Category: Americas

MIL-OSI United Nations: 28 February 2025 Donors making a difference: community engagement to promote, provide and protect the health and well-being of all

Source: World Health Organisation

WHO defines community engagement as “a process of developing relationships that enable stakeholders to work together to address health-related issues and promote well-being to achieve positive health impact and outcomes”.

WHO’s partners and donors support the Organization to work in this area as there are undeniable benefits to engaging communities in promoting health and well-being. At its core, community engagement enables changes in behaviour, environments, policies, programmes and practices within communities.

Below are some country stories that demonstrate the breadth of community engagement work that WHO conducts, resulting in more positive health outcomes for the people in these communities than before.

Uganda trains district health workers on community-based approach to Ebola

^{Uganda trains Community Health workers from Kole, Mukono and Wakiso districts on community-based approach to Ebola. Photo by: WHO/Sadat Kamugisha}

Uganda’s Ministry of Health conducted a training on Ebola disease detection and management for Community Health Workers representatives from Kole, Wakiso, and Mukono districts. Participants focused on multi-sectoral action to safeguard communities from emerging zoonotic diseases with pandemic potential such as Ebola.

Communities play an integral role in raising awareness, supporting case identification, tracing contacts, and maintaining essential health services. The emphasis on collaboration with local leaders, volunteers, and health workers is vital for effective responses to public health emergencies. Building on lessons learned from past health crises, Uganda has already made substantial advancements in emergency preparedness.

The three-day event was supported by WHO, and the UK Public Health Rapid Support Team (UK-PHRST), which is a UK aid project funded by the Department of Health and Social care. The community protection approach is a central component of WHO’s new Health emergency prevention, preparedness, response, and resilience framework.

Visit the WHO/Uganda web page to read the full story.

Community engagement for access to health services in Lao PDR

^{CONNECT team members discuss community health priorities in Khammouane Province, Lao PDR. Photo by: WHO/Enric Catala}

Developed by the Lao Ministry of Health and Ministry of Home Affairs in response to COVID-19 with the support of WHO and partners, the CONNECT initiative enhances local governance and community engagement for equitable access to public services, particularly health.

Supported by USAID, the Australian Government and Luxembourg, as of July 2024, CONNECT reached over 230 villages across 10 provinces (including Vientiane Capital) and support already in-place for expansion to all provinces.

An external evaluation of implementation in 12 villages found an increase in essential service uptake for maternal health and improved attitudes towards using primary care; increased trust in health providers; increased sense of ownership of health at community level; and increased vaccination uptake and confidence, especially among ethnic groups and previously unreached communities.

Visit the WHO/WPRO web page to read the full story.

Côte d’Ivoire community radios boost public awareness on mpox outbreak

^{Community radios, pillar of the fight against mpox. Photo by: WHO/Toiherou De Marfere Sidibe}

A network of community radio stations, known as Radio Santé, comprises 350 stations in West African, with over half based in Côte d’Ivoire. Launched in 2020 during the COVID-19 pandemic with major support from WHO, Radio Santé has become a preferred channel for disseminating reliable, verified health information. It brings together nearly 1000 journalists and communications specialists.

Radio Santé is an interactive and accessible tool for mobilizing communities around health issues, throughout Côte d’Ivoire and across borders. Health authorities use Radio Santé to counter rumours and misinformation, and to strengthen community engagement, which is crucial to curbing the spread of diseases such as mpox.

After WHO declared mpox as a public health emergency of international concern in August 2024, Radio Santé devoted its health talk show to mpox. 185 Ivorian community radio stations have since broadcasted messages on mpox. Over 50 programmes have been produced and broadcast in eight countries: Benin, Burkina Faso, Chad, Guinea, Mali, Niger, Senegal and Togo.

Visit the WHO/Côte d’Ivoire web page to read the full story.

Bolivia strengthens social participation in health for indigenous population

^{Indigenous organizations are clear about their requests. They want free and equitable access to health care, an improved indigenous health network, incorporation of traditional medicine, and the consideration of the indigenous population’s culture, customs, and practices. Photo by: WHO/PAHO}

The Ministry of Health and Sports of Bolivia is engaging indigenous populations in community participation processes, creating space for them to discuss health topics, share concerns, and contribute to a health improvement plan.

The meaningful inclusion and engagement of indigenous populations in health policy planning, taking into account the social determinants of health, is critical to ensure context-specific interventions, uptake of guidance and services, and positive health outcomes for all.

PAHO/WHO, through the Universal Health Coverage Partnership, has supported the Ministry of Health and Sports of Bolivia in this endeavour since 2021. The UHC Partnership operates in over 125 countries, representing over 3 billion people. It is supported and funded by Belgium, Canada, the European Union, France, Germany, Ireland, Luxembourg, Japan, the United Kingdom of Great Britain and Northern Ireland, and WHO

Visit the PAHO/AMRO web page to read the full story.

Weaving hope in Honduras: the community wisdom that saves lives

^{Maternal health in Honduras Hermelinda shares her experience. Photo by: WHO/Honduras}

In Honduras, high rates of maternal and neonatal mortality are often the result of multiple factors, including socioeconomic barriers, lack of access to adequate healthcare services, gaps in education and awareness about maternal and child health, and cultural differences.

Hermelinda Hernández, who is familiar with the local practices and beliefs of her community and also recognizes the value of professional medical interventions, participated in the “Knowledge Dialogues Methodology” workshop organized by the Honduran Ministry of Health with the support of PAHO/WHO and funded by Global Affairs Canada.

The workshop aimed to promote mutual understanding between midwives and healthcare providers to reach agreements that improve the health of women, and adolescent girls in situations of vulnerability within the community.

Visit the PAHO/AMRO web page to read the full story.

Grassroots heroes in Cambodia

^{Mrs Say Sa with her Baby in Cambodia’s Principal of Health Centre Kok Chuk. Photo by: Aforative media}

In Cambodia, village chiefs stepped up to create a healthier future for their communities. In villages across 25 provinces, 2000 village chiefs and nearly 5400 village health support groups received trainings, organised by the Ministry of Heath with support from WHO and the EU.

This equipped the chiefs with knowledge and skills necessary to control transmission of COVID-19, influenza, and other respiratory diseases, and collaborate with authorities more closely on health issues facing their communities.

The chiefs then shared their newfound knowledge during community dialogues, which then transformed how community members adopted healthier practices. Empowered with accurate information, communities embraced protective measures during times of high COVID-19 transmission.

Visit the WHO/WPRO web page to read the full story, and more on EU’s support to WHO in ASEAN region.

Bolstering public awareness to help curb mpox spread in Uganda

Dr Kenneth Kabali, WHO Field Coordinator for Busoga Sub-region sensitizes the community on mpox in Mayuge district, Eastern Uganda. Photo by: WHO/Abdu Mutwalibu Seguya

Uganda witnessed an upsurge in mpox cases, with laboratory-confirmed cases increasing from 24 as of 21 September to 413 as of 7 November 2024. Health authorities, with support from WHO and partners, worked closely with communities to raise awareness about the dangers of the disease and how to stay safe, and address misinformation and stigma.

The risk communication and community engagement team reached more than 100 fishmongers, fisherfolk, boda boda (motorbike taxi) riders, 8000 school children and 30 sex workers. In addition, 500 teachers in the district have been oriented on mpox.

WHO is also using mass media to expand the reach of mpox response communication. With funding from USAID, WHO has contracted 10 regional radio stations and 2 national TV stations to raise awareness and promote preventative behaviour.

Visit the WHO/AFRO web page to read the full story.

Combating measles: a comprehensive community-centred approach in Ethiopia

^{Combating measles, a comprehensive community-centred approach in Ethiopia. Photo by: WHO/Hassen Ali}

In the districts of Sidama, Central, and South Ethiopia, access to healthcare is often challenging, exacerbated by various health emergencies. A community-led initiative made remarkable progress in combating measles, malaria, and malnutrition through collaborative efforts between local health facilities, community health workers, and government agencies.

The initiative received significant financial support from the European Civil Protection and Humanitarian Aid Operations (ECHO) bolstering community-based intervention efforts.

By leveraging collaboration between healthcare facilities, community health workers, and local communities, this initiative represents a beacon of hope in improving healthcare access and outcomes in regions of Ethiopia.

Visit the WHO/Ethiopia web page to read the full story.

WHO races to contain malaria resurgence in southeastern Iran

^{Malaria resurgence in Iran. Photo by: WHO/Iran}

A race against time is underway in southeastern Iran, where the resurgence of malaria threatens to undo years of progress. The dramatic rise in cases has been attributed to the devastating floods in neighbouring Pakistan in September 2022 which led to an expansion of malaria breeding sites.

WHO, with crucial support from the Government of Japan, is on the ground in Sistan and Baluchestan Province, battling this public health emergency and working to protect vulnerable communities. Japan’s generous contribution provided 4902 mosquito dome tents offering families protection from infected mosquitos, 50 000 malaria rapid diagnostic tests enabling health care workers to quickly identify and treat infected individuals, and 1655 kg of insecticides, deployed to contain mosquito populations at their source. The combined resources are estimated to benefit 77 400 people in the province.

In December 2024, a WHO mission observed a proactive approach to malaria control demonstrated by local health workers as they conducted house-to-house screenings, distributed mosquito nets and educated communities on how to use them.

Visit the WHO/Iran web page to read the full story.

Mali: screening for malnutrition in affected children to avoid complications

^{Screening for malnutrition in affected children to avoid complications, Mali. Photo by: WHO/Razzack Saizonou}

Malnutrition among children is one of the main health problems that the affected populations of Ségou had to face after severe floods hit Mali between July and October 2024. Having lost everything including their food reserves and their means of subsistence, people found themselves in a very precarious situation.

Among the more than 370,000 people affected by these floods, children, who represent 45% of the affected population, are particularly vulnerable. To enable access to health care, WHO, with thanks to the Central Emergency Response Fund, supported the deployment of mobile clinics on relocation sites.

In the Ségou region, three sites were set up and equipped with medical tents. Medical staff go there five times a month. Between July and October 2024, nearly 700 children suffering from malnutrition were identified in the three health districts of the Ségou region.

Visit the WHO/Mali web page to read the full story in French.

Effective community engagement saving lives in Tanzania during cholera outbreak

^{Abdul Zachari, a young man is washing his hands. Photo by: WHO/Clemence Eliah}

The recurrence of Cholera outbreaks has been a threat to many lives in the United Republic of Tanzania for decades now. In mid-2024, situation reports from the Ministry of Health indicated that, the outbreak have been reported in 19 regions of Tanzania Mainland. Thanks to flexible funding available for responding to outbreaks such as this, WHO has been able to support the Government’s efforts to control cholera outbreaks. Risk Communications and Community Engagement (RCCE) Experts worked on the ground delivering an intensive community sensitization in over 92 households and 32 villages . The joint and community-based action plan against Cholera outbreak was built jointly, this way enhancing 54 community members and local authorities from the affected wards and districts. The community engagement strategies adopted generate local solutions tailored to control and prevent further transmissions in these areas. In addition, WHO applied behavioral science approaches to guide tailored interventions to community protection and resilience – and as a result, enhancing many lives in Tanzania.

Visit the WHO/Tanzania web page to read the full story.

* * * *

Read more about the WHO’s community engagement work.

The donors and partners acknowledged in this story are (in alphabetical order) Australia, Belgium, Canada, the European Union (ECHO), France, Germany, Ireland, Luxembourg, Japan, the United Kingdom of Great Britain and Northern Ireland, United Nations Central Emergency Response Fund, and the USA Agency for International Development.

WHO’s work is made possible through all contributions of our Member States and partners. WHO thanks all donor countries, governments, organizations and individuals who are contributing to the Organization’s work, with special appreciation for those who provide fully flexible contributions to maintain a strong, independent WHO.

MIL OSI United Nations News –

March 1, 2025
MIL-OSI USA: Sen. Nikki Merritt to Host Press Conference on Family and Workforce Justice Agenda
Source: US State of Georgia

ATLANTA (February 28, 2025) — Today, February 28, at 1:00 p.m., Sen. Nikki Merritt (D–Grayson) will host a press conference to discuss her Family and Workforce Justice Agenda. During the press conference, the senator will roll out priorities and outline her agenda for the remainder of the 2025 legislative session.

EVENT DETAILS:
- Date: Friday, February 28, 2025
- Time: 1:00 p.m.
- Where: Georgia State Capitol, South Steps, 206 Washington St., Atlanta, GA 30334
- This event is open to the public.
MEDIA OPPORTUNITIES:

# # # #

Sen. Nikki Merritt represents the 9^th Senate District which includes portions of Gwinnett County. She may be reached at (404) 463-2260 or via email at nikki.merritt@senate.ga.gov.

MIL OSI USA News –
March 1, 2025
MIL-OSI Security: BVI MAN AND FOUR HAITIAN NATIONALS CHARGED IN ILLEGAL ALIEN SMUGGLING CASE

Source: Office of United States Attorneys

St. Thomas, VI – United States Attorney Delia L. Smith announced today that Jose Miguel Hodge, 31, of the British Virgin Islands, was charged with alien smuggling. Also charged were Junia Orelus, 32, Clawens Destin, 18, and Jean Louis Martellus, 27, all of Haiti, and Eudys Santana Santos, 33, of the Dominican Republic, with unlawful entry into the United States.

According to court records, on February 7, 2025, Customs and Border Protection Air Marine Operations agents observed Hodge operating a vessel traveling from BVI waters and later arriving at Annaberg Bay, St. John, without navigational lights. The agents intercepted and boarded Hodge’s vessel and found Orelus, Destin and Metellus, all illegal aliens, onboard. Santana Santos, also an illegal alien, was found at Annaberg Bay waiting to provide transportation to at least one of the illegal migrant onboard Hodge’s vessel.

This case is being investigated by Customs and Border Protection Air Marine Operations and Homeland Security Investigations and is being prosecuted by Assistant United States Attorney Everard E. Potter.

United States Attorney Smith reminds the public that a criminal complaint is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

March 1, 2025

MIL-OSI: Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects in Québec, Ontario and the United Kingdom

Source: GlobeNewswire (MIL-OSI)

MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.

Highlights
Financial results

EBITDA(A)¹, operating income and net earnings under pressure in Q4-2024 owing to adverse wind and hydropower conditions
- Production 16% (11% on a Combined¹ basis)² lower than in Q4-2023 and 16% (12%) below anticipated production¹, due primarily to the adverse climate conditions. For fiscal 2024 overall, production was 5% (2%) lower than in 2023 and 10% (8%) below anticipated production.
- EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33 million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was $581 million ($670 million), up $3 million (down $5 million) from 2023. The decrease in production was partly offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimization strategy.
- Operating income of $78 million ($53 million) for Q4-2024, down $20 million ($66 million) from Q4-2023. For fiscal 2024, operating income totalled $226 million ($267 million), unchanged (down $39 million) from 2023.
- Net loss of $2 million in Q4-2024, down $60 million from T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41 million lower than in 2023. Excluding the impairment of an asset, net earnings would have been $6 million higher in fiscal 2024 compared to fiscal 2023.

Lower cash flow related to operating activities for the quarter but balance sheet remains strong
- Net cash flows related to operating activities of $31 million for Q4-2024 and $215 million for fiscal 2024, compared to $107 million for Q4-2023 and $496 million for fiscal 2023.
- Discretionary cash flows¹ of $47 million for Q4-2024 and $158 million for fiscal 2024, down $44 million from Q4-2023 and $26 million from fiscal 2023.
- Boralex has $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing¹ as at December 31, 2024.
- A record of nearly $1.2 billion in project financing, bridge financing and letter of credit facilities obtained in 2024.

Update on development and construction activities

Portfolio of projects under development and growth path totalling 8,005 MW in the high growth potential markets of Canada, the United States, the United Kingdom and France, 1,227 MW or 18% higher than in 2023
Progress in under-construction and ready-to-build projects
- Start of electrification of the Limekiln wind farm in the United Kingdom (106 MW) in February 2025, with full commissioning planned for early April, and work continues on the Apuiat wind farm in Quebec (total 200 MW, Boralex’s share 100 MW), with commissioning planned for the first half of 2025.
- Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025. Financings closed in December 2024.
- Start of work on the Des Neiges Sud wind project in Quebec (total 400 MW, Boralex’s share 133 MW), with commissioning scheduled for 2026.
Acquisition of the Clashindarroch Wind Farm Extension project in the United Kingdom, with an installed capacity of 145 MW, and the adjacent battery energy storage system (BESS) with a maximum capacity of 50 MW, for a total capacity of 195 MW. Boralex has a 50% interest, but has control over the project and will fully consolidate the results in the financial statements.

¹	EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
²	Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

“The year 2024 proved to be full of challenges, which our employees met head-on. I would highlight in particular the significant effort our team invested in 2024 to secure nearly $1.2 billion in financing, a record for Boralex, on very good terms. Despite high volatility in the financial markets and pressure on the stock prices of renewable energy companies, notably in the wake of the American elections, we are convinced that renewable energy development will continue in many regions. Strong growth in electricity demand is expected in the regions where we are developing wind and solar farms and battery storage systems, namely Canada, the United Kingdom, the United States and France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

Renewable energy, which is the most competitive type of energy, can be brought on line to meet demand much faster than other types of energy. Boralex is in a position to capitalize on its project pipeline and growth path, which now represent more than 8 GW of power, and will continue to develop key projects with rates of return in line with its targets.

“Boralex saw its financial results decline in fiscal 2024, mainly as a result of adverse wind conditions in France and to a lesser extent in Canada, as well as impairment of an asset. During the year, we continued to implement our various initiatives aimed at optimizing administrative, financial and development costs. We ended our 2024 financial year with net earnings of $74 million, a strong balance sheet and good financial flexibility, with over $500 million in available cash resources and authorized financing,” Mr. Decostre added.

Boralex continues to excel on the corporate social responsibility front. In 2024, the Corporation announced that it was one of the few in the industry to have had its greenhouse gas emission reduction targets validated by the Science Based Targets initiative (SBTi). This recognition shows Boralex’s commitment to achieving net zero emissions by 2050. In addition, Boralex ranked 94th out of the 215 S&P/TSX Composite Index companies and trusts analysed as part of The Board Games, with a score of 80/100, while in 2023 it was 102nd with a score of 76. Finally, Boralex placed 15th in the ranking of Canada’s 50 best corporate citizens, out of the 340 leading Canadian organizations analysed.

4^th quarter highlights

Three-month periods ended December 31

	Consolidated										Combined
(in millions of Canadian dollars, unless otherwise specified)		2024			2023	Change						2024			2023	Change
							$		%								$		%
Power production (GWh)¹		1,520			1,814		(294	)	(16	)		2,099			2,351		(252	)	(11	)
Revenues from energy sales and feed-in premium		228			315		(87	)	(28	)		258			345		(87	)	(25	)
Operating income		78			98		(20	)	(21	)		53			119		(66	)	(55	)
EBITDA(A)		169			202		(33	)	(17	)		191			229		(38	)	(17	)
Net earnings (loss)		(2	)		58		(60	)	>(100	)		(2	)		58		(60	)	>(100	)
Net earnings (loss) attributable to shareholders of Boralex		(16	)		37		(53	)	>(100	)		(16	)		37		(53	)	>(100	)
Per share – basic and diluted		($0.15	)	$0.36			($0.51	)	>(100	)		($0.15	)	$0.36			($0.51	)	>(100	)
Net cash flows related to operating activities		31			107		(76	)	(71	)		—			—		—		—
Cash flows from operations²		105			161		(56	)	(35	)		—			—		—		—
Discretionary cash flows		47			91		(44	)	(48	)		—			—		—		—

In the fourth quarter of 2024, Boralex produced 1,520 GWh (2,099 GWh) of power, 16% (11%) less than the 1,814 GWh (2,351 GWh) produced in the same quarter of 2023. The decrease was mainly attributable to adverse weather conditions. As a result, Boralex ended the quarter with total production that was 16% (12%) below anticipated production.

Revenues from energy sales and feed-in premiums for the three-month period ended December 31, 2024, amounted to $228 million ($258 million), 28% (25%) lower than in the fourth quarter of 2023. The decrease was mainly attributable to the lower production. EBITDA(A) amounted to $169 million ($191 million), down 17% (17%) from the fourth quarter of 2023. The decline in production was partly offset by the contribution of new assets commissioned in France and the positive impact of the electricity selling price optimization strategy. Operating income totalled $78 million ($53 million), compared to $98 million ($119 million) for the same quarter of 2023. The Company posted a net loss of $2 million, which represents a $60 million decrease from the $58 million in net earnings reported for the fourth quarter of 2023.

¹	Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premium.
²	The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

Years ended December 31

	Consolidated									Combined
(in millions of Canadian dollars, unless otherwise specified)		2024		2023	Change						2024		2023	Change
						$		%							$		%
Power production (GWh)¹		5,691		5,973		(282	)	(5	)		7,845		8,020		(175	)	(2	)
Revenues from energy sales and feed-in premium		817		994		(177	)	(18	)		933		1,104		(171	)	(15	)
Operating income		226		226		—		—			267		306		(39	)	(12	)
EBITDA(A)		581		578		3		—			670		675		(5	)	(1	)
Net earnings		74		115		(41	)	(35	)		74		115		(41	)	(35	)
Net earnings attributable to shareholders of Boralex		36		78		(42	)	(54	)		36		78		(42	)	(54	)
Per share – basic and diluted	$0.35		$0.76		($0.41		)	(54	)	$0.35		$0.76		($0.41		)	(54	)
Net cash flows related to operating activities		215		496		(281	)	(57	)		—		—		—		—
Cash flows from operations		415		445		(30	)	(7	)		—		—		—		—
Discretionary cash flows		158		184		(26	)	(14	)		—		—		—		—
	As at Dec. 31		As at Dec. 31		Change					As at Dec. 31		As at Dec. 31		Change
						$		%							$		%
Total assets		7,604		6,574		1,030		16			8,476		7,304		1,172		16
Debt – principal balance		4,032		3,327		705		21			4,588		3,764		824		22
Total project debt		3,608		2,844		764		27			4,166		3,281		885		27
Total corporate debt		424		483		(59	)	(12	)		424		483		(59	)	(12	)

For the year ended December 31, 2024, Boralex produced 5,691 GWh (7,845 GWh) of power, less than the 5,973 GWh (8,020 GWh) produced during the same period in 2023. Revenues from energy sales and feed-in premiums for the financial year ended December 31, 2024, amounted to $817 million ($933 million), down $177 million ($171 million) or 18% (15%) from the same period in 2023.

EBITDA(A) amounted to $581 million ($670 million), up $3 million (down $5 million) from the same period last year. Operating income totalled $226 million ($267 million), essentially unchanged (down $39 million) from the same period in 2023. Overall, Boralex posted net earnings of $74 million ($74 million) for the financial year ended December 31, 2024, compared to $115 million ($115 million) for fiscal 2023.

¹	Power production includes the production for which Boralex received financial compensation following power generation limitations imposed by its customers since management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premiums.

Outlook

Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements for the 2024 financial year in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, in the Investors section of the Boralex website.

In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. The Corporation will present a new plan for the period to 2030 during the course of 2025.

Finally, to fuel its organic growth, the Corporation has a portfolio of projects under development and growth path based on clearly identified criteria, totalling more than 8 GW of wind, solar and energy storage projects.

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

Non-IFRS measures
Performance measures

In order to assess the performance of its assets and reporting segments, Boralex uses performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS and other financial measures should not be considered as substitutes for IFRS measures.

These non-IFRS and other financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

Non-IFRS financial measures
Specific financial measure	*Use*	*Composition*	Most directly comparable IFRS measure
Financial data – Combined (all disclosed financial data)	To assess the operating performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates.	Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests. Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)	Respective financial data – Consolidated
Discretionary cash flows	To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business. Corporate objectives for 2025 from the strategic plan.	Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less (i) distributions paid to non-controlling shareholders; (ii) additions to property, plant and equipment (maintenance of operations); (iii) repayments on non-current debt (projects) and repayments to tax equity investors; (iv) principal payments related to lease liabilities; (v) adjustments for non-operational items; plus (vi) development costs (from the statement of earnings).	Net cash flows related to operating activities
Cash flows from operations	To assess the cash generated by the Company’s operations and its ability to finance its expansion from these funds.	Net cash flows related to operating activities before changes in non-cash items related to operating activities.	Net cash flows related to operating activities

Non-IFRS financial measures
Specific financial measure	*Use*	*Composition*	Most directly comparable IFRS measure
Available cash and cash equivalents	To assess the cash and cash equivalents available, as at balance sheet date, to fund the Corporation’s growth.	Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded.	Cash and cash equivalents
Available cash resources and authorized financing	To assess the total cash resources available, as at balance sheet date, to fund the Corporation’s growth.	Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents.	Cash and cash equivalents

Other financial measures – Total of segments measure
*Specific financial measure*	*Most directly comparable IFRS measure*
EBITDA(A)	Operating income

Other financial measures – Supplementary Financial Measures
*Specific financial measure*	*Composition*
Credit facilities available for growth	The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility- France and the unused tranche of the construction facility.
Anticipated production	For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.

Combined

The following tables reconcile Consolidated financial data with data presented on a Combined basis:

					2024				2023
(in millions of Canadian dollars)	Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated	Reconciliation⁽¹⁾	Combined
Three-month periods ended December 31:
Power production (GWh)⁽²⁾	1,520		579		2,099		1,814	537	2,351
Revenues from energy sales and feed-in premium	228		30		258		315	30	345
Operating income	78		(25	)	53		98	21	119
EBITDA(A)	169		22		191		202	27	229
Net earnings (loss)	(2	)	—		(2	)	58	—	58

Years ended December 31:
Power production (GWh)⁽²⁾	5,691	2,154	7,845	5,973	2,047	8,020
Revenues from energy sales and feed-in premiums	817	116	933	994	110	1,104
Operating income	226	41	267	226	80	306
EBITDA(A)	581	89	670	578	97	675
Net earnings	74	—	74	115	—	115

	As at December 31, 2024			As at December 31, 2023
Total assets	7,604	872	8,476	6,574	730	7,304
Debt – Principal balance	4,032	556	4,588	3,327	437	3,764

⁽¹⁾	Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $2 million under EBITDA(A) for the year ended December 31, 2024 ($2 million as at December 31, 2023).
⁽²⁾	Includes compensation following electricity production limitations.

EBITDA(A)

EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and integration costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

					2024						2023		Change 2024 vs 2023
(in millions of Canadian dollars)	Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated		Reconciliation⁽¹⁾		Combined		Consolidated		Combined
Three-month periods ended December 31:
EBITDA(A)	169		22		191		202		27		229		(33	)	(38	)
Amortization	(73	)	(15	)	(88	)	(75	)	(14	)	(89	)	2		1
Impairment	—		(47	)	(47	)	(20	)	(1	)	(21	)	20		(26	)
Other gains (losses)	(3	)	—		(3	)	1		(1	)	—		(4	)	(3	)
Share in earnings of joint ventures and associates	(3	)	3		—		(17	)	17		—		14		—
Change in fair value of a derivative included in the share in earnings of a joint venture	—		—		—		7		(7	)	—		(7	)	—
Impairment included in the share in earnings of a joint venture	(12	)	12		—		—		—		—		(12	)	—
Operating income	78		(25	)	53		98		21		119		(20	)	(66	)

Years ended December 31:
EBITDA(A)	581		89		670		578		97		675		3		(5	)
Amortization	(297	)	(59	)	(356	)	(293	)	(58	)	(351	)	(4	)	(5	)
Impairment	(5	)	(47	)	(52	)	(20	)	(1	)	(21	)	15		(31	)
Other gains	5		—		5		1		2		3		4		2
Share in earnings of joint ventures and associates	(46	)	46		—		(59	)	59		—		13		—
Change in fair value of a derivative included in the share in earnings of a joint venture	—		—		—		19		(19	)	—		(19	)	—
Impairment included in the share in earnings of a joint venture	(12	)	12		—		—		—		—		(12	)	—
Operating income	226		41		267		226		80		306		—		(39	)

⁽¹⁾	Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.

Cash flow from operations and discretionary cash flows

The Corporation computes the cash flow from operations and discretionary cash flows as follows:

	Consolidated
	Three-month periods ended				Years ended
	December 31				December 31
(in millions of Canadian dollars)	2024		2023		2024		2023
Net cash flows related to operating activities	31		107		215		496
Change in non-cash items relating to operating activities	74		54		200		(51	)
Cash flows from operations	105		161		415		445
Repayments on non-current debt (projects)⁽¹⁾	(53	)	(50	)	(240	)	(232	)
Adjustment for non-operating items⁽²⁾	5		2		7		6
	57		113		182		219
Principal payments related to lease liabilities⁽³⁾	(6	)	(4	)	(19	)	(17	)
Distributions paid to non-controlling shareholders⁽⁴⁾	(17	)	(33	)	(52	)	(57	)
Additions to property, plant and equipment (maintenance of operations)⁽⁵⁾	(3	)	2		(10	)	(6	)
Development costs (from statement of earnings)⁽⁶⁾	16		13		57		45
Discretionary cash flows	47		91		158		184

⁽¹⁾	Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio and the CDPQ Fixed Income Inc. term loan.
⁽²⁾	For the years ended December 31, 2024 and December 31, 2023, favourable adjustment consisting mainly of acquisition, integration and other non-operating miscellaneous items.
⁽³⁾	Excludes the principal payments related to lease liabilities for projects under development and construction.
⁽⁴⁾	Comprises distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.
⁽⁵⁾	Excludes the additions to the property, plant and equipment of regulated assets (treated as assets under construction since they are regulated assets for which investments in the plant are considered in the setting of its electricity selling price). During the fourth quarter of 2023, an amount of $4 million was reclassified as new property, plant, and equipment under construction.
⁽⁶⁾	During Q1-2024, the Corporation reclassified the employee benefits for 2023 and 2024 related to its incentive plans, which were reported in full under Operating expenses in the consolidated statements of earnings. To better allocate these expenses to the Corporation’s various functions and thus provide more relevant information to users of the financial statements, the Corporation is now allocating these costs to Operating, Administrative and Development expenses in the consolidated statements of earnings according to the breakdown of staff. This change resulted in a $1 million increase in development costs for the three-month period ended December 31, 2023 and $5 million increase for the year ended December 31, 2023.

Available cash and cash equivalents and available cash resources and authorized financing

The Corporation defines available cash and cash equivalents as well as available cash resources and authorized financing as follows:

	Consolidated
	As at December 31		As at December 31
(in millions of Canadian dollars)	2024		2023
Cash and cash equivalents	592		478
Cash and cash equivalents held by entities subject to project debt agreement and restrictions⁽¹⁾	(526	)	(388	)
Bank overdraft	(5	)	(6	)
Available cash and cash equivalents	61		84
Credit facilities available for growth	462		463
Available cash resources and authorized financing	523		547

⁽¹⁾	This cash can be used for the operations of the respective projects, but is subject to restrictions for non-project related purposes under the credit agreements.

Disclaimer regarding forward-looking statements

Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

For more information:

The MIL Network –

March 1, 2025

MIL-OSI: Boralex Launches Normal Course Issuer Bid

Source: GlobeNewswire (MIL-OSI)

MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) today announced that it has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, a normal course issuer bid (the “NCIB”) to purchase for cancellation up to 8,669,245 Class A shares of Boralex (the “Common Shares”) over the twelve-month period commencing on March 4, 2025, and ending no later than March 3, 2026, representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of the Common Shares issued and outstanding as at February 19, 2025. As of such date, there were 102,766,580 Common Shares issued and outstanding. Subject to the required regulatory approvals, the NCIB will be conducted through the facilities of the TSX or alternative trading systems in Canada, if eligible, or outside the facilities of the TSX pursuant to exemption orders issued by securities regulatory authorities. Common Shares will be acquired under the NCIB at the prevailing market price at the time of acquisition, plus brokerage fees, except that any purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Any Common Share purchased under the NCIB will be canceled.

Under the NCIB, other than purchases made under block purchase exemptions, Boralex will be allowed, subject to applicable securities laws, to purchase daily a maximum of 72,088 Common Shares representing 25% of the average daily trading volume of 288,355 Common Shares, as calculated per the TSX rules for the six-month period ended on January 31, 2025.

In connection with the NCIB, Boralex will also enter into an automatic share purchase plan (“ASPP”) on the date hereof with the designated broker responsible for the NCIB. The ASPP will allow for the purchase for cancellation of Common Shares under the NCIB, subject to certain trading parameters, by the designated broker at times when Boralex would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, Boralex may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Boralex, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP.

Boralex believes that its Common Shares are trading from time to time at levels generally below the underlying value of the Company’s business and that the introduction of an NCIB will provide an additional tool to optimize its use of funds and create long-term value for its shareholders. This program will provide greater flexibility to carry on Boralex financial strategy without altering investments planned to seize development opportunities. Furthermore, the purchases are expected to benefit all persons who continue to hold Boralex Common Shares by increasing their equity interest in Boralex when such repurchased Common Shares are canceled.

The decisions regarding the timing and size of purchases under the NCIB are subject to management’s discretion and will be based on various factors, including the Company’s capital and liquidity positions, accounting and regulatory considerations, the Company’s financial and operational performance, alternative uses of capital, the trading price of the Common Shares and general market conditions. The NCIB does not obligate Boralex to acquire a specific dollar amount or number of shares and may be modified or discontinued at any time. Boralex has not repurchased any of its outstanding Common Shares under a normal course issuer bid in the past 12 months.

Caution Regarding Forward-Looking Statements

Some of the statements contained in this press release, including, without limitation, those regarding the NCIB and ASPP and the intended purchase for cancellation of Common Shares thereunder, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events, or other changes.

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

For more information, visit boralex.com or sedarplus.com. Follow us on Facebook and LinkedIn.

For more information

Source: Boralex inc.

The MIL Network –

March 1, 2025

MIL-OSI: AGF Investments Announces Proposed Fund and ETF Terminations

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) —

ETF Terminations

AGF Investments Inc. (AGF Investments) today announced the proposed termination of AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS) (each an “AGF Investments ETF” and collectively, the “AGF Investments ETFs”) effective at the close of business on or about April 29, 2025 (the “ETF Termination Date”).

Accordingly, AGF Investments will also request to voluntarily de-list the units of the AGF Investments ETFs from Cboe Canada Inc. and the Toronto Stock Exchange (TSX) at the close of business on or about April 28, 2025 (the “Delisting Date”), with all units still held by securityholders being subject to a mandatory redemption as of the ETF Termination Date.

Securityholders of the AGF Investments ETFs will be able to sell their units through the facilities of the applicable stock exchanges until the Delisting Date. Effective as of the close of business on February 28, 2025, no further direct subscriptions (i.e. primary market creations of new ETF units) for units of the AGF Investments ETFs will generally be accepted.

Any remaining securityholders of an AGF Investments ETF as at the ETF Termination Date will receive the net proceeds from the liquidation of the assets of the AGF Investments ETF, less all liabilities and all expenses incurred in connection with the dissolution of the AGF Investments ETF, on a pro rata basis.

AGF Investments will issue an additional press release on or about the ETF Termination Date confirming final details of the terminations, including final distributions, if any.

As a result of the proposed terminations, AGF Investments is also announcing today ad hoc distributions for AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS), which usually pay quarterly/annual distributions. Unitholders of record on March 7, 2025 will receive cash distributions payable on March 13, 2025.

Please note: Additional ad hoc distributions will be announced on or about April 2.

Details regarding the final “per unit” distribution amounts are as follows:

ETF	Ticker	Exchange	Cash Distribution Per Unit ($)
AGF Systematic Global Multi-Sector Bond ETF	QGB	Cboe Canada Inc.	$0.149364
AGF Systematic International Equity ETF	QIE	Toronto Stock Exchange	$0.020788
AGF Systematic US Equity ETF	QUS	Toronto Stock Exchange	$0.069762

Further information about the AGF Investments ETFs can be found at AGF.com.

Mutual Fund Termination

AGF Investments is also today announcing the proposed termination of AGF Emerging Markets Bond Fund (the “Fund”) effective on or about April 29, 2025 (the “Fund Termination Date”).

Effective as of the close of business today, units of the Fund are no longer available for purchase and AGF Investments will stop accepting purchases and switches into the Fund, including systematic purchase and switch plans.

AGF Investments is waiving the management fee that is normally applicable to the Fund from the close of business on February 28, 2025 until the Fund Termination Date. Note that there may be distributions paid by the Fund prior to the termination.

Unitholders can transfer their investments into another AGF Fund or redeem their units prior to the Fund Termination Date.

Investors who remain holding units of the Fund in client-name registered plans will have their units transferred to the same series and purchase option of AGF Canadian Money Market Fund, effective on or about April 29, 2025. Investors who remain holding units of the Fund in client-name non-registered plans and/or any nominee/intermediary-held accounts (both registered and non-registered) will have their units redeemed on or about April 29, 2025, without any redemption fees or sales charges applied.

AGF Investments strongly encourages unitholders to consult with their financial advisor to discuss their individual circumstances, including possible tax consequences, and determine the solution that best meets their investment needs.

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 over $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.

About AGF Investments

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

Disclaimer

ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers. Commissions, management fees and expenses all may be associated with investing in ETFs. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There is no guarantee that ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. Before investing you should read the prospectus or relevant ETF Facts and carefully consider, among other things, each ETF’s investment objectives, risks, charges and expenses. A copy of the prospectus and ETF Facts is available on AGF.com.

This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Media Contact

Amanda Marchment
Director, Corporate Communications
416-865-4160
amanda.marchment@agf.com

The MIL Network –

March 1, 2025

MIL-OSI Video: Secretary-General/Bangladesh, Ramadan, Türkiye & other topics – Daily Press Briefing (27 February)

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Secretary-General/Bangladesh
Secretary-General/Ramadan Message
Türkiye
Haiti
Ukraine
Sudan
Democratic Republic of the Congo/Jean-Pierre Lacroix
Democratic Republic of the Congo
Occupied Palestinian Territory
Lebanon
Staff Security

SECRETARY-GENERAL/BANGLADESH
Every year, the Secretary-General does a Ramadan solidarity visit, where he likes to visit and fast with a Muslim community, which is facing distress. He began this tradition when he was High Commissioner for Refugees. In his own words, the Secretary-General said that Ramadan embodies the values of compassion, empathy and generosity. It is an opportunity to reconnect with family, with community and a chance to remember those less fortunate. These missions are to remind the world of the true face of Islam.
This year, the Secretary-General will be going to Bangladesh from the 13-16 March. He will travel to Cox’s Bazaar to join an Iftar and meet with Rohingya refugees who have been forcibly displaced from their homes in Myanmar, and also, of course, with the host Bangladeshi communities who have been generously in hosting the refugees from Myanmar.
During his visit, he will also be in the capital of Bangladesh, Dhaka, where he will meet with the Chief Adviser for the interim government, Professor Muhammed Yunus, as well as with young women and men and representatives from civil society.

SECRETARY-GENERAL/RAMADAN MESSAGE
In his annual message at the start of Ramadan, the Secretary-General expressed a special message of support to all those who will spend this sacred time in displacement and violence. From Gaza and the wider region, to Sudan, the Sahel and beyond.
The Secretary-General stands with all those who are suffering and joins those observing Ramadan to call for peace and mutual respect.

TÜRKIYE
On the reports coming out of Türkiye regarding Abdullah Öcalan, the imprisoned leader of the Kurdistan Workers Party, the PKK, and his message calling for fighters to lay down their arms and the PKK to dissolve itself, the spokesperson said that the Secretary-General welcomes this important development. This represents a glimmer of hope, which would lead to the resolution of a long-standing conflict.

HAITI
The World Food Programme (WFP) today said that, as part of their emergency response in Haiti, they continue to provide critical food assistance, cash-based transfers, and hot meals across the Artibonite, Nord, and Ouest departments. This includes $1.2 million in cash assistance, as well as nearly 3,000 meals distributed in border regions to Haitians deported back to their country.
Last week, the WFP organized the first of two humanitarian cargo flights from Panama City to Port-au-Prince. This was the first humanitarian cargo flight to land at the Port-au-Prince airport since its closure lastNovember.
The flight carried medicines, vaccines, and medical supplies for eight humanitarian organizations. A second flight is scheduled in about one month.

Full highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=27%20February%202025

https://www.youtube.com/watch?v=nX1Wlh5xwHk

MIL OSI Video –

March 1, 2025
MIL-OSI Video: Marines Assist U.S. Border Patrol in Strengthening Security at U.S.- Mexico Border | CBP

Source: United States of America – Federal Government Departments (video statements)

U.S. Customs and Border Protection (CBP) and the U.S. Border Patrol (USBP) partner with U.S. Marines to reinforce the southern border protective barrier near San Ysidro, California. U.S. Northern Command is working together with the Department of Homeland Security (DHS) with the emplacement of temporary physical barriers to add additional security that will curtail illegal border crossings.

Instagram ➤ https://instagram.com/CBPgov
Facebook ➤ https://facebook.com/CBPgov
Twitter ➤ https://twitter.com/CBP
Official Website ➤ https://www.cbp.gov

#cbp
#borderpatrol
#bordersecurity
#usmc

https://www.youtube.com/watch?v=4qoriOvJoGY

MIL OSI Video –

March 1, 2025
MIL-OSI USA: ICE arrests MS-13 gang member in Iowa

Source: US Immigration and Customs Enforcement

February 28, 2025Minneapolis, MN, United StatesEnforcement and Removal

MINNEAPOLIS – U.S. Immigration and Customs Enforcement and the U.S. Marshals Service arrested Luis Enrique Baires, 28, a criminal alien from El Salvador wanted in his home country for two counts of aggravated homicide, two counts of proposition and conspiracy for the crime of aggravated homicide, and one count of illicit associations with the MS-13, Enfermos Criminales Salvatruchos clique Feb. 21 during a routine traffic stop in Des Moines, Iowa.

“Rural Iowa is not immune from central American criminals like Baires, and we will continue to face the challenge of tracking down and arresting the worst of the worst,” said ICE Enforcement and Removal Operations St. Paul Field Office Director Matthew Putra. “Thanks to U.S. Marshals Service for assisting us in this arrest to keep communities safe.”

Baires remains in ICE custody without bond pending the outcome of his removal proceedings.

For more news and information on ICE’s efforts to enforce our nation’s immigration laws in the St. Paul Area of Operations which includes Minneapolis, Iowa, North and South Dakota and Nebraska follow us on X at @EROSaintPaul.

MIL OSI USA News –

March 1, 2025
MIL-OSI USA: Cyclone Flurry in the Southern Hemisphere

Source: NASA

Two different oceans were crowded with tropical cyclones in late February 2025. In the South Pacific, three storms were active at one point—an occurrence that is rare but not unheard of. Simultaneously, a trio of cyclones roiled in the neighboring Indian Ocean.
Five tropical cyclones are visible in this false-color image, acquired on February 26 by the VIIRS (Visible Infrared Imaging Radiometer Suite) sensor on the NOAA-20 satellite. The image depicts infrared signals known as brightness temperature, which are useful for distinguishing cooler cloud structures (white and purple) from the warmer surface below (yellow and orange). The day before this image was acquired, a sixth storm, Tropical Cyclone Rae, was weakening east of the area shown here after bringing heavy rain to Fiji.
Cyclones Alfred and Seru lurked alongside Rae in the South Pacific. Seru lingered offshore of Australia, reaching Category 1 strength on the Saffir-Simpson wind scale for a short time. Alfred was also forecast to stay offshore, according to the Australian Bureau of Meteorology, but was expected to bring hazardous coastal conditions to southern Queensland. The storm was at Category 2 strength on the day of this image but would intensify to Category 4 on February 27.
Off Western Australia, Tropical Cyclone Bianca was on the tail end of its journey, having weakened to tropical storm status on February 26. The previous day, it had intensified to Category 3 but stayed far enough from land that mainland Australia and island communities were not expected to feel its effects.
Bianca’s Indian Ocean cohabitants, Honde and Garance, posed more hazards to land. The island nation of Mauritius, east of Madagascar, shut down its airport on February 26 as Garance approached, according to news reports. The storm would strengthen from Category 2 that day to Category 3 the next, with wind speeds of 190 kilometers (120 miles) per hour. Meanwhile, Honde skirted south of Madagascar as a Category 1 storm. Heavy rain, strong winds, and storm surge were forecast for central and southern Madagascar, Mauritius, and Réunion island.
Meteorologists noted that warm sea surface temperatures and weak wind shear conditions may have contributed to the proliferation of storms. A marine heat wave has lingered off of Western Australia since September 2024, and anomalously high sea surface temperatures warmed in the area in late February 2025. For the South Pacific, the Australian Bureau of Meteorology had predicted a higher-than-average likelihood of severe tropical cyclones this season due to expected warm ocean temperatures. Tropical cyclone season generally runs from November through April in the Southern Hemisphere.
NASA Earth Observatory image by Michala Garrison, using MODIS and VIIRS data from NASA EOSDIS LANCE and GIBS/Worldview and the Joint Polar Satellite System (JPSS). Story by Lindsey Doermann.

MIL OSI USA News –

March 1, 2025
MIL-OSI USA: Federal Emergency Management Agency to Host Public Meeting On Preliminary Observations of the Palo Verde Generating Station Exercise

Source: US Federal Emergency Management Agency

Headline: Federal Emergency Management Agency to Host Public Meeting On Preliminary Observations of the Palo Verde Generating Station Exercise

Federal Emergency Management Agency to Host Public Meeting On Preliminary Observations of the Palo Verde Generating Station Exercise

OAKLAND, Calif. – The Federal Emergency Management Agency’s (FEMA) Region 9 National Preparedness Division, Technological Hazards Branch announced that a public meeting will be held on March 7, 2025 in Buckeye, Arizona.The public meeting will present FEMA’s and the U.S. Nuclear Regulatory Commission’s (NRC) preliminary evaluation observations on the performance of the state of Arizona, and the county of Maricopa, during a Plume and Post-Plume Phase exercise.The full-scale exercise is conducted at Palo Verde Generating Station (PVGS), and at State and County emergency response facilities. Federal evaluators observe and evaluate participants’ ability to protect the health and safety of the public living near PVGS should an incident occur.Representatives from FEMA will chair the meeting and present their preliminary observations. Members of the public and the media are invited to attend the meeting. A Certified American Sign Language Interpreter will provide interpretation. What: A public meeting in Buckeye, Arizona, where FEMA and the NRC will present preliminary performance observations following a full-scale Plume and Post-Plume exercise at the PVGS in Maricopa County. Who: FEMA Region 9 National Preparedness Division, Technological Hazards Branch When: Friday, March 7, 2025, at 1:00 p.m.Where: Palo Verde Energy Education Center 600 N. Verrado Way, Buckeye, AZ 85326 ### FEMA’s mission is helping people before, during, and after disasters. Follow FEMA Region 9 online at x/femaregion9.
brandi.richard…
Thu, 02/27/2025 – 21:23

MIL OSI USA News –

March 1, 2025
MIL-OSI USA: Public Invited to Appeal or Comment on Flood Maps in Tulsa County, Oklahoma

Source: US Federal Emergency Management Agency

Headline: Public Invited to Appeal or Comment on Flood Maps in Tulsa County, Oklahoma

Public Invited to Appeal or Comment on Flood Maps in Tulsa County, Oklahoma

DENTON, Texas – Revised Preliminary flood risk information and updated Flood Insurance Rate Maps (FIRMs) are available for review in Tulsa County, Oklahoma. Residents and business owners are encouraged to review the latest information to learn about local flood risks and potential future flood insurance requirements.The updated maps were produced in coordination with local, state and FEMA officials. Significant community review of the maps has already taken place, but before the maps become final, community residents can identify any concerns or questions about the information provided and participate in the 90-day appeal and comment period.The 90-day appeal and comment period will begin on or around Feb. 27, 2025. Appeals and comments may be submitted through May 28, 2025, for:The city of TulsaResidents may submit an appeal if they consider modeling or data used to create the map to be technically or scientifically incorrect.An appeal must include technical information, such as hydraulic or hydrologic data, to support the claim.Appeals cannot be based on the effects of proposed projects or projects started after the study is in progress.If property owners see incorrect information that does not change the flood hazard information — such as a missing or misspelled road name in the Special Flood Hazard Area or an incorrect corporate boundary — they can submit a written comment.The next step in the mapping process is to resolve all comments and appeals. Once these are resolved, FEMA will notify communities of the effective date of the final maps.To review the preliminary maps or submit appeals and comments, visit your local floodplain administrator (FPA). A FEMA Map Specialist can identify your community FPA. Specialists are available by telephone at 877-FEMA-MAP (877-336-2627) or by email at FEMA-FMIX@fema.dhs.gov.The preliminary maps may also be viewed online:The Flood Map Changes Viewer at http://msc.fema.gov/fmcvFEMA Map Service Center at http://msc.fema.gov/portalFor more information about the flood maps:Use a live chat service about flood maps at floodmaps.fema.gov/fhm/fmx_main.html (just click on the “Live Chat Open” icon).Contact a FEMA Map Specialist by telephone at 877-FEMA-MAP (877-336-2627) or by email at FEMA-FMIX@fema.dhs.gov.There are cost-saving options available for those newly mapped into a high-risk flood zone. Learn more about your flood insurance options by talking with your insurance agent or visiting floodsmart.gov.
toan.nguyen
Thu, 02/27/2025 – 20:14

MIL OSI USA News –

March 1, 2025
MIL-OSI USA: FEMA Calls in Florida May Come from Unknown Phone Numbers

Source: US Federal Emergency Management Agency

Headline: FEMA Calls in Florida May Come from Unknown Phone Numbers

FEMA Calls in Florida May Come from Unknown Phone Numbers

TALLAHASSEE, Fla.– FEMA may call Floridians who applied for disaster assistance from unknown phone numbers. It is important to answer these calls. Survivors should return any missed phone calls.FEMA may call applicants to discuss the status of their cases, or to obtain more information to continue processing their applications. Survivors should check to make sure all contact information is current. Homeowners and renters can update their contact information online at DisasterAssistance.gov, by using the FEMA App or by phone at 800-621-3362. Lines are open every day and help is available in most languages. For the latest information about Hurricane Milton recovery, visit fema.gov/disaster/4834. For Hurricane Helene, visit fema.gov/disaster/4828. For Hurricane Debby, visit fema.gov/disaster/4806. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.
sixto.valentin…
Thu, 02/27/2025 – 19:20

MIL OSI USA News –

March 1, 2025
MIL-OSI Asia-Pac: Appointments to Culture Commission

Source: Hong Kong Government special administrative region

     The Government announced today (February 28) the appointment of members to the Culture Commission (CuC), with effect from March 1, 2025, for a term of two years.

     The Secretary for Culture, Sports and Tourism, Miss Rosanna Law, welcomed the appointments. She said, “The newly appointed and reappointed members have rich experience in arts, culture and community services. I trust that they will provide valuable advice to the Government in fostering the development of Hong Kong’s arts, culture and creative industries.”

     Miss Law also thanked the three outgoing members, Mr Edward Cheng Wai-sun, Professor Tseng Sun-man and Mrs Dominica Yang, for their contributions to the CuC.

     The membership of the new-term CuC is as follows:

Chairman
————-
Secretary for Culture, Sports and Tourism

Non-official members
———————–
Dr Wilfred Wong Ying-wai (Vice-chairman)
Dr Adrian Cheng Chi-kong
Mr Vincent Cheng Wing-shun
Ms Lovinia Chiu Siu-yin *
Mr Vincent Chow Wing-shing
Mr Kenneth Fok Kai-kong
Mr Andy Hei Kao-chiang
Ms Leonie Ki Man-fung
Dr Lam Ho-yi
Mr Peter Lau Man-pong *
Mrs Margaret Leung Ko May-yee
Dr Victor Lo Chung-wing
Ms Lo Kwong-ping *
Professor Lui Yu-hon
Professor Fredric Mao Chun-fai
Mr Daryl Ng Win-kong
Mr Henry Tang Ying-yen
Mr Eric Tsang Chi-wai
Mrs Bonnie Woo Chan Tak-chi
Mr Charles Yang Chuen-liang *
Mr Yang Yong
Mr Alexander Yeung Ching-loong
Dr Frankie Yeung Wai-shing
Mr Yu Chiu-for *
Dr Allan Zeman

Official members
———————
Secretary for Development or his/her representative
Secretary for Education or his/her representative
Secretary for Home and Youth Affairs or his/her representative

* new members

The CuC, chaired by the Secretary for Culture, Sports and Tourism, advises on matters such as strategy to encourage the private sector’s participation in promoting the development of arts, culture and creative industries, and promote arts and cultural exchanges between Hong Kong and the Mainland as well as the rest of the world, with a view to realising the vision of turning Hong Kong into an East-meets-West centre for international cultural exchange.

MIL OSI Asia Pacific News –

March 1, 2025
MIL-OSI Europe: OSCE helps Kyrgyz law enforcement develop strategic approaches to training on cybercrime and electronic evidence

Source: Organization for Security and Co-operation in Europe – OSCE

Headline: OSCE helps Kyrgyz law enforcement develop strategic approaches to training on cybercrime and electronic evidence

Workshop participants discuss in groups a competencies matrix on investigating cybercrimes and handling electronic evidence for different criminal justice roles in Kyrgyzstan, Bishkek, 27 February 2025. (OSCE/Juraj Nosal) Photo details

The OSCE Transnational Threats Department held a national workshop for 15 senior representatives of Kyrgyz law enforcement agencies in Bishkek on 27 and 28 February. The event aimed at building the agencies’ capacities to provide systematic and sustainable professional training and development on investigating cybercrimes and other crimes involving electronic evidence.
“The complex nature of digital technologies and electronic evidence makes it impossible for all law enforcement practitioners to be experts in this field. For professional training and development to be effective, it is thus essential to first define what types of competencies are necessary for each law enforcement role. Training and educational programmes then need to be adjusted to these requirements,” said Konstantin Bedarev, Head of the Politico-Military Department of the OSCE Programme Office in Bishkek, during his opening remarks.
The participants from the Ministry of Internal Affairs, Office of the Prosecutor General, State Committee for National Security and their respective educational institutions discussed the development of two strategic documents in this regard: a competency framework and a training strategy. The competency framework defines skill sets and skill levels for different law enforcement roles involved in the investigation and prosecution of cybercrimes and other crimes involving electronic evidence. The training strategy then outlines a plan for the development and provision of professional training to build the necessary competencies amongst law enforcement practitioners.
“Today, nearly all crimes include some sort of electronic evidence. Developing adequate skills and competencies in this area among law enforcement and judiciary actors is necessary for effective and efficient criminal investigations and prosecutions in every country,” emphasized Ion Gaina, a digital forensic expert from Moldova and keynote speaker at the event.
The workshop followed the regional event on this topic held in Tashkent, Uzbekistan on 5-6 December 2024 and was implemented under the second phase of the OSCE’s regional capacity-building project on combating cybercrime in Central Asia, launched in September 2024 and funded by Germany and the United States of America.

MIL OSI Europe News –

March 1, 2025
MIL-OSI: Banco Itaú Chile Announces Fourth Quarter 2024 Management Discussion & Analysis Report

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Feb. 28, 2025 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the fourth quarter ended December 31, 2024. For the full MD&A Report, please refer to the following link:

https://ir.itau.cl/MDAQ42024

On Monday, March 3, 2025, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by André Gailey, CEO; Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer; and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

Conference Call Details:

Online registration: https://registrations.events/direct/Q4I6136278

All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

Webcast:

The webcast will be available through the following link:

https://events.q4inc.com/attendee/846439085

Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

Telephone and Virtual Q&A session:

The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

Investor Relations – Itaú Chile

IR@itau.cl / ir.itau.cl

The MIL Network –

February 28, 2025
MIL-OSI China: China highlights literary gems at Istanbul Publishing Fellowship

Source: China State Council Information Office 3

China underscored its growing influence in global publishing as the “focus country” at the 10th Istanbul Publishing Fellowship this week, with its delegation forging international partnerships and spotlighting the nation’s literary heritage.

Six Chinese publishing houses participated in the event, which drew over 370 publishers from 75 countries, including 120 from Türkiye, organizers said.

Mingzhou Zhang, president of the nonprofit Lifetree Culture Promotion Center, noted robust demand for Chinese children’s books, particularly from publishers in Türkiye, Canada, Ethiopia, and Lebanon. “We’ve received significant interest in copyright acquisitions,” Zhang told Xinhua, highlighting China’s expanding cultural reach.

Notable titles included the dual-sided picture book I Love Mom, I Love Dad by educator Zhu Yongxin and illustrator Yu Rong, which explores familial bonds through separate narratives on maternal and paternal love.

A Chinese adaptation of A Hope More Powerful Than the Sea — UN official Melissa Fleming’s account of Syrian refugee Doaa Al-Zamel’s survival after a 2014 shipwreck — garnered attention for its reimagining as a children’s picture book. Told from the perspective of an infant rescued in the tragedy, the adaptation has drawn interest from Canadian and Ethiopian publishers and will feature at the Beijing International Book Fair, where Fleming and Al-Zamel are slated to appear.

Shireen Kreidieh Hasbini, general manager of Lebanon’s Asala Publishers, praised China’s literary diversity, calling its focus country designation “long overdue.”

Turkish author and Sinology scholar Giray Fidan, who recently translated the 18th-century classic The Dream of the Red Chamber into Turkish, emphasized China’s pivotal role in global publishing. “China’s market is indispensable, and collaborations will only deepen,” he said.

The fellowship, aimed at fostering cross-cultural dialogue, continues through the week with rights negotiations and panels on emerging publishing trends.

MIL OSI China News –

February 28, 2025
MIL-OSI USA: Padilla Urges Elon Musk and OPM to Stop Sending Mass Emails to Legislative Branch Employees

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)

Padilla Urges Elon Musk and OPM to Stop Sending Mass Emails to Legislative Branch Employees

WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Committee on Rules and Administration, urged Elon Musk and Acting Director of the Office of Personnel Management (OPM) Charles Ezell to cease mass email communications from the Department of Government Efficiency (DOGE) and OPM to employees of legislative branch offices and agencies. Despite not being subject to personnel actions by the executive branch, several legislative branch offices and agencies have received mass emails from hr@opm.gov, risking the sharing of sensitive, unauthorized information.

Over the weekend, thousands of employees across the federal government received mass emails, asking them to summarize what they did in the past week, with Musk saying failure to respond would be taken as their resignation. Padilla stressed that sending these emails to legislative branch offices and agencies is particularly troubling as executive branch agencies warn their own employees not to respond to OPM’s mass email because “doing so would risk sensitive information falling into the hands of malign foreign actors.”

“Neither the White House nor DOGE nor OPM have any authority or legitimate purpose to mass email legislative branch offices and agencies demanding information from employees or to threaten adverse personnel actions,” wrote Senator Padilla. “Unfortunately, Rules Committee staff have verified that mass emails from hr@opm.gov were sent to multiple legislative branch offices and agencies, wasting time and resources and potentially misleading employees into responding and sharing legislative branch information in an unauthorized manner.”

“The fact that these mass emails are also going beyond the scope of the executive branch is yet another sign of how DOGE is operating in an uninformed, poorly executed, and chaotic manner,” continued Padilla.

Specifically, Padilla asked Musk and Ezell to take steps by Monday, March 3, to stop any further mass email communications directed at employees in legislative branch offices and agencies.

Full text of the letter is available here and below:

Dear Acting Director Ezell and Mr. Musk:

Your agencies should cease directing any further mass email communications from the Office of Personnel Management (OPM) or the White House’s U.S. Department of Government Efficiency (DOGE) Service to the employees of legislative branch offices and agencies, who are not subject to personnel actions by the Executive branch.

Neither the White House nor DOGE nor OPM have any authority or legitimate purpose to mass email legislative branch offices and agencies demanding information from employees or to threaten adverse personnel actions. Unfortunately, Rules Committee staff have verified that mass emails from hr@opm.gov were sent to multiple legislative branch offices and agencies, wasting time and resources and potentially misleading employees into responding and sharing legislative branch information in an unauthorized manner.

This is especially concerning as several executive branch agencies have even warned their own employees not to respond to these messages because doing so would risk sensitive information falling into the hands of malign foreign actors. The fact that these mass emails are also going beyond the scope of the executive branch is yet another sign of how DOGE is operating in an uninformed, poorly executed, and chaotic manner.

In light of these inappropriate and potentially harmful actions, I ask that you confirm by Monday, March 3, 2025, that OPM and DOGE have taken steps to ensure that they will cease directly any further mass email communications at legislative branch offices and agencies and their employees.

I appreciate your prompt attention to this matter. For any questions, please do not hesitate to contact the Senate Rules Committee Democratic staff at 202-224-6352.

Sincerely,

MIL OSI USA News –

February 28, 2025
MIL-OSI United Kingdom: UK’s global science and tech ambitions refreshed under new banner
Source: United Kingdom – Executive Government & Departments

Press release

UK’s global science and tech ambitions refreshed under new banner

Worldwide team championing UK science and tech partnership as a force for good, to be re-launched as the Science and Technology Network.
Science and Technology Network launched.

Worldwide team championing UK science and tech partnership as a force for good, to be re-launched as the Science and Technology Network

Network already has over 130 staff in 65 locations globally, building partnerships around the science and tech innovations set to make us collectively healthier, wealthier, more resilient and secure in support of the Plan for Change

Science Minister welcomes Network’s re-launch alongside leaders from across research, academia and business

The UK’s global team for forging the international collaboration and championing the power of British science and tech expertise to solve some of the world’s most pressing problems– from clean energy to health – will be refreshed under a new banner, as officially unveiled by the Science Minister in Whitehall on Thursday 27 February.

The Science and Technology Network (STN) will be the new name for the former Science and Innovation Network: a 130-strong team based in 65 locations worldwide, with a mission to forge deeper international partnerships on science and technology, and seek new opportunities for British sci-tech pioneers in support of the Plan for Change.

The network’s new name reflects the circumstances we now live in, where breakthrough technologies like AI, quantum, and engineering biology hold enormous potential for tackling environmental and social challenges and unlocking economic growth. In a fast-changing global landscape, now more than ever we need to pool the bright talent and big ideas that are needed to harness these emerging technologies for good, at home and abroad.

Recent announcements like the AI Opportunities Action Plan clearly show the government’s domestic ambitions for harnessing the power of technology to improve people’s lives, but these aspirations are not solely inward-facing. The UK wants to work with international partners to share expertise, unlock investment, and deliver transformational benefits for communities in the UK and around the world.

UK Science Minister Lord Vallance said:

Britain is stronger when it works together with others and nowhere is that more true than when it comes to science and technology. Genius is not bound by geography, and by building international ties, we stand the best chance of developing new ideas and breakthroughs to solve the toughest challenges that all societies face.

The UK has a long track record as a global leader, when it comes to research and innovation. We are uniquely placed to convene international work that brings scientific expertise to bear on improving health, adoption clean sources of energy, and more. It is only right that we put the critically important role of technology, at the centre of those efforts.

Foreign, Commonwealth and Development Office Minister Catherine West said:

The UK harnesses cutting-edge technology to tackle the world’s toughest challenges, from the climate crisis to the threat of pandemics.

With staff based in 65 locations, the newly-named Science and Technology Network will help us forge global partnerships and galvanise scientific expertise, to enhance security and growth around the world.

Lord Vallance will speak to an audience of researchers, academics and business leaders at the Foreign, Commonwealth & Development Office, this evening – which also marks the Network’s 25th anniversary. He will be joined by FCDO’s Chief Scientific Adviser, Professor Charlotte Watts, as they welcome the Network’s new name and to emphasise the importance of its ongoing work.

Some examples of STN wins include UK-Danish work in the Arctic that could be crucial to our understanding of climate change, the establishment of the UK-Japan Semiconductors Partnership, and a UK-USA partnership that is bringing the massive potential of quantum technologies to bear in health and life sciences.

The Network has also supported the delivery of potentially lifesaving research as overseas aid, ranging from work tackling the Zika virus outbreak in Brazil, to a project trying to better forecast devastating typhoons in South-East Asia.

The Science and Technology Network has 3 objectives:

promoting UK science, technology and innovation excellence and leadership globally

actively building and facilitating science, technology and innovation collaborations

providing insight on science and technology trends and opportunities

Through its work, the Network aims to build international partnerships that can help seize the opportunities and mitigate the risks arising from critical and emerging technologies, as well as tackling the climate crisis and improving health.

Sir Mark Walport, Vice President and Foreign Secretary of the Royal Society, said:

Maintaining the position of the UK as a global leader in science, engineering and technology is essential for the UK’s long-term prosperity and international standing. Furthermore, diplomacy in support of science is at the heart of the development of international policies and collaboration to address issues such as climate change, loss of biodiversity, pandemics and food security. The Science and Technology Network’s team of diplomats and civil servants will play an extremely important role in support of these aims.

Professor Christopher Smith, UK Research and Innovation’s International Champion, said:

The rebrand of The Science and Technology Network is a reflection of its evolving role in fostering global research and innovation partnerships.

The network has been instrumental in strengthening the UK’s position as a world leader in science, and we look forward to continuing our collaboration to drive international research excellence, support innovation-led growth, and tackle global challenges together across all disciplines and sectors.

Maddalaine Ansell, Director Education, British Council, said:

International collaboration in science and technology is critical if we are to overcome global challenges. The UK, which is ranked 3rd in the world for producing highly cited research outputs, must be part of the global effort. Playing our full part will also reinforce and further expand the UK’s reputation both for excellence in science and as a force for good in the global community. The Science & Technology Network is an important enabler of UK activity on the global stage, supporting the UK’s scientific community to develop stable and lasting partnerships with peers around the world.

Jamie Arrowsmith, Director of Universities UK International, said:

UK universities have a long-standing relationship with the Network, and our members get immense value from their in-country expertise, insight, and intelligence. This rebranding reflects the dynamic and evolving landscape of science and technology, and we believe it will further enhance the network’s ability to drive international collaboration and deliver on global and technological challenges.

Universities UK International is committed to fostering a globally collaborative higher education environment where research, science, and technology can thrive. We look forward to continuing to work with the Science and Technology Network to advance these shared goals.

Beth Thompson, Executive Director Policy and Partnerships, Wellcome, said:

Science and technology are pillars of the UK’s diplomatic work. We welcome the government’s recognition of the Science and Technology Network’s (STN) newly invigorated and invaluable role, fostering global partnerships that tackle shared challenges, and unlock new opportunities for collaboration.

The UK has a world-class research sector, but progress is not achieved in isolation – it thrives on international cooperation. We have seen first-hand the value of the Network in helping us build relationships across the globe that are critical to advancing research. The refreshed STN will be instrumental in strengthening these international partnerships, ensuring science and technology continue to deliver a healthier, more prosperous future for the UK and the world.

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 300

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Published 28 February 2025
MIL OSI United Kingdom –
February 28, 2025

MIL-OSI: Production report for January 2025

Source: GlobeNewswire (MIL-OSI)

Oslo, 28 February 2025

	January 2025		December 2024
Operated	Boepd (1)	Bopd (1)	Boepd (1)	Bopd (2)
Colombia	623	446	594	418
Argentina	1,342	218	1,908	244
Total operated	1,965	664	2,502	662
Total equity	991	384	1,217	377

(1)   Barrels of oil equivalents per day (includes liquid and gas)
(2)   Barrels of oil per day (represents only liquids)
[boepd]: barrels of oil equivalents per day (includes liquid and gas)
[Operated]: 100% field production operated by Interoil
[Equity]        : Interoil’s share production net of royalties.

Production Summary

Interoil’s daily average total operated production for January was 1,965 boepd, reflecting a decrease of 537 boepd when compared with December.

Decline is primarily attributed to our operations in Argentina (-566 boepd) while operations in Colombia had a modest increase (+ 29 boepd).

Country-Specific Highlights

Argentina

Gas production was primarily affected by the breakdown of two compressor engines, which required the custom fabrication of replacement parts. These parts arrived to the field in February. Consequently, gas production experienced a sustained decrease from January until the repair of the damaged compressors in February.

Colombia

In January, the Vikingo-1 well achieved an average daily production of 196 boepd, effectively offsetting the natural depletion at Puli C and contributing an additional 30 boepd. Currently, the workover rig has completed the intervention of the MN-11 well, the first planned for this campaign in Puli C Fields. This intervention involved the replacement of downhole equipment, including tubing, pump, and rods.

This campaign, which includes at least four additional planned interventions in the Puli C Fields, aims to recover as much as 50 bopd and 600 kscfpd of gas.

Additional information

Further details about production performance are shown in the attached document. The graphs and tables illustrate both operated and equity production of oil and gas by country. “Operated production” refers to the total output from fields operated by Interoil, while “Equity production” refers to Interoil’s share of production, net of royalties.

Note: This report complies with disclosure requirements outlined in sections 5-12 of the Norwegian Securities Trading Act.

***************************
Please direct any further questions to ir@interoil.no
Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.

Attachment

Interoil January 2025 Detailed Production Report

The MIL Network –

February 28, 2025

MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

Source: GlobeNewswire (MIL-OSI)

DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024
(Not audited)

DIGITALIST 2024

SUMMARY

October–December 2024 (comparable figures for 2023 in parentheses):

Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%.
EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%).
Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
Earnings per share EUR -0.00 (EUR -0.00).

January–December 2024 (comparable figures for 2023 in parentheses):

Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%.
EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%).
EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%).
Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%).
Earnings per share: EUR -0.01 (EUR -0.01).
Earnings per share (diluted): EUR -0.01 (EUR -0.01).
Cash flow from operations EUR -1.4 million (EUR -2.9 million).
Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

*) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

**) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

CEO’s review

As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

Magnus Leijonborg
CEO, Digitalist Group

Future prospects

In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

SEGMENT REPORTING

Digitalist Group reports its business in a single segment.

TURNOVER

In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

RESULT

In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

RETURN ON EQUITY

The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

BALANCE SHEET AND FINANCING

The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%).

At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million).

In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

CASH FLOW

The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

GOODWILL

On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected.

PERSONNEL

During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

SHARES AND SHARE CAPITAL

Share turnover and price

During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).

Share capital

At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares.

Option plan 2019 and 2021

The option plan 2019 has expired.

The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

Shareholders

The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

AUTHORIZATIONS OF THE BOARD OF DIRECTORS

Annual General Meeting 25 April 2024

The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

Audit firm KPMG Oy Ab was appointed as the company’s auditor.

Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

● Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
● the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

CHANGES IN THE GROUP STRUCTURE

Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

EVENTS SINCE THE FINANCIAL PERIOD

There have been no significant events since the end of the financial period.

RELATED-PARTY TRANSACTIONS

Financing arrangements with related parties:

Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

The maturity of the Convertible Bonds was extended to 30 September 2026.

Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

The maturity of the Convertible Bonds was extended to 30 September 2026.

Digitalist Group structures its financing

Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

OTHER EVENTS DURING THE FINANCIAL PERIOD

Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

LONG-TERM GOALS AND STRATEGY

Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025.
Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

NEXT REVIEW

The Business review for January–March 2025 will be published on Friday 25 April 2025.

DIGITALIST GROUP PLC
Board of Directors

Further information:
Digitalist Group Plc
CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

Distribution:
NASDAQ Helsinki

Key media
https://investor.digitalistgroup.com/investor

DIGITALIST GROUP

SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

CONSOLIDATED INCOME STATEMENT, EUR THOUSAND

	1 Oct – 31 Dec 24	1 Oct – 31 Dec 23	Change (%)	1 Jan – 31 Dec 24	1 Jan – 31 Dec 23	Change (%)
Turnover	4,698.85	4,160.22	12,9 %	16,164.54	16,680.74	-3,1 %
Other operating income	-41.02	280.21	-114,6 %	50.00	1,006.67	-95,0 %

Materials and services	-932.52	-639.82	-45,7 %	-3,102.99	-3,202.01	3,1 %
Expenses from employee benefits	-3,251.70	-3,331.27	2,4 %	-11,874.22	-12,269.02	3,2 %
Depreciation and impairment	-132.28	-218.14	39,4 %	-469.53	-834.41	43,7 %
Other operating expenses	-673.33	-848.57	20,7 %	-2,750.27	-3,077.67	10,6 %
Total expenses	-4,989.83	-5,037.80	1,0 %	-18,197.01	-19,383.11	6,1 %

EBIT	-331.99	-597.37	44,4 %	-1,982.47	-1,695.70	-16,9 %

Financial income	78.27	4.17	1779,2 %	155.41	752.50	-79,3 %
Financial expenses	-695.08	-1,021.72	32,0 %	-3,103.37	-3,026.21	-2,5 %
Total financial income and expenses	-616.81	-1,017.55	39,4 %	-2,947.96	-2,273.71	-29,7 %

Profit before taxes	-948.80	-1,614.92	41,2 %	-4,930.43	-3,969.41	-24,2 %
Income taxes	-50.82	-3.87	-1214,3 %	-87.04	-115.46	24,6 %
PROFIT/LOSS FOR FINANCIAL PERIOD	-999.62	-1,618.78	38,2 %	-5,017.47	-4,084.87	-22,8 %

Distribution:
Parent company shareholders	-875.12	-1,557.64	43,8 %	-4,707.38	-4,042.14	-16,5 %
Non-controlling interests	-124.50	-61.15	-103,6 %	-310.09	-42.73	-625,8 %
Earnings per share:
Undiluted (EUR)	0.00	0.00		-0.01	-0.01
Diluted (EUR)	0.00	0.00		-0.01	-0.01

COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

	1 Oct – 31 Dec 24	1 Oct – 31 Dec 23	Change (%)	1 Jan – 31 Dec 24	1 Jan – 31 Dec 23	Change (%)
Profit/loss for the financial period	-999.62	-1,618.78	38,2%	-5,017.47	-4,084.87	-22,8%
Other items of comprehensive income
Translation difference	-140.67	663.20	-121,2%	-67.99	229.71	-129,6%
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-1,140.29	-955.58	-19,3%	-5,085.47	-3,855.45	-31,9%
Parent company shareholders	-1,006.68	-869.23	-15,8%	-4,759.00	-3,807.09	-25,0%
Non-controlling interests	-133.61	-86.35	-54,7%	-327.00	-48.06	-580,4%

CONSOLIDATED BALANCE SHEET, EUR THOUSAND

ASSETS	31 December 2024	31 December 2023
NON-CURRENT ASSETS
Intangible assets	313.78	422.06
Goodwill	5,244.98	5,444.44
Tangible assets	569.43	916.99
Buildings and structures, rights-of-use	528.59	867.73
Machinery and equipment	27.55	34.52
Other tangible assets	13.29	14.74
Investments	6.23	6.28
Other non-current financial assets	88.02	24.35
NON-CURRENT ASSETS	6,222.44	6,814.12

CURRENT ASSETS
Trade and other receivables	2,612.34	3,508.10
Income tax asset	320.88	228.46
Cash and cash equivalents	943.53	893.65
CURRENT ASSETS	3,876.75	4,630.21
ASSETS	10,099.19	11,444.12

SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDERS’ EQUITY
Parent company shareholders
Share capital	585.39	585.39
Share premium account	218.73	218.73
Invested non-restricted equity fund	73,916.78	73,916.78
Retained earnings	-107,368.76	-103,343.29
Profit/loss for the financial period	-4,707.38	-4,042.14
Non-controlling interests	-311.28	-53.08
Parent company shareholders	-37,355.24	-32,664.53
SHAREHOLDERS’ EQUITY	-37,666.53	-32,717.43
NON-CURRENT LIABILITIES	25,438.08	3,748.88
CURRENT LIABILITIES	22,327.73	40,412.84
SHAREHOLDERS’ EQUITY AND LIABILITIES	10,099.29	11,444.28

CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
A:   Share capital
B:   Share premium account
C: Invested unrestricted equity fund
D: Translation difference
E:   Retained earnings
F:   Total shareholders’ equity attributable to the parent company’s
G: Non-controlling interests
H: Total shareholders’ equity

	A	B	C	D	E	F	G	H
Shareholders’ equity 1 Jan 2023	585.39	218.73	73,662.55	-1,197.92	-104,545.23	-31,276.47	503.13	-30,773.34
Other changes
Profit/loss for the financial period					-4,042.14	-4,042.14	-42.73	-4,084.87
Purchase of own shares				235.05		235.05	-5.33	229.72
Other items of comprehensive income						-3,807.09
Paid in capital			253.98			253.98		253.98
Translation difference					176.44	176.44		176.44
Share-based remuneration					0.00	0.00		0.00
Transactions with non-controlling interests							-508.15	1,480.52
Shareholders’ equity 31 December 2023	585.00	219.00	73,916.78	-1,192.36	-106,192.89	-32,664.35	-53.08	-32,717.43

	A	B	C	D	E	F	G	H
Shareholders’ equity 1 Jan 2024	585.00	219.00	73,916.78	-1,192.36	-106,192.89	-32,664.35	-53.08	-32,717.43
Other changes				0.00	0.00
Profit/loss for the financial period					-4,707.38	-4,707.38	-310.09	-5,017.47
Purchase of own shares				-51.33		-51.33	-16.66	-67.99
Other items of comprehensive income						-4,758.71
Translation difference					54.23	54.23		54.23
Share-based remuneration					-14.40	-14.40		-14.40
Sale of subsidiary					13.81	13.81		13.81
Transactions with non-controlling interests					14.18	14.18	68.55	82.73
Shareholders’ equity 31 December 2024	585.00	219.00	73,916.78	-1,243.69	-110,832.45	-37,355.23	-311.29	-37,666.52

CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND

	1 Jan – 31 Dec 24	1 Jan – 31 Dec 23	1 Jul – 31 Dec 24	1 Jul – 31 Dec 23
Cash flow from operations
Earnings before taxes in the period	-5,017.47	-4,084.87	-2,461.65	-2,094.96
Adjustments to cash flow from operations:
Other income and expenses with no payment	-235.55	-76.63	-261.44	-174.25
Depreciation, impairment	469.53	834.41	265.81	417.90
Income taxes	87.04	115.46	42.16	31.37
Unrealised foreign exchange gains and losses	-85.26	-255.59	124.47	-296.11
Financial income and expenses	3,057.58	2,273.71	1,655.67	1,704.54
Other adjustments	4.81	-561.90	3.25	-576.30
Cash flow financing before changes in working capital	-1,719.32	-1,755.41	-631.73	-987.82

Change in working capital	1,290.45	-262.04	936.75	-313.93
Interest received	47.37	0.72	10.04	3.07
Interest paid	-883.89	-710.82	-395.39	-333.90
Taxes paid	-133.04	-149.35	-40.34	-46.81
Net cash flow from operations	-1,398.42	-2,876.89	-120.68	-1,679.39

Cash flow from investments
Acquisition of shares in group companies	0.00		0.00
Proceeds from disposal of shares in group companies	0.00		0.00
Investments in tangible and intangible assets	-15.42	-22.33	-6.49	-9.95
Proceeds from repayment of loans	0.00
Interest received on investments	0.00
Taxes paid on investments	0.00
Cash flow from investments	-15.42	2,447.66	-6.49	1,049.09

Net cash flow before financial items	-1,413.84	-429.23	-127.18	-630.30

Cash flow from financing activities
Transactions with non-controlling interests	19.53	136.18	-6.25	-12.17
Drawdown of long-term loans	2,025.00	750.00	1,275.00	750.00
Drawdown of short-term loans	0.00	736.90	-212.58
Repayment of short-term loans	-129.07		-105.31	-1.81
Repayment of lease liabilities	-429.40	-697.51	-184.02	-354.56
Net cash flow from financing	1,486.06	423.76	766.83	441.83

Change in cash and cash equivalents	72.22	-5.46	639.66	-188.47
Liquid assets, beginning of period	893.44	898.55	308.06	1,041.04
Impact of changes in exchange rates	-22.14	0.36	-4.20	40.88
Liquid assets, end of period	943.53	893.44	943.53	893.44

Accounting principles

This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

The original release is in Finnish. The English release is a translation of the original.

Going concern

The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

Goodwill impairment testing and recognised impairment

Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

	Q4/2024	Q3/2024	Q2/2024	Q1/2024	Q4/2023
	1.10.-31.12.24	1.7.-30.9.24	1.4.-30.6.24	1.1.-31.3.24	1.10.-31.12.21
Turnover	4,698.85	3,585.61	4,021.60	3,858.48	4,160.22
Other operating income and expenses	-5,031.05	-3,898.35	-4,749.35	-4,468.49	-4,757.59
EBIT	-331.99	-312.54	-727.84	-610.10	-597.37
Financial income and expenses	-616.81	-1,158.14	-783.20	-389.80	-1,017.55
Profit before taxes	-948.80	-1,470.68	-1,511.03	-999.91	-1,614.92
Income taxes	-50.64	8.66	-1.20	-43.68	-3.87
PROFIT/LOSS FOR COMPARISON PERIOD	-999.62	-1,462.03	-1,512.24	-1,043.59	-1,618.78

CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND

	Goodwill	Intangible assets	Tangible fixed assets	Right-of-use assets	Other investments	Total
Carrying value 1 Jan 2023	4,677.98	109.82	65.08	1,135.06	101.76	6,090.22
Increases		462.69	26.56	416.91	4.70	2,059.07
Decreases
Changes in exchange rates	43.80	6.30	-0.40	-5.85		43.85
Depreciation for the review period		-156.59	-37.63	-640.18		-834.47
Carrying value 31 Dec 2023	5,444.44	422.53	48.47	867.05	6.27	6,789.76


	Goodwill	Intangible assets	Tangible fixed assets	Right-of-use assets	Other investments	Total
Carrying value 1 Jan 2024	5,444.44	422.53	48.47	867.05	6.27	6,789.76
Increases	0.00	0.42	15.97	482.60	0.00	498.99
Decreases	0.00		0.00	-462.23	0.00	-462.23
Changes in exchange rates	-199.68	-22.70	-1.35	-12.90		-236.64
Depreciation for the review period		-85.57	-22.18	-344.61		-452.36
Carrying value 31 Dec 2024	5,244.75	314.67	40.91	529.90	6.27	6,137.51

KEY INDICATORS

	1 Jan – 31 Dec 2024	1 Jan – 31 Dec 2023
Earnings per share (EUR) diluted	-0.01	0.00
Earnings per share (EUR)	-0.01	-0.01
Shareholders’ equity per share (EUR)	-0.05	-0.05
Cash flow from operations per share (EUR) diluted	0.00	0.00
Cash flow from operations per share (EUR)	0.00	0.00
Return on capital employed (%)	-161.86	-27.8
Return on equity (%)	neg.	neg.
Operating profit/turnover (%)	-12.27	-10.2
Gearing as a proportion of shareholders’ equity (%)	-99.00	-106.5
Equity ratio as a proportion of shareholders’ equity (%)	-379.11	-285.9
EBITDA (EUR thousand)	-1,512.94	-861.30

MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

31 December 2023	Balance sheet value	Cash flow	Under 1 year	1-5 years	Over 5 years
Loans from financial institutions	2,865.85	3,067.25	340.83	2,726.43
Credit limits	8,525.07	8,525.07	8,525.07
Convertible bonds	5,767.94	6,849.62		0.00
Capital loans	16,865.42	19,265.00		0.00
Other related-party loans	750.00	876.00	0.00
Lease liabilities IFRS 16	973.00	961.00	701.00	260.00
Accounts payable	864.66	864.66	864.66

31 December 2024	Balance sheet value	Cash flow	Under 1 year	1-5 years	Over 5 years
Loans from financial institutions	2,783.19	2,828.47	2,362.78	465.69
Credit limits	8,258.19	8,258.19	8,258.19
Capital loans	23,867.82	29,233.30		29,233.30
Other related-party loans	2,775.00	3,191.33		907.67
Lease liabilities IFRS 16	555.71	562.27	298.30	264.32
Accounts payable	1,124.07	1,124.07	1,124.07	0.00

Credit limits are valid until further notice.

OTHER INFORMATION

	1 Jan – 31 Dec 2024	1 Jan – 31 Dec 2023
NUMBER OF EMPLOYEES, average	123	139
Personnel at the end of the period	122	126

LIABILITIES, EUR THOUSAND
Pledges made for own obligations
Corporate mortgages	13,300.00	13,300.00

Total interest-bearing liabilities
Long-term loans from financial institutions	458.98	2,659.11
Other long-term liabilities	24,902.02	1,007.67
Short-term loans from financial institutions	2,221.92	414.39
Other short-term interest-bearing liabilities	10,657.00	31,665.62
Total	38,239.92	35,746.80

CALCULATION OF KEY FINANCIAL FIGURES

EBITDA = earnings before interest, tax, depreciation and amortisation

Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

Return on investment (ROI) =
(Profit before taxes + Interest expenses + Other financial expenses) /
(Balance sheet total – non-interest-bearing liabilities (average)) x 100

Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

Attachment

DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

The MIL Network –

February 28, 2025

MIL-Evening Report: How ‘muscular Christianity’ strove to bring men back to religion – and what it can teach us today

Source: The Conversation (Au and NZ) – By Gavin Brown, Lecturer in Religious Education, Australian Catholic University

Wikimedia Commons

Most people recognise organisations such as the YMCA and the Boy Scouts, or events such as the Modern Olympic Games, summer camps and wilderness retreats.

Few, though, have ever heard of the movement from which they took their principal inspiration: muscular Christianity.

The term sounds odd indeed, conjuring up images of Jesus with an impressively chiselled physique or, for devotees of the eighties, Vangelis’ memorable soundtrack to Chariots of Fire.
However, the term arose because it once carried Christian hopes of a solution to a longstanding problem: men.

That is, in the 19th century especially, Christian churches became particularly alarmed more and more men were leaving religion to women – from attendance at worship to running parish organisations or establishing charitable endeavours.

Worse still was the fear Christianity itself had become soft and even effeminate through the Victorian age.

Christians, especially the Protestants who started the movement, needed to present Christianity in ways attractive to men. But how?

A literary beginning

In 1857, the Englishman Thomas Hughes published the novel Tom Brown’s School Days, followed later by Tom Brown at Oxford in 1859.

In the first book, Tom attends the prestigious Rugby School, before making his way to Oxford in the sequel. This character would epitomise a “muscular Christian”, as Hughes put it. In the sequel, Hughes wrote:

The least of the muscular Christians has hold of the old chivalrous and Christian belief, that a man’s body is given him to be trained and brought into subjection, and then used for the protection of the weak, the advancement of all righteous causes, and the subduing of the earth which God has given to the children of men.

Author Thomas Hughes largely based Tom Brown’s School Days on his own years at Rugby School.
Wikimedia Commons

Men precisely as men could use their bodies to Christianise the world. A movement with twin aims was born: first, encourage men to embrace their physicality and second, through such disciplining of their bodies, to glorify God.

Rise and fall

From England, the movement spread through the Anglosphere, including Australia.

And it has some impressive credentials. Pierre de Coubertin’s inspiration for reviving the Olympic Games was, in part, inspired by reading Tom Brown’s School Days.

In the United States, the YMCA – the Young Men’s Christian Association – in New York added a gymnasium in 1869, which soon became a permanent fixture at the “Y.” The physical director at Boston’s Y coined the term “body building”. James Naismith would later invent basketball in 1891 while working at a Y.

The YMCA on Melbourne’s St. Kilda Road during WWI.
Aussie~mobs/flickr

Many Protestant churches drew upon muscular Christianity to bring men back into the fold. They masculinised church services through hymns which celebrated manliness and virtue, encouraged ministers to embody more masculine traits, brought men into the company of other men through brotherhoods and promoted vigorous missionary activity.

Even Jesus received a makeover – arguably the most popular being Warner Sallman’s 1940 portrait painting Head of Christ.

Sallman’s original motivation for such depictions came from the dean of a Chicago Bible College in 1914:

I hope you can give us your conception of Christ. And I hope it’s a manly one. Most of our pictures today are too effeminate.

There is evidence, too, of Catholics muscling in. Take, for example, Notre Dame’s football team’s successes in the 1920s and 30s in the US, or the Italian cyclist Gino Bartali, winner of the Tour de France in 1938 and 1948 and, according to the Catholic press, the ideal Catholic sportsman.

Most historians will mark the decline of the movement after the first world war, though its influence continues to be felt to this day.

A continuing legacy?

So, apart from indulging in historical curiosity, what does it offer us?

Muscular Christianity highlights both the dangers and continuing challenges raised when navigating the complex relationship between religion, culture and gender.

It pursued a worthy goal, but tended to play a zero-sum gender game: gains for men in the churches often came at the expense of women. Such emphasis on masculinity easily slipped into gender bias, where a “church full of men” was deemed more valuable than churches full of women.

The effort to bolster masculinity also traded in narrow gender stereotypes, though as the historian Clifford Putney reminds us, there was some flow-on effect for women and their organisational engagement in sport and physical activity.

Some evangelical Christians have recently re-engaged its ethos.

And perhaps muscular Christianity still has something valuable to say. At the very least, scratch beneath the surface of modern Western culture and you will often find Christianity or values which originated from it.

Muscular Christianity can also remind us to reconnect with our bodies. We now live in a world which, as Australian author Michael Frost argues, has become increasingly “excarnate” – that is, less bodily.

Muscular Christianity recognised bodies matter and matter spiritually. It encouraged people not to treat health and physical activity as ends in their own right or as a servant of the ego but, rather, a means to an end: wholeness, good character, the cultivation of virtue and the selfless desire to help others.

An 1867 wood engraving of the Lady Muscular Christians.
Wikimedia Commons

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

– ref. How ‘muscular Christianity’ strove to bring men back to religion – and what it can teach us today – https://theconversation.com/how-muscular-christianity-strove-to-bring-men-back-to-religion-and-what-it-can-teach-us-today-249485

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-Evening Report: Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US

Source: The Conversation (Au and NZ) – By Susan Thorp, Professor of Finance, University of Sydney

Marek Masik/Shutterstock

You might remember Pesto, the king penguin chick who became a star attraction at Melbourne Aquarium last year. Good food, good genes and a safe home let Pesto grow into a huge ball of brown fluff twice the size of his parents. Pesto became a local and international celebrity.

While not cute or funny like Pesto, Australia’s financial sector gave birth to its own baby three decades ago that has since rapidly grown into a big adult – superannuation. It, too, has become internationally famous.

This week, our superannuation sector attracted the attention of US asset managers and government officials, including the new US Treasury Secretary Scott Bessent, at a summit in Washington DC.

Super industry leaders joined Treasurer Jim Chalmers and the Australian ambassador to the US, Kevin Rudd, to pitch a strengthening of ties. So, why are Australian super funds so keen to shore up support in the United States?

Read more:
Your super fund is invested in private markets. What are they and why has ASIC raised concerns?

A giant nest egg

Figures from the Australian Prudential Regulation Authority (APRA) show the total pool of superannuation assets had grown to about A$4.2 trillion by December 2024. That’s up 11.5% on the year before.

That’s about 160% of the value of all goods and services produced in Australia – the gross domestic product (GDP) – over the year to June 2024 at $2.6 trillion.

This scales to a very large pool of investable retirement money – the fifth largest in the world. Australia’s population ranks just 54th in the world.

Some of the biggest individual funds have significant assets under management. Australian Super and Australian Retirement Trust, for example, both manage more than $300 billion in retirement savings.

Looking overseas

This leads us to why the Australian super industry is securing openings in the US. Australian super funds have invested some funds overseas since their inception. But this practice is expanding quickly for two reasons.

First, the sheer size of the superannuation investment pool has largely outgrown its Australian asset base.

To illustrate, our $4.2 trillion super pool is significantly larger than the total market capitalisation of the Australian Securities Exchange (ASX), about $3.1 trillion.

Without new places to invest our super, it’s impossible to keep earning a return on it.

The second – and related – reason is the need for diversification. It makes sense to lower risk by spreading funds across industries, geographies and jurisdictions.

A scan of the aggregated asset allocation of large Australian super funds shows that around half of the funds invested in equities, property and infrastructure are currently in overseas assets.

The US accounts for about 45% of aggregate financial assets of all investors worldwide – more than US$90 trillion (A$144 trillion).

The strategy to diversify investments has paid off. The US stock market has seen some spectacular recent returns, with annual returns of more than 20% in some years. These have far outpaced those of the ASX.

Compulsory savings

Australia’s super sector has been fed by compulsory contributions (savings) and investment returns. Super has also been protected by legislation that makes participation compulsory for most workers and preserves savings until retirement.

Australia has had a system of compulsory employer superannuation contributions for workers since 1992.
DGLimages/Shutterstock

Since 1992, employers have made compulsory (superannuation guarantee) contributions on behalf of workers into superannuation accounts. The compulsory contribution has risen significantly from an initial 3% of earnings to 12% of earnings from July this year.

High coverage (well over 90% of workers), combined with rising contribution rates, has meant the amount of money flowing into superannuation accounts has grown at a remarkable compound annual rate of 14% since 1992.

Even after the superannuation guarantee rate peaks at 12% this year, growth in labour earnings, fed by workforce and productivity growth, will continue to generate substantial inflows.

Can’t touch our nest egg early

Australia’s strict rules preventing withdrawals from super are among the tightest in the world. With some exceptions for extreme hardship, members of super funds can withdraw their savings from age 60 if they retire, and from age 65 even if they have not retired.

An ageing population will mean more retirees in future decades, speeding up outflows. But so far, Australian retirees are proving to be very cautious with their nest eggs.

Along with compulsory contributions and rules on withdrawing it, investment returns have grown the super baby, at rates of 7.3% annually over the past 30 years, or about 4.4% annually above inflation.

The super sector is still smaller than its older sibling, the banking system, where assets of A$6.3 trillion are about 240% of the value of annual GDP. But super is forecast to grow to 200% of annual GDP over the next two decades.

Riskier investments

To generate these rates of return, Australian super funds have invested in a wide range of financial assets, and with a substantial exposure to high return (but riskier) assets.

In Australia, super funds invest around two-thirds
of funds in equities, property, infrastructure and commodities, and around one-third in safer bonds and cash.

That contrasts with some other pension systems, such as Japan and the UK, where a majority of funds are invested in safer assets like government bonds.

Susan Thorp is a member of UniSuper. She receives and has received research funding from the Australian Research Council, the Australian Securities and Investments Commission, the TIAA Institute (USA), IFM, and UniSuper and Cbus Superannuation funds via ARC Linkage Grants. Thorp was previously Professor of Finance and Superannuation at UTS, a position that was partly funded by Sydney Financial Forum (Colonial First State Global Asset Management), the NSW Government, the Association of Superannuation Funds of Australia (ASFA), the Industry Superannuation Network (ISN), and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality, UTS. She was an Associate Investigator for the ARC Centre of Excellence in Population Ageing Research (CEPAR), and is a member of the OECD-International Network on Financial Education Research Committee, the Steering Committee of the Mercer CFA Global Pensions Index, the Australian Securities and Investments Commission (ASIC) Consultative Committee, the Board of New College (UNSW) and the Research Committee of Super Consumers Australia, a not-for-profit advocacy organisation for Australian pension plan participants.

– ref. Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US – https://theconversation.com/australias-retirement-savings-are-too-big-to-invest-at-home-heres-why-super-funds-are-looking-to-the-us-250920

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-OSI USA: Statement on Consent Award to End Work Stoppage

Source: US State of New York

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February 27, 2025

Albany, NY

“My top priority is the safety of all New Yorkers, and for the past 11 days, I have deployed every possible State resource to protect the well-being of correction officers, the incarcerated population and local communities across New York. Working with a mediator, we have reached a consent award to address many of the concerns raised by correction officers, put DOCCS back on the path to safe operations, respect the rights of incarcerated individuals and prevent future unsanctioned work stoppages. I have the utmost respect and gratitude for the correction officers, civilian DOCCS employees, National Guard personnel and other staff who have done their absolute best to maintain order in our correctional facilities during this challenging period.”

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MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Cortez Masto, Rosen Request Answers from Social Security Administration Regarding Changes to Las Vegas Offices

US Senate News:

Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Jacky Rosen (D-Nev.) sent a letter to Acting Social Security Administration Commissioner Leland Dudek requesting answers on the planned relocation of a Social Security office in Las Vegas. The Senators also expressed concern that the lack of transparency surrounding changes to offices in Las Vegas may impact residents’ ability to access Social Security services. Across Nevada, approximately 592,000 residents received Social Security benefits in 2024.
“We write to understand the Department of Government Efficiency’s (DOGE) plans to relocate Social Security Administration (SSA) offices in Las Vegas, Nevada, as well as to request information on the impact of these actions on accessibility to SSA services for beneficiaries,” wrote the Senators.
“Having multiple SSA offices across the region ensures that our constituents have robust access to in-person assistance for the nation’s primary income support programs, and this is especially important for groups like the elderly and individuals with disabilities,” continued the Senators. “If not handled correctly, the closure and relocation of a Las Vegas office could result in longer travel times, worsening backlogs, and additional delays in beneficiaries receiving assistance and benefits. It could also have an impact on staffing shortages that have plagued the SSA.”
Specifically, the Senators asked for the following information about the planned closure and relocation:
Which office will be moved and where will the new facility be located?
Which federal building in Southern Nevada has the capacity to hold the relocated facility?
Will the office be downsized to account for any differences in building capacity?
When will this relocation occur and will there be a continuation of current services throughout the relocation?
The DOGE website claims that $16,406 will be saved by this relocation. What is the source of that number? Does it include the costs involved in facilitating a relocation? Does the number include any cost savings from reduction in services?
Will there be any change to appointment capacity during or after the relocation?
What are the terms of the current lease and what is the status of the new lease agreement?
What plans does SSA have to notify our constituents about the relocation?
The full text of the letter can be found here.
Senators Cortez Masto and Rosen have pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump’s federal funding freeze, hiring freeze, and terminations in Nevada – including to the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, and the Department of Veterans Affairs.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: February 27th, 2025 Heinrich, Vasquez Urge New Mexico Attorney General to Investigate Health Care Centers in Denying Medical Care to New Mexicans

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Gabe Vasquez (D-N.M.) sent a letter urging New Mexico Attorney General Raúl Torrez to open an investigation into Ben Archer Health Centers refusing to provide medical care to individuals without “proof of citizenship.”

Heinrich’s office was alerted by constituents to Ben Archer Health Centers’ new practice of requiring “proof of citizenship” yesterday. His office then verified that Ben Archer was employing this practice at school-based health clinics, for scheduled appointments at standalone clinics, and for same-day appointment requests. In defense of their actions, Ben Archer leadership pointed to President Donald Trump’s Executive Order, “Ending Taxpayer Subsidization of Open Borders,” which was issued on February 19, 2025, but has no bearing on the provision of health care to non-citizens. In fact, New Mexico and federal law both require Ben Archer Health Centers and other similarly funded health centers in the United States to provide health care to all residents of the area the center serves.

In a post published to his social media yesterday morning, Heinrich condemned Ben Archer Health Centers for turning away patients without birth certificates on-hand at their clinics. Heinrich later welcomed news that the policy had been reversed, but has since received reports that the reversal is not being implemented consistently.

“We write to request that you investigate whether Ben Archer Health Centers’ (BAHC) denial of medical care to individuals unable to provide “proof of citizenship,” potentially denying care to U.S. citizens, violated federal or state law and to take appropriate legal action pursuant to those findings. BAHC operates 11 clinics throughout southern New Mexico and is funded by the U.S. Department of Health and Human Services, alongside the State of New Mexico and Doña Ana County. This federal and state support creates not only an ethical, but legal obligation to provide quality primary health care to all New Mexicans, addressing the urgent needs of medically underserved residents in our state. We are concerned that similar actions could undermine medical care across New Mexico if BAHC is not held accountable for their neglect of this principal duty,” the lawmakers wrote in their letter to New Mexico Attorney General Raúl Torrez.

On February 26, the lawmakers received multiple, verified reports of Ben Archer Health Centers denying medical care to New Mexicans who were unable to provide proof of U.S. citizenship. One report was from an insulin-dependent patient with diabetes who was unable to refill their insulin prescription, and another report was from a patient who states they were unable to refill their psychotropic medication at Ben Archer Health Centers’ onsite pharmacy. Another individual sent a photo of a public posting at a school-based clinic in Las Cruces stating, “any ineligible alien who entered the United States illegally or is otherwise unlawfully present in the United States does not qualify for federally funded services at Ben Archer Health Centers.”

Ben Archer Health Centers operate clinics at three of Las Cruces Public Schools’ (LCPS) high schools. After receiving calls from the New Mexico Department of Health and the Primary Care Association of New Mexico, Ben Archer took down the posted notices. However, in visits to Ben Archer Health Centers since the reversal, constituents have experienced inconsistent requirements to access health services.

“A west Texas measles outbreak killed a school-age child just yesterday, and New Mexico’s Department of Health has confirmed nine cases of measles in Lea County. At a moment when access to vaccinations and treatment are paramount, the last thing a family needs when attending an appointment at their local school-based clinic — funded by federal, state, and county dollars — is to be turned away unless they prove citizenship,” the lawmakers stated.

The lawmakers also emphasized that Ben Archer Health Centers appears to be violating both state and federal law.

“BAHC’s unilateral decision to require documentation of citizenship as a prerequisite to providing health care at their clinics is not only unreasonably burdensome for New Mexican families, we believe it also violates the law… Despite their citing of President Donald Trump’s Executive Order, “Ending Taxpayer Subsidization of Open Borders,” as justification for their actions, that executive order has no bearing on health centers’ provision of heath care to non-citizens and does not supersede applicable law,” the lawmakers declared.

“We are aware of constituents who have been directly impacted by BAHC’s actions and can provide additional information upon request. While we believe that the vast majority of these vital health care providers are committed to serving vulnerable New Mexicans, we urge you to investigate these allegations against BAHC, determine the extent to which the practice is continuing, and hold them accountable on behalf of patients across our state,” the lawmakers concluded.

The text of the letter is here and below:

Dear Attorney General Torrez,

We write to request that you investigate whether Ben Archer Health Centers’ (BAHC) denial of medical care to individuals unable to provide “proof of citizenship,” potentially denying care to U.S. citizens, violated federal or state law and to take appropriate legal action pursuant to those findings. BAHC operates 11 clinics throughout southern New Mexico and is funded by the U.S. Department of Health and Human Services, alongside the State of New Mexico and Doña Ana County. This federal and state support creates not only an ethical, but legal obligation to provide quality primary health care to all New Mexicans, addressing the urgent needs of medically underserved residents in our state. We are concerned that similar actions could undermine medical care across New Mexico if BAHC is not held accountable for their neglect of this principal duty.

On February 26, we received multiple, verified reports of BAHC denying medical care to New Mexicans who were unable to provide proof of U.S. citizenship. One report was from an insulin-dependent patient with diabetes who was unable to refill their insulin prescription, and another report was from a patient who states they were unable to refill their psychotropic medication at Ben Archer’s onsite pharmacy. Another individual sent a photo of a public posting at a school-based clinic in Las Cruces stating, “any ineligible alien who entered the United States illegally or is otherwise unlawfully present in the United States does not qualify for federally funded services at Ben Archer Health Centers.” BAHC operates clinics at three of Las Cruces Public Schools’ (LCPS) high schools. After receiving calls from the New Mexico Department of Health and the Primary Care Association of New Mexico, BAHC took down the posted notices. However, a brief phone call between LCPS Superintendent, Ignacio Ruiz, and Ben Archer’s Chief Financial Officer indicates BAHC will continue to demand proof of citizenship prior to rendering health services.

A west Texas measles outbreak killed a school-age child just yesterday, and New Mexico’s Department of Health has confirmed nine cases of measles in Lea County. At a moment when access to vaccinations and treatment are paramount, the last thing a family needs when attending an appointment at their local school-based clinic — funded by federal, state, and county dollars — is to be turned away unless they prove citizenship.

BAHC’s unilateral decision to require documentation of citizenship as a prerequisite to providing health care at their clinics is not only unreasonably burdensome for New Mexican families, we believe it also violates the law. BAHC advertises their status as a Health Center Program grantee under 42 U.S.C. § 254b on the front page. of their website. Pursuant to subsection (a)(1)-(2) of that statute, health centers like BAHC are required to provide services for all residents within the area served by the center. Despite their citing of President Donald Trump’s Executive Order, “Ending Taxpayer Subsidization of Open Borders,” as justification for their actions, that executive order has no bearing on health centers’ provision of heath care to non-citizens and does not supersede applicable law.

Additionally, BAHC’s actions are likely in violation of NM Stat § 24A-1-20 (2024). Section 24A-1(A)-(B) of that statute provides that state or local health benefits, therein defined as “any health benefit for which payments, assistance or health care services are provided to an individual, household or family eligibility unit by…appropriated funds of the state, a county, a local government…,” must be provided to all non-citizens, regardless of immigration status, if they meet the eligibility requirements for those benefits. Again, BAHC’s website clearly states that, in addition to federal funding, they receive funding from New Mexico state agencies, including the Department of Health, the Children, Youth, & Families Department, and the Human Services Department, as well as Doña Ana County.

BAHC’s demands that patients produce proof of U.S. citizenship in order to receive basic health care appear to violate both state and federal law. Their actions also unquestionably run counter to BAHC’s mission statement emphasizing access to health services for underserved populations. Health Centers in New Mexico are currently serving over 331,000 patients, including 17,262 homeless, 18,934 school-based, and 6,596 Veteran patients. Altogether, over 15% of New Mexico’s residents are served by Health Centers with 51% of those residents being under the poverty line. We are aware of constituents who have been directly impacted by BAHC’s actions and can provide additional information upon request. While we believe that the vast majority of these vital health care providers are committed to serving vulnerable New Mexicans, we urge you to investigate these allegations against BAHC, determine the extent to which the practice is continuing, and hold them accountable on behalf of patients across our state.

Sincerely,

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: WATCH: Padilla Blasts Trump’s Pick to Lead the Department of Education

US Senate News:

Source: United States Senator Alex Padilla (D-Calif.)
WATCH: Padilla warns of devastating impacts of Trump’s plan to abolish the Education DepartmentWASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) delivered remarks on the Senate floor to oppose President Trump’s nomination of Linda McMahon to lead the Department of Education, underscoring the enormous threat the Trump Administration poses to education for millions of students in California and across the country. President Trump has repeatedly stated he wants to eliminate the Department of Education — which would irreparably harm the education of the 80 percent of students who attend public schools.
Padilla called out McMahon for her startling lack of qualifications to lead the Department of Education.
“We can talk about Linda McMahon’s qualifications — or frankly, lack thereof. But I’m not shocked, because President Trump isn’t looking for someone with the background or the commitment to strengthen education in America. He’s looking for someone to destroy it. President Trump has said publicly that he wishes that Ms. McMahon would ‘put herself out of a job.’ And it’s clear that she’s ready to do it.”
Padilla also emphasized the crucial role the Department of Education plays in promoting equal access to education, issuing protections and support for students with special needs, defending the civil rights of tens of millions of students, and managing the student loans and Pell grants that students need to afford an education.
“Linda McMahon and Republicans in Congress will try to sell us on the idea that education should be left to states and to local communities. … Now while it’s true that state and local communities play the primary role in education, it’s actually the federal government that helps close the gaps.
“That’s part of what makes our country strong: the idea that no matter where you live, no matter who your parents are, or what tax bracket your family is in, you have the right to a good education. Because after all, it’s the surest path to achieving your American Dream.”
A “proud product of public education,” Senator Padilla highlighted his own background graduating from San Fernando High School and using Pell grants to help pay for college. He emphasized the opportunities the public school system afforded him, and urged his Republican colleagues to vote against McMahon to protect the right to education for millions of students.
“I find it outrageous that Ms. McMahon and Republicans can so callously plan to take a chainsaw to the American Dreams of so many current and future students. But today, we’re here to say that tens of millions of public school students are not line items on your chopping block.
“They deserve better. Our country is better than this. And I urge all my colleagues to reject President Trump’s attempts to abolish the Department of Education and to reject Linda McMahon’s nomination or any nominee who’s willing to carry out his wishes.”
Video of Senator Padilla’s full remarks is available here.
Footage of his remarks can be downloaded here. Earlier this month, Senator Padilla joined Senator Elizabeth Warren (D-Mass.) and his Senate colleagues in launching a probe into recent reports that Elon Musk’s Department of Government Efficiency (DOGE) has infiltrated the Department of Education and gained access to federal student loan data, which includes millions of borrowers’ personal information. A federal court has since blocked DOGE’s access to this sensitive information, but the Senators sent a follow-up letter earlier today raising concerns about the Department of Education’s “woefully inadequate,” “misleading” response to their inquiry.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Reed: Trump Admin’s Latest Moves to Dismantle Social Security Administration Puts Retirees’ Earned Benefits At Risk

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – The American Prospect reported that the acting leader of the Social Security Administration (SSA) – who was handpicked by Trump outside the usual process for elevating an acting commissioner — instructed managers to draw up plans to cut the SSA workforce by half. This comes on the heels of the Trump Administration terminating SSA’s Office of Transformation which was moving to modernize technology, customer experience, and more across the SSA in a coordinated and transparent manner with trackable progress.

Today, U.S. Senator Jack Reed (D-RI) condemned the Trump Administration’s moves to drastically downsize the SSA by shuttering field offices and firing critical staff and warned that doing so would be an alarming step toward disrupting payments and slashing future benefits.

“Social Security is an earned benefit that Americans pay into. President Trump is recklessly moving to disrupt this vital lifeline and deny people the assistance they need when they need it most,” said Senator Reed. “If the Trump Administration fires half of the SSA workforce it will degrade customer service for taxpayers and set the stage for even bigger cuts to the underlying program — leading to more elderly and disabled people struggling without a safety net.”

For nearly 90 years, Social Security has provided income protection to millions of retirees, people with disabilities, dependents, and families that lose a wage earner.

This year, the Social Security Administration will administer benefits and payments to more than 70 million beneficiaries – including 230,000 Rhode Islanders — while also issuing millions of Social Security numbers; maintaining the wage records of workers; and more.

Rhode Island is currently home to five SSA field offices and one location for the Office of Hearings Operations (Newport, Pawtucket, Providence, Warwick, Woonsocket). Senator Reed says it’s imperative that older Americans and individuals with severe physical and intellectual disabilities have access to in-person services and that the SSA do more to enhance and simplify communications with Social Security recipients.

“Over 100,000 visitors travel to SSA’s brick-and-mortar facilities every weekday seeking help. They shouldn’t be placed on indefinite hold or forced to chat with a bot — they need a dedicated SSA staffer who can connect with them and help them through all the legalese to get the personalized assistance they deserve. But the Trump-Musk cuts would make it harder for people in need to get timely assistance accessing their benefits,” said Reed, who noted that 30,000 people died while waiting for Social Security disability determinations during fiscal 2023.

Senator Reed also sounded the alarm about recent turmoil at the agency as a result of Elon Musk and his so-called Department of Government Efficiency (DOGE) prying into people’s personal data. DOGE coders gained access to personally identifiable information on hundreds of millions of Americans stored by SSA, which, if it is not properly protected, could lead to a tsunami of scams targeting older Americans.

Musk has blatantly tried to mislead the public about Social Security, including spreading misinformation that large numbers of 150-year-old “vampires” were receiving Social Security payments.

“The Trump Administration is systematically trying to discredit Social Security: Elon Musk has made his disdain for Social Security clear through outrageously false claims that don’t add up. The Trump Administration is putting Social Security benefits at risk by firing civil servants who assist beneficiaries and making it harder for Americans to talk to a real person and get the personalized customer assistance they need,” said Senator Reed.

“Rhode Island seniors depend on the Social Security and I will do everything I can to defend against the Trump-Musk cuts that seek to downsize the SSA and people’s retirement security in order to fund bigger windfall tax benefits for the wealthy. We must strengthen and improve retirement security for Americans, not promote insecurity and economic instability,” concluded Reed.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Reed Statement on Trump’s Discriminatory Purge of Transgender Military Personnel

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – Today, the Trump Administration issued a U.S. Department of Defense directive that amounts to a complete ban on transgender military service, forcing out current servicemembers and banning transgender people from enlisting. This Trump transgender policy goes further than the trans military ban implemented during Trump’s first term, which allowed some transgender troops to continue serving.

U.S. Senator Jack Reed (D-RI), the Ranking Member of the Senate Armed Services Committee, issued the following statement:

“This is a divisive, discriminatory move that does nothing to keep the American people safe or strengthen our military. Removing qualified transgender service members means getting rid of highly-trained, experienced personnel who aren’t easily replaced. It’s a betrayal of these patriotic individuals and undermines the notion of merit-based military standards. We need high-caliber people who will serve and defend the Constitution.”

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: Ernst Works to Bolster Local Meat Processing Capacity, Support Small Producers

US Senate News:

Source: United States Senator Joni Ernst (R-IA)
WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Agriculture Committee, is working to remove regulatory roadblocks and increase meat processing capacity by allowing livestock auction market owners to invest in small and regional packing facilities.
Ernst recently introduced the Expanding Local Meat Processing Act, bipartisan, bicameral legislation that would amend the Packers and Stockyards Act to allow livestock auction market owners to hold ownership in, finance, or participate in the management or operation of a meat packing entity. This cap would exclude investment in the top 10 meat packers.
“Removing outdated regulations that hinder the livestock industry should be a no-brainer,” said Ernst. “Allowing livestock auction markets to invest in small meat processing facilities will reduce market consolidation, decrease reliance on federal funding, and provide small producers with much-needed processing options. I’m proud to strengthen local food systems, increase competition, and ultimately lower meat costs for consumers through this effort.”
Click here to view the bill text.
Background:
Currently, livestock auction markets are not able to own, invest in, manage, or operate a packing plant or meat marketing business due to outdated regulations in the Packers and Stockyards Act.
Ernst has been pushing to remove this unnecessary barrier in the livestock industry since 2022.

MIL OSI USA News –

February 28, 2025

Category: Americas

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