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Category: Asia

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi Inaugurates, Lays Foundation Stone of several projects and Launches various Health Programmes across 4 Ministries on Dhanvantari Jayanti, significantly enhancing health infrastructure across the country

    Source: Government of India

    Prime Minister Shri Narendra Modi Inaugurates, Lays Foundation Stone of several projects and Launches various Health Programmes across 4 Ministries on Dhanvantari Jayanti, significantly enhancing health infrastructure across the country

    Various initiatives amounting to more than Rs. 12,855 Cr, include projects worth more than Rs. 5502 Cr under the Ministry of Health & Family Welfare; Rs. 5187 Cr under Dept. of Pharmaceuticals, Ministry of Chemicals & Fertilizers; Rs. 1641 under ESIC, Ministry of Labour and Employment and Rs. 525.14 Cr under the Ministry of AYUSH

    Prime Minister Unveils Comprehensive Five-Pillar Health Policy Focused on Preventive Care and Accessibility

    Prime Minister Launches Expansion of Health Coverage under AB-PMJAY for citizens of and above 70 years, at a cost of Rs. 3437 Crore

    Every senior citizen in the country aged 70 and above will receive free hospital treatment through the Ayushman Vaya Vandana Card: Prime Minister

    “Health is regarded as the greatest wealth, a concept that is gaining global recognition through Yoga”

    Prime Minister Reiterates Commitment to add 75,000 New MBBS and MD Seats to Meet Rising Demand

    Prime Minister Inaugurates Phase-II of India’s First All India Institute of Ayurveda in New Delhi, Central Drugs Testing Laboratory in Bhubaneswar, Odisha; 3 Government Medical Colleges in Madhya Pradesh; 5 projects under PLI Scheme for medical devices and drugs; 4 Centers of Excellence of AYUSH; and many projects at various AIIMS; Inaugurates ESIC hospital at Indore

    Prime Minister lays Foundation Stone for 5 Nursing Colleges in Madhya Pradesh; 21 Critical Care Blocks under PM-ABHIM in 5 States; 2 Yoga & Naturopathy Institutes in Odisha & Chhattisgarh; upgradation projects at AIIMS New Delhi and Bilaspur; 06 ESI hospitals in 5 States and 4 Centres of Excellence at NIPERs in 4 States

    Prime Minister Launches U-WIN portal for digitalization of Immunization services for pregnant women and children, enhancing access to health services and providing citizens with secure digital identities

    Prime Minister Launches Nationwide Campaign “Desh Ka Prakriti Parikshan Abhiyan” to promote Health Awareness among Citizens

    Posted On: 29 OCT 2024 5:30PM by PIB Delhi

    In a landmark development aimed at strengthening India’s healthcare infrastructure and providing quality healthcare services across the country, Prime Minister Shri Narendra Modi inaugurated and laid the foundation stone of several health infrastructure projects, and launched various health programmes across the Ministry of Health & Family Welfare, Ministry of Ayush, Dept. of Pharmaceuticals, Ministry of Chemicals & Fertilizers, and Employees’ State Insurance Corporation (ESIC) under Ministry of Labour & Employment at an event at All India Institute of Ayurveda (AIIA), here today. The total outlay of these projects amounts to more than 12,855 cr.

    Union Minister of Health and Family Welfare, Shri Jagat Prakash Nadda; Union Minister of Labour and Employment, Dr. Mansukh Mandaviya; Union Minister of State (Independent Charge) for AYUSH and Union MoS for Health and Family Welfare, Shri Prataprao Jadhav; Union Minister of State for Health and Family Welfare, Smt. Anupriya Patel; Union Minister of State for Labour and Employment, Smt. Shobha Karandlaje and Shri Ramvir Singh Bidhuri, South Delhi MP (Lok Sabha) were also present on the occasion.

    Today marks 9th ‘Ayurveda Day’, which is celebrated in India and many other countries on the occasion of Dhanvantari Jayanti. It is a day to celebrate the birth of Lord Dhanvantari, God of Ayurveda. Quoting sages and saints, Prime Minister emphasized that “health is regarded as the greatest wealth, a concept that is gaining global recognition through Yoga”. He expressed joy that Ayurveda Diwas is now celebrated in over 150 countries, highlighting the increasing global interest in Ayurveda and India’s ancient contributions to the world.

    Prime Minister said that in the past decade, the country had witnessed beginning of a new chapter in the health sector with amalgamation of knowledge of Ayurveda with Modern medicine, adding that the All India Institute of Ayurveda had been a focal point of this chapter. He noted that it would be possible to see ancient techniques like Panchakarma infused with modern technology in this institute along with advanced research studies in the fields of Ayurveda and medical science.

    Prime Minister underscored that “a nation’s progress is closely linked to the health of its citizens”, outlining the government’s commitment to healthcare through five key pillars: preventive healthcare, early disease detection, affordable treatment and medications, increased doctor availability in smaller towns, and technological advancements in health services. He stated that India’s approach to health is holistic and highlighted recent projects worth over ₹13,000 crores, including four Centers of Excellence under the Ayush Health scheme, drone service expansions, new infrastructure at various AIIMS, and the establishment of medical colleges. He expressed satisfaction with hospitals being built for laborers, which will serve as dedicated treatment centres. The inauguration of pharmaceutical units aimed at manufacturing advanced medicines and quality stents and implants was also mentioned.

    Reflecting on the struggles many families face due to illness, especially in poorer households, Shri Modi noted that people previously had to sell their possessions for medical care. He said that “to alleviate this burden, the government introduced the Ayushman Bharat Yojana, which covers up to ₹5 lakh in hospitalization costs for the poor”. He highlighted that around 4 crore individuals have benefited from this scheme, ensuring that they receive treatment without financial strain. He expressed pride in expanding the Ayushman Yojana to include free treatment for all citizens over 70 years old, through the Ayushman Vaya Vandana Card, which is universally accessible regardless of income.

    Reiterating the focus on reducing healthcare costs for both the poor and middle class, Prime Minister noted launch of over 14,000 Jan Aushadhi Kendras, providing medicines at an 80% discount and saving citizens ₹30,000 crores. He highlighted reductions in the prices of medical devices like stents and knee implants, preventing a loss of over ₹80,000 crores for the public. He also mentioned the free dialysis scheme and the Mission Indradhanush yojana, aimed at preventing severe diseases and protecting mothers and newborns.

    Prime Minister emphasized the importance of timely diagnosis to mitigate health risks and mentioned the establishment of nearly two lakh Ayushman Arogya Mandirs, facilitating early detection of diseases like cancer and diabetes. He noted that these centres help millions access timely treatment, ultimately reducing costs. Additionally, the government is leveraging technology through the e-Sanjeevani scheme, which has enabled over 30 crore online consultations, significantly lowering healthcare expenses. He announced the launch of the U-win platform, enhancing access to health services in India by providing citizens with secure digital identities. The Made-in-India digital platform will benefit 2.9 crore pregnant women and 2.6 crore infants annually by fully digitalising the complete vaccination process. It will ensure the timely administration of life-saving vaccines to women and children (from birth to 16 years) against 12 vaccine-preventable diseases under the Ministry of Health and Family Welfare’s flagship Universal Immunization Programme (UIP).

     

    Prime Minister concluded his address by reflecting on the substantial progress in India’s healthcare over the last decade compared to the previous decades, noting the record establishment of new AIIMS and medical colleges. He cited recent inaugurations in states like Karnataka, Uttar Pradesh, Madhya Pradesh, and Andhra Pradesh, as well as new medical colleges being developed. He assured that the increasing number of hospitals correlates with a rise in medical education opportunities, promising that no child’s dream of becoming a doctor would be hindered by lack of options in India, with nearly 1 lakh new MBBS and MD seats added in the past decade and a commitment to announce an additional 75,000 seats in the next five years.

    Speaking on the occasion, Shri JP Nadda said, “the health policy presented today by Prime Minister Shri Narendra Modi has two special features. The first characteristic is that it is holistic; In this, all aspects of preventive, promotional, curative, rehabilitative and palliative have been taken care of. The second feature is that the effort made in bringing all the genres together under one roof is very significant and will always be remembered.”

    He also reiterated that the Union Government will provide a health cover of ₹ 5 lakh to any elderly person above 70 years of age, any woman, any caste, any community, and any area, and will make arrangements for their treatment free of cost, adding that this facility will be available throughout their life.

    Shri Prataprao Jadhav noted that since 2014, Ayurveda’s involvement in global health has gained a new dimension and credited the Prime Minister for his exemplary contribution towards this. He informed that ‘Support Ayurveda’ initiative has been launched with the aim of spreading global awareness of Ayurveda.

    Details of Projects:

    Various projects and facilities falling under the Union Health Ministry amounting to more than Rs. 1133 Cr were inaugurated by the Prime Minister today. These include three Medical Colleges at Mandsaur, Neemuch and Seoni in Madhya Pradesh; facility and service extensions at AIIMS in Bilaspur (Himachal Pradesh); Kalyani (West Bengal), Patna (Bihar), Gorakhpur (Uttar Pradesh), Bhopal (Madhya Pradesh), Guwahati (Assam), and New Delhi where a Jan Aushadhi Kendra was inaugurated; a Super Speciality Block in Government Medical Colleges at Bilaspur (Chhattisgarh); a Central Drugs Testing Laboratory (CDTL) in Gothapatna, Bhubaneswar, Odisha and a Critical Care Block in Bargarh, Odisha.

    In addition, Prime Minister laid the foundation stone for various health infrastructure projects amounting to more than Rs. 925 cr. These include five Nursing Colleges in Madhya Pradesh (Shivpuri, Ratlam, Khandwa, Rajgarh, and Mandsaur); 21 Critical Care Blocks in states of Himachal Pradesh, Karnataka, Manipur & Tamil Nadu, and Rajasthan under PM-ABHIM; and several facilities and service extensions at AIIMS, New Delhi and AIIMS Bilaspur, Himachal Pradesh.

    With the aim of enhancing access to health services in India by providing citizens with fully digitalized immunization services for pregnant women and children and secure digital identities, Prime Minister launched the U-WIN portal today. This Made-in-India digital platform will benefit 2.9 crore pregnant women and 2.6 crore infants annually by fully digitalizing the complete vaccination process. It will ensure the timely administration of life-saving vaccines to pregnant women and children (from birth to 16 years) against 12 vaccine-preventable diseases. As a major addition to the flagship scheme AB PM-JAY, Prime Minister launched expansion of health coverage to all senior citizens aged 70 yrs and above, regardless of their income, at a cost of Rs. 3437 crores.  

    To extend the reach of healthcare services to hard-to-reach areas, Prime Minister launched drone services at 11 Tertiary Care Institutions. These are AIIMS Rishikesh (Uttarakhand), AIIMS Bibinagar (Telangana), AIIMS Guwahati (Assam), AIIMS Bhopal (Madhya Pradesh), AIIMS Jodhpur (Rajasthan), AIIMS Patna (Bihar), AIIMS Bilaspur (Himachal Pradesh), AIIMS Raebareli (Uttar Pradesh, AIIMS Raipur (Chhattisgarh), RIMS Imphal (Manipur) and AIIMS Mangalagiri (Andhra Pradesh). A Helicopter Emergency Medical Services from AIIMS Rishikesh was also launched which will help to deliver speedy medical care by stabilizing and treating trauma victims during flight and onsite. It will cover Uttarakhand and nearby areas within 100 nautical miles. In addition, Prime Minister launched a portal for Allied Healthcare professionals and institutes. This is a centralized database of existing Allied and Healthcare Professionals and institutes. Moreover, State specific Action Plan on Climate Change and Human Health (SAPCCHH) for each State and UT was also launched, which lays out adaptation strategies towards developing climate resilient healthcare services in these States/UTs.

    Under the Dept. of Pharmaceuticals, five projects under Production Linked Incentive (PLI) scheme for Medical Devices and bulk drugs was inaugurated at Vapi (Gujarat); Sultanpur, (Hyderabad); Bengaluru, (Karnataka); Kakinada (Andhra Pradesh) and Nalagarh (Himachal Pradesh). These units will manufacture high-end medical devices, such as body implants and critical care equipment, along with important bulk drugs like Penicillin-G and Clavulanic Acid. These initiatives support India’s goal of reducing import dependence and enhancing local manufacturing capabilities in medical devices and bulk drugs. Prime Minister also laid the foundation stone of four Centres of Excellence at NIPER –Ahmedabad (Gujarat) for Medical Devices; NIPER Hyderabad (Telangana) for Bulk Drugs; NIPER, Guwahati (Assam) for Phytopharmaceuticals; and NIPER – Mohali (Punjab) for Anti-Bacterial Anti-Viral Drug Discovery and Development. The total outlay for the Dept. of Pharmaceutical projects is about Rs. 5187 crores.

    In addition, under Ministry of Labour and Employment, Prime Minister inaugurated a 300 bedded ESIC Hospital which is upgradable to 500 beds at Indore (Madhya Pradesh), and laid the foundation stone for various ESI Hospitals across Faridabad (Haryana), Bommasandra (Karnataka) & Narasapur, Indore (Madhya Pradesh), Meerut (Uttar Pradesh), and Atchutapuram (Andhra Pradesh) at a cumulative cost of Rs 1641 crores. These projects will bring healthcare benefits to 55 lakh ESI beneficiaries.

    Under the Ministry of AYUSH, Prime Minister inaugurated Phase II of the All India Institute of Ayurveda (AIIA), originally dedicated in 2017, which includes a 150-bedded Panchakarma hospital, an Ayurvedic pharmacy, a sports medicine unit, and extensive accommodation facilities, all at a cost of over ₹289 crores. To enhance India’s health and wellness solutions, he also laid the foundation for two Central Research Institutes in Yoga and Naturopathy in Odisha and Chhattisgarh, and launched four Centers of Excellence focused on diabetes research, sustainable Ayurvedic solutions, Ayurvedic botanical research, and systems medicine for rheumatoid arthritis. Additionally, a nationwide health awareness campaign, “Desh Ka Prakriti Parikshan Abhiyan,” was launched with 470,000 volunteers, aiming to revolutionize public health awareness and attempt multiple Guinness World Records.

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    HFW/PM Launch of Health Initiatives/29th October 2024/1

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  • MIL-OSI Asia-Pac: Vigilance Department of RINL organises Walkathon at Visakhapatnam Steel Plant as Part of Vigilance Awareness Week 2024 at Visakhapatnam Steel Plan

    Source: Government of India (2)

    Posted On: 29 OCT 2024 5:07PM by PIB Delhi

    In alignment with the guidelines set by the Central Vigilance Commission (CVC), the Vigilance Department of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant organized a Walkathon in association with the Sports Department at Col. CK. Naidu Ukku Stadium of Visakhapatnam Steel plant, today.

    This event was held as part of the observance of Vigilance Awareness Week 2024 at Visakhapatnam Steel Plant and saw enthusiastic participation from over 300 school children from various institutions of Ukkunagaram along with their parents for about 4 kilometre stretch in the Ukkunagaram township.

    Addressing the jubilant gathering, Dr. S. Karuna Raju, IAS, Chief Vigilance Officer (CVO), RINL underscored the significance of vigilance in various aspects of life. Dr. S. Karuna Raju encouraged students to be vigilant in their learning, conduct & behavior, Relationships, Social interactions, Safety & Security, Health, Finance, environment and at public places.

    Dr. S Karuna Raju, IAS, CVO, RINL emphasized the importance of cultivating honesty and maintaining integrity to curb corruption. He emphasized that today’s students are the leaders of tomorrow, destined to shape fields such as science & technology, education, industries, public services, governance and politics. He encouraged students to develop the habits of honesty and integrity from an early age, explaining how these values are crucial in building a fair and just society.

    Dr. S Karuna Raju, IAS, CVO, RINL inspired all to use technology responsibly and to always act with ethical principles, reinforcing that a corruption-free society begins with individual commitment to truth and transparency and these values are foundational to building a strong and principled nation.

    The Walkathon event successfully highlighted the role of awareness and integrity, reinforcing the message of vigilance and ethical conduct among the younger generation and public.

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi Launches, Inaugurates and Lays Foundation Stone of Multiple Health Sector Projects Worth Over Rs. 12,850 Crore on Dhanvantari Jayanti and 9th Ayurveda Day

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi Launches, Inaugurates and Lays Foundation Stone of Multiple Health Sector Projects Worth Over Rs. 12,850 Crore on Dhanvantari Jayanti and 9th Ayurveda Day

    PM Inaugurates and Lays foundation Stone of 7 ESIC Projects worth Rs. 1,641 Crore Benefitting 55 Lakh Beneficiaries

    Prime Minister has Linked Health with Development, Crafting a ‘Sarvajan Hitaya, Sarvajan Sukhaya’ Health Model: Dr. Mandaviya

    ESIC Beneficiaries to Receive Treatment at AB-PMJAY Empanelled Hospitals: Union Minister

    Number of ESIC beneficiaries has Doubled in last 10 Years: Union Minister

    ESIC Network has Expanded from 393 Districts in 2014 to 674 Districts in 2024: Union Minister

    Posted On: 29 OCT 2024 5:04PM by PIB Delhi

    In a momentous event coinciding with Dhanvantari Jayanti and the 9th Ayurveda Day, Prime Minister Shri Narendra Modi launched, inaugurated, and laid the foundation stone of multiple healthcare projects worth over Rs. 12,850 crore at the All India Institute of Ayurveda (AIIA) in New Delhi today. These initiatives signify a substantial boost to healthcare infrastructure across India, aligned with the Prime Minister’s mission of ensuring quality healthcare services nationwide. Notably, seven of these projects pertain to the Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment, benefiting a vast segment of workers and their families.

    Prime Minister Shri Narendra Modi virtually inaugurated the ESIC Hospital in Indore, Madhya Pradesh, and laid the foundation for six additional ESI hospitals across the country. Collectively, these projects are worth Rs. 1,641 crore and will enhance healthcare access for approximately 55 lakh ESI beneficiaries and their families.

    Addressing the gathering, Prime Minister highlighted the unprecedented progress made in India’s healthcare sector over the past decade, contrasting it with the limited achievements in the previous six to seven decades and said, “In the last 10 years, we have seen a record number of new AIIMS and medical colleges being established”. Referring to today’s occasion, the Prime Minister said that hospitals were inaugurated in Karnataka, Uttar Pradesh, Madhya Pradesh, and Andhra Pradesh.

    Prime Minister also mentioned the foundation stone laying for new medical colleges in Narsapur and Bommasandra in Karnataka, Pithampur in Madhya Pradesh, Achitapuram in Andhra Pradesh, and Faridabad in Haryana. “Additionally, work has begun on the new ESIC Hospital in Meerut, Uttar Pradesh, and a new hospital was inaugurated in Indore”, he added.

    Speaking during the event, Union Minister of Labour & Employment and Youth Affairs & Sports, Dr. Mansukh Mandaviya highlighted the transformative impact of Prime Minister Shri Narendra Modi’s vision, which has integrated healthcare as a cornerstone of India’s development strategy.

    He said, “Prime Minister Shri Narendra Modi has linked health with development, crafting a ‘Sarvajan Hitaya, Sarvajan Sukhaya’ health model that ensures healthcare is accessible, affordable, and available to every citizen.”

    Highlighting the substantial growth in ESIC’s services during the past decade, Dr. Mandaviya stated, “ESIC network has expanded from 393 districts in 2014 to 674 districts across the country. Where under 2 crore families benefitted from health security before 2014, that number has now nearly doubled to almost 4 crore families today.”

    He added, “Similarly, the number of ESIC beneficiaries has almost doubled in the last 10 years, rising from less than 8 crore in 2014 to about 15 crore in 2024. This underscores the success of the government’s efforts in improving quality healthcare for India’s workforce.”

    Dr. Mandaviya stated that, in the coming days, Employees’ State Insurance Corporation (ESIC) will be integrated with Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). He mentioned that this integration will expand healthcare access for ESIC beneficiaries by enabling them to seek treatment at AB-PMJAY empanelled hospitals nationwide.

    The six new ESI hospitals, for which the foundation stones were laid today, will offer modern facilities and essential medical services:

    1. Bommasandra, Karnataka – 200 bedded ESI hospital
    2. Narsapur, Karnataka – 100 bedded ESI hospital
    3. Pithampur, Madhya Pradesh – 100 bedded ESI hospital
    4. Meerut, Uttar Pradesh – 100 bedded ESI hospital
    5. Atchutapuram, Andhra Pradesh – 30 bedded ESIS hospital
    6. Faridabad, Haryana – Upgraded ESIC Medical College and Hospital, with additional 500 beds, expanding its capacity from 650 to 1150 beds

    Additionally, the 300 bedded ESIC Hospital at Indore, Madhya Pradesh, inaugurated by the Prime Minister, is designed to be expandable to 500 beds. It will benefit around 14 lakh Insured Persons and beneficiaries.

    These ESIC health facilities will provide modern healthcare facilities such as Modular Operation Theatre Complexes, Intensive Care Units, Labour Room Complexes, NICU, PICU, and advanced imaging services. Each facility will be equipped with state-of-the-art medical technology, including liquid medical oxygen plants, CSSD/TSSU units, and Nurse Call systems, catering to both outpatient (OPD) and inpatient (IPD) services.

    Union Minister for Health and Family Welfare & Chemicals & Fertilizers, Shri J P Nadda, Union Minister of State (I/C) for Ministry of Ayush & Union Minister of State for Health & Family Welfare, Shri Prataprao Jadhav, Union Minister of State for Health & Family Welfare and Chemicals & Fertilizers, Smt. Anupriya Patel and Union Minister of State for Labour & Employment and Micro, Small & Medium Enterprises, Sushri Shobha Karandlaje were present on the occasion among others. 

    Full event can be viewed at – https://www.youtube.com/watch?v=rlxy0QfqOZA

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    Himanshu Pathak

     

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  • MIL-OSI Asia-Pac: Ministry of Ports, Shipping and Waterways Organizes Nationwide “Run for Unity” to Celebrate National Unity and Integrity

    Source: Government of India

    Ministry of Ports, Shipping and Waterways Organizes Nationwide “Run for Unity” to Celebrate National Unity and Integrity

    Union Minister Shri Sarbananda Sonowal and MoS Shri Shantanu Thakur Lead Runs across Key Port Cities

    Eminent Marathoner Sunita Godara Inspires over 1,000 Participants in New Delhi’s run for Unity

    Posted On: 29 OCT 2024 4:43PM by PIB Delhi

    The Ministry of Ports, Shipping and Waterways (MoPSW) organized a nationwide “Run for Unity” event to honor the spirit of unity and national integrity on Sardar Vallabhbhai Patel’s birth anniversary. Held in New Delhi and across major ports and subsidiaries, the event drew participants from all walks of life.

    Union Minister Shri Sarbananda Sonowal took part in the run in Guwahati, while Minister of State Shri Shantanu Thakur led the Kolkata event, organized by Kolkata Port. In New Delhi, the event saw the enthusiastic participation of Shri TK, Ramachandran, Secretary, MoPSW joined by more than 1,000 participants, including Khelo India athletes, yoga enthusiasts, senior citizens, and runners from Skechers. Renowned international marathoner and 1992 Asian Marathon Championship winner, Sunita Godara, led the Unity Run, inspiring participants with her legacy of endurance and determination.

    In his message, Union Minister Sarbananda Sonowal said, “The ‘Run for Unity’ is not just a run, but a reflection of our collective commitment to uphold Sardar Patel’s vision of a unified India. Through this event, we are reminded of the strength that lies in our unity and the importance of coming together for our nation’s progress.”

    Minister of State Shantanu Thakur added, “Today’s event highlights the diverse fabric of India as citizens of all ages and backgrounds come together to honor our legacy. We are proud to celebrate the indomitable spirit of India’s unity, which remains our guiding strength in all pursuits, including maritime excellence.”

    The “Run for Unity” serves as a tribute to Sardar Vallabhbhai Patel, reaffirming the Ministry’s commitment to fostering unity and community spirit nationwide.

    The Run for Unity brings together people from all walks of life in celebration of national cohesion. It highlights our commitment to promoting physical fitness, community engagement, and above all, the enduring unity that underpins our nation’s progress’, mentioned, Shri TK Ramachandran, IAS-Secretary, MoPSW

    The event concluded with a strong message of national solidarity, resonating across all ports and communities involved. This celebration of unity serves as a reminder of the Ministry’s dedication to building a resilient, cohesive maritime community, contributing to a prosperous and united nation.

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  • MIL-OSI Asia-Pac: Union Minister Shri Sarbananda Sonowal flags off ‘Run for Unity’ on the eve of Rashtriya Ekta Diwas

    Source: Government of India (2)

    Union Minister Shri Sarbananda Sonowal flags off ‘Run for Unity’ on the eve of Rashtriya Ekta Diwas

    Minister in the Govt of Assam, Keshab Mahanta as well as the MP for Guwahati LSC, Bijuli Kalita Medhi also joined the event

     Sardar Vallabh Bhai Patel’s invaluable contribution towards the unity of India laid the foundation for country’s path towards a strength & prosperity: Shri Sarbananda Sonowal

    Posted On: 29 OCT 2024 4:13PM by PIB Delhi

    The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal flagged off ‘Run for Unity’ here today from the Sarusajai sports complex. Organised on the eve of ‘Rashtriya Ekta Diwas,’ Shri Sonowal highlighted the invaluable contribution of Sardar Vallabh Bhai Patel towards unifying the country and laying the foundation for a strong and prosperous nation. The Union Minister was joined by the Minister in the Govt of Assam, Shri Keshab Mahanta along with the MP (Guwahati), Bijuli Kalita Medhi. The event was organised by the Ministry of Ports, Shipping & Waterways, Govt of India along with the Inland Waterways Authority of India (IWAI), with support from the Govt of Assam.

    Speaking on the occasion, the Union Minister, Shri Sarbananda Sonowal, said, “Sardar Vallabhbhai Patel, the “Iron Man of India,” restored the unity and integrity of the nation, laying the foundation for a strong and prosperous India. On the eve of his birth anniversary, we are celebrating ‘Run for Unity’ to bring home the idea of nationhood. The invaluable contribution of Sardar Patel towards integrating and unifying the country at great peril ensured a strong foundation for the India story to take shape. Thanks to this foundation, we are moving ahead to realise the goal of Atmanirbhar Bharat by 2047. With the blessing of Sardar Patel, The Prime Minister Shri Narendra Modi ji is leading the country with the motto of ‘EK BHARAT, SHRESTH BHARAT.’ It gives me immense pleasure to witness all of you, especially the youth, to celebrate the great ideals of Sardar Patel via this ‘Run for Unity.’ The enduring contributions of Bharat Ratna Sardar Patel will continue to inspire every citizen of the country.”

    The run was joined by people from all sections of the society, with predominant participation from the youth and school students. The runners enthusiastically participated, followed the run-in trail built around the Sarusajai stadium to complete it and expressed their will to align with the idea of the run as well as that of Rashtriya Ekta Diwas.

    The Rashtriya Ekta Diwas or the National Unity Day has been celebrated on the birth anniversary of Sardar Vallabh Bhai Patel on 31st October since 2015. On this occasion, the people of the country remember the great icon of nationalism and pledge for unity and integrity of India. Earlier this week, the Prime Minister of India, Narendra Modi during the radio broadcast of ‘Mann Ki Baat’ called upon to celebrate ‘Run for Unity’ today instead of 31 October on account of Deepawali festival.

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  • MIL-OSI Asia-Pac: ARMY COMMANDERS’ CONFERENCE CONCLUDES: EXTERNAL AFFAIRS MINISTER ADDRESSES SENIOR LEADERSHIP OF INDIAN ARMY

    Source: Government of India (2)

    Posted On: 29 OCT 2024 4:12PM by PIB Delhi

    The second phase of the Army Commanders’ Conference concluded today in New Delhi. This phase, conducted on 28th and 29th of October 2024, witnessed the Indian Army’s senior leadership deliberating on critical strategic issues affecting both border security and the hinterland.

    A key highlight of the conference was the address by Hon’ble External Affairs Minister (EAM), Dr S Jaishankar, on the theme of the ‘Evolving Geopolitical Landscape and Opportunities for the Indian Armed Forces’. Dr Jaishankar underscored the intricate global and geopolitical dynamics that impact India and highlighted the country’s expectations from the Armed Forces and the preparedness required to address the contradictions and challenges of the current world order. He appreciated the Indian Army for remaining vigilant and urged leadership to be prepared to adapt to rapidly evolving geopolitical threats and opportunities and emphasised the importance of technological advancements and the lessons drawn from ongoing global conflicts in shaping India’s strategic posture.

    Over the last two days, the Indian Army’s senior hierarchy engaged in in-depth discussions on operational and administrative issues. The Chief of Defence Staff (CDS), General Anil Chauhan, addressed the gathering, reflecting on the recent success of the Joint Commanders’ Conference in Lucknow. Reviewing the current security situation, General Chauhan stressed the importance of jointness and the roadmap for enhanced integration across domains, which is critical for future warfare and effective operations. He outlined the step-by-step approach towards integration, starting with Cross-Service Cooperation, progressing to a ‘Joint Culture’, and ultimately achieving full integration for joint operations. He reiterated the need for operational readiness to counter emerging challenges, underscoring modernisation and strategic autonomy as pivotal goals, especially within the framework of Vision 2047.

    Additionally, the Chief of Naval Staff (CNS), Admiral Dinesh K Tripathi, addressed the audience, discussing the rapidly shifting dynamics in geopolitics, technology, and tactics. Admiral Tripathi emphasised the need for the Armed Forces to remain proactive and adaptable to these changes, particularly within the Indian Ocean and Indo-Pacific regions. He highlighted the Indian Navy’s preparedness to tackle maritime challenges and their cascading effects on land operations, underscoring the importance of maintaining operational superiority in these strategic waters.

    During the conference, the Army leadership also deliberated on welfare measures and financial security schemes for soldiers, veterans, and their families, while various Boards of Governors met to discuss these critical issues.

    The conference concluded with the distribution of awards to Military Stations in several categories for Green Military Station and Aviation Flight Safety, highlighting the Army’s commitment to environmental sustainability and safety. The awards for Green Military Stations were conferred as follows:

    • Military Station (Population >10,000): Patiala (1st Position) and Jodhpur (2nd Position).
    • Military Station (Population 5,000-10,000): Bagrakote (1st Position) and Bhuj (2nd Position).
    • Military Station (Population <5,000): Kannur (1st Position) and Umroi (2nd Position).
    • Avshesh Mukt Sainya Abhiyaan (Best Waste Disposal Mechanism): Sevoke Road (1st Position) and Pratap Pur (2nd Position).
    • Best Transformative Station: Suratgarh (1st Position) and Abohar (2nd Position).

     

    In the realm of Aviation Flight Safety, 257 Army Aviation Squadron and 663 Army Aviation Squadron were awarded best-in-flight safety trophies.

    This conference reaffirmed the Indian Army’s unwavering commitment to readiness and adaptability, as the senior leadership resolved to accelerate ongoing transformational initiatives and actively contribute to various national endeavours. Emphasising a forward-looking approach, the Indian Army remains fully dedicated to preparing for present and emerging challenges, ensuring a progressive, resilient, and future-ready force aligned with India’s strategic interests

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister condoles loss of lives in a bus accident in Sikar, Rajasthan

    Source: Government of India

    Prime Minister condoles loss of lives in a bus accident in Sikar, Rajasthan

    Announces ex-gratia from PMNRF

    Posted On: 29 OCT 2024 7:32PM by PIB Delhi

    Prime Minister Shri Narendra Modi today condoled the loss of lives in a bus accident in Sikar, Rajasthan.   Prime Minister  Modi also announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased and Rs. 50,000 to the injured.

    The Prime Minister has announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased in the mishap in Sikar, Rajasthan. The injured would be given Rs. 50,000.”

    ***

    MJPS/VJ

    (Release ID: 2069339) Visitor Counter : 5

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister pays tribute to tribal leader Shri Kartik Oraon on his birth centenary

    Source: Government of India

    Posted On: 29 OCT 2024 9:16AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today paid tributes to tribal leader Shri Kartik Oraon on his birth centenary. Shri Modi hailed Shri Oraon as a great leader who dedicated his entire life for the rights and self-respect of the tribal community and being a vocal spokesperson of the tribal society to protect the tribal culture and identity.

    ***

    MJPS/SR

    (Release ID: 2069063) Visitor Counter : 124

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Ministers greets the nation on occasion of Ayurveda Day

    Source: Government of India (2)

    Posted On: 29 OCT 2024 8:54AM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today greeted the nation on the occasion of Ayurveda Day. He remarked that the auspicious occasion of Lord Dhanvantari’s birth anniversary is associated with the utility and contribution of Ayurveda in our great culture. Shri Modi expressed confidence that Ayurveda – an ancient system of medicine will continue to be useful for the healthy life of the entire humanity.

    ***

    MJPS/SR

    (Release ID: 2069059) Visitor Counter : 59

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Attorney General Alan Wilson joins coalition asking Supreme Court to expedite Virginia voter registration caseRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – Attorney General Alan Wilson joined attorneys general from 26 states in filing an amicus brief urging the U.S. Supreme Court to allow Virginia to remove non-citizens from its voter roll. 

    “The right to vote in our federal elections is given to every American citizen, but nowhere in the Constitution does that include any non-citizens. Allowing non-citizens to cast a ballot is not only a violation of the law but also corrupts the integrity of our elections,” said Attorney General Wilson.

    The brief argues that a preliminary injunction that halted the state of Virginia from removing self-identified non-citizens from its rolls undermines a state’s authority to determine voter qualifications. Virginia’s law provides mechanisms to protect election integrity while ensuring only U.S. citizens remain on voter rolls.

    “The upcoming election is hotly contested and has caused division around the country. Perhaps the division would be lower if the federal government were not interfering with the election via last-minute attacks on state efforts to police voter qualifications,” the amicus brief reads.

    The Eastern District of Virginia Court’s recent decision to temporarily stop Virginia from removing non-citizens from its rolls will result in Congress forcing a state to allow non-citizens to vote in an election over the objection of that state.

    It converts Virginia’s statute into a federal mandate that forces states to allow non-citizens to vote in an upcoming election in violation of state law and federal law itself when a non-citizen is discovered on the rolls within 90 days of an election, according to the brief.

    “Non-citizens are not eligible voters. They were not eligible voters before Congress passed the National Voter Registration Act, they were not eligible when Congress passed the NVRA, and they are not eligible today,” the amicus reads. 

    In addition to South Carolina and Kansas, attorneys general from 25 other states joined the brief. They include attorneys general from Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming.

    Read the amicus brief here.

    MIL OSI USA News –

  • MIL-OSI Security: Federal Court Permanently Shuts Down Indiana Tax Preparer and Company

    Source: United States Attorneys General 1

    The U.S. District Court for the Southern District of Indiana permanently enjoined an Indianapolis-area tax return preparer and his company yesterday from preparing federal tax returns for others and from owning or operating any tax return preparation businesses in the future.

    According to the civil complaint filed in the case, Juan Santiago resides in Lakeland, Florida, but travels to Indianapolis for tax preparation season to operate his tax preparation business, Madison Solutions LLC. Santiago failed to respond to the civil complaint filed against him, so the court entered the permanent injunction against him by default.

    The civil complaint alleges that Santiago and Madison Solutions used a variety of schemes to improperly reduce their customers’ tax liabilities or to obtain tax refunds to which the customers were not entitled. The complaint alleges that Santiago repeatedly placed false or incorrect items, deductions, exemptions or statuses on customers’ tax returns without their knowledge. For example, the complaint alleges that Santiago routinely elected head of household filing status and child tax credits for customers when they were otherwise not qualified for such status or credits. The complaint also alleges that Santiago reported fictitious businesses on customers’ returns and fabricated business expenses and income to fraudulently reduce taxable income.

    Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

    In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –

  • MIL-OSI Economics: Members address digitalization, capacity building at trade facilitation meeting

    Source: WTO

    Headline: Members address digitalization, capacity building at trade facilitation meeting

    In line with the Committee’s 2024 theme “Use of Digitalization to Facilitate Trade,” five members – China, El Salvador, Georgia, Jamaica, and Japan – shared national experiences with the use of digitalization in the “Single Window for Trade Facilitation” process. Under the TFA, members undertake to establish a single window enabling traders to submit documentation and data related to the importation, exportation, or transit of goods through a single entry point.
    In addition, another six members – Bolivia, Chile, Fiji, the Kyrgyz Republic, Nicaragua, and Uzbekistan – made presentations at the Committee meeting on different topics related to TFA implementation, such as average release times for goods, pre-arrival processing, electronic certification of cross-border shipment of plastics, digitalization of border procedures, and regional trade facilitation strategies.
    The TFA entered into force in 2017 and contains provisions for expediting the movement, release, and clearance of goods, including goods in transit, thereby enhancing efficiency, and promoting greater cooperation in cross-border transactions. It is the first WTO agreement in which developing members and least developed country (LDC) members can determine their own implementation schedules, in accordance with their national priorities and capacities, and seek to acquire implementation capacity through the provision of related assistance and support.
    Technical assistance and capacity building
    The Committee also organized a dedicated session on 24 October focused on technical assistance and capacity building, which allowed beneficiary and donor members as well as international development partners to interact and exchange ideas on the topic. 
    Members received an update on progress in technical assistance and capacity building support for the next two-year period through 2026, including a status report from the Trade Facilitation Agreement Facility, which was set up to help developing and least developed country (LDC) members in the implementation of the TFA. This year, members redesigned the dedicated session to focus on interactive panel discussions. A first discussion took place on enhancing the coordination of technical assistance and capacity building, followed by a round-table discussion where members involved in both the delivery and receipt of technical assistance and capacity building addressed how to mobilize such support for sustained reform.
    The Chair expressed appreciation for the constructive engagement of all members, which enriched the discussion and highlighted the importance of collaboration and the need to address ongoing challenges for sustained support. Additionally, member insights on coordination, monitoring, and tailored assistance will contribute to strengthening implementation efforts and ensuring that trade facilitation benefits all members, including developing and LDC members.
    Separately, the United States presented a communication on technical assistance and capacity building which outlines considerations regarding its process of delivering technical assistance, including how to identify specific national contacts, prepare for engagement with donors, and contact donors. During the course of the meeting, the United Kingdom also circulated a paper outlining some general guidance that countries could follow to help guide them in seeking and successfully utilising collaboration with donors for capacity building support.
    Other Committee work
    The WTO Secretariat provided a status report concerning the ratification and implementation of the TFA. Notifications submitted by developing and LDC members currently show they have committed to implement 79% of their TFA obligations. Developed members were required to implement all provisions of the TFA from its entry into force.
    Other topics covered during the meeting included the United States’ concern over Indonesia’s customs procedures for intangible products. In addition, members continued discussions on a revised version of a Committee paper entitled “Good Practices and Building Blocks of Successful National Trade Facilitation Committees”, which seeks to reflect the experiences shared by members and international organizations in this area.
    The next committee meetings will be held on 12-13 March, 4-5 June and 21-23 October 2025.
    All presentations made are available here.
    If you would like to receive news on trade facilitation, subscribe to the TFA Newsbytes here.

    Share

    MIL OSI Economics –

  • MIL-OSI USA: Meng Awards Federal Funding to South Asian Council for Social Services in Flushing

    Source: United States House of Representatives – Congresswoman Grace Meng (6th District of New York)

    The money, consisting of $850,000, will be used to purchase an additional building to expand critical services

    QUEENS, NY – U.S. Rep. Grace Meng (D-Queens), New York’s senior member of the House Appropriations Committee – which funds the federal government’s programs and activities – announced today that she awarded $850,000 to the South Asian Council for Social Services (SACSS) in Flushing, New York.

    Founded in 2000, SACSS works to empower and integrate underserved South Asians and other immigrants into the economic and civic life of New York. It seeks to accomplish this goal by offering many types of crucial assistance such as healthcare and public benefits access, job training, English classes, youth leadership, senior citizen support, civic engagement, a legal clinic, food pantry and much more.

    The money that Meng secured will help the organization purchase an additional building that will allow it to expand its programs and services. This new building will be located at its headquarters at 143-02 45th Avenue.

    “SACSS does tremendous work in lifting up and empowering the South Asian community, especially new immigrants, and this money will help its team do an even better job in providing resources to those who need them,” said Congresswoman Meng. “I’m proud to continue bringing back critical funding to Queens, and I am excited to obtain this money that will benefit SACSS for many years to come.”

    “We are incredibly grateful to Congresswoman Grace Meng for this generous funding which will enable SACSS to purchase the rental property next door,” said SACSS Founder and Executive Director Sudha Acharya. “This support will allow us to continue our Workforce Development Training Program, establish a resource center and community gardening space for our members. Thank you for your support of our mission and for helping us make a positive impact in the community.”

    MIL OSI USA News –

  • MIL-OSI USA: US Department of Labor to host Veteran Resource and Opportunity Fair in Buffalo for military members, spouses seeking career growth

    Source: US Department of Labor

    BUFFALO, NY – The U.S. Department of Labor announced that its Office of Federal Contract Compliance Programs will mark the 50th anniversary of the Vietnam Era Veterans Readjustment Act and Veterans Day 2024 by holding a Veteran Resource and Opportunity Fair on Nov. 6, 2024. 

    Hosted by OFCCP’s area office in Buffalo, the event will be held at WNYHeroes Inc., 1001 E. Delavan Ave. The fair will offer military members and their spouses information on employment opportunities. More than 30 leading federal contractors will be on-hand to discuss employment opportunities and workplace protections that support veterans and military spouses. 

    WHO:                        Office of Federal Contract Compliance Programs

                                        WNYHeroes Inc.

    WHAT:                      Veteran Resource and Opportunity Fair

    WHERE:                   1001 E. Delavan Ave.

                                         Buffalo, NY 14215

    WHEN:                      Nov. 6, 2024

                                         11 a.m. to 2 p.m.

    RSVP:                        Reserve tickets to attend the Veteran Resource and Opportunity Fair.

    Media interested in covering this event should RSVP to lally.james.c@dol.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Federal Court Permanently Shuts Down Indiana Tax Preparer and Company

    Source: US State of North Dakota

    The U.S. District Court for the Southern District of Indiana permanently enjoined an Indianapolis-area tax return preparer and his company yesterday from preparing federal tax returns for others and from owning or operating any tax return preparation businesses in the future.

    According to the civil complaint filed in the case, Juan Santiago resides in Lakeland, Florida, but travels to Indianapolis for tax preparation season to operate his tax preparation business, Madison Solutions LLC. Santiago failed to respond to the civil complaint filed against him, so the court entered the permanent injunction against him by default.

    The civil complaint alleges that Santiago and Madison Solutions used a variety of schemes to improperly reduce their customers’ tax liabilities or to obtain tax refunds to which the customers were not entitled. The complaint alleges that Santiago repeatedly placed false or incorrect items, deductions, exemptions or statuses on customers’ tax returns without their knowledge. For example, the complaint alleges that Santiago routinely elected head of household filing status and child tax credits for customers when they were otherwise not qualified for such status or credits. The complaint also alleges that Santiago reported fictitious businesses on customers’ returns and fabricated business expenses and income to fraudulently reduce taxable income.

    Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

    In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL OSI USA News –

  • MIL-OSI Security: Pine Ridge Man Sentenced to Federal Prison for Over Three Years for Involuntary Manslaughter

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced that Chief Judge Roberto A. Lange, U.S. District Court, has sentenced a Pine Ridge, South Dakota, man convicted of Involuntary Manslaughter.

    Devin White Calf, age 23, was sentenced to 37 months in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    White Calf was indicted for the charge by a federal grand jury in December of 2023. He pleaded guilty on April 5, 2024.

    In September of 2023, White Calf consumed alcohol with a group of friends and relatives. At some point, White Calf drove his group to a place called “Top of the World.” This location is just west of Pine Ridge. At this location, the group continued to drink alcohol. While leaving “Top of the World,” White Calf lost control of the vehicle. One of the passengers, a 16-year-old female, was ejected from the vehicle and sustained fatal injuries. Multiple other passengers were also ejected from the car and sustained bodily injuries. Law enforcement was dispatched to the scene because individuals nearby could hear screaming and crying. When law enforcement arrived on scene, White Calf told them that he was not driving and that someone with the last name “Titus” was driving. Several months later, White Calf eventually admitted to law enforcement that he was the driver.

    This matter was prosecuted by the U.S. Attorney’s Office because the Major Crimes Act, a federal statute, mandates that certain violent crimes alleged to have occurred in Indian country be prosecuted in Federal court as opposed to State court.

    This case was investigated by the Oglala Sioux Tribe – Department of Public Safety and the FBI. Assistant U.S. Attorney Megan Poppen prosecuted the case.

    White Calf was immediately remanded to the custody of the U.S. Marshals Service. 

    MIL Security OSI –

  • MIL-OSI Video: Middle East: UN official urges end to military activities to prevent an all-out regional war

    Source: United Nations (Video News)

    Khaled Mohamed Khiari of Tunisia, Assistant Secretary-General for Middle East, Asia and the Pacific, urges an end to military activities in the Middle East to avert an all-out regional war. He also decries the unbearable conditions facing Palestinians in Gaza, where levels of death and destruction are harrowing. And he warned that thousands of children are at risk of polio because the vaccination campaign has been suspended.

    https://www.youtube.com/watch?v=HBHZjlypLm8

    MIL OSI Video –

  • MIL-OSI New Zealand: Pacific Trade Invest – Investment Webinar: EXPANDING the HORIZON for Women in Technology

    Source: Pacific Trade Invest NZ

    Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.

    Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.  

     

    Register here    https://shorturl.at/C34uL

     

    A great line-up of speakers is confirmed:
     
    Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale
    Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.

    Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology
    Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.

    Tenanoia Simona, CEO Tuvalu Telecommunications Corporation
    An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.

     

    The speakers will discuss topics such as: 

      • Technology as a rewarding career path for women
      • The positive role of government and educational institutions, in contributing to this transformation
      • The Fibre Fale model 
      • How technology has evolved over time.
      • Investing in women in technology

    Register here    https://shorturl.at/C34uL

     

    ABOUT PACIFIC TRADE INVEST NZ

    • Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.
    • An agency of Pacific Islands Forum Secretariat (PIFS) and is funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
    • Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

    MIL OSI New Zealand News –

  • MIL-OSI: Enovix Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (Nasdaq: ENVX), a global high-performance battery company, announced today financial results for third quarter 2024, which included the summary below from its President and CEO, Dr. Raj Talluri.

    Fellow Shareholders,

    In the third quarter of 2024, we made significant progress on our journey to scale. The unveiling of Fab2 was a major boost in confidence with multiple customers now indicating a desire to launch products with us starting from late 2025.

    Other recent highlights include:

    • Revenue growth: Revenues were $4.3 million in the third quarter, above our guidance midpoint and up from $3.8 million in the second quarter.
    • Manufacturing: The Company formally opened Fab2 in Malaysia and within weeks commenced shipping battery cells to customers.
    • Commercialization: A leading smartphone OEM signed a development agreement for qualification of our battery product and mass production launch in late 2025.
    • Cost reduction: We are on track to further reduce cash consumption by leveraging our new Malaysia operations which will provide runway into 2026.

    We are laser-focused on execution as we see increasing demand across our target markets. The strategy we established early last year prioritized large, high-value segments, such as smartphones and AR/VR headsets, where the need for higher energy density commands a premium. This approach has proven to be visionary, with the recent surge in AI-enabled smartphones further validating our strategy and driving significant pull for our products. We are confident that our go-to-market strategy positions Enovix on an expedient path to profitability while maintaining a competitive edge in innovation.

    Our analysis of recent smartphone launches highlights a critical shortfall in conventional batteries. Energy density improvements in flagship devices released in 2024 have stagnated, with a mere 1% year-over-year increase. We believe this trajectory is insufficient to meet escalating demands of modern devices, especially those powered by AI.

    In contrast, our battery technology roadmap offers a generational leap in energy density. With our Malaysia Fab now gearing up for production, we are in a full sprint to commercialize this transformative technology and meet the pressing needs of the industry. Our focus on rapid execution will enable us to offer substantial benefits to our customers and consumers alike, positioning us as a leader in next-generation battery solutions.

    Business Update

    Manufacturing. We formally opened Fab2 in Malaysia with various stakeholders including several leading smartphone OEMs that provided decidedly positive feedback on ramp quality and speed, as well as the level of automation. A total of 11 customers have now inspected our new facility. The Agility Line is fully operational with initial yields comparable to final levels we achieved with our first manufacturing line in California, with expected improvements on the horizon. Consistent with our plans, we commenced shipping EX-1M cells to customers in the third quarter, supporting their qualification and mass production timelines. We are on track to complete Site Acceptance Testing (SAT) of the High-Volume Line in Q4 2024.

    Commercialization. Our business team has made significant progress toward profitability by securing demand across multiple high-growth markets. We are excited to announce that we have formalized a strategic partnership with a second leading smartphone OEM. This agreement outlines key milestones, and upon meeting them, we are poised to enter the smartphone market in late 2025 with high-volume production from our Fab2 facility. This marks a major step forward in our journey to scale.

    In parallel, we have aligned on a production schedule with a leading IoT customer, which includes a mass production purchase order also slated for 2025. This partnership underscores our ability to diversify into high-value sectors beyond smartphones. Further, we are aggressively expanding our pipeline by engaging with strategic IoT customers to unlock high-growth opportunities and accelerate top-of-the-funnel momentum.

    In the EV space, we are advancing our targeted strategy of developing customized products with two of the world’s largest automotive OEMs. In Q4, we expect to complete our first milestone pursuant to the agreement with one of the major automakers in the EV market, which is a major milestone in our efforts to enter and grow within the EV market. Looking ahead, we are focused on expanding these relationships in 2025, leveraging a capital-efficient, licensing-based business model in the EV space that aligns with the long-term scalability of our technology.

    Products: Our product development team is advancing toward the 2025 mass production of EX-1M, which will highlight the capabilities of our breakthrough active silicon technology. In Q3, we successfully achieved UN38.3 certification, marking a critical milestone for market entry and a strong validation of our products’ safety.

    In addition, we are on track to sample EX-2M to select customers in Q4. We’re now making samples and have identified the product’s advanced electrochemistry. These early samples will be instrumental in accelerating the timeline to full-scale production. Finally, we have made progress on the comprehensive product definition of EX-3M, reaffirming our commitment to pushing the boundaries of innovation and delivering industry-leading solutions to customers across a range of industries.

    Financials: Revenue was $4.3 million in the third quarter of 2024, near the high end of our guidance range and up from $3.8 million in the second quarter of 2024.

    Our GAAP cost of revenue was $5.0 million in the third quarter of 2024 representing a slight reduction sequentially as a percentage of sales and leading to a similar gross income level.

    Our GAAP operating expenses of $48.6 million in the third quarter of 2024 were down from $88.1 million in the second quarter, due largely to lower restructuring costs which were concentrated in the previous quarter as the Company shifted our manufacturing operations from the U.S. to Malaysia. Our non-GAAP operating expenses were $27.2 million in the third quarter of 2024, down 12% from $30.9 million in the second quarter of 2024.

    Our GAAP net loss attributable to Enovix of $22.5 million in the third quarter of 2024 was down from $115.9 million in the second quarter of 2024 due to lower restructuring costs. Our GAAP net loss attributable to Enovix for the third quarter of 2024 also included $29.9 million of income due to a decrease in the fair value of our common stock warrants during the quarter.

    Adjusted EBITDA in the third quarter of 2024 was a loss of $21.6 million compared to an adjusted EBITDA loss of $23.1 million in the second quarter of 2024.

    Earnings per share loss in the third quarter of 2024 was $0.30 on a GAAP basis and $0.17 on a non-GAAP basis compared to second quarter earnings per share loss of $0.67 on a GAAP basis and $0.14 on a non-GAAP basis.

    We exited the third quarter of 2024 with $200.9 million of cash, cash equivalents, and short-term investments due to cash used in operating activities of $30.7 million and capital expenditures of $19.5 million during the quarter.

    A full reconciliation of our GAAP to non-GAAP results is available later in this report.

    Outlook

    For the fourth quarter of 2024, we expect revenue between $8.0 million and $10.0 million, a GAAP EPS loss of $0.23 to $0.29, an adjusted EBITDA loss of $19.0 million to $25.0 million, and a non-GAAP EPS loss of $0.15 to $0.21.

    Summary

    We are very pleased with our accomplishments in the third quarter. Fab2 is now operational and shipping samples to customers. We secured a 2025 launch commitment from a major smartphone OEM. And we made progress on our product roadmap for EX-2M and beyond. For the remaining months of 2024, the key objectives are completing SAT for the High-Volume Line and shipping EX-2M samples.

    Conference Call Information

    Enovix will hold a video conference call at 2:00 PM PT / 5:00 PM ET today, October 29, 2024, to discuss the company’s business updates and financial results. To join the call, participants must use the following link to register: https://enovix-q3-2024.open-exchange.net/registration. This link will also be available via the Investor Relations section of the Enovix’s website at https://ir.enovix.com. An archived version of the call will be available on the Enovix website for one year at https://ir.enovix.com.

    About Enovix

    Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

    Enovix is headquartered in Silicon Valley with facilities in India, Korea and Malaysia. For more information visit www.enovix.com and follow us on LinkedIn.

    Non-GAAP Financial Measures

    EBITDA, Adjusted EBITDA, and other non-GAAP measures are intended as supplemental financial measures of our performance that provide an additional tool for investors to use in evaluating ongoing operating results, trends, and in comparing our financial measures with those of comparable companies.

    However, you should be aware that other companies may calculate similar non-GAAP measures differently. Non-GAAP financial measures have limitations, including that they exclude certain expenses that are required under GAAP, which adjustments reflect the exercise of judgment by management. Reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the tables at the end of this shareholder letter.

    While Enovix provides fourth quarter 2024 guidance for adjusted EBITDA loss and non-GAAP EPS loss, we are unable to provide without unreasonable effort a GAAP to non-GAAP reconciliation of these projected non-GAAP measures. Such qualitative reconciliation to the corresponding GAAP financial measure cannot be provided without unreasonable effort because of the inherent difficulty in accurately forecasting the occurrence and financial impact of the various adjustments that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock-based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

    Forward-Looking Statements

    This letter to shareholders contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance and can be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, might, plan, possible, potential, predict, project, should, would and similar expressions that convey uncertainty about future events or outcomes. Forward-looking statements in this letter to shareholders include, without limitation, our expectations regarding, and our ability to respond to, market and customer demand; our expectations regarding the level of customers’ interest in our batteries, the demand for more energy dense batteries and the suitability of our products to address this demand, and the impact of artificial intelligence (“AI”) features on the foregoing; our financial and business performance; projected improvements in our manufacturing and commercialization and R&D activities at Fab2, including the ability of the sales team to support the path to profitability by attracting demand across high-growth markets ; our achievement of the milestones under our strategic partnership with a second leading smartphone OEM and our ability to enter into the smartphone market in 2025 with high-volume production from our Fab2 facility; our expectations regarding EX-1M production and mass production purchase order with a leading IoT customer in 2025, completion of site acceptance testing for our High-Volume Line, and the shipment of EX-2M samples in Q4; our ability to meet goals for yield and throughput; our expectations regarding Fab2 in and its capacity to support multiple customer qualifications; the anticipated contributions of our R&D teams to support product innovation; our revenue funnel; our efforts in the portable electronics and EV markets, including the IoT, smartphone and virtual reality categories; our ability to meet milestones and deliver on our objectives and expectations, including achieving certain safety certifications for our products and our ability sample batteries from our Agility Line to customers; the implementation and expected success of our business model and growth strategy, including our focus on the addressable market categories in which we believe an improved battery drives a high value to the product and premium pricing for our solutions; our ability to manage our expenses and realize our annual cost savings goals; our ability to manage and achieve the benefits of our restructuring efforts; and forecasts of our financial and performance metrics.

    Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including, without limitation, our ability to improve energy density among our products, establish sufficient manufacturing operations and optimize manufacturing processes to meet demand, source materials and establish supply relationships, and secure adequate funds to execute on our operational and strategic goals; the safety hazards associated with our batteries and the manufacturing process; a concentration of customers in the military market; certain unfavorable terms in our commercial agreements that may limit our ability to market our products; market acceptance of our products; changes in consumer preferences or demands; changes in industry standards; the impact of technological development and competition; and global economic conditions, including inflationary and supply chain pressures, and political, social, and economic instability, including as a result of armed conflict, war or threat of war, or trade and other international disputes that could disrupt supply or delivery of, or demand for, our products.

    For additional information on these risks and uncertainties and other potential factors that could cause actual results to differ from the results predicted, please refer to our filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our annual report on Form 10-K and quarterly reports on Form 10-Q and other documents that we have filed, or will file, with the SEC. Any forward-looking statements in this letter to shareholders speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For media and investor inquiries, please contact:

    Enovix Corporation
    Robert Lahey
    Email: ir@enovix.com

    Enovix Corporation
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      September 29,
    2024    		   December 31,
    2023
    Assets      
    Current assets:      
    Cash and cash equivalents $ 200,912     $ 233,121  
    Short-term investments   —       73,694  
    Accounts receivable, net   1,911       909  
    Notes receivable, net   —       1,514  
    Inventory   9,564       8,737  
    Prepaid expenses and other current assets   11,598       5,202  
    Total current assets   223,985       323,177  
    Property and equipment, net   157,680       166,471  
    Customer relationship intangibles and other intangibles, net   37,583       42,168  
    Operating lease, right-of-use assets   13,810       15,290  
    Goodwill   12,217       12,098  
    Other assets, non-current   2,746       5,100  
    Total assets $ 448,021     $ 564,304  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,046     $ 21,251  
    Accrued expenses   13,855       13,976  
    Accrued compensation   8,038       10,731  
    Short-term debt   11,555       5,917  
    Deferred revenue   6,206       6,708  
    Other liabilities   4,760       2,435  
    Total current liabilities   59,460       61,018  
    Long-term debt, net   168,744       169,099  
    Warrant liability   23,265       42,900  
    Operating lease liabilities, non-current   14,346       15,594  
    Deferred revenue, non-current   3,774       3,774  
    Deferred tax liability   8,178       10,803  
    Other liabilities, non-current   12       13  
    Total liabilities   277,779       303,201  
    Commitments and Contingencies      
    Stockholders’ equity:      
    Common stock, $0.0001 par value; authorized shares of 1,000,000,000; issued and outstanding shares of $177,591,877 and $167,392,315 as of September 29, 2024 and December 31, 2023, respectively   18       17  
    Additional paid-in-capital   951,237       857,037  
    Accumulated other comprehensive loss   (42 )     (62 )
    Accumulated deficit   (783,621 )     (598,845 )
    Total Enovix’s stockholders’ equity   167,592       258,147  
    Non-controlling interest   2,650       2,956  
    Total equity   170,242       261,103  
    Total liabilities and equity $ 448,021     $ 564,304  
     
    Enovix Corporation
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In Thousands, Except Share and per Share Amounts)
     
      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Revenue $ 4,317     $ 200     $ 13,357     $ 263  
    Cost of revenue   4,959       16,809       16,454       43,292  
    Gross margin   (642 )     (16,609 )     (3,097 )     (43,029 )
    Operating expenses:              
    Research and development   24,220       13,508       102,073       53,810  
    Selling, general and administrative   20,744       17,245       61,176       61,207  
    Impairment of equipment   —       —       —       4,411  
    Restructuring cost   3,661       3,021       41,807       3,021  
    Total operating expenses   48,625       33,774       205,056       122,449  
    Loss from operations   (49,267 )     (50,383 )     (208,153 )     (165,478 )
    Other income (expense):              
    Change in fair value of common stock warrants   29,899       31,320       17,359       4,140  
    Interest income   2,859       4,326       9,745       9,942  
    Interest expense   (1,718 )     (1,557 )     (5,068 )     (2,827 )
    Other income (loss), net   (2,217 )     109       (1,509 )     129  
    Total other income, net   28,823       34,198       20,527       11,384  
    Loss before income tax benefit   (20,444 )     (16,185 )     (187,626 )     (154,094 )
    Income tax expense (benefit)   2,194       —       (2,544 )     —  
    Net loss   (22,638 )     (16,185 )     (185,082 )     (154,094 )
    Net loss attributable to non-controlling interests   (102 )     —       (306 )     —  
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
                   
    Net loss per share attributable to Enovix shareholders, basic $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    Weighted average number of common shares outstanding, basic   176,680,578       159,829,716       172,393,869       157,559,138  
    Net loss per share attributable to Enovix shareholders, diluted $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    Weighted average number of common shares outstanding, diluted   176,872,382       161,371,417       172,393,869       158,260,393  
                                   
    Enovix Corporation
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
    (In Thousands)
     
      Fiscal Years-to-Date Ended
      September 29, 2024   October 1, 2023
    Cash flows used in operating activities:      
    Net loss $ (185,082 )   $ (154,094 )
    Adjustments to reconcile net loss to net cash used in operating activities      
    Depreciation, accretion and amortization   37,417       10,000  
    Stock-based compensation   48,630       57,832  
    Changes in fair value of common stock warrants   (17,359 )     (4,140 )
    Impairment and loss on disposals of long-lived assets   38,249       4,411  
    Others   174       —  
    Changes in operating assets and liabilities:      
    Accounts and notes receivables   494       169  
    Inventory   (827 )     418  
    Prepaid expenses and other assets   (3,913 )     546  
    Accounts payable   (10,018 )     4,338  
    Accrued expenses and compensation   3,175       3,113  
    Deferred revenue   (502 )     —  
    Deferred tax liability   (3,303 )     —  
    Other liabilities   190       (1 )
    Net cash used in operating activities   (92,675 )     (77,408 )
    Cash flows from investing activities:      
    Purchase of property and equipment   (59,830 )     (32,979 )
    Purchases of investments   (31,812 )     (115,736 )
    Maturities of investments   106,621       16,700  
    Net cash provided by (used in) investing activities   14,979       (132,015 )
    Cash flows from financing activities:      
    Proceeds from issuance of Convertible Senior Notes and loans   4,572       172,500  
    Repayment of debt   (180 )     —  
    Payments of debt issuance costs   —       (5,251 )
    Purchase of Capped Calls   —       (17,250 )
    Payroll tax payments for shares withheld upon vesting of RSUs   (5,601 )     (2,988 )
    Proceeds from the exercise of stock options and issuance of common stock, net of issuance costs   44,285       9,232  
    Proceeds from issuance of common stock under employee stock purchase plan   1,145       1,169  
    Repurchase of unvested restricted common stock   (4 )     (23 )
    Net cash provided by financing activities   44,217       157,389  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   1,303       —  
    Change in cash, cash equivalents, and restricted cash   (32,176 )     (52,034 )
    Cash and cash equivalents and restricted cash, beginning of period   235,123       322,976  
    Cash and cash equivalents, and restricted cash, end of period $ 202,947     $ 270,942  
           

    Net Loss Attributable to Enovix to Adjusted EBITDA Reconciliation

    While we prepare our consolidated financial statements in accordance with GAAP, we also utilize and present certain financial measures that are not based on GAAP. We refer to these financial measures as “non-GAAP” financial measures. In addition to our financial results determined in accordance with GAAP, we believe that EBITDA and Adjusted EBITDA are useful measures in evaluating its financial and operational performance distinct and apart from financing costs, certain non-cash expenses and non-operational expenses.

    These non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures.

    We use non-GAAP financial information to evaluate our ongoing operations and for internal planning, budgeting and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing its operating performance and comparing its performance with competitors and other comparable companies. You should review the reconciliations below but not rely on any single financial measure to evaluate our business.

    “EBITDA” is defined as earnings (net loss) attributable to Enovix adjusted for interest expense, income tax benefit, depreciation and amortization expense. “Adjusted EBITDA” includes additional adjustments to EBITDA such as stock-based compensation expense, change in fair value of common stock warrants, inventory step-up, impairment of equipment and other special items as determined by management which it does not believe to be indicative of its underlying business trends.

    Below is a reconciliation of net loss attributable to Enovix on a GAAP basis to the non-GAAP EBITDA and Adjusted EBITDA financial measures for the periods presented below (in thousands):

      Quarters Ended   Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Net loss attributable to Enovix $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Interest expense   1,718       1,557       5,068       2,827  
    Income tax expense (benefit)   2,194       —       (2,544 )     —  
    Depreciation and amortization   6,500       2,900       37,417       10,000  
    EBITDA   (12,124 )     (11,728 )     (144,835 )     (141,267 )
    Stock-based compensation expense (1)   16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants   (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up   —       —       1,907       —  
    Impairment of equipment   —       —       —       4,411  
    Restructuring cost (1)   3,661       3,021       41,807       3,021  
    Acquisition cost   —       1,115       —       1,115  
    Adjusted EBITDA $ (21,640 )   $ (25,638 )   $ (71,066 )   $ (79,387 )
       
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense are included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
     

    Free Cash Flow Reconciliation

    We define “Free Cash Flow” as (i) net cash from operating activities less (ii) capital expenditures, net of proceeds from disposals of property and equipment, all of which are derived from our Consolidated Statements of Cash Flow. The presentation of non-GAAP Free Cash Flow is not intended as an alternative measure of cash flows from operations, as determined in accordance with GAAP. We believe that this financial measure is useful to investors because it provides investors to view our performance using the same tool that we use to gauge our progress in achieving our goals and it is an indication of cash flow that may be available to fund investments in future growth initiatives. Below is a reconciliation of net cash used in operating activities to the Free Cash Flow financial measures for the periods presented below (in thousands):

      Fiscal Years-to-Date Ended
      September 29,
    2024    		   October 1,
    2023
    Net cash used in operating activities $ (92,675 )   $ (77,408 )
    Capital expenditures   (59,830 )     (32,979 )
    Free Cash Flow $ (152,505 )   $ (110,387 )
     

    Other Non-GAAP Financial Measures Reconciliation
    (In Thousands, Except Share and per Share Amounts)

        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    Revenue   $ 4,317     $ 200     $ 13,357     $ 263  
                     
    GAAP cost of revenue   $ 4,959     $ 16,809     $ 16,454     $ 43,292  
    Stock-based compensation expense     (101 )     (2,396 )     (196 )     (5,001 )
    Inventory step-up     —       —       (1,907 )     —  
    Non-GAAP cost of revenue   $ 4,858     $ 14,413     $ 14,351     $ 38,291  
                     
    GAAP gross margin   $ (642 )   $ (16,609 )   $ (3,097 )   $ (43,029 )
    Stock-based compensation expense     101       2,396       196       5,001  
    Inventory step-up     —       —       1,907       —  
    Non-GAAP gross margin   $ (541 )   $ (14,213 )   $ (994 )   $ (38,028 )
                     
    GAAP research and development (R&D) expense   $ 24,220     $ 13,508     $ 102,073     $ 53,810  
    Stock-based compensation expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Amortization of intangible assets     (417 )     —       (1,248 )     —  
    Non-GAAP R&D expense   $ 17,889     $ 8,559     $ 81,054     $ 31,738  
                     
    GAAP selling, general and administrative (SG&A) expense   $ 20,744     $ 17,245     $ 61,176     $ 61,207  
    Stock-based compensation expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (774 )     —       (2,304 )     —  
    Acquisition cost     —       (1,115 )     —       (1,115 )
    Non-GAAP SG&A expense   $ 9,263     $ 10,201     $ 31,425     $ 29,692  
                     
    GAAP operating expenses   $ 48,625     $ 33,774     $ 205,056     $ 122,449  
    Stock-based compensation expense included in R&D expense     (5,914 )     (4,949 )     (19,771 )     (22,072 )
    Stock-based compensation expense included in SG&A expense     (10,707 )     (5,929 )     (27,447 )     (30,400 )
    Amortization of intangible assets     (1,191 )     —       (3,552 )     —  
    Impairment of equipment     —       —       —       (4,411 )
    Restructuring cost (1)     (3,661 )     (3,021 )     (41,807 )     (3,021 )
    Acquisition cost     —       (1,115 )     —       (1,115 )
    Non-GAAP operating expenses   $ 27,152     $ 18,760     $ 112,479     $ 61,430  
                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       
        Quarters Ended   Fiscal Years-to-Date Ended
        September 29,
    2024    		   October 1,
    2023    		   September 29,
    2024    		   October 1,
    2023
    GAAP loss from operations   $ (49,267 )   $ (50,383 )   $ (208,153 )   $ (165,478 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Amortization of intangible assets     1,191       —       3,552       —  
    Inventory step-up     —       —       1,907       —  
    Impairment of equipment     —       —       —       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost     —       1,115       —       1,115  
    Non-GAAP loss from operations   $ (27,693 )   $ (32,973 )   $ (113,473 )   $ (99,458 )
                     
    GAAP net loss attributable to Enovix   $ (22,536 )   $ (16,185 )   $ (184,776 )   $ (154,094 )
    Stock-based compensation expense (1)     16,722       13,274       47,414       57,473  
    Change in fair value of common stock warrants     (29,899 )     (31,320 )     (17,359 )     (4,140 )
    Inventory step-up     —       —       1,907       —  
    Amortization of intangible assets     1,191       —       3,552       —  
    Impairment of equipment     —       —       —       4,411  
    Restructuring cost (1)     3,661       3,021       41,807       3,021  
    Acquisition cost     —       1,115       —       1,115  
    Non-GAAP net loss attributable to Enovix shareholders   $ (30,861 )   $ (30,095 )   $ (107,455 )   $ (92,214 )
                     
    GAAP net loss per share attributable to Enovix, basic   $ (0.13 )   $ (0.10 )   $ (1.07 )   $ (0.98 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    GAAP net loss per share attributable to Enovix, diluted   $ (0.30 )   $ (0.29 )   $ (1.07 )   $ (1.00 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                     
    Non-GAAP net loss per share attributable to Enovix, basic   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.59 )
    GAAP weighted average number of common shares outstanding, basic     176,680,578       159,829,716       172,393,869       157,559,138  
                     
    Non-GAAP net loss per share attributable to Enovix, diluted   $ (0.17 )   $ (0.19 )   $ (0.62 )   $ (0.58 )
    GAAP weighted average number of common shares outstanding, diluted     176,872,382       161,371,417       172,393,869       158,260,393  
                                     
       
       
    (1) $0.1 million and $1.2 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended September 29, 2024, respectively. $0.4 million of stock-based compensation expense is included in the restructuring cost line of the table above for the quarter and fiscal year-to-date ended October 1, 2023.
       

    The MIL Network –

  • MIL-OSI: Dayforce Named a Leader in the 2024 Gartner® Magic Quadrant™ for Cloud HCM Suites for 1,000+ Employee Enterprises for Fifth Consecutive Year

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS and TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global human capital management (HCM) leader that makes work life better, today announced it has been named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employees Enterprises. Dayforce was recognized for the fifth consecutive year, driven by Dayforce’s Ability to Execute and Completeness of Vision.

    Operating across North America, Europe, the Middle East, Africa (EMEA), and the Asia Pacific Japan (APJ) region, Dayforce delivers quantifiable value to organizations globally with a single platform backed by AI-enhanced innovation. Dayforce is trusted by more than 6,600 customers, including leading organizations such as Henkel, Nashville Predators, City of Columbus, Longo’s, and more.

    “In the face of increasingly complex and ever-changing HR challenges, leaders need to invest in differentiated technology to help drive efficiencies, manage compliance, and operate with confidence – all assisted by trusted AI,” said Joe Korngiebel, Chief Strategy, Product, and Technology Officer, Dayforce, Inc. “Dayforce is this solution, and we feel our recognition as a Leader in the Gartner Magic Quadrant for the fifth consecutive year affirms this. In one single, global people platform, we’re delivering quantifiable value for organizations around the world and helping them achieve simplicity at scale for their people operations.”

    As an all-in-one solution with a unified user experience for HR, payroll, workforce management, talent, and analytics, Dayforce enables business leaders to move their organizations forward while balancing the drive to empower their people.

    Additional Information

    Gartner Disclaimer

    Gartner, Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises, Ranadip Chandra, Chris Pang, Et Al, 23 October 2024.

    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

    Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About Dayforce
    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.  

    Media Contact
    Allison Hacker
    +1 425-785-8276
    allison.hacker@dayforce.com

    The MIL Network –

  • MIL-OSI: Onity Group Schedules Conference Call – Third Quarter 2024 Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Oct. 29, 2024 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”), a leading non-bank mortgage servicer and originator, today announced that it will hold a conference call on Tuesday, November 5, 2024 at 8:30 a.m. (ET) to review the Company’s third quarter 2024 operating results and provide a business update.

    All interested parties are welcome to participate. You can access the conference call by dialing (800) 343-5172 or (203) 518-9856 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations.

    An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call.

    A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through November 19, 2024, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11157248.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    For Further Information Contact:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI: Bitdeer Announces Third Quarter 2024 Earnings Conference Call for November 18, 2024

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced that it has scheduled its third quarter 2024 earnings conference call and webcast for Monday, November 18, 2024 at 8:00 AM EST. During the call, Bitdeer management will discuss the unaudited financial and operational results for the quarter ended September 30, 2024, followed by a question and answer session.

    Bitdeer will release the third quarter results before the call at approximately 7:00 AM EST on November 18, 2024. A copy of the earnings release will be available on the Company’s Investor Relations website at https://ir.bitdeer.com.

    Conference Call Information:

    • Date: November 18, 2024
    • Time: 8:00 AM EST / 8:00 PM SGT
    • Participant Call Links:
      • Live Webcast: Link
      • Participant Call Registration: Link

    Participants wishing to join the conference call by phone should register using the Participant Call Registration link provided above. After completing the registration, the participants will receive an email with the necessary details to access the call including dial-in number, passcode, and PIN. To ensure a timely start, the Company encourages all callers to connect about 5 minutes before the scheduled time.

    A live and archived webcast of the conference call will be available on the Investors section of Bitdeer’s website at https://ir.bitdeer.com.

    About Bitdeer Technologies Group

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

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

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Investor Relations
    Orange Group
    Yujia Zhai
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Wachsman
    Bee Shin
    bitdeer@wachsman.com

    The MIL Network –

  • MIL-OSI USA: Durbin Delivers Opening Statement During Senate Judiciary Committee Field Hearing In Chicago On Reducing Prescription Drug Costs

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    10.29.24
    CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today delivered an opening statement at the Senate Judiciary Committee field hearing in Chicago, Illinois, entitled “Reducing Prescription Drug Prices:  How Competition Can Make Medications Affordable for Patients.” The hearing includes two witness panels, including Members of Congress from Illinois and advocates for prescription drug pricing reform, to examine recent legislative successes to address anti-competitive tactics that make medications unaffordable for patients.
    Key Quotes:
    “Today the Committee will examine an issue on the minds of many in Illinois and across the country: the high price of prescription drugs.  It is a scandalous situation in America.  People in the United States pay the highest prescription drug prices in the world—on average, four times more than people in similar countries pay for brand-name medications.” 
    “For example: [when] the blood thinner Eliquis entered the market in 2013, it cost $3,100 annually in the U.S.  Same drug for sale in Japan [was] $1,000.  And, over the past decade, the price in the U.S. has more than doubled, from $3,100 to $7,100.  Meanwhile, in Japan, the price has dropped… Why?  For years, Big Pharma has abused our patent system to obtain monopolies on their medications, so they can charge these sky-high prices.” 
    “At the same time, they have spent billions of dollars to fill the airwaves with ads so patients tell their doctors they need drugs like Eliquis so they can go skiing, fishing, and whitewater rafting.   By fueling demand for expensive medications that are walled-off from competition by clever patent schemes, Big Pharma has made American patients their profit engine.”
    “Thankfully, this Administration and Democrats in Congress decided to do something about it.  In 2022, Congress passed, and President Biden signed into law the Inflation Reduction Act.  Not a single Republican voted for it.  Under this law, we have capped the price of insulin at $35 per month, saving 50,000 seniors in Illinois approximately $500 a year.  We have made vaccines under Medicare free.  When the shingles or RSV vaccines can cost up to $300 per dose, this change creates real savings for 1.4 million seniors in Illinois.  Starting in January, there will be a $2,000 annual cap on out-of-pocket costs for seniors—meaning, no matter how expensive your medications are, you will not pay more than $2,000 in co-pays per year.”
    “In August, the Biden-Harris Administration negotiated with Big Pharma to lower prices for 10 of the most expensive drugs under Medicare, resulting in price savings of up to 79 percent… As a result of this negotiation, nine million seniors will save a total of $1.5 billion in annual out-of-pocket costs—including nearly 300,000 seniors in Illinois who take one of these ten drugs.  Remember Eliquis?  Thanks to this new law, Medicare was able to permanently cut its price in half—taking nearly $300 off the monthly price tag—for more than 100,000 seniors in Illinois.”
    “But just as these historic savings are starting to take effect, there are real threats to our progress.  Eight pharmaceutical companies raced to federal courthouses to stop this price negotiation.  And former-President Trump and his Republican allies want to repeal this provision all together.”
    “Too often, the prices Big Pharma charges do not reflect scientific breakthroughs but, rather, manipulation by its lawyers and marketers.  In fact, the top 10 best-selling drugs in 2021 were covered by an average of 42 active patents that block competition and create windfall profits.”
    “The Judiciary Committee has taken a leading role in addressing Big Pharma’s schemes.  Last year, the Committee unanimously reported five bipartisan bills that addressed the industry’s anticompetitive tactics.  This includes my bill with Senator Tillis to improve information sharing between the FDA and Patent Office to prevent gamesmanship. Congress needs to pass these bills into law.”
    “Drugs are not effective in treating disease if a patient cannot afford to buy them.  Our hearing today will explore how legislation like the Inflation Reduction Actand the Judiciary Committee bills can help ensure every patient can access lifesaving medications.”
      
    Video of Durbin’s opening statement is available here.
    Audio of Durbin’s opening statement is available here.
    Footage of Durbin’s opening statement is available here for TV Stations.
    The United States has the highest prescription drug prices in the developed world, on average nearly four times higher than what other countries pay for some of the most common brand-name medications. Despite claims that these prices are necessary to fund research and development into the next generation of drugs, research suggests that the majority of innovation is driven by smaller companies, as well as taxpayer funding through the National Institutes of Health. The Committee has jurisdiction over competition issues and the intellectual property system, which play critical roles in incentivizing true innovation and protecting a healthy market that keeps prices for prescription drugs within reach of the patients that need them.
    Durbin, Senate Democrats, and the Biden-Harris Administration have taken numerous steps to lower the costs of prescription drugs. Democrats’ Inflation Reduction Actprovided the Administration the authority to negotiate drug prices with Big Pharma, which has already resulted in price reduction of up to 79 percent for 10 of the most expensive and frequently-dispensed prescription drugs for seniors.
    Earlier this Congress, a package of bills advanced unanimously out of the Committee to lower prescription drug prices and are awaiting a vote in the full Senate, including the Interagency Patent Coordination and Improvement Act introduced by U.S. Senators Dick Durbin (D-IL) and Thom Tillis (R-NC).
    Additionally, Durbin held a full committee hearing in May that scrutinized pharmaceutical companies’ abuse of the Orange Book and examined prescription drug prices, competition, and how to ensure medications are accessible and affordable for patients.
    -30-

    MIL OSI USA News –

  • MIL-OSI Video: Israel/Iran: Exchange of attacks risks plunging region into the unknown – Briefing | United Nations

    Source: United Nations (Video News)

    Briefing by Khaled Khiari, Assistant Secretary-General for Middle East, Asia and the Pacific in the Departments of Political and Peacebuilding Affairs and Peace Operations, on the situation in the Middle East.

    https://www.youtube.com/watch?v=X3YkkWzq5is

    MIL OSI Video –

  • MIL-OSI Canada: Fleet Diving Unit (Pacific) returns from Multinational Mine Warfare Exercise 

    Source: Government of Canada News (2)

    Members of the Fleet Diving Unit (Pacific) (FDU(P)) have returned to Victoria, B.C., after participating in Multinational Mine Warfare Exercise 24 (MN-MIWEX 24), hosted by the Republic of Korea Navy from October 14-25, 2024, off the coast of Busan, South Korea.

    October 29, 2024 – Esquimalt, B.C. – National Defence / Canadian Armed Forces

    Members of the Fleet Diving Unit (Pacific) (FDU(P)) have returned to Victoria, B.C., after participating in Multinational Mine Warfare Exercise 24 (MN-MIWEX 24), hosted by the Republic of Korea Navy from October 14-25, 2024, off the coast of Busan, South Korea.

    Eleven members from FDU(P), alongside two support staff, participated in the exercise aboard the Republic of Korea Ship (ROKS) Cheon Wang Bong, focusing on mine countermeasures and promoting collective deterrence. During the exercise, the teams conducted drills aimed at detecting and neutralizing mines to establish safe navigation routes, enhancing interoperability among participating nations and improving understanding of the mine warfare environment in the Korean theatre of operations.

    Nations participating alongside FDU(P) on ROKS Cheon Wang Bong included the United States Navy, Royal Australian Navy, and the Philippine Navy. In total, 19 nations took part in MN-MIWEX 24, with dive teams operating on multiple ships throughout. The exercise also included a mine countermeasures symposium held prior to sailing.

    This year, MN-MIWEX 24 was conducted under Operation HORIZON, Canada’s mission to enhance peace and stability in the Indo-Pacific region. This initiative expands the Royal Canadian Navy’s (RCN) opportunities to collaborate closely with partners and allies in the region, allowing Canada to play a more active role in strengthening regional security.

    Media Relations
    Department of National Defence
    Phone: 613-904-3333
    Email: mlo-blm@forces.gc.ca

    MIL OSI Canada News –

  • MIL-OSI USA: Remarks by President  Biden in Press Gaggle | Baltimore,  MD

    US Senate News:

    Source: The White House
    BMORE LICKSBaltimore, Maryland
    3:02 P.M. EDT
    Q    Mr. President, will you be watching the vice president’s speech tonight?
    THE PRESIDENT:  I will.
    Q    Why are you not attending?  It’s right there on the Ellipse?
    THE PRESIDENT:  Because it’s for her.  This is her night.
    Q    What do you expect to hear out of her tonight?  What’s the closing message from the vice president?
    THE PRESIDENT:  I’ll let you hear it first.
    Q    Mr. President, are you worried about the North Korean troops in Kursk, in Russia?
    THE PRESIDENT:  I am concerned about it, yes.
    Q    Should the Ukrainians strike — strike back?
    THE PRESIDENT:  If they cross into Ukraine, yes.
    3:03 P.M. EDT

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: New York ETO promotes Hong Kong’s startup ecosystem in North Carolina (with photos)

    Source: Hong Kong Government special administrative region

         â€‹The Director of the Hong Kong Economic and Trade Office, New York, Ms Maisie Ho, visited Raleigh, North Carolina from October 28 to 29 (Raleigh time) to strengthen ties with interlocutors in business, technology, and education sectors.

         Ms Ho attended the Raleigh Internet of Things (RIoT) Demo Night, an annual demonstration and networking event hosted by the RIoT initiative which fosters collaboration among start-ups, established companies, entrepreneurs and industry professionals. Before the event, she met with the Executive Director of RIoT, Mr Thomas Snyder and discussed potential partnership and exchange activities between start-ups and incubators in the Research Triangle Park of North Carolina and Hong Kong.

         On the same day, Ms Ho visited Innovate Carolina, the central team for innovation, entrepreneurship and economic development at the University of North Carolina at Chapel Hill (UNC Chapel Hill). She met with the Director of New Ventures and Partnerships, Dr Bryant Moore, and the Director of Economic Development and Innovation Hubs, Ms Sheryl Waddell, to learn more about Innovate Carolina and explore possible collaborations in the future. During the meeting, Ms Ho introduced Hong Kong’s growing start-up ecosystem and strategic focuses, as well as the various talent attraction schemes available to entrepreneurs and young professionals graduating from the UNC Chapel Hill. The UNC Chapel Hill is on the list of eligible universities under Hong Kong’s Top Talent Pass Scheme.

         Ms Ho also met with the Chief Executive Officer and President of First Flight Venture Centre, Ms Krista Covey. The centre is one of the most prominent incubators in the Research Triangle Park. During the meeting, Ms Ho introduced the latest measure in the 2024 Policy Address in attracting international start-up accelerators to establish a presence in Hong Kong through the I&T Accelerator Pilot Scheme.

         In addition, she discussed areas of mutual interests during her meeting with the Vice President for Advocacy of business organisation of the Chamber for Greater Chapel Hill-Carrboro, Mr Ian Scott.

         Ms Ho was accompanied by the Head of Business and Talent Attraction / Invest Promotion of Invest Hong Kong in New York, Mr Ranjit Unnithan, during her visit to Raleigh.            

    MIL OSI Asia Pacific News –

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:

                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60 %     0.39 %     24.97 %     4.92 %     6.55 %     4.50 %     6.68 %
    Return on assets     0.12 %     0.03 %     1.77 %     0.29 %     0.42 %     0.64 %     0.44 %
    Tax adjusted net interest margin     2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
    Noninterest income / average assets     0.55 %     0.50 %     2.57 %     0.53 %     0.46 %     1.21 %     0.51 %
    Noninterest expense / average assets     2.80 %     2.79 %     2.86 %     2.60 %     2.59 %     2.82 %     2.67 %
    Efficiency ratio     97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     83.68 %
                                                             

    “The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.
    • Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024.  The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management. The allowance for credit losses (ACL) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.
    • Operating Expenses – Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.
    • Capital Adequacy – As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Return on equity     1.60%       0.39%       24.97%       4.92%       6.55%       4.50%       6.68%  
    Return on assets     0.12%       0.03%       1.77%       0.29%       0.42%       0.64%       0.44%  
    Yield on loans     5.22%       5.11%       5.02%       5.09%       5.02%       5.12%       4.87%  
    Yield on security investments     2.37%       2.43%       2.37%       2.57%       2.41%       2.39%       2.39%  
    Total yield on earning assets     4.73%       4.64%       4.52%       4.64%       4.51%       4.64%       4.39%  
    Cost of interest-bearing deposits     2.47%       2.37%       2.36%       2.22%       1.95%       2.40%       1.58%  
    Cost of repurchase agreements     4.04%       3.86%       3.88%       3.78%       3.83%       3.93%       3.59%  
    Cost of borrowed funds     4.56%       4.95%       4.62%       4.41%       4.48%       4.70%       4.58%  
    Total cost of interest-bearing liabilities     2.63%       2.55%       2.53%       2.38%       2.16%       2.57%       1.82%  
    Tax adjusted net interest margin (1)     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Noninterest income / average assets     0.55%       0.50%       2.57%       0.53%       0.46%       1.21%       0.51%  
    Noninterest expense / average assets     2.80%       2.79%       2.86%       2.60%       2.59%       2.82%       2.67%  
    Net noninterest margin / average assets     -2.24%       -2.29%       -0.29%       -2.08%       -2.13%       -1.60%       -2.16%  
    Efficiency ratio     97.32%       98.56%       59.41%       87.49%       86.88%       80.16%       83.68%  
    Effective tax rate     -51.88%       -6.72%       9.48%       -30.85%       -22.20%       7.01%       0.30%  
                                 
    Non-performing assets to total assets     0.73%       0.61%       0.64%       0.61%       0.54%       0.73%       0.54%  
    Non-performing loans to total loans     0.92%       0.75%       0.78%       0.76%       0.66%       0.92%       0.66%  
    Allowance for credit losses to non-performing loans   134.12%       161.17%       159.12%       163.90%       192.89%       134.12%       192.89%  
    Allowance for credit losses to loans receivable     1.23%       1.22%       1.25%       1.24%       1.27%       1.23%       1.27%  
    Foreclosed real estate to total assets     0.00%       0.00%       0.00%       0.00%       0.00%       0.00%       0.00%  
                                 
    Basic earnings per share   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52     $ 2.35     $ 1.60  
    Diluted earnings per share   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51     $ 2.35     $ 1.60  
    Stockholders’ equity / total assets     7.69%       7.16%       7.32%       6.99%       5.70%       7.69%       5.70%  
    Book value per share   $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 27.68     $ 36.99     $ 27.68  
    Closing stock price   $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 22.00     $ 31.98     $ 22.00  
    Price to earnings per share ratio     56.21       182.60       2.82       17.77       10.67       10.19       10.28  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.31     $ 0.36     $ 0.93  
                                 
    Common equity tier 1 capital to risk-weighted assets   11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Tier 1 capital to risk-weighted assets     11.10%       10.94%       10.89%       10.43%       10.17%       11.10%       10.17%  
    Total capital to risk-weighted assets     12.14%       11.95%       11.92%       11.36%       11.12%       12.14%       11.12%  
    Tier 1 capital to adjusted average assets     8.38%       8.32%       8.24%       7.78%       7.81%       8.38%       7.81%  
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Nine months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30, September 30,   September 30,
          2024       2024       2024       2023       2023       2024       2023  
    Net interest margin – tax equivalent     2.67%       2.67%       2.57%       2.80%       2.87%       2.64%       3.04%  
    Tangible book value per diluted share   $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
    Tangible book value per diluted share adjusted for AOCL   $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
    Tangible common equity to total assets     6.51%       5.95%       6.09%       5.77%       4.46%       6.51%       4.46%  
    Tangible common equity to total assets adjusted for AOCL     8.83%       8.79%       8.81%       8.22%       8.23%       8.83%       8.23%  
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                        
    (Dollars in thousands) Average Balances, Interest, and Rates  
    (unaudited) September 30, 2024   June 30, 2024  
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS                        
    Interest bearing deposits in other financial institutions $ 44,365     $ 665   6.00   $ 60,378     $ 800   5.30  
    Federal funds sold   682       9   5.28     1,263       10   3.17  
    Securities available-for-sale   342,451       2,031   2.37     337,226       2,047   2.43  
    Loans receivable   1,506,967       19,660   5.22     1,501,584       19,174   5.11  
    Federal Home Loan Bank stock   6,547       107   6.54     6,547       96   5.87  
    Total interest earning assets   1,901,012     $ 22,472   4.73     1,906,998     $ 22,127   4.64  
    Cash and non-interest bearing deposits in other financial institutions   32,198               18,054            
    Allowance for credit losses   (18,482 )             (18,788 )          
    Other noninterest bearing assets   155,996               158,358            
    Total assets $ 2,070,724             $ 2,064,622            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,451,414     $ 8,946   2.47   $ 1,455,007     $ 8,610   2.37  
    Repurchase agreements   43,074       435   4.04     41,388       399   3.86  
    Borrowed funds   95,224       1,085   4.56     85,940       1,064   4.95  
    Total interest bearing liabilities   1,589,712     $ 10,466   2.63     1,582,335     $ 10,073   2.55  
    Non-interest bearing deposits   287,507               291,618            
    Other noninterest bearing liabilities   41,696               45,029            
    Total liabilities   1,918,915               1,918,982            
    Total stockholders’ equity   151,809               145,640            
    Total liabilities and stockholders’ equity $ 2,070,724             $ 2,064,622            
                             
                             
    Return on average assets   0.12 %             0.03 %          
    Return on average equity   1.60 %             0.39 %          
    Net interest margin (average earning assets)   2.53 %             2.53 %          
    Net interest margin (average earning assets) – tax equivalent   2.67 %             2.67 %          
    Net interest spread   2.10 %             2.09 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Year-to-Date                        
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) September 30, 2024   September 30, 2023
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)  
    ASSETS     `                  
    Interest bearing deposits in other financial institutions $ 51,522     $ 2,317   6.00   $ 31,171     $ 1,112   4.76  
    Federal funds sold   919       29   4.21     1,158       38   4.38  
    Certificates of deposit in other financial institutions   –       –   –     1,169       44   5.02  
    Securities available-for-sale   348,269       6,239   2.39     369,897       6,631   2.39  
    Loans receivable   1,504,197       57,713   5.12     1,519,981       55,481   4.87  
    Federal Home Loan Bank stock   6,547       285   5.80     6,547       221   4.50  
    Total interest earning assets   1,911,454     $ 66,583   4.64     1,929,923     $ 63,527   4.39  
    Cash and non-interest bearing deposits in other financial institutions   29,183               18,723            
    Allowance for credit losses   (18,670 )             (17,619 )          
    Other noninterest bearing assets   155,433               154,227            
    Total assets $ 2,077,400             $ 2,085,254            
                             
    LIABILITIES AND STOCKHOLDERS’ EQUITY                        
    Interest-bearing deposits $ 1,464,682     $ 26,350   2.40   $ 1,455,410     $ 17,258   1.58  
    Repurchase agreements   40,879       1,204   3.93     33,170       892   3.59  
    Borrowed funds   90,423       3,189   4.70     102,864       3,537   4.58  
    Total interest bearing liabilities   1,595,984     $ 30,743   2.57     1,591,444     $ 21,687   1.82  
    Non-interest bearing deposits   291,161               326,431            
    Other noninterest bearing liabilities   41,540               30,178            
    Total liabilities   1,928,685               1,948,053            
    Total stockholders’ equity   148,715               137,201            
    Total liabilities and stockholders’ equity $ 2,077,400             $ 2,085,254            
                             
                             
    Return on average assets   0.64 %             0.44 %          
    Return on average equity   4.50 %             6.68 %          
    Net interest margin (average earning assets)   2.50 %             2.89 %          
    Net interest margin (average earning assets) – tax equivalent   2.64 %             3.04 %          
    Net interest spread   2.07 %             2.57 %          
    Ratio of interest-earning assets to interest-bearing liabilities   1.20x                 1.21x            
                             
    Finward Bancorp
    Quarterly Financial Report
                         
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
        September 30, June 30,   March 31,   December 31, September 30,
          2024       2024       2024       2023       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 23,071     $ 19,061     $ 16,418     $ 17,942     $ 17,922  
    Interest bearing deposits in other financial institutions     48,025       63,439       54,755       67,647       52,875  
                         
    Total cash and cash equivalents     71,649       83,207       71,780       86,008       71,648  
                         
    Securities available-for-sale     350,027       339,585       346,233       371,374       339,280  
    Loans held-for-sale     2,567       1,185       667       340       2,057  
    Loans receivable, net of deferred fees and costs     1,508,242       1,506,398       1,508,251       1,512,595       1,525,660  
    Less: allowance for credit losses     (18,516 )     (18,330 )     (18,805 )     (18,768 )     (19,430 )
    Net loans receivable     1,489,726       1,488,068       1,489,446       1,493,827       1,506,230  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,442       7,695       7,583       8,045       7,864  
    Premises and equipment     47,912       48,696       47,795       38,436       38,810  
    Foreclosed real estate     –       –       71       71       71  
    Cash value of bank owned life insurance     33,312       33,107       32,895       32,702       32,509  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     2,203       2,555       2,911       3,272       3,636  
    Other assets     40,882       44,027       43,459       45,262       56,423  
                         
    Total assets   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                         
    Deposits:                    
    Non-interest bearing   $ 285,157     $ 286,784     $ 296,959     $ 295,594     $ 312,635  
    Interest bearing     1,463,653       1,469,970       1,450,519       1,517,827       1,471,402  
    Total     1,748,810       1,756,754       1,747,478       1,813,421       1,784,037  
    Repurchase agreements     43,038       42,973       41,137       38,124       48,310  
    Borrowed funds     85,000       85,000       90,000       80,000       100,000  
    Accrued expenses and other liabilities     38,259       43,709       41,586       29,389       36,080  
                         
    Total liabilities     1,915,107       1,928,436       1,920,201       1,960,934       1,968,427  
                         
    Commitments and contingencies                    
                         
    Stockholders’ Equity:                    
                         
    Preferred stock, no par or stated value;                    
    10,000,000 shares authorized, none outstanding     –       –       –       –       –  
    Common stock, no par or stated value; 10,000,000 shares authorized;     –       –       –       –       –  
    shares issued and outstanding: September 30, 2024 – 4,313,940                    
    December 31, 2023 – 4,298,773                    
    Additional paid-in capital     69,916       69,778       69,727       69,555       69,482  
    Accumulated other comprehensive loss     (48,241 )     (58,939 )     (56,313 )     (51,613 )     (78,848 )
    Retained earnings     137,880       137,792       138,167       129,403       128,409  
                         
    Total stockholders’ equity     159,555       148,631       151,581       147,345       119,043  
                         
    Total liabilities and stockholders’ equity   $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279     $ 2,087,470  
                         
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Nine months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)     (Unaudited)   (Unaudited)
        September 30,   June 30,   March 31,   December 31, September 30,   September 30,   September 30,
          2024       2024       2024       2023       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,660     $ 19,174     $ 18,879     $ 19,281     $ 19,161       $ 57,713     $ 55,481  
    Securities & short-term investments     2,812       2,953       3,105       2,975       2,617         8,870       8,046  
    Total interest income     22,472       22,127       21,984       22,256       21,778         66,583       63,527  
    Interest expense:                              
    Deposits     8,946       8,610       8,794       8,180       7,066         26,350       17,258  
    Borrowings     1,520       1,463       1,410       1,361       1,579         4,393       4,429  
    Total interest expense     10,466       10,073       10,204       9,541       8,645         30,743       21,687  
    Net interest income     12,006       12,054       11,780       12,715       13,133         35,840       41,840  
    Provision for credit losses     –       76       –       779       244         76       1,246  
    Net interest income after provision for credit losses     12,006       11,978       11,780       11,936       12,889         35,764       40,594  
    Noninterest income:                              
    Fees and service charges     1,463       1,257       1,153       1,507       1,374         3,873       4,517  
    Wealth management operations     731       763       633       672       572         2,127       1,812  
    Gain on sale of loans held-for-sale, net     338       320       152       352       192         810       729  
    Increase in cash value of bank owned life insurance   205       212       193       193       193         610       573  
    Gain (loss) on sale of real estate     –       15       11,858       –       2         11,873       (13 )
    Loss on sale of securities, net     –       –       (531 )     –       –         (531 )     (48 )
    Other     130       6       17       11       64         154       441  
    Total noninterest income     2,867       2,573       13,475       2,735       2,397         18,916       8,011  
    Noninterest expense:                              
    Compensation and benefits     6,963       7,037       7,109       6,290       6,729         21,109       21,365  
    Occupancy and equipment     2,181       2,120       1,915       1,520       1,711         6,205       4,898  
    Data processing     1,165       1,135       1,170       1,269       1,085         3,470       3,465  
    Federal deposit insurance premiums     435       397       501       492       474         1,333       1,511  
    Marketing     209       212       158       191       235         579       649  
    Other     3,521       3,516       4,151       3,755       3,259         9,465       8,547  
    Total noninterest expense     14,474       14,417       15,004       13,517       13,493         43,895       41,715  
    Income before income taxes     399       134       10,251       1,154       1,793         10,785       6,890  
    Income tax expenses (benefit)     (207 )     (9 )     972       (356 )     (398 )       756       21  
    Net income   $ 606     $ 143     $ 9,279     $ 1,510     $ 2,191       $ 10,029     $ 6,869  
                                   
    Earnings per common share:                              
    Basic   $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 0.52       $ 2.35     $ 1.60  
    Diluted   $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 0.51       $ 2.35     $ 1.60  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)       (Unaudited)
    (Dollars in thousands)   September 30,   June 30,   March 31,   December 31,   September 30,
                2024       2024       2024     2023     2023  
    Nonaccruing loans   $ 13,806     $ 11,079     $ 11,603   $ 9,608   $ 9,840  
    Accruing loans delinquent more than 90 days     –       294       215     1,843     233  
    Securities in non-accrual     1,440       1,371       1,442     1,357     1,155  
    Foreclosed real estate     –       –       71     71     71  
      Total nonperforming assets   $ 15,246     $ 12,744     $ 13,331   $ 12,879   $ 11,299  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 1,821     $ 1,327     $ 1,455   $ 906   $ 554  
      ACL general allowances for loan portfolio     16,695       17,003       17,351     17,862     18,876  
        Total ACL   $ 18,516     $ 18,330     $ 18,806   $ 18,768   $ 19,430  
                               
    (Dollars in millions)                   Minimum Required To Be
                Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    September 30, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 71.9   4.50 %   $ 103.9   6.50 %
    Tier 1 capital to risk-weighted assets   $ 176.3   11.10 %   $ 95.9   6.00 %   $ 127.9   8.00 %
    Total capital to risk-weighted assets   $ 194.0   12.14 %   $ 127.9   8.00 %   $ 159.8   10.00 %
    Tier 1 capital to adjusted average assets   $ 176.3   8.38 %   $ 84.7   4.00 %   $ 105.8   5.00 %
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures                          
                               
    (Dollars in thousands) Quarter Ended,   Nine months ended,
    (unaudited) September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023   September 30, 2024   September 30, 2023
    Calculation of tangible common equity                          
    Total stockholder’s equity $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 119,043     $ 159,555     $ 119,043  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (2,203 )     (2,555 )     (2,911 )     (3,272 )     (3,636 )     (2,203 )     (3,636 )
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss                        
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Accumulated other comprehensive loss   48,241       58,939       56,313       51,613       78,848       48,241       78,848  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198       $ 182,620       $ 182,588       $ 173,291       $ 171,860     $ 183,198       $ 171,860  
                               
    Calculation of tangible book value per share                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 21.63     $ 31.28     $ 21.63  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Diluted average common shares outstanding   4,313,940       4,313,940       4,310,251       4,298,773       4,300,881       4,313,940       4,300,881  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 39.96     $ 42.47     $ 39.96  
                               
    Calculation of tangible common equity to total assets                          
    Tangible common equity $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 93,012     $ 134,957     $ 93,012  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets   6.51 %     5.95 %     6.09 %     5.77 %     4.46 %     6.51 %     4.46 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss                        
    Tangible common equity adjusted for accumulated other comprehensive loss $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 171,860     $ 183,198     $ 171,860  
    Total assets   2,074,662       2,077,067       2,071,782       2,108,279       2,087,470       2,074,662       2,087,470  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.83 %     8.79 %     8.81 %     8.22 %     8.23 %     8.83 %     8.23 %
                               
    Calculation of tax adjusted net interest margin                          
    Net interest income $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 13,133     $ 35,840     $ 41,840  
    Tax adjusted interest on securities and loans   678       677       699       722       730       2,054       2,234  
    Adjusted net interest income   12,684       12,731       12,749       13,437       13,863       37,894       44,074  
    Total average earning assets   1,901,012       1,906,998       1,945,501       1,920,127       1,930,118       1,911,454       1,929,923  
    Tax adjusted net interest margin   2.67 %     2.67 %     2.57 %     2.80 %     2.87 %     2.64 %     3.04 %
                               
    Efficiency ratio                          
    Total non-interest expense $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 13,493     $ 43,895     $ 13,493  
    Total revenue   14,873       14,627       25,255       15,450       15,530       54,756       15,530  
    Efficiency ratio   97.32 %     98.56 %     59.41 %     87.49 %     86.88 %     80.16 %     86.88 %
                               

    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network –

  • MIL-OSI Asia-Pac: Fatal traffic accident in Kwai Chung

    Source: Hong Kong Government special administrative region

    Fatal traffic accident in Kwai Chung
    Fatal traffic accident in Kwai Chung
    ************************************

         Police are investigating a fatal traffic accident happened in Kwai Chung last night (October 29) in which a woman died.           At around 10.30pm yesterday, a taxi driven by a 66-year-old man was travelling along Kwai Chung Road towards Tsuen Wan. Upon approaching 997-999 Kwai Chung Road, the taxi reportedly knocked down the 75-year-old woman who was crossing the road.     Sustaining multiple injuries, the woman was rushed to Princess Margaret Hospital in unconscious state and was certified dead at 0.25am today (October 30).     The taxi driver was arrested for dangerous driving causing death and is being detained for enquiries.     Investigation by the Special Investigation Team of Traffic, New Territories South is underway.     Anyone who witnessed the accident or has any information to offer is urged to contact the investigating officers on 3661 1300.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 6:59

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Oportun Announces Next Step to Optimize Capital Structure and Drive Improved Profitability

    Source: GlobeNewswire (MIL-OSI)

    SAN CARLOS, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT) (“Oportun”, or the “Company”), a mission-driven financial services company, announced today another important step in its plans to optimize the Company’s capital structure and drive improved profitability. Following an extensive review of a range of alternatives led by the Board of Directors, Oportun has entered into a Credit Agreement to refinance its existing corporate financing facility with a new $235 million Senior Secured Term Loan (“Term Loan”). The refinancing will improve Oportun’s operational and balance sheet flexibility with covenants that reflect the performance improvements made by the Company to date, including the agreement to sell the Company’s credit card portfolio, and reward accretive actions and cash flow generation. The Term Loan will be provided by two firms (the “Lenders”), funds managed by Castlelake L.P., a global alternative investment manager specializing in asset-based private credit that led the refinancing, and funds managed by Neuberger Berman, a private employee-owned investment manager. The Term Loan will carry a 15% fixed rate and mature in November 2028.

    “After a thorough and competitive process, where multiple strategic options were considered, the Board of Directors determined that this transaction, which was the least dilutive financing option available, would best position Oportun for the future by further strengthening the Company’s balance sheet and liquidity as well as enhancing the ability for Oportun to generate consistent cash flow and deliver increased stockholder value,” said Neil Williams, Lead Independent Director of Oportun’s Board of Directors.

    “With this refinancing and the operational and balance sheet flexibility the Term Loan will provide, we’re even better positioned to build on our progress. We expect to build on that momentum in 2025 through improving credit performance, identifying high-quality originations, and further enhancing our GAAP and adjusted profitability on a per-share basis” said Raul Vazquez, CEO of Oportun.

    “As we continue our longstanding relationship with Oportun, this refinancing illustrates the confidence we have in the Company’s ability to execute its long-term strategy, underpinned by focusing on its core products while identifying high-quality loan originations” said John Lundquist, Partner at Castlelake.

    “We’re pleased to remain a capital partner to Oportun alongside Castlelake, and the revised structure provides the Company with the funding and flexibility to responsibly grow the business and service the needs of its customers,” said Peter Sterling, Head of Specialty Finance at Neuberger Berman. “This transaction reflects the confidence we have in the quality of Oportun’s underwriting and the sustainability of its business model.”

    In connection with providing the Term Loan, the Lenders will receive warrants, at an exercise price of $0.01 per share, equal to 9.8% of the fully-diluted shares outstanding of the Company, excluding out-of-the-money options, on a pro-forma basis for the warrants, which as of September 30, 2024 was equal to 4,860,706 warrants, and the Lenders are entitled to Board observer rights. Even given the dilutionary impact from the newly issued warrants, the Company believes it will be able to drive increased profitability on a per share basis through focus on its core products, improving credit performance and maintaining cost discipline.

    The new Term Loan provides a lower interest rate than the existing senior secured term loan being refinanced and Oportun is committed to paying off at least $40 million of the principal by February 1, 2026, with the flexibility to make additional pre-payments of $10 million at any time without penalty, and an additional $10 million without penalty after the one-year anniversary of closing. Management expects the Term Loan to close during the week of November 11, 2024, following and subject to customary closing conditions, as well as the closing of the credit card portfolio sale transaction, which was previously announced on September 25, 2024.

    Preliminary Financial Results – Third Quarter 2024
    Based upon management’s current expectations, the Company will report Total Revenue, Annualized Net Charge-Off Rate, Net Loss, Adjusted EBITDA and Adjusted Net Income (Loss), for the third quarter as follows:

    Metric Preliminary Guidance
       3Q24  3Q24
     Total Revenue  $249-251 million  $248 – $252 million
     Annualized Net Charge-Off Rate  11.9%  12.3%  +/- 15 bps
     Net Loss  $(30) – $(32) million  N/A
     Adjusted EBITDA 1  $28 – 31 million  $23 – $26 million
     Adjusted Net Income (Loss) 1  $(2) – $1 million  N/A
     1 See About Non-GAAP Financial Measures for more detail.  
         

    The Company expects to deliver resilient third quarter top-line performance with Total Revenue in line with its guidance range. The Company’s tightened credit posture contributed to delivering annualized net charge-offs 25 bps better than the edge of its guidance range. On a GAAP basis, the Company expects a net loss of $30 to 32 million driven by non-cash fair value marks, including a $35 million mark-to-market adjustment on its ABS notes due to their weighted average price increasing from 96.0% to 97.8% as benchmark interest rates declined and credit spreads tightened significantly. Given strong Total Revenue, improved credit performance and continued expense discipline, the Company also expects to be near break-even to profitable on an Adjusted Net Income basis. The Company expects Adjusted EBITDA to be $28 to $31 million, which will be $2 to $5 million above the top end of its guidance range.

    Furthermore, management is providing the following preliminary set of expectations regarding Oportun’s full year 2025 operating performance:

    • GAAP EPS between $0.25 and $0.50
    • Adjusted EPS between $1.00 and $1.25
    • Annualized net charge-off rate between 11% and 12%

    “We are pleased with our expected quarterly results and are looking forward to an even better 2025,” said Jonathan Coblentz, CFO of Oportun. “As these results and our future expectations demonstrate, we continue to make significant progress towards driving sustainable, profitable earnings growth, and shareholder value.”

    Concurrent with this press release, Oportun has posted a business update presentation on its investor relations website, investor.oportun.com. The presentation further describes the Term Loan, the Company’s operating strategy, recent performance improvements, and preliminary performance expectations going into 2025.

    Evercore acted as financial advisor and Orrick, Herrington & Sutcliffe LLP and Wilson Sonsini Goodrich & Rosati served as legal advisors to the Company on the transaction.

    About Oportun
    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $18.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

    About Castlelake
    Castlelake, L.P. is a global alternative investment manager focused on asset-based investments. Founded in 2005, Castlelake manages approximately $24 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit www.castlelake.com.

    About Neuberger Berman
    Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies – including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds – on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $443 billion in client assets as of June 30, 2023. For more information, please visit Neuberger Berman’s website at www.nb.com.

    Forward-Looking Statements
    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance and financial position; the Company’s preliminary financial results for the third quarter of 2024; the Company’s full year 2025 outlook; expectations regarding the impact of the Term Loan, including expected timelines; the anticipated closing of the Company’s credit card portfolio sale transaction; our planned products and services; achievement of the Company’s strategic priorities and goals and the plans and objectives of management for our future operations, are forward-looking statements are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K and most recent quarterly report on Form 10-Q. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Preliminary Information
    Numbers are as of September 30, 2024, and are unaudited, preliminary and subject to change upon completion of the Company’s closing process and quarterly review procedures. As a result, the Company’s final results may vary materially from the preliminary results included in this press release. Oportun undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended September 30, 2024. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release. This preliminary financial and operational information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

    About Non-GAAP Financial Measures
    This press release presents information about the Company’s Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

    As previously announced on March 12, 2024, beginning with the quarter ended March 31, 2024, the Company has updated its calculation of Adjusted EBITDA and Adjusted Net Income for all periods. To align with these updated calculations, we also updated Adjusted EPS. Comparable prior period non-GAAP financial measures are included in addition to the previously reported metrics.

    Adjusted EBITDA
    The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

    The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
    The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.

    The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.

    The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

    The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

    Adjusted Net Income
    The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

    The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.

    The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

    The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.

    The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

    Adjusted EPS
    The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

    Reconciliation of Non-GAAP Financial Measures

    Adjusted EBITDA    
      Three Months Ended September 30,
      2024   2023  
    (dollars in millions)    
      Net Income (loss) $(32) – (30) $(21.1 )
      Adjustments:    
    Income tax expense (benefit)  (10.2) – (9.5)   (16.2 )
    Corporate debt interest 12.6   15.0  
    Depreciation and amortization 13.5   13.9  
    Workforce optimization expenses –   0.5  
    Stock-based compensation expense 3.2   4.3  
    Other non-recurring charges 2.9   0.3  
    Fair value mark-to-market adjustment 38.0-38.3   16.5  
    Adjusted EBITDA $28.0-31.0 $13.2  
    Adjusted Net Income (Loss)    
      Three Months Ended September 30,
      2024     2023  
    (dollars in millions)    
      Net Income (loss) $(32) – (30) $(21.1 )
      Adjustments:    
        Income Tax Expense (benefit)  (10.2) – (9.5)     (16.2 )
        Stock-based compensation expense 3.2     4.3  
    Workforce optimization expense –     0.5  
    Impairment –     1.3  
    Other non-recurring charges 2.9     0.3  
    Fair value mark-to-market adjustment 33.3 – 34.7     14.9  
    Adjusted income before taxes $ (2.8) – 1.3     (16.1 )
    Normalized income tax expense (0.8) – 0.3     (4.3 )
    Adjusted income $ (2.0) – 1.0 $(11.8 )
    Forward-looking Adjusted Net Income and Adjusted EPS    
      FY 2025
      Low High
    (dollars in millions)    
      Net Income $12.6 $25.1
      Adjustments:    
        Income tax expense (benefit)   4.7   9.3
        Stock-based compensation expense   14.4   14.4
    Other non-recurring charges   6.4   6.4
    Fair value mark-to-market adjustment   30.8   30.8
    Adjusted income before taxes $68.9 $86.0
    Normalized income tax expense   18.7   23.2
    Adjusted Net Income $50.2 $62.8
    Diluted Weighted Average Shares Outstanding (millions)   50.2   50.2
    Diluted EPS $0.25 $0.50
    Adjusted EPS $1.00 $1.25
         

    Investor Contact

    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Media Contact for Oportun
    Michael Azzano
    Cosmo PR for Oportun
    (415) 596-1978
    michael@cosmo-pr.com

    Media Contact for Castlelake
    Remy Marin / Alex Hinson
    Prosek Partners for Castlelake
    (212) 279 3115
    Rmarin@prosek.com / ahinson@prosek.com

    The MIL Network –