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Category: Americas

  • MIL-OSI USA: Kennedy, Ricketts, colleagues applaud President Trump’s push to dismantle Iran’s nuclear program

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)
    WASHINGTON – Sen. John Kennedy (R-La.) today joined Sen. Pete Ricketts (R-Neb.) and 50 Republican colleagues in sending a letter to President Donald Trump applauding the president’s efforts to secure a deal with Iran that dismantles its nuclear program.
    Key excerpts of the letter are below:
    “During your first term you withdrew the United States from the deeply broken Joint Comprehensive Plan of Action (JCPOA) and imposed maximum pressure on the regime. As you said then, a fatal flaw of the deal was that it ‘allowed Iran to continue enriching uranium and, over time, reach the brink of a nuclear breakout.’ The JCPOA allowed Iran to sell oil, provided waivers allowing third countries to help Iran build out its nuclear program, and included the termination of United Nations sanctions on the regime.”
    . . .
    “Tragically, the Biden administration systematically undid that pressure, functionally re-implementing the nuclear deal. They immediately rescinded your decision to reimpose U.N. sanctions, allowed Iran to sell oil at JCPOA-levels, and even re-issued waivers allowing Iran to build out its nuclear program. As you predicted, those policies indeed allowed Iran to reach the brink of nuclear breakout, which is where they are today.” 
    . . .
    “We cannot afford another agreement that enables Iran to play for time, as the JCPOA did. The Iranian regime should know that the administration has Congressional backing to ensure their ability to enrich uranium is permanently eliminated.
    “As always we stand ready to provide you and your administration whatever resources you need to advance American national security interests.”
    Sens. Ted Cruz (R-Texas), Tom Cotton (R-Ark.), John Thune (R-S.D.), Jim Risch (R-Idaho), Mike Crapo (R-Idaho), Jim Justice (R-W.Va.), Steve Daines (R-Mont.), John Curtis (R-Utah), John Cornyn (R-Texas), Kevin Cramer (R-N.D.), Chuck Grassley (R-Iowa), Dave McCormick (R-Pa.), James Lankford (R-Okla.), Tim Scott (R-S.C.), Susan Collins (R-Maine), Markwayne Mullin (R-Okla.), Tim Sheehy (R-Mont.), Rick Scott (R-Fla.), Cynthia Lummis (R-Wyo.), Jim Banks (R-Ind.), John Hoeven (R-N.D.), John Boozman (R-Ark.), Jon Husted (R-Ohio), John Barrasso (R-Wyo.), Roger Wicker (R-Miss.), Thom Tillis (R-N.C.), Shelly Moore Capito (R-W.Va.), Mike Lee (R-Utah), Katie Britt (R-Ala.), Marsha Blackburn (R-Tenn.), Ashley Moody (R-Fla.), Ted Budd (R-N.C.), Mitch McConnell (R-Ky.), Dan Sullivan (R-Alaska), Joni Ernst (R-Iowa), Cindy Hyde-Smith (R-Miss.), Mike Rounds (R-S.D.), Deb Fischer (R-Neb.), Bill Cassidy (R-La.), Todd Young (R-Ind.), Tommy Tuberville (R-Ala.), Bernie Moreno (R-Ohio), Jerry Moran (R-Kan.), Lisa Murkowski (R-Alaska), Bill Hagerty (R-Tenn.), Eric Schmitt (R-Mo.), Roger Marshall (R-Kan.), Josh Hawley (R-Mo.), Ron Johnson (R-Wis.) and Lindsey Graham (R-S.C.) also signed the letter.
    Read the full letter here.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Eliminating Unemployment Handouts to Millionaires

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    Published: May 14, 2025
    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa) is ending the gravy train for the idle rich after a shocking report revealed that individuals earning more than a million dollars annually received over $271 million in unemployment insurance during the first two years of the Biden administration.
    Senate DOGE Caucus Chair Ernst’s Ending Unemployment Payments to Jobless Millionaires Act will disqualify anyone making a million dollars or more from being eligible for unemployment income support.
    “Our nation’s safety net shouldn’t be strained by subsidizing the lifestyles of the self-sufficient,” said Ernst. “Able-bodied millionaires shouldn’t expect handouts paid for by overtaxed and overworked Americans. The freebies for free-loading fat cats are over.”
    A Congressional Research Service analysis of tax returns from individuals and households reporting incomes of a million dollars or more found:
    In 2021, 14,972 millionaires collected $213.6 million of unemployment payments, about $14,267 each.
    In 2022, 5,773 millionaires were paid $57.6 million in jobless benefits, nearly $10,000 each.
    Click here to view the bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Details How to Fuel the Great American Industrial Comeback

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – Today, at a U.S. Senate Committee on Small Business and Entrepreneurship hearing, Chair Joni Ernst (R-Iowa) discussed how Congress can continue to fuel the manufacturing boom across America by reigniting investment in small manufacturers.
    Ernst highlighted that small manufacturers are the key to the great American industrial comeback because they make up 98% of all manufacturing firms in the United States.
    Watch Chair Ernst’s remarks here.
    Ernst’s full remarks:
    “I am excited to hold this hearing to discuss opportunities to reignite investment in small American manufacturers and ensure our industrial future is built right here, at home.
    “America is and has always been a nation of builders — men and women who roll up their sleeves, put in a hard day’s work, and take pride not just in what they make, but what it means for their families, their communities, and their country. That entrepreneurial spirit is in our DNA.
    “For far too long, Washington looked the other way as factories and farms shut down and the jobs that once sustained many U.S. families were shipped overseas.
    “Despite the importance of domestic industrial production to our national security, production of critical goods was off shored to foreign countries.
    “In doing so, we’ve made ourselves dependent on an international supply chains offering fast, mass-produced goods — mostly coming from China.
    “This came at a cost. Not just economic, but strategic.
    “In January of this year, the U.S. recorded a $29.7 billion trade deficit with China —we’ve been massively reliant on our chief adversary for the goods and services we consume.
    “Today, the manufacturing sector comprises only 10.1 percent of America’s gross domestic product, a figure trailing most other industrialized nations.
    “We’ve left ourselves economically beholden to the rest of the world and hollowed out our industrial core that once employed millions of Americans.
    “We cannot accept that status quo.
    “I believe in a great American comeback, one driven by the world’s most talented workforce and a new era of domestic manufacturing ensuring this nation’s economic security.
    “We can make ‘Made in America’ the norm instead of the exception.
    “Thanks to President Trump’s leadership, we are already seeing the early signs of a manufacturing revival and industrial boom in Iowa and all across the country.
    “No group is more eager to lead this charge than small manufacturers, who make up 98 percent of all manufacturing firms in the United States.
    They are ready to build, ready to grow, and they want to do it here – in the United States.
    “But Washington needs to do its part.
    “It’s time Congress acts to ensure that the federal government does not stand in the way of small manufacturers.
    “We must empower them by providing them the tools they need to generate new jobs – to rebuild and fortify American supply chain stability, and to reduce our reliance on other countries, including adversaries.
    “However, breaking ground on new manufacturing facilities or upgrading existing ones is a major investment.
    “In many cases, these projects require long-term financing options, which can be particularly difficult for small businesses to access.
    “That is why I was proud to introduce the Made in America Manufacturing Finance Act, along with another member of this Committee, Senator Coons.
    “This bipartisan legislation would double the SBA-backed loan limit from $5 million to $10 million for small manufacturers.
    “By allowing manufacturers to access greater capital my legislation encourages small manufacturers to invest in their operations and support the training and expansion of our manufacturing workforce.
    “This is about leveling the playing field for American manufacturers on the world stage. It is a straightforward, commonsense, and bipartisan solution to unlock the potential small manufacturers have to secure our national and economic security.
    “I am also interested in how we can leverage another SBA program—the Small Business Investment Company (SBIC) to support small manufacturers.
    “This program supports the flow of private capital to small businesses across the country.
    “I am grateful that we’re joined today by Mr. Mickelson, from Iowa, and Mr. Geis, from Missouri, who invest in small businesses across the heartland through the SBIC program.
    “I look forward to hearing from all our witnesses about how we can best align SBA programs and private investment to spark America’s next industrial boom.
    “The independence, prosperity, and security of our next generation depends on it.
    “Thanks to our witnesses for being here today and I look forward to your testimony.”

    MIL OSI USA News –

  • MIL-OSI USA: Hoeven Pays Tribute to Nation’s Law Enforcement Officers on Senate Floor

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven
    05.14.25
    Senate Passes Hoeven-Backed Resolution Designating National Police Week
    WASHINGTON – Senator John Hoeven (R-N.D.) delivered remarks on the Senate floor to pay tribute to the nation’s law enforcement officers. Hoeven delivered the remarks after the Senate unanimously passed a resolution he introduced with Senators Chuck Grassley (R-Iowa) and Dick Durbin (D-Ill.) designating May 12 through 17 as National Police Week, and reaffirming the Senate’s steadfast support for law enforcement officers across the nation.
    “We can never fully repay our police officers for such enormous sacrifices, but we can continue to show respect for our law enforcement, honor those we’ve lost and recognize the sacrifices of their families and loved ones,” said Hoeven.
    “To honor our men and women in blue, I helped introduce a resolution in the Senate commemorating National Police Week, and paying tribute to their bravery. National Police Week provides us with the opportunity to come together as a nation to honor the peace officers who put their lives on the line to protect and serve our communities.”
    Hoeven, Grassley and Durbin are joined by Senators Lindsey Graham (R-S.C.), Angus King (I-Maine), Ashley Moody (R-Fla.), Catherine Cortez Masto (D-Nev.), Susan Collins (R-Maine), Ben Ray Lujan (D-N.M.), Tim Sheehy (R-Mont.), Richard Blumenthal (D-Conn.), John Kennedy (R-La.), Christopher Coons (D-Del.), Tim Scott (R-S.C.), Ruben Gallego (D-Ariz.), Jim Risch (R-Idaho), Peter Welch (D-Vt.), Mitch McConnell (R-Ky.), Tim Kaine (D-Va.), Tommy Tuberville (R-Ala.), Amy Klobuchar (D-Minn.), Rand Paul (R-Ky.), Raphael Warnock (D-Ga.), Mike Crapo (R-Idaho), Brian Schatz (D-Hawaii), Cynthia Lummis (R-Wyo.), Alex Padilla (D-Calif.), Jim Justice (R-W.Va.), John Fetterman (D-Pa.), Katie Britt (R-Ala.), Jacky Rosen (D-Nev.), Jerry Moran (R-Kan.), Sheldon Whitehouse (D-R.I.), John Barrasso (R-Wyo.), Jeanne Shaheen (D-N.H.), Shelley Moore Capito (R-W.Va.), Kirsten Gillibrand (D-N.Y.), Rick Scott (R-Fla.), Jon Ossoff (D-Ga.), Pete Ricketts (R-Neb.), Tammy Duckworth (D-Ill.), Jim Banks (R-Ind.), Mark Kelly (D-Ariz.), Kevin Cramer (R-N.D.), Andy Kim (D-N.J.), Joni Ernst (R-Iowa), Tammy Baldwin (D-Wis.), Ted Budd (R-N.C.), Gary Peters (D-Mich.), Thom Tillis (R-N.C.), Maria Cantwell (D-Wash.), Cindy Hyde-Smith (R-Miss.), Mark Warner (D-Va.), Roger Marshall (R-Kan.), Elissa Slotkin (D-Mich.), Steve Daines (R-Mont.), Margaret Hassan (D-N.H.), Marsha Blackburn (R-Tenn.), Adam Schiff (D-Calif.), Deb Fischer (R-Neb.), Michael Bennet (D-Colo.), Lisa Murkowski (R-Alaska), Bill Hagerty (R-Tenn.), John Cornyn (R-Texas), Mike Lee (R-Utah), Mike Rounds (R-S.D.), John Thune (R-S.D.), Bernie Moreno (R-Ohio), Ted Cruz (R-Texas), Tom Cotton (R-Ark.), Jon Husted (R-Ohio), James Lankford (R-Okla.), Roger Wicker (R-Miss.), Eric Schmitt (R-Mo.), Markwayne Mullin (R-Okla.), Todd Young (R-Ind.), Josh Hawley (R-Mo.), Dan Sullivan (R-Alaska), Dave McCormick (R-Pa.), Cory Booker (D-N.J.), Bill Cassidy (R-La.) and John Boozman (R-Ark.). 
    Full text of the resolution can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: Senator Coons meets with Chief of the National Guard Bureau

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senator Chris Coons (D-Del.), Ranking Member of the Senate Appropriations Subcommittee on Defense, met yesterday with General Steven Nordhaus, Chief of the National Guard Bureau.
    During their meeting, Senator Coons discussed ways he can support the National Guard through his new role as the lead Senate Democrat in charge of defense spending. Senator Coons also pressed General Nordhaus about Delaware’s National Guard priorities, including the provision of C-130J cargo planes to the Delaware National Guard and the expansion of the State Partnership Program (SPP), which links National Guard units from states across the country with the militaries of partner nations for mutual training, disaster relief, and other purposes. Delaware is paired with Trinidad and Tobago through the SPP.
    “National Guard units around the country serve vital functions for our nation across a number of areas from disaster relief to military readiness to joining the fight on the front lines when called upon,” said Senator Coons. “I enjoyed meeting with General Nordhaus to better understand how the Senate can fund the National Guard more effectively and ensure that every state, including Delaware, benefits from hosting National Guard units.”

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – DNB, BRDG, LNSR, SSBK

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Dun & Bradstreet Holdings, Inc. (NYSE: DNB), relating to the proposed merger with Clearlake Capital Group, L.P. Under the terms of the agreement, Dun & Bradstreet shareholders will receive $9.15 in cash for each share of common stock they own.

    ACT NOW. The Shareholder Vote is scheduled for June 12, 2025.
            
    Click here for more https://monteverdelaw.com/case/dun-bradstreet-holdings-inc-dnb/. It is free and there is no cost or obligation to you.

    • Bridge Investment Group Holdings Inc. (NYSE: BRDG), relating to the proposed merger with Apollo. Under the terms of the agreement, Bridge stockholders and Bridge OpCo unitholders will receive 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively.

    ACT NOW. The Shareholder Vote is scheduled for June 17, 2025.

    Click here for more https://monteverdelaw.com/case/bridge-investment-group-holdings-inc-brdg/. It is free and there is no cost or obligation to you.

    • LENSAR, Inc. (NASDAQ: LNSR), relating to the proposed merger with Alcon. Under the terms of the agreement, LENSAR shareholders will receive $14.00 per share, with an additional non-tradeable contingent value right offering up to $2.75 per share in cash conditioned on the achievement of certain milestones.

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

    • Southern States Bancshares, Inc. (NASDAQ: SSBK), relating to the proposed merger with FB Financial Corporation. Under the terms of the agreement, Southern States’ shareholders will receive 0.800 shares of FB Financial common stock for each share of Southern States stock.

    Click here for more https://monteverdelaw.com/case/southern-states-bancshares-inc-ssbk/. It is free and there is no cost or obligation to you.

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

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

    About Monteverde & Associates PC

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

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

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

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

    The MIL Network –

  • MIL-OSI: North American Construction Group Ltd. Announces Results for the First Quarter Ended March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the first quarter ended March 31, 2025. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior period ended March 31, 2024.

    First Quarter 2025 Highlights:

    • Combined revenue of $391.5 million, the second-highest quarter in company history, compared favorably to $345.7 million in the same period last year and was driven equally by higher heavy equipment fleet commissioned in Australia and higher equipment utilization in Canada.
    • Reported revenue of $340.8 million, compared to $297.0 million in the same period last year, was driven primarily by increased capacity in Australia and a 68% utilization in Canada. However, lower utilization in Australia, due to the high number of rain days in February and March, far exceeding historical average, tempered overall performance.
    • Our net share of revenue from equity consolidated joint ventures was $50.7 million in 2025 Q1, compared to $48.7 million in the same period last year. While the Fargo project saw a quarter-over-quarter increase, this was offset by lower volumes within the Nuna Group of Companies and the discontinuation of the Brake Supply joint venture.
    • Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, compared to the 2024 Q1 result of $97.4 million. However, the operational challenges of excessive rainfall in Australia and an extended bitter cold snap in Canada fully offset the 15% increase in revenue.
    • Combined gross profit of $51.6 million and margin of 13.2% declined compared to the $62.4 million and 18.1% metrics posted in the same period last year. The overall margin decrease reflects the specific impacts of rain and cold weather in Australia and Canada.
    • Cash flows generated from operating activities reached $51.4 million, exceeding the $19.0 million reported in the same period last year, primarily due to a lower working capital draw in the current quarter. Sustaining capital additions of $89.9 million reflect the front-loaded nature of our capital maintenance program in Canada.
    • Free cash flow resulted in a use of cash of $41.6 million in the quarter, driven by the consumption of $24.5 million by our working capital accounts. The working capital draw on cash remains directionally consistent to 2024 Q1 and aligns with the typical seasonal impacts of our annual business cycle.
    • Net debt was $867.5 million at March 31, 2025, an increase of $11.3 million from December 31, 2024, as free cash flow usage and growth spending required debt financing. The cash-related interest rate during the quarter on our debt was 6.2% due to Bank of Canada posted rates and the impact on equipment financing rates.
    • Additional highlights during and after the quarter: i) the Fargo-Moorhead flood diversion project passed the 65% completion mark prior to March 31; ii) successfully commenced the early development work at a copper mine in New South Wales; iii) first operational wins achieved under the new Finning parts and component supply and services agreement; iv) converted $73 million of debentures to 3.0 million common shares; and v) on May 1, completed $225 million of senior unsecured financing to increase liquidity as we advance efforts on heavy civil infrastructure and mining opportunities in Australia and North America.

    Joe Lambert, President and CEO stated, “It’s no surprise that severe weather impacts our business, and Q1 2025 proved especially challenging across both geographies. However, we remain optimistic about the more stable conditions expected for the remainder of the year. Our full-year expectations remain intact, and we are eager to execute the contracted scopes for our customers. We continue to see significant opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to secure new scopes, leveraging our strong reputation in these regions.”

    Consolidated Financial Highlights

        Three months ended    
        March 31,    
    (dollars in thousands, except per share amounts)     2025     2024   Change
    Revenue   $ 340,833     $ 297,026     $ 43,807  
    Cost of sales(i)     242,228       195,670       46,558  
    Depreciation(i)     60,714       47,862       12,852  
    Gross profit(i)   $ 37,891     $ 53,494     $ (15,603 )
    Gross profit margin(i)(ii)     11.1 %     18.0 %   (6.9 )%
    General and administrative expenses (excluding stock-based compensation)(ii)     11,090       10,835       255  
    Stock-based compensation (benefit) expense     (3,408 )     3,608       (7,016 )
    Operating income(i)     30,582       38,480       (7,898 )
    Interest expense, net     13,516       15,597       (2,081 )
    Net income(i)     6,163       11,511       (5,348 )
    Comprehensive income(i)     6,641       10,818       (4,177 )
                 
    Adjusted EBITDA(i)(ii)     99,932       97,386       2,546  
    Adjusted EBITDA margin(i)(ii)(iii)     25.5 %     28.2 %   (2.7 )%
                 
    Per share information            
    Basic net income per share   $ 0.22     $ 0.43     $ (0.21 )
    Diluted net income per share   $ 0.21     $ 0.39     $ (0.18 )
    Adjusted EPS(ii)   $ 0.52     $ 0.79     $ (0.27 )

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.
    (iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Consolidated Statements of Cash Flows        
    Cash provided by operating activities(i)   $ 51,418     $ 18,959  
    Cash used in investing activities(i)     (93,781 )     (66,095 )
    Effect of exchange rate on changes in cash     (1,075 )     (99 )
    Add back of growth and non-cash items included in the above figures:        
    Growth capital additions(ii)     28,066       19,607  
    Capital additions financed by leases(ii)     (26,203 )     (14,156 )
    Free cash flow(i)   $ (41,575 )   $ (41,784 )

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.

    Declaration of Quarterly Dividend

    On May 14th, 2025, the NACG Board of Directors declared a regular quarterly dividend (the “Dividend”) of twelve Canadian cents ($0.12) per common share, payable to common shareholders of record at the close of business on June 4, 2025. The Dividend will be paid on July 11, 2025, and is an eligible dividend for Canadian income tax purposes.

    Resignation of Vanessa Guthrie

    Effective May 14, 2025, Dr. Vanessa Guthrie, AO, resigned from her position as a director of NACG for personal reasons. Martin Ferron, Chair of the Board, stated “We wish to extend our sincerest thanks to Dr. Guthrie for the insight and perspectives she brought to the company during what was an important transitional period for us as we expanded operations into Australia. We wish her all the best in the future.”

    Results for the Three Months Ended March 31, 2025

    Revenue of $340.8 million represented a $43.8 million (or 15%) increase from 2024 Q1 as Heavy Equipment – Australia and Heavy Equipment – Canada were up 18% and 13%, respectively.

    Revenue within Heavy Equipment – Australia, which is primarily comprised of the MacKellar Group (“MacKellar”), increased $23.8 million quarter-over-quarter primarily due to a 25% increase in the large capacity heavy equipment fleet over the past twelve months. This fleet increase was offset by the 12% decrease in equipment utilization (68% versus 2024 Q1 of 80%) as the high number of rain days experienced in both February and March well exceeded historical averages and operational expectations. The Carmichael mine was significantly affected by rain, receiving over 340 mm of rainfall over the two months, nearly double the historical average and our forecast of 180 mm. Excessive rainfall caused the slowdown of mining activity and the parking of the large capacity heavy mining equipment due to flooding of the lower lying mining areas as well as certain mine, access and service roads requiring additional maintenance.

    Equipment utilization in the oil sands region of 68% drove a 13% increase from 2024 Q1 in the Heavy Equipment – Canada segment. Demand for large capacity heavy equipment was strong for the full quarter, with top-line performance constrained only by extended periods of cold weather and mechanical availability. The Millennium mine currently has approximately 40% of our fleet operating on site and is the primary driver of both equipment utilization and top-line revenue.

    Combined revenue in the quarter of $391.5 million, the second-highest quarter in company history, represented a $45.8 million (or 13%) increase from 2024 Q1. Our share of revenue generated in the quarter by joint ventures and affiliates was $50.7 million, compared to $48.7 million in 2024 Q1 (an increase of 4%) with quarter-over-quarter increases in the Fargo project offset by lower volumes within the Nuna Group of Companies (“Nuna”) as well as the termination of the Brake Supply Joint Venture which occurred in the latter half of 2024. The Fargo project progressed past the 65% completion mark during the quarter with the modest top-line revenue reflecting the expected impact of winter conditions on civil earth-moving scopes.

    Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, from the 2024 Q1 result of $97.4 million as the operational challenges of excessive rainfall in Australia and a bitter extended cold snap in Canada fully offset the 15% increase in revenue. The adjusted EBITDA margin of 25.5% was lower compared to the previous quarter, primarily due to the challenging weather conditions in both segments, which affected operational efficiency. 2024 Q1, which experienced typical seasonal conditions, posted a 28.2% adjusted EBITDA margin with the approximate 3.0% variance being a fair reflection of the weather’s impact to 2025 Q1.

    Excessive rainfall in Australia in February and March impacted operating margins with the Carmichael mine being the most affected in terms of the sheer quantity of rainfall experienced in those two months. Steady margin performance depends on the continuous operation of the primary fleet of large capacity heavy mining equipment. When this equipment is parked due to weather or other interruptions, not only is top-line revenue constrained, but it also becomes an opportune time to perform certain maintenance activities. While these activities support longer-term equipment reliability and utilization, they can increase costs, impacting margins in the current quarter. Additionally, rain days contribute to further cost pressures, as they introduce expenses not typically incurred during normal operations, such as site cleanup, dewatering, and related weather recovery efforts.

    Based on historical precedent, gross margins at that site were over 10% lower than operational expectation and drove the decrease in gross profit margin in this segment from 24.7% in 2024 Q1 to 16.1% in 2025 Q1.

    The extreme cold snap in the oil sands region in February impacted operating margins with all five operating sites being equally affected. This segment gross profit margin of 5.5% was impacted significantly by this cold weather with the correlated high idle time and required additional cost incurred to operate at frigid temperatures for an extended period of time. Using 2024 Q1 and 2023 Q1 as reasonable benchmarks, it is estimated that the cold weather impacted gross profit margin by approximately 5.0% to 7.0%. In addition to the weather, extraordinary early component failures related to the now discontinued component supply agreement with a third-party vendor impacted margins by $4.3 million in the quarter.

    Depreciation of our equipment fleet was 17.8% of revenue in the quarter, compared to 16.1% in 2024 Q1. The Heavy Equipment – Canada fleet averaged approximately 24.0% of revenue due to required high idle time in February. This is offset by depreciation on the Heavy Equipment – Australia fleet, which averaged approximately 12.4% of revenue, largely driven by MacKellar depreciation of 13.0% of revenue in the quarter. On a combined basis, depreciation averaged 17.1% of combined revenue in the quarter, compared to 15.0% in 2024 Q1, due to high depreciation experienced in Canada during the quarter.

    General and administrative expenses (excluding stock-based compensation) were $11.1 million, or 3.3% of revenue, compared to $10.8 million, or 3.6% of revenue, in 2024 Q1. Cash related interest expense incurred on our debt for the quarter was $12.9 million at an average cost of debt of 6.2%, compared to 8.1% in 2024 Q1, as rate decreases posted by the Bank of Canada directly impact our Credit Facility and have a delayed impact on the rates for secured equipment-backed financing.

    Adjusted earnings per share (“EPS”) of $0.52 and adjusted net earnings of $14.5 million were down 34.2% and 31.0% from the prior year figures of $0.79 and $21.0 million, respectively. The $6.5 million decrease in adjusted net earnings is due to the slightly higher EBITDA being more than offset by the higher depreciation expenses, as discussed above, as well as higher interest expenses associated with the fleet acquired and debt assumed upon acquisition of MacKellar.

    Adjusted earnings per share (“EPS”) of $0.52 was down $0.27 per share from the prior year figure of $0.79 per share primarily from the factors mentioned above. Weighted-average common shares outstanding for the first quarters of 2025 and 2024 were 27,859,886 and 26,733,473, respectively.

    Between January 29 and February 28, 2025, approximately 3.0 million common shares were issued to convertible debenture holders for a value of $72.7 million and which contributed approximately $0.02 in the aforementioned quarter-over-quarter adjusted earnings per share variance of $0.27 per share.

    Free cash flow was a use of cash of $41.6 million in the quarter primarily due to the consumption of $24.5 million by our working capital accounts. The working capital draw on cash is directionally consistent to 2024 Q1 and is comparable with past seasonal impacts of our annual business cycle. Adjusted EBITDA generated $99.9 million and when factoring in sustaining capital additions ($89.9 million) and cash interest paid ($16.2 million), $6.2 million of cash was used by the overall business in the quarter.

    Business Updates

    2025 Strategic Focus Areas

    • Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
    • Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
    • Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
    • Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
    • Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions
    • Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
    • Sustainability – further develop and deliver into our environmental, social, and governance goals.

    Liquidity

    Our current liquidity positions us well moving forward to fund organic growth and the required correlated working capital investments. Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $198.5 million includes total liquidity of $147.2 million and $32.9 million of unused finance lease borrowing availability as at March 31, 2025. Liquidity is primarily provided by the terms of our $524.7 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in May 2028.

        March 31,
    2025    		   December 31,
    2024
    Cash   $ 78,241     $ 77,875  
    Credit Facility borrowing limit     524,675       522,550  
    Credit Facility drawn     (421,702 )     (395,844 )
    Letters of credit outstanding     (33,998 )     (33,992 )
    Cash liquidity(i)   $ 147,216     $ 170,589  
    Finance lease borrowing limit     400,000       400,000  
    Other debt borrowing limit     20,000       20,000  
    Equipment financing drawn     (310,362 )     (253,639 )
    Guarantees provided to joint ventures     (58,314 )     (61,675 )
    Total capital liquidity(i)   $ 198,540     $ 275,275  

    (i)See “Non-GAAP Financial Measures”.

    Subsequent to the three months ended March 31, 2025, on April 25, 2025, we announced that we entered into an underwriting agreement to sell, pursuant to a private placement offering, $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 (the “Notes”). The agreement closed on May 1, 2025. The Notes were issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. We intend to use the net proceeds of the Offering to repay indebtedness under our existing Credit Agreement, and for general corporate purposes.

    NACG’s outlook for 2025

    The following table provides projected key measures for 2025. These measures are predicated on contracts currently in place, including expected renewals, and the heavy equipment fleet that we own and operate.

    Key measures   2025
    Combined revenue(i)   $1.4 – $1.6B
    Adjusted EBITDA(i)   $415 – $445M
    Sustaining capital(i)   $180 – $200M
    Adjusted EPS(i)   $3.70 – $4.00
    Free cash flow(i)   $130 – $150M
         
    Capital allocation    
    Growth spending(i)   $65 – $75M
    Net debt leverage(i)   Targeting 1.7x

    (i)See “Non-GAAP Financial Measures”.

    Conference Call and Webcast

    Management will hold a conference call and webcast to discuss our financial results for the quarter ended March 31, 2025, tomorrow, Thursday, May 15, 2025, at 7:00 am Mountain Time (9:00 am Eastern Time).

    The call can be accessed by dialing:
          Toll free: 1-800-717-1738
          Conference ID: 42703

    A replay will be available through June 12, 2025, by dialing:
          Toll Free: 1-888-660-6264
          Conference ID: 42703
          Playback Passcode: 42703

    The Q1 2025 earnings presentation for the webcast will be available for download on the company’s website at www.nacg.ca/presentations/

    The live presentation and webcast can be accessed at:

    https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=5E415713-29A1-4D60-A023-BF0345BED32F

    A replay will be available until June 12, 2025, using the link provided.

    Basis of Presentation

    We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2025, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated Q1 2025 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

    Change in significant accounting policy – Classification of multi-use tires

    Effective in the first quarter of 2025, we have changed our accounting policy for the classification of multi-life tires. These tires are now recognized as property, plant, and equipment on the Consolidated Balance Sheets and are amortized through depreciation on the Consolidated Statements of Operations and Comprehensive Income. Previously, multi-life tires were classified as inventories and expensed through cost of sales when placed into service. This change in accounting policy provides a more accurate reflection of the role of multi-life tires as components of the heavy equipment in which they are utilized, aligning the accounting treatment with the economic substance of their use.

    We have applied this change retrospectively in accordance with Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections, by restating the comparative period. For further details regarding the retrospective adjustments, refer to Note 16 in the consolidated financial statements for the period ended March 31, 2025.

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions.

    The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months ended March 31, 2025. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

    Non-GAAP Financial Measures

    This press release presents certain non-GAAP financial measures because management believes that they may be useful to investors in analyzing our business performance, leverage and liquidity. The non-GAAP financial measures we present include “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin”, “adjusted EPS”, “adjusted net earnings”, “capital additions”, “capital work in progress”, “cash liquidity”, “cash provided by operating activities prior to change in working capital”, “cash related interest expense”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “gross profit margin”, “growth capital”, “margin”, “net debt”, “net debt leverage”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Each non-GAAP financial measure used in this press release is defined and reconciled to its most directly comparable GAAP measure in the “Non-GAAP Financial Measures” section of our Management’s Discussion and Analysis filed concurrently with this press release.

    Reconciliation of total reported revenue to total combined revenue

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Revenue from wholly-owned entities per financial statements   $ 340,833     $ 297,026  
    Share of revenue from investments in affiliates and joint ventures     136,237       125,838  
    Elimination of joint venture subcontract revenue     (85,566 )     (77,151 )
    Total combined revenue(i)   $ 391,504     $ 345,713  

    (i)See “Non-GAAP Financial Measures”.

    Reconciliation of reported gross profit to combined gross profit

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Gross profit from wholly-owned entities per financial statements   $ 37,891     $ 53,494  
    Share of gross profit from investments in affiliates and joint ventures     13,677       8,935  
    Combined gross profit(i)(ii)   $ 51,568     $ 62,429  

    (i)See “Non-GAAP Financial Measures”.
    (ii)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Net income(i)   $ 6,163     $ 11,511  
    Adjustments:        
    Stock-based compensation (benefit) expense     (3,408 )     3,608  
    (Gain) loss on disposal of property, plant and equipment     (974 )     261  
    Change in fair value of contingent obligations from adjustments to estimates     (1,317 )     1,438  
    Loss on derivative financial instruments     6,912       —  
    Equity investment loss on derivative financial instruments     1,019       1,954  
    Equity investment restructuring costs     —       4,517  
    Depreciation expense relating to early component failures     4,274       —  
    Post-acquisition asset relocation and integration costs     1,640       —  
    Tax effect of the above items     208       (2,260 )
    Adjusted net earnings(i)(ii)     14,517       21,029  
    Adjustments:        
    Tax effect of the above items     (208 )     2,260  
    Interest expense, net     13,516       15,597  
    Equity investment EBIT(ii)     3,310       (3,768 )
    Equity (earnings) loss in affiliates and joint ventures     (3,283 )     1,512  
    Change in fair value of contingent obligations     4,347       3,955  
    Income tax expense     4,244       4,467  
    Adjusted EBIT(i)(ii)     36,443       45,052  
    Adjustments:        
    Depreciation(i)     60,714       47,862  
    Amortization of intangible assets     601       310  
    Depreciation expense relating to early component failures     (4,274 )     —  
    Equity investment depreciation and amortization(ii)     6,448       4,162  
    Adjusted EBITDA(i)(ii)   $ 99,932     $ 97,386  
    Adjusted EBITDA margin(i)(ii)(iii)     25.5 %     28.2 %

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
    (ii)See “Non-GAAP Financial Measures”.
    (iii)Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

    Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT

        Three months ended
        March 31,
    (dollars in thousands)     2025       2024  
    Equity (loss) earnings in affiliates and joint ventures   $ 3,283     $ (1,512 )
    Adjustments:        
    Loss (gain) on disposal of property, plant and equipment     2       (175 )
    Interest income     (29 )     (573 )
    Income tax expense (benefit)     54       (1,508 )
    Equity investment EBIT(i)   $ 3,310     $ (3,768 )

    (i)See “Non-GAAP Financial Measures”.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    For further information contact:

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 960-7171
    IR@nacg.ca
    www.nacg.ca

    Interim Consolidated Balance Sheets

    (Expressed in thousands of Canadian Dollars)
    (Unaudited)

        March 31,
    2025    		   December 31,
    2024(i)
    Assets        
    Current assets        
    Cash   $ 78,241     $ 77,875  
    Accounts receivable     186,850       166,070  
    Contract assets     19,676       4,135  
    Inventories     74,242       69,027  
    Prepaid expenses and deposits     6,523       7,676  
    Assets held for sale     782       683  
          366,314       325,466  
    Property, plant and equipment, net of accumulated depreciation of $503,486 (December 31, 2024 – $500,303)     1,314,635       1,251,874  
    Operating lease right-of-use assets     11,539       12,722  
    Investments in affiliates and joint ventures     86,341       84,692  
    Intangible assets     10,072       9,901  
    Other assets     5,581       9,845  
    Total assets   $ 1,794,482     $ 1,694,500  
    Liabilities and shareholders’ equity        
    Current liabilities        
    Accounts payable   $ 138,700     $ 110,750  
    Accrued liabilities     59,454       78,010  
    Contract liabilities     6,734       1,944  
    Current portion of long-term debt     150,301       84,194  
    Current portion of contingent obligations     40,139       39,290  
    Current portion of operating lease liabilities     1,475       1,771  
          396,803       315,959  
    Long-term debt     663,622       719,399  
    Contingent obligations     91,107       88,576  
    Operating lease liabilities     10,612       11,441  
    Other long-term obligations     42,792       44,711  
    Deferred tax liabilities     127,615       125,378  
          1,332,551       1,305,464  
    Shareholders’ equity        
    Common shares (authorized – unlimited number of voting common shares; issued and outstanding – March 31, 2025 – 30,601,681 (December 31, 2024 – 27,704,450))     298,858       228,961  
    Treasury shares (March 31, 2025 – 1,004,074 (December 31, 2024 – 1,000,328))     (16,036 )     (15,913 )
    Additional paid-in capital     20,856       20,819  
    Retained earnings     158,877       156,271  
    Accumulated other comprehensive loss     (624 )     (1,102 )
    Shareholders’ equity     461,931       389,036  
    Total liabilities and shareholders’ equity   $ 1,794,482     $ 1,694,500  

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    Interim Consolidated Statements of Operations and Comprehensive Income

    (Expressed in thousands of Canadian Dollars, except per share amounts)
    (Unaudited) 

        Three months ended
        March 31,
          2025     2024(i)  
    Revenue   $ 340,833     $ 297,026  
    Cost of sales     242,228       195,670  
    Depreciation     60,714       47,862  
    Gross profit     37,891       53,494  
    General and administrative expenses     7,682       14,443  
    Amortization of intangible assets     601       310  
    (Gain) loss on disposal of property, plant and equipment     (974 )     261  
    Operating income     30,582       38,480  
    Interest expense, net     13,516       15,597  
    Equity (earnings) loss in affiliates and joint ventures     (3,283 )     1,512  
    Loss on derivative financial instruments     6,912       —  
    Change in fair value of contingent obligations     3,030       5,393  
    Income before income taxes     10,407       15,978  
    Current income tax expense     1,777       4,296  
    Deferred income tax expense     2,467       171  
    Net income   $ 6,163     $ 11,511  
    Other comprehensive income        
    Unrealized foreign currency translation (gain) loss     (478 )     693  
    Comprehensive income   $ 6,641     $ 10,818  
    Per share information        
    Basic net income per share   $ 0.22     $ 0.43  
    Diluted net income per share   $ 0.21     $ 0.39  

    (i)The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

    The MIL Network –

  • MIL-OSI: Flow Capital Announces Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Loan Interest Revenue up 45% and Recurring Free Cash Flow up 104% year over year 

    TORONTO, ON, May 14, 2025 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV:FW), a leading provider of flexible growth capital and alternative debt solutions, announces its unaudited financial and operating results for the for the three-months ended March 31, 2025.

    Q1 2025 Performance Highlights

    • 45% increase in Loan Interest Revenue to $2.9 million year over year.
    • 104% increase in Recurring Free Cash Flow to $847,111 year over year.
    • $0.028 in Recurring Free Cash Flow per share for the quarter.
    • 13% increase in Total Assets to $74.1 million year over year.
    • $3.2 million in new capital deployment during the quarter.
    • $1.22 book value per share.

    “This was another strong quarter, capping off a record year for Flow Capital. Q1 2025 represented the 7th consecutive quarter of sequential quarter-to-quarter loan interest revenue growth. More importantly, we are growing our revenue while consistently generating positive free cash flow. We have entered our 6th consecutive year of generating positive recurring cash flow, generating $847,111 during the quarter. We believe our continued strong growth indicates the strength of our business model and management’s ability to execute on it.” said Alex Baluta, CEO of Flow Capital.

    Detailed Financial Results are available on our website at www.flowcap.com/investor-relations/2025 or on www.sedar.com/.

    Results of Operations

    Click here to view image

    (1)   Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as loan interest revenue less loan amortization income, one-time payments, salaries, professional fees, office and general administrative expenses, and financing expenses. See the section “Use of Non-IFRS Financial Measures”.
    (2)   Calculated by taking Total Shareholders’ Equity as reported on the Statements of Financial Position over the number of outstanding shares at period end. See the section “Use of Non-IFRS Financial Measures”.

    Conference Call Details

    Flow Capital will host a conference call to discuss these results at 9:00 a.m. Eastern Time, on Thursday, May 15, 2025. Participants should call +1 800-717-1738 or +1 289-514-5100 and ask an operator for the Flow Capital Earnings Call, Conference ID 61852. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial +1 888-660-6264 or +1 289-819-1325 and enter passcode 61852#. The replay recording will be available until 11:59 p.m. ET, May 29, 2025.

    An audio recording of the conference call will be also available on the investors’ page of Flow Capital’s website at www.flowcap.com/investor-relations/2025

    About Flow Capital

    Flow Capital Corp. is a publicly listed provider of flexible growth capital and alternative debt solutions dedicated to supporting high-growth companies. Since its inception in 2018, the company has provided financing to businesses in the US, the UK, and Canada, helping them achieve accelerated growth without the dilutive impact of equity financing or the complexities of traditional bank loans. Flow Capital focuses on revenue-generating, VC-backed, and founder-owned companies seeking $2 to $10 million in capital to drive their continued expansion.

    Learn more at www.flowcap.com

    For further information, please contact:

    Flow Capital Corp.

    Alex Baluta
    Chief Executive Officer
    alex@flowcap.com

    47 Colborne St, Suite 303,
    Toronto, Ontario M5E 1P8

    Non-IFRS Financial Measures

    This press release includes references to the non-IFRS financial measure “Recurring Free Cash Flow.” This financial measure is employed by the Company to measure its operating and economic performance, to assist in business decision-making, and to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the company’s operating and financial performance. This financial measure is not defined under IFRS, nor does it replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Reconciliations of non-IFRS measures to the nearest IFRS measure can be found in this press release under “Reconciliation of Non-IFRS Measures.”

    Reconciliation of Non-IFRS Measures

    The table below reconciles Recurring Free Cash Flow for the periods indicated.

    Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as loan interest and royalty income less loan amortization income, one-time payments, salaries, professional fees, office and general administrative expenses, and financing expenses.

    Click here to view image

    Forward-Looking Information and Statements

    Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

    The MIL Network –

  • MIL-OSI: Questerre reports first quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

    CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the quarter ended March 31, 2025.

    Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Three wells at Kakwa North were completed this quarter. Including flush volumes, our daily production has averaged over 3,500 boe per day since the tie-in in early April. We plan to participate in a follow-up three (1.5 net) well program that could begin this fall.”

    He added, “Securing energy supplies and diversifying markets is a priority in Canada following the seismic shift in US trade policy. This is especially true in Quebec where imports account for nearly half their total energy demand. There is a growing consensus in the province that energy infrastructure, including pipelines and LNG export facilities, should be revisited. Our discovery could provide a secure supply of natural gas and help solve their existing electrical energy shortage while reducing Canadian and global emissions.”

    He further added, “We are following the legal process to protect our shareholders’ rights. At a recent hearing, the Justice approved our request to interview several key Government representatives including current and former ministers. The Attorney General is requesting leave to appeal this decision.”

    Highlights

    • Kakwa North wells completed in the quarter and on production in early April bringing production to over 3,500 boe per day
    • Red Leaf completes larger-pilot scale demonstration of technology
    • Average daily production of 1,729 boe per day and net cash flow from operating activities of $3.4 million and adjusted funds flow from operations of $3.5 million

    Production volumes increased marginally in the first quarter of 2025 to 1,729 boe/d from 1,664 boe/d last year. Production volumes will increase further in the second quarter following the tie-in of the three (1.50 net) wells drilled this year at Kakwa North. For the quarter, petroleum and natural gas revenue remained relatively flat and totaled $9.1 million in the period compared to $9.0 million last year. With revenue offsetting expenses, the Company generated no net income for the quarter compared to a loss of $0.2 million last year. Cash flow from operations was $3.4 million (2024: $2.6 million) and adjusted funds flow from operations of $3.5 million (2024: $3 million).

    The Company incurred capital expenditures of $17.9 million for the period (2024: $2.6 million) and reported a working capital surplus of $9.2 million as of March 31, 2025 (2024: $30.2 million).

    The term “adjusted funds flow from operations” and “working capital surplus” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.

    Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.

    Questerre is a believer that the future success of the oil and gas industry depends on the balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

    Advisory Regarding Forward-Looking Statements

    This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s views that securing energy security and market access is a priority in Canada following the shift in US trade policy and that its discovery could provide a secure supply of natural gas to Quebec and help solve their existing electric energy shortage while reducing Canadian and global emissions.

    Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time-to-time in Questerre’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

    Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

    (1) For the three-month period ended March 31, 2025, liquids production including light crude and natural gas liquids accounted for 998 bbl/d (2024: 978 bbl/d) and natural gas including conventional and shale gas accounted for 4,388 Mcf/d (2024: 4,114 Mcf/d).

    Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    This press release contains the terms “adjusted funds flow from operations” and “working capital surplus” which are non-GAAP terms. Questerre uses these measures to help evaluate its performance.

    As an indicator of Questerre’s performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre’s determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund operations and support activities related to its major assets.

      Three Months Ended March 31,
    ($ thousands)   2025     2024  
    Net cash used in operating activities $ 3,359   $ 2,628  
    Change in non-cash operating working capital   184     345  
    Adjusted Funds Flow from Operations $ 3,543   $ 2,973  
                 

    Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities.

    The MIL Network –

  • MIL-OSI Russia: Chinese Foreign Minister Meets with LAC Colleagues

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian –

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

    BEIJING, May 14 (Xinhua) — Chinese Foreign Minister Wang Yi on Wednesday held separate meetings with the foreign ministers of Honduras Eduardo Enrique Reyna, Bolivia Celinda Sosa Lunda and Mexico Juan Ramon de la Fuente.

    The above-mentioned senior diplomats arrived in China to attend the 4th Ministerial Meeting of the China-CELAC Forum (Community of Latin American and Caribbean States).

    During the meeting with E.E. Reyna, Wang Yi, also a member of the Politburo of the CPC Central Committee, said China highly appreciates Honduras’ firm commitment to the one-China principle and supports the country in safeguarding its sovereignty, independence and national dignity.

    As Wang Yi emphasized, China is willing to share its experience in public administration with Honduras, help the country choose a development path that suits national conditions and is supported by the people, and will continue to assist Honduras within its capabilities in improving the well-being of its people and building up its potential.

    The Honduran Foreign Minister, for his part, pointed out that the Latin American and Caribbean countries (LAC) are deeply encouraged by the important cooperation initiatives put forward by Chinese President Xi Jinping. He noted that Honduras will firmly adhere to the one-China principle and translate the important agreements reached by the two heads of state into new practical results.

    During the meeting with S. Sosa Lunda, the head of the Chinese Foreign Ministry pointed out that China highly appreciates Bolivia’s resolute commitment to defending national dignity, legitimate rights and interests without fear of external interference.

    Wang Yi congratulated Bolivia on joining BRICS as a partner country and said that China hopes to expand communication and cooperation with the Bolivian side within the framework of multilateral mechanisms. The Chinese diplomat also called on both sides to further advance the high-quality joint construction of the Belt and Road.

    S. Sosa Lunda, for her part, stressed that Bolivia is a strong defender of multilateralism and the right to national self-determination, attaches great importance to cooperation within the BRICS framework and wishes to use this platform to strengthen cohesion and mutual assistance among the countries of the Global South. She also emphasized that the commitment to the one-China principle is an unshakable position of Bolivia.

    During his meeting with J.R. de la Fuente, Wang Yi said that China places relations with Mexico at the center of its diplomacy with LAC countries. He noted that, guided by the important consensus reached by the two heads of state, China is willing to share with Mexico its experience in comprehensively promoting Chinese-style modernization and the opportunities offered by the Chinese mega-market.

    China welcomes more high-quality products from Mexico to enter its market and will encourage Chinese enterprises to invest and do business in Mexico, the Chinese foreign minister added.

    J. R. de la Fuente, in turn, pointed out that Mexico firmly adheres to sovereignty and independence and will continue to strictly adhere to the one-China principle. According to him, Mexico expects to strengthen cooperation between the two countries in areas such as connectivity, science and technology, agriculture, tourism and direct flights, and continuously enrich the content of Mexico-China relations. –0–

    MIL OSI Russia News –

  • MIL-OSI NGOs: May budget revise makes the case for California’s Climate Superfund Act even stronger 

    Source: Greenpeace Statement –

    SACRAMENTO, CA (May 14, 2025) –In response to the recently released May revise of the California state budget, which revealed a projected $12 billion deficit, Benjamin Smith, Greenpeace USA Senior Strategic Partnerships Advisor, said: “Today’s news of the huge budget deficit in the May revise shows that California is sinking deeper into an affordability crisis. That’s why it’s crucial California legislators pass pieces of legislation like the Climate Superfund Act. Our investments in the future shouldn’t have to come from taxpayers who are already struggling to make ends meet. 

    “It’s time for the biggest polluters who created this toxic mess and the subsequent escalating, expensive climate disasters to pay their fair share. This is a common sense policy that is urgently needed to protect our public sector workers, critical social programs, and both state and local budgets.

    “We can’t continue draining the coffers of services that Californians need, especially when there’s money available from some of the wealthiest corporations in history who have been making record profits. To take the words right out of President Trump’s mouth: instead of 30 yachts this year, the corporate CEOs making millions could do just fine with two.”

    Contact: Katie Nelson, Greenpeace USA Senior Communications Specialist, [email protected], +1 (678) 644-1681

    Greenpeace USA is part of a global network of independent campaigning organizations that use peaceful protest and creative communication to expose global environmental problems and promote solutions that are essential to a green and peaceful future. Greenpeace USA is committed to transforming the country’s unjust social, environmental, and economic systems from the ground up to address the climate crisis, advance racial justice, and build an economy that puts people first. Learn more at www.greenpeace.org/usa.

    MIL OSI NGO –

  • MIL-OSI Canada: Statement from the Taxpayers’ Ombudsperson congratulating the new Minister of Finance and National Revenue

    Source: Government of Canada News

    OTTAWA, May 14, 2025 – I would like to congratulate the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, on his added responsibilities in Cabinet.

    I look forward to working with Mr. Champagne to improve services at the Canada Revenue Agency (CRA). The CRA has the dual responsibility of administering tax legislation and distributing benefit payments to those who need them most. I trust that he will give both aspects of this role the attention they require.

    Mr. Champagne brings a wealth of experience. He has held a variety of ministerial portfolios, from Minister of Infrastructure and Communities to Minister of Foreign Affairs to Minister of Innovation, Science and Industry. I am sure that his variety of expertise will be an important asset in his dual role as Minister of Finance and National Revenue.

    As well, I would like to extend my congratulations to the Honourable Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions). He brings an interesting perspective acquired through his active engagement with numerous parliamentary committees, notably the Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities. I am therefore confident he will be proactive in making sure the CRA pursue its dual role, especially for the most vulnerable among us.

    I would also like to take the opportunity to thank the Honourable Élisabeth Brière. Although I was her special advisor for only a short period of time, it was a pleasure working with her to improve the CRA’s services.

    During her time as Minister, our Office released two systemic examination reports—Timing Is Everything, about how the CRA administers the Canada child benefit, and Unintended Consequences, about the CRA’s administration of the bare trust filing requirements. Between these two reports, we made a total of 16 recommendations. I was pleased to see that she provided thoughtful responses for how the CRA could improve the areas we identified. I wish her the best in her work as a member of Parliament for Sherbrooke.

    I am looking forward to working with both the Minister and the Secretary of State in implementing the aforementioned recommendations made in our last two systemic reports.

    Mr. François Boileau, Taxpayers’ Ombudsperson

    Background information

    The Office of the Taxpayers’ Ombudsperson works independently from the CRA. Canadians can submit complaints to the Office if they feel they are not receiving the appropriate service from the CRA. Our main objective is to improve the service the CRA provides to taxpayers and benefit recipients by reviewing individual service complaints and service issues that affect more than one person or a segment of the population.

    The Taxpayers’ Ombudsperson assists, advises and informs the Minister of Finance and National Revenue about matters relating to services provided by the CRA. The Ombudsperson ensures, in particular, that the CRA respects eight of the service rights outlined in the Taxpayer Bill of Rights.

    MIL OSI Canada News –

  • MIL-OSI Canada: Judicial appointments increase Albertans access to court

    Albertans deserve to have access to a fair, accessible and transparent justice system. To increase capacity in the courts and improve access to justice for those involved in civil, criminal and family matters, Alberta’s government has made five new judicial appointments to the Alberta Court of Justice.

    “Continuing to fill judicial appointments directly strengthens the capacity of our courts, helping ensure Albertans have timely access to justice. Those newly appointed will serve Albertans well in their respective divisions and I congratulate them on their new roles.”

    Mickey Amery, Minister of Justice and Attorney General

    Alberta’s government has appointed the following individuals to the Alberta Court of Justice:

    • Tracey Bailey, KC, Edmonton Family and Youth Division, effective June 23.
    • Sheri Epp, Calgary Criminal Division and Calgary Region, effective June 2.
    • Karen McGowan, Edmonton Family and Youth Division, effective June 2.
    • Alicia Wendel, Edmonton Region, effective June 2.
    • Colin Wetter, part-time justice of the peace in Edmonton, effective May 14.

    “The Alberta Court of Justice is pleased to welcome and congratulate these new appointments. Access to justice is a fundamental value of our society, ensuring that every individual has the opportunity to be heard, receive fair treatment, and obtain timely, meaningful resolution to their legal challenges. I am confident that their backgrounds and experience will serve Albertans well in achieving these goals.”

    James Hunter, chief justice, Alberta Court of Justice

    Since June 2023, Alberta’s government has made 30 judicial appointments.

    Tracey M. Bailey, KC, received her bachelor of laws degree from the University of Alberta in 1991. She started her career as an articling student, continuing as a lawyer at Milner Fenerty. Following academia, she practiced law at Alberta’s Ministry of Justice and Solicitor General before returning to private practice in 2020 as associate counsel at Miller Thomson, LLP, where Ms. Bailey was made partner in 2025.

    Sheri Epp received her bachelor of laws degree from the University of Alberta in 1997. She began her career as an articling student, and then as a litigation associate at Code Hunter Wittmann/Gowlings. She then gained litigation experience at Code Hunter LLP, Scott Hall LLP, McCarthy Tetrault LLP, and Talisman Energy Inc. Most recently, Ms. Epp was senior counsel, then became assistant vice-president and associate chief counsel of Individual Insurance and Affinity at Manulife.

    Karen McGowan received her bachelor of laws degree from the University of Alberta in 1998. Her focus has always been criminal law, beginning as an articling student at Beresh, Depoe, Cunningham. Since being called to the bar in 1999, she has practiced law for Legal Aid Alberta in the Youth Criminal Defence Office, then as a senior advisory counsel, and finally, in the Criminal Trial Group.

    Alicia Wendel received her bachelor of laws degree from Dalhousie University in 1999. She started her career as an articling student at McAllister and Sinclair, then as a barrister at Fix and Smith. From 2001 to present, she has been a Crown prosecutor in rural jurisdictions, practicing in regional courts with the Alberta Crown Prosecution Service. Currently, Ms. Wendel is a member of the Alberta Justice Restorative Justice Working Group, the Alberta Justice Sexual Violence Working Group, and the Gladue Systemic Change Project Committee.

    Colin Wetter received his bachelor of laws degree from the University of Alberta in 1986. He began his career as an articling student at Howard Mackie in Calgary, then practiced law in the private sector until 1992. He then joined the federal Department of Justice as legal counsel, and –with ever-increasing roles of responsibility – in 2012 became regional director of the Aboriginal Law Services Section (Alberta). Mr. Wetter was regional director of the Tax Law Services Section (Prairie Region) from 2019 to 2022.

    Quick facts

    • Lawyers with at least 10 years at the bar can apply to become a justice with the Alberta Court of Justice. 
    • Lawyers with at least five years at the bar can apply to become a justice of the peace. Justice of the peace appointments are for 10 years.
    • Applications are reviewed by the Alberta Judicial Council and Alberta Judicial Nominating Committee, and then recommended to the minister of justice and cabinet for appointment.

    Related information

    • Alberta’s government is actively recruiting justices and justices of the peace and encourages qualified lawyers to apply. Qualified lawyers who wish to be considered for appointment can access the application form online.

     Related news

    • Ensuring access to justice for Albertans (May 7, 2025)
    • Judicial appointments increase Albertans access to justice (April 9, 2025)
    • Increasing court capacity (Jan. 15, 2025)
    • Strengthening Alberta’s courts (Dec. 4, 2024)

    MIL OSI Canada News –

  • MIL-OSI Canada: Premier leading Asia trade mission to promote B.C. investment, support good jobs

    Source: Government of Canada regional news

    Premier David Eby is leading a trade mission to Asia with business leaders and key government officials to strengthen partnerships, increase investment, diversify trade and create good jobs for British Columbians.

    “Our largest trading partner has become increasingly unreliable, so now is the time to expand international markets for B.C. goods and develop deeper bonds with other countries,” Premier Eby said. “This trade mission is about showcasing all that B.C. has to offer, deepening our relationship with major customers, supporting good jobs here at home and building our province’s position as the economic engine of a stronger and more independent Canada.”

    The trade mission is from June 1 until June 10, and includes: Tokyo and Osaka, Japan; Kuala Lumpur, Malaysia; and Seoul, South Korea. Premier Eby will be accompanied by Lana Popham, Minister of Agriculture and Food, and Paul Choi, parliamentary secretary for Asia-Pacific trade, along with representatives from B.C. businesses and research universities.

    “Farmers and food processers run an economic engine for the province, creating more than 40,000 jobs and nearly $6 billion in export sales every year,” Popham said. “I am excited to showcase the best of what B.C. has to offer on an international stage while opening up new opportunities for trade, growth and innovation.”

    The team will be promoting B.C.’s strengths and seeking to build relationships that will support new trade and investment in key sectors, including surging demand in Asia for clean energy, B.C. wood and forestry products, technology, LNG and critical minerals, and agricultural products such as halal foods and seafood.

    This mission builds on B.C.’s trade diversification strategy and is a followup to the Premier’s trade mission to the region in 2023. Over the 10-day trip, the Premier, minister and team will be meeting with government officials, business leaders and investors to discuss trade and partnership opportunities, as well as shared priorities in key sectors.

    Itinerary:

    June 1-5: Tokyo and Osaka, Japan
    June 5-7: Kuala Lumpur, Malaysia
    June 8-10: Seoul, South Korea

    Quick Facts:

    • The Indo-Pacific is the world’s fastest-growing economic region, and by 2040 is expected to account for more than half the global economy.
    • More than 41% of B.C.’s merchandise exports – totalling approximately $22.4 billion in 2024 – are directed toward Indo-Pacific markets.
    • Japan and South Korea are B.C.’s third- and fourth-largest trading partners, with 17% of all B.C. merchandise exports going to those two markets.
    • Almost half of all Canadian exports to South Korea originate in B.C., and B.C.’s share of Canadian exports to Japan is more than 38%.

    Learn More:

    MIL OSI Canada News –

  • MIL-OSI Canada: Prime Minister announces Chief Government Whip

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, announced that Mark Gerretsen, Member of Parliament for Kingston and the Islands, will serve as Chief Government Whip.

    Mr. Gerretsen was first elected as a Member of Parliament in 2015. He has previously served as Deputy Government House Leader, as Parliamentary Secretary to the Leader of the Government in the House of Commons, and as a member of various parliamentary committees.

    The decisions made by this new Parliament, starting on May 26, 2025, will be decisive for Canada’s future. We will govern constructively and collaboratively, working with Caucus and across parties in Parliament to deliver the change that Canadians voted for.

    MIL OSI Canada News –

  • MIL-OSI Canada: Penning a new chapter on mutually beneficial trade

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI USA: Ranking Member Lauren Underwood Remarks at Immigration and Customs Enforcement Oversight Hearing

    Source: United States House of Representatives – Congresswoman Lauren Underwood (IL-14)

    WASHINGTON, D.C. – This morning, Representative Lauren Underwood, Ranking Member of the Homeland Security Subcommittee on Appropriations delivered the following the remarks at the subcommittee’s oversight hearing on the U.S. Immigration and Customs Enforcement Agency (ICE):

    “Thank you, Chairman Amodei, and I would like to welcome our witness Todd Lyons, the Acting Director for U.S. Immigration and Customs Enforcement (ICE).

    As the Federal agency charged with the enforcement of violations of customs and immigration laws, the scope of ICE’s investigatory and operational work is broad. ICE has an incredibly important role in preserving public safety and national security by combatting cartels and other transnational criminal organizations, investigating illicit drug trafficking, including deadly fentanyl, human trafficking and smuggling networks, and going after violations of trade and intellectual property laws that seek to undermine our economic security.

    However, since January 20 we have seen a shift in priorities by this Administration away from data-driven, security-focused approaches and toward impossible politically-driven goals, like a million removals in a year. Leadership at DHS, and ICE in particular, are operating with disrespect and disregard for the foundational constitutional principles that govern our country.

    As we endeavor to secure the homeland, we must continue to protect and defend the Constitution of the United States. As I told the Secretary last week: that is not a secondary mission.

    But under the Trump Administration, ICE’s work appears to be dominated by egregious mistakes, misuse of taxpayer funds, and flagrant violations of constitutional rights like due process.

    Let’s take last month in Oklahoma, where ICE sent 20 armed agents, with their rifles drawn, to storm the home of a mom who was home alone with her young daughters in the middle of the night.

    These American citizens who did nothing wrong were forced to wait outside their home in the rain during a midnight investigation that had nothing to do with them.

    Agents reportedly confiscated not just their phones and laptops but also their cash savings – again, these are U.S. citizens who, based on publicly available information, were never implicated in any of the crimes being investigated. It’s not even clear whether the family’s devices and savings were ever returned to them.

    Your department has issued no apology, taken no accountability, just doubled down.

    How can Americans trust an organization that operates like this – that treats them like this – with their national security?

    ICE is the second-largest law enforcement component within DHS, America’s largest federal law enforcement agency. You are charged with upholding our laws – which start with the Constitution and Bill of Rights, representing our values as Americans, and using taxpayer dollars responsibly.

    And the standard we expect from our federal law enforcement is excellence. The American people deserve nothing less.

    But instead of prioritizing the actual greatest threats facing America – because we all know the data shows encounters at the southern border started declining in March 2024 and keep hitting new lows – this Administration is cashing checks it does not have to reach questionable goals it cannot meet.

    You’re removing people so hastily and with so little care that you’re defying court orders.

    Your department is wasting millions flying the Secretary around the country for publicity stunts so she can post photos on social media from operations that are still ongoing, putting actual agents at risk.

    Let me be clear – you are roughly two months away from running out of funding and a violation of the Antidefiency Act. As I said to Secretary Noem, the reliance on funding from a reconciliation bill that has not passed Congress is an incredibly risky strategy that sets you up for failure.

    Lastly, let me remind you of Article I of the Constitution, which gives Congress, and only Congress, the power of the purse. Increases to ICE at the expense of other national security programs and initiatives that members on both sides of the aisle voted for undermine our core work and Congressional intent. And if this committee provides funding for your agency, we have every right to oversee how those taxpayer dollars are spent.

    Last week, ICE blocked members of Congress from conducting an unannounced inspection at the Delaney Hall facility in New Jersey. That too appears to be in violation of federal law, which clearly states we have the right to enter ICE facilities even if we show up unannounced.

    Mr. Lyons, you cannot accept federal funding and then shut the door on oversight from the people’s elected representatives. 

    ICE is already burning the money Congress appropriated – and frankly, right now ICE has much more work to do to justify being entrusted with even more taxpayer dollars.

    I am deeply concerned about the administration of funds by this department, but ICE in particular, and I am glad we have the opportunity to discuss this further with you today.

    Thank you, Mr. Chairman. I yield back.”

     

    ### 

    MIL OSI USA News –

  • MIL-OSI USA: The Make America Sick Agenda: Senator Markey Compiles Stories from Trump, RFK Jr.’s First Five Months

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Read stories from Massachusetts and across the country
    Washington (May 14, 2025) – Senator Edward J. Markey (D-Mass.), top Democrat on the Senate Health, Education, Labor, and Pensions Subcommittee on Primary Health and Retirement Security, today unveiled a selection of dozens of stories received by his office on Department of Health and Human Services (HHS) Secretary Robert F. Kennedy (RFK) Jr.’s first five months. The stories, titled “The Make America Sick Agenda,” contains stories from people who have shared their experiences under the Trump administration’s Health and Human Services, including the impacts of cutting billions in life-saving research into diseases like Alzheimer’s and cancer, revoking grants to hospitals and community health centers, and firing staff dedicated to helping families pay their utility bills. All the while, RFK, Jr. spreads misinformation about vaccines amidst an uncontrolled measles outbreak.
    “The stories included here are from the voices of people across the country who the Trump administration has betrayed. They are terrified of losing life-saving care. They are angry that their government would treat them this way. And they are frustrated that protecting billionaires is more important to the Administration than ensuring their ability to get the care they need, when they need it, without going into debt,” wrote Senator Markey. “These are the stories of the Trump administration’s Make America Sick Agenda. The American people deserve better.”
    Selected excerpts from the compilation:
    “My parents were the first generation in their families to go to college and I was a Pell Grant recipient. I am not from an ‘elite’ upbringing. I am a mother, a pediatrician and public health professor have dedicated my career to trying to address the health disadvantages accrued by people in lower income and otherwise socially disadvantaged and stigmatized populations with a specific focus on women and children. One of my NIH grants that sought to understand and improve the experiences in behavioral/mental health care of LGBTQIA+ youth ages 14-17 was terminated. The message sent is that these vulnerable youth do not matter, further making them feel unwelcome in this society. It also has had a chilling effect on my students and staff who are funded through this research, discouraging them from continuing to be part of the workforce trying to understand and make better the care and opportunities for those whom our societal decisions have disadvantaged for reasons that are beyond their control.” – Anonymous, Amherst, MA 
    “I have kidney cancer. As an active patient receiving extremely expensive immunotherapy treatment, if I lose my job, I’ll also lose health insurance. That is literally a death sentence.” – Joe, Bridgewater, MA 
    “I am a stage 4 cancer patient at Dana-Farber Cancer Institute and am currently enrolled in a clinical trial there. I have a rare cancer that has no cure and few drugs to treat it. In the past 20 years, clinical trials and research about my cancer have been instrumental in helping people live longer. Cuts to the NIH and cancer research are devastating to cancer patients. Cuts to vaccine research also indirectly affect cancer patients as we are typically immunocompromised and need vaccines and for the population around us to be vaccinated. Anti-vaccine sentiments from HHS and the CDC could be detrimental to cancer patients like myself.” – Jennifer, Shrewsbury, MA
    “These drastic cuts aren’t just going to devastate local jobs and people’s livelihoods and a generation of scientists. They’re rapidly destroying the infrastructure for scientific research in this country, and that’s going to have very real effects on the public’s health. The treatment and prevention advances we need for ourselves and our loved ones just won’t be there. I cannot overstate how critical it is that we act NOW. The scientific research infrastructure is far easier to break than it will be to rebuild.” – Julia, Newton, MA
    “It is a sad commentary, that in a high-income country such as the US, we lagged behind other similar high-income countries in all healthcare indicators and now we are jeopardizing the even further the health of all Americans and our scientific reputation in the world. There is always room for improved organization and being efficient with our taxpayer monies but the restructuring that is taking place is without any reasonable justification based on evidence and thus, lacks in transparency to the American people. The future of all Americans is at risk here and the damage being done to the health of our people and the education system as well as our scientific innovation is devastating. We must push back.” – Anonymous, East Longmeadow, MA

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Senator Mullin Secures Commitment on Critical Infrastructure Improvements to the Port of Catoosa

    Washington, D.C. – On Tuesday, U.S. Senator Markwayne Mullin (R-OK), a member of the Senate Armed Services Committee, participated in the hearing, “To consider the nominations of: Mr. Richard L. Anderson to be Assistant Secretary of the Air Force for Manpower and Reserve Affairs; Mr. Adam R. Telle to be Assistant Secretary of the Army for Civil Works; and Dr. Matthew C. Napoli to be Deputy Administrator for Defense Nuclear Nonproliferation National Nuclear Security Administration.” 
    In his remarks, Senator Mullin detailed the importance of the Port of Catoosa and the critical infrastructure updates that are desperately needed. Mr. Telle, Assistant Secretary of the Army for Civil Works nominee, committed to addressing the issue.

    The full committee hearing can be found here. 
    The exchange between Senator Mullin and Mr. Adam Telle, nominee to be Assistant Secretary of the Army for Civil Works, is below.  
    Sen. Mullin: “Mr. Telle, I want to talk to you about the Port of Catoosa. It’s a 445-mile channel that runs from essentially the Mississippi all the way up to the Port of Catoosa, which is the largest inland water port west of the Mississippi and on the Gulf of America. It also provides roughly 50% of all agricultural products that flow in and out of the Midwest, and it goes up to the Port of Catoosa, which is just outside of Tulsa. And from there, it gets on rails and trucks and gets trucked the rest of the way up. It was opened in 1971 and since roughly the 90s, we have talked about increasing the depth, because the amount of traffic that’s on it. Right now, it’s dredged at nine feet in depth, and it also has a critical backlog, which means that any of the levees could shut down at any given time, of increasing almost a billion dollars critical backlog needs.” 
    “The Port of Catoosa, for some reason continues to be treated like, this is not politically correct but whatever the red headed stepchild is, and other projects in Ohio or the Mississippi or other areas of waterways seem to get the most attention. However, the Midwest feeds the United States and many parts around the world, yet we’re in a critical situation here where we need to increase the depth of the channel from 9 feet to 12 feet. The study has been going on literally since the 90s. An additional study started again in 2005 and expired in roughly 2014. We could see a 40% increase in cargo influx into the port and out of the port for every foot we increase it. 40% increase cargo. Which would be drastically an improvement to what we deal with today. Not to mention the timing, the cost to get Ag products in and out of the Midwest, because as we hit the Mississippi, we actually change out of one barge to another barge that actually is obviously deeper and bigger for us to be able to navigate through the channel with.” 
    “My concern is that since the Corp has continued to overlook this, I’m looking for a commitment for you that you will actually take a hard look at this and understand that literally, the heartbeat of America, which is our Ag products, is in dire straits of being able to get products in and out. And if this navigation channel goes down, the cost is going to bring to all Americans’ tables, because it will increase in cargo. So, would you commit to helping us with this channel?”  
    Mr. Telle: “Senator Mullin, absolutely, I will. This is emblematic, the situation you described, in providing access for Oklahoma’s farmers and ranchers to the rest of the world through our waterways is emblematic of the Corp’s mission, which was originally to use our waterways for the benefit of the American public.” 
    “Your state’s so critical in getting the products from your state the world. And the opposite of that, getting the world’s products to you is critically important. I understand that this issue has been going on for a long time, affects the state of Arkansas as well. And certainly, as vessel traffic changes, the types of traffic change based on commercial patterns across the globe, we need to make sure that our infrastructure is up to date to meet it. And I look forward to doing everything we can to take a very hard look at this critical asset and make sure that we modernize it to the degree that we can.” 
    “And I would also, as you describe when we were in your office, the critical role that it plays in flood protection in that area as well. And you know, dredge material often can have a beneficial use in terms of building flood control infrastructure, levees and otherwise. So, I look forward to working with you on that and I commit to do my very best.”  
    Sen. Mullin: “Thank you. And I look forward to hosting you when we can get you there.”  

    MIL OSI USA News –

  • MIL-OSI USA: During National Police Week, Rosen Announces Federal Funding Opportunities to Support Local Law Enforcement

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)
    WASHINGTON, DC – During National Police Week, U.S. Senator Jacky Rosen (D-NV) is announcing a federal grant funding opportunity for local law enforcement and encouraging Nevada departments to apply. The COPS Hiring Program federal grant is designed to provide law enforcement agencies with funding to hire more officers, implement innovative strategies to fight crime, incentivize community policing, and more. Senator Rosen has repeatedly urged Senate appropriators to support funding for the COPS Hiring Program.
    This program is now accepting applications until July 1, 2025 by 4:59pm ET. 
    “It’s my priority to continue delivering federal funding and resources that Nevada’s law enforcement community needs to keep our communities safe and help them do their jobs effectively,” said Senator Rosen. “During National Police Week, I’m encouraging law enforcement agencies across our state to apply for this federal grant to support hiring more officers and implementing tested strategies to bolster policing efforts. I’ll keep advocating for our first responders who fight crime and protect our state.”
    Senator Rosen has been working to support Nevada’s law enforcement community and ensure it has the resources needed to fight crime effectively and safely. Last year, bipartisan legislation she helped pass in the Senate to address the police officer shortage was signed into law. A bipartisan bill Rosen backed to fund family support and mental health services for law enforcement officers passed the Senate last year. Senator Rosen also introduced bipartisan legislation that would help determine best practices for identifying and treating post-traumatic stress and combating suicide among police and first responders.
    Information about the available grant funding program is found below:
    COPS Hiring Program – A competitive award program designed to provide funding directly to law enforcement agencies to hire and/or rehire additional career law enforcement officers in an effort to increase their community policing capacity and crime prevention efforts. Anticipated outcomes of the CHP program awards include engagement in planned community partnerships, implementation of projects to analyze and assess problems, implementation of changes to personnel and agency management in support of community policing, and increased capacity of agency to engage in community policing activities.

    MIL OSI USA News –

  • MIL-OSI USA: Graham Welcomes Qatar Airways’ Investment in Boeing’s South Carolina Workforce

    US Senate News:

    Source: United States Senator for South Carolina Lindsey Graham
    WASHINGTON – U.S. Senator Lindsey Graham (R-South Carolina) today made this statement after Qatar Airways announced the purchase of up to 210 American-made Boeing 787 Dreamliners and 777x aircraft. This is the largest ever order of Boeing 787 jets and will proudly be assembled in Charleston, South Carolina.
    “This is great news for South Carolina and Boeing. The operative phrase is ‘largest ever.’ Today’s announcement marks Boeing’s largest ever widebody order, its largest 787 order and Qatar Airways’ largest order ever.
    “Qatar Airways’ purchase will ensure the Charleston plant has work for many years to come and it is a validation of the work product coming from the Charleston Boeing facility. The Boeing workforce in South Carolina has a lot to be proud of – they consistently work hard and provide great airplanes.
    “I appreciate our allies in Qatar for making this investment in Boeing aircraft and I appreciate everything the Trump Administration has done to make this possible. This is truly a gamechanger for Boeing and South Carolina.”

    MIL OSI USA News –

  • MIL-OSI USA: DELAWARE COUNTY- Governor Shapiro to Announce New Proposal to Reform Private Equity in Pennsylvania Health Care, Additional Steps to Support Delaware County Community

    Source: US State of Pennsylvania

    May 15, 2025 – DELAWARE COUNTY, PA

    ADVISORY – DELAWARE COUNTY- Governor Shapiro to Announce New Proposal to Reform Private Equity in Pennsylvania Health Care, Additional Steps to Support Delaware County Community

    Governor Josh Shapiro will visit Delaware County in the wake of Prospect Medical Holdings’ decision to close Crozer Health to announce a new proposal to reform private equity ownership of hospitals in Pennsylvania. The Governor will also discuss his Administration’s efforts to support the Crozer Health workforce and announce additional steps the Commonwealth is taking to support the Delaware County community.

    In the last two weeks, the Administration hosted 10 live virtual meetings for impacted workers, sharing free employment resources and services so workers can find a new job, and together with Delaware County hosted a job fair featuring more than 200 employers and serving more than 1,000 attendees.

    WHO:
    Governor Josh Shapiro
    Dr. Monica Taylor, Delaware County Council Chairwoman
    Peggy Malone, President of Crozer-Chester Nurses Association
    Dr. Max Cooper, Crozer ER doctor
    Senator Tim Kearney
    Representative Lisa Borowski
    Representative Leanne Krueger

    WHEN:
    Thursday, May 15, 2025, at 10:45 AM

    WHERE:
    *Press must RSVP to receive the location, arrival, and parking instructions.

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP:
    Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Statement from Governor Phil Scott on Tax Increment Financing Expansion Bill

    Source: US State of Vermont

    Montpelier, Vt. – Governor Phil Scott today issued the following statement:

    “S.127 is a bill that expands Tax Increment Financing (TIF) to empower smaller, more rural towns to take advantage of this impactful economic development tool. Currently, due to complexity, only our bigger towns and cities have the capacity and resources to do so. 

    “S.127 passed the full Senate and then went through two House committees. Unfortunately, the House Committee on Ways and Means (tax committee) is proposing significant changes, making it harder and almost impossible for small towns with limited resources to take advantage of this tool, which will limit the housing and economic development they desperately need.

    “Vermonters asked us to fix problems and make it easier for rural communities with limited resources to revitalize their economies. The House Ways and Means changes will undoubtedly have the opposite effect. I hope legislators, especially those from rural communities, will amend the bill when a vote takes place by the entire House of Representatives. The expansion of the TIF program, as originally proposed, will help lift up all corners of Vermont, from Readsboro to Richford.”

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    MIL OSI USA News –

  • MIL-OSI USA: At Spotlight Forum, Warren Slams Trump, McMahon’s Attacks on Public Education, Invites Americans to Share Stories for Meeting with McMahon

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 14, 2025

    Warren: “At a time when college costs are already too high—when the American Dream is out of reach for too many—President Trump and Congressional Republicans are making it harder for working-class families to get ahead.”

    Forum Livestream

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered opening remarks at a spotlight forum entitled “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.” 

    Senator Warren, in her opening statement, slammed President Trump and Education Secretary Linda McMahon’s reckless actions to dismantle the Department of Education, which will make it harder and more expensive for working- and middle-class kids to receive an education. She also highlighted how Trump’s “big, beautiful bill” will slash $351 billion in education funding, harming students and borrowers to pay for tax cuts for millionaires, billionaires, and wealthy corporations.

    Senator Warren invited Education Secretary Linda McMahon to testify at today’s hearing to defend the Trump administration’s actions to dismantle public education, including her decision to take Social Security benefits away from seniors with defaulted student loan debt. Secretary McMahon declined Senator Warren’s invitation and asked to meet with Senator Warren instead. Senator Warren closed by asking Americans to share their stories and questions for her to bring to her meeting with Secretary McMahon.

    Opening Statement
    Senate Banking, Housing, and Urban Affairs Committee Spotlight Forum: Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.
    May 14, 2025
    As Prepared for Delivery

    Senator Elizabeth Warren: Last month, in the face of an unprecedented attack on public education led by co-Presidents Donald Trump and Elon Musk, I launched the Save Our Schools campaign.

    Trump, Musk, and Education Secretary Linda McMahon are determined to make it harder and more expensive for working- and middle-class kids to get an education. Republicans in Congress are piling on as well. 

    So let me be clear: I will fight for public education and for all the kids, parents, teachers, grandparents and more who want better lives for themselves and the people they love. 

    That’s why I’m holding today’s forum called “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.”

    At a time when college costs are already too high—when the American Dream is out of reach for too many—President Trump and Congressional Republicans are making it harder for working-class families to get ahead.

    First, they want to eliminate the Department of Education. That’s the agency that gives millions of students a chance to go to college when their families can’t just write a check for the sticker price. It’s also the agency charged with protecting students and borrowers from bad actors like shady student loan servicers and predatory for-profit colleges.

    To be clear, the money we invest in post-high school education isn’t charity. This is an investment in our people so they can get good jobs, start businesses, and help grow our economy.

    But Donald Trump has already fired half of the federal workers who help make these investments. He’s also signed an executive order to try to get rid of the Education Department altogether. And to top it off, he’s trying to dismantle the Consumer Financial Protection Bureau, taking another cop off the beat for student loan borrowers.

    And if you thought we could count on Republicans in Congress to stop this madness, think again. Nope. They are making things worse—much worse. 

    Last month, House Republicans advanced a bill to make higher education even more expensive for American families. Why? So they can pay for tax cuts for millionaires and billionaires. 

    Their bill would increase monthly student loan payments. 

    It would trap borrowers with student loan debt for even longer. 

    It would make it harder to get Pell Grants.

    It would end rules that protect students from bad schools and greedy for-profit colleges that rip them off.

    Who benefits from putting all these costs on people whose only sin is to try to get an education? Only President Trump’s billionaire and millionaire friends. They want to cut these education investments and use the money to stuff their pockets with tax giveaways. 

    Adding insult to injury? Now, they’re going after people’s Social Security checks too. We’ve already seen the Trump Administration work to gut Social Security, which Elon Musk calls a Ponzi scheme. President Trump has let DOGE run rampant at the Social Security Administration, laying off employees and closing field offices.

    Last month, the Trump Administration announced the next phase in their plans. They are getting ready to hold back Social Security checks from student loan borrowers that are in default on decades-old student loans. Almost half a million seniors could lose their Social Security benefits.

    So, I want to thank our witnesses for joining us today and helping to educate us on how these Trump policies would hurt American families.

    And I want to point out who is not here: the Secretary of Education, Linda McMahon. I invited her to join today because she has a lot to answer for. The questions are pretty straightforward:

    Why is the Secretary of Education jacking up costs for middle-class kids trying to go to college?

    Why is the Secretary of Education firing the staff who protect students from scammers?

    Why is the Secretary of Education taking away Social Security benefits from tens of thousands of seniors with student debt?

    Secretary McMahon refused to answer those questions in front of the American people. Instead, she asked for a meeting. I’m happy to sit down with her. But if Secretary McMahon won’t face parents, teachers, and students who have been hurt by her reckless actions, I’m bringing their stories straight to her. So, today I’m asking everyone to share their stories. Please send them to our Save Our Schools campaign, because there is power in sharing our stories and there is power in fighting back. That is why we are here today.

    MIL OSI USA News –

  • MIL-OSI: Texas Ventures Acquisition III Corp Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing May 16, 2025

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, May 14, 2025 (GLOBE NEWSWIRE) — Texas Ventures Acquisition III Corp (Nasdaq: TVACU) (the “Company”) announced today that, commencing May 16, 2025, holders of the units sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and warrants that are separated will trade on the Nasdaq Global Market under the symbols “TVA” and “TVACW,” respectively. Those units not separated will continue to trade on the Nasdaq Global Market under the symbol “TVACU.”

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Texas Ventures Acquisition III Corp

    Texas Ventures Acquisition III Corp is a special purpose acquisition company incorporated under the laws of Cayman Islands for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business, industry or geographical location.

    Forward-Looking Statements

    This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact

    Texas Ventures Acquisition III Corp
    E. Scott Crist
    scott@texasventures.com
    713-599-1300

    The MIL Network –

  • MIL-OSI USA: Griffith Statement on Completed Energy and Commerce Reconciliation Markup

    Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

    The House Committee on Energy and Commerce completed its reconciliation markup hearing on budget recommendations that fall in line with the budget resolution. The House Budget Committee will receive the Energy and Commerce recommendations as they prepare to draft a reconciliation package. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

    “Congressional Democrats and progressive prognosticators shouted day and night that the Energy and Commerce Committee couldn’t make budget recommendations without massive, significant cuts to Medicaid. And yet, House Republicans proved them all wrong. I look forward to working with House Republicans during the next phase of the reconciliation process to produce a bill that carries out a pro-growth, commonsense agenda.”

    BACKGROUND

    On April 10, 2025, the U.S. House of Representatives passed U.S. Senate-amended H. Con. Res. 14, a budget resolution that sets fiscal objectives for House committees to identify potential savings. 

    The resolution instructs the House Committee on Energy and Commerce to identify a target of $880 billion in savings.

    The House Committee on Energy and Commerce started its markup hearing on Tuesday, May 13.

    The Committee’s proposed recommendations must still be considered by the Budget Committee. Changes to the underlying reconciliation bill are still possible and then must be voted on by both chambers of Congress.

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    MIL OSI USA News –

  • MIL-OSI USA: Tonko Delivers Final Plea to Republicans to Protect Medicaid for Americans

    Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)

    WASHINGTON, D.C. — In his closing remarks, during a 26-hour long markup in the Energy and Commerce Committee on the Republican budget, Congressman Paul D. Tonko (NY-20) shared the story of a local family who relies on Medicaid and who would be hurt by the massive healthcare cuts included in the GOP budget. Throughout the markup, Tonko shared firsthand accounts of constituents across the district who would have their Medicaid coverage ripped away as a result of Republicans’ budget cuts. In his closing remarks today, Tonko highlighted the story of Sara, the mother of a 16-month-old pediatric stroke survivor who relies on Medicaid to get the care he deserves.

    Tonko spoke with Sara directly about the impact of Medicaid in providing support her son. Their conversation can be viewed HERE.

    Tonko’s full remarks can be viewed HERE or read below as prepared for delivery:

    As we wind down this debate, I have a confession to make.

    I’m tired.

    I know we’re all tired too.

    We’ve been at this more than 25 hours now.

    But while I am tired, I am also energized.

    Because I know our cause is just.

    And because I know that these past 25 hours have helped to illuminate the stakes of this debate for the American people.

    And the stakes couldn’t be higher.

    The choices that are made in this room today, and in our House of Representatives will impact the lives of millions of people we will never meet.

    In this moment, I’m thinking of how this might impact one family I have met – Sara and her son Cameron from Niskayuna, New York.

    Cameron is a 16-month-old pediatric stroke survivor. Cam was previously normally developing and healthy, but at 7 months old, he had a rare pediatric stroke that changed everything.

    Sara shared how they quickly found themselves in a community of parents with disabled kids that rely on Medicaid. Her son receives 5 to 6 therapies a week and goes to 2 to 3 doctors’ appointments every month.

    Medicaid is the safety net that supports them to provide things like copays and medical braces, which add up and make a huge difference.

    Sara’s story could be any of our stories. She shared with me:

    “It really hits home for me that Cameron became disabled after his stroke, pretty much overnight, our lives changed. So, I think what people may be missing here is, anyone can become disabled at any moment and therefore you may not have the coverage you once thought you had.”

    Republicans falsely claim that children like Cameron won’t be impacted by their package, but I’ve read the text and that’s simply not true.

    New York State stands to lose billions of dollars in cuts to Medicaid from the reduced federal match, the provider tax provisions and more senseless provisions in this cruel package.

    Again, let me reiterate: when states have to make these massive cuts to their Medicaid programs, where do you think they’re going to look first?

    To the most expensive patients: the elderly, the sick, and the disabled. To the very people that my Republican colleagues claim they are trying to protect.

    Republicans have been offered so many opportunities today to put pen to paper on their claims that this bill won’t hurt people like Cameron.

    They’ve refused to do so.

    When someone shows you who they are, believe them.

    Here’s your last chance.

    Support this amendment and let’s make an ironclad guarantee to folks like Sara and Cameron that we’re going to take care of them.

    Let’s make that ironclad guarantee that lets this family sleep a little easier tonight.

    I’m ready to make that promise. And I urge my colleagues to do the same.

    MIL OSI USA News –

  • MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

    The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

    “In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

    “Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

    “No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

    On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:

    • Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
    • Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.

    Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

    In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

    “American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

    “There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

    Full text of the End Price Gouging for Medications Act can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: House Natural Resources Committee Advances Reconciliation Responsibility

    Source: United States House of Representatives – Congressman Mark Amodei (NV-02)

    Washington, D.C. – This week, the House Natural Resources Committee passed its directives for the Reconciliation process, which includes $18.5 billion in savings. In addition, Rep. Mark Amodei’s amendment pertaining to disposal of Federal lands in Nevada was included in the package.

    “This week, the House Natural Resources Committee advanced our portion of the budget reconciliation bill, delivering on the Administration’s commitment to curb reckless spending, steward taxpayer dollars responsibly, and identify smart investments,” said Rep. Mark Amodei. “Our contributions will generate a total of $18.5 billion in savings, well beyond our $1 billion target.

    “In addition to these historic savings, my Nevada-centric lands amendment was included in the package. The reality is, most of my colleagues don’t fully grasp the unique challenges Nevada faces as a state that is 80% federally owned. For years, folks from my district, and even across district lines, have voiced serious concerns about how these vast stretches of public land could threaten Nevada’s economic momentum and competitiveness if we run out of usable acreage.

    “With Republicans holding only a slim majority, the reconciliation process presented a rare vehicle to advance these land disposal requests and ensure the priorities of our county commissions were heard. This is only the first step in our efforts to support responsible development in our state while also delivering a meaningful return for the American taxpayer.”

    Background

    The Reconciliation Process

    Reconciliation is a rigorous process that allows the President’s agenda to move forward without being blocked by a Senate filibuster. It began with both the House and Senate passing an identical budget blueprint that provided clear directives for committees to identify areas for saving and investment. Congressional committees have been working to turn those directives into actionable legislation within their respective jurisdictions.

    All proposed legislation must meet deficit-reducing or revenue-related targets. The end goal is to compile all legislation passed through committees and bring it onto the chamber floors for voting in one big bill.

    Rep. Amodei’s Land Disposal Amendment

    Nevada’s population centers are all encumbered by Federal lands and can’t meet their housing and development needs without disposal of Federal lands. Unlike most other states, Nevadans rely on Congress to make these lands available.  

    Each of the maps included in this amendment was generated by the respective counties referenced in the bill. National Parks and areas of significant environmental value are not included in the list of disposal lands within the amendment, and all disposal of Federal lands must still go through the NEPA process and comply with existing federal regulations. This amendment focuses on communities who have been starved of development and housing needs.

    Breakdown of the Amendment

    * 449,174 acres are encompassed in the amendment; however, 356,100 acres are part of the Pershing County checkerboard resolution that have no net change in federal ownership. 

    Washoe County

    The amendment identifies 15,860 acres in Washoe County for disposal, also allowing for joint selection between the County and Federal government to prioritize lands for affordable housing development.

    Clark County

    The amendment identifies 65,129 acres in Clark County for disposal, also allowing for joint selection between the County and Federal government to prioritize lands for affordable housing development. The amendment includes a savings clause to ensure that no proceeds deposited into the SNPLMA special account under previous lands sales are to be rescinded or redirected.

    Lyon County

    The amendment identifies 12,085 acres in Lyon County, which will be sold for fair market value to the City of Fernley, Nevada and be developed as the Tahoe-Reno Industrial Center (TRIC) II.

    Pershing County

    The amendment authorizes the sale or exchange of lands previously identified for disposal by the BLM in a streamlined manner. This encompasses approximately 356,100 acres of land to be exchanged at a 1:1 ratio.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Moore Introduces Resolution Honoring Pope Leo XIV

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – This afternoon, Congressman Riley M. Moore introduced a resolution with 20 of his House colleagues to honor Pope Leo XIV after his historic election to the Chair of St. Peter. Born Robert Francis Prevost, Pope Leo XIV is a native of Chicago and graduate of Villanova University. He was ordained a priest in 1982 and named a Cardinal by Pope Francis in 2023.

    Congressman Moore issued the following statement:

    “I was thrilled to hear of Pope Leo’s XIV election to the Chair of St. Peter, and have felt a tremendous sense of national pride that an American now leads the Catholic Church.

    “I pray the Lord blesses the Holy Father with the great wisdom and unyielding courage necessary to preach the Gospel of our Lord and Savior Jesus Christ.”

    Represenative Tom Suozzi (D-NY) co-led the resolution with Congressman Moore. Joining on as original co-sponsors were Representatives Tom Barrett (R-MI); Ryan Zinke (R-MT); Ann Wagner (R-MO); Michael McCaul (R-TX); Rob Bresnahan, Jr. (R-PA); Michael Rulli (R-OH); Stephanie Bice (R-OK); Lisa McClain (R-MI); John Rose (R-TN); Bryan Steil (R-WI); Mark Messmer (R-IN); Carlos Gimenez (R-FL); Chris Smith (R-NJ); French Hill (R-AR); John Rutherford (R-FL); Tony Gonzales (R-TX); Jeff Hurd (R-CO); Don Bacon (R-NE); and Jen Kiggans (R-VA).

    The Daily Wire first covered the story, read more here.

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    MIL OSI USA News –