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Category: Americas

  • MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME MARCH 17, 2025

    Source: GlobeNewswire (MIL-OSI)

    Boston, MA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination which was initially scheduled for January 30, 2025 and had been postponed to February 27, 2025, will be further postponed to 10:00 a.m., Eastern Time on Monday, March 17, 2025. At the Special Meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

    The Special Meeting is being further postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to further postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.

    As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Monday, March 17, 2025, at the office of Ellenoff Grossman & Schole LLP located at 1345 Avenue of the Americas, New York, New York 10105 and via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also, as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination is being further extended to 5:00 p.m., Eastern time, on Thursday, March 13, 2025.

    The proposed resolutions to be considered at the Special Meeting remains the same as that set out in the definitive proxy statement and other relevant documents that was been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION, a copy of which can be accessed via the following link: https://www.sec.gov/Archives/edgar/data/1857855/000121390025001247/ea0226944-01.htm.

    Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

    About Finnovate Acquisition Corp.

    Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization. 

    Forward-Looking Statements

    The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    Additional Information

    Pubco and the Company filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”). The Registration Statement includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.

    Participants in The Solicitation

    Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.

    No Offer Or Solicitation

    This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    INVESTOR RELATIONS CONTACT

    Finnovate Acquisition Corp.
    Calvin Kung
    265 Franklin Street
    Suite 1702
    Boston, MA 02110
    +1 (424) 253-0908 

    The MIL Network –

  • MIL-OSI: Patta Brazil Renews Global Credit Line with Sparta Commercial’s Subsidiary Agoge Global USA

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Sparta Commercial Services, Inc. (OTC: SRCO) (“Sparta” or the “Company”), through its subsidiary Agoge, announced the renewal of its global credit line agreement with Patta Brazil (“Patta”). This extension reaffirms Agoge’s commitment to providing tailored financial solutions that support businesses navigating complex import challenges.

    Since its initial engagement with Agoge, Patta has benefited from enhanced cash flow flexibility, enabling it to meet supplier deadlines, reduce operational costs, and expand its import volume. The credit line has played a critical role in Patta’s growth, allowing for increased hiring and operational scaling.

    “Agoge’s financing solution has been instrumental in our ability to scale operations efficiently,” said Nelson Miano Junior, CEO of Patta Brazil. “With their extended payment terms and streamlined process, we have not only increased our import capacity but also secured financial stability that enables us to focus on long-term growth.”

    With this renewal, Patta Brazil aims to further increase its import volume, targeting an annual goal of 120 containers over the next five years. Patta has already seen significant gains, with a 50% projected revenue increase this year alone, and performance exceeding expectations in recent months.

    “Many importers struggle with cash flow misalignment and the high costs of nationalization,” added Miano. “Agoge’s solution allows us to avoid unnecessary financial burdens, such as demurrage fees, and ensures that our operations run smoothly and predictably. We highly recommend their services to other businesses facing similar challenges.”

    Eduardo Ribeiro Filho, Founder of Wedev Group, said “We developed EZBroker360 with the intention to provide solutions to support importers and allow them to focus on growing their business. Patta’s appreciation means a lot to us, and we look forward to further growing our relationship.”

    Agoge’s financing model continues to differentiate itself by offering direct access to decision-makers, competitive rates, and a hassle-free approval process. This renewal solidifies its position as a trusted partner for businesses seeking to optimize their import financing strategies.

    “We love receiving feedback from our clients and the fact that Patta has already made several recommendations of our product to other companies speaks volumes” said Anthony Havens, Sparta’s CEO. “We will continue to listen to our clients and work to develop solutions that strengthen their ability to meet their financial commitments” Havens added.

    For more information about Sparta Commercial Services and Agoge’s financing solutions, visit www.spartacommercial.com and www.agogeglobalusa.com.

    About Sparta Commercial Services, Inc.
    Sparta Commercial Services, Inc. (www.spartacommercial.com) was founded in 2004 and is the parent company of three subsidiaries in addition to Agoge Global USA, Inc., iMobile Solutions, Inc., New World Health Brands, Inc., and Sparta Crypto, Inc., offering a variety of products and services.

    About Agoge Global USA, Inc. 
    A subsidiary of Sparta Commercial Services, Inc., Agoge Global USA, Inc. is a provider of finance, facilitation, and communications, within the import/export sector. With a focus on underserved markets, innovation, and customer satisfaction, Agoge strives to deliver exceptional value for its clients. For more information, visit www.agogeglobalusa.com.

    About WeDev Group Ltda.
    WeDev Group Ltda. is a Brazilian innovator focused on the disruption of traditional standards by fostering innovation and growth through new business models capable of transforming the way the world works.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ significantly from management’s expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to potential future losses, competition, financing and commercial agreements and strategic alliances, seasonality, possible fluctuations in operating results and rate of growth, management of potential growth, system interruption, consumer and industry trends, limited operating history, and government regulation. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. Further information regarding these and other risks is described from time to time in the Company’s filings with the SEC, which are available on its website at: www.sec.gov.

    Company Contact:
    Sandra L. Ahman
    Corporate Secretary
    Sparta Commercial Services, Inc.
    sandy@spartacommercial.com

    The MIL Network –

  • MIL-OSI Global: Generative AI is most useful for the things we care about the least

    Source: The Conversation – USA – By John P. Nelson, Postdoctoral Research Fellow in Ethics and Societal Implications of Artificial Intelligence, Georgia Institute of Technology

    The creative process involves choices that lead artists to places they couldn’t have imagined. Eoneren/E+ via Getty Images

    Generative AI tools such as ChatGPT and Midjourney can produce text, images and videos far more quickly than any one person can accomplish by hand.

    But as someone who studies the societal impacts of AI, I’ve noticed an interesting trade-off: The technology can certainly save time, but it does so precisely to the extent that the user is willing to surrender control over the final product.

    For this reason, generative AI is probably most useful for things we care about the least.

    Ceding creative control

    Let’s use the example of AI image generators. You probably have a rough idea of how they work. Just type what you want – “a panda surfing,” “a piece of toast that is also a car” – and the generative tool draws it.

    But this glosses over the countless possible iterations of the desired image.

    Will the image appear as a watercolor painting or a pencil sketch? How lifelike will the panda be? How big is the wave? Is the toast-car parked or moving? Is there anyone inside of it?

    When the images are generated, these questions have been answered – but not by the user. Rather, the generative AI tool has “decided.”

    Of course, the user can be more specific: Imitate the style of Monet. Make the wave twice the height of the panda. Maybe the panda should look worried, since it isn’t used to surfing.

    You can also pop open an image editor and modify the output yourself, down to the individual pixel. But, of course, drafting detailed instructions and revising the image take time, effort and skill. Generative AI promises to lighten the load. But as every manager knows, exercising control is work.

    The devil is in the details

    In all art and expression, power lies in the details.

    In great paintings, not every brushstroke is planned – but each is carefully considered and accepted. And its overall effect on the viewer depends on all those considered brushstrokes together.

    Filmmakers shoot take after take of the same scene, each subtly or radically different. Only a small fraction of that footage makes it into the final cut – the fraction that the editors feel does the job best. Great artists use their judgment to ensure every detail helps to achieve the effect they want.

    Of course, there’s nothing new about putting someone else in charge of the details. People are used to delegating authority – even about matters of expression – to marketers, speechwriters, social media managers and the like.

    Generative AI makes a new sort of contractor available. It’s always on call, and in certain ways it is very technically competent.

    But compared with skilled humans, it has a limited ability to understand what you want. Moreover, it lacks intention, contemplation and the comprehensive mastery of detail that yield great expressive achievements – or even the comprehensive idiosyncrasy that spawns very unique ones.

    Ask ChatGPT for a film script, plus casting and shooting instructions. It will give you neither Francis Ford Coppola’s masterpiece “The Godfather” nor Tommy Wiseau’s bizarre “The Room.”

    You could, perhaps, approach a masterpiece, or a true oddity. But to do so, you’d have to exercise more and more time, more and more effort, and more and more control.

    An era of ‘cheap speech’

    What generative AI makes possible, above all, is low-effort, low-control expression.

    In the time I took to write and revise this article, I could have used ChatGPT to generate 200 grammatically correct, well-structured articles, and then I could have posted them online without even reading them. I wouldn’t have had to carefully parse each word and decide whether it really helped me make my point. I wouldn’t have even had to decide whether I agreed with any of the AI-generated write-ups.

    This is not a merely hypothetical example. Low-quality, AI-generated e-books of ambiguous provenance are already making their way into online vendors’ catalogs – and into the libraries those vendors serve.

    Similarly, using image generators, I could now flood the internet with superficially appealing images, dedicating only a fraction of a second to decide whether any of them express what I want them to express or achieve what I want them to achieve.

    But in doing so, I would not just be skipping over drudgery. Writing, drawing and painting are not just labor but processes of considering, reviewing and deciding exactly what I want to put out into the world. By skipping over those processes, I surrender that decision-making process to the AI tool.

    Some scholars argue that the internet has produced an era of “cheap speech.” People no longer have to invest a lot of resources – nor even face the judgment of their neighbors – to broadcast whatever they want to the world.

    With generative AI, expression is even cheaper. You don’t even have to make things yourself to put them out into the world. For the first time in human history, the ability to produce writing, art and expression has been decoupled from the necessity of actually paying attention to what you’re making or saying.

    Generative AI allows you to blow through the thousands of little decisions that go into a work of art.
    C.J. Burton/The Image Bank via Getty Images

    When intention and effort matter

    I suspect that great art, journalism and scholarship will still demand great attention and effort. Some of that effort may even include custom-developing AI tools tailored to an individual artist’s concerns.

    But unless people become much better at curation, great work will be increasingly difficult to locate amid the flood of low-effort content, which is also known as “AI slop.”

    It’s appropriate that generative AI becomes more useful the sloppier its users are willing to be – that is, the less they care about the details.

    I could end with some dire prognosis – that working artists and writers will be replaced with mediocre automation, that online discourse will get even stupider, that people will isolate themselves in personalized cocoons of AI-generated media.

    All these things are possible. But it’s probably more useful to offer a suggestion to you, the reader.

    When you need an image or a piece of writing, take a moment to decide: How important are the details? Would the process of making this yourself, or working with a collaborator or contractor, be useful? Would it yield a better output, or give me the chance to learn, or begin or strengthen a relationship, or help you reflect on something important to you?

    In short, is it worth putting in real care and effort? The answer will not always be yes. But it often will.

    Art, writing, films – these are not just products, but acts. They are things humans make, through a process of thousands of little decisions that encompass what we stand for and what we want to say.

    So when it comes to art, expression and argument, if you want it done right, it’s probably still best to do it yourself.

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

    – ref. Generative AI is most useful for the things we care about the least – https://theconversation.com/generative-ai-is-most-useful-for-the-things-we-care-about-the-least-249329

    MIL OSI – Global Reports –

  • MIL-OSI Global: If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation

    Source: The Conversation – USA – By Tamar Gutner, Associate Professor, American University

    Donald Trump is no fan of international organizations. Just hours after taking office on Jan 20, 2025, the U.S. president announced his intention to withdraw from the World Health Organization and the Paris agreement on climate change.

    Could the International Monetary Fund and the World Bank be next?

    Certainly, supporters of the twin institutions – that have formed the backbone of global economic order for 80 years – are concerned. A Trump-ordered review of Washington’s support of all international organizations has led to fears of the U.S. reducing funding or pulling it altogether.

    But any shrinking of U.S. leadership in international financial institutions would, I believe, run counter to the administration’s ostensible geopolitical goals, creating a vacuum for China to step into and take on a bigger global role. In particular, weakening the World Bank and other multilateral development banks, or MDBs, that have a large U.S. presence could present an opportunity for a little-known, relatively new Chinese-led international organization: the Asian Infrastructure Investment Bank – which, since its inception, has supported the very multilateralism the U.S. is attacking.

    AIIB’s paradoxical role

    The Asian Infrastructure Investment Bank (AIIB) was created by China nine years ago as a way to invest in infrastructure and other related sectors in Asia, while promoting “regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.”

    Since then, it has served as an example of an international body willing to deeply cooperate with other major multilateral organizations and follow international rules and norms of development banking.

    This may run counter to the image of Beijing’s global efforts portrayed by China hawks, of which there are many in the Trump administration, who often present a vision of a China intent on undermining the Western-led liberal international order.

    But as a number of scholars and other China experts have suggested, Beijing’s strategies in global economic governance are often nuanced, with actions that both support and undermine the liberal global order.

    As I explore in my new book, it is clear that today the AIIB is a paradox: an institution connected to the rules and norms of the liberal international order, but one created by an illiberal government.

    Chinese Finance Minister Lou Jiwei speaks during the signing ceremony of the Asian Infrastructure Investment Bank on Oct. 24, 2014, in Beijing.
    Takaki Yajima-Pool/Getty Images

    The AIIB is deeply tied to the rules-based order as displayed through its many cooperative connections with other major multilateral development banks, such as the World Bank and the Japan-led Asian Development Bank.

    As such, the AIIB may present a Chinese counterpoint in a landscape where U.S. leadership is receding.

    The cooperative design of the AIIB

    For decades, multilateral development banks have served the important task of lending billions of dollars a year to support economic and social development.

    They can be vital sources of funding for poverty reduction, inclusive economic growth and sustainable development, with a newer emphasis on climate change. These international lenders have also been remarkably durable in today’s climate of fragmentation and crisis, with member nations actively considering ways of further strengthening them.

    At the same time, MDBs perennially face criticism from civil society organizations who highlight areas of weak performance and are concerned about potential downsides of the major MDBs’ greater emphasis on working more closely with the private sector. MDB expert Chris Humphrey has also noted that major “MDBs were built around a set of geopolitical and economic power relationships that are coming apart before our eyes.”

    When Chinese President Xi Jinping in 2013 proposed creating the AIIB to lend for infrastructure development in Asia, there was a lot of suspicion among major nations about China’s intentions.

    The Obama administration responded to the move by urging other countries not to join. Its concern was that China would use lending to gain further influence in the region, but without adhering to strong environmental and social standards.

    Nonetheless, all the other major nonborrowing nations, with the exception of Japan, joined the new bank. Today, the AIIB is the second-largest multilateral development bank in terms of member countries, behind only the World Bank. It currently has 110 member nations, which translates to over 80% of the global population. With US$100 billion in capital, it is one of the medium-sized multilateral lenders.

    From the get-go, the AIIB was designed to be cooperative. Jin Liqun, who became the bank’s first president, is a longtime multilateralist with a long career at China’s finance ministry and past positions on the boards of the World Bank and the Global Environmental Facility, as well as a vice presidency of the Asian Development Bank.

    The international group of experts that helped design the AIIB also included former executive directors and staff from the IMF and other development banks, as well as two Americans with long careers at the World Bank who played leading roles in designing the bank’s articles of agreement and its environmental and social framework.

    How the AIIB took its cue from others

    The bank fits into the landscape of other multilateral development banks in a variety of ways. The AIIB’s charter is directly modeled on the Asian Development Bank’s foundation, and built into the AIIB’s charter is the bank’s mission of promoting “regional cooperation and partnership in addressing development challenges.”

    The AIIB shares similar norms and policies with other major multilateral development banks, including its environmental and social standards.

    Alongside borrowing foundational principles, the AIIB also works in close conjunction with its peers. The World Bank initially ran the AIIB’s treasury operations. The AIIB has also co-financed a high percentage of its projects with other multilateral development banks, particularly in its first years.

    In a recent sign of cooperation, in 2023, a deal between the AIIB and World Bank’s International Bank for Reconstruction and Development (IBRD) saw the AIIB issue up to $1 billion in guarantees against IBRD sovereign-backed loans. This increased the IBRD’s ability to lend more money, while diversifying the AIIB’s loan portfolio.

    As of Feb. 6, 2025, the AIIB has 306 approved projects totaling $59 billion. Energy and transportation are its two largest sectors of lending. Recently approved projects include loans to support wind power plants in Uzbekistan and Kazakhstan, and a solar plant in India. India, which has a bumpy relationship with China, is one of the bank’s largest borrowers, along with Turkey and Indonesia.

    Cooperating and competing with China

    From its birth until recently, the multilateral AIIB has repeatedly distinguished itself from China’s bilateral initiatives. Chief among those is China’s Belt and Road Initiative, an umbrella term for infrastructure lending by Chinese institutions that has been criticized for lacking transparency and accountability.

    Indeed, some Belt and Road Initiative-linked projects have faced concerns about corruption, costs and the opacity of the loan agreements.

    In the past several years, the AIIB has made more mention of synergy with Belt and Road lenders, and the bank now hosts the secretariat of a facility, the Multilateral Cooperation Center for Development Finance, that offers grants and support to developing countries seeking to finance infrastructure in countries where Belt and Road lending takes place. This may blur the line between the AIIB and lending under the Belt and Road umbrella, but it does not appear to weaken the bank’s standards.

    Concerns about the level of Chinese government influence at the AIIB are not new. Canada froze its ties with the bank in June 2023, pending a review of allegations by a Canadian staff member, who dramatically quit after accusing the bank of being dominated by members of China’s Communist Party.

    No other member nations expressed such concern, and Canada has not yet published any review. A group of AIIB executive directors oversaw an internal review that found no evidence to support the allegations.

    As the new U.S. administration formulates its policies toward China, it would do well to take into account the variation in China’s strategies in global economic governance, as a recognition of areas of cooperation, competition and conflict requires more nuanced responses. In many areas, the U.S. will both cooperate and compete with China.

    Paradoxically, any moves by the Trump administration to pull back from multilateral organizations may leave the AIIB, whether or not it is an anomaly, in a position to offer a better model of cooperation than leading multilateral development banks with a powerful U.S. role.

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

    – ref. If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation – https://theconversation.com/if-us-attempts-world-bank-retreat-the-china-led-aiib-could-be-poised-to-step-in-and-provide-a-model-of-global-cooperation-244595

    MIL OSI – Global Reports –

  • MIL-OSI Global: A hazy legal landscape means people can get high on hemp products, even where pot is prohibited

    Source: The Conversation – USA – By Katharine Neill Harris, Fellow in Drug Policy, Rice University

    Delta-8 supplements on a shelf at a Texas store. Sergio Flores/Washington Post via Getty Images

    In Texas, where I live, marijuana has long been illegal. Yet on a busy street in my Houston neighborhood, at least five stores within a half-mile of each other sell cannabis products that promise a strong high.

    Texas isn’t alone. Due to a mix of recent legal changes and an uncertain policy landscape, residents in roughly half of American states have easy access to impairing hemp products that bear a strong resemblance to marijuana and are far less regulated.

    As hemp sales soar – reaching nearly US$3 billion in 2023 – a number of states are tightening their restrictions, while experts are analyzing the public health implications. That’s why I analyzed hemp policies in all 50 states with some of my colleagues at Rice University’s Baker Institute, where I’m a drug policy fellow.

    Marijuana and hemp: Same plant, different policies

    Marijuana and hemp are both varieties of cannabis sativa, a plant with many uses that produces thousands of compounds. Among them is the popular intoxicant delta-9 tetrahydrocannabinol, or delta-9 THC.

    Hemp is widely valued as an industrial crop, and for most of American history, farmers freely cultivated it. But by the mid-20th century, lawmakers had grown increasingly opposed to marijuana and were concerned by hemp’s similarity to its impairment-causing cousin.

    In an effort to permit hemp cultivation while prohibiting production of a psychoactive plant, the Agricultural Marketing Act of 1946 defined hemp as all parts of the cannabis plant with less than 0.3 percent concentration of delta-9 THC by dry weight. Cannabis that exceeded this threshold was considered marijuana.

    The 1970 Controlled Substances Act ushered in the modern era of prohibition of marijuana and other drugs. Hemp remained technically legal, but because of its similarity to marijuana, it was listed as a Schedule I drug, alongside heroin and other substances deemed to have a high potential for abuse and no medical value.

    Because of hemp’s Schedule I status, the Drug Enforcement Administration tightly regulated its production. But hemp farmers have long argued that these regulations were excessive – and in 2018, Congress agreed. That year, lawmakers passed a farm bill that removed hemp from the Controlled Substances Act and legalized the manufacture and sale of hemp and its derivatives.

    The ABC News affiliate in San Diego reports on the 2018 farm bill from a local perspective.

    Crucially, the 2018 bill still defines hemp as all parts of the plant and its derivatives that have less than 0.3 percent delta-9 THC. But it left a loophole: While delta-9 is the most well-known form of THC, it’s not the only one. Other forms of THC, known as THC isomers, have similar effects. These isomers, like delta-8 and delta-10 THC, can be derived from the hemp plant, and like delta-9 THC, they can cause impairment. The 2018 Farm Bill legalized all of them.

    In 2023, sales of hemp-derived cannabinoids reached US$2.8 billion. Market growth has been accompanied by a rise in adverse health events. Chemists have expressed alarm at how some hemp products are made, and analyses of commercially available products have found them to contain heavy metals, residual solvents and pesticides.

    Given the lax regulatory environment, many public officials now question the lack of guardrails on this burgeoning hemp industry. As a result, officials and governments across the country are now enacting or considering policy changes.

    Some states are imposing age and advertising restrictions

    In 2023, 11.4% of 12th graders said they had used hemp-derived delta-8 THC in the past year. Easy access to any substance can encourage use, and THC can have negative impacts on the adolescent brain.

    While federal law prohibits the sale of tobacco and alcohol to individuals under 21, there is no similar national requirement for hemp. But at least 27 states that permit the sale of hemp-derived products now have minimum age requirements, and several others have pending legislation.

    Lessons from the tobacco market also demonstrate that advertising restrictions can reduce the use of legal but potentially harmful products. Most efforts to curtail hemp advertising focus on youth. Sixteen states restrict the use of packaging and marketing materials that may appeal to minors. Meanwhile, federal regulations also limit youth-targeted marketing.

    There are fewer restrictions on advertising to adults. The Food and Drug Administration does prohibit using unverified health claims to sell hemp products, but this standard gives the industry plenty of leeway. Hemp ads often tout their purported physical benefits, like reducing pain or improving sleep, or portray them as mood-boosters that can make one feel euphoric and aroused, with few downsides.

    Other states are establishing potency limits

    The use of products high in THC has been linked to greater risk of cannabis dependence and adverse mental health outcomes. Concerns about product potency have led all states with recreational marijuana markets to limit the amount of delta-9 THC in edible products. This threshold is typically around 10 milligrams, a dose that’s strong enough to affect most people.

    Hemp is a different story. To satisfy federal requirements, hemp just has to have less than 0.3% delta-9 THC by weight. This limit sounds low, but the weight-based metric does not account for heavier products, like food and drinks.

    For example, a 50-gram candy bar – roughly the size of a Snickers bar – with 150 milligrams of hemp-derived delta-9 THC is legal in the 34 states that don’t have milligram caps on hemp products. This is a dose 15 times higher than what any recreational marijuana market allows. Meanwhile, states that only restrict hemp’s delta-9 content also leave the door open to products with high amounts of other forms of THC.

    At least 13 states have responded to potency concerns by adding milligram caps on the total THC permitted in a single serving of a hemp product. Some of these limits are so low – 1 milligram or less in Connecticut, New York, Montana and Rhode Island – that one serving is unlikely to cause impairment.

    Enforcement is a wild card

    Only regulations that are enforced are effective, and states differ in the level of energy they devote to industry oversight.

    In Virginia, the Office of Hemp Enforcement has issued over $12 million in fines to noncompliant hemp retailers since its creation in 2023. On the other end of the spectrum, Massachusetts considers hemp-derived THC products illegal, but it has not provided local jurisdictions with funding for enforcement, resulting in continued availability of prohibited products.

    Some states with legal hemp markets have added additional sales taxes to help fund enforcement. In Nebraska, Missouri and Connecticut, attorneys general have sued hemp retailers for selling illegal items, marketing to minors and engaging in deceptive trade practices.

    As the hemp industry expands, so will concerns about how to protect public health. The demand for THC, and the market to supply it, continues to grow. If lawmakers want to develop industrywide safety standards or deal with the challenges of online marketplaces that sell hemp products to minors, it will take action from Washington. In the meantime, many states and policymakers are exploring an expansive middle ground between unfettered access and blanket bans.

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

    – ref. A hazy legal landscape means people can get high on hemp products, even where pot is prohibited – https://theconversation.com/a-hazy-legal-landscape-means-people-can-get-high-on-hemp-products-even-where-pot-is-prohibited-247168

    MIL OSI – Global Reports –

  • MIL-OSI USA: Protecting Our Membership, America’s Veterans: IAM Union, Allies Win Injunction to Stop OPM, Education Department Disclosure of Private Federal Worker Data

    Source: US GOIAM Union

    The IAM Union, the National Federation of Federal Employees (NFFE-IAM), and allies representing more than 2 million workers have been granted a temporary restraining order prohibiting the U.S. Office of Personnel Management (OPM) and the Department of Education from disclosing sensitive personal information to employees affiliated with the Department of Government Efficiency (DOGE) who do not have authorization to receive the information.

    Six individuals, including military veterans, personally harmed by DOGE’s theft of their private information joined the suit filed by the IAM, the National Federation of Federal Employees (NFFE-IAM), the AFT, and the National Active and Retired Federal Employees Association (NARFE). Protect Democracy and Munger, Tolles & Olson are counsel to the plaintiffs. The suit alleges that DOGE staff have not been properly vetted and have been granted access to some of the government’s most sensitive data systems, in violation of the Privacy Act.

    “The IAM Union will always fight to protect our members and our veterans who work so hard to protect our country,” said IAM Union International President Brian Bryant. “From caring for our veterans to protecting our national parks, these dedicated civil servants are the backbone of keeping our nation’s promises to the American people. We’re glad the court has agreed to halt this illegal incursion into their personal information.”

    “NFFE is pleased to see the court has sided with workers, who have a right to privacy regardless of who is in the White House,” said NFFE-IAM National President Randy Erwin. “This is just one of the many unwarranted attacks that federal employees have faced over the past month. We will continue to challenge any violations of law to ensure our members can do their jobs in service to the American public.”

    The U.S. District Court for the District of Maryland ruled that the claim from the IAM and its plaintiffs — including military veterans and unions representing millions of veterans, teachers, scientists, engineers, federal employees — would likely be successful. The plaintiffs argue that OPM and the Education Department violated the Privacy Act by granting DOGE affiliates unauthorized access to systems containing sensitive personal information including Social Security numbers, bank account information, health records, and other private data.

    “Today, the Court agreed with our claim that DOGE affiliates do not need to access Americans’ highly sensitive and private data to do their jobs,” said Kristy Parker, Counsel at Protect Democracy, who represents the plaintiffs. “This ruling is an important step in protecting American’s right to privacy from people who may not have appropriate authority to access it and who may not be using it properly or with adequate safeguards.”

    In the 33-page ruling, the judge wrote that “none of these workplace reform measures,” allegedly contemplated by the executive orders covering DOGE “appears to require” OPM and Department of Education employees “to access records with the sensitive personal information of current and formal federal employees” and that the government “never explains why” OPM and Department of Education personnel need this access to implement workplace reform measures.

    The temporary restraining order will remain in effect until March 10, 2025, and prevents:

    • The Department of Education from disclosing personally identifiable information to any DOGE affiliates.
    • OPM from disclosing personally identifiable information to any OPM employee working principally on the DOGE agenda (with the exception of OPM Chief Information Officer Greg Hogan).

    The court denied the plaintiffs’ request for relief against the Treasury Department, noting that a previous injunction in another case already provides the plaintiffs protection against Treasury.

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    MIL OSI USA News –

  • MIL-OSI USA: ICE worksite enforcement operation results in the arrest of 3 illegal aliens

    Source: US Immigration and Customs Enforcement

    KENNETT SQUARE, Pa – U.S. Immigration and Customs Enforcement, working with the Drug Enforcement Administration and the Bureau of Alcohol, Tobacco, Firearms and Explosives, conducted a worksite enforcement operation at Chavos Tires in Kennett Square, Pennsylvania, Feb. 21. Three employees, who are illegal aliens unlawfully present in the United States were encountered, interviewed, and subsequently arrested for administrative immigration violations and detained pending removal. One of those arrested has a criminal history of driving under the influence and assault.

    “The worksite enforcement operation at Chavos Tires is a prime example of our commitment to upholding the laws established by the Immigration Reform and Control Act of 1986. By ensuring employers hire legally verified employees, we help protect jobs for U.S. citizens and lawfully employed individuals, eliminate unfair competitive advantages, and strengthen public safety and national security,” said ICE Homeland Security Investigations Philadelphia Special Agent in Charge Edward V. Owens. “The arrest of three individuals unlawfully present in the United States, underscores the importance of our ongoing efforts to promote compliance with U.S. employment laws and deter illegal employment practices.”

    This investigation began after ICE received information the business was hiring illegal aliens and could be involved with labor exploitation. The investigation into the business operations is ongoing.

    Under federal law, employers are required to verify the identity and employment eligibility of all individuals they hire, and to document that information using the Employment Eligibility Verification Form I-9. ICE uses the I-9 inspection program to promote compliance with the law, part of a comprehensive strategy to address and deter illegal employment. Inspections are one of the most powerful tools the federal government uses to ensure that businesses are complying with U.S. employment laws.

    ICE’s worksite enforcement strategy includes leveraging the agency’s other investigative disciplines, since worksite investigations can often involve additional criminal activity, such as alien smuggling, human trafficking, money laundering, document fraud, worker exploitation and/or substandard wage and working conditions.

    ICE uses a three-pronged approach to worksite enforcement: compliance, from I-9 inspections, civil fines and referrals for debarment; enforcement, through the criminal arrest of employers and administrative arrest of unauthorized workers.

    MIL OSI USA News –

  • MIL-OSI Video: $40k BONUS! HOW? | U.S. Army

    Source: US Army (video statements)

    : AEMO

    About the U.S. Army:
    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.
    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L
    Connect with the U.S. Army online:
    Web: https://www.army.mil
    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #40kBonus

    https://www.youtube.com/watch?v=Yat4uq-k5co

    MIL OSI Video –

  • MIL-OSI Video: Young Trade Leaders: Hugh, Canada

    Source: World Trade Organization – WTO (video statements)

    The Young Trade Leaders Programme was established to connect young people with the work of the WTO. Hugh Jones, from Canada, works at Tereposky & DeRose, an international trade and investment law firm in Ottawa.

    Hugh talks about the importance of including indigenous voices in international trade.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=5_2sjkA__RM

    MIL OSI Video –

  • MIL-OSI USA: Planned retirements of U.S. coal-fired electric-generating capacity to increase in 2025

    Source: US Energy Information Administration

    In-brief analysis

    February 25, 2025

    Electricity generators plan to retire 12.3 gigawatts (GW) of capacity in 2025, a 65% increase in retirements compared with 2024. Last year, 7.5 GW was retired from the U.S. power grid, the least generation retired since 2011, according to data reported to us in our latest inventory of electric generators. Coal generating capacity accounts for the largest share of planned capacity retirements (66%), followed by natural gas (21%).

    Coal. Electric generators report that they plan to retire 8.1 GW of coal-fired capacity in 2025, or 4.7% of the total U.S. coal fleet that was in operation at the end of 2024. Coal retirements decreased to 4.0 GW last year, less than the 9.8 GW of coal capacity retired in each of the last 10 years.

    The largest U.S. coal plant that generators plan to retire this year is the 1,800-megawatt (MW) Intermountain Power Project in Utah, where an 840-MW natural gas combined-cycle power block is expected to come online in July. J H Campbell (1,331 MW) in Michigan and Brandon Shores (1,273 MW) in Maryland are two other large coal plants expected to retire this year.

    Natural gas. This year, generators plan to retire 2.6 GW of U.S. natural gas capacity, representing 0.5% of the natural gas fleet in operation at the end of 2024. Almost all of the expected retirements are simple-cycle natural gas turbine power plants, which burn natural gas in a single turbine to produce electricity and are less efficient compared with combined-cycle natural gas plants.

    More than 62% of the natural gas retirements will come from V H Braunig Units 1, 2, and 3 (859 MW) in Texas and Eddystone Units 3 and 4 (760 MW) in Pennsylvania. Both plants are retiring old steam units installed between 1966 and 1974. Another 29% of the natural gas retirements will come from 16 simple-cycle combustion turbines totaling 754 MW at the Tennessee Valley Authority’s (TVA) Johnsonville station in Tennessee. These units, installed in 1975, will be replaced with 10 new, modern aeroderivative gas turbines, which will add 500 MW of natural gas capacity back to the Johnsonville station.

    Petroleum. Petroleum-fired power plants make up around 2.3% of generating capacity in the United States. This year, 1.6 GW of U.S. petroleum-fired capacity is scheduled to retire. More than half of the retiring capacity comes from the Herbert A Wagner power plant in Maryland, where Talen Energy plans to retire three of its oil-fired units totaling 828 MW. The next-largest retirement comes from the TVA’s Allen power plant in Tennessee, where TVA plans to shut down its 20-unit combustion turbine site totaling 427 MW.

    Principal contributor: Office of Energy Statistics staff

    MIL OSI USA News –

  • MIL-OSI USA: UConn Landscape Architecture Connecting Bridgeport’s Waterfront

    Source: US State of Connecticut

    Bridgeport sits at the mouth of the Pequonnock River on Long Island Sound, providing it with the longest waterfront in the state.

    However, due to historical and ongoing under-resourcing, 70% of the waterfront is currently inaccessible. This has perpetuated racial and socioeconomic disparities that affect access to the ecosystem and public services in Connecticut.

    Researchers, students, and alumni from the College of Agriculture, Health and Natural Resources (CAHNR) are working to create and implement plans that would make waterfront areas accessible for Bridgeport residents. The faculty leads on this effort are Jill Desimini, director and associate professor of landscape architecture, and Sohyun Park, associate professor of landscape architecture.

    This work aims to make two key portions of Bridgeport’s waterfront accessible. The first is the area known as the “sliver by the river,” in downtown Bridgeport by the train station, and the second is along Yellow Mill Channel, on the east side of the city.

    “The impact on the community will be huge,” Park says. “In the past, they did not have access to the waterfront, and now we are opening the access points and revitalizing some vacant land and public spaces to be more resilient and socially functioning.”

    As part of their landscape architecture studio, undergraduate students were divided into groups to generate proposals for the areas which have served as the basis for actual work on these sites.

    “It was a really exciting project to get to be a part of,” Kayla Villareal ’25 (CAHNR) says. “Being able to see the evolution and implementation of past suggestions was extremely motivating and served as inspiration to the work produced by my cohort. The best part about the work we completed was seeing the impacts it could have in various communities in Connecticut, as well as other states in the future.”

    The goal is to not only create a continuous path of access to the waterfront, but to provide community services along the pathway as well. Some amenities included in the plan are kayak launches, benches, parks, and areas for fishing.

    The marshlands on the north side of the “sliver by the river” also have the potential to offer important ecosystem services such as improving water quality, erosion control, habitat, and flood abatement once restored.

    On the Yellow Mill side, the group has introduced native plants, pollinator gardens, parking, and increased accessibility to the existing waterfront park there. They have also proposed various site activation and place-making strategies, like art walk, painted asphalt, underpass gallery, pop-up skate park, educational signage, guerilla gardening, and more.

    “Their ultimate goal is to provide continuous access along the waterfront to the residents of Bridgeport, both to improve the ecological health of the waterfront and the human health of the residents,” Desimini says.

    Park says she hopes this work helps inspire community members to continue pushing to improve their neighborhoods.

    “You actually spur community engagement further if they see some color on the pavement,” Park says. “I hope the small things we do can have some snowball effect and engage more people in their neighborhood.”

    The nationally accredited landscape architecture program at UConn has a longstanding relationship with groups including Groundwork Bridgeport, Trust for Public Land, National Park Service, and the Connecticut chapter of the American Society of Landscape Architects, all of which have been partners for this effort.

    Within these organizations and beyond, many CAHNR alumni have been involved in the effort.

    “It’s an honor to be involved in such a transformative and beautiful project right in the city I grew up in,” says Ely-Anna Becerril ’21, landscape designer at William Kenny Associates, LLC. [My colleague] Tom Tavella and the students of the Landscape Architecture program provided the fantastic initial ideas and saw the potential for this space to be something special. I’m excited to help push this project forward to becoming a reality for the Bridgeport community to enjoy.”

    This project is funded by the City of Bridgeport and various grants from the National Park Service, National Fish and Wildlife Foundation, Long Island Sound Futures Fund, and the National Coastal Resiliency Fund.

    This work relates to CAHNR’s Strategic Vision area focused on Promoting Diversity, Equity, Inclusion, and Justice

     

    Follow UConn CAHNR on social media

    MIL OSI USA News –

  • MIL-OSI: Purpose Investments Inc. Announces Final February 2025 Distribution Rate for Purpose High-Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final February 2025 distribution rates for Purpose High-Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    The following table reflects the final distribution amounts for the month of February. Ex-distribution date is February 26, 2025.

    Open-End Fund Ticker Symbol Final distribution
    per unit    		 Record Date Payable Date Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.3407 02/26/2025 03/04/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $ 0.2701 02/26/2025 03/04/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $ 0.1130 02/26/2025 03/04/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.3244 02/26/2025 03/04/2025 Monthly


    About Purpose Investments Inc.

    Purpose Investments Inc. is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI USA: NASA: New Study on Why Mars is Red Supports Potentially Habitable Past

    Source: NASA

    A new international study partially funded by NASA on how Mars got its iconic red color adds to evidence that Mars had a cool but wet and potentially habitable climate in its ancient past.

    The current atmosphere of Mars is too cold and thin to support liquid water, an essential ingredient for life, on its surface for lengthy periods. However, various NASA and international missions have found evidence that water was abundant on the Martian surface billions of years ago during a more clement era, such as features that resemble dried-up rivers and lakes, and minerals that only form in the presence of liquid water.
    Adding to this evidence, results from a study published February 25 in the journal Nature Communications suggest that the water-rich iron mineral ferrihydrite may be the main culprit behind Mars’ reddish dust. Martian dust is known to be a hodgepodge of different minerals, including iron oxides, and this new study suggests one of those iron oxides, ferrihydrite, is the reason for the planet’s color.
    The finding offers a tantalizing clue to Mars’ wetter and potentially more habitable past because ferrihydrite forms in the presence of cool water, and at lower temperatures than other previously considered minerals, like hematite. This suggests that Mars may have had an environment capable of sustaining liquid water before it transitioned from a wet to a dry environment billions of years ago.
    “The fundamental question of why Mars is red has been considered for hundreds if not for thousands of years,” said lead author Adam Valantinas, a postdoctoral fellow at Brown University, Providence, Rhode Island, who started the work as a Ph.D. student at the University of Bern, Switzerland. “From our analysis, we believe ferrihydrite is everywhere in the dust and also probably in the rock formations, as well. We’re not the first to consider ferrihydrite as the reason for why Mars is red, but we can now better test this using observational data and novel laboratory methods to essentially make a Martian dust in the lab.”

    “These new findings point to a potentially habitable past for Mars and highlight the value of coordinated research between NASA and its international partners when exploring fundamental questions about our solar system and the future of space exploration,” said Geronimo Villanueva, the Associate Director for Strategic Science of the Solar System Exploration Division at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and co-author of this study.
    The researchers analyzed data from multiple Mars missions, combining orbital observations from instruments on NASA’s Mars Reconnaissance Orbiter, ESA’s (the European Space Agency) Mars Express and Trace Gas Orbiter with ground-level measurements from NASA rovers like Curiosity, Pathfinder, and Opportunity. Instruments on the orbiters and rovers provided detailed spectral data of the planet’s dusty surface. These findings were then compared to laboratory experiments, where the team tested how light interacts with ferrihydrite particles and other minerals under simulated Martian conditions.
    “What we want to understand is the ancient Martian climate, the chemical processes on Mars — not only ancient — but also present,” said Valantinas. “Then there’s the habitability question: Was there ever life? To understand that, you need to understand the conditions that were present during the time of this mineral’s formation. What we know from this study is the evidence points to ferrihydrite forming and for that to happen there must have been conditions where oxygen from air or other sources and water can react with iron. Those conditions were very different from today’s dry, cold environment. As Martian winds spread this dust everywhere, it created the planet’s iconic red appearance.”
    Whether the team’s proposed formation model is correct could be definitively tested after samples from Mars are delivered to Earth for analysis.
    “The study really is a door-opening opportunity,” said Jack Mustard of Brown University, a senior author on the study. “It gives us a better chance to apply principles of mineral formation and conditions to tap back in time. What’s even more important though is the return of the samples from Mars that are being collected right now by the Perseverance rover. When we get those back, we can actually check and see if this is right.”
    Part of the spectral measurements were performed at NASA’s Reflectance Experiment Laboratory (RELAB) at Brown University. RELAB is supported by NASA’s Planetary Science Enabling Facilities program, part of the Planetary Science Division of NASA’s Science Mission Directorate at NASA Headquarters in Washington.
    By William Steigerwald
    NASA Goddard Space Flight Center, Greenbelt, Maryland

    MIL OSI USA News –

  • MIL-OSI USA: President Donald J. Trump Approves Major Disaster Declaration for Kentucky

    Source: US Federal Emergency Management Agency 2

    ASHINGTON — FEMA announced today that federal disaster assistance is available to the Commonwealth of Kentucky to supplement recovery efforts in the areas affected by severe storms, straight-line winds, flooding, landslides and mudslides from Feb. 14, and continuing.
    The President’s action makes federal funding available to affected individuals in Breathitt, Clay, Harlan, Knott, Lee, Letcher, Martin, Owsley, Perry and Pike counties. Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster.
    Federal funding is also available to the Commonwealth and eligible local governments and certain nonprofit organizations on a cost-sharing basis for emergency protective measures, including direct federal assistance in Breathitt, Clay, Harlan, Knott, Lee, Letcher, Martin, Owsley, Perry and Pike counties.
    Federal funding is also available on a cost-sharing basis for hazard mitigation measures for the entire Commonwealth.Jeremy Slinker has been named the Federal Coordinating Officer for federal recovery operations in the affected areas. Additional designations may be made at a later date if warranted by the results of further damage assessments. 
    Individuals and business owners who sustained losses in the designated areas can begin applying for assistance by registering online at www.DisasterAssistance.gov, by calling 800-621-FEMA (3362) or by using the FEMA App. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.  

    MIL OSI USA News –

  • MIL-OSI USA: Five Facts About NASA’s Moon Bound Technology

    Source: NASA

    NASA is sending revolutionary technologies to the Moon aboard Intuitive Machines’ second lunar delivery as part of the agency’s CLPS (Commercial Lunar Payload Services) initiative and Artemis campaign to establish a long-term presence on the lunar surface. 
    As part of this CLPS flight to the Moon, NASA’s Space Technology Mission Directorate will test novel technologies to learn more about what lies beneath the lunar surface, explore its challenging terrain, and improve in-space communication.  
    The launch window for Intuitive Machines’ second CLPS delivery, IM-2, opens no earlier than Wednesday, Feb. 26 from Launch Complex 39A at NASA’s Kennedy Space Center in Florida. After the Intuitive Machines’ Nova-C class lunar lander reaches Mons Mouton, a lunar plateau near the Moon’s South Pole region, it will deploy several NASA and commercial technologies including a drill and mass spectrometer, a new cellular communication network, and a small drone that will survey difficult terrain before returning valuable data to Earth.

    Here are five things to know about this unique mission to the Moon, the technologies we are sending, and the teams making it happen!  
    1. Lunar South Pole Exploration 
    IM-2’s landing site is known as one of the flatter regions in the South Pole region, suitable to meet Intuitive Machines’ requirement for a lit landing corridor and acceptable terrain slope. The landing location was selected by Intuitive Machines using data acquired by NASA’s Lunar Reconnaissance Orbiter.  

    2. New Technology Demonstrations 
    NASA’s Polar Resources Ice Mining Experiment, known as PRIME-1, is a suite of two instruments – a drill and mass spectrometer – designed to demonstrate our capability to look for ice and other resources that could be extracted and used to produce propellant and breathable oxygen for future explorers. The PRIME-1 technology will dig up to about three feet below the surface into the lunar soil where it lands, gaining key insight into the soil’s characteristics and temperature while detecting other resources that may lie beneath the surface.  
    Data from the PRIME-1 technology demonstration will be made available to the public following the mission, enabling partners to accelerate the development of new missions and innovative technologies.   

    3. Mobile Robots
    Upon landing on the lunar surface, two commercial Tipping Point technology demonstrations will be deployed near Intuitive Machines’ lander, Tipping Points are collaborations between NASA’s Space Technology Mission Directorate and industry that foster the development of commercial space capabilities and benefit future NASA missions. 
    The first is a small hopping drone developed by Intuitive Machines. The hopper, named Grace, will deploy as a secondary payload from the lander and enable high-resolution surveying of the lunar surface, including permanently shadowed craters around the landing site. Grace is designed to bypass obstacles such as steep inclines, boulders, and craters to cover a lot of terrain while moving quickly, which is a valuable capability to support future missions on the Moon and other planets, including Mars. 

    4. Lunar Surface Communication
    The next Tipping Point technology will test a Lunar Surface Communications System developed by Nokia. This system employs the same cellular technology used here on Earth, reconceptualized by Nokia Bell Labs to meet the unique requirements of a lunar mission. The Lunar Surface Communications System will demonstrate proximity communications between the lander, a Lunar Outpost rover, and the hopper. 

    5. Working Together
    NASA is working with several U.S. companies to deliver technology and science to the lunar surface through the agency’s CLPS initiative.  
    NASA’s Space Technology Mission Directorate plays a unique role in the IM-2 mission by strategically combining CLPS with NASA’s Tipping Point mechanism to maximize the potential benefit of this mission to NASA, industry, and the nation.  NASA’s Lunar Surface Innovation Initiative and Game Changing Development program within the agency’s Space Technology Mission Directorate led the maturation, development, and implementation of pivotal in-situ resource utilization, communication, and mobility technologies flying on IM-2.  
    Join NASA to watch full mission updates, from launch to landing on NASA+, and share your experience on social media. Mission updates will be made available on NASA’s Artemis blog.  

    MIL OSI USA News –

  • MIL-OSI USA: NASA to Provide Coverage of Progress 91 Launch, Space Station Docking

    Source: NASA

    NASA will provide live launch and docking coverage of a Roscosmos cargo spacecraft delivering approximately three tons of food, fuel, and supplies for the crew aboard the International Space Station.
    The unpiloted Roscosmos Progress 91 spacecraft is scheduled to launch at 4:24 p.m. EST, Thursday, Feb. 27 (2:24 a.m. Baikonur time, Friday, Feb. 28), on a Soyuz rocket from the Baikonur Cosmodrome in Kazakhstan.
    Live launch coverage will begin at 4 p.m. on NASA+. Learn how to watch NASA content through a variety of platforms, including social media.
    After a two-day in-orbit journey to the station, the spacecraft will dock autonomously to the aft port of the Zvezda service module at 6:03 p.m. Saturday, March 1. NASA’s rendezvous and docking coverage will begin at 5:15 p.m. on NASA+.
    The Progress 91 spacecraft will remain docked to the space station for approximately six months before departing for re-entry into Earth’s atmosphere to dispose of trash loaded by the crew.
    The International Space Station is a convergence of science, technology, and human innovation that enables research not possible on Earth. For more than 24 years, NASA has supported a continuous U.S. human presence aboard the orbiting laboratory, through which astronauts have learned to live and work in space for extended periods of time. The space station is a springboard for developing a low Earth economy and NASA’s next great leaps in exploration, including missions to the Moon under Artemis and, ultimately, human exploration of Mars.
    Get breaking news, images and features from the space station on Instagram, Facebook, and X.
    Learn more about the International Space Station, its research, and its crew, at:
    https://www.nasa.gov/station
    -end-
    Claire O’SheaHeadquarters, Washington202-358-1100claire.a.o’shea@nasa.gov
    Sandra JonesJohnson Space Center, Houston281-483-5111sandra.p.jones@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Venus Blows Off Some Steam

    Source: NASA

    Tall plumes of white vapor rise from the rocky Venusian surface in this April 19, 1977, artist’s concept. A little over a year later, NASA’s Pioneer Venus 1 would launch as the first of a two-spacecraft orbiter-probe combination designed to study the atmosphere of Venus.
    The first American spacecraft to orbit Venus, Pioneer Venus 1 used radar to map the surface of Venus. The probe found Venus to be generally smoother than Earth, though with a mountain higher than Mt. Everest and a chasm deeper than the Grand Canyon.
    Thanks to exploration by Pioneer Venus 1 and other spacecraft like Magellan, Galileo, Cassini, and even the Parker Solar Probe, we now have a much better view of what the surface of Venus looks like.
    Image credit: NASA/Rick Guidice

    MIL OSI USA News –

  • MIL-OSI USA: Ames’ Own: Wayne R. Johnson Elected to the 2025 National Academy of Engineering Class

    Source: NASA

    NASA Ames’ Wayne Johnson Elected to 2025 Class of New Members of the National Academy of Engineering (NAE)

    Dr. Wayne R. Johnson, aerospace engineer at Ames Research Center, will be inducted as a new member of the prestigious National Academy of Engineering (NAE), class of 2025, on October 5, 2025, for his 45+ years of contributions to rotorcraft analysis, tiltrotor aircraft development, emerging electric aircraft, and the Mars Helicopter development. NAE members are among the world’s most accomplished engineers from business, academia, and government and are elected by their peers. The full announcement was released to the press on February 11, 2025 from NAE and is at
    https://www.nae.edu/19579/31222/20095/327741/331605/NAENewClass2025

    MIL OSI USA News –

  • MIL-OSI USA: State Leaders Announce Digitization of Plants and Animals Declaration Form

    Source: US State of Hawaii

    Office of the Governor — News Release — State Leaders Announce Digitization of Plants and Animals Declaration Form

    Posted on Feb 24, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI 
    KA MOKU ʻĀINA O HAWAIʻI 
     
    JOSH GREEN, M.D. 
    GOVERNOR
    KE KIAʻĀINA 

    SYLVIA LUKE
    LIEUTENANT GOVERNOR
    KE KEʻENA O KA HOPE KIAʻĀINA
     

    STATE LEADERS ANNOUNCE DIGITIZATION OF PLANTS AND ANIMALS DECLARATION FORM

    ʻAkamai Arrival’ Pilot Program to Launch on March 1 on Select Domestic Flights

    FOR IMMEDIATE RELEASE
    February 24, 2025

    HONOLULU – State leaders today announced the launch of ʻAkamai Arrival,’ a pilot program that will digitize Hawaiʻi’s Plants and Animals Declaration Form, streamlining the process for travelers arriving in the islands. The initiative, authorized under Act 196 (2024), marks a significant step toward modernizing Hawaiʻi’s biosecurity efforts, by improving form completion rates and strengthening protections against invasive species.

    Beginning March 1, 2025, the pilot program under the Hawaiʻi Department of Agriculture (HDOA) will roll out on select domestic flights in partnership with major airlines, including Alaska Airlines, American Airlines, Delta Air Lines, Hawaiian Airlines, Southwest Airlines and United Airlines. Participating airlines will integrate the digital form into their arrival processes, giving passengers a more efficient way to submit required agricultural declarations before landing in Hawaiʻi.

    “Protecting Hawaiʻi’s unique environment from invasive species is critical to our way of life, our economy, and our future. The ‘Akamai Arrival’ program is a forward-thinking approach that modernizes our biosecurity efforts while making it easier for travelers to comply with our agricultural protections. This initiative is another step toward preserving our islands for generations to come,” said Governor Josh Green, M.D.

    This concerted effort to modernize and adapt technology is an important step to further protect Hawaiʻi’s natural heritage. Lieutenant Governor Sylvia Luke, together with legislators, HDOA, airline partners, and stakeholders, developed the digital agriculture form pilot program. “This is what government should be doing — utilizing technology to improve our state processes and better serve the public. Every one of us, whether coming home or traveling to Hawaiʻi, is very familiar with filling out the paper agriculture form. By digitizing this form, we’re making compliance easier for travelers while using technology to protect what makes Hawaiʻi so special,” said Lieutenant Governor Luke.

    Airlines participating in the pilot have discretion over flight selection and implementation methods. The ʻAkamai Arrival’ website will serve as a hub for passengers, providing access to the digital form, flight information and an FAQ page to assist travelers.

    “U.S. airlines play a critical role in connecting travelers to Hawaiʻi, and the transition from paper to digital agriculture declaration forms is a significant step toward modernizing the travel experience. We’re proud to support the ‘Akamai Arrival’ program, making the arrival process more seamless and efficient for travelers,” said Sean Williams, Airlines for America vice president of State and Local Government Affairs.

    “The Department of Agriculture has been addicted to paper for nearly 60 years. Five years ago, I advocated for the digitization of the declaration form, but was met with resistance. Lawmakers had to pass a law last year to encourage the migration from paper to an app,” said Senator Glenn Wakai, who chairs the Senate Committee on Energy and Intergovernmental Affairs. “The ʻAkamai Arrival’ program will inform passengers about what’s not acceptable to bring to Hawaiʻi BEFORE they board the plane, rather than when they’re scrambling for a pen over the Pacific.”

    “Enhancing our state’s biosecurity efforts and protecting our islands from invasive species requires modern solutions, and the implementation of a digital form is long overdue,” said Representative Kirstin Kahaloa, chair of the House Committee on Agriculture and Food Systems. “I appreciate the collaboration among stakeholders to streamline the screening process and strengthen our state’s ability to ensure safe arrivals.”

    The pilot program will run from March 1 through May 31, 2025. Monthly progress updates will be shared with participating airlines and data collected will help determine potential expansions of the program in the future.

    For more information about the digital declaration form and the ʻAkamai Arrival’ initiative, visit: https://akamaiarrival.hawaii.gov/

    For questions from the public, please email: [email protected]

    A link to the fact sheet can be found here.
    The slides presented at the news conference can be seen here.
    Photos from today’s news conference can be found here.

    # # #

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Office: 808-586-0120
    Email: [email protected] 

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    Shari Nishijima
    Communications Director
    Office of the Lieutenant Governor
    Cell: 808-978-0867
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI USA: Office of the Governor — News Release — State Leaders Announce Digitization of Plants and Animals Declaration Form

    Source: US State of Hawaii

    Office of the Governor — News Release — State Leaders Announce Digitization of Plants and Animals Declaration Form

    Posted on Feb 24, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI 
    KA MOKU ʻĀINA O HAWAIʻI 
     
    JOSH GREEN, M.D. 
    GOVERNOR
    KE KIAʻĀINA 

    SYLVIA LUKE
    LIEUTENANT GOVERNOR
    KE KEʻENA O KA HOPE KIAʻĀINA
     

    STATE LEADERS ANNOUNCE DIGITIZATION OF PLANTS AND ANIMALS DECLARATION FORM

    ʻAkamai Arrival’ Pilot Program to Launch on March 1 on Select Domestic Flights

    FOR IMMEDIATE RELEASE
    February 24, 2025

    HONOLULU – State leaders today announced the launch of ʻAkamai Arrival,’ a pilot program that will digitize Hawaiʻi’s Plants and Animals Declaration Form, streamlining the process for travelers arriving in the islands. The initiative, authorized under Act 196 (2024), marks a significant step toward modernizing Hawaiʻi’s biosecurity efforts, by improving form completion rates and strengthening protections against invasive species.

    Beginning March 1, 2025, the pilot program under the Hawaiʻi Department of Agriculture (HDOA) will roll out on select domestic flights in partnership with major airlines, including Alaska Airlines, American Airlines, Delta Air Lines, Hawaiian Airlines, Southwest Airlines and United Airlines. Participating airlines will integrate the digital form into their arrival processes, giving passengers a more efficient way to submit required agricultural declarations before landing in Hawaiʻi.

    “Protecting Hawaiʻi’s unique environment from invasive species is critical to our way of life, our economy, and our future. The ‘Akamai Arrival’ program is a forward-thinking approach that modernizes our biosecurity efforts while making it easier for travelers to comply with our agricultural protections. This initiative is another step toward preserving our islands for generations to come,” said Governor Josh Green, M.D.

    This concerted effort to modernize and adapt technology is an important step to further protect Hawaiʻi’s natural heritage. Lieutenant Governor Sylvia Luke, together with legislators, HDOA, airline partners, and stakeholders, developed the digital agriculture form pilot program. “This is what government should be doing — utilizing technology to improve our state processes and better serve the public. Every one of us, whether coming home or traveling to Hawaiʻi, is very familiar with filling out the paper agriculture form. By digitizing this form, we’re making compliance easier for travelers while using technology to protect what makes Hawaiʻi so special,” said Lieutenant Governor Luke.

    Airlines participating in the pilot have discretion over flight selection and implementation methods. The ʻAkamai Arrival’ website will serve as a hub for passengers, providing access to the digital form, flight information and an FAQ page to assist travelers.

    “U.S. airlines play a critical role in connecting travelers to Hawaiʻi, and the transition from paper to digital agriculture declaration forms is a significant step toward modernizing the travel experience. We’re proud to support the ‘Akamai Arrival’ program, making the arrival process more seamless and efficient for travelers,” said Sean Williams, Airlines for America vice president of State and Local Government Affairs.

    “The Department of Agriculture has been addicted to paper for nearly 60 years. Five years ago, I advocated for the digitization of the declaration form, but was met with resistance. Lawmakers had to pass a law last year to encourage the migration from paper to an app,” said Senator Glenn Wakai, who chairs the Senate Committee on Energy and Intergovernmental Affairs. “The ʻAkamai Arrival’ program will inform passengers about what’s not acceptable to bring to Hawaiʻi BEFORE they board the plane, rather than when they’re scrambling for a pen over the Pacific.”

    “Enhancing our state’s biosecurity efforts and protecting our islands from invasive species requires modern solutions, and the implementation of a digital form is long overdue,” said Representative Kirstin Kahaloa, chair of the House Committee on Agriculture and Food Systems. “I appreciate the collaboration among stakeholders to streamline the screening process and strengthen our state’s ability to ensure safe arrivals.”

    The pilot program will run from March 1 through May 31, 2025. Monthly progress updates will be shared with participating airlines and data collected will help determine potential expansions of the program in the future.

    For more information about the digital declaration form and the ʻAkamai Arrival’ initiative, visit: https://akamaiarrival.hawaii.gov/

    For questions from the public, please email: [email protected]

    A link to the fact sheet can be found here.
    The slides presented at the news conference can be seen here.
    Photos from today’s news conference can be found here.

    # # #

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Office: 808-586-0120
    Email: [email protected] 

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    Shari Nishijima
    Communications Director
    Office of the Lieutenant Governor
    Cell: 808-978-0867
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces stronger accountability measures, launches new tool measuring local progress in tackling homelessness

    Source: US State of California 2

    Feb 24, 2025

    Releases $920 million in additional homelessness funding  

    What you need to know: Governor Newsom today announced stronger accountability measures to hold local governments accountable if they fail to make progress in addressing homelessness. The Governor also unveiled a new online accountability tool to help the public track their community’s progress on housing, homelessness, and behavioral health, in addition to $920 million in new funding.

    SACRAMENTO — As part of the state’s ongoing efforts to address the national homelessness crisis, Governor Newsom today announced strong accountability measures for local jurisdictions to demonstrate results to continue receiving state homelessness funding. Governor Newsom is also launching a new online tool, accountability.ca.gov, which brings together thousands of locally reported data points to provide a clear picture of local communities’ work on California’s most pressing issues, including homelessness, housing, and behavioral health.

    “No one in our nation should be without a place to call home. As we continue to support our communities in addressing homelessness, we expect fast results, not excuses. While we are pleased by the progress many communities have made to address the homelessness crisis, there is more work to do.”

    Governor Gavin Newsom

    Stronger accountability

    Today, Governor Newsom is announcing additional accountability measures for communities that receive state funding. The announcement comes alongside new Homeless Housing, Assistance and Prevention (HHAP) funding to support local homelessness efforts, tied to performance benchmarks and the ability for the state to withhold funding allocations if local communities do not make progress. The funding also comes with flexibility for communities that need to modify their plans in the case of natural disasters, such as the recent Los Angeles area firestorms.

    More results

    Communities that receive awards through the newest round of HHAP funding must adhere to increased accountability, transparency, and compliance measures. These include an increased focus on resolving encampments, requirements that recipients have a compliant housing element to obtain future funding, and requirements that grantees obligate and expend past awards before receiving new funds. These strengthened measures will better ensure real, measurable results and will improve the tracking of data and outcomes. 

    As part of the proposed 2025-2026 budget, the Governor has called for even stronger accountability measures as a condition on any additional state funding, including requirements that grantees have and maintain a compliant housing element, prioritization for communities designated as “pro-housing,” and mechanisms to claw back funding from local governments that fail to demonstrate progress.

    Find out how your community is doing 

    Today’s announcement comes alongside the debut of a new online tool accountability.ca.gov, which brings together thousands of locally reported data points to provide an accurate picture of local communities’ work to address homelessness, create housing, and create behavioral health supports.  The new accountability tool will allow Californians to quickly and clearly assess the progress being made by their local governments on these pressing issues, and learn more about the process and funding provided to communities by the state.

    Funding for local governments 

    Today, the state is announcing awards of roughly $160 million and the availability of $760 million in new funding for communities — providing local communities with additional funding to:

    • Address encampments: The state is providing local governments with $118.7 million in Encampment Resolution Funding to support 14 projects that will move people out of encampments and into shelters and housing. Of this funding, Los Angeles is receiving three separate awards totaling $56.4 million to address three encampments near I-10, Hollywood Boulevard, and the LA River. 
    • Create new shelter and support: Additionally, the state is announcing the release of nearly $42 million of additional HHAP Round 5 funding for five regions as well as the availability of more than $760 million for HHAP Round 6. Key priorities for HHAP Round 6 include preserving, developing, and supporting permanent housing solutions; ensuring interim housing and outreach services have sustainable funding structures; aligning funding with strong regional partnerships that make notable progress on homelessness solutions; and ensuring meaningful engagement with tribal governments and people with lived experience of homelessness. 

    Reversing decades of inaction 

    As states throughout the nation continue to see ever-higher increases in homeless populations, California has dramatically slowed the growth in homelessness and reduced the number of veterans and youth experiencing homelessness — more than any other state.

    Homelessness continues to increase nationwide, increasing in 2024 by more than 18%, but California is bucking the national trend by holding the statewide increase to 3%. This is a lower rate than in 40 other states.

    California is also one of the few states that have dramatically blunted the increases in unsheltered homelessness, holding it to 0.45%. By comparison, in 2024, nationwide unsheltered homelessness grew by nearly 7%. Unsheltered homelessness growth in other large population states like Illinois, Florida, New York, and Texas surpassed California’s in terms of percentage and number.

    The Newsom Administration is making significant progress in reversing decades of inaction on homelessness. Between 2014 and 2019, unsheltered homelessness in California increased by approximately 37,000 people — more than double the increase seen during the Newsom Administration.

    Recent news

    Feb 23, 2025

    News Pilot program to help LA recover and rebuild together What you need to know: Governor Newsom will debut a first-in-the-nation deliberative democracy program to help community members directly influence and inform the ongoing Los Angeles firestorm rebuilding and…

    Feb 21, 2025

    News Sacramento, California – Governor Gavin Newsom today announced the following appointments:Bhavana Prakash, of San Jose, has been appointed to the Physician Assistant Board. Prakash has been a Physician Assistant and Program Manager for the Adult Congenital Heart…

    Feb 20, 2025

    News Sacramento, California –Governor Gavin Newsom today announced the following appointments:Mayumi Kimura, of Temecula, has been appointed Deputy Secretary of Woman Veterans at the California Department of Veterans Affairs. Kimura has been the Founder and Director…

    MIL OSI USA News –

  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial results for the fourth quarter ended December 31, 2024.

    Q4 2024 Financial Highlights
    All amounts compared to Q4’23 unless otherwise noted

    • Total revenue was US$69.0 million vs. US$114.8 million.
    • Cost of revenue was US$63.9 million vs. US$87.8 million.
    • Gross profit was US$5.1 million vs. US$27.0 million.
    • Net loss was US$531.9 million vs. US$5.0 million.
    • Adjusted EBITDA1 was negative US$3.8 million, vs. positive US$33.32 million.
    • Cash and cash equivalents were US$476.3 million as of December 31, 2024.
    • Crypto balance: US$77.5 million as of December 31, 2024.

    Management Commentary

    “Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.

    Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”

    Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3rd and 4th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”

    Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”

    Operational Summary

    Metrics Three Months Ended Dec 31
      2024 2023
    Total hash rate under management (EH/s) 21.6 21.0
    – Proprietary hash rate 8.9 8.4
    – Self-mining 8.5 6.7
    – Cloud Hash Rate 0.0 1.7
    – Delivered but not yet hashing 0.4 –
    – Hosting 12.7 12.6
    Mining rigs under management 175,000 215,000
    – Self-owned 85,000 86,000
    – Hosted 90,000 129,000
    Bitcoin mined (self-mining only) 469 1,299
    Bitcoins held 594 43
    Total power usage (MWh) 857,000 1,336,000
    Average cost of electricity ($/MWh) 41 44
    Average miner efficiency (J/TH) 30.4 31.7


    Power Infrastructure Summary

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 50 Online Completed
    – Gedu, Bhutan 100 Online Completed
    Total electrical capacity 8954    
    Pipeline capacity      
    – Tydal, Norway Phase 1 40 In progress Pending Regulatory Approval
    – Tydal, Norway Phase 2 135 In progress Mid 2025
    – Massillon, Ohio 221 In progress Mid-to-late 2025
    – Clarington, Ohio Phase 1 266 In progress Q3 2025
    – Clarington, Ohio Phase 2 304 Pending approval Estimate 2026
    – Jigmeling, Bhutan 500 In progress Mid-to-late 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    Total pipeline capacity 1,744    
    Total global electrical capacity 2,639    


    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.

    Q4 2024 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      Dec 31, 2024 Sep 30, 2024 Dec 31, 2023
    Total revenue 69.0  62.0  114.8 
    Cost of revenue (63.9) (59.2) (87.8)
    Gross profit 5.1  2.8  27.0 
    Net loss (531.9) (50.1) (5.0)
    Adjusted EBITDA (3.8) (8.5) 33.32 
    Cash and cash equivalents 476.3  291.3  144.7 
    US $ in millions Three Months Ended Dec 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 41.5 2.3 8.5 12.4
    Cost of revenue        
    – Electricity cost in operating mining rigs (22.3) (0.1) (5.8) (7.0)
    – Depreciation and share-based payment expenses (12.2) (0.6) (1.2) (1.8)
    – Other cash costs (4.0) (0.3) (0.8) (1.2)
    Total cost of revenue (38.5) (1.0) (7.8) (10.0)
    Gross profit 3.0 1.3 0.7 2.4
    US $ in millions Three Months Ended Dec 31, 2023
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 46.9 16.2 25.2 23.4
    Cost of revenue        
    – Electricity cost in operating mining rigs (20.3) (4.3) (16.1) (17.2)
    – Depreciation and share-based payment expenses (9.7) (3.8) (2.6) (2.4)
    – Other cash costs (3.0) (1.0) (1.6) (1.6)
    Total cost of revenue (33.0) (9.1) (20.3) (21.2)
    Gross profit 13.9 7.1 4.9 2.2


    Full Year 2024 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Years Ended
      Dec 31, 2024 Dec 31, 2023
    Total revenue 349.8 368.5
    Cost of revenue (283.4) (290.7)
    Gross profit 66.4 77.8
    Net loss (599.2) (56.7)
    Adjusted EBITDA 39.4 97.02
    Cash and cash equivalents 476.3 144.7
    US $ in millions Year Ended Dec 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 163.1 39.8 67.6 64.0
    Cost of revenue        
    – Electricity cost in operating mining rigs (91.1) (7.5) (39.6) (41.0)
    – Depreciation and share-based payment expenses (39.1) (8.4) (8.4) (8.2)
    – Other cash costs (11.8) (2.5) (4.3) (4.5)
    Total cost of revenue (142.0) (18.4) (52.3) (53.7)
    Gross profit 21.1 21.4 15.3 10.3
    US $ in millions Year Ended Dec 31, 2023
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 111.7 67.9 97.3 79.9
    Cost of revenue        
    – Electricity cost in operating mining rigs (52.3) (17.1) (54.6) (55.5)
    – Depreciation and share-based payment expenses (29.2) (19.7) (13.2) (10.7)
    – Other cash costs (8.3) (5.3) (7.5) (6.6)
    Total cost of revenue (89.8) (42.1) (75.3) (72.8)
    Gross profit 21.9 25.8 22.0 7.1


    Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)

    Revenue

    • Total revenue was US$69.0 million vs. US$114.8 million.
    • Self-mining revenue was US$41.5 million vs. US$46.9 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 20.0% to 8.4 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$2.3 million vs. US$16.2 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations over the course of 2024.
    • General Hosting revenue was US$8.5 million vs. US$25.2 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$12.4 million vs. US$23.4 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.

    Cost of Revenue

    • Cost of revenue was US$63.9 million vs US$87.8 million. The decrease was primarily driven by lower depreciation expenses as certain mining rigs became fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.

    Gross Profit and Margin

    • Gross profit was US$5.1 million vs. US$27.0 million.
    • Gross margin was 7.4% vs. 23.5%.

    Operating Expenses

    • The sum of the operating expenses below was US$42.5 million vs. US$27.4 million.
      • Selling expenses were US$2.0 million vs. US$2.0 million, flat year-over-year.
      • General and administrative expenses were US$17.7 million vs. US$17.1 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, partially offset by lower share-based payment expenses.
      • Research and development expenses were US$22.9 million vs. US$8.3 million, primarily due to higher R&D costs related to higher engineering costs related to the Company’s ASIC development roadmap and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain.

    Other Net Loss

    • In Q4 2024, we recorded US$479.8 million other net loss primarily due to the non-cash expense of fair value changes of derivative liabilities, which are the US$413.7 million of loss on fair value changes for the convertible notes issued in August and November and the US$55.8 million of loss on fair value changes for the Tether warrants.

    Net Loss

    • Net loss was US$531.9 million vs. US$5.0 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$36.9 million vs. adjusted profit of US$4.52 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$3.8 million vs. positive US$33.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D as described above.

    Cash Flows

    • Net cash used in operating activities was US$325.1 million, primarily driven by electricity costs and operating expenses for the quarter as well working capital payments to TSMC of US$190.6 million for SEAL02 and US$52.8 million for the tapeout of SEAL03, including risk wafers.
    • Net cash used in investing activities was US$10.0 million, which included US$48.4 million of capital expenditures for infrastructure construction and mining rigs, offset by US$38.8 million of proceeds from disposal of cryptocurrencies received from our principal business.
    • Net cash generated from financing activities was US$522.8 million, primarily driven by the proceeds from our convertible note issuance in November and ATM program.

    Balance Sheet
    As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)

    • US$476.3 million in cash and cash equivalents, US$77.5 million in cryptocurrencies and US$208.1 million in borrowing.
    • US$310.2 million prepayments and other assets, up from US$97.1 million. Change primarily driven by advanced payments to TSMC for our SEAL02 mass volume production.
    • US$64.9 million inventories, up from nearly zero. Increase mainly including wafers, chips, WIP and finished SEALMINER inventory.
    • US$83.2 million intangible assets and US$35.8 million goodwill mainly raised from acquisition of Norway and Freechain during the year of 2024.
    • US$763.9 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August and November.

    Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    CEO 10b5-1 Trading Plan
    In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.


    BITDEER GROUP     UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
             
        As of December 31,   As of December 31,
    (US $ in thousands)   2024   2023
    ASSETS        
    Cash and cash equivalents   476,270     144,729  
    Cryptocurrencies   77,537     15,371  
    Trade receivables   9,627     17,277  
    Amounts due from a related party   15,512     187  
    Prepayments and other assets   310,173     97,087  
    Inventories   64,888     346  
    Financial assets at fair value through profit or loss   42,521     37,775  
    Restricted cash   17,356     9,538  
    Mining rigs   67,324     63,477  
    Right-of-use assets   69,273     58,626  
    Property, plant and equipment   251,377     154,860  
    Investment properties   30,723     34,346  
    Intangible assets   83,235     4,777  
    Goodwill   35,818     –  
    Deferred tax assets   6,220     991  
    TOTAL ASSETS   1,557,854     639,387  
             
    LIABILITIES        
    Trade payables   31,471     32,484  
    Other payables and accruals   42,267     32,151  
    Amounts due to a related party   8,747     33  
    Income tax payables   2,729     3,367  
    Derivative liabilities   763,939     –  
    Deferred revenue   129,229     144,337  
    Borrowings   208,127     22,618  
    Lease liabilities   78,133     70,211  
    Deferred tax liabilities   16,614     1,620  
    TOTAL LIABILITIES   1,281,256     306,821  
             
    NET ASSETS   276,598     332,566  
             
    EQUITY        
    Share capital   *     *  
    Treasury equity   (160,926)     (2,604)  
    Accumulated deficit   (649,004)     (49,853)  
    Reserves   1,086,528     385,023  
    TOTAL EQUITY   276,598     332,566  
             

    * Amount less than US$1,000


    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                     
        Three months ended Dec 31,   Years ended Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
             
    Revenue6   69,018     114,848     349,782     368,554  
    Cost of revenue   (63,919)     (87,804)     (283,382)     (290,745)  
    Gross profit   5,099     27,044     66,400     77,809  
    Selling expenses   (1,952)     (2,005)     (8,044)     (8,246)  
    General and administrative expenses   (17,668)     (17,134)     (64,317)     (66,454)  
    Research and development expenses   (22,898)     (8,306)     (76,946     (29,534)  
    Listing fee   –     –     –     (33,151)  
    Other operating income / (expenses)   (3,670)     3,073     727     3,791  
    Other net gain / (loss)   (479,778)     1,068     (507,479)     3,538  
    Profit / (loss) from operations   (520,867)     3,740     (589,659)     (52,247)  
    Finance income / (expenses)   (11,811)     1,179     (11,935)     1,276  
    Profit / (loss) before taxation   (532,678)     4,919     (601,594)     (50,971)  
    Income tax benefit / (expenses)   761     (9,950)     2,443     (5,685)  
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Other comprehensive loss                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Other comprehensive loss for the periods                
    Item that may be reclassified to profit or loss                
    – Exchange differences on translation of financial statements   (234)     (43)     (218)     (26)  
    Other comprehensive loss for the periods, net of tax   (234)     (43)     (218)     (26)  
    Total comprehensive loss for the periods   (532,151)     (5,074)     (599,369)     (56,682)  
                     
    Loss per share (Basic and diluted)   (3.22)     (0.05)     (4.36)     (0.51)  
                     
    Weighted average number of shares outstanding (thousands) (Basic and diluted)   165,427     111,055     137,426     110,494  
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                     
        Three months ended
    Dec 31,    		   Years ended
    Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
                     
    Cash flows from operating activities                
    Cash used in operating activities   (321,629)     (76,963)     (613,167)     (283,868)  
    Interest paid on leases   (902)     (659)     (3,473)     (2,605)  
    Interest paid on borrowings   (2,216)     (940)     (3,952)     (2,181)  
    Interest received   1,653     2,033     7,115     7,572  
    Income tax paid   (1,964)     (1,347)     (8,596)     (1,500)  
    Income tax refund   –     10,795     –     10,795  
    Net cash used in operating activities   (325,058 )   (67,081)     (622,073)     (271,787)  
                     
    Cash flows from investing activities                
    Purchase of property, plant and equipment, investment properties and intangible assets   (42,617)     (25,324)     (119,487)     (63,305)  
    Purchase of mining rigs   (5,766)     (107)     (7,731)     (63,041)  
    Purchase of financial assets at fair value through profit or loss, net of refund received   (425)     –     (2,776)     (4,400)  
    Proceeds from disposal of financial assets at fair value through profit or loss   –     –     –     31,111  
    Repayments from a related party   –     322     –     322  
    Lending to a third party   –     –     –     (61)  
    Proceeds from disposal of property, plant and equipment   54     44     298     73  
    Proceeds from disposal of mining rigs   –     27     –     27  
    Proceeds from disposal of cryptocurrencies   38,794     97,083     248,447     299,128  
    Cash paid for business acquisitions, net of cash acquired   –     –     (6,051)     –  
    Net cash generated from / (used in) investing activities   (9,960)     72,045     112,700     199,854  
                     
    Cash flows from financing activities                
    Capital element of lease rentals paid   (6,540)     (1,183)     (9,676)     (5,191)  
    Net payment related to Business Combination   –     –     –     (7,662)  
    Repayments of borrowings   (10,000)     –     (15,000)     (7,000)  
    Proceeds from issuance of shares for exercise of share rewards   4,412     412     5,170     412  
    Proceeds from issuance of ordinary shares and warrants, net of transaction costs   321,918     9,494     485,108     9,494  
    Payment for the future issuance cost   –     (942)     –     (942)  
    Acquisition of treasury shares   –     (2,495)     (617)     (2,604)  
    Proceeds from convertible senior notes, net of transaction costs   387,917     –     554,214     –  
    Repayment to convertible senior notes in connection with note extinguishment   (14,932)     –     (14,932)     –  
    Purchase of zero-strike call option   (160,000)     –     (160,000)     –  
    Net cash generated from / (used in) financing activities   522,775     5,286     844,267     (13,493)  
                     
    Net increase / (decrease) in cash and cash equivalents   187,757     10,250     334,894     (85,426)  
    Cash and cash equivalents at the beginning of the period   291,314     134,512     144,729     231,362  
    Effect of movements in exchange rates on cash and cash equivalents held   (2,801)     (33)     (3,353)     (1,207)  
    Cash and cash equivalents at the end of the period   476,270     144,729     476,270     144,729  
                     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and twelve months ended December 31, 2024 and 2023.


    BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
                     
        Three months ended Dec 31,   Years ended Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
                     
    Adjusted EBITDA                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Add：                
    Depreciation and amortization   25,116     19,654     81,096     75,541  
    Income tax (benefit) / expenses   (761)     9,950     (2,443)     5,685  
    Interest (income) / expense, net   8,729     (753)     10,050     (2,872)  
    Listing fee   –     –     –     33,151  
    Share-based payment expenses   8,658     11,322     33,968     45,488  
    Changes in fair value of derivative liabilities   469,501     –     498,167     –  
    Loss on extinguishment of debt   8,172     –     8,172     –  
    Changes in fair value of holdback shares for acquisition of FreeChain   2,970     –     3,186     –  
    Changes in fair value of cryptocurrency-settled receivables and payables   5,733     (1,810)     6,362     (3,305)  
    Total of Adjusted EBITDA   (3,799)     33,3322     39,407     97,0322  
                     
    Adjusted Profit / (loss)                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Add：                
    Listing fee   –     –     –     33,151  
    Share-based payment expenses   8,658     11,322     33,968     45,488  
    Changes in fair value of derivative liabilities   469,501     –     498,167     –  
    Loss on extinguishment of debt   8,172     –     8,172     –  
    Changes in fair value of holdback shares for acquisition of FreeChain   2,970     –     3,186     –  
    Changes in fair value of cryptocurrency-settled receivables and payables   5,733     (1,810)     6,362     (3,305)  
    Total of Adjusted Profit / (loss)   (36,883)     4,4812     (49,296)     18,6782  
                     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com

    1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.8 million and US$3.3 million revision to Q4 2023 and Year-ended 2023 metrics, respectively, reflects non-cash fair value changes in crypto settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
    6 Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.

    The MIL Network –

  • MIL-OSI: PEL 83 Second Campaign – Update 5 Additional Discoveries at Mopane 3-X

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Sintana Energy Inc. (TSX-V: SEI, OTCQB: SEUSF) (“Sintana” or the “Company”) is pleased to provide the following further update regarding the second campaign on blocks 2813A and 2814B located in the heart of Namibia’s Orange Basin. The blocks are governed by Petroleum Exploration License 83 (“PEL 83”) which is operated by a subsidiary of Galp Energia, SGPS, S.A. (“Galp”). Sintana maintains an indirect 49% interest in Custos Energy (Pty) Ltd. (“Custos”), which owns a 10% working interest in PEL 83. NAMCOR, the National Petroleum Company of Namibia, also maintains a 10% working interest.

    With reference to Galp’s corporate website (at galp.com) and updates provided therein in addition to a release from Custos (available at newswire.com), we are pleased to announce that the PEL 83 Joint Venture partners have successfully drilled, cored and logged the Mopane-3X well (Well #5) on PEL 83, which spud on January 2nd, 2025.

    Mopane-3X, located 18km from the Mopane-1X well, targeted two stacked prospects, AVO-10 and AVO- 13, as well as a deeper sand, in the southeast region of the Mopane complex at an approximate water depth of 1,200 meters.

    Preliminary data has confirmed significant columns of light oil and gas-condensate in high-quality sandstones across AVO-10. Further, the presence of light oil columns was confirmed in AVO-13 and the deeper sand, again in high-quality sandstones.

    Reservoir log measures confirm good porosities, high pressures and high permeabilities. Initial fluid samples show low oil viscosity and minimum CO2 and H2S concentrations. Samples have been sent for lab testing.

    Higher-than-estimated pressures and preliminary results at Mopane 3X unlock further exploration and appraisal opportunities in the southeast region of the Mopane complex. All acquired data will be integrated into the reservoir model and support the planning of potential further activities.

    The proprietary 3D development seismic acquisition campaign is on track to be completed in Q125, with processing of the data acquired to follow.

    “These additional discoveries in an entirely new section further demonstrate the scale and quality of the Mopane complex.” said Robert Bose, Chief Executive Officer of Sintana. “Our exposure to this world class asset together with the balance of our portfolio give us an unmatched position in the heart of Namibia’s Orange Basin.” he added.

    “The stacked discoveries in this most recent exploration program at Mopane are emblematic of the size and potential of the complex.” said Knowledge Katti, Chairman and Chief Executive Officer of Custos and a director of Sintana. “We congratulate our Joint Venture partners on another safe and successful outing.” he added.

    ABOUT SINTANA ENERGY:

    The Company is engaged in petroleum and natural gas exploration and development activities on six large, highly prospective, onshore and offshore petroleum exploration licenses in Namibia, and in Colombia’s Magdalena Basin.

    On behalf of Sintana Energy Inc.,

    “A. Robert Bose”
    Chief Executive Officer

    For additional information or to sign-up to receive periodic updates about Sintana’s projects, and corporate activities, please visit the Company’s website at www.sintanaenergy.com

    Corporate Contacts:   Investor Relations Advisor:
         
    Robert Bose Sean Austin Jonathan Paterson  
    Chief Executive Officer Vice-President Founder & Managing Partner
    212-201-4125 713-825-9591 Harbor Access
        475-477-9401

    Forward-Looking Statements

    Certain information in this release are forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intensions for the future, and include, but not limited to, statements with respect to potential future farmout agreements on PEL 83 and/or PEL 87, and proposed future exploration and development activities on PEL 83 and/or PEL 90 and neighbouring properties, as well as the prospective nature of the Company’s property interests. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including, but not limited to risks relating to the receipt of all applicable regulatory approvals, results of exploration and development activities, the ability to source joint venture partners and fund exploration, permitting and government approvals, and other risks identified in the Company’s public disclosure documents from time to time. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update such information, except as may be required by law.

    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9b09d852-01f1-4a7b-83ac-0ca264f297c4

    The MIL Network –

  • MIL-OSI Asia-Pac: TIME USE SURVEY (TUS) (JANUARY – DECEMBER, 2024)

    Source: Government of India (2)

    TIME USE SURVEY (TUS) (JANUARY – DECEMBER, 2024)

    “Increase in women participation in employment-related activities”

     “More acknowledgement of caregiving activities regardless of gender within Indian families”

    “Time spent in Culture, leisure, mass-media and sports practices has increased in both men and women”

    Posted On: 25 FEB 2025 4:00PM by PIB Delhi

    1. Introduction

    Time Use Survey (TUS) provides a framework for measuring time dispositions by the population on different activities. It is an important source of information about the activities that are performed by the population and the time duration for which such activities are performed. One distinguishing feature of the Time Use Survey from other household surveys is that it can capture time disposition on different aspects of human activities, be it paid, unpaid or other activities with such details which is not possible in other surveys.

    India is among the few countries, including Australia, Japan, the Republic of Korea, New Zealand, USA and China that conduct the National Time Use Survey to analyze how people allocate their time to various daily activities. The primary objective of the Survey is to measure the participation of men and women in paid and unpaid activities. TUS is an important source of information on the time spent in unpaid caregiving activities, volunteer work, and unpaid domestic service-producing activities of the household members. It also provides information on time spent on learning, socializing, leisure activities, self-care activities, etc., by the household members.

    The National Statistics Office (NSO), MoSPI conducted the first all-India Time Use Survey during January – December 2019. The present TUS conducted during January – December 2024 is the second such All-India Survey.

    1. Key Highlights of the Results of Time Use Survey, 2024 (TUS, 2024):
    • During 2024, 75 percent of the males and 25 per cent of the females in the age group 15-59 years, participated in employment and related activities during the reference period of 24 hours. Such participation was 70.9 percent for males and 21.8 percent for females in the age group 15-59 years during 2019.
    • Female participants aged 15-59 years in unpaid domestic services spent about 315 minutes during 2019 in those activities, which has come down to 305 minutes during 2024 signifying the shift from unpaid to paid activities.
    • 41 per cent of females aged 15-59 years participated in caregiving for their household members, male participation in this age group in such caregiving was 21.4 per cent. Also, female participants in caregiving activities spent about 140 minutes in a day, compared to 74 minutes spent by male participants aged 15-59 years. This corroborates the Indian social fabric wherein most of the caregiving responsibilities for household members are borne by the females of the household.
    • 24.6 per cent of the rural population aged 15-59 years participated in producing goods for own final use and they spent 121 minutes a day doing such activities.
    • 89.3 per cent of children aged 6-14 years participated in learning activities and they spent around 413 minutes in a day for such activities.
    • People aged 6 years and above spent 11 per cent of their days’ time in culture, leisure, mass media and sports practices during 2024, compared to 9.9 per cent of the days’ time spent during 2019.
    • 708 minutes in a day was spent on self-care and maintenance activities by persons aged 6 years and above. Females of this age group spent 706 minutes while males spent 710 minutes in such activities.
    1. Features of the Survey

    In TUS, 2024, respondents were asked about their activities performed in the designated time slots of 30 minutes and the same was recorded against the corresponding slot. In case of multiple activities in a time slot, a maximum of three activities which were performed for 10 minutes or more, were recorded. Information on time use was collected for persons aged 6 years and above with a reference period of 24 hours.

    1. Coverage: This survey covered 1,39,487 households (rural: 83,247 and urban: 56,240). Information on time use was collected from each member of age 6 years and above of the selected households. This survey enumerated 4,54,192 persons aged 6 years and above (rural: 2,85,389 and urban: 1,68,803).
    2. Data Collection:  In this survey data on time use was collected through CAPI (Computer-Assisted Personal Interviews). Information on time use was collected with a reference period of 24 hours starting from 4:00 AM on the day before the date of the interview to 4:00 AM on the day of the interview
    3. Presentation of the estimates: All-India level estimates for persons of age 6 years and above, obtained from the Time Use Survey, 2024, have been presented in the Fact Sheet.

     

    Major Indicators: The major indicators generated from TUS, 2024 are described here.

    • PARTICIPATION RATE: Participation rate in a day in any activity is calculated as the percentage of persons performing that activity during the day.
    • AVERAGE TIME SPENT IN A DAY PER PARTICIPANT: The average time spent in a day per participant for any activity is calculated by considering those who participated in the activity. Estimates of average time in a day in different activities derived by considering only the participants in the activities are referred to as average time spent in a day per participant.

     

    • AVERAGE TIME SPENT IN A DAY PER PERSON: The average time spent in a day per person for any activity is calculated by considering all the persons irrespective of whether they participated in the activity or not. By this approach, the distribution of the total time of 1440 minutes of a day per person in different activities is derived.
    1. The key findings of the TUS 2024 are given in the Statements annexed while the Fact Sheet is accessible at https://mospi.gov.in.

     

    Key Findings of the Survey

     

    Table 1: Percentage of persons of age 6 years and above participating in different activities in a day

    all-India

    Description of the activity

    sector

    gender

    rural

    urban

    rural+urban

    male

    female

    person

    Employment and related activities

    41.1

    40.5

    40.9

    60.8

    20.7

    40.9

    Production of goods for own final use

    21.6

    6.2

    16.8

    13.0

    20.7

    16.8

    Unpaid      domestic      services      for household members

    54.2

    53.9

    54.1

    27.1

    81.5

    54.1

    Unpaid     caregiving      services     for household members

    26.5

    24.5

    25.9

    17.9

    34.0

    25.9

    Unpaid volunteer, trainee and other unpaid work

    1.0

    1.1

    1.0

    0.9

    1.1

    1.0

    Learning

    21.7

    20.7

    21.4

    22.6

    20.2

    21.4

    Socializing      and      communication,

    community         participation         and religious practice

    90.1

    90.8

    90.3

    89.8

    90.7

    90.3

    Culture, leisure, mass-media and sports practices

    91.8

    95.8

    93.0

    95.3

    90.7

    93.0

    Self-care and maintenance

    100.0

    100.0

    100.0

    100.0

    100.0

    100.0

    Note: The estimates have been calculated considering all the activities in a time slot

     

    Table 2: Average time (in minutes) spent in a day per participant of age 6 years and above in different activities

    all-India

    Description of the activity

    sector

    gender

    rural

    urban

    rural+urban

    male

    female

    person

    Employment and related activities

    417

    490

    440

    473

    341

    440

    Production of goods for own final use

    123

    64

    116

    137

    104

    116

    Unpaid       domestic       services       for household members

    241

    232

    238

    88

    289

    238

    Unpaid      caregiving      services      for household members

    115

    117

    116

    75

    137

    116

    Unpaid volunteer, trainee and other unpaid work

    121

    123

    122

    139

    108

    122

    Learning

    413

    419

    414

    415

    413

    414

    Socializing and communication, community participation and religious practice

    142

    131

    138

    138

    139

    138

    Culture, leisure, mass-media and sports practices

    165

    183

    171

    177

    164

    171

    Self-care and maintenance

    711

    701

    708

    710

    706

    708

    Note: The estimates have been calculated considering all the activities in a time slot

    Table 3: Percentage share of total time in different activities in a day per person of age 6 years and above

     

    all-India

     

    Description of the activity

    sector

    gender

     

    rural

    urban

    rural+urban

    male

    female

    person

     

    Employment         and         related activities

    11.9

    13.8

    12.5

    19.9

    4.9

    12.5

     

    Production of goods for own final use

    1.9

    0.3

    1.4

    1.3

    1.5

    1.4

     

    Unpaid domestic services for household members

    9.1

    8.7

    9.0

    1.7

    16.4

    9.0

     

    Unpaid caregiving services for household members

    2.1

    2.0

    2.1

    0.9

    3.3

    2.1

     

    Unpaid volunteer, trainee and other unpaid work

    0.1

    0.1

    0.1

    0.1

    0.1

    0.1

     

    Learning

    6.3

    6.0

    6.2

    6.5

    5.8

    6.2

     

    Socializing and communication, community      participation      and

    religious practice

    8.9

    8.3

    8.7

    8.6

    8.8

    8.7

     

    Culture, leisure, mass-media and sports practices

    10.5

    12.2

    11.0

    11.7

    10.3

    11.0

     

    Self-care and maintenance

    49.4

    48.7

    49.2

    49.3

    49.0

    49.2

     

    Total

    100.0

    100.0

    100.0

    100.0

    100.0

    100.0

     

    Note: (i) The estimates have been calculated considering all the activities in a time slot

    (ii) Figures may not add up to 100 due to rounding off.

     
                               

     

    *******

    Samrat

    (Release ID: 2106113) Visitor Counter : 33

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government committed to fostering business climate, enhance Ease of Doing Business: Union Commerce and Industry Minister Piyush Goyal

    Source: Government of India (2)

    Government committed to fostering business climate, enhance Ease of Doing Business: Union Commerce and Industry Minister Piyush Goyal

    PM’s visit to USA, France paved the way for greater investment and collaboration: Shri Goyal

    Small & Medium enterprises have a transformative role in driving Viksit Bharat: Shri Goyal

    Posted On: 25 FEB 2025 5:02PM by PIB Delhi

    The Centre is committed to creating a favourable investment climate, ensuring regulatory stability, and enhancing the Ease of Doing Business (EoDB) in the country. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his virtual address at the Pune International Business Summit 2025, which was organised by Mahratta Chamber of Commerce, Industries, and Agriculture (MCCIA) on January 24, 2025.

    The Minister stressed that Prime Minister Shri Narendra Modi’s recent visits to the USA and France have paved the way for greater investment and enhanced collaborations. Emphasising that the 2-day summit will delve into emerging trade trends, build robust alliances and highlight the transformative role of Small and Medium Enterprises (SMEs) in driving Viksit Bharat, Shri Goyal pointed out that representatives from over 20 countries will participate at the event, reflecting global confidence in India’s resilience.

    Minister Goyal emphasised that the Union Budget reinforces its commitments with a ₹10k Cr Fund of Funds for Startups and a Deep Tech Fund empowering entrepreneurs. He further stressed that a significant investment committed towards R&D with an initial estimation of Rs 20,000 crore for Anusandhan National Research Foundation (ANRF) along with a high-level committee, an investment-friendly index & Jan Vishwas 2.0 further bolster trust-based governance.

    Noting that Pune known as the ‘Detroit of the East’ is the hub of innovation, the Minister stressed that the city is setting benchmarks across industries, making it the ideal venue to host events that foster collaborations and drive India’s growth story.

    Shri Goyal praised MCCIA for bringing together an inspiring confluence of industry leaders and visionaries and said that the 90-year old Association has played a transformative role in fueling progress, empowering entrepreneurs and driving growth across Maharashtra and India.

    ***

    Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2106145) Visitor Counter : 26

    MIL OSI Asia Pacific News –

  • MIL-OSI: Defense Trade Solutions Simplifies Export Compliance with Descartes Solution

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Defense Trade Solutions (DTS), a leading provider of export compliance and global trade services for the defense industry, is using the Descartes GlobalEASE solution to streamline and automate export compliance requirements for its clients. This furthers DTS’ mission to simplify and enable access to responsible and effective trade across the defense industry. DTS is using Descartes GlobalEASE with its managed services clients, helping them to realize reduced compliance costs and greater confidence in meeting global regulatory requirements, such as International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR).

    “This marks a major step forward in our commitment to streamlining export compliance for the U.S. defense industry,” said Steven A. Casazza, President of DTS. “By integrating Descartes GlobalEASE into our managed service delivery model, we are providing defense contractors with cutting-edge automation to navigate the complexities of ITAR and EAR with greater speed and accuracy. This technology enhances compliance workflows, accelerates export approvals, and helps minimize risk—so that our clients can focus on delivering critical defense solutions to U.S. allies without delays.”

    Used by blue-chip, multinational organizations around the world to stay current in an increasingly complex regulatory environment, Descartes GlobalEASE is a web-based, centralized global trade management platform that helps manage end-to-end trade compliance—from complex licensing and documentation requirements to OFAC and EAR regulations—and provides the necessary visibility and governance to help mitigate risk and avoid penalties while powering critical business decisions with real-time information.

    “We’re pleased our solution is helping DTS support the unique needs of the defense industry and set a new standard for efficiency and accountability in its export compliance operations,” said Brian Hodgson, General Manager, Trade Compliance at Descartes. “With the potential for increased tariffs and trade barriers, rapidly shifting regulatory policies, and ongoing geopolitical instability making it more difficult to move and source goods, Descartes’ global trade intelligence solutions help organizations better navigate today’s complex trade landscape.”

    About Defense Trade Solutions

    Defense Trade Solutions (DTS) is a leading provider of export compliance, global trade authorizations, security cooperation and technology security & foreign disclosure solutions for the defense industry. With a focus on Foreign Military Sales (FMS), Direct Commercial Sales (DCS), and U.S. Government contracts, DTS helps clients achieve their strategic objectives while maintaining the highest standards of integrity and accountability. For more information, visit www.defense-trade.com or connect with us on LinkedIn.

    About Descartes

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

    Global Media Contact
    Cara Strohack                                                                     
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ global trade intelligence solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI Video: DEADLINES APPROACHING – DON’T MISS OUT ON AID!

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

    If you were affected by the wildfires, there are a few deadlines you’ll want to keep in mind.

    If you haven’t registered for FEMA assistance yet, there’s still time! The deadline to apply is March 10th. FEMA grants can help repair your home, property, and even your vehicle. Rental assistance is also available for up to 18 months.

    If you need additional financial help, the Small Business Administration – or SBA, is offering low-interest loans to homeowners, renters, businesses, and non-profits. They’ve already approved more than one billion dollars in loans. Applications are open through March 10th.

    The American Red Cross is also offering assistance to wildfire survivors. Their application deadline is February 26th.

    And the Army Corps of Engineers is ready to clear ash and debris from your property. But first, they need your permission. That’s where your Right of Entry form comes in. Get that document submitted by March 31st at recovery.LACounty.gov. Don’t wait—take action today!

    https://www.youtube.com/watch?v=MoDtsLzmA7M

    MIL OSI Video –

  • MIL-OSI Video: Secretary Wright on The Bob Clark Podcast – February 24, 2025

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

    https://www.youtube.com/watch?v=6t8AzHXFnx4

    MIL OSI Video –

  • MIL-OSI Video: A message from SecVA Doug Collins: Return to work

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

    VA welcomed thousands of employees nationwide back to the office as part of our return to in-person work policy. This morning, Secretary Doug Collins greeted staff at VA Central Office, reinforcing his commitment to collaboration and excellence in serving Veterans.

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

    MIL OSI Video –

  • MIL-OSI Video: Ukraine, Sudan & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

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

    Highlights:

    – Secretary-General Travels
    – Ukraine
    – Sudan
    – Sudan/Humanitarian
    – Deputy Secretary-General
    – West Bank
    – Occupied Palestinian territory
    – Peacekeeping
    – Haiti
    – DR Congo/Humanitarian
    – DR Congo
    – Mozambique
    – Colombia

    UKRAINE
    The Secretary-General issued a statement in which he affirmed that the war in Ukraine stands as a grave threat not only to the peace and security of Europe but also to the very foundations and core principles of the United Nations.
    After three years of death and destruction, he once again calls for urgent de-escalation and an immediate end to the hostilities.  The Secretary-General welcomes all efforts towards achieving a just and inclusive peace. The United Nations stands ready to support such efforts.
    This afternoon, at 3pm, Rosemary DiCarlo, the Under-Secretary-General for Political and Peacebuilding Affairs, will brief the Security Council on Ukraine.

    SUDAN
    The Secretary-General is deeply concerned at the announcement by the Rapid Support Forces and affiliated civilian actors and armed groups of a political charter that expresses an intention to establish a governing authority in Rapid Support Forces areas of control. This further escalation in the conflict in the Sudan deepens the fragmentation of the country and risks further entrenching the crisis. Preserving Sudan’s unity, Preserving Sudan’s sovereignty and territorial integrity remains key for a sustainable resolution of the conflict and the long-term stability of the country and the wider region.
    The Secretary-General also condemns the persistent violence perpetrated against civilians across Sudan by both parties to the conflict, including ethnically motivated attacks. Sudanese women, Sudanese children and men are paying the heaviest price for the continued military offensives by the belligerents in this conflict.
    The Secretary-General’s Personal Envoy, Ramtane Lamamra, is engaging the warring parties and all other relevant stakeholders to achieve progress on a cessation of hostilities, protection of civilians and humanitarian access and to promote de-escalation.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=24%20February%202025

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

    MIL OSI Video –