominance and restore regular order to liquefied natural gas (LNG) export reviews. The approval will grant additional time to begin LNG exports from the Golden Pass LNG Terminal, currently under construction in Sabine Pass, Texas.

    “Exporting U.S. LNG supports American jobs, bolsters our national security and strengthens America’s position as a world energy leader. President Trump has pledged to restore energy dominance for the American people, and I am proud to help deliver on that agenda with today’s permit extension,” said Secretary Wright.

    The issuance to Golden Pass marks the third LNG-related approval from DOE since President Trump took office, following an export approval to Commonwealth LNG on February 14 and an order on rehearing removing barriers for the use of LNG as bunkering fuel announced on February 28. “Golden Pass was the first project approved for exports to non-free trade agreement countries by DOE during the first Trump Administration, and it is gratifying that this project is so close to being able to deliver its first LNG,” said Tala Goudarzi, Acting Principal Deputy Assistant Secretary of the Office of Fossil Energy and Carbon Management.

    Golden Pass, owned by QatarEnergy and ExxonMobil, is set to begin exporting as early as later this year, and once operational, will become the ninth large-scale export terminal operating in the United States. Once completed, Golden Pass will be able to export up to 2.57 billion cubic feet per day (Bcf/d) of natural gas as LNG and will bring unprecedented levels of LNG exports from the United States. 

    MIL OSI USA News –

  • MIL-OSI USA: Researchers Connect Satellite and Soil Data to Refine Salt Marsh Carbon Storage Estimates

    Source: US Geological Survey

    Researchers Connect Satellite and Soil Data to Refine Salt Marsh Carbon Storage Estimates

    Salt marshes store vast amounts of carbon, and new research supported by the Northeast CASC provides the most precise estimates yet – offering insights into their climate benefits and vulnerabilities. 

    A new study supported by the Northeast CASC provides the most precise estimate to date of carbon storage in salt marshes along the U.S. Northeast coastline. It also provides the first 10-meter resolution map of “blue carbon” (carbon stored in marine and coastal ecosystems) in the region.  

    Salt marshes act as long-term carbon sinks, continuously accumulating carbon as tides and storms deposit sediment into dense marsh grasses. Unlike forests, which have storage limits, salt marshes can expand vertically, increasing their ability to trap carbon over time. In other words, they have no upper storage limit. However, the natural spatial variability within marshes makes it difficult to estimate how much total carbon is actually stored or ongoing sequestration rates. Traditional soil sampling methods are highly accurate but costly and time-consuming, while satellite methods cover more ground but measure indicators, like water depth and vegetation density, rather than carbon directly. Adding to this complexity, within a marsh, vegetation density and water depth also vary seasonally and with tidal cycles. 

    The researchers tackled these challenges by combining both approaches. They used soil samples from 15 sites across five states, spanning Long Island Sound to the Gulf of Maine, and the “Normalized Difference Water Index” (NDWI) from satellite images taken across seasons and tidal levels. After comparing soil carbon measurements to satellite estimates, they found that satellite images most accurately reflect soil properties when taken at high tide. This insight allowed them to select the most reliable satellite images to refine carbon estimates across larger coastlines – an important advance when extensive soil sampling is not feasible. The study also provides insights for soil formation and carbon storage in different types of marshes. 

    This study offers a scalable method for estimating blue carbon worldwide but also warns that environmental degradation of salt marshes could release massive amounts of stored carbon back into the atmosphere.  

    This research was supported by the Northeast CASC Project “Effects of Urban Coastal Armoring on Salt Marsh Sediment Supplies and Resilience to Climate Change.” 

    MIL OSI USA News –

  • MIL-OSI USA: 25 Canadian nationals connected to nationwide multi-million dollar “grandparent scam” charged in Vermont

    Source: US Immigration and Customs Enforcement

    Burlington, Vt. – Canadian law enforcement provisionally arrested 23 Canadian nationals March 4 after they were indicted by federal grand jury in Vermont for participation in a “grandparent scam” uncovered by U.S. Immigration and Customs Enforcement. The scam allegedly defrauded elderly individuals in more than 40 states of over $21 million.

    According to the indictment returned by the grand jury Feb. 20 and unsealed on March 4, between the summer of 2021 and June 4, 2024, the defendants engaged in a “grandparent scam” involving phone calls made from call centers in and around Montreal, Québec. During these phone calls, defendants falsely claimed to be an elderly victim’s relative, typically a grandchild, who had been arrested following a car crash and needed money for “bail.” Other defendants posed as an “attorney” representing the elderly victim’s relative. Elderly victims were often told that there was a “gag order” in place to prevent the elderly victim from telling anyone about their family member’s supposed arrest. Elderly victims were convinced to provide bail money to an individual falsely posing as a bail bondsman, who would come to the elderly victim’s home to collect the money. This money was later transmitted to Canada following cash deliveries and financial transactions, sometimes involving cryptocurrency, which, the indictment alleges, obscured the source of the money and the identities of defendants.

    When Canadian law enforcement executed search warrants on June 4, 2024, at several call centers, many of the defendants were found in the act of placing phone calls to elderly victims in Virginia. The Indictment alleges the call centers were managed by Gareth West, Usman Khalid, Andrew Tatto, Stephan Moskwyn, and Ricky Ylimaki, and also charges these five defendants with conspiring to commit money laundering. The conspiracy defrauded elderly Americans out of more than $21 million.

    “These individuals are accused of an elaborate scheme using fear to extort millions of dollars from victims who believed they were helping loved ones in trouble. Today’s arrests are the result of domestic collaboration as well as our critical international partnerships with our colleagues in Canada, Sûreté du Québec and the Royal Canadian Mounted Police. Tackling transnational crime is one of our greatest priorities and we’re working hand-in-hand with our neighbors to dismantle organized criminal groups that threaten our safety and security,” said ICE Homeland Security Investigations Special Agent in Charge New England Michael J. Krol.

    “Today’s operation is an excellent example of ICE Canada’s partnership with the Sûreté du Québec and resulted in the disruption of a significant transnational criminal organization. We will continue to partner with the SQ, the Royal Canadian Mounted Police and other law enforcement agencies to identify and dismantle criminal organizations operating throughout North America and abroad that exploit our shared border and vulnerable population for illicit gain,” said ICE HSI Attache for Ottawa Magdalena Sigur.

    “The transnational criminal conspiracy described in the Indictment preyed on vulnerable Americans throughout the United States,” observed Acting United States Attorney Michael P. Drescher. “These charges reflect the painstaking investigatory work of the Vermont-based agents from Homeland Security Investigations and the Internal Review Service-Criminal Investigations. In addition, we recognize the extensive investigative assistance provided by Sûreté du Québec and the Royal Canadian Mounted Police.”

    “Today’s arrest of Gareth West and his co-conspirators demonstrates IRS-CI’s commitment to protecting the American people from bad actors, no matter where they are hiding.” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “West and his associates lead a transnational criminal enterprise with the sole intent of defrauding hundreds of retirees of their life savings by preying on their emotions and deceiving them into thinking that their loved ones were in peril. IRS-CI is committed to continued collaboration with our law enforcement partners, both at home and abroad, to stop and deter anyone who seeks to profit off the hard work of U.S. citizens.”

    “For the Quebec Provincial Police and Homeland Security Investigations, transnational criminal organizations are a significant concern that requires close collaboration. Criminal networks operate beyond borders; thus, it is crucial to have strong partnerships among law enforcement. Today’s arrests highlight the efficiency of our joint efforts, demonstrating that our cooperation delivers concrete results in enhancing public safety on both sides of the border,” said Chief Inspector Michel Patenaude

    An indictment contains only allegations, and defendants are presumed innocent until and unless proven guilty.

    West, Khalid, Tatto, Moskwyn and Ricky Ylimaki face up to 40 years of imprisonment if convicted, and the remaining defendants face up to 20 years of imprisonment if convicted.

    The investigation was led by ICE and IRS-CI with the assistance of U.S. Customs and Border Protection and the Quebec Provincial Police (Sûreté du Québec) in Canada. The Royal Canadian Mounted Police conducted the provisional arrests in Canada. Significant assistance was provided by the U.S. Department of Justice Office of International Affairs as well as the International Assistance Group at Justice Canada. This case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.

    More information about Organized Crime Drug Enforcement Task Forces

    Individuals charged in the indictment:

    • Gareth West, a.k.a. “Buddy” and “Muscles,” (38 – Burlington, Ontario)
    • Usman Khalid, a.k.a. “Paul” and “Pauly,” (36 – Les Coteaux, Québec)
    • Andrew Tatto, a.k.a. “Chevy” and “Truck,” (43 – Pierrefonds, Québec)
    • Stephan Moskwyn, a.k.a. “HK,” (42 – Pierrefonds, Québec)
    • Ricky Ylimaki, a.k.a. “Ruffles,” (31 – Notre-Dame-de-l’Île-Perrot, Québec)
    • Richard Frischman, a.k.a. “Styx,” (31 – Montréal, Québec)
    • Adam Lawrence, a.k.a. “Carter,” (41 – Lasalle, Québec)
    • Michael Filion, a.k.a. “Elvis,” (45 – Pierrefonds, Québec)
    • Jimmy Ylimaki, a.k.a. “Coop,” (35 – Notre-Dame-de-l’Île-Perrot, Québec)
    • Nicolas Gonzalez, a.k.a. “Brady,” (27 – Kirkland, Québec)
    • Ryan Melanson, a.k.a. “Parker,” (27 – Montréal, Québec)
    • Joy Kalafatidis, a.k.a. “Blondie,” (31 – Pointe-Claire, Québec)
    • David Arcobelli, a.k.a. “Phil,” (36 – Pierrefonds, Québec)
    • Jonathan Massouras, a.k.a. “Borze,” (35 – Dollard-Des Ormeaux, Québec)
    • Nicholas Shiomi, a.k.a. “Keanu,” (42 – Montréal, Québec)
    • Antonio Iannacci, a.k.a. “DJ,” (33 – Pierrefonds, Québec)
    • Jonathan Ouellet, a.k.a. “Sunny,” (29 – Saint-Eustache, Québec)
    • Kassey-Lee Lankford, a.k.a. “Lex,” (28 – Vaudreuil-Dorion, Québec)
    • Sara Burns, a.k.a. “Ginger,” (31 – Dollard-Des Ormeaux, Québec)
    • Justin Polenz, a.k.a. “Happy,” (34 – Montréal, Québec)
    • Ryan Thibert, a.k.a. “Toast,” (37 – Vaudreuil-Dorion, Québec)
    • Michael Farella, a.k.a. “Honda,” (29 – Sainte-Geneviève, Québec)
    • Sebastian Guenole, a.k.a. “Tweeter,” (30 – Pierrefonds, Québec)
    • Ryan Bridgman, a.k.a. “Clint,” (37 – Deux-Montagnes, Québec)
    • Stephanie-Marie Samaras, a.k.a. “North” (29 – Laval, Québec)

    All but two of the above-named individuals were arrested in Canada on March 4. West and Jimmy Ylimaki remain at large.

    An additional nine individuals have previously been charged in the District of Vermont in connection with this grandparent scam, including Otmane Khalladi (32 – Miami, Florida), Jean Richard Audate (39 – New York, New York), Philippe Alvarez (34 – Montréal, Québec), Paul Conneh (37 – Guangzhou, China), Dave Leblanc (37 – Greenacres, Florida), Zavier Buchanan (27 – Wellington, Florida), William Comfort (29 – Los Angeles, California), Alejandro Garcia (34 – Miami, Florida), and Enmanuel Castillo (31 – Miami, Florida).

    If you or someone you know has been a victim of elder fraud, help is standing by at the National Elder Fraud Hotline (833-FRAUD-11). This hotline is a free resource created by the U.S. Department of Justice, Office for Victims of Crime for people to report fraud against anyone age 60 or older.

    View the indictment

    MIL OSI USA News –

  • MIL-OSI USA: ICE returns Dominican national wanted for human smuggling which led to the death of 3 minors

    Source: US Immigration and Customs Enforcement

    MIAMI – U.S. Immigration and Customs Enforcement removed Edgar Batista Matos, 36, a Dominican national wanted in his home country for human smuggling leading to the death of three minors, on March 4 when he departed Miami International Airport on board an ICE removal flight to his destination at Las Americas International Airport in Santo Domingo, Dominican Republic. He was turned over to law enforcement authorities upon his arrival.

    Batista Matos has been removed from the United States on three previous occasions. His first removal was on Oct. 8, 2010, when he was encountered by the U.S. Border Patrol after he entered illegally near Cabo Rojo, Puerto Rico. He was then encountered and removed again in 2011, 2019 and 2023.

    He was arrested by police in San Juan, Puerto Rico, in September 2024 after a warrant was issued by law enforcement in the Dominican Republic for his connection with the fatal alien smuggling venture. Batista Matos came into ICE custody Feb. 6 and was transferred to Miami pending his removal.

    “The return of this fugitive to the Dominican Republic is a prime example of how ICE works closely with our international law enforcement partners to identify, locate and remove criminal aliens who are wanted in their country for allegedly committing crimes,” said ICE Enforcement and Removal Operations Miami acting Field Office Director Juan Lopez Vega. “ICE prioritizes the arrest and removal of criminal alien fugitives. As a result, our communities are safer and more secure.”

    ICE coordinated the removal of Batista Matos with the Dominican National Police.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    For more news and information on ICE ERO’s efforts to enforce our nation’s immigration laws follow us on X at @EROMiami.

    MIL OSI USA News –

  • MIL-OSI USA: Colombian National Sentenced to Prison and Another Pleads Guilty for Roles in Conspiracy to Kidnap and Assault U.S. Army Soldiers in Colombia

    Source: US Justice – Antitrust Division

    Headline: Colombian National Sentenced to Prison and Another Pleads Guilty for Roles in Conspiracy to Kidnap and Assault U.S. Army Soldiers in Colombia

    A Colombian national was sentenced and another pleaded guilty in separate hearings today in the Southern District of Florida for their respective roles in kidnapping and assaulting two members of the U.S. military who were on temporary duty in Bogotá, Colombia.

    MIL OSI USA News –

  • MIL-OSI: Quick Custom Intelligence (QCI) and Seven Feathers Casino Resort in Canyonville, OR, Celebrate Successful Deployment of QCI Enterprise Platform

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, March 05, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of advanced data analytics solutions, and Seven Feathers Casino Resort are pleased to announce the successful deployment of the QCI Enterprise Platform. This collaborative effort marks a significant milestone in data management and analytics for Seven Feathers Casino Resort, positioning them at the forefront of cutting-edge technology in the gaming and hospitality industry.

    The implementation of the QCI Enterprise Platform at Seven Feathers Casino Resort has been meticulously executed, with all data successfully verified for accuracy and security. This achievement showcases the commitment of both QCI and Seven Feathers Casino Resort to providing the most advanced and reliable data analytics capabilities available.

    Jay Ellenberger, General Manager of Seven Feathers Casino Resort, expressed his enthusiasm for this milestone, stating, “The successful deployment of the QCI Enterprise Platform represents a significant step forward in our commitment to providing exceptional experiences for our guests. With QCI’s innovative solutions, we are able to make more informed decisions, tailor our services, and ultimately elevate the level of satisfaction among our valued patrons.”

    Andrew Cardno, CTO of Quick Custom Intelligence, commented on the partnership, saying, “We are delighted to collaborate with Seven Feathers Casino Resort and support their mission to deliver world-class experiences. Our QCI Enterprise Platform is designed to empower organizations like Seven Feathers with actionable insights derived from data, and we are excited to see our technology driving innovation and success within their operations.”

    The deployment of the QCI Enterprise Platform at Seven Feathers Casino Resort reinforces QCI’s commitment to delivering cutting-edge solutions that drive business growth and enhance customer experiences. This partnership exemplifies how organizations in the gaming and hospitality industry can leverage data analytics to gain a competitive edge and create memorable moments for their guests.

    ABOUT Seven Feathers Casino Resort
    Discover the ultimate getaway at Seven Feathers Casino Resort in Southern Oregon! With a modern gaming floor, award-winning dining, luxurious River Rock Spa, and top-notch entertainment, it’s the perfect blend of excitement and relaxation. Enjoy a 300-room hotel, heated pool, and exceptional service. Seven Feathers—where fun and comfort meet! Visit us at www.SevenFeathers.com

    ABOUT QCI
    Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

    ABOUT Andrew Cardno
    Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

    Contact:
    Laurel Kay, Quick Custom Intelligence
    Phone: 858-349-8354

    The MIL Network –

  • MIL-OSI: Urgently Announces Fourth Quarter and Full-Year 2024 Earnings Release Date and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., March 05, 2025 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced that it will host a conference call on Wednesday, March 12, 2025, at 5:00 p.m. Eastern Time to discuss its financial results for the fourth quarter and full-year ended December 31, 2024. Financial results will be issued in a press release prior to the call.

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

    About Urgently

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

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

    The MIL Network –

  • MIL-OSI: Fitch Ratings Revises Outlook on SiriusPoint to Positive Based on Significant Underwriting Performance Improvement

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, March 05, 2025 (GLOBE NEWSWIRE) — Fitch Ratings (Fitch) has today announced that it has affirmed the ratings of SiriusPoint Ltd. (“SiriusPoint” or the “Company”), including its Long-Term Issuer Default Rating at ‘BBB’, its senior debt rating at ‘BBB-‘ and its Insurer Financial Strength (IFS) rating at ‘A-‘ (Strong) of SiriusPoint’s subsidiaries. It has also revised the Company’s Outlook to Positive from Stable.

    Fitch said: “The Positive Outlook reflects significant underwriting performance improvement in 2024 and 2023 as a result of repositioning the (re)insurance portfolio and exiting non-core lines in order to improve profitability and reduce overall volatility.”

    Key drivers of the ratings include the completed transaction for the full repurchase of all outstanding shares and warrants from CM Bermuda Limited, as well as solid underwriting results in both 2024 and 2023. Fitch said it “anticipates the favourable underwriting results to continue while the company expects to grow its business, particularly in primary insurance.”

    Fitch also recognizes SiriusPoint’s strong financial performance of $184m for net income 2024, while citing its “strong operating income from underwriting profits, increased investment income and a gain of $96m on the deconsolidation of an MGA.”

    SiriusPoint CEO, Scott Egan said: “Fitch Ratings’ decision to improve SiriusPoint’s Outlook to Positive follows nine consecutive quarters of strong operating performance. The outlook revision validates the measurable progress we have made in repositioning our business, building out a successful underwriting platform, and growing a track record of performance, while also strengthening and simplifying our capital structure. This decision is a reflection of the contribution and hard work of our global team. We look forward to continuing our momentum towards additional favourable outcomes for the Company and its stakeholders.”

    Click here for full details in the Fitch press release.

    Contacts
    Investor Relations
    Liam Blackledge, SiriusPoint
    Liam.Blackledge@siriuspt.com
    + 44 203 772 3082

    Media
    Stephen Breen, Rein4ce
    Stephen.breen@rein4ce.co.uk
    + 44 7843 076556

    About SiriusPoint

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $2.6 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s.

    FORWARD-LOOKING STATEMENTS

    We make statements in this press release that are forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of general economic conditions and conditions affecting the insurance and reinsurance industry; the adequacy of our reserves; fluctuation in the results of operations; pandemic or other catastrophic event; uncertainty of success in investing in early-stage companies, such as the risk of loss of an initial investment, highly variable returns on investments, delay in receiving return on investment and difficulty in liquidating the investment; our ability to assess underwriting risk, trends in rates for property and casualty insurance and reinsurance, competition, investment market and investment income fluctuations; trends in insured and paid losses; regulatory and legal uncertainties; and other risk factors described in SiriusPoint’s Annual Report on Form 10-K for the period ended December 31, 2024.

    Except as required by applicable law or regulation, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events, or other circumstances after the date of this press release.

    The MIL Network –

  • MIL-OSI USA: Armstrong releases statement on President Trump’s address to joint session of Congress

    Source: US State of North Dakota

    Gov. Kelly Armstrong released the following statement after President Donald Trump’s address tonight to a joint session of Congress.

    “President Trump outlined the significant progress our nation has made during his six short weeks in office to secure our borders, unleash U.S. energy and manufacturing, project strength on the international stage and bring common sense back to America,” Armstrong said. “Illegal immigration is down, investment in U.S. manufacturing is up, and North Dakota is among the states that stand to benefit most from the president’s focus on American innovation, common-sense regulations and government efficiency.”

    MIL OSI USA News –

  • MIL-OSI Security: Colombian National Sentenced to Prison and Another Pleads Guilty for Roles in Conspiracy to Kidnap and Assault U.S. Army Soldiers in Colombia

    Source: United States Attorneys General 12

    A Colombian national was sentenced and another pleaded guilty in separate hearings today in the Southern District of Florida for their respective roles in kidnapping and assaulting two members of the U.S. military who were on temporary duty in Bogotá, Colombia.

    Pedro Jose Silva Ochoa, 47, was sentenced to 27 years and three months in prison. Silva Ochoa pleaded guilty in December 2024 to conspiracy to kidnap an internationally protected person.

    Kenny Julieth Uribe Chiran, 35, pleaded guilty to conspiracy to kidnap an internationally protected person. A sentencing date has not yet been set. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    “Protecting Americans, wherever they may be throughout the world, is of paramount importance, and the United States will use every available tool to bring to justice those who harm our citizens,” said Supervisory Official Antoinette Bacon of the Justice Department’s Criminal Division. “In particular, kidnapping and assaulting two U.S. military service members will not go unanswered, and we will hold to account anyone who commits these violent acts against those who protect us.”

    “Members of our military, whether serving here or abroad, can count on this Department of Justice’s respect, support, and protection,” said U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida. “Kidnappings and assaults against U.S. service members will not be tolerated. To those who would dare commit such reprehensible acts against America’s heroes, know this: We will identify you; we will find you; and we will prosecute you as aggressively as the law permits.”

    “The FBI’s commitment to investigate criminal acts against the U.S. military beyond our borders is clearly demonstrated by our persistent pursuit of justice for the two kidnapped soldiers,” said Acting Special Agent in Charge Brett D. Skiles of the FBI Miami Field Office. “Our close cooperation with Colombian and Chilean law enforcement authorities was essential to this international investigation’s success. To all would be kidnappers the message is clear: target our citizens with violence anywhere in the world and we will hold you accountable for your actions.”

    According to court documents, Silva Ochoa and Uribe Chiran, both of Bogotá, and their co-defendant, Jeffersson Arango Castellanos, targeted, incapacitated, and kidnapped two U.S. soldiers in Bogotá. The two victims, while serving on orders in Colombia, went to an entertainment district in Bogotá to watch a soccer game on the evening of March 5, 2020. They eventually went to a pub, where they lost consciousness until the following day, by which point they had been separated. Medical examinations later confirmed the presence of benzodiazepines in the two victims. The defendants targeted the two victims at the pub, incapacitated them with drugs, and kidnapped them to acquire the victims’ valuables and credit and debit card information. Silva Ochoa and Arango Castellanos used one victim’s credit card and the other victim’s debit card to make purchases and withdraw money.

    Silva Ochoa was extradited in April 2024 from Chile to the United States. Uribe Chiran was extradited in September 2024 from Colombia to the United States. Co-defendant Arango Castellanos was extradited in May 2023 from Colombia to the United States, pleaded guilty in January 2024, and was sentenced in May 2024 to 48 years and nine months in prison.

    The FBI Miami Field Office is investigating the case. The Justice Department’s Office of International Affairs, the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of the Judicial Attaché in Bogotá, and the FBI’s Legal Attaché Offices in Bogotá and Santiago, Chile, provided significant assistance in this matter. The United States thanks Colombian and Chilean law enforcement authorities for their valuable assistance.

    Trial Attorneys Clayton O’Connor and Elizabeth Nielsen of the Criminal Division’s Human Rights and Special Prosecutions Section and Assistant U.S. Attorney Bertila Fernandez for the Southern District of Florida are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: Kaine, Klobuchar & Warner Unveil Legislation to Undo President Trump’s Senseless Taxes on Canadian Goods

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Today, U.S. Senators Tim Kaine, Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, (D-VA), Amy Klobuchar (D-MN), and Mark R. Warner (D-VA) unveiled legislation to undo President Donald Trump’s wildly unpopular tariffs on Canadian goods, which amount to a 25 percent tax on goods imported from one of America’s top trading partners and closest allies.

    “Americans want prices to go down—not skyrocket, which is exactly what will happen if Congress lets President Trump slap new taxes on goods from one of our largest trading partners and closest allies,” said Kaine. “We don’t need to guess what kind of damage these senseless new taxes will do. During Trump’s first term, his trade wars spelled disaster for Virginians, particularly for farmers and foresters who were hit especially hard. Congress has a responsibility to stop that from happening again, and I urge all of my colleagues to join me in blocking Trump from destroying our economy.”

    “This Administration is igniting a reckless trade war and regular Americans are paying the price,” said Klobuchar. “Costs for everyone will go up and our farmers and businesses will suffer. Canada is Minnesota’s top trading partner and is a key U.S. ally. We must reverse these damaging tariffs before it’s too late.”

    “Virginians can’t afford the cost of President Trump’s tariffs, which will raise prices on everything from groceries to houses and cars,” said Warner. “Congress must step in before President Trump tanks our economy.” 

    In Virginia in 2024, Canada was the largest export market and accounted for 15 percent of Virginia exports. In Virginia in 2022, top goods exports to Canada included motor vehicles and transportation equipment, such as medium- and heavy-duty trucks. 56.1 percent of Southwest Virginia’s economic output is dependent on trade.

    Polls have overwhelmingly demonstrated that the American people do not support Trump’s trade wars. According to a recent survey by Public First, just 28 percent of American adults supported specifically applying tariffs to Canada, while 43 percent opposed.

    Specifically, the senators’ legislation would work by terminating the February 1 emergency that Trump used to launch his trade war with Canada, and thus eliminate the tariffs on Canadian imports implemented as a result. Trump’s order cites the International Economic Emergency Powers Act (IEEPA), an unprecedented use of IEEPA in its nearly half century history. After an initial one-month delay, President Trump decided to move forward with the tariffs, with the import taxes starting to be collected on March 4, 2025. In total, President Trump’s IEEPA tariffs will cost the average American household up to $2,000 a year, with the Canada tariffs making up a significant portion of that. These IEEPA tariffs represent the largest tax increase on American families in recent history.

    Full text of the legislation is available here.

    MIL OSI USA News –