Category: Australia

  • MIL-Evening Report: The gambling industry has women in its sights. Why aren’t policymakers paying attention?

    Source: The Conversation (Au and NZ) – By Simone McCarthy, Postdoctoral Research Fellow – Commercial Determinants of Health, Deakin University

    Wpadington/Shutterstock

    Whatever the code, whatever the season, Australian sports fans are bombarded with gambling ads.

    Drawing on Australians’ passion, loyalty and pride for sport, the devastating health and social consequences of gambling – including financial stress, homelessness, family violence, and mental health issues – are largely sidelined.

    Instead, ads continue to normalise gambling, encouraging punters to embrace mateship and “have a crack” on gambling apps.

    A missed opportunity

    This prolific advertising has continued despite the findings of a landmark Australian parliamentary inquiry in 2022, which made 31 recommendations to curb the tactics of the gambling industry.

    Chair of the inquiry, the late Peta Murphy MP, concluded:

    If the status quo of online gambling regulation, including but not limited to advertising, was to continue, Australians would continue to lose more – more money, more relationships, more love of sport for the game rather than the odds.

    However, instead of acting on the major findings of the report, the Australian government indefinitely shelved any meaningful advertising reforms after meeting with major sporting codes, broadcasters and the gambling industry.

    Instead, we have been left to settle for a range of soft options, including taglines at the end of ads that encourage us to: “imagine what you could be buying instead”.

    It’s hard to be convinced these calls to action are having much impact compared to the seductive tactics of the gambling industry, with gambling losses continuing to spiral during a cost-of-living crisis.




    Read more:
    The gambling industry is pulling out all the stops to prevent an ad ban, but the evidence is against it


    A new market

    While the government hesitates to act on gambling ads, the gambling industry has a new set of customers in its promotional sights: women.

    Public perception is that most forms of gambling are largely male-dominated.

    However, in Victoria, 51% of women gamble each year (compared to 56% of men), and in NSW, 48.5% of women gamble (compared to 58.7% of men).

    Women are also gambling regularly. The 2023 Victorian Population Gambling and Health study found that of those women who gamble, 22.8% do so at least once a week (compared to 29.3% of men).

    Our research shows a combination of new marketing strategies, easy-to-use technology and social activities aligned with gambling venues and products may be changing the way women (and girls) think about and participate in gambling.

    How it begins

    For some young women it is a tradition to “go down to the pokies” or the casino when they turn 18.

    Some visit these venues for other entertainment options and end up gambling. For others, gambling ads encourage them to open online accounts. As one 25-year-old woman told us:

    That’s how I started sports betting, because it was on TV. Bonus bet, sign up today. Okay, that sounds good. So that’s what got me in.

    Young women are also diversifying their gambling across multiple products, with technology making it more accessible, easier and more socially acceptable.

    This includes women betting with groups of friends, but also on their own:

    You’ll sit around and all watch the footy, but you’ll all be gambling because it’s just more accessible. It’s easy. Also, I think it’s easier for females to go and seek it out on their own too, you know, if they have the app available. It’s not like they’re going up to someone at the pub and betting.

    Parents have even told us their daughters and their friends now talk about the outcomes of sporting matches based on the odds of the game.

    A different landscape

    Gambling companies and events, including racing, are also reshaping the image of gambling, making it seem fun and glamorous.

    This includes embedding gambling into spaces and experiences that align with women’s social and lifestyle interests, such as fashion and beauty, and peer group belonging.

    In racing, gambling is embedded as part of an overall experience for women. As one 23-year-old told us:

    I went to the races with my friends. We dressed up pretty and went, and that was like a girl’s day out thing […] I bet on horses just like once, just like for fun, as part of the experience.

    New gambling products are branded to appeal to women, and betting markets are now offered on popular reality shows such as Married at First Sight, the box office numbers for the opening weekend of the new Snow White movie, who will win Eurovision, and Time’s Person of the Year.

    But it is perhaps the use of celebrities and social media influencers that may have the most appeal to women and more concerningly, girls.

    Women influencers on TikTok and Instagram promote betting as an extension of social activities.

    In our recent study one 13-year-old girl told us:

    When you recognise someone from an ad, it makes it more interesting and it makes you want to watch it more.

    Gambling companies are also sponsoring women’s sports, supporting women’s health initiatives, and even aligning with International Women’s Day.

    We’ve seen this approach before

    The gambling industry is following a well-worn playbook, one mastered by the tobacco industry: when their core market of men became saturated, Big Tobacco turned its attention to women, crafting targeted marketing strategies and novel products to engage new, long-term consumers.

    However, rather than learning the lessons from tobacco, policymakers have been slow to recognise and respond to the playbook of the gambling industry.

    If we want to disrupt the status quo and prevent harm for all Australians, we must take action against the gambling industry and its tactics, rather than the individual, as the key vector of harm.

    Dr Simone McCarthy has received funding for gambling and related research from ACT Office of Gaming and Racing Commision, the Victorian Responsible Gambling Foundation, VicHealth, Department of Social Services, and Deakin University. She is currently a member of the Editorial Board of Health Promotion International.

    Dr Hannah Pitt has received funding from the Australian Research Council. Victorian Responsible Gambling Foundation, VicHealth, NSW Office of Responsible Gambling, Department of Social Services, ACT Office of Gambling and Racing Commission, and Deakin University. She is currently a member of the Editorial Board of Health Promotion International.

    Professor Samantha Thomas has received funding for gambling and related research from the Australian Research Council, ACT Office of Gaming and Racing, Department of Social Services, VicHealth, Victorian Responsible Gambling Foundation, Healthway, NSW Office of Responsible Gambling, Deakin University. She is currently Editor in Chief for Health Promotion International an Oxford University Press journal. She receives an honorarium for this role.

    ref. The gambling industry has women in its sights. Why aren’t policymakers paying attention? – https://theconversation.com/the-gambling-industry-has-women-in-its-sights-why-arent-policymakers-paying-attention-251914

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Fossil teeth show extinct giant kangaroos spent their lives close to home – and perished when the climate changed

    Source: The Conversation (Au and NZ) – By Christopher Laurikainen Gaete, PhD Candidate, University of Wollongong

    Chris Laurikainen Gaete

    Large kangaroos today roam long distances across the outback, often surviving droughts by moving in mobs to find new food when pickings are slim.

    But not all kangaroos have been this way. In new research published today in PLOS One, we found giant kangaroos that once lived in eastern Australia were far less mobile, making them vulnerable to changes in local environmental conditions.

    We discovered fossilised teeth of the now extinct giant kangaroo genus Protemnodon at Mount Etna Caves, north of Rockhampton, in central eastern Queensland. Analysing the teeth gave us a glimpse into the past movements of these extinct giants, hundreds of thousands of years ago.

    Our results show Protemnodon did not forage across great distances, instead living in a lush and stable rainforest utopia. However, this utopia began to decline when the climate became drier with more pronounced seasons – spelling doom for Mount Etna’s giant roos.

    Artist’s impression of Protemnodon in a lush rainforest ‘utopia’ before extinction.
    Queensland Museum & Capricorn Caves – Atuchin / Lawrence / Hocknull

    Mount Etna Caves

    The Mount Etna Caves National Park and nearby Capricorn Caves hold remarkable records of life over hundreds of thousands of years.

    Fossils accumulated in the caves because they acted like giant pitfall traps and also lairs of predators such as thylacines, Tasmanian devils, marsupial lions, owls, raptors and the now-endangered ghost bats.

    Reddish-coloured fossil deposits can be seen on the western side of Mount Etna mine, now part of Mt Etna National Park.
    Scott Hocknull

    Large parts of the region were once mined for lime and cement. One of us (Hocknull) worked closely with mine managers to safely remove and stockpile fossil deposits from now-destroyed caves for scientific research which still continues.

    As part of our study we dated fossils using an approach called uranium-series dating, and the sediment around them with a different technique called luminescence dating.

    Our results suggest the giant kangaroos lived around the caves from at least 500,000 years ago to about 280,000 years ago. After this they disappeared from the Mount Etna fossil record.

    At the time, Mount Etna hosted a rich rainforest habitat, comparable to modern day New Guinea. As the climate became drier between 280,000 and 205,000 years ago, rainforest-dwelling species including Protemnodon vanished from the area, replaced by those adapted to a dry, arid environment.

    You are what you eat

    Our study looked at how far Protemnodon travelled to find food. The general trend in mammals is that bigger creatures range farther. This trend holds for modern kangaroos, so we expected giant extinct kangaroos like Protemnodon would also have had large ranges.

    Teeth record a chemical signature of the food you eat. By looking at different isotopes of the element strontium in tooth enamel, we can study the foraging ranges of extinct animals.

    Chris Laurikainen Gaete in the lab with the laser system used to analyse Protemnodon fossil teeth.
    Chris Laurikainen Gaete

    Varying abundances of strontium isotopes reflect the chemical fingerprint of the plants an animal ate, as well as the geology and soils where the plant grew. By matching chemical signatures in the teeth to local signatures in the environment, we could estimate where these ancient animals travelled to obtain food.

    Eat local, die local

    Our results showed Protemnodon from Mount Etna didn’t travel far beyond the local limestone in which the caves and fossils were found. This is much a smaller range than we predicted range based on their body mass.

    We think the small foraging range of Protemnodon at Mount Etna was an adaptation to millions of years of stable food supply in the rainforest. They likely had little need to travel to find food.

    Protemnodon at Mount Etna probably only ranged over the orange area for food – a much smaller area than would be estimated from modern kangaroo data (solid red circle).
    Chris Laurikainen Gaete / State of Queensland (Department of Resources)

    Fossil evidence also suggests some species of Protemnodon walked on all fours rather than hopped. This would have constrained their ability to travel great distances, but is a great strategy for living in rainforests.

    One question remains to be answered: if they didn’t need to move far to find food, why did they grow so big in the first place?

    A local adaptation or a species trait?

    The extinction of Australia’s megafauna – long-vanished beasts such the “marsupial lion” Thylacoleo and the three-tonne Diprotodon – has long been debated. It has often been assumed that megafauna species responded in the same way to environmental changes wherever they lived.

    However, we may have underestimated the role of local adaptations. This particularly holds true for Protemnodon, with a recent study suggesting significant variation in diet and movement across different environments.

    Similar small foraging ranges have been suggested for Protemnodon that lived near Bingara and Wellington Caves, New South Wales. Perhaps it was common for Protemnodon populations in stable habitats across eastern Australia to be homebodies – and this may have proved their Achilles’ heel when environmental conditions changed.

    Extinction, one by one

    As a rule, creatures with a small home range have a limited ability to move elsewhere. So if the something happens to their local habitat, they may be in big trouble.

    At Mount Etna, Protemnodon thrived for hundreds of thousands of years in the stable rainforest environment. But as the environment became more arid, and resources increasingly patchy, they may have been unable to traverse the growing gaps between patches of forest or retreat elsewhere.

    One key result of our study is that Protodemnon was locally extinct at Mt Etna long before humans turned up, which rules out human influence.

    The techniques used in this study will help us to learn about how Australia’s megafauna responded to changing environments in more detail. This approach moves the Australian megafauna extinction debate away from the traditional continental catch-all hypotheses – instead we can look at local populations in specific sites, and understand the unique factors driving local extinction events.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Fossil teeth show extinct giant kangaroos spent their lives close to home – and perished when the climate changed – https://theconversation.com/fossil-teeth-show-extinct-giant-kangaroos-spent-their-lives-close-to-home-and-perished-when-the-climate-changed-250057

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Eagle Bancorp, Inc. Announces First Quarter 2025 Results and Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    BETHESDA, Md., April 23, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (“Eagle”, the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, reported its unaudited results for the first quarter ended March 31, 2025.

    Eagle reported net income of $1.7 million or $0.06 per diluted share for the first quarter 2025, compared to net income of $15.3 million or $0.50 per diluted share during the fourth quarter. Pre-provision net revenue (“PPNR”)1 in the first quarter was $28.4 million compared to $30.3 million for the prior quarter.

    The $13.6 million decrease in net income from the prior quarter is primarily due to a $14.1 million increase in provision expense, a $5.1 million decline in net interest income, and a $0.9 million increase in noninterest expenses. These factors were partially offset by a $4.1 million increase in noninterest income.

    Additionally, the Company is announcing today a cash dividend in the amount of $0.165 per share. The cash dividend will be payable on May 16, 2025 to shareholders of record on May 5, 2025.

    “In the first quarter, we began to see tangible results from our strategic focus,” said Susan G. Riel, Chair, President, and Chief Executive Officer of the Company. “We achieved solid period-end growth in our C&I portfolio, which increased by $109 million, or 4.3%, and total deposits grew by $146.2 million, or 1.6%. Both increases reflect the continued emphasis we’ve placed on these core areas of our business. We are encouraged by this early progress, and we remain focused on executing our strategy and positioning the Company to return to sustained profitability as we navigate this environment.”

    Eric R. Newell, Chief Financial Officer of the Company said, “We grew deposits across both digital and branch channels in the first quarter, though a continued shift from noninterest bearing to interest bearing accounts pressured net interest margin. Valuation risk in our office portfolio remains a concern and was the primary driver of the provision for credit losses. The credit loss reserve coverage rose to 1.63% of total loans, up 19 basis points from last quarter. Our capital position remains strong, with common equity tier one capital at 14.6% and our tangible common equity1 ratio exceeding 10%. We will continue to evaluate capital allocation decisions, in alignment with long-term franchise value and our objective of capital accretion.”

    Ms. Riel added, “I want to thank all our employees for their continued dedication and for helping to cultivate a culture grounded in respect, collaboration, and service — both within our organization and across the communities we serve.”

    First Quarter 2025 Key Elements

    • The Company announces today the declaration of a common stock dividend of $0.165 per share.
    • The ACL as a percentage of total loans was 1.63% at quarter-end; up from 1.44% at the prior quarter-end. Performing office coverage2 was 5.78% at quarter-end; as compared to 3.81% at the prior quarter-end.
    • Nonperforming assets decreased $8.5 million to $202.9 million as of March 31, 2025 and were 1.79% of total assets compared to 1.90% as of December 31, 2024. Inflows to non-performing loans in the quarter totaled $4.6 million offset by a reduction of $12.9 million. The reduction was predominantly associated with the $11.2 million nonperforming loans that were charged off during the quarter.
    • Substandard loans increased $75.2 million to $501.6 million primarily reflecting continued stress within the office loan portfolio. Special mention loans increased $28.6 million to $273.4 million at March 31, 2025 as we proactively identified credits showing signs of potential weakness. These increases reflect our conservative credit risk management approach and the ongoing impact of the uncertain operating environment in the Washington DC metro area.
    • Annualized quarterly net charge-offs for the first quarter were 0.57% compared to 0.48% for the fourth quarter 2024.
    • The net interest margin (“NIM”) decreased to 2.28% for the first quarter 2025, compared to 2.29% for the prior quarter, primarily due to an increase in the average mix of interest-bearing deposits versus noninterest bearing deposits in the first quarter versus the fourth quarter.
    • At quarter-end, the common equity ratio, tangible common equity ratio1, and common equity tier 1 capital (to risk-weighted assets) ratio were 11.00%, 11.00%, and 14.61%, respectively.
    • Total estimated insured deposits decreased at quarter-end to $6.9 billion, or 74.7% of deposits, compared to $7.0 billion, or 76.4% of deposits from the fourth quarter.
    • Total on-balance sheet liquidity and available capacity was $4.8 billion, up $244.9 million from the prior quarter.

    Income Statement

    • Net interest income was $65.6 million for the first quarter 2025, compared to $70.8 million for the prior quarter. The decrease in net interest income was primarily driven by two fewer days in the quarter, lower average interest bearing cash balances, lower rates on loans, and a higher average mix of interest bearing deposits. Both interest income and interest expense declined due to lower rates.
    • Provision for credit losses was $26.3 million for the first quarter 2025, compared to $12.1 million for the prior quarter. The increase in the provision for the quarter is attributed predominately to the replenishment of the reserve following net charge-offs of $11.2 million and an increase in the qualitative overlay. The increase in the overlay relates to updated assumptions associated with the probability of default and probability of loss associated with commercial real estate office loans. Reserve for unfunded commitments was a reversal of $0.3 million due primarily to lower unfunded commitments in our construction portfolio. This compared to a reversal for unfunded commitments in the prior quarter of $1.6 million.
    • Noninterest income was $8.2 million for the first quarter 2025, compared to $4.1 million for the prior quarter. The primary driver for the increase was an increase in income associated with a $200 million separate account BOLI transaction that was entered into in the first quarter.
    • Noninterest expense was $45.5 million for the first quarter 2025, compared to $44.5 million for the prior quarter. The increase over the comparative quarters was primarily due to increased legal, accounting, and professional fees.

    Loans and Funding

    • Total loans were $7.9 billion at March 31, 2025, up 0.1% from the prior quarter-end. The increase in total loans was driven by an increase in owner occupied commercial real estate loans from the prior quarter-end, offset by a decrease in income producing commercial real estate loans.
    • Total deposits at quarter-end were $9.3 billion, up $146.2 million, or 1.6%, from the prior quarter-end. The increase was primarily attributable to an increase in time deposit accounts. Period end deposits have increased $775.8 million when compared to prior year comparable period end of March 31, 2024.
    • Other short-term borrowings were $0.5 billion at March 31, 2025, consistent with the prior quarter-end.

    Asset Quality

    • Allowance for credit losses was 1.63% of total loans held for investment at March 31, 2025, compared to 1.44% at the prior quarter-end. Performing office coverage was 5.78% at quarter-end; as compared to 3.81% at the prior quarter-end.
    • Net charge-offs were $11.2 million for the quarter compared to $9.5 million in the fourth quarter of 2024.
    • Nonperforming assets were $202.9 million at March 31, 2025.
      • NPAs as a percentage of assets were 1.79% at March 31, 2025, compared to 1.90% at the prior quarter-end. At March 31, 2025, other real estate owned consisted of four properties with an aggregate carrying value of $2.5 million. The decrease in NPAs was predominantly associated with charge-offs as previously noted.
      • Loans 30-89 days past due were $83.0 million at March 31, 2025, compared to $26.8 million at the prior quarter-end.

    Capital

    • Total shareholders’ equity was $1.2 billion at March 31, 2025, up 1.5% from the prior quarter-end. The increase in shareholders’ equity of $18.8 million was due to an increase in valuations of available-for-sale securities.
    • Book value per share and tangible book value per share3 was $40.99 and $40.99, up 1.0% from the prior quarter-end.

    Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended March 31, 2025 as compared to the three months ended December 31, 2024 and March 31, 2024, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the SEC.

    About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, diversity, equity and inclusion in both its workplace and the communities in which it operates.

    Conference call: Eagle Bancorp will host a conference call to discuss its first quarter 2025 financial results on Thursday, April 24, 2025 at 10:00 a.m. Eastern Time.

    The listen-only webcast can be accessed at:

    Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “can,” “anticipates,” “believes,” “expects,” “plans,” “estimates,” “potential,” “continue,” “should,” “could,” “strive,” “feel” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market (including reductions in the size of the federal government workforce; changes in government spending; the proposal, announcement or imposition of tariffs; volatility in interest rates and interest rate policy; inflation levels; competitive factors) and other conditions (such as the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment regarding the stability and liquidity of banks), which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in other periodic and current reports filed with the SEC. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters’ performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

     
    Eagle Bancorp, Inc.
    Consolidated Statements of Operations (Unaudited)
    (Dollars in thousands, except per share data)
               
      Three Months Ended
      March 31,   December 31,   March 31,
      2025   2024   2024
    Interest Income          
    Interest and fees on loans $ 126,136     $ 132,943     $ 137,994  
    Interest and dividends on investment securities   11,912       12,307       12,680  
    Interest on balances with other banks and short-term investments   15,803       23,045       24,862  
    Interest on federal funds sold   27       122       66  
    Total interest income   153,878       168,417       175,602  
    Interest Expense          
    Interest on deposits   77,211       83,002       79,383  
    Interest on customer repurchase agreements   260       294       315  
    Interest on other short-term borrowings   8,733       9,530       21,206  
    Interest on long-term borrowings   2,025       4,797        
    Total interest expense   88,229       97,623       100,904  
    Net Interest Income   65,649       70,794       74,698  
    Provision for Credit Losses   26,255       12,132       35,175  
    Provision (Reversal) for Credit Losses for Unfunded Commitments   (297 )     (1,598 )     456  
    Net Interest Income After Provision for Credit Losses   39,691       60,260       39,067  
               
    Noninterest Income          
    Service charges on deposits   1,743       1,744       1,699  
    Gain on sale of loans                
    Net gain on sale of investment securities   4       4       4  
    Increase in cash surrender value of bank-owned life insurance   4,282       742       703  
    Other income   2,178       1,577       1,183  
    Total noninterest income   8,207       4,067       3,589  
    Noninterest Expense          
    Salaries and employee benefits   21,968       22,597       21,726  
    Premises and equipment expenses   3,203       2,635       3,059  
    Marketing and advertising   1,371       1,340       859  
    Data processing   3,978       3,870       3,293  
    Legal, accounting and professional fees   3,122       641       2,507  
    FDIC insurance   8,962       9,281       6,412  
    Other expenses   2,847       4,168       2,141  
    Total noninterest expense   45,451       44,532       39,997  
    Income Before Income Tax Expense   2,447       19,795       2,659  
    Income Tax Expense   772       4,505       2,997  
    Net (Loss) Income $ 1,675     $ 15,290     $ (338 )
               
    (Loss) Earnings Per Common Share          
    Basic $ 0.06     $ 0.51     $ (0.01 )
    Diluted $ 0.06     $ 0.50     $ (0.01 )
                           
     
    Eagle Bancorp, Inc.
    Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands, except per share data)
      March 31,   December 31,   March 31,
      2025   2024   2024
    Assets          
    Cash and due from banks $ 12,516     $ 11,882     $ 10,076  
    Federal funds sold   2,968       2,581       11,343  
    Interest-bearing deposits with banks and other short-term investments   661,173       619,017       696,453  
    Investment securities available-for-sale at fair value (amortized cost of $1,330,077, $1,408,935, and $1,613,659 respectively, and allowance for credit losses of $0, $22, and $17, respectively)   1,214,237       1,267,404       1,445,034  
    Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,275, $1,306, and $1,957 respectively (fair value of $820,530, $820,381, and $878,159 respectively)   924,473       938,647       1,000,732  
    Federal Reserve and Federal Home Loan Bank stock   51,467       51,763       54,678  
    Loans held for sale   15,251              
    Loans   7,943,306       7,934,888       7,982,702  
    Less: allowance for credit losses   (129,469 )     (114,390 )     (99,684 )
    Loans, net   7,813,837       7,820,498       7,883,018  
    Premises and equipment, net   7,079       7,694       9,504  
    Operating lease right-of-use assets   32,769       18,494       17,679  
    Deferred income taxes   84,798       91,472       87,813  
    Bank-owned life insurance   320,055       115,806       113,624  
    Goodwill and intangible assets, net   11       16       104,611  
    Other real estate owned   2,459       2,743       773  
    Other assets   174,268       181,491       177,310  
    Total Assets   11,317,361       11,129,508       11,612,648  
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits:          
    Noninterest-bearing demand   1,607,826       1,544,403       1,835,524  
    Interest-bearing transaction   926,722       1,211,791       1,207,566  
    Savings and money market   3,558,919       3,599,221       3,235,391  
    Time deposits   3,183,801       2,775,663       2,222,958  
    Total deposits   9,277,268       9,131,078       8,501,439  
    Customer repurchase agreements   32,357       33,157       37,059  
    Other short-term borrowings   490,000       490,000       1,669,948  
    Long-term borrowings   76,181       76,108        
    Operating lease liabilities   38,484       23,815       21,611  
    Reserve for unfunded commitments   3,166       3,463       6,045  
    Other liabilities   155,014       145,826       117,133  
    Total Liabilities   10,072,470       9,903,447       10,353,235  
    Shareholders’ Equity          
    Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,368,843, 30,202,003, and 30,185,732 respectively   300       298       297  
    Additional paid-in capital   386,535       384,932       377,334  
    Retained earnings   978,995       982,304       1,047,550  
    Accumulated other comprehensive loss   (120,939 )     (141,473 )     (165,768 )
    Total Shareholders’ Equity   1,244,891       1,226,061       1,259,413  
    Total Liabilities and Shareholders’ Equity $ 11,317,361     $ 11,129,508     $ 11,612,648  
                           
     
    Loan Mix and Asset Quality
    (Dollars in thousands)
               
      March 31,   December 31,   March 31,
      2025   2024   2024
      Amount %   Amount %   Amount %
    Loan Balances – Period End:                
    Commercial $ 1,178,343   15 %   $ 1,183,341   15 %   $ 1,408,767   18 %
    PPP loans   226   %     287   %   $ 467   %
    Income producing – commercial real estate   3,967,124   49 %     4,064,846   51 %   $ 4,040,655   50 %
    Owner occupied – commercial real estate   1,403,668   18 %     1,269,669   16 %   $ 1,185,582   15 %
    Real estate mortgage – residential   48,821   1 %     50,535   1 %   $ 72,087   1 %
    Construction – commercial and residential   1,210,788   15 %     1,210,763   15 %   $ 1,082,556   13 %
    Construction – C&I (owner occupied)   83,417   1 %     103,259   1 %   $ 138,379   2 %
    Home equity   50,121   1 %     51,130   1 %   $ 53,251   1 %
    Other consumer   798   %     1,058   %   $ 958   %
    Total loans $ 7,943,306   100 %   $ 7,934,888   100 %   $ 7,982,702   100 %
      Three Months Ended or As Of
      March 31,
      December 31,
      March 31,
      2025
      2024
      2024
    Asset Quality:          
    Nonperforming loans $ 200,447     $ 208,707     $ 91,491  
    Other real estate owned   2,459       2,743       773  
    Nonperforming assets $ 202,906     $ 211,450     $ 92,264  
    Net charge-offs $ 11,230     $ 9,535     $ 21,430  
    Special mention $ 273,380     $ 244,807     $ 265,348  
    Substandard $ 501,565     $ 426,366     $ 361,776  
                           
     
    Eagle Bancorp, Inc.
    Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
    (Dollars in thousands)
                           
      Three Months Ended
      March 31, 2025   December 31, 2024
      Average Balance   Interest   Average
    Yield/Rate
      Average Balance   Interest   Average
    Yield/Rate
    ASSETS                      
    Interest earning assets:                      
    Interest-bearing deposits with other banks and other short-term investments $ 1,445,054     $ 15,803   4.44 %   $ 1,948,436     $ 23,045   4.71 %
    Loans held for sale(1)   169         %             %
    Loans(1) (2)   7,933,695       126,136   6.45 %     7,971,907       132,943   6.63 %
    Investment securities available-for-sale(2)   1,321,954       6,858   2.10 %     1,417,958       7,142   2.00 %
    Investment securities held-to-maturity(2)   933,880       5,055   2.20 %     952,800       5,165   2.16 %
    Federal funds sold   5,410       27   2.02 %     12,839       122   3.78 %
    Total interest earning assets   11,640,162       153,879   5.36 %     12,303,940       168,417   5.45 %
    Total noninterest earning assets   596,585               386,014          
    Less: allowance for credit losses   (118,557 )             (114,232 )        
    Total noninterest earning assets   478,028               271,782          
    TOTAL ASSETS $ 12,118,190             $ 12,575,722          
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
    Interest bearing liabilities:                      
    Interest-bearing transaction $ 1,368,609     $ 9,908   2.94 %   $ 1,674,997     $ 13,048   3.10 %
    Savings and money market   3,682,217       32,389   3.57 %     3,648,502       35,262   3.84 %
    Time deposits   2,951,111       34,914   4.80 %     2,804,870       34,692   4.92 %
    Total interest bearing deposits   8,001,937       77,211   3.91 %     8,128,369       83,002   4.06 %
    Customer repurchase agreements   36,572       260   2.88 %     38,750       294   3.02 %
    Other short-term borrowings   682,222       8,733   5.19 %     1,003,587       12,296   4.87 %
    Long-term borrowings   76,146       2,025   10.79 %     75,939       2,031   10.64 %
    Total interest bearing liabilities   8,796,877       88,229   4.07 %     9,246,645       97,623   4.20 %
    Noninterest bearing liabilities:                      
    Noninterest bearing demand   1,881,296               1,928,094          
    Other liabilities   197,212               170,411          
    Total noninterest bearing liabilities   2,078,508               2,098,505          
    Shareholders’ equity   1,242,805               1,230,573          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 12,118,190             $ 12,575,723          
    Net interest income     $ 65,650           $ 70,794    
    Net interest spread         1.29 %           1.25 %
    Net interest margin         2.28 %           2.29 %
    Cost of funds         3.35 %           3.48 %
    (1)   Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.8 million and $4.3 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
    (2)   Interest and fees on loans and investments exclude tax equivalent adjustments.
         
     
    Eagle Bancorp, Inc.
    Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
    (Dollars in thousands)
                           
      Three Months Ended March 31,
      2025   2024
      Average Balance   Interest   Average
    Yield/Rate
      Average Balance   Interest   Average
    Yield/Rate
    ASSETS                      
    Interest earning assets:                      
    Interest-bearing deposits with other banks and other short-term investments $ 1,445,054     $ 15,803   4.44 %   $ 1,841,771     $ 24,862   5.43 %
    Loans held for sale(1)   169         %             %
    Loans(1) (2)   7,933,695       126,136   6.45 %     7,988,941       137,994   6.95 %
    Investment securities available-for-sale(2)   1,321,954       6,858   2.10 %     1,516,503       7,247   1.92 %
    Investment securities held-to-maturity(2)   933,880       5,055   2.20 %     1,011,231       5,433   2.16 %
    Federal funds sold   5,410       27   2.02 %     7,051       66   3.76 %
    Total interest earning assets   11,640,162       153,879   5.36 %     12,365,497       175,602   5.71 %
    Total noninterest earning assets   596,585               508,987          
    Less: allowance for credit losses   (118,557 )             (90,014 )        
    Total noninterest earning assets   478,028               418,973          
    TOTAL ASSETS $ 12,118,190             $ 12,784,470          
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
    Interest bearing liabilities:                      
    Interest-bearing transaction $ 1,368,609     $ 9,908   2.94 %   $ 1,833,493     $ 16,830   3.69 %
    Savings and money market   3,682,217       32,389   3.57 %     3,423,388       35,930   4.22 %
    Time deposits   2,951,111       34,914   4.80 %     2,187,320       26,623   4.90 %
    Total interest bearing deposits   8,001,937       77,211   3.91 %             4.29 %
    Customer repurchase agreements   36,572       260   2.88 %     36,084       315   3.51 %
    Other short-term borrowings   682,222       8,733   5.19 %     1,796,863       21,206   4.75 %
    Long-term borrowings   76,146       2,025   10.79 %             %
    Total interest bearing liabilities   8,796,877       88,229   4.07 %     9,277,148       100,904   4.37 %
    Noninterest bearing liabilities:                      
    Noninterest bearing demand   1,881,296               2,057,460          
    Other liabilities   197,212               160,206          
    Total noninterest bearing liabilities   2,078,508               2,217,666          
    Shareholders’ equity   1,242,805               1,289,656          
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 12,118,190             $ 12,784,470          
    Net interest income     $ 65,650           $ 74,698    
    Net interest spread         1.29 %           1.34 %
    Net interest margin         2.28 %           2.43 %
    Cost of funds         3.35 %           3.58 %
    (1)   Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.8 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively.
    (2)   Interest and fees on loans and investments exclude tax equivalent adjustments.
         
     
    Eagle Bancorp, Inc.
    Statements of Operations and Highlights Quarterly Trends (Unaudited)
    (Dollars in thousands, except per share data)
      Three Months Ended
      March 31,   December 31,   September 30,   June 30,   March 31,   December 31,   September 30,   June 30,
    Income Statements: 2025   2024   2024   2024   2024   2023   2023   2023
    Total interest income $ 153,878     $ 168,417     $ 173,813     $ 169,731     $ 175,602     $ 167,421     $ 161,149     $ 156,510  
    Total interest expense   88,229       97,623       101,970       98,378       100,904       94,429       90,430       84,699  
    Net interest income   65,649       70,794       71,843       71,353       74,698       72,992       70,719       71,811  
    Provision for credit losses   26,255       12,132       10,094       8,959       35,175       14,490       5,644       5,238  
    Provision (reversal) for credit losses for unfunded commitments   (297 )     (1,598 )     (1,593 )     608       456       (594 )     (839 )     318  
    Net interest income after provision for credit losses   39,691       60,260       63,342       61,786       39,067       59,096       65,914       66,255  
    Noninterest income before investment gain   8,203       4,063       6,948       5,329       3,585       2,891       6,342       8,593  
    Net gain on sale of investment securities   4       4       3       3       4       3       5       2  
    Total noninterest income   8,207       4,067       6,951       5,332       3,589       2,894       6,347       8,595  
    Salaries and employee benefits   21,968       22,597       21,675       21,770       21,726       18,416       21,549       21,957  
    Premises and equipment expenses   3,203       2,635       2,794       2,894       3,059       2,967       3,095       3,227  
    Marketing and advertising   1,371       1,340       1,588       1,662       859       1,071       768       884  
    Goodwill impairment                     104,168                          
    Other expenses   18,909       17,960       17,557       15,997       14,353       14,644       12,221       11,910  
    Total noninterest expense   45,451       44,532       43,614       146,491       39,997       37,098       37,633       37,978  
    (Loss) income before income tax expense   2,447       19,795       26,679       (79,373 )     2,659       24,892       34,628       36,872  
    Income tax expense   772       4,505       4,864       4,429       2,997       4,667       7,245       8,180  
    Net (loss) income   1,675       15,290       21,815       (83,802 )     (338 )     20,225       27,383       28,692  
    Per Share Data:                              
    (Loss) earnings per weighted average common share, basic $ 0.06     $ 0.51     $ 0.72     $ (2.78 )   $ (0.01 )   $ 0.68     $ 0.91     $ 0.94  
    (Loss) earnings per weighted average common share, diluted $ 0.06     $ 0.50     $ 0.72     $ (2.78 )   $ (0.01 )   $ 0.67     $ 0.91     $ 0.94  
    Weighted average common shares outstanding, basic   30,275,001       30,199,433       30,173,852       30,185,609       30,068,173       29,925,557       29,910,218       30,454,766  
    Weighted average common shares outstanding, diluted   30,404,262       30,321,644       30,241,699       30,185,609       30,068,173       29,966,962       29,944,692       30,505,468  
    Actual shares outstanding at period end   30,368,843       30,202,003       30,173,200       30,180,482       30,185,732       29,925,612       29,917,982       29,912,082  
    Book value per common share at period end $ 40.99     $ 40.60     $ 40.61     $ 38.75     $ 41.72     $ 42.58     $ 40.64     $ 40.78  
    Tangible book value per common share at period end(1) $ 40.99     $ 40.59     $ 40.61     $ 38.74     $ 38.26     $ 39.08     $ 37.12     $ 37.29  
    Dividend per common share $ 0.17     $     $ 0.17     $ 0.45     $ 0.45     $ 0.45     $ 0.45     $ 0.45  
    Performance Ratios (annualized):                              
    Return on average assets   0.06 %     0.48 %     0.70 %   (2.73 )%   (0.01 )%     0.65 %     0.91 %     0.96 %
    Return on average common equity   0.55 %     4.94 %     7.22 %   (26.67 )%   (0.11 )%     6.48 %     8.80 %     9.24 %
    Return on average tangible common equity(1)   0.55 %     4.94 %     7.22 %   (28.96 )%   (0.11 )%     7.08 %     9.61 %     10.08 %
    Net interest margin   2.28 %     2.29 %     2.37 %     2.40 %     2.43 %     2.45 %     2.43 %     2.49 %
    Efficiency ratio(1)(2)   61.50 %     59.50 %     55.40 %     191.00 %     51.10 %     48.90 %     48.83 %     47.20 %
    Other Ratios:                              
    Allowance for credit losses to total loans(3)   1.63 %     1.44 %     1.40 %     1.33 %     1.25 %     1.08 %     1.05 %     1.00 %
    Allowance for credit losses to total nonperforming loans   64.59 %     54.81 %     83.25 %     110.06 %     108.76 %     131.16 %     118.78 %     267.50 %
    Nonperforming assets to total assets   1.79 %     1.90 %     1.22 %     0.88 %     0.79 %     0.57 %     0.64 %     0.28 %
    Net charge-offs (recoveries) (annualized) to average total loans(3)   0.57 %     0.48 %     0.26 %     0.11 %     1.07 %     0.60 %     0.02 %     0.29 %
    Tier 1 capital (to average assets)   11.11 %     10.74 %     10.77 %     10.58 %     10.26 %     10.73 %     10.96 %     10.84 %
    Total capital (to risk weighted assets)   15.86 %     15.86 %     15.51 %     15.07 %     14.87 %     14.79 %     14.54 %     14.51 %
    Common equity tier 1 capital (to risk weighted assets)   14.61 %     14.63 %     14.30 %     13.92 %     13.80 %     13.90 %     13.68 %     13.55 %
    Tangible common equity ratio(1)   11.00 %     11.02 %     10.86 %     10.35 %     10.03 %     10.12 %     10.04 %     10.21 %
    Average Balances (in thousands):                              
    Total assets $ 12,118,190     $ 12,575,722     $ 12,360,899     $ 12,361,500     $ 12,784,470     $ 12,283,303     $ 11,942,905     $ 11,960,111  
    Total earning assets $ 11,640,162     $ 12,303,940     $ 12,072,891     $ 11,953,446     $ 12,365,497     $ 11,837,722     $ 11,532,186     $ 11,546,050  
    Total loans(2) $ 7,933,695     $ 7,971,907     $ 8,026,524     $ 8,003,206     $ 7,988,941     $ 7,963,074     $ 7,795,144     $ 7,790,555  
    Total deposits $ 9,883,233     $ 10,056,463     $ 9,344,414     $ 9,225,266     $ 9,501,661     $ 9,471,369     $ 8,946,641     $ 8,514,938  
    Total borrowings $ 794,940     $ 1,118,276     $ 1,654,736     $ 1,721,283     $ 1,832,947     $ 1,401,917     $ 1,646,179     $ 2,102,507  
    Total shareholders’ equity $ 1,242,805     $ 1,230,573     $ 1,201,477     $ 1,263,627     $ 1,289,656     $ 1,238,763     $ 1,235,162     $ 1,245,647  
    (1)   A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
    (2)   Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
    (3)   Excludes loans held for sale.
         
     
    GAAP Reconciliation to Non-GAAP Financial Measures (unaudited)
    (dollars in thousands, except per share data)
               
      March 31,
      December 31,
      March 31,
      2025
      2024
      2024
    Tangible common equity          
    Common shareholders’ equity $ 1,244,891     $ 1,226,061     $ 1,259,413  
    Less: Intangible assets   (11 )     (16 )     (104,611 )
    Tangible common equity $ 1,244,880     $ 1,226,045     $ 1,154,802  
               
    Tangible common equity ratio          
    Total assets $ 11,317,361     $ 11,129,508     $ 11,612,648  
    Less: Intangible assets   (11 )     (16 )     (104,611 )
    Tangible assets $ 11,317,350     $ 11,129,492     $ 11,508,037  
               
    Tangible common equity ratio   11.00 %     11.02 %     10.03 %
               
    Per share calculations          
    Book value per common share $ 40.99     $ 40.60     $ 41.72  
    Less: Intangible book value per common share $     $ (0.01 )   $ (3.46 )
    Tangible book value per common share $ 40.99     $ 40.59     $ 38.26  
               
    Shares outstanding at period end   30,368,843       30,202,003       30,185,732  
        Three Months Ended
        March 31,
      December 31,
      March 31,
        2025
      2024
      2024
    Average tangible common equity            
    Average common shareholders’ equity   $ 1,242,805     $ 1,230,573     $ 1,289,656  
    Less: Average intangible assets     (14 )     (19 )     (104,718 )
    Average tangible common equity   $ 1,242,791     $ 1,230,554     $ 1,184,938  
                 
    Return on average tangible common equity            
    Net (loss) income   $ 1,675     $ 15,290     $ (338 )
    Return on average tangible common equity     0.55 %     4.94 %   (0.11 )%
                 
    Efficiency ratio            
    Net interest income   $ 65,649     $ 70,794     $ 74,698  
    Noninterest income     8,207       4,067       3,589  
    Operating revenue   $ 73,856     $ 74,861     $ 78,287  
    Noninterest expense   $ 45,451     $ 44,532     $ 39,997  
                 
    Efficiency ratio     61.54 %     59.49 %     51.09 %
                 
    Pre-provision net revenue            
    Net interest income   $ 65,649     $ 70,794     $ 74,698  
    Noninterest income     8,207       4,067       3,589  
    Less: Noninterest expense     (45,451 )     (44,532 )     (39,997 )
    Pre-provision net revenue   $ 28,405     $ 30,329     $ 38,290  
                             

    Tangible common equity, tangible common equity to tangible assets (the “tangible common equity ratio”), tangible book value per common share, average tangible common equity, and annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders’ equity, or tangible common equity, and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders’ equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. Tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and as such tangible equity and related measures are useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.

    The efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities.

    Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans.

    ____________________________
    1
    A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.
    2 Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total loans.
    3 A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.

    EAGLE BANCORP, INC.
    CONTACT:
    Eric R. Newell
    240.497.1796

    For the March 31, 2025 Earnings Presentation, click http://ml.globenewswire.com/Resource/Download/f1f31917-6800-4f81-8c02-417b49f279cc

    The MIL Network

  • MIL-OSI: Greystone Housing Impact Investors LP Schedules First Quarter 2025 Earnings Conference Call for Wednesday, May 7, 2025 at 4:30 p.m. Eastern Time

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., April 23, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that it will host a conference call for investors on Wednesday, May 7, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s First Quarter 2025 results.

    For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

    The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
    https://event.choruscall.com/mediaframe/webcast.html?webcastid=a4hicNZA

    It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

    A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    CONTACT:
    Ken Rogozinski
    Chief Executive Officer
    402-952-1235

    The MIL Network

  • MIL-OSI: UPDATE – BTQ Technologies Corp. to Present at the OTCQX Best 50 Virtual Investor Conference April 24th

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 23, 2025 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (OTCQX: BTQQF) (CBOE CA: BTQ) (FSE: NG3), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on April 24th, 2025. 

    This live presentation, led by COO Nicolas Roussy Newton, will cover BTQ’s strategic growth plan, outline its global research initiatives currently underway and detail recent acquisitions and partnerships aimed at accelerating the commercialization of its advanced post quantum solutions.

    DATE: Thursday April 24, 2025
    TIME: 1:00 pm EST
    LINK: CLICK HERE TO REGISTER

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent BTQ Highlights:

    About BTQ
    BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.

    Connect with BTQ: Website | LinkedIn

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    BTQ Technologies Corp.
    Bill Mitoulas
    Investor Relations
    +1.416.479.9547
    bill@btq.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Neither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI Asia-Pac: Focused, 2-day capacity building programme for electoral field functionaries from Bihar begins

    Source: Government of India

    Focused, 2-day capacity building programme for electoral field functionaries from Bihar begins

    229 BLOs, 12 EROs and 2 DEOs take part in the training program at IIIDEM in the National Capital

    Specialized one-day training programme for State Police Nodal Officer (SPNO) and Police Officers from Bihar also begins

    Posted On: 23 APR 2025 4:54PM by PIB Delhi

    The Election Commission is organising a 2-day training and capacity building of Booth Level Officers (BLOs) at the India International Institute of Democracy & Election Management (IIIDEM), New Delhi. This is the third such batch of BLOs to be trained from the poll-bound state of Bihar. 229 BLOs, 12 EROs and 2 DEOs from the State are participating in the 2-day training programme. A specialized one-day training programme for the State Police Nodal Officer (SPNO) and Police Officers from Bihar also commenced today. The training programme was inaugurated by Chief Election Commissioner of India Shri Gyanesh Kumar in the presence of Election Commissioner Dr. Vivek Joshi at IIIDEM, New Delhi and was followed by an interaction with the participants.

    The training is planned to familiarise the BLOs with their roles and responsibilities as per statutory framework and equip them with to ensure error-free electoral rolls. They will also be trained in the IT applications designed to support their roles.

    This is the latest in the first phase of the ongoing physical training programmes at IIIDEM in which 555 BLOs from poll-bound states of Bihar, West Bengal and Assam and 279 Booth Level Agents (BLA-1s) of 10 recognised national and state political parties from Bihar have already been trained. These well-trained BLOs will form a corps of Assembly Level Master Trainers (ALMTs) to strengthen the entire network of BLOs nationwide.

    The training of SPNOs and Police Officers from Bihar aims to improve coordination between election authorities and the police for enhanced electoral management, especially in the areas of law and order, vulnerability assessment, Paramilitary forces (CAPF) deployment, and model code of conduct (MCC) enforcement.

    Till date over 3000 participants from 141 countries including large democracies such as Australia, United Kingdom, USA, Brazil, Egypt, France, Indonesia, Israel, Russia and South Africa have benefited from training programmes from India’s globally acclaimed election management practices at IIIDEM.

    ******

    PK/GDH/RP

    (Release ID: 2123840) Visitor Counter : 50

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: International Conference “Shaping the Energy Future: Challenges and Opportunities” (SEFCO-2025) inaugurated at CSIR-Indian Institute of Petroleum, Dehradun

    Source: Government of India

    Posted On: 23 APR 2025 6:21PM by PIB Delhi

    CSIR-Indian Institute of Petroleum, Dehradun is organising an International Conference “Shaping the Energy Future: Challenges and Opportunities” (SEFCO-2025) from April 23 to 25, 2025. SEFCO conference is annually organized by students and young scientists at CSIR-IIP, Dehradun which is a platform to facilitate discussions on innovative solutions, explore collaborative opportunities in energy & chemical sector.

    1stedition of “SEFCO” Conference was organized in 2017. The present 7thedition is an international conference with a theme of “Catalysing a Sustainable Future with Affordable Energy and Chemicals.”

     

    The inauguration ceremony of SEFCO held on 23 April 2025 was graced by Chief Guest Prof. K.K. Pant, Director, IIT Roorkee and Guest of Honour Sh Alok Sharma, Director (R&D), Indian Oil Corporation Ltd. Dr. Manoj Srivastava, Secretary, SEFCO 2025 in his opening remarks gave an overview of genesis and relevance of SEFCO and its journey since inception. Dr. Harender Singh Bisht, Director, CSIR-IIP and Chief Patron of the conference, after paying homage to his holiness Pope Francis, welcomed distinguished guests and delegates and highlighted work done at CSIR-IIP and shared his vision on the way forward.

     

     

    Sh Alok Sharma in his guest of honour address highlighted the approaches and measures adopted by Indian refineries towards achieving GoI’snet-zero goal by 2070.

    In his keynote address, Chief guest Prof. K K Pant emphasized various pathways of producing green and sustainable energy and chemicals. He also mentioned that new challenges emerge when the technologies are scale-up from lab to commercial level. He inspired young researchers to think out of box to overcome these challenges.

    This 3-day conference will feature talks from various national and international experts, young scientists and research students from universities, research institutes and industries. Notable International speakers include Prof. Paul A. Webley from Monash University, Australia; Dr. Richard Blom from SINTEF, Norway; Prof. Samira Siahrostami, Simon Fraser University, Canada; Prof. Keiichi Tomishige, Tohoku University, Japan, and Prof. Eric van Steen, SARChI Reaction Engineering, University of Cape Town, South Africa.

    More than 300 delegates from various national and international organizations are attending the conference. An exhibition showcasing CSIR-IIP’s technological achievements is part of this conference. SEFCO-2025 is supported by ONGC, EIL, BPCL, CRISTOL,IOCL, GAIL, AIRBUS, NRL, CPCL & R L Solutions.

    ***

    NKR/PSM

    (Release ID: 2123894) Visitor Counter : 64

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: REPORT on the ninth report on economic and social cohesion – A10-0066/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on the ninth report on economic and social cohesion

    (2024/2107(INI))

    The European Parliament,

     having regard to Articles 2 and 3 of the Treaty on European Union,

     having regard to Articles 4, 162, 174 to 178, and 349 of the Treaty on the Functioning of the European Union (TFEU),

     having regard to Regulation (EU) 2021/1060 of the European Parliament and of the Council of 24 June 2021 laying down common provisions on the European Regional Development Fund, the European Social Fund Plus, the Cohesion Fund, the Just Transition Fund and the European Maritime, Fisheries and Aquaculture Fund and financial rules for those and for the Asylum, Migration and Integration Fund, the Internal Security Fund and the Instrument for Financial Support for Border Management and Visa Policy[1] (Common Provisions Regulation),

     having regard to Regulation (EU) 2021/1058 of the European Parliament and of the Council of 24 June 2021 on the European Regional Development Fund and on the Cohesion Fund[2],

     having regard to Regulation (EU) 2021/1059 of the European Parliament and of the Council of 24 June 2021 on specific provisions for the European territorial cooperation goal (Interreg) supported by the European Regional Development Fund and external financing instruments[3],

     having regard to Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021 establishing the European Social Fund Plus (ESF+) and repealing Regulation (EU) No 1296/2013[4],

     having regard to Regulation (EU) 2021/1056 of the European Parliament and of the Council of 24 June 2021 establishing the Just Transition Fund[5],

     having regard to Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013[6],

     having regard to Regulation (EU) 2020/460 of the European Parliament and of the Council of 30 March 2020 amending Regulations (EU) No 1301/2013, (EU) No 1303/2013 and (EU) No 508/2014 as regards specific measures to mobilise investments in the healthcare systems of Member States and in other sectors of their economies in response to the COVID-19 outbreak (Coronavirus Response Investment Initiative)[7],

     having regard to Regulation (EU) 2020/558 of the European Parliament and of the Council of 23 April 2020 amending Regulations (EU) No 1301/2013 and (EU) No 1303/2013 as regards specific measures to provide exceptional flexibility for the use of the European Structural and Investments Funds in response to the COVID-19 outbreak[8],

     having regard to Regulation (EU) 2020/461 of the European Parliament and of the Council of 30 March 2020 amending Council Regulation (EC) No 2012/2002 in order to provide financial assistance to Member States and to countries negotiating their accession to the Union that are seriously affected by a major public health emergency[9],

     having regard to Regulation (EU) 2020/2221 of the European Parliament and of the Council of 23 December 2020 amending Regulation (EU) No 1303/2013 as regards additional resources and implementing arrangements to provide assistance for fostering crisis repair in the context of the COVID-19 pandemic and its social consequences and for preparing a green, digital and resilient recovery of the economy (REACT-EU)[10],

     having regard to Regulation (EU) 2022/562 of the European Parliament and of the Council of 6 April 2022 amending Regulations (EU) No 1303/2013 and (EU) No 223/2014 as regards Cohesion’s Action for Refugees in Europe (CARE)[11],

     having regard to Regulation (EU) 2022/2039 of the European Parliament and of the Council of 19 October 2022 amending Regulations (EU) No 1303/2013 and (EU) 2021/1060 as regards additional flexibility to address the consequences of the military aggression of the Russian Federation FAST (Flexible Assistance for Territories) – CARE[12],

     having regard to the URBACT programme for sustainable urban cooperation, established in 2002,

     having regard to the Urban Agenda for the EU of 30 May 2016,

     having regard to the Territorial Agenda 2030 of 1 December 2020,

     having regard to the 9th Cohesion Report, published by the Commission on 27 March 2024[13], and the Commission communication of 27 March 2024 on the 9th Cohesion Report (COM(2024)0149),

     having regard to the study entitled ‘The future of EU cohesion: Scenarios and their impacts on regional inequalities’, published by the European Parliamentary Research Service in December 2024,

     having regard to the Commission report of February 2024 entitled ‘Forging a sustainable future together – Cohesion for a competitive and inclusive Europe’[14],

     having regard to the opinion of the European Economic and Social Committee of 31 May 2024 on the 9th Cohesion Report[15],

     having regard to the opinion of the Committee of the Regions of 21 November 2024 entitled ‘A renewed Cohesion Policy post 2027 that leaves no one behind – CoR responses to the 9th Cohesion Report and the Report of the Group of High-Level Specialists on the Future of Cohesion Policy’,

     having regard to the report entitled ‘The future of European competitiveness – A competitiveness strategy for Europe’, published by the Commission on 9 September 2024,

     having regard to the agreement adopted at the 21st Conference of the Parties to the UN Framework Convention on Climate Change (COP21) in Paris on 12 December 2015 (the Paris Agreement),

     having regard to the study entitled ‘Streamlining EU Cohesion Funds: addressing administrative burdens and redundancy’, published by its Directorate-General for Internal Policies of the Union in November 2024[16],

     having regard to Regulation (EU) 2025/XXXX of the European Parliament and of the Council of [INSERT DATE] on the Border Regions’ Instrument for Development and Growth in the EU (BRIDGEforEU) [INSERT FOOTNOTE ONCE PUBLISHED IN OJ],

     having regard to the Commission communication of 3 May 2022 entitled ‘Putting people first, securing sustainable and inclusive growth, unlocking the potential of the EU’s outermost regions’ (COM(2022)0198),

     having regard to the opinion in the form of a letter from the Committee on Agriculture and Rural Development (XXX),

     having regard to its resolution of 25 March 2021 on cohesion policy and regional environment strategies in the fight against climate change[17],

     having regard to its resolution of 20 May 2021 on reversing demographic trends in EU regions using cohesion policy instruments[18],

     having regard to its resolution of 14 September 2021 entitled ‘Towards a stronger partnership with the EU outermost regions[19],

     having regard to its resolution of 15 September 2022 on economic, social and territorial cohesion in the EU: the 8th Cohesion Report[20],

     having regard to its resolution of 20 October 2023 on possibilities to increase the reliability of audits and controls by national authorities in shared management[21],

     having regard to its resolution of 23 November 2023 on harnessing talent in Europe’s regions[22],

     having regard to its resolution of 14 March 2024 entitled ‘Cohesion policy 2014-2020 – implementation and outcomes in the Member States[23],

     having regard to Rule 55 of its Rules of Procedure,

     having regard to the report of the Committee on Regional Development (A10-0066/2025),

    A. whereas cohesion policy is at the heart of EU policies and is the EU’s main tool for investments in sustainable economic, social and territorial development, and contributing to the Green Deal objectives, across the EU under its multiannual financial frameworks for the periods of 2014-2020 and 2021-2027; whereas cohesion policy, as mandated by the Treaties, is fundamental for a well-functioning and thriving internal market by promoting the development of all regions in the EU, and especially the less developed ones;

    B. whereas cohesion policy has fostered economic, social and territorial convergence in the EU, notably by increasing the gross domestic products, for example, of central and eastern EU Member States, which went from 43 % of the EU average in 1995 to around 80 % in 2023; whereas the 9th Cohesion Report highlights that, by the end of 2022, cohesion policy supported over 4.4 million businesses, creating more than 370 000 jobs in these companies; whereas it also underlines that cohesion policy generates a significant return on investment, and that each euro invested in the 2014–2020 and 2021–2027 programmes will have generated 1.3 euros of additional GDP in the Union by 2030; whereas cohesion policy constituted, on average, around 13 % of total public investment in the EU[24];

    C. whereas the Commission report entitled ‘The long-term vision for the EU’s rural areas: key achievements and ways forward’, presented alongside the ninth Cohesion Report, underlines that EUR 24.6 billion, or 8 % of the rural development pillar of the common agricultural policy, is directed towards investments in rural areas beyond farming investments, setting the scene for a debate on the future of rural areas;

    D. whereas between 2021 and 2027, cohesion policy will have invested over EUR 140 billion in the green and digital transitions[25], to help improve networks and infrastructure, support nature conservation, improve green and digital skills and foster job creation and services for the public;

    E. whereas despite the widely acknowledged and proven positive impact of cohesion policy on social, economic and territorial convergence, significant challenges remain, marked notably by development disparities at sub-national level, within regions and in regions caught in a development trap, and by the impact of climate change, in terms of demography, the digital and green transitions, and connectivity, but also in terms of sustainable economic development, in particular in least developed regions and rural and remote areas;

    F. whereas cohesion policy and sectoral programmes of the EU have repeatedly and efficiently helped regions to respond effectively to emergencies and asymmetric shocks such as the COVID-19 crisis, Brexit, the energy crisis and the refugee crisis caused by Russia’s invasion of Ukraine, as well as natural disasters, even though it is a long-term, structural policy and not a crisis management instrument or the ‘go-to’ emergency response funding mechanism; whereas such crises have delayed the implementation of the European Structural and Investment Funds and whereas a considerable number of projects financed with Recovery and Resilience Facility (RRF) funds have been taken for the most part from projects that had been slated for investment under cohesion policy;

    G. whereas despite measures already taken for the 2014-2020 and 2021-2027 periods, the regulatory framework governing the use and administration of cohesion policy instruments and funds should be further simplified and interoperable digital tools better used and developed, including the establishment of one-stop digitalised service centres, with the objective of streamlining procedures, enhancing stakeholder trust, reducing the administrative burden, increasing flexibility in fund management and speeding up payments, not only for the relevant authorities but also for the final beneficiaries; whereas it is necessary to increase the scope for using funds more flexibly, including the possibility of financing the development of dual-use products; whereas it is of utmost importance to formulate any future cohesion policy with a strategic impetus throughout the funding period, which could, however, be reassessed at midterm;

    H. whereas the low absorption rate of the 2021-2027 cohesion policy funds, currently at just 6 %, is not because of a lack of need from Member States or regions, but rather stems from delays in the approval of operational programmes, the transition period between financial frameworks, the prioritisation of NextGenerationEU by national managing authorities, limited administrative capacity and complex bureaucratic procedures; whereas Member States and regions may not rush to absorb all available funds as they anticipate a possible extension under the N+2 or N+3 rules;

    I. whereas radical modifications to the cohesion regulatory framework, from one programming period to the next, contribute to generating insecurity among the authorities responsible and beneficiaries, gold-plating legislation, increasing error rates (and the accompanying negative reputational and financial consequences), delays in implementation and, ultimately, disaffection among beneficiaries and the general population;

    J. whereas there is sometimes competition between cohesion funds, emergency funds and sectoral policies;

    K. whereas demographic changes vary significantly across EU regions, with the populations of some Member States facing a projected decline in the coming years and others projected to grow; whereas demographic changes also take place between regions, including movement away from outermost regions, but are generally observed as movement from rural to urban areas within Member States, wherein women are leaving rural areas in greater numbers than men, but also to metropolitan areas, where villages around big cities encounter difficulties in investing in basic infrastructure; whereas the provision of essential services such as healthcare, education and transportation must be reinforced in all regions, with a particular focus on rural and remote areas; whereas a stronger focus is needed on areas suffering from depopulation and inadequate services, requiring targeted measures to encourage young people to remain through entrepreneurship projects, high-quality agriculture and sustainable tourism;

    L. whereas taking account of the ageing population is crucial in order to ensure justice among the generations and thereby to strengthen participation, especially among young people;

    M. whereas urban areas are burdened by new challenges resulting from the population influx to cities, as well as rising housing and energy prices, requiring the necessary housing development, new environmental protection and energy-saving measures, such as accelerated deep renovation to combat energy poverty and promote energy efficiency; whereas the EU cohesion policy should help to contribute to an affordable and accessible housing market for all people in the EU, especially for low- and middle-income households, urban residents, families with children, women and young people;

    N. whereas effective implementation of the Urban Agenda for the EU can enhance the capacity of cities to contribute to cohesion objectives, thereby improving the quality of life of citizens and guaranteeing a more efficient use of the EU’s financial resources;

    O. whereas particular attention needs to be paid to rural areas, as well as areas affected by industrial transition and EU regions that suffer from severe and permanent natural or demographic handicaps, brain drain, climate-related risks and water scarcity, such as the outermost regions, and in particular islands located at their peripheries or at the periphery of the EU, sparsely populated regions, islands, mountainous areas and cross-border regions, as well as coastal and maritime regions;

    P. whereas Russia’s war of aggression against Ukraine has created a new geopolitical reality that has had a strong impact on the employment, economic development and opportunities, and general well-being of the population living in regions bordering Ukraine, Belarus and Russia, as well as candidate countries such as Ukraine and Moldova, which therefore require special attention and support, including by accordingly adapting cohesion policy; whereas this war has led to an unprecedented number of people seeking shelter in the EU, placing an additional burden on local communities and services; whereas the collective security of the EU is strongly dependent on the vitality and well-being of regions situated at the EU’s external borders;

    Q. whereas the unique situation of Northern Ireland requires a bespoke approach building on the benefits of PEACE programmes examining how wider cohesion policy can benefit the process of reconciliation;

    R. whereas 79 % of citizens who are aware of EU-funded projects under cohesion policy believe that EU-funded projects have a positive impact on the regions[26], which contributes to a pro-EU attitude;

    S. whereas overall awareness of EU-funded projects under cohesion policy has decreased by 2 percentage points since 2021[27], meaning that greater decentralisation should be pursued to bring cohesion policy even closer to the citizen;

    1. Insists that the regional and local focus, place-based approach and strategic planning of cohesion policy, as well as its decentralised programming and implementation model based on the partnership principle with strengthened implementation of the European code of conduct, the involvement of economic and civil society actors, and multi-level governance, are key and positive elements of the policy, and determine its effectiveness; is firmly convinced that this model of cohesion policy should be continued in all regions and deepened where possible as the EU’s main long-term investment instrument for reducing disparities, ensuring economic, social and territorial cohesion, and stimulating regional and local sustainable growth in line with EU strategies, protecting the environment, and as a key contributor to EU competitiveness and just transition, as well as helping to cope with new challenges ahead;

    2. Calls for a clear demarcation between cohesion policy and other instruments, in order to avoid overlaps and competition between EU instruments, ensure complementarity of the various interventions and increase visibility and readability of EU support; in this context, notes that the RRF funds are committed to economic development and growth, without specifically focusing on economic, social and territorial cohesion between regions; is concerned about the Commission’s plans to apply a performance-based approach to the European Structural and Investment Funds (ESIF); acknowledges that performance-based mechanisms can be instrumental in making the policy more efficient and results-orientated, but cautions against a one-size-fits-all imposition of the model and expresses serious doubt about ideas to link the disbursement of ESIF to the fulfilment of centrally defined reform goals, even more so if the reform goals do not fall within the scope of competence of the regional level;

    3. Is opposed to any form of top-down centralisation reform of EU funding programmes, including those under shared management, such as the cohesion policy and the common agricultural policy, and advocates for greater decentralisation of decision-making to the local and regional levels; calls for enhanced involvement of local and regional authorities and economic and civil society actors at every stage of EU shared management programmes, from preparation and programming to implementation, delivery and evaluation, keeping in mind that the economic and social development of, and territorial cohesion between, regions can only be accomplished on the basis of good cooperation between all actors;

    4. Emphasises that the European Agricultural Fund for Rural Development (EAFRD) plays a key role, alongside cohesion policy funds, in supporting rural areas; stresses that the EAFRD’s design must align with the rules of cohesion policy funds to boost synergies and facilitate multi-funded rural development projects;

    5. Is convinced that cohesion policy can only continue to play its role if it has solid funding; underlines that this implies that future cohesion policy must be provided with robust funding for the post-2027 financial period; stresses that it is necessary to provide funding that is ambitious enough and easily accessible to allow cohesion policy to continue to fulfil its role as the EU’s main investment policy, while retaining the flexibility to meet potential new challenges, including the possibility of financing the development of dual-use products, and to enable local authorities, stakeholders and beneficiaries to effectively foster local development; is of the firm opinion that the capacity to offer flexible responses to unpredictable challenges should not come at the expense of the clear long-term strategic focus and objectives of cohesion policy;

    6. Underlines the importance of the next EU multiannual financial framework (MFF) and the mid-term review of cohesion policy programmes 2021-2027 in shaping the future of cohesion policy; reiterates the need for a more ambitious post-2027 cohesion policy in the next MFF 2028-2034; calls, therefore, for the upcoming MFF to ensure that cohesion policy continues to receive at least the same level of funding as in the current period in real terms; furthermore calls for cohesion policy to remain a separate heading in the new MFF; stresses that cohesion policy should be protected from statistical effects that may alter the eligibility of regions by changing the average EU GDP; reiterates the need for new EU own resources;

    7. Proposes, therefore, that next MFF be more responsive to unforeseen needs, including with sufficient margins and flexibilities from the outset; emphasises in this regard, however, that cohesion policy is not a crisis instrument and that it should not deviate from its main objectives, namely from its long-term investment nature; calls for the European Union Solidarity Fund to be strengthened, including in its pre-financing, making it less bureaucratic and more easily accessible, in order to develop an appropriate instrument capable of responding adequately to the economic, social and territorial consequences of future natural disasters or health emergencies; emphasises the need for Parliament to have adequate control over any emergency funds and instruments;

    8. Recognises the need to also use nomenclature of territorial units for statistics (NUTS) 3 classification for specific cases, in a manner that recognises that inequalities in development exist within all NUTS 2 regions; is of the opinion that regional GDP per capita must remain the main criterion for determining Member States’ allocations under cohesion policy; welcomes the fact that, following Parliament’s persistent calls, the Commission has begun considering additional criteria[28] such as greenhouse gas emissions, population density, education levels and unemployment rates, in order to provide a better socio-economic overview of the regions;

    9. Stresses that the rule of law conditionality is an overarching conditionality, recognising and enforcing respect for the rule of law, also as an enabling condition for cohesion policy funding, to ensure that Union resources are used in a transparent, fair and responsible manner with sound financial management; considers it necessary to reinforce respect for the rule of law and fundamental rights, and to ensure that all actions are consistent with supporting democratic principles, gender equality and human rights, including workers’ rights, the rights of disabled people and children’s rights, in the implementation of cohesion policy; highlights the important role of the European Anti-Fraud Office and the European Public Prosecutor’s Office in protecting the financial interests of the Union;

    10. Calls for further efforts to simplify, make more flexible, strengthen synergies and streamline the rules and administrative procedures governing cohesion policy funds at EU, national and regional level, taking full advantage of the technologies available to increase accessibility and efficiency, building on the existing and well-established shared management framework, in order to strengthen confidence among users, thus encouraging the participation of a broader range of economic and civil society actors in projects supported and maximising the funds’ impact; calls for further initiatives enabling better absorption of cohesion funds, including increased co-financing levels, higher pre-financing and faster investment reimbursements; calls for local administration, in particular representing smaller communities, to be technically trained for better administrative management of the funds; stresses, therefore, the importance of strengthening the single audit principle, further expanding simplified cost options and reducing duplicating controls and audits that overlap with national and regional oversight for the same project and beneficiary, with a view to eliminating the possibility of repeating errors in subsequent years of implementation;

    11. Calls on the Commission and the Member States to give regions greater flexibility already at the programming stage, in order to cater for their particular needs and specificities, emphasising the need to involve the economic and civil society actors; underlines that thematic concentration was a key element in aligning cohesion policy with Europe 2020 objectives; asks the Commission, therefore, to present all findings related to the implementation of thematic concentration and to draw lessons for future legislative proposals;

    12. Acknowledges that the green, digital and demographic transitions present significant challenges but, at the same time, opportunities to achieve the objective of economic, social and territorial cohesion; recognises that, statistically, high-income areas can hide the economic problems within a region; is aware of the risk of a widening of regional disparities, a deepening of social inequalities and a rising ‘geography of discontent’ related to the transition process; underlines the need to reach the EU’s sustainability and climate objectives, and to maintain shared economic growth by strengthening the Union’s competitiveness; calls, therefore, for a European strategy that guarantees harmonious growth within the Union, meeting the respective regions’ specific needs; reaffirms its commitment to pursuing the green and digital transitions, as this will create opportunities to improve the EU’s competitiveness; underlines the need to invest in infrastructure projects that enhance connectivity, particularly in sustainable, intelligent transport, and in energy and digital networks, ensuring that all regions, including remote and less-developed ones, are fully integrated into the single market and benefit equitably from the opportunities it provides; emphasises, in this context, the need to support the development of green industries, fostering local specificities and traditions to increase the resilience of the economic environment and civil society to future challenges;

    13. Urges that the cohesion policy remain consistent with a push towards increasing innovation and completing the EU single market, in line with the conclusions of the Draghi report on European competitiveness; underlines, in the context of regional disparities, the problem of the persisting innovation divide and advocates for a tailored, place-based approach to fostering innovation and economic convergence across regions and reducing the innovation gap; calls for a stronger role for local and regional innovation in building competitive research and innovation ecosystems and promoting territorial cohesion; points to new EU initiatives, such as regional innovation valleys and partnerships for regional innovation, that aim to connect territories with different levels of innovation performance and tackle the innovation gap; considers that this approach will reinforce regional autonomy, allowing local and regional authorities to shape EU policies and objectives in line with their specific needs, characteristics and capacities, while safeguarding the partnership principle;

    14. Is convinced that cohesion policy needs to continue to foster the principle of just transition, addressing the specific needs of regions, while leaving no territory and no one behind; calls for continued financing of the just transition process, with the Just Transition Fund being fully integrated into the Common Provisions Regulation and endowed with reinforced financial means for the post-2027 programming period; emphasises, nonetheless, the need to assess the impact of the Just Transition Fund on the transformation of eligible regions and, while ensuring it remains part of cohesion policy, refine its approach in the new MFF on the basis of the findings and concrete measures to ensure the economic and social well-being of affected communities;

    15. Underlines the need to improve the relationship between cohesion policy and EU economic governance, while avoiding a punitive approach; stresses that the European Semester should comply with cohesion policy objectives under Articles 174 and 175 TFEU; calls for the participation of the regions in the fulfilment of these objectives and for a stronger territorial approach; calls for a process of reflection on the concept of macroeconomic conditionality and for the possibility to be explored of replacing this concept with new forms of conditionality to better reflect the new challenges ahead;

    16. Is concerned about the growing number of regions in a development trap, which are stagnating economically and are suffering from sharp demographic decline and limited access to essential services; calls, therefore, for an upward adjustment in co-financing for projects aimed at strengthening essential services; stresses the role of cohesion policy instruments in supporting different regions and local areas that are coping with demographic evolution affecting people’s effective right to stay, including, among others, challenges related to depopulation, ageing, gender imbalances, brain drain, skills shortages and workforce imbalances across regions; recognises the need for targeted economic incentives and structural interventions to counteract these phenomena; in this context, calls for the implementation of targeted programmes to attract, develop and retain talent, particularly in regions experiencing significant outflows of skilled workers, by fostering education, culture, entrepreneurship and innovation ecosystems that align with local and regional economic needs and opportunities;

    17. Recognises the importance of supporting and financing specific solutions for regions with long-standing and serious economic difficulties or severe permanent natural and demographic handicaps; reiterates the need for maintaining and improving the provision of quality essential services (such as education and healthcare), transport and digital connectivity of these regions, fostering their economic diversification and job creation, and helping them respond to challenges such as rural desertification, population ageing, poverty, depopulation, loneliness and isolation, as well as the lack of opportunities for vulnerable people such as persons with disabilities; underlines the need to prioritise the development and adequate funding of strategic sectors, such as renewable energy, sustainable tourism, digital innovation and infrastructure, in a manner that is tailored to the economic potential and resources of each region, in order to create broader conditions for endogenous growth and balanced development across all regions, especially rural, remote and less-developed areas, border regions, islands and outermost regions; recalls the importance of strong rural-urban linkages and particular support for women in rural areas;

    18. Emphasises the need for a tailored approach for the outermost regions, as defined under Article 349 TFEU, which face unique and cumulative structural challenges due to their remoteness, small market size, vulnerability to climate change and economic dependencies; underlines that these permanent constraints, including the small size of the domestic economy, great distance from the European continent, location near third countries, double insularity for most of them, and limited diversification of the productive sector, result in additional costs and reduced competitiveness, making their adaptation to the green and digital transition particularly complex and costly; underlines their great potential to further develop, inter alia through improved regional connectivity, key sectors such as blue economy, sustainable agriculture, renewable energies, space activities, research or eco-tourism; reiterates its long-standing call on the Commission to duly consider the impact of all newly proposed legislation on the outermost regions, with a view to avoiding disproportionate regulatory burdens and adverse effects on these regions’ economies;

    19. Underlines the fact that towns, cities and metropolitan areas have challenges of their own, such as considerable pockets of poverty, housing problems, traffic congestion and poor air quality, generating challenges for social and economic cohesion created by inharmonious territorial development; emphasises the need for a specific agenda for cities and calls for deepening their links with functional urban areas, encompassing smaller cities and towns, to ensure that economic and social benefits are spread more evenly across the entire territory; highlights the need to strengthen coordination between the initiatives of the Urban Agenda for the EU and the instruments of cohesion policy, favouring an integrated approach that takes into account territorial specificities and emerging challenges; calls, furthermore, for more direct access to EU funding for regional and local authorities, as well as cities and urban authorities, by inter alia widening the use of integrated territorial investments (ITI);

    20. Stresses the need to continue and strengthen investments in affordable housing within the cohesion policy framework, recognising its significance for both regions and cities; highlights the need to foster its changes relevant to investing in housing beyond the two current possibilities (energy efficiency and social housing); emphasises the important role that cohesion policy plays in the roll-out and coordination of these initiatives; believes, furthermore, that it is important to include housing affordability in the URBACT initiative;

    21. Stresses the strategic importance of strong external border regions for the security and resilience of the EU; calls on the Commission to support the Member States and regions affected by Russia’s war of aggression against Ukraine, in particular the regions on the EU’s eastern border, by revising the Guidelines on regional State aid[29], through tailor-made tools and investments under the cohesion policy, as well as supporting them to make the most of the possibilities offered by the cohesion policy funds, including Interreg, in a flexible way, to help cope with the detrimental socio-economic impact of the war on their populations and territories; calls, furthermore, for support to be given to regions bordering candidate countries such as Ukraine and Moldova to strengthen connections and promote their EU integration;

    22. Highlights the added value of territorial cooperation in general and cross-border cooperation in particular; underlines the importance of Interreg for cross-border regions, including outermost regions; emphasises its important role in contributing to their development and overcoming cross-border obstacles, including building trust across borders, developing transport links, identifying and reducing legal and administrative obstacles and increasing the provision and use of cross-border public services, among others; considers Interreg as the main EU instrument for tackling the persistent cross-border obstacles faced by emergency services, and proposes that there be a more prominent focus on these services; underlines the fact that cross-border areas, including areas at the EU’s external borders, bordering aggressor countries often face specific challenges; believes that EU border regions, facing multiple challenges, must be supported and is of the opinion that they must be provided with increased means; welcomes the new regulation on BRIDGEforEU; emphasises the importance of small-scale and cross-border projects and stresses the need for effective implementation on the ground; calls on the Commission to encourage Member States to actively support awareness-raising campaigns in bordering regions to maximise the impact of cross-border cooperation;

    23. Recalls the need to ‘support cohesion’, rather than just rely on the ‘do no harm to cohesion’ principle, which means that no action should hamper the convergence process or contribute to regional disparities; calls for a stronger integration of these principles as cross-cutting in all EU policies, to ensure that they support the objectives of social, economic and territorial cohesion, as set out in Articles 3 and 174 TFEU; calls, furthermore, on the Commission to issue specific guidelines on how to implement and enforce these principles across EU policies, paying particular attention to the impact of EU laws on the competitiveness of less developed regions; reiterates that new legislative proposals need to take due account of local and regional realities; suggests that the Commission draw on innovative tools such as RegHUB (the network of regional hubs) to collect data on the impact of EU policies on the regions; to this end, underlines the need to strengthen the territorial impact assessment of EU legislation, with a simultaneous strengthening of the territorial aspects of other relevant policies; insists that promoting cohesion should also be seen as a way of fostering solidarity and mutual support among Member States and their regions; calls on the Commission and the Member States to continue their efforts regarding communication and visibility of the benefits of cohesion policy, demonstrating to citizens the EU’s tangible impact and serving as a key tool in addressing Euroscepticism; welcomes the launch of the multilingual version of the Kohesio platform;

    24. Notes with concern the severe decline in recent years of adequate levels of national funding by Member States towards their poorer regions; recalls the importance of respecting the EU rule on additionality; calls on the Commission to ensure that national authorities take due account of internal cohesion in drafting and implementing structural and investment fund projects;

    25. Insists that, in addition to adjusting to regional needs, cohesion policy must be adapted to the smallest scale, i.e. funds must be accessible to the smallest projects and project bearers; points out that their initiatives are often the most innovative and have a significant impact on rural development; reiterates that these funds should be accessible to all, regardless of their size or scope; approves of the Cohesion Alliance’s call for ‘a post-2027 Cohesion Policy that leaves no one behind’;

    26. Stresses that delays in the MFF negotiations, together with the fact that Member States have placed a greater focus on the programming of the RRF funds, led to considerable delays in the programming period 2021-2027; stresses the importance of a timely agreement in the next framework, and therefore calls for the Common Provisions Regulation (CPR) and the budget negotiations to be finalised at least one year before the start of the new funding period so that Member States can develop their national and regional funding strategies in good time to ensure a successful transition to the next funding period and the continuation of existing ESIF projects;

    27. Instructs its President to forward this resolution to the Council, the Commission, the European Economic and Social Committee, the European Committee of the Regions and the national and regional parliaments of the Member States.

    MIL OSI Europe News

  • MIL-OSI Global: Forgotten futures? Canada urgently needs a national discussion about young people’s futures

    Source: The Conversation – Canada – By J-C Couture, Adjunct faculty and Associate Lecturer, Department of Secondary Education, University of Alberta

    This federal election cycle has seen laudable efforts to raise awareness around neglected issues.

    We’ve heard more about the need for greater co-operation between provincial and territorial governments to respond to chaos triggered by United States President Donald Trump’s policies. In the same time frame, municipal politicans have been calling for climate change action through co-ordinated sustainable infrastructure development.

    For policy experts and pundits alike, a growing consensus is emerging that Canada has for too long ignored deeper economic and political structural problems.

    Some political analysts, (like pundit Andrew Coyne), have framed these issues as being part of Canada’s growth crisis, underscoring problems like a lack of a coherent industrial policy, flat or declining productivity and weak competitiveness.

    Others, including provincial, municipal and First Nations leaders, note Canada also lacks a coherent approach to infrastructure that addresses decades of neglect in cities, towns and Indigenouscommunities alike.

    As researchers committed to advancing more intentional conversations concerning the future of public education, we also see a huge gap in terms of co-ordinated, pan-Canadian federal efforts to support young people’s futures through education.

    Need to knit vision together

    For example, we have a national early learning and child-care strategy, (which could be imperilled, depending on who wins the election). It’s often shorthanded as being about “child care,” which diminishes the long-term significance of paying attention to how we invest in young people and families, and the quality of early education.

    A recent open letter by the chair of the Toronto District School Board called on the leaders of Canada’s federal party leaders to address the growing diversity and complexity of the city’s student population.




    Read more:
    ‘Child care’ or education? Words matter in how we envision living well with children


    We don’t have a federal department for education. While the Council of Ministers of Education Canada (CMEC) serves as a forum to discuss policy issues, as education scholar Jennifer Wallner notes, “effective creativity and co-ordination” is needed.

    In the early 2000s, the Canadian Council on Learning was making ground-breaking contributions towards helping Canada develop comprehensive and coherent approaches to lifelong learning. But the council’s work was hobbled in 2011 when it was defunded by Stephen Harper’s Conservative government.

    Sen. Rosemary Moodie’s introducton of Bill S-282, a “National Strategy for Children and Youth Act,” in November 2023 is one example of a positive effort to develop a pan-Canadian youth development framework.

    There are solid pieces of a puzzle that can contribute to nurturing hopeful young people and a socially healthy and empowered society. But these sorely need to be knit together, as they have in places like like Iceland and Finland
    to name a few.

    Refraining from taking democracy for granted

    The question of what public education actually means is much more than a semantic exercise; it’s a practical and foundational exercise in building a civil society and nation.

    Three decades ago, American cultural and media critic Neil Postman invoked the truism that “public education creates a public” — a reminder that the vibrancy of our communities and democracy can’t be taken for granted. As we look at the U.S. and the rise of neo-liberalism and authoritarian populism, Canadians need to remember Postman.

    Our colleague, David King, former minister of education in Alberta from 1979 to 1986, observes that of all institutions citizens have created, “public school education is the only such institution that remains where we can share common stories, and conventions and imagination.”

    What we should value about public education

    Yet the role of public education in contributing to Canada’s democratic traditions is often taken for granted. A shared sense of what we should value about public education remains elusive — and is played out amid debate about structural and political reforms, around matters like who controls schools.

    Meanwhile, researchers highlight how families continue moving to private schooling. Consider Australians, who see public education as a universal right, yet 35 per cent of students attend private schools..

    In Canada, a network of university researchers and advocacy groups — the Public Education Exchange (PEX) research network —has documented growing privatization and commercialization of public education. Sue Winton, PEX project director and education professor, describes how the privatization of public education in Canada continues to undermine equality and democracy.

    Sue Winton discusses her book ‘Unequal Benefits: Privatization and Public Education in Canada.’

    Across Canada, processes towards privatization involve policies and practices that shift responsibilities from governments to private bodies, with corresponding shifts in lower investment in per-student public school learning.

    Shifts towards privatization go beyond funding private and charter schools. They include underfunding school facilities and movements that promote sloganeering around “parent rights” and “parental choice.”




    Read more:
    ‘School choice’ policies are associated with increased separation of students by social class


    Post-secondary investment declines

    In higher education, privatization has also accelerated. Students, particularly international students, have provided an increasing portion of funding. In Ontario, according to Higher Education Strategy Associates, international students contributed approximately 76 per cent of all tuition fee revenue in the college sector in 2023-24. In the university sector, it’s more than 50 per cent. Other provinces saw similar shifts.

    A decline in per capita public investment has encouraged the growth of the private college and university sector and investments in AI-enabled learning through corporate learning systems. Technology-related fields have developed corporate partnerships that shape what is taught and how.

    The precarity of public higher education in Canada threatens our social and economic future.

    Making futures possible for young people

    Whether it’s through local community schools, a university or college campus or larger community initiatives, we can’t drop the promise of universal access to an inclusive and broad education.

    Keeping this promise is even more pressing given generational inequity. As discusssed by Paul Kershaw, policy professor and founder of “Gen Squeeze” think tank, and Kareem Kudus, research analyst, “generationally unfair policies … have contributed to today’s housing, affordability, medical care and climate crises.”




    Read more:
    Wildfires in Alberta spark urgent school discussions about terrors of global climate futures


    Initiatives established in the 1970s focused on building connections between different regions: Open House Canada was a high-school student exchange program, and Katimavik, a youth service program founded by the visionary author Jacques Hébert, who would later become a senator and champion for intercutural and global travel experiences for our young people.

    Programs like these have presented significant and rich opportunities for building relationships across difference, and an equitable and inclusive sense of social cohesion. But governments at all levels have failed to sustain and expand such programs, or connect them with school learning.

    Broader discussions on what we care about

    The current existential threat to Canada fuelled by Trump’s presidency should mobilize not just an “elbows up” approach, but also “heads up” when it comes to the need for a pan-Canadian a youth policy framework that bolsters public education. As many Americans are also realizing, we need public education to help address current challenges, but it’s under attack.

    As American organizational behaviour expert and writer Margaret J. Wheatley reminds us: “There is nothing more powerful than a community discovering what it cares about.”

    In the aftermath of the federal election, we’d love to see much more dialogue surrounding the “publicness” of public education — to go further in at least deciding on what we really care about as a country.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Forgotten futures? Canada urgently needs a national discussion about young people’s futures – https://theconversation.com/forgotten-futures-canada-urgently-needs-a-national-discussion-about-young-peoples-futures-254883

    MIL OSI – Global Reports

  • MIL-OSI Global: Paying fishers to release sharks accidentally caught in their nets can incentivise conservation action – but there’s a catch

    Source: The Conversation – UK – By Hollie Booth, Research Associate, Conservation Science, University of Oxford

    An Indonesian fisher safely releases a critically endangered wedgefish. Francesca Page. Francesca Page, CC BY-NC-ND

    Sharks and rays are among the world’s most threatened species, mainly due to overfishing. They are sometimes targeted for their fins and meat, but more often caught as bycatch in nets aiming to catch other fish. Declines in these ocean predators can disrupt food webs, harm tourism income and worsen climate change by undermining the resilience of ocean ecosystems.

    However, halting overfishing of sharks and rays is difficult because the social dynamics around it are complex. Many threatened species are caught in small-scale, mixed-species fisheries in tropical coastal areas, where households depend on the fish they catch – including endangered sharks and rays – for food and income.

    For the past five years, I have been investigating how to support both marine life and the people who rely on catching fish. I’m part of a global team of interdisciplinary researchers focusing on shark and ray conservation in small-scale fisheries in Indonesia.

    Our new study, just published in Science Advances, suggests that paying fishers to release endangered species can incentivise conservation behaviours and promote fisher welfare. However, such payments can also have unintended consequences, which may undermine conservation goals, so it’s really important to design incentives carefully and rigorously evaluate initiatives as they progress.

    Though sharks and rays are not necessarily targeted by small-scale fishers, threatened species such as wedgefish and hammerhead sharks are frequently captured. In our 2020 study, fishers often told us that wedgefish and hammerheads are “just bycatch”. However, further investigation revealed that fishers remain reluctant to reduce catches of these species because they would lose food and income.

    “It brings more money even though it’s not the target” one fisher told us. “It is rezeki” (a gift from God). “If I return it to the ocean, it is mubazir” (wasteful and God will be displeased).

    Knowing this, we explored the different positive and negative incentives that might motivate fishers to change their behaviour. We found that conditional cash payments, which compensate fishers for safely releasing wedgefish and hammerheads back into the sea, could be a cost-effective way to conserve these species without damaging fisher livelihoods.

    Inspired by our results, I worked with students and collaborators to establish a small local charitable organisation to put our findings into practice – Kebersamaan Untuk Lautan (an Indonesian phrase meaning “togetherness for the ocean”). We agreed to compensates fishers with cash payments – typically US$2-7 (£1.50-5) per fish – if they submit videos of wedgefish and hammerhead being safely released.

    Testing the incentive

    However, incentives can change fishing behaviour in unforeseen ways. For example, fishers may increase their catches to receive more payments at the expense of conservation goals. Payments may also end up going to people who would reduce catches anyway, or could release budget constraints allowing fishers to purchase more nets.

    To see if and how the conservation payments worked in practice, we carried out a controlled experiment, randomly splitting 87 vessels from Aceh and West Nusa Tenggara into two groups. One group was offered compensation for live releases while the other was not. We collected data on reported live releases and retained catches of wedgefish and hammerheads, and on fishers’ levels of satisfaction with the programme and life in general. Then we compared the two groups.

    Since we launched the pay-to-release programme in May 2022, more than 1,200 wedgefish and hammerheads have been safely released. All participating fishers and their families felt satisfied.

    “We use the compensation money to cover our daily needs. We hope that the programme continues in the future,” said the wife of one participating fisher.

    Hollie Booth has been collaborating with fishers in Indonesia to reduce bycatch of sharks. Film by Liam Webb.

    However, our experimental data from the first 16 months of the programme (May 2022 – July 2023) revealed a plot twist. Even though the compensation incentivised live releases, results suggested that some fishers had purposefully increased their catches to gain more payments.

    My team and I were initially distressed by the result. However, without the rigorous controlled experiment we would never have detected these unintended consequences. Based on our results, we revised the compensation pricing and limited how many compensated releases each vessel can claim per week. We are also piloting a new gear swap scheme, where fishers trade their nets for fish traps, which have much lower bycatch rates. Preliminary data suggest these changes have boosted the programme’s effectiveness.

    Our team at Oxford works closely with other local researchers and conservation organisations to help them design and assess their own locally appropriate incentive programmes. Another recent study from conservation charity Thresher Shark Indonesia shows that their alternative livelihood programme reduced catches of endangered thresher sharks by over 90%.

    Positive incentives are an important instrument for solving the biodiversity crisis in an equitable way. It is unfair and unjust to expect small-scale resources users in developing countries to bear most of the costs of conservation. Especially when wealthier and more powerful ocean users – such as commercial seafood companies – cause major negative impacts through overfishing while extracting huge profits. However, conservation incentives must be well designed and robustly evaluated to ensure they incentivise the right actions and deliver intended results.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.


    Hollie Booth is the founder and Chair of Kebersamaan Untuk Lautan. The program and this research was funded by Save Our Seas Foundation and the UK Darwin Initiative.

    ref. Paying fishers to release sharks accidentally caught in their nets can incentivise conservation action – but there’s a catch – https://theconversation.com/paying-fishers-to-release-sharks-accidentally-caught-in-their-nets-can-incentivise-conservation-action-but-theres-a-catch-253797

    MIL OSI – Global Reports

  • MIL-OSI: The arbitral tribunal has confirmed Onni Bidco Oy’s redemption right over the minority shares in Innofactor Plc, and trading in the Innofactor Plc shares has been suspended

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc | Stock Exchange Release | April 23, 2025 at 18:00 EEST

    The arbitral tribunal has confirmed Onni Bidco Oy’s redemption right over the minority shares in Innofactor Plc, and trading in the Innofactor Plc shares has been suspended

    The arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce in connection with the redemption proceedings concerning the minority shares in Innofactor Plc (“Innofactor”) has in its interim decision issued today confirmed that Onni Bidco Oy (“Onni Bidco”) has the right to redeem the minority shares in Innofactor, and that Onni Bidco has the right to obtain title to the minority shares by posting a security approved by the arbitral tribunal for the payment of the redemption price and the interest accruing thereon.

    Innofactor announced on March 31, 2025 that the Board of Directors of Innofactor has resolved to apply for the termination of public trading in the shares of Innofactor and for the delisting of its shares from the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) so that the delisting in respect of the Innofactor shares admitted to trading on the official list of Nasdaq Helsinki would become effective as soon as possible upon Onni Bidco having gained title to all the shares in Innofactor in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act.

    Following the confirmation of Onni Bidco’s redemption right, Nasdaq Helsinki has suspended trading in the Innofactor shares today on April 23, 2025 at 17:16 (EEST). The possible posting of the security and the delisting of the Innofactor shares will be announced separately.

    Investor and media enquiries:

    Veera Vitie (Innofactor), ir@innofactor.com, +358 44 331 0207
    Lasse Lautsuo (Innofactor), ir@innofactor.com, +358 50 480 1597

    Distribution:
    NASDAQ Helsinki
    Main media

    ABOUT INNOFACTOR

    Innofactor is the leading promoter of the modern digital organization in the Nordic countries for its approximately 1,000 customers in the commercial and public sectors. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor’s offering includes planning services for business-critical IT solutions, project deliveries, implementation support and maintenance services, as well as own software and services. Innofactor employs nearly 600 experts in Finland, Sweden, Denmark and Norway. Innofactor’s shares are listed on Nasdaq Helsinki with the ticker symbol IFA1V.

    The MIL Network

  • MIL-OSI Global: How will a new pope be chosen? An expert explains the conclave

    Source: The Conversation – Global Perspectives – By Darius von Guttner Sporzynski, Historian, Australian Catholic University

    Following the death of Pope Francis, we’ll soon be seeing a new leader in the Vatican. The conclave – a strictly confidential gathering of Roman Catholic cardinals – is due to meet in a matter of weeks to elect a new earthly head.

    The word conclave is derived from the Latin con (together) and clāvis (key). It means “a locked room” or “chamber”, reflecting its historical use to describe the locked gathering of cardinals to elect a pope.

    Held in the Sistine Chapel, the meeting follows a centuries-old process designed to ensure secrecy and prayerful deliberation. A two-thirds majority vote will be needed to successfully elect the 267th pope.

    History of the conclave

    The formalised papal conclave dates back centuries. And various popes have shaped the process in response to the church’s needs.

    In the 13th century, for example, Pope Gregory X introduced strict regulations to prevent unduly long elections.

    Pope Gregory X brought in the rules to prevent a repeat of his own experience. The conclave that elected him in September 1271 (following the death of Pope Clement IV in 1268) lasted almost three years.

    Further adjustments were made to streamline the process and emphasise secrecy, culminating in Pope John Paul II’s 1996 constitution, Universi Dominici gregis (The Lord’s whole flock). This document set the modern framework for the conclave.

    In 2007 and 2013, Benedict XVI reiterated that a two-thirds majority of written votes would be required to elect a new pope. He also reaffirmed penalties for breaches of secrecy.

    The secrecy surrounding the conclave ensures the casting of ballots remains confidential, and without any external interference.

    The last known attempt at external interference in a papal conclave occurred in 1903 when Emperor Franz Joseph of Austria sought to prevent the election of Cardinal Mariano Rampolla. However, the assembled cardinals rejected this intervention, asserting the independence of the electoral process.

    How does voting work?

    The conclave formally begins between 15 and 20 days after the papal vacancy, but can start earlier if all cardinals eligible to vote have arrived. Logistical details, such as the funeral rites for the deceased pope, can also influence the overall timeline.

    Historically, the exact number of votes required to elect a new pope has fluctuated. Under current rules, a minimum two-thirds majority is needed. If multiple rounds of balloting fail to yield a result, the process can continue for days, or even weeks.

    After every few inconclusive rounds, cardinals pause for prayer and reflection. This process continues until one candidate receives the two-thirds majority required to win. The final candidates do not vote for themselves in the decisive round.

    The ballot paper formerly used in the conclave, with ‘I elect as Supreme Pontiff’ written in Latin.
    Wikimedia Commons

    How is voting kept secret?

    The papal conclave is entirely closed to the public. Voting is conducted by secret ballot within the Sistine Chapel in the Apostolic Palace, the pope’s official residence.

    During the conclave, the Sistine Chapel is sealed off from outside communication. No cameras are allowed, and there is no live broadcast.

    The cardinals involved swear an oath of absolute secrecy, and face the threat of excommunication if it is violated. This ensures all discussions and voting remain strictly confidential.

    The iconic white smoke, produced by burning ballots once a pope has been chosen, is the only public signal that the election has concluded.

    Who can be elected?

    Only cardinals who are under 80 years of age at the time of conclave’s commencement can vote. Older cardinals are free to attend preparatory meetings, but can not cast ballots.

    While the total number of electors is intended to not exceed 120, the fluctuating nature of cardinal appointments, as well as age restrictions, make it difficult to predict the exact number of eligible voters at any given conclave.

    Technically, any baptised Catholic man can be elected pope. In practice, however, the College of Cardinals traditionally chooses one of its own members. Electing an “outsider” is extremely rare, and has not occurred in modern times.

    What makes a good candidate?

    When faced with criticism from a member of the public about his weight, John XXIII (who was pope from 1958-1963) retorted the papal conclave was “not a exactly beauty contest”.

    Merit, theological understanding, administrative skill and global perspective matter greatly. But there is also a collegial element – something of a “popularity” factor. It is an election, after all.

    Cardinals discuss the church’s current priorities – be they evangelisation strategies, administrative reforms or pastoral concerns – before settling on the individual they believe is best suited to lead.

    The cardinal electors seek someone who can unify the faithful, navigate modern challenges and maintain doctrinal continuity.

    Controversies and criticisms

    The conclave process has faced criticism for its strict secrecy, which can foster speculation about potential “politicking”.

    Critics argue a tightly controlled environment might not reflect the broader concerns of the global church.

    Some have also questioned whether age limits on voting cardinals limit the wisdom and experience found among older members.

    Nonetheless, defenders maintain that secrecy encourages free and sincere deliberation, minimising external pressure and allowing cardinals to choose the best leader without fear of reprisal, or of public opinion swaying the vote.

    Challenges facing the new pope

    The next pope will inherit a mixed situation: a church that has grown stronger in certain areas under Francis, yet which grapples with internal divisions and external challenges.

    Like other religions, the church faces secularisation, issues with financial transparency and a waning following in some parts of the globe.

    One of the earliest trials faced by the new pope will be unifying the global Catholic community around a shared vision – an obstacle almost every pope has faced. Striking the right balance between doctrine and pastoral sensitivity remains crucial.

    Addressing sexual abuse scandals and their aftermath will require decisive action, transparency and continued pastoral care for survivors.

    Practical concerns also loom large. The new pope will have to manage the Vatican bureaucracy and interfaith relations, while maintaining the church’s stance on global crises such as migration and poverty – two issues on which Francis insisted mercy could not be optional.

    The cardinal electors have a tough decision ahead of them. The Catholic community can only pray that, through their deliberations, they identify a shepherd who can guide the church through the complexities of the modern world.

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

    ref. How will a new pope be chosen? An expert explains the conclave – https://theconversation.com/how-will-a-new-pope-be-chosen-an-expert-explains-the-conclave-250506

    MIL OSI – Global Reports

  • MIL-OSI: XRP News: XenDex Announces $XDX Token Sale As SEC Drops Ripple (XRP) Lawsuit

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, Australia, April 23, 2025 (GLOBE NEWSWIRE) — XenDex is thrilled to announce the first AI-powered all-in-one decentralized exchange (DEX) built on XRP, combining non-custodial lending and borrowing, AI copy trading, and DAO governance in a single user-centric platform.

    Currently, excitement grows across the crypto industry amid SEC dropping the XRP Ripple Lawsuit. A new decentralized finance project, XenDex is seizing the moment to reshape the XRP Ledger ecosystem. With XRP (which is designed for speed, scalability, and community participation) gaining mainstream attention once again and institutional capital eyeing the asset class, XenDex is poised to become a major infrastructure player on the XRP Ledger and is set to redefine how users trade, earn, and govern on-chain.

    Buy $XDX Token Now

    The new Ripple based DeFi is ready to offer its native token for sale, ready to raise major funds in record time for advancement and further development of the project. The new XRP project has become the talk of the XRP community and investors are already jumping onboard, convinced XDX will deliver massive returns and position itself as XRP’s breakout altcoin by 2025.

    XenDex promotes itself as a transformative platform combining the power of Artificial Intelligence (AI) with an ultra-fast and low-fee XRP Ledger (XRP).

    Join XenDex Presale

    XenDex has officially revealed that the $XDX token is ready for sale through its website XenDex.net, offering early adopters first access to one of XRP’s most ambitious DeFi platforms to date. The $XDX token serves as the utility and governance currency powering all features across the XenDex ecosystem.

    The token sale begins when Ripple Labs officially concludes its long-running legal battle with the U.S. Securities and Exchange Commission (SEC) which marks a monumental moment for both XRP holders and the broader cryptocurrency industry. This has fueled optimism across the Ripple community. Institutional interest, growing liquidity, and infrastructure upgrades are aligning — and XenDex is launching at the perfect time to capture this surge in demand.

    Features of XenDex

    • Lending & Borrowing – Access liquidity or earn passive income via secure, smart contract-based loans.
    • AI Copy Trading – Automatically mirror top traders in real-time using our AI-powered copy engine.
    • Spot & Perpetual Trading – Trade instantly via an embedded AMM with zero custodial risk.
    • Liquidity Farming & Staking – Earn $XDX rewards for providing liquidity or staking tokens.
    • DAO Governance – Every $XDX token holder can vote on key upgrades, listings, and ecosystem decisions.
    • Cross-Chain Compatibility – Future support for Ethereum, BNB, Cardano, and more.

    Tokenomics at a Glance

    • Token Ticker: $XDX
    • Total Supply: 1,000,000,000
    • Presale Allocation: 300,000,000 XDX
    • Utilities: Governance, staking, platform fees, airdrops, and more.

    Buy XDX Tokens

    Smart contracts are currently undergoing comprehensive audits, and the platform will be fully non-custodial with transparent DAO-based governance. Early adopters participating in the presale will benefit from staking rewards, airdrops, and priority access to upcoming product launches.

    As the market looks toward a possible XRP ETF launch, projects like XenDex are building the infrastructure needed to support this wave of adoption. With its blend of automation, community empowerment, and high-speed execution, XenDex is positioning itself as the primary DeFi gateway for XRP-based assets.

    Join the Movement Now!

    Website: xendex.net
    Presalehttps://xendex.net/presale/
    Telegram: t.me/XenDexCommunity
    Twitter/X: https://x.com/xendex_xrp

    Contact:
    Frank Richards
    Frank@xendex.net

    Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3f59d62f-81ec-4c60-a99b-145716270a5a

    The MIL Network

  • MIL-OSI: ModelOp Recognized in AI Governance Landscape Analyst Report

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 23, 2025 (GLOBE NEWSWIRE) — ModelOp, the leading AI Governance software for enterprises, announced today its inclusion in Forrester’s new report, The AI Governance Solutions Landscape, Q2 2025. The report provides an overview of 22 vendors. It helps AI leaders understand the value that they can expect from an AI governance solution, while giving them the opportunity to explore potential partners. ModelOp believes its inclusion affirms its strength in delivering enterprise-grade governance capabilities across the model lifecycle – from model development and risk management to deployment and compliance monitoring.

    “We’re honored to be included and believe that Forrester’s recognition of ModelOp in their AI governance landscape report further demonstrates that our platform is driving clear business outcomes for enterprises,” said Pete Foley, CEO of ModelOp. “We are committed to helping large enterprises, such as FINRA, P&G, Bristol Myers Squibb, and more, accelerate and scale their AI lifecycle management with confidence, accountability, and transparency.”

    ModelOp’s platform empowers enterprises to:                                                          

    • Brings AI to market 2X faster through AI lifecycle automation
    • Scales AI lifecycle processes by 10X enabling enterprises to manage thousands of use cases
    • Instills trust by consistently enforcing governance policies across teams and lines of business

    ModelOp’s recognition by Forrester adds to a series of industry achievements, including being named a Representative Vendor in the 2025 Gartner Market Guide for AI Trust, Risk, and Security Management, and receiving the Business Intelligence Group’s 2025 Artificial Intelligence Excellence Award.

    Visit https://www.modelop.com/ to learn more about ModelOp’s AI Governance platform.

    Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here.

    About ModelOp
    ModelOp is the leading AI Governance software that helps enterprises safeguard all AI initiatives – including generative AI, Large Language Models (LLMs), in-house, third-party, and embedded systems – without stifling innovation. Through automation and integrations, ModelOp empowers enterprises to quickly address the critical governance and scale challenges necessary to protect and fully unlock the transformational value of enterprise AI – resulting in effective and responsible AI systems. In 2024, ModelOp received the prestigious AI Breakthrough Award for “Best AI Governance Platform” and was also recognized as a winner in Inc.’s Best in Business Awards in the AI & Data category. In 2025, it was awarded the “Best AI Governance Software Award” from Netty Awards and received Business Intelligence Group’s Artificial Intelligence Excellence Award. Follow ModelOp on LinkedIn.

    Media Contact
    Ria Romano, Partner
    RPR Public Relations, Inc.
    Tel. 786-290-6413

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/35d0d322-6f78-4fae-8659-89383bcaa634

    The MIL Network

  • MIL-Evening Report: Albanese government announces $1.2 billion plan to purchase critical minerals

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    A re-elected Albanese government will take the unprecedented step of buying or obtaining options over key critical minerals to protect Australia’s national interest and boost its economic resilience.

    The move follows US President Donald Trump’s ordering a review into American reliance on imported processed critical minerals and Australia’s discussions with the United States about a possible agreement on these minerals as part of negotiations to get a better deal on US tariffs.

    Australia has major deposits of critical minerals and rare earths. But almost all the processing of critical minerals is done by China, which uses this as leverage in disputes with other countries. As part of its tariff dispute with the US, China this month suspended exports of a wide range of critical minerals and magnets.

    Critical minerals are vital in the production of many items, including defence equipment, batteries, electronics, fibre optic cables, electric vehicles, magnets and wind turbines.

    Prime Minister Anthony Albanese flagged recently that Australia would establish a critical minerals reserve and the government has now released details of its plan.

    The government investment in critical minerals would come through two new mechanisms:

    • national offtake agreements

    • selective stockpiling

    The government would acquire, through voluntary contracts, agreed volumes of critical minerals from commercial projects, or establish an option to purchase them at a given price.

    It would also establish a government stockpile of key minerals produced under offtake agreements.

    “The primary consideration for entering into offtake agreements will be securing priority critical minerals for strategic reasons,” the government said in a statement.

    Minerals held by the reserve would be made available to domestic industry and key international partners.

    This would cover a deal with the US, if that can be reached.

    “The Reserve will be focused on a subset of critical minerals that are most important for Australia’s national security and the security of our key partners, including rare earths,” the statement said.

    As its holdings matured, the reserve would generate cash-flow from sales of offtake on global markets and to key partners, the statement said.

    “The Strategic Reserve will also accumulate stockpiles of priority minerals when warranted by market conditions and strategic considerations, but it is anticipated that these will be modest and time-limited in most cases.”

    The government would make an initial investment of $1.2 billion in the reserve, including through a $1 billion increase in the existing Critical Minerals Facility. This would take the government’s investment in the facility to $5 billion.

    The facility, established in 2021, provides financing to selected projects that are aligned with the government’s critical minerals strategy.

    The government plans to consult with states and companies on the scope and design on the Strategic Reserve, which it would aim to have operating in the second half of next year.

    ALbanese said: “In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience.

    “The Strategic Reserve will mean the government has the power to purchase, own and sell critical minerals found here in Australia.

    “It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.”

    Resources Minister Madeleine King said: “Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners.

    “While we will continue to supply the world with critical minerals, it’s also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia.”

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

    ref. Albanese government announces $1.2 billion plan to purchase critical minerals – https://theconversation.com/albanese-government-announces-1-2-billion-plan-to-purchase-critical-minerals-254994

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: Politics with Michelle Grattan: historian Frank Bongiorno on dramatic shifts in how elections are fought and won

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    This election has been lacklustre, without the touch of excitement of some past campaigns. Through the decades, campaigning has changed dramatically, adopting new techniques and technologies. This time, we’ve seen politicians try to jump onto viral podcasts.

    To discuss old and new campaigning, we’re joined by professor of history at the Australian National University, Frank Bongiorno.

    Many decades ago, campaigns were marked by lots of public meetings, and with them came hecklers. Bongiorno says politicians

    needed to be able to command an audience and to deal with interjectors in a big public meeting. Radio was really coming into its own.

    Very famously – not in a political campaign and not as prime minister – but Menzies made a number of broadcasts that are still remembered. [That was] back in the earlier part of the 1940s, when he was out of government. The most famous of which is the “Forgotten People” broadcast in 1942.

    Over time, campaigns have focused more on the leaders, in the style of the United States.

    [It’s] another aspect perhaps of the Americanisation and presidentialisation of our political system, that focus on party leaders in that kind of way. The 1984 debate was between Bob Hawke as prime minister and Andrew Peacock. I think many people thought that Peacock actually got the better of Hawke on that occasion and that was really, in some ways, the assessment of the whole campaign.

    …That does speak to the American influence in particular. Very famously of course there was the 1960 presidential debate between Nixon and Kennedy, that is such an important part of the collective memory of Kennedy’s success in that election in 1960.

    Do debates still have any impact on campaigns? Bongiorno says “they have become something that I think a lot of people shun.”

    They do seem rather neutral affairs, in which the pundits’ ideas about who won don’t seem to probably matter very much to most voters.

    On the move from traditional media sources to an online campaign, Bongiorno says,

    A lot of the campaign now is fought online. And I guess that trend began really as long ago as the late 1990s and early 2000s, when the parties would maintain campaign websites. It seems so long ago and so primitive, compared to where we are now.

    And social media took off from about the middle of the first decade of this century. Facebook and YouTube came into their own in 2007. Twitter, now called X, in 2010… The use of memes really took off about 2019. And I think TikTok, which is often particularly used by younger people, from about 2022.

    He says scare campaigns have become harder to report on or rebut, due to more targeted online campaigns and advertising.

    Everything depends on your algorithm. The election campaign that I’m seeing when I go into my feed for X or for Facebook will be quite different to my next door neighbour’s, for instance, who could have a totally different sense of what’s happening in the campaign, what are the issues that matter, where the sort of balance of public opinion is.

    On this year’s record start to pre-poll voting, Bongiorno says it makes timing more important than ever.

    It means that whatever the parties are saying now, whatever candidates are saying and doing in the media over the next little while, is going to have no impact on anyone who’s already voted. So it can only be those who are still to vote.

    It probably makes leaving the release of policy – and perhaps even costings as well – to the last minute a riskier venture, because if you do have goodies on offer, they’re going to miss anyone who has already voted.

    It does mean that the parties need to be pretty careful in how they’re timing the release of particular aspects of their policy offerings.

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

    ref. Politics with Michelle Grattan: historian Frank Bongiorno on dramatic shifts in how elections are fought and won – https://theconversation.com/politics-with-michelle-grattan-historian-frank-bongiorno-on-dramatic-shifts-in-how-elections-are-fought-and-won-255113

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: FlexShopper, Inc. Reports 2024 Fourth-Quarter and Year-End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Ongoing DTC and B2B growth strategies drove a 19.5% year-over-year increase in annual revenue

    Operating income for 2024 increased 66% to $22.8 million, and adjusted EBITDA increased 43.1% to $33.3 million, as a result of higher revenue, controlled expenses and favorable asset quality

    BOCA RATON, Fla., April 23, 2025 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper”), a leading national online lease-to-own (“LTO”) retailer and payment solution provider for underserved consumers, today announced its unaudited financial results for the quarter and full year ended December 31, 2024.

    Russ Heiser, Jr, Chief Executive Officer, stated, “As expected, 2024 was a transformative year for FlexShopper highlighting the successful technology investments we made over the past two years and the progress of our DTC and B2B growth strategies. During 2024, we grew our market share and expanded FlexShopper’s LTO offerings to 7,900 locations, a ~250% increase. In addition, 2024 was the first year of our retail revenue strategy on our flexshopper.com marketplace, which added incremental revenues and profits to our model. The success of our growth strategies generated $22.8 million of operating income, a 66% year-over-year increase.

    “We pursued opportunities that leverage our expanding financial performance to improve our balance sheet. This included raising $12.2 million in proceeds since the beginning of November 2024 through the beginning of 2025 through our previously mentioned rights offering. We continue to look for strategic opportunities to repurchase 91% of our series 2 convertible preferred stock at a 50+% discount to its liquidation preference, which we believe will be highly accretive to FlexShopper’s common shareholders,” Mr. Heiser continued.

    “We expect our growth strategies to continue to drive positive momentum in 2025, and for the first quarter of 2025, lease originations increased 49.7%, relative to the same period in 2024. In addition, we believe profitability will improve further in 2025 as we benefit from higher sales on flexshopper.com, stable operating expenses and credit quality, and the contribution of payments on leases that were originated in 2024,” concluded Mr. Heiser.

    Results for the Fourth Quarter Ended December 31, 2024(1)vs. the Fourth Quarter Ended December 31, 2023 (unaudited):

    • Total lease funding approvals increased 65.6% to $142.4 million from $86 million
    • Total revenues increased 17.3% to $35.5 million from $30.3 million
    • Gross profit increased 29.8% to $20.4 million from $15.7 million
    • Gross profit margin increased from 52% to 58%
    • Operating income of $5.8 million, compared with operating income of $5.6 million
    • Adjusted EBITDA(2) increased by 5.7% to $8.6 million from $8.2 million
    • Net loss attributable to common stockholders of ($1.9) million, or ($0.09) per diluted share, compared to net loss attributable to common stockholders of ($715) thousand or ($0.03) per diluted share

    Results for the Twelve Months Ended December 31, 2024(1)vs. the Twelve Months Ended December 31, 2023 (unaudited):

    • Total lease funding approvals increased 79.3 % to $382.8 million from $213.5 million
    • Total revenues increased 19.5% to $139.8 million from $117.0 million
    • Gross profit increased 40.3% to $76.7 million from $54.7 million
    • Gross profit margin increased from 47% to 55%
    • Operating income of $22.8 million, compared with operating income of $13.7 million
    • Adjusted EBITDA(2) increased 43.1% to $33.3 million, compared to $23.2 million
    • Net loss attributable to common stockholders of ($4.7) million, or ($0.22) per diluted share, compared to net loss attributable to common stockholders of ($8.3) million, or ($0.38) per diluted share

    (1)  FlexShopper’s independent auditor, Grant Thornton LLP, is still in the process of finalizing the review of management’s position on the lease classification of the lease portfolio and whether it meets the definition of an operating lease.  Management believes that, regardless of Grant Thorton LLP’s determination regarding this classification, there will be no material impact to FlexShopper’s gross profit or net loss.

    (2)Adjusted EBITDA is a non-GAAP financial measure. Refer to the definition and reconciliation of this measure under “Non-GAAP Measures”.

    2025 Forward Guidance
    FlexShopper remains committed to executing its strategic plan, which centers on scaling its lease and loan business while maintaining strong asset performance and capitalizing on the growing opportunity within the online retail space. This strategy has already begun to deliver meaningful results.

    Throughout 2024, FlexShopper achieved consistent year-over-year revenue growth, driven by improving asset quality and a reduction in bad debt. Additionally, FlexShopper enhanced product margins, which has had a material positive impact on its income statement. FlexShopper is also realizing operating leverage across both marketing and general expenses, contributing to improved overall efficiency.

    As a result of these disciplined efforts, the company generated significant year-over-year EBITDA growth in 2024. Building on this momentum, FlexShopper anticipates continued progress in 2025, with the following performance expectations:

    • 2025 full year gross profit between $90 million and $100 million which is a 17% to 30% increase from 2024
    • 2025 full year adjusted EBITDA of $40 million to $45 million which is a 20% to 35% increase from 2024

    10-K Filing and Nasdaq Compliance
    FlexShopper plans to issue audited financial results as soon as it receives approval from Grant Thorton LLP. As a result of the delay in the audit, the Company received a notification from Nasdaq on April 17, 2025 that it is no longer in compliance with Nasdaq’s listing rules. The Company intends to file the Form 10-K as soon as practicable and, if necessary, to submit a plan with Nasdaq to regain compliance. If Nasdaq accepts the Company’s plan, then Nasdaq may, at its discretion, grant the Company up to 180 days from the prescribed due date for filing the Form 10-K, or until October 13, 2025, to regain compliance.   This notification has no immediate effect on the listing of the Company’s common stock on Nasdaq.  

    About FlexShopper
    FlexShopper, Inc. is a leading national financial technology company that offers innovative payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its direct-to-consumer online marketplace at Flexshopper.com and in partnership with merchants both online and at brick-and-mortar locations. FlexShopper’s solutions are crafted to meet the needs of a wide range of consumer segments through lease-to-own and lending products.

    Forward-Looking Statements

    The consolidated financial statements and related information contained in this press release for the year ended December 31, 2023, are audited. For the year ended December 31, 2024, they are unaudited and, although we believe they accurately reflect the values of each item, no assurance thereof can be given, or that our independent auditor may not adjust one or more of such values to be set forth in our completed 2024 audited consolidated financial statements. Grant Thornton LLP has not audited or reviewed, in accordance with standards established by the American Institute of Certified Public Accountants, any of the 2024 financial or other information contained in this press release.

    All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

    FLEXSHOPPER, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited)
      December 31,
    2024
      December 31,
    2023
           
    ASSETS      
    CURRENT ASSETS:      
    Cash $ 10,402,637     $ 4,413,130  
    Lease receivables, net   72,191,028       44,795,090  
    Loan receivables at fair value   54,330,006       35,794,290  
    Prepaid expenses and other assets   4,433,570       3,300,677  
    Lease merchandise, net   29,358,305       29,131,440  
    Total current assets   170,715,546       117,434,627  
           
    Property and equipment, net   9,692,396       9,308,859  
    Right of use asset, net   1,042,954       1,237,010  
    Intangible assets, net   12,259,413       13,391,305  
    Other assets, net   2,589,533       2,175,215  
    Deferred tax asset, net   13,208,652       12,943,361  
    Total assets $ 209,508,494     $ 156,490,377  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable $ 5,589,866     $ 7,139,848  
    Accrued payroll and related taxes   467,596       578,197  
    Promissory notes to related parties, including accrued interest, and net of unamortized issuance costs of $191,163 at December 31, 2024   10,730,853       198,624  
    Accrued expenses   6,955,810       3,972,397  
    Lease liability – current portion   287,412       245,052  
    Total current liabilities   24,031,537       12,134,118  
    Loan payable under credit agreement to beneficial shareholder, net of unamortized issuance costs of $1,007,182 at December 31, 2024 and $70,780 at December 31, 2023   143,934,508       96,384,220  
    Promissory notes to related parties, net of unamortized issuance costs of $649,953 at December 31, 2023 and net of current portion         10,100,047  
    Loan payable under Basepoint credit agreement, net of unamortized issuance costs of $54,496 at December 31, 2024 and $92,963 at December 31, 2023   7,358,109       7,319,641  
    Lease liabilities, net of current portion   1,034,166       1,321,578  
    Total liabilities   176,358,320       127,259,604  
           
    STOCKHOLDERS’ EQUITY      
    Series 1 Convertible Preferred Stock, $0.001 par value – authorized 250,000 shares, issued and outstanding 170,332 shares at $5.00 stated value   851,660       851,660  
    Series 2 Convertible Preferred Stock, $0.001 par value – authorized 25,000 shares, issued and outstanding 21,952 shares at $1,000 stated value   21,952,000       21,952,000  
    Common stock, $0.0001 par value – authorized 100,000,000 shares at December 31, 2024 and 40,000,000 shares at December 31, 2023, issued 25,138,251 shares at December 31, 2024 and 21,752,304 shares at December 31, 2023   2,515       2,176  
    Treasury shares, at cost- 527,222 shares at December 31, 2024 and 164,029 shares at December 31, 2023   (563,991 )     (166,757 )
    Additional paid in capital   46,911,459       42,415,894  
    Accumulated deficit   (36,003,469 )     (35,824,200 )
    Total stockholders’ equity   33,150,174       29,230,773  
      $ 209,508,494     $ 156,490,377  
                   
    FLEXSHOPPER, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      For the year ended
    December 31,
        2024       2023  
    Revenues:      
    Lease revenues and fees, net $ 106,959,906     $ 91,943,729  
    Loan revenues and fees, net of changes in fair value   28,539,495       25,031,278  
    Retail revenue   4,301,331        
    Total revenues   139,800,732       116,975,007  
           
    Costs and expenses:      
    Depreciation and impairment of lease merchandise   56,634,623       56,288,128  
    Loan origination costs and fees   3,063,012       6,007,598  
    Cost of retail revenue   3,383,704        
    Marketing   8,571,696       7,620,795  
    Salaries and benefits   16,977,744       12,499,099  
    Operating expenses   28,391,424       24,547,729  
    Net change in fair value of promissory note related to acquisition         (3,678,689 )
    Total costs and expenses   117,022,203       103,284,660  
    Operating income   22,778,529       13,690,347  
    Interest expense including amortization of debt issuance costs   (22,136,448 )     (18,913,773 )
    Income/ (loss) before income taxes   642,081       (5,223,426 )
    Income taxes (expense)/ benefit   (821,350 )     989,809  
    Net loss   (179,269 )     (4,233,617 )
           
    Dividends on Series 2 Convertible Preferred Shares   (4,514,001 )     (4,103,638 )
    Net loss attributable to common and Series 1 Convertible Preferred shareholders $ (4,693,270 )   $ (8,337,255 )
           
    Basic and diluted loss per common share:      
    Basic $ (0.22 )   $ (0.38 )
    Diluted $ (0.22 )   $ (0.38 )
           
    WEIGHTED AVERAGE COMMON SHARES:      
    Basic   21,534,674       21,705,406  
    Diluted   21,534,674       21,705,406  
    FLEXSHOPPER, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the years ended December 31, 2024 and 2023
    (unaudited)
     
     
        2024       2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net loss $ (179,269 )   $ (4,233,617 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and impairment of lease merchandise   56,634,623       56,288,128  
    Other depreciation and amortization   9,607,044       7,881,110  
    Amortization of debt issuance costs   1,166,302       571,538  
    Amortization of discount on the promissory note related to acquisition         236,952  
    Compensation expense related to stock-based compensation   888,380       1,677,708  
    Provision for doubtful accounts   34,333,462       42,505,647  
    Deferred income tax   (265,291 )     (929,533 )
    Net change in fair value of promissory note related to acquisition         (3,678,689 )
    Net changes in the fair value of loans receivables at fair value   (17,046,488 )     (10,217,854 )
    Changes in operating assets and liabilities:      
    Lease receivables   (61,729,400 )     (51,760,694 )
    Loans receivables at fair value   (1,489,228 )     7,356,068  
    Prepaid expenses and other assets   (1,254,627 )     177,169  
    Lease merchandise   (56,861,488 )     (53,869,127 )
    Purchase consideration payable related to acquisition         208,921  
    Promissory note related to acquisition         283,266  
    Lease liabilities   (46,395 )     (30,268 )
    Accounts payable   (1,549,982 )     627,905  
    Accrued payroll and related taxes   (110,601 )     267,377  
    Accrued expenses   2,956,805       (26,527 )
    Net cash used in operating activities   (34,946,153 )     (6,664,520 )
           
    CASH FLOWS FROM INVESTING ACTIVITIES      
    Purchases of property and equipment, including capitalized software costs   (6,728,218 )     (6,335,276 )
    Additions of intangible assets   (643,080 )      
    Purchases of data costs   (1,779,976 )     (1,225,983 )
    Net cash used in investing activities   (9,151,274 )     (7,561,259 )
           
    CASH FLOWS FROM FINANCING ACTIVITIES      
    Proceeds from loan payable under credit agreement   48,486,690       18,050,000  
    Repayment of loan payable under credit agreement         (2,795,000 )
    Repayment of promissory notes to related parties         (1,000,000 )
    Repayment of loan payable under Basepoint credit agreement         (1,500,000 )
    Debt issuance related costs   (1,605,446 )     (115,403 )
    Proceeds from exercise of stock options         1,185  
    Principal payment under finance lease obligation   (4,601 )     (8,465 )
    Tax payments associated with equity-based compensation transactions   (103,487 )      
    Proceeds from rights offering, net of transaction costs   3,711,012        
    Purchase of treasury stock   (397,234 )     (166,757 )
    Net cash provided by financing activities   50,086,934       12,465,560  
           
    INCREASE/ (DECREASE) IN CASH   5,989,507       (1,760,219 )
           
    CASH, beginning of period   4,413,130       6,173,349  
           
    CASH, end of period $ 10,402,637     $ 4,413,130  
           
    Supplemental cash flow information:      
    Interest paid $ 20,252,454     $ 17,337,292  
    Noncash investing and financing activities      
    Due date extension of warrants $     $ 917,581  
                   

    Non-GAAP Financial Measures
    We regularly review a number of metrics, including the following key metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions.

    Adjusted EBITDA represents net income before interest, stock-based compensation, taxes, depreciation (other than depreciation of leased merchandise), amortization, and one-time or non-recurring items. We believe that Adjusted EBITDA provides us with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes.

    Key performance metrics for the years ended December 31, 2024 and 2023 are as follows:

        2024       2023     $ Change   % Change
    Gross Profit:              
    Gross lease billings and fees $ 140,887,693     $ 131,634,768     $ 9,252,925     7.0  
    Provision for doubtful accounts   (34,333,462 )     (42,505,647 )     8,172,185     (19.2 )
    Gain on sale of lease receivables   98,179       2,814,608       (2,716,429 )   (96.5 )
    Lease placement collections   307,496             307,496      
    Net lease billing and fees $ 106,959,906     $ 91,943,729     $ 15,016,177     16.3  
    Loan revenues and fees   11,493,007       14,813,424       (3,320,417 )   (22.4 )
    Net changes in the fair value of loans receivable   17,046,488       10,217,854       6,828,634     66.8  
    Net loan revenues $ 28,539,495     $ 25,031,278     $ 3,508,217     14.0  
    Retail revenue   4,301,331             4,301,331      
    Total revenues $ 139,800,732     $ 116,975,007     $ 22,825,725     19.5  
    Depreciation and impairment of lease merchandise   (56,634,623 )     (56,288,128 )     (346,495 )   0.6  
    Loans origination costs and fees   (3,063,012 )     (6,007,598 )     2,944,586     (49.0 )
    Cost of retail revenue   (3,383,704 )           (3,383,704 )    
    Gross profit $ 76,719,393     $ 54,679,281     $ 22,423,816     40.3  
    Gross profit margin   55%       47%          
                   
        2024       2023     $ Change   % Change
    Adjusted EBITDA:              
    Net loss $ (179,269 )   $ (4,233,617 )   $ 4,054,348     (95.8 )
    Income taxes expense/ (benefit)   821,350       (989,809 )     1,811,159     (183.0 )
    Amortization of debt issuance costs   1,166,302       571,538       594,764     104.1  
    Amortization of discount on the promissory note related to acquisition         236,952       (236,952 )   (100.0 )
    Other amortization and depreciation   9,607,044       7,881,110       1,725,934     21.9  
    Interest expense   20,970,146       18,105,282       2,864,864     15.8  
    Stock-based compensation   888,380       1,677,708       (789,328 )   (47.0 )
    Adjusted EBITDA $ 33,273,953     $ 23,249,164     $ 10,024,789     43.1  
                                 

    Key performance metrics for the three months ended December 31, 2024 and 2023 are as follows:

      Three Months Ended
    December 31,
           
        2024       2023     $ Change   % Change
    Gross Profit:              
    Gross lease billings and fees $ 34,534,844     $ 33,611,362     $ 923,482     2.7  
    Provision for doubtful accounts   (8,959,977 )     (10,381,697 )     1,421,720     (13.7 )
    Gain on sale of lease receivables   20,954       10,863       10,091     92.9  
    Lease placement collections   92,112             92,112      
    Net lease billing and fees $ 25,687,933     $ 23,240,528     $ 2,447,405     10.5  
    Loan revenues and fees   2,965,564       3,070,646       (105,082 )   (3.4 )
    Net changes in the fair value of loans receivable   5,881,114       3,959,575       1,921,359     48.5  
    Net loan revenues $ 8,846,678     $ 7,030,221     $ 1,816,457     25.8  
    Retail revenue   973,683             973,863      
    Total revenues $ 35,508,474     $ 30,270,749     $ 5,237,725     17.3  
    Depreciation and impairment of lease merchandise   (13,613,272 )     (13,394,865 )     (218,307 )   1.6  
    Loans origination costs and fees   (667,232 )     (1,129,440 )     462,208     (40.9 )
    Cost of retail revenue   (790,199 )           (790,199 )    
    Gross profit $ 20,437,771     $ 15,746,344     $ 4,691,427     29.8  
    Gross profit margin   58%       52%          
                   
      Three Months Ended
    December 31,
           
        2024       2023     $ Change   % Change
    Adjusted EBITDA:              
    Net loss $ (728,416 )   $ 354,152     ($1,082,568 )   (305.7 )
    Income taxes expense/ (benefit)   605,800       195,438       410,362     210.0  
    Amortization of debt issuance costs   341,803       194,681       147,122     75.6  
    Amortization of discount on the promissory note related to acquisition         59,238       (59,238 )   (100.0 )
    Other amortization and depreciation   2,472,471       2,206,179       266,292     12.1  
    Interest expense   5,580,802       4,813,168       767,634     15.9  
    Stock-based compensation   359,460       341,341       18,119     5.3  
    Adjusted EBITDA $ 8,631,920     $ 8,164,197     $ 467,723     5.7  
                                 

    The Company refers to Adjusted EBITDA in the above tables as the Company uses this measure to evaluate operating performance and to make strategic decisions about the Company. Management believes that Adjusted EBITDA provides relevant and useful information which is widely used by analysts, investors and competitors in its industry in assessing performance.

    The MIL Network

  • MIL-OSI: EverGen Infrastructure Corp. Announces Private Placement of Common Shares and Entering Into of Share Purchase and Reorganization Agreement

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.

    VANCOUVER, British Columbia, April 23, 2025 (GLOBE NEWSWIRE) — EverGen Infrastructure Corp. (“EverGen” or the “Company”) (TSXV: EVGN) is pleased to announce that it has entered into a share purchase and reorganization agreement (the “Agreement”) on April 22, 2025, with Ask America, LLC (the “Purchaser”), an arm’s length limited liability company existing under the laws of New Jersey. Pursuant to the terms of the Agreement, the Purchaser has agreed to act as the lead investor in a private placement of common shares of the Company (“Common Shares”) for total gross proceeds of up to CAD$7,000,000 (the “Private Placement”). A copy of the Agreement will be accessible on the Company’s SEDAR+ profile at www.sedarplus.ca.

    Private Placement

    Pursuant to the terms of the Agreement, the Company intends to complete the Private Placement of up to an aggregate of 11,666,667 Common Shares at a price of $0.60 per Common Share with the Purchaser and other subscribers for total gross proceeds of up to CAD$7,000,000. In connection with the Private Placement, Purchaser has agreed to subscribe for and purchase 8,333,333 Common Shares in the Private Placement, for gross aggregate proceeds of CAD$5,000,000 (the “Share Purchase”) on the terms and conditions set forth in the Agreement. Upon execution of the Agreement, the Purchaser paid a deposit of CAD$1,800,000 to the Company for the Share Purchase, with the remaining CAD$3,200,000 to be paid by the Purchaser to the Company upon closing of the Private Placement. The Common Shares issued pursuant to the Private Placement will be subject to a four month hold period. The Company anticipates using the proceeds of the Private Placement for working capital and general corporate purposes.

    Pursuant to the terms of the Agreement, subject to and concurrent with the closing of the Private Placement, the majority of the executive officers and directors of the Company will resign and be replaced with a new management team consisting of Chase Edgelow as Chief Executive Officer, Ron Green as Chief Operating Officer, with Sean Hennessey continuing as Chief Financial Officer and a new board of directors of the Company (the “Board”) consisting of: Chase Edgelow, Varun Anand, Blake Almond, and Mischa Zajtmann (collectively, the “Change of Management”). The foregoing changes will constitute a “Change of Management” (as defined in the policies of the TSX Venture Exchange). The closing of the Private Placement may also result in the Purchaser becoming a new “Control Person” of the Company (as defined in the policies of the TSX Venture Exchange). The completion of the Private Placement and the Change of Management is expected to occur in early May 2025.

    It is also anticipated that, prior to closing of the Private Placement, 1,211,026 options, warrants and other equity settled incentive securities held by current and former members of the Company’s management and the Board will be surrendered for cancellation. Upon completion of the Private Placement, EverGen will have issued and outstanding up to 25,686,352 Common Shares (up to 25,806,225 Common Shares on a fully diluted basis).

    New Management Team & Board

    The new management team and board brings unparalleled knowledge of the Company and its assets, a focused strategy dedicated to improving operational efficiencies and cost structure, and a long-term vision to continue to grow EverGen into a highly strategic and valuable infrastructure platform.

    Chase Edgelow (Director & Chief Executive Officer): Brings a direct hands-on approach as co-founder and former CEO of EverGen, along with 20 years of financial and operational expertise in the energy and infrastructure sectors. He is the founding partner of Chase Capital, a private capital platform dedicated to investing in, advising and growing businesses with a focus on the circular economy and energy transition. He spent over a decade with Macquarie Group specializing in sourcing, structuring and managing private energy and infrastructure investments on behalf of Macquarie and other co-investment partners, in addition to providing traditional M&A, capital raising and advisory services for corporate clients. Holds a degree in Engineering Physics from Queen’s University and is a Chartered Financial Analyst (CFA) charterholder and Professional Engineer of Alberta (non-practising).

    Ron Green (Chief Operating Officer): An accomplished leader with over 30 years of experience in the energy & infrastructure sectors, specializing in operational excellence and team development. Proven track record of driving success in turnaround situations, with expertise in optimizing operations and aligning strategic incentives. Throughout his career, Mr. Green has held key executive roles, including CEO of Promeita Energy, Vice President of Rockwater Energy Solutions, Chief Operating Officer of Pure Energy Services Ltd., and Executive Vice President of Delaney Energy. In addition to his executive leadership roles, Mr. Green is a founding board member of Beyond Energy Services & Technology Corp, which he has guided from a start-up to a >$100m revenue business. He is a graduate of Queens University’s Executive Program and Northern Alberta Institute of Technology. With extensive experience in operational leadership and people management, he is a trusted expert in driving sustainable growth and value creation.

    Sean Hennessy (CFO): Sean is a chartered accountant with over 15 years of finance and accounting experience in the clean energy and infrastructure industries, which includes ten years at Altera Infrastructure (previously Teekay Offshore Partners), a global energy infrastructure group and a Brookfield Business Partners portfolio company. Sean obtained his Chartered Accountant designation at PwC New Zealand, where he worked in both the tax and assurance practices, before transitioning to Canada. He is experienced with financial reporting for public companies under both IFRS and US GAAP, on both the New York Stock Exchange and the Toronto Stock Exchange. Sean completed a Bachelor of Commerce and Administration (Accounting, Finance and Commercial Law) degree and a Bachelor of Science (Mathematics) degree at Victoria University of Wellington.

    Varun Anand (Director): Varun serves as the Outsourced Chief Investment Officer and representative of ASK America LLC. He brings over a decade of global investment experience across public and private markets, with a strong track record of identifying and executing high-quality infrastructure opportunities. An award-winning portfolio manager, Varun has developed particular expertise in the renewable energy sector, having invested extensively in both Canadian and international renewable energy assets. During his tenure at Starlight Capital, he led the investment in the Company’s IPO in 2021 and built one of its largest shareholder positions by 2022. Varun holds a Bachelor of Mathematics with a Finance specialization from the University of Waterloo and is a Chartered Financial Analyst (CFA).

    Blake Almond (Director): Blake has 17 years of experience in M&A and private & public capital markets including 8 years focused on organics, bioenergy and other circular economy infrastructure assets. He spent 10 years with Macquarie Capital in Sydney where he executed M&A and public & private capital markets deals in bioenergy and natural resources. Today he leads the financial advisory business Circ Partners where he advises global infrastructure private equity funds and industrial sponsor clients on circular economy infrastructure investments. Notably, while at Macquarie Capital, Blake advised on cross-border M&A transactions between Canada and Australia including Viterra Inc on the A$1.6bn acquisition of ABB Grain Ltd and Eldorado Gold Corporation on the A$2.1bn acquisition of Sino Gold Mining Limited. Blake is a Member of the Australian Organics Recycling Association (AORA) and the Waste Management and Resource Recovery Association of Australia (WMRR).

    Mischa Zajtmann (Director): Mischa has 15 years of experience providing consulting and executive management expertise for Canadian and American listed companies in the resource sector with projects in South America, Africa, and Asia. He is a co-founder of EverGen. Mischa was a corporate securities lawyer who began his career at Blake, Cassels & Graydon LLP, focused primarily on corporate securities transactions, including M&A and corporate finance. He has advised both purchasers and target companies in a wide variety of M&A transactions—including issuers listed on the Toronto Stock Exchange and TSX Venture Exchange and underwriters, in connection with public offerings and private placements of equity securities, regulatory compliance, and general corporate and commercial matters. Mischa has a Juris Doctor Degree from the University of Saskatchewan Law School and is a member of the British Columbia Bar.

    Corporate Strategy

    With a strengthened balance sheet following the private placement and the appointment of the new management team and board, EverGen is strategically positioned to unlock substantial shareholder value. The Company’s immediate focus is on driving operational excellence, enhancing capital efficiency, and establishing a foundation for scalable growth through the following key pillars:

    Operational Excellence to Maximize Returns: Deployment of performance-driven systems and accountability frameworks across core facilities to drive margin expansion and operational reliability.

    Cost Optimization and Capital Discipline: Allocation of capital to high-impact optimization projects aimed at reducing operating volatility and improving unit economics. Overhead will be streamlined, and opportunities to lower financing costs will be actively pursued to reinforce a lean, agile cost structure.

    Strategic Growth: Upon stabilization of core operations, the Company will leverage industry relationships and execution capabilities to re-initiate disciplined project development and pursue accretive partnership opportunities that support long-term growth and shareholder value creation.

    Shareholder and Stock Exchange Approvals

    Completion of the Private Placement and the Change of Management is subject to approval of the TSX Venture Exchange and disinterested holders of Common Shares holding more than 50% of the Common Shares giving consent to the Private Placement and the Change of Management, in accordance with the policies and requirements of the TSX Venture Exchange by executing a written consent (the “Shareholder Written Consent”).

    EverGen Board Approval and Recommendation

    EverGen previously announced on February 28, 2025 that the Board formed a special independent committee (the “Special Committee”) to evaluate and review potential strategic transactions with the goal of maximizing value for EverGen shareholders and other stakeholders of the Company. Based on the recommendation of the Special Committee, the Board has unanimously approved the Agreement and the Private Placement and has determined that the completion of the Change of Management and the Private Placement is in the best interests of EverGen. The Board recommends that the EverGen shareholders execute the Shareholder Written Consent. Any EverGen shareholder wishing to obtain and execute the Shareholder Written Consent should contact EverGen as set forth below.

    About EverGen Infrastructure Corp.

    EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.

    For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

    About ASK America LLC

    ASK America LLC is backed by a multi-generational U.S. family office with several decades of investment experience across a broad spectrum of asset classes. The family office has amassed substantial assets under management, fueled by the success of its wholly owned consumer products business as well as the consistent growth of its investment portfolio. Through ASK America LLC, the group brings a combination of operational acumen and patient, long-term capital to its partnerships, with a steadfast commitment to fostering sustainable growth and delivering superior risk-adjusted returns.

    Cautionary Statements Regarding Forward Looking Information

    This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “will”, “estimates”, “believes”, “intends” “expects” and similar expressions which are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward looking statements and information concerning: the completion of the Private Placement and the terms thereof, including the issuance of Common Shares, the completion of the Change of Management, the acceptance of the TSX Venture Exchange of the Private Placement and the Change of Management, the offering price of the Common Shares, the cancellation of certain options, warrants and other equity settled incentive securities of the Company, and receipt of the Shareholder Written Consent. EverGen cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of EverGen, including expectations and assumptions concerning EverGen, the Private Placement, the Change of Management, the timely receipt of all required TSX Venture Exchange, shareholder and regulatory approvals and exemptions (as applicable, including the Shareholder Written Consent) and the satisfaction of other closing conditions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of EverGen. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

    The forward-looking statements contained in this press release are made as of the date of this press release, and EverGen does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

    This press release is not an offer of the securities for sale in the United States. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”)) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Contacts
    EverGen Infrastructure Corp.
    Co-founder & Chief Executive Officer
    Mischa Zajtmann
    604-202-7004
    mischa@evergeninfra.com 

    The MIL Network

  • MIL-OSI Global: Celebrity Traitors: my research shows voting behaviour could help identify faithfuls

    Source: The Conversation – UK – By Robin Kramer, Senior Lecturer in the School of Psychology, University of Lincoln

    With the lineup of the upcoming celebrity series of The Traitors recently leaked online, people are once again debating the best strategies that players might use to succeed. But a player’s voting history can also reveal the psychological dynamics at play, particularly alliances they may be subconsciously forming.

    For those who aren’t familiar, the premise of the show is that each player is given the role of either “faithful” or “traitor”. Only the traitors know everyone’s roles in the game. If the faithful players eliminate all of the traitors by the end of the game, they divide the prize money equally among themselves. However, if one or more traitors remain by the end, all of the money goes to them instead.

    There are two ways for someone to be eliminated from the game. First, all of the players vote on who to “banish” at the round table each day. Second, the traitors decide on one person to “murder” overnight, who is then removed from the game before breakfast the following morning. There are also occasional tweaks to this format depending on the stage of the game.

    Ideally, faithful players would spot the lies that traitors tell. However, research shows that people don’t fare much better than chance at doing this, although certain individuals (who are often found to be working in law enforcement) or specialised groups, such as members of the US Secret Service, may be.




    Read more:
    Why we’re so bad at spotting lies – most of us only perform slightly better than chance


    Instead, players may base their decisions on unreliable biases. In a game where there’s so little to go on, they risk being blinded by the trustworthiness of a (fake) Welsh accent, for example, or drawing suspicions for simply being too quiet or too noisy. After all, there is a lot of behaviour that people often incorrectly link with deception. For instance, westerners commonly associate someone averting their gaze with lying but researchers have shown that looking away isn’t linked to deception.

    Spotting traitors is no easy task if you’re a faithful.
    Andrii Yalanskyi/Shutterstock

    Using voting behaviour as evidence

    Information from interactions with other players can be unreliable, but players also get to see how others vote at the round table. And this is where real evidence can be found.

    The faithful players have little to go on, so they end up voting for anyone – faithful and traitors alike. In contrast, traitors can direct their votes only at the faithful. If we combine these ideas, we see that traitors are more likely to be voted for by faithful players, even if this is by accident.

    The traitors don’t tend to vote for each other because they naturally form an alliance, working together to shape the game. Their secret meetings in Traitors’ Tower, shared uniform (a cloak and hood), and power to murder the faithful, construct a sense of “us versus them”. In fact, very little is needed for people to start behaving this way. Known as the minimal group paradigm, research has shown that simply segregating people based on their preference for certain artists or their eye colour is enough to change the way they behave towards each other.

    They may be happy to deceive the faithful, but the traitors are generally willing to trust each other. This mirrors a 2018 study where “deviant” study participants (who cheated on a task) felt connected to their team and trusted its members when the team engaged in coordinated acts of deviance (helping each other to cheat). Although they knew logically that their team shouldn’t be trusted, their sense of connection led to a feeling of trust nonetheless.

    Do voting records actually reveal players’ roles?

    Conveniently, all of the voting records for the show have been collated online. Let’s first exclude voting rounds which restrict the traitors’ options. During a round table which results in a traitor’s banishment, most players have voted for that traitor. There is good reason for other traitors to jump on the bandwagon at that point, to blend in and appear more faithful. Similarly, voting is limited after a tie, where the remaining options may force particular decisions.

    After excluding these two types of voting context, I investigated the votes for players who were traitors at the time of voting (rather than switching to this role later on) for the three series of the UK show. I also considered other completed series of English-language versions of the show: the US, Australia, Canada and New Zealand.

    Altogether, 95% of the 76 votes for traitors were cast by faithful players. Remember Jake from series three earlier this year? As a faithful player, he voted for Linda right at the beginning of the game. When Linda was later revealed as a traitor, Jake’s abilities were championed by the other players, earning him the nickname “traitor hunter” and convincing them that he was faithful.

    So whenever a traitor is banished, players should consider who voted for that traitor in previous round tables – as we’ve seen, those votes probably came from the faithful. However, as the game progresses, there’s always the possibility that a faithful player could later be “seduced” into becoming a traitor, so it’s important to keep this in mind too.

    Players may not be able to rely on spotting “tells” or other cues to deception in the game, but there are always patterns in the ways people behave. You just need to know where to look.

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

    ref. Celebrity Traitors: my research shows voting behaviour could help identify faithfuls – https://theconversation.com/celebrity-traitors-my-research-shows-voting-behaviour-could-help-identify-faithfuls-223229

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Manchester City Council News 23 Apr 2025 St George’s Day Parade returns to Manchester

    Source: City of Manchester

    The St George’s Day Parade, a beloved fixture in Manchester’s event calendar for over 19 years, returns this year with its vibrant celebration of England’s rich heritage and community spirit (27 April).  

    Originating from a grassroots organisation, this true community event has grown to become a popular, family-friendly celebration that showcases the diverse and eclectic idea of what it means to be English.  

    The parade aims to celebrate the nation’s spirit and the country’s achievements, particularly those that embody fairness, community, equality, and hard work.  

    This year’s parade will be held on April 27, starting from Varley Street at 12 noon. To note, although the Manchester Marathon is being held the same day, the two events are not expected to impact each other.  

    The parade will commence at Varley Street, turning left onto Oldham Road (southbound only), and will travel towards the city, crossing over Great Ancoats Street to Oldham Street.  

    It will then turn left on Piccadilly, left on Newton Street, left on Dale Street, right on Lever Street, left on Great Ancoats, right on Oldham (northbound only), right on Butler Street, left on Bradford Road, and finally left back to Varley Street. 

    The parade will feature performers on decorated floats. As in previous years, a cavalcade of up to 300 mopeds will join the parade for part of the route, along with a regal Queen Victoria in a royal carriage, a blue dragon towering at 7ft and an array of community groups across Manchester.  

    The parade is expected to take approximately 1 hour and 45 minutes to complete the route. 

    The event is managed by the St George’s Day Committee with support from Manchester City Council and other partner agencies. 

    Councillor Pat Karney, City Centre Spokesperson, said: “I’m thrilled to see the return of the St George’s Day Parade in our incredible city which serves as a reminder and reflection of our proud heritage. This is a day for families, friends and neighbours to come together to celebrate the true meaning of community.  

    “The parade will be a colourful display of Manchester and our nation’s history, a reminder of our achievements and a proud celebration of our shared, diverse nation. I look forward to seeing thousands of Mancunians come together and I hope to see you there.” 

    Thelma McGrail, Chair of the St George’s Day organising committee, said:  “Manchester’s St George’s Day Parade, celebrating England’s Patron Saint, has been an annual event for the last 19 years, this being the 20th. The parade itself is abundant in diversity, growing each year, uniting all communities. The event receives a huge amount of support before and on the day of the parade with hundreds of participants and thousands of spectators.”

    Proposed road closure timings 

    • Depart Varley Street at 12.00 – Arrive Varley Street 14.15 
    • Varley St from Ridgeway St to Oldham Rd 09.00 – 16.00 
    • Oldham Rd from Varley St to Grt Ancoats 12.00 – 14.30
    • GrtAncoats St from Oldham Rd to Newton St 12.30 – 12.45 
    • (Hold Traffic) • Oldham St from Grt Ancoats to Piccadilly 12.30 – 14.00
    • Piccadilly from Oldham St to Newton St 12.30 – 14.00
    • Newton St from Piccadilly to Grt Ancoats 12.30 – 14.00
    • Dale St from Oldham Rd to Newton St 12.30 – 14.00
    • Lever St from Dale to Great Ancoats Street 12.30 – 14.00
    • Great Ancoats St from Lever St to Oldham Rd 13.30 – 13.45
    • (Hold Traffic) • Oldham Rd from Grt Ancoats St to Butler St 12.30 – 14.00
    • Butler St from Oldham St to Bradford Rd 12.30 – 14.30
    • Bradford Rd from Butler St to Varley St 12.30 – 14.30

    MIL OSI United Kingdom

  • MIL-OSI: BTQ Technologies Corp. to Present at the OTCQX Best 50 Virtual Investor Conference April 24th

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 23, 2025 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (OTCQX: BTQQF) (CBOE CA: BTQ) (FSE: NG3), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on April 24th, 2025.

    This live presentation, led by COO Nicolas Roussy Newton, will cover BTQ’s strategic growth plan, outline its global research initiatives currently underway and detail recent acquisitions and partnerships aimed at accelerating the commercialization of its advanced post quantum solutions.

    DATE: Thursday April 24, 2025
    TIME: 1:00am EST
    LINK: CLICK HERE TO REGISTER

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent BTQ Highlights:

    About BTQ
    BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.

    Connect with BTQ: Website | LinkedIn

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    BTQ Technologies Corp.
    Bill Mitoulas
    Investor Relations
    +1.416.479.9547
    bill@btq.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Neither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI: Willis Lease Finance Corporation Fuels Teesside’s Economic Takeoff with Bold Expansion Investment Starting with Construction of a State of the Art Two-Bay Narrowbody Maintenance Hangar

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., April 23, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) the leading lessor of commercial aircraft engines and global provider of aviation services, is pleased to announce its subsidiary, Willis Aviation Services Limited (“WASL”), a leading aircraft maintenance, repair and overhaul (“MRO”) provider, has commenced construction of an additional two-bay narrowbody hangar at its growing operations at Teesside International Airport (“Teesside”) in Northeastern England. The new hangar will be equipped for 737 and A320 family aircraft, including new-generation models.

    Demand for aircraft heavy maintenance is exceptionally high, with global and European capacity falling short. Airlines must plan ahead to secure maintenance slots, as most MROs are at full capacity, making last-minute bookings difficult. The Company’s expansion plans add capacity to the UK’s MRO sector, addressing this industry gap. The new facility is expected to create a significant number of new highly-skilled jobs at Teesside. In partnership with local universities and colleges, WASL has laid the groundwork to launch training programs for new mechanics and apprentices, creating a sustainable pipeline of talent that supports both immediate operational needs and long-term skill development in the region.

    “We made a promise to create several hundred jobs in Northeast England, and we are proud to be delivering on that commitment. We are following through on our pledge to establish and expand our services in this region and beyond. Our integrated services businesses support third-party customers, as well as the Company’s owned and managed assets, driving meaningful growth and opportunity in the communities we serve,” said Austin C. Willis, Chief Executive Officer of WLFC.

    Willis Lease Finance Corporation
    Willis Lease Finance Corporation (“WLFC”) leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services. Willis Sustainable Fuels intends to develop, build and operate projects to help decarbonize aviation.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

     CONTACT: Lynn Mailliard Kohler
      Director, Global Corporate Communications
      (415) 328-4798

    The MIL Network

  • MIL-OSI USA: Law Library Publishes New Report, “Minimum Wages for Seafarers on Foreign-Registered Vessels”

    Source: US Global Legal Monitor

    The staff of the Global Legal Research Directorate of the Law Library of Congress has recently completed a comparative report examining the laws of countries around the globe to identify those that have adopted specific requirements regarding foreign seafarers’ wages. Out of 84 jurisdictions surveyed, only four, Australia, France, the Netherlands, and the United Kingdom, passed legislation affecting foreign seafarers’ wages, with Norway having pending legislation.

    According to the report, Minimum Wages for Seafarers on Foreign-Registered Vessels, the implementation of wage requirements in the countries identified was conditioned upon certain geographical requirements and/or the existence of a nexus between the government and the vessel’s operating service in terms of the number of landings in the country’s ports or between the seafarer and the country.

    The report contains individual country surveys of the scope of application and the type of required wages in the countries where wage requirements for seafarers on foreign-registered vessels exist. In addition, the report contains information on recommended international law standards and a table summarizing the findings and providing citations to laws and pending legislation.

    We invite you to review the information provided in our report, here.

    The report is an addition to the Law Library’s Legal Reports (Publications of the Law Library of Congress) collection, which includes over 4,000 historical and contemporary legal reports covering a variety of jurisdictions, researched and written by foreign law specialists with expertise in each area. To receive alerts when new reports are published, you can subscribe to email updates and the RSS feed for Law Library Reports (click the “subscribe” button on the Law Library’s website). The Law Library also regularly publishes articles related to wages and hours in the Global Legal Monitor.


    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News

  • MIL-Evening Report: Albanese government announces $1.2 billion in plan to purchase critical minerals

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    A re-elected Albanese government will take the unprecedented step of buying or obtaining options over key critical minerals to protect Australia’s national interest and boost its economic resilience.

    The move follows US President Donald Trump’s ordering a review into American reliance on imported processed critical minerals and Australia’s discussions with the United States about a possible agreement on these minerals as part of negotiations to get a better deal on US tariffs.

    Australia has major deposits of critical minerals and rare earths. But almost all the processing of critical minerals is done by China, which uses this as leverage in disputes with other countries. As part of its tariff dispute with the US, China this month suspended exports of a wide range of critical minerals and magnets.

    Critical minerals are vital in the production of many items, including defence equipment, batteries, electronics, fibre optic cables, electric vehicles, magnets and wind turbines.

    Prime Minister Anthony Albanese flagged recently that Australia would establish a critical minerals reserve and the government has now released details of its plan.

    The government investment in critical minerals would come through two new mechanisms:

    • national offtake agreements

    • selective stockpiling

    The government would acquire, through voluntary contracts, agreed volumes of critical minerals from commercial projects, or establish an option to purchase them at a given price.

    It would also establish a government stockpile of key minerals produced under offtake agreements.

    “The primary consideration for entering into offtake agreements will be securing priority critical minerals for strategic reasons,” the government said in a statement.

    Minerals held by the reserve would be made available to domestic industry and key international partners.

    This would cover a deal with the US, if that can be reached.

    “The Reserve will be focused on a subset of critical minerals that are most important for Australia’s national security and the security of our key partners, including rare earths,” the statement said.

    As its holdings matured, the reserve would generate cash-flow from sales of offtake on global markets and to key partners, the statement said.

    “The Strategic Reserve will also accumulate stockpiles of priority minerals when warranted by market conditions and strategic considerations, but it is anticipated that these will be modest and time-limited in most cases.”

    The government would make an initial investment of $1.2 billion in the reserve, including through a $1 billion increase in the existing Critical Minerals Facility. This would take the government’s investment in the facility to $5 billion.

    The facility, established in 2021, provides financing to selected projects that are aligned with the government’s critical minerals strategy.

    The government plans to consult with states and companies on the scope and design on the Strategic Reserve, which it would aim to have operating in the second half of next year.

    ALbanese said: “In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience.

    “The Strategic Reserve will mean the government has the power to purchase, own and sell critical minerals found here in Australia.

    “It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.”

    Resources Minister Madeleine King said: “Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners.

    “While we will continue to supply the world with critical minerals, it’s also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia.”

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

    ref. Albanese government announces $1.2 billion in plan to purchase critical minerals – https://theconversation.com/albanese-government-announces-1-2-billion-in-plan-to-purchase-critical-minerals-254994

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: GCM Grosvenor to Announce First Quarter 2025 Financial Results and Host Investor Conference Call on May 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 23, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the first quarter 2025 on Wednesday, May 7, 2025.

    Management will host a webcast and conference call on Wednesday May 7, 2025, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

    To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

    About GCM Grosvenor

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

    GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

    Source: GCM Grosvenor

    Public Shareholders Contact
    Stacie Selinger
    sselinger@gcmlp.com
    312-506-6583

    Media Contact
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
    212-371-5999

    The MIL Network

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    March 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, April 23rd, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for March 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    Volta Finance’s net performance for the month of March was negative -2.9%, taking the Aug 2024-to-date performance at +9.7%. Both our investments in CLO Debt and CLO Equity were impacted by the broader volatility and risk repricing across global markets. In line with its dividend policy, Volta declared a 15.5c quarterly dividend through the month.

    CLO markets exhibited classic cyclical patterns characterized by spread tightening in January followed by some widening towards the end of the Quarter. However, market movements in March extended beyond typical seasonal dynamics as geopolitical tensions and uncertainties surrounding President Trump’s trade policies had a significant impact. The announcement of tariffs targeting Canada, Mexico and increased levies on China in February shook Equity markets across the globe and triggered a general repricing of risk. March saw additional tariff threats hinting towards a total revamp of US trade agreements in the making. Major Equity indices sold off, with pressures on technology, automotive and consumer discretionary sectors notably. These announcements overshadowed positive news on the inflation front (cooling PCE), while the Fed maintained its key rate on March 19. Lower GDP growth projections were on everybody’s mind, while markets were left in limbo ahead of the tariff announcements of the US administration due to take place on April 2nd.

    It was no surprise to see Credit markets repricing in March as well: the European High Yield index (Xover) closed around 40bps wider at 328bps. In the loan market, Euro Loans dropped c. 1pt to about 97.80px (Morningstar European Leveraged Loan Index) while US Loans felt by 85cts down to 96.30px. The primary CLO market remained active as many transactions were executed, although levels moved wider across the capital structure, notably BBs towards +600bps (from +475bps context). In terms of performance, BBs had a total return of -1.5%, US High Yield returned -1.07% and Euro High Yield were down by -1%.

    Looking at Volta Finance’s cashflow, the portfolio generated c. €28m equivalent of interests and coupons over the last six months, representing c.21% of February’s NAV on an annualized basis. Over the month, Volta’s CLO Equity tranches returned -4.3%** while CLO Debt tranches returned -0.5% performance**, cash representing c. 10% of the NAV.

    Volta is around 21% exposed to USD, the March currency moves having a meaningful impact on the overall funds’ performance (-0.94%).

    As of end of March 2025, Volta’s NAV was €269.6m, i.e. €7.37 per share.

    *It should be noted that approximately 0.29% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.18% as at 28 February 2025, 0.11% as at 30 September 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network

  • MIL-OSI: Apollo Funds Form $220 Million Community Solar Joint Venture with Bullrock Energy Ventures

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and SOUTH BURLINGTON, Vt., April 23, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Bullrock Energy Ventures (“Bullrock”) today announced that Apollo-managed funds (the “Apollo Funds”) have committed to fund up to $220 million for a new joint venture partnership with Bullrock related to a portfolio of community solar assets located in New York and New England. $100 million of Apollo’s equity commitment will fund the development of Bullrock’s nearly 500 MW pipeline of renewable energy assets.

    Based in Vermont, Bullrock is a high-growth renewable energy company with operations throughout the Northeast. The company’s vertically integrated model includes deal sourcing, underwriting, development, construction, financing and asset management. Bullrock, led by Chairman and Founder Gregg Beldock, alongside partner company NxtGenREA led by Mike Mills, has developed nearly 500 MW of solar projects across New England, New York and the Midwest over the past decade. The projects support local residents and businesses throughout the country with access to affordable clean energy. 

    “We are excited to partner with Gregg and the Bullrock team and invest in this scaled portfolio of solar assets that we believe will offer significant benefits to their surrounding communities,” said Apollo Partner Corinne Still. “Community solar represents an innovative solution to expanding local access to clean, efficient power across the energy grid, benefiting individuals, households and businesses alike. This partnership underscores Apollo’s commitment to serving as a leading capital provider supporting the energy transition, investing in companies and projects that serve the growing demand for diverse sources of power.”

    Bullrock Chairman and Founder Gregg Beldock and Bullrock Managing Partner Amory Beldock stated, “Our partnership with Apollo enhances a leading vertically integrated renewables platform working to meet the growing demand for power while reinforcing American energy security. Our long history in construction and development paired with Apollo’s integrated platform positions us to efficiently scale our portfolio. Community solar lowers energy costs, improves grid resiliency and boosts local economies. Apollo shares our commitment to driving the industry forward and we’re proud to work with them.”

    Over the past five years, Apollo-managed funds and affiliates have committed, deployed or arranged approximately $58 billioni of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

    Tax Equity for the portfolio is arranged by Mike Mills through his company NxtGenREA.

    Orrick, Herrington & Sutcliffe LLP served as legal to the Apollo Funds. Brown Rudnick LLP served as legal counsel to Bullrock. 

    i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

    About Apollo

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    About Bullrock Energy Ventures

    Bullrock Energy Ventures is a vertically integrated renewable energy investment platform. The company was born out of Bullrock’s long history across renewables, construction, real estate development and healthcare and NxtGenREA’s deep experience in solar development and tax equity financing. Bullrock has developed over 500 MW to date, deployed over $2B in capital across the clean energy space, and is quickly moving to develop its 500 MW pipeline. Our success is a testament to our uniquely integrated model which allows us to build, operate, finance and manage energy assets at scale. We are proud to accelerate the energy transition through our pioneering approach to development while supporting local communities and securing American energy independence. 

    Contacts

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    212-822-0540
    ir@apollo.com 

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    212-822-0491
    communications@apollo.com 

    For Bullrock Energy Ventures:

    ir@bullrockcorp.com

    For Bullrock Media Contacts:

    Patrick Lenihan
    Gravity Strategic Partners
    patrick@gravitystrat.com
    201-819-9871

    The MIL Network

  • MIL-OSI: Magnite Unveils Next Generation of SpringServe, Combining Its Streaming Ad Server and SSP

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today unveiled the next generation of its SpringServe video platform, a CTV/OTT solution combining its award-winning SpringServe ad server with the advanced programmatic capabilities of the Magnite Streaming SSP. Initial clients to include Disney Advertising, LG Ad Solutions, Paramount, Roku, Samsung, and Warner Bros. Discovery.

    Developed for the needs of the world’s most advanced streaming clients, the unified platform streamlines buyers’ connection to 99% of US streaming supply, a dollar-weighted figure verified by Jounce Media in their March 2025 Supply Path Benchmarking Report. For media owners, the platform will unlock powerful tools for streamlined workflows and smarter yield optimization.

    “As the CTV space matures, there’s a significant opportunity to enhance the advertising process for media owners and buyers,” said Sean Buckley, President, Revenue at Magnite. “We’re building this next generation of SpringServe specifically to help our clients and partners stay ahead of these emerging opportunities. By unifying the programmatic layer as a complementary step in the buying process, not only does it give buyers greater transparency, predictability, and control over their ad placements, but it lays the foundation for more effective monetization and yield management for media owners.”

    “Disney continues to expand our global streaming footprint in collaboration with Magnite—unlocking more premium inventory and making it even easier for advertisers to access our portfolio at scale,” said Jamie Power, SVP, Addressable Sales at Disney. “Together, we’re advancing a shared vision for innovation—one that prioritizes automation, flexibility, and smarter tools to help our partners drive meaningful impact in the live streaming space.”

    “Controlling demand sources and optimizing ad placements in real time is essential to our strategy,” said Kelly McMahon, SVP of Operations at LG Ad Solutions. “SpringServe gives us the power to orchestrate everything in one platform—balancing programmatic demand and direct deals more effectively, without compromising the viewer experience.”

    “Working with valuable partners like Magnite has enabled Paramount to further optimize our programmatic demand sources, driving greater efficiency and performance while preserving a seamless viewing experience for our audiences,” said Christopher Owen, SVP, Partnerships at Paramount. “Continued advancements in programmatic play a meaningful role in our ongoing success both as a company and as part of the broader industry.”

    “Together with Magnite, we can create more opportunities for advertisers that offer platform transparency and flexibility across monetization, demand access, and user experience optimization,” said Jay Askinasi, SVP of Global Media Revenue and Growth at Roku. “SpringServe connects us more directly with DSPs, streamlining operations and augmenting revenue potential. This is an approach we believe will help attract greater advertising investment into the CTV ecosystem.”

    “Our long-standing partnership with Magnite has been instrumental in shaping our video monetization strategy, and we’re excited to partner with Magnite as they advance the SpringServe video platform,” said Jill Steinhauser, SVP Revenue Strategy and Operations, Warner Bros. Discovery. “We’re particularly looking forward to benefiting from the performance enhancements that enable faster ad loads and real-time pacing.”

    “Magnite helps fuel the premium, open internet,” said Will Doherty, SVP of Inventory Development, The Trade Desk. “Combined with tools like OpenPath, the next generation of SpringServe is accretive to advertisers and publishers and most importantly – so consumers can continue to enjoy the content we all love like CTV, journalism and more.”

    “Magnite’s unified SpringServe platform offers significant clarity and cohesion in the streaming TV marketplace,” said Susan Schiekofer, Chief Media Officer, GroupM US. “By providing deeper insight into the supply path and stronger alignment with premium inventory at scale, it empowers us to make smarter, faster buying decisions and ultimately deliver better outcomes for our clients.”

    “At OMG, we believe it’s a core right for advertisers to control and know where their ads deliver,” said Ryan Eusanio, SVP of Video and Programmatic at Omnicom Media Group. “Magnite’s SpringServe video platform helps us give our clients more control of their premium video strategy and enables better curation and targeting for campaigns.”

    The SpringServe video platform provides CTV and OTT publishers with improved functionality including:

    • Intelligent ad decisioning and dynamic mediation.
    • Automated ad routing that dynamically directs ad traffic to the highest-performing channels to ensure efficient ad delivery.
    • Centralized deal management to facilitate better visibility across direct and programmatic demand, including ClearLine deals.
    • Integration of Magnite Access for easy access to first- and third-party data.
    • A streamlined user interface and reporting for ad operations.

    For more information about the new SpringServe video platform, please visit magnite.com.

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    The MIL Network

  • MIL-OSI: Berry Corporation Provides Update on Strong Hedge and Liquidity Position Underpinning Stable Cash Flow Generation; Announces Upcoming Conference Participation

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, April 23, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today provided an update on its hedge and liquidity position, further bolstering the Company’s financial strength and visibility in the current commodity price environment. The Company raised the average hedged price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d. The Company’s oil volumes are 73% hedged for the remainder of 2025 and 63% hedged for 2026, based on the midpoint of Berry’s full year 2025 oil production guidance. Berry’s latest hedge information is included in its current investor presentation available on the Company’s website at www.bry.com.

    Fernando Araujo, Berry’s Chief Executive Officer, commented, “Our favorable hedge position reflects our proven strategy and Berry’s long-standing commitment to deliver sustainable cash flow through commodity price cycles. Our shallow decline rate, low capital intensity assets and strong hedge book provides for continued debt reduction and shareholder returns. Berry is well positioned to protect its balance sheet amidst recent market volatility.”

    Hedging and Mark-to-Market (MTM) Update:

    • Converted 2.3 MBbls/d of collars and puts in 2026 and 2027 into swaps, raising the floor price by $6/Bbl on average
    • Balance of 2025 (April-December): 17.3 MBbls/d oil hedged at an average price of $74.69/Bbl Brent (73% of full year 2025 guidance)
    • 2026-2027: 12.5 MBbls/d oil hedged at an average price of $69.45/Bbl Brent factoring in swaps and the floor prices of the collars
    • MTM (crude oil) as of 4/21/25: $105 million

    Liquidity Update
    Berry also provided an update on its strengthened liquidity position since year-end. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its revolving credit facility and $32 million available for delayed draw borrowings under its term loan facility. As of April 22, 2025, the Company had a liquidity position of $119 million with $14 million of letters of credit and no borrowings outstanding under its credit facility.

    Upcoming Conference Participation
    Berry’s executives will be participating in several upcoming investor events. In addition to hosting 1×1 investor meetings, Fernando Araujo will be speaking at each of the following conferences:

    • ONE Houlihan Lokey Global Conference on May 13 in New York, NY
    • Hart Energy Super DUG Conference & Expo on May 15 in Fort Worth, TX
    • Louisiana Energy Conference on May 28 in New Orleans, LA

    About Berry Corporation (BRY)
    Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

    COMPANY CONTACT:

    Christopher Denison – Investor Relations
    ir@bry.com
    (661) 616-3811

    Cautionary Statement Regarding Forward Looking Statements
    This news release contains forward-looking statements within the meaning of the federal securities laws. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “believe,” “continue,” “intend,” “will,” “would,” “goal,” “project,” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet production guidance, financial guidance and distribution expectations; our ability to safely and efficiently operate Berry’s assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our capital program and development and production plans; potential acquisitions and other strategic opportunities; changes in reserves; hedging activities; and the other factors described in the “Risk Factors” section of Berry’s most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. Berry undertakes no obligation to publicly update or revise any forward-looking statements.

    The MIL Network

  • MIL-OSI: YieldMax™ ETFs Announces Distributions on PLTY (101.54%), MARO (101.13%), ULTY (77.02%), MRNY (63.58%), NVDY (63.07%), and Others

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Weekly Payers and Group B ETFs listed in the table below.

    ETF Ticker1 ETF Name Distribution Frequency Distribution per Share Distribution Rate2,4 30-Day
    SEC Yield3
    ROC5 Ex-Date & Record Date Payment Date
    CHPY YieldMax™ Semiconductor Portfolio Option Income ETF Weekly $0.3454 0.23% 4/24/25 4/25/25
    GPTY YieldMax™ AI & Tech Portfolio Option Income ETF Weekly $0.2472 35.07% 0.00% 3.72% 4/24/25 4/25/25
    LFGY YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF Weekly $0.4088 58.94% 0.00% 100.00% 4/24/25 4/25/25
    QDTY YieldMax™ Nasdaq 100 0DTE Covered Call ETF Weekly $0.3231 44.04% 0.00% 0.37% 4/24/25 4/25/25
    RDTY YieldMax™ R2000 0DTE Covered Call ETF Weekly $0.4570 56.72% 0.00% 100.00% 4/24/25 4/25/25
    SDTY YieldMax™ S&P 500 0DTE Covered Call ETF Weekly $0.3024 38.99% 0.00% 0.00% 4/24/25 4/25/25
    ULTY YieldMax™ Ultra Option Income Strategy ETF Weekly $0.0836 77.02% 2.21% 96.26% 4/24/25 4/25/25
    YMAG YieldMax™ Magnificent 7 Fund of Option Income ETFs Weekly $0.0924 34.84% 69.89% 87.58% 4/24/25 4/25/25
    YMAX YieldMax™ Universe Fund
    of Option Income ETFs
    Weekly $0.1367 56.19% 96.57% 74.88% 4/24/25 4/25/25
    BABO YieldMax™ BABA Option Income Strategy ETF Every 4 Weeks $0.6587 50.19% 1.92% 91.80% 4/24/25 4/25/25
    DIPS YieldMax™ Short NVDA Option Income Strategy ETF Every 4 Weeks $0.6186 62.68% 2.36% 0.00% 4/24/25 4/25/25
    FBY YieldMax™ META Option Income Strategy ETF Every 4 Weeks $0.5216 48.14% 4.38% 91.40% 4/24/25 4/25/25
    GDXY YieldMax™ Gold Miners Option Income Strategy ETF Every 4 Weeks $0.7284 56.99% 2.77% 0.00% 4/24/25 4/25/25
    JPMO YieldMax™ JPM Option Income Strategy ETF Every 4 Weeks $0.5612 46.44% 4.01% 92.60% 4/24/25 4/25/25
    MARO YieldMax™ MARA Option Income Strategy ETF Every 4 Weeks $1.8468 101.13% 4.90% 97.16% 4/24/25 4/25/25
    MRNY YieldMax™ MRNA Option Income Strategy ETF Every 4 Weeks $0.1261 63.58% 4.65% 0.00% 4/24/25 4/25/25
    NVDY YieldMax™ NVDA Option Income Strategy ETF Every 4 Weeks $0.6734 63.07% 4.01% 85.30% 4/24/25 4/25/25
    PLTY YieldMax™ PLTR Option Income Strategy ETF Every 4 Weeks $4.6556 101.54% 2.78% 98.08% 4/24/25 4/25/25
    Weekly Payers & Group C ETFs scheduled for next week: CHPY GPTY LFGY QDTY RDTY SDTY ULTY YMAG YMAX ABNY AMDY CONY CVNY FIAT MSFO NFLY PYPY

    Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

    Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

    Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

    Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

    1  All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX, YMAG and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

    2  The Distribution Rate shown is as of close on April 22, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

    3  The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended March 31, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

    4  Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

    5  ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

    Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

    Standardized Performance

    For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For XYZY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here. For BIGY, click here. For SOXY, click here. For MARO, click here. For FEAT, click here. For FIVY, click here. For LFGY, click here. For GPTY, click here. For CVNY, click here. For SDTY, click here. For QDTY, click here. For WNTR, click here. For CHPY, click here. For RNTY, click here.

    Important Information

    This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

    YMAX, YMAG, FEAT and FIVY generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

    Investing involves risk. Principal loss is possible.

    Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

    Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    Risk Disclosures (applicable only to GPTY)

    Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory, and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

    Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

    Risk Disclosure (applicable only to MARO)

    Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

    Risk Disclosures (applicable only to BABO and TSMY)

    Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

    Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

    Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

    Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting, and investor protection standards than U.S. issuers.

    Risk Disclosures (applicable only to GDXY)

    Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

    Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

    The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

    Risk Disclosures (applicable only to YBIT)

    YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

    Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

    Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

    Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

    Risk Disclosures (applicable only to the Short ETFs)

    Investing involves risk. Principal loss is possible.

    Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

    Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Risk Disclosures (applicable only to CHPY)

    Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

    The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

    Risk Disclosures (applicable only to YQQQ)

    Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

    Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

    Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

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