Category: Australia

MIL-OSI Australia: Ulumbarra Theatre turns 10 today!

Source: New South Wales Ministerial News

Ulumbarra Theatre marks a significant milestone today celebrating its 10th anniversary as a world-class performing arts venue and vibrant cultural hub within the walls of the historic Sandhurst Gaol.

Over the past decade, Ulumbarra has welcomed approximately 765,000 visitors and hosted over 2,500 events, ranging from major productions like Richard Wagner’s Ring Cycle and national and international touring acts to local shows and school performances.

The name Ulumbarra means ‘gather together’ or ‘meeting place’ in the language of the Traditional Owners of the land, the Dja Dja Wurrung people.

As a leading regional arts and community venue, Ulumbarra has played a pivotal role in shaping central Victoria’s cultural landscape. The award-winning theatre, designed by local architecture firm Y2, is a stunning fusion of heritage-listed architecture and contemporary design within the historic Sandhurst Gaol (which operated from 1863 to 2004).

Red brick prison guard towers and an impressive façade frame the stunning theatre entrance. Inside the theatre, the box office is housed in a repurposed prison cell block and visitors can walk under the gangway and peer into prisons cells that remain intact. The theatre’s clever 950-seat design ensures a fantastic experience for every audience member, and other areas in the theatre serve as a hub for community events, art exhibitions, conferences, festivals and student programs.

Mayor Cr Andrea Metcalf said Ulumbarra’ s cultural impact on Greater Bendigo had been extraordinary.

“Ulumbarra has enriched our region’s arts and culture scene over the past decade, hosting national and international artists, touring theatre companies, whilst also serving as a space for learning, expression, and a strong community connection through the arts,” Cr Metcalf said.

“It is a testament to the strong collaboration and partnership between the City of Greater Bendigo, Bendigo Senior Secondary College and other key local stakeholders to drive this ambitious project for a shared arts and education facility.

“The theatre’s name, Ulumbarra, perfectly captures the spirit of this unique venue bringing the absolute best of art and culture. It’s a place where the community comes together in celebration, storytelling, and shared experiences. As a joint-use facility with Bendigo Senior Secondary College, it is also a place of learning that nurtures the love of live performances amongst younger generations.

“The theatre’s official opening on April 17, 2015, was marked by week-long celebrations including a gala event, a community concert, and a host of top-class performances.

“In 2025, we are thrilled to welcome back several national and international touring companies who performed here in our opening year, including Shake & Stir with 1984, Bell Shakespeare’s Romeo and Juliet, Circus Oz, Bangarra Dance Theatre, Sydney Dance Company, and Melbourne Symphony Orchestra.

“To have these outstanding companies return to our stage is a fitting way to mark this milestone and we look forward to welcoming our community and visitors to Ulumbarra throughout 2025 to share in the celebration of 10 years of performance, creativity, and connection.

“It’s a wonderful celebration for a venue that has become a cornerstone of cultural life in central Victoria.”

To browse forthcoming performances and shows at Ulumbarra, head to:

MIL OSI News –

April 17, 2025
MIL-OSI Australia: Woman charged with drug offences in North West

Source: New South Wales Community and Justice

Woman charged with drug offences in North West

Thursday, 17 April 2025 – 9:19 am.

A 28 year old Montello woman has been arrested and charged after a targeted search by Western Drugs and Firearms, Taskforce Scelus and the Dog Handler Unit today.
About 1pm police executed a search warrant at a Montello address.
Approximately 130grams of methylamphetamine in addition to unlawful prescription medication, cannabis and a quantity of cash were located.
The woman was arrested and charged with several offences including trafficking in a controlled substance, dealing in property suspected of being proceeds of crime and selling a controlled drug.
The woman was bailed to appear in Burnie Magistrates Court in June.
Police would like to remind members of the public that if they have any information surrounding illicit drug possession and distribution to contact Crime Stoppers on 1800 333 000 or online at crimestopperstas.com.au. Information can be provided anonymously.
Police will continue to target and hold to account those involved in the distribution of illicit drugs within the community.

MIL OSI News –

April 17, 2025

MIL-OSI: Great Southern Bancorp, Inc. Reports Preliminary First Quarter Earnings of $1.47 Per Diluted Common Share

Source: GlobeNewswire (MIL-OSI)

SPRINGFIELD, Mo., April 16, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, today reported that preliminary earnings for the three months ended March 31, 2025, were $1.47 per diluted common share ($17.2 million net income) compared to $1.13 per diluted common share ($13.4 million net income) for the three months ended March 31, 2024.

For the quarter ended March 31, 2025, annualized return on average common equity was 11.30%, annualized return on average assets was 1.15%, and annualized net interest margin was 3.57%, compared to 9.36%, 0.93% and 3.32%, respectively, for the quarter ended March 31, 2024.

First Quarter 2025 Key Results:

Net Interest Income: Net interest income for the first quarter of 2025 increased $4.5 million (or approximately 10.1%) to $49.3 million compared to $44.8 million for the first quarter of 2024, largely driven by higher interest income on loans and lower interest expense on deposit accounts. Annualized net interest margin was 3.57% for the quarter ended March 31, 2025, compared to 3.32% for the quarter ended March 31, 2024, and 3.49% for the quarter ended December 31, 2024. During the quarter ended March 31, 2025, the Company recorded additional interest income of $744,000 related to recoveries on cash-basis loans and other assets, positively affecting net interest income and net interest margin.
Asset Quality: Non-performing assets and potential problem loans totaled $17.0 million at March 31, 2025, an increase of $342,000 from $16.6 million at December 31, 2024. At March 31, 2025, non-performing assets were $9.5 million (0.16% of total assets), a decrease of $48,000 from $9.6 million (0.16% of total assets) at December 31, 2024.
Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.17 billion and $370.5 million, respectively, at March 31, 2025. In addition, at March 31, 2025, the Company had unpledged securities with a market value totaling $337.4 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
Capital: The Company’s capital position remained strong as of March 31, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of March 31, 2025, the Company’s Tier 1 Leverage Ratio was 11.3%, Common Equity Tier 1 Capital Ratio was 12.4%, Tier 1 Capital Ratio was 12.9%, and Total Capital Ratio was 15.6%. The Company’s tangible common equity to tangible assets ratio was 10.1% at March 31, 2025.
Significant Item: In the quarter ended March 31, 2025, the Company received an annual marketing and card expense reimbursement for qualifying expenditures from its debit card brand provider of $433,000, which offset marketing and advertising costs that included this branding.
Stock Purchase Authorization: In April 2025, the Company’s Board of Directors approved a new stock repurchase program of up to one million additional shares of the Company’s common stock, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares, which were approximately 270,000 shares at March 31, 2025.

Selected Financial Data:

	Three Months Ended
		March 31,			March 31,		December 31,
		2025			2024		2024
		(Dollars in thousands, except per share data)

Net interest income	$	49,334		$	44,816	$	49,534
Provision (credit) for credit losses on loans and unfunded commitments		(348	)		630		1,556
Non-interest income		6,590			6,806		6,934
Non-interest expense		34,822			34,422		36,947
Provision for income taxes		4,290			3,163		3,043

Net income	$	17,160		$	13,407	$	14,922

Earnings per diluted common share	$	1.47		$	1.13	$	1.27

Joseph W. Turner, President and CEO of Great Southern, commented, “Our first-quarter 2025 results reflect the strength of our underlying strategy and our ability to adapt with discipline amid ongoing economic and financial sector challenges. Our core banking fundamentals remain sound, with quarterly profitability strengthened by higher interest income, disciplined expense management, and favorable contributions from interest income recoveries and an expense reimbursement. We reported net income of $17.2 million, or $1.47 per diluted common share, for the first quarter of 2025, compared to $13.4 million, or $1.13 per diluted common share, in the same period last year. The increase in net income compared to the prior year quarter was primarily driven by strong growth in net interest income, which rose $4.5 million, or 10.1%, supported by increases in both loan yields and average loan balances. Additionally, a negative provision for losses on unfunded commitments of $348,000 in the first quarter of 2025, compared to a combined provision of $630,000 in the prior year quarter, contributed significantly to the improvement in profitability.”

He noted, “Despite external economic pressures, our core operations remained strong. Total interest income for the first quarter of 2025 was $80.2 million, reflecting higher earning asset levels and loan yields. Net interest income for the quarter remained healthy at $49.3 million, supported by disciplined asset-liability management and a deliberate strategy to control funding costs through management of our funding mix and duration amid persistent deposit competition. Importantly, we saw no material deterioration in our core non-time deposit balances, reflecting customer stability and the durability of our franchise.”

Turner added, “Our balance sheet remains well positioned, with total assets of approximately $5.99 billion at March 31, 2025, and a loan portfolio that has been carefully managed in terms of both growth and risk composition. We continue to emphasize prudent lending practices, focusing on relationship-based lending and credit quality rather than volume. Our allowance for credit losses stood at $64.7 million at March 31, 2025, representing 1.36% of total loans. Our non-performing assets remained at minimal levels consistent with previous quarters, underscoring the strength of our underwriting standards and ongoing credit monitoring.”

He further noted, “On the expense side, we continued to demonstrate operating discipline. Noninterest expense totaled $34.8 million for the first quarter of 2025, flat from the prior-year first quarter despite inflationary pressures, with reductions in legal and professional fees offsetting modest increases in salaries, occupancy, and technology investments. Noninterest income totaled $6.6 million for the first quarter of 2025, which was generally consistent with the prior-year first quarter.”

Turner continued, “As we look ahead, our priorities remain unchanged. We will continue to manage costs tightly, safeguard credit quality, and strive to optimize our funding mix to ensure long-term financial stability. At March 31, 2025, our capital and liquidity positions were solid, with a tangible common equity ratio of 10.1% and approximately $2 billion of secured available lines and on-balance sheet liquid assets, providing us with ample flexibility to support customers, pursue strategic growth opportunities, and continue returning value to shareholders through dividends and share repurchases. In the first quarter of 2025 we repurchased nearly 175,000 shares of our common stock.”

“Great Southern’s Q1 2025 results underscore the consistency of our business model and our track record of delivering sustainable returns, supported by strong core fundamentals and disciplined execution. We remain focused on long-term value creation and are confident in our ability to navigate the current environment while continuing to serve our customers, communities, and shareholders,” Turner concluded.

NET INTEREST INCOME

	Three Months Ended
		March 31,		March 31,	December 31,

		2025		2024		2024
		(Dollars in thousands)
Interest Income	$	80,243	$	77,390	$	82,585
Interest Expense		30,909		32,574		33,051
Net Interest Income	$	49,334	$	44,816	$	49,534

Net interest margin		3.57%		3.32%		3.49%
Average interest-earning assets to average interest-bearing liabilities		125.5%		127.4%		127.0%

Net interest income for the first quarter of 2025 increased $4.5 million to $49.3 million, compared to $44.8 million for the first quarter of 2024. This increase in net interest income was driven primarily by higher loan interest income and improved overall yields, as well as the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits. Net interest margin was 3.57% in the first quarter of 2025, compared to 3.32% in the same period of 2024 and 3.49% in the fourth quarter of 2024. The additional interest income items outlined above, under “First Quarter 2025 Key Results – Net Interest Income,” contributed 5 basis points to net interest margin in the first quarter of 2025. Compared to the 2024 first quarter, the average yield on loans increased 10 basis points, the average yield on investment securities increased 33 basis points and the average yield on other interest earning assets decreased 99 basis points. The average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreased 29 basis points, 40 basis points and 67 basis points, respectively, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The average interest rate spread was 3.00% for the three months ended March 31, 2025, compared to 2.66% for the three months ended March 31, 2024, and 2.87% for the three months ended December 31, 2024.

The average rates paid on deposits and borrowings decreased compared to the prior-year first quarter as market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024. Yields on the Company’s portfolio of investment securities increased compared to the prior-year first quarter due to higher-yielding securities purchased in the second quarter of 2024. While market interest rates decreased compared to the first quarter of 2024, the average yield on loans increased slightly as cash flows from lower-rate fixed rate loans were redeployed into loans with comparably higher rates of interest.

To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has, from time to time, strategically utilized derivative financial instruments, primarily interest rate swaps, as part of its interest rate risk management strategy.

The following table presents the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:

	Three Months Ended
		March 31,			March 31,			December 31,
		2025			2024			2024
		(In thousands)
Terminated interest rate swaps	$	2,003		$	2,025		$	2,047
Active interest rate swaps		(1,742	)		(4,653	)		(2,116	)
Increase (decrease) to interest income	$	261		$	(2,628	)	$	(69	)

The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, is being accreted to interest income on loans monthly until the original termination date of October 6, 2025. After this date, the Company will no longer have the benefit of that income from the terminated swap. In 2025, the Company anticipates recording approximately $2.0 million in interest income from the terminated swap in each of the first three quarters, after which no further interest income will be realized.

The Company’s net interest income in the first quarter of 2025 increased 10.1% compared to net interest income in the first quarter of 2024. The cost of deposits has been negatively impacted over several quarters by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at the prevailing higher market rates. Market rates for time deposits for much of 2024 remained elevated, but have recently declined as the FOMC cut the federal funds rate by 100 basis points in late 2024 and signaled that further rate cuts may occur in 2025. As of March 31, 2025, time deposit maturities over the next 12 months were as follows: within three months — $669 million, with a weighted-average rate of 4.10%; within three to six months — $495 million, with a weighted-average rate of 3.74%; and within six to twelve months — $133 million, with a weighted-average rate of 3.23%. Based on time deposit market rates in March 2025, replacement rates for these maturing time deposits are likely to be approximately 3.50-4.00%.

NON-INTEREST INCOME

For the quarter ended March 31, 2025, non-interest income decreased $216,000 to $6.6 million when compared to the quarter ended March 31, 2024. None of the components of non-interest income experienced increases or decreases exceeding $200,000 in comparing the two periods.

NON-INTEREST EXPENSE

For the quarter ended March 31, 2025, non-interest expense increased $400,000 to $34.8 million when compared to the quarter ended March 31, 2024, primarily as a result of the following items:

Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $694,000, or 8.9%, from the prior-year quarter. Various components of computer license and support expenses related to upgrades of core systems capabilities collectively increased by $322,000 in the first quarter of 2025 compared to the first quarter of 2024. Parking lot maintenance expenses, primarily related to above normal snow removal activity, collectively increased by $232,000 in the first quarter of 2025 compared to the first quarter of 2024.
Salaries and employee benefits: Salaries and employee benefits increased $473,000, or 2.4%, from the prior-year quarter. Much of this increase related to normal annual merit increases in various lending and operations areas.
Legal, audit and other professional fees: Legal, audit and other professional fees decreased $687,000 from the prior-year quarter, to $1.0 million. In the quarter ended March 31, 2024, the Company expensed a total of $929,000 related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, with no such costs expensed in the quarter ended March 31, 2025.

The Company’s efficiency ratio for the quarter ended March 31, 2025, was 62.27% compared to 66.68% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.34% for the three months ended March 31, 2025, compared to 2.39% for the three months ended March 31, 2024. Average assets for the three months ended March 31, 2025, increased $200.2 million, or 3.5%, compared to the three months ended March 31, 2024, primarily due to growth in average balances of net loans receivable and investment securities.

INCOME TAXES

For the three months ended March 31, 2025 and 2024, the Company’s effective tax rate was 20.0% and 19.1%, respectively. These effective rates were below the statutory federal tax rate of 21%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 20.0% in future periods.

CAPITAL

	March 31,		December 31,
	2025		2024
Consolidated Regulatory Capital Ratios	(Preliminary)
Tier 1 Leverage Ratio	11.3	%	11.4	%
Common Equity Tier 1 Capital Ratio	12.4	%	12.3	%
Tier 1 Capital Ratio	12.9	%	12.8	%
Total Capital Ratio	15.6	%	15.4	%
Tangible Common Equity Ratio	10.1	%	9.9	%

As of March 31, 2025, total stockholders’ equity was $613.3 million, representing 10.2% of total assets and a book value of $53.03 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $13.7 million increase in stockholders’ equity was primarily driven by $17.2 million in net income and a $1.2 million increase from stock option exercises, partially offset by $4.6 million in cash dividends declared on the Company’s common stock and $10.2 million in common stock repurchases.

Decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $44.1 million (net of taxes) at March 31, 2025, also increased stockholders’ equity by $10.2 million during the quarter. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps.

The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $20.6 million and $24.7 million at March 31, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at March 31, 2025, they would have decreased total stockholder’s equity at that date by $15.6 million. This amount was equal to 2.5% of total stockholders’ equity of $613.3 million at March 31, 2025, compared to 3.1% of total stockholders’ equity at December 31, 2024.

In November 2022, the Company’s Board of Directors authorized the purchase of an additional one million shares of the Company’s common stock. As of March 31, 2025, approximately 270,000 shares remained available in this stock repurchase authorization.

In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares. The new stock repurchase program authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock.

During the three months ended March 31, 2025, the Company repurchased 173,344 shares of its common stock at an average price of $58.38, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.40 per common share, which, combined, reduced stockholders’ equity by $14.8 million.

LIQUIDITY AND DEPOSITS

Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.

At March 31, 2025, the Company had the following available secured lines and on-balance sheet liquidity:

	March 31, 2025
Federal Home Loan Bank line	$1,172.6 million
Federal Reserve Bank line	370.5 million
Cash and cash equivalents	217.2 million
Unpledged securities – Available-for-sale	312.9 million
Unpledged securities – Held-to-maturity	24.5 million

During the three months ended March 31, 2025, the Company’s total deposits increased $152.5 million. Interest-bearing checking balances increased $33.5 million (1.5%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $9.7 million (1.2%). Time deposits generated through the Company’s banking center and corporate services networks decreased $14.1 million (1.8%). Brokered deposits increased $123.3 million (16.0%) through a variety of sources.

At March 31, 2025, the Company had the following deposit balances:

	March 31, 2025
Interest-bearing checking	$2,248.3 million
Non-interest-bearing checking	852.7 million
Time deposits	761.7 million
Brokered deposits	895.4 million

At March 31, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $683.9 million (14% of total deposits).

LOANS

Total net loans, excluding mortgage loans held for sale, were generally flat at $4.69 billion at March 31, 2025 compared to December 31, 2024. Increases in other residential (multi-family) loans of $43.2 million and construction loans of $29.1 million were offset by decreases in commercial real estate loans and one- to four-family residential loans of $54.4 million and $10.3 million, respectively.

The pipeline of unfunded loan commitments decreased in the first quarter of 2025, primarily due to a decline related to construction loans. The unfunded portion of construction loans remained significant, notwithstanding this decline.

For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”

Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):

		March 31, 2025		December 31, 2024		December 31, 2023		December 31, 2022
Closed non-construction loans with unused available lines
Secured by real estate (one- to four-family)	$	211,119	$	205,599	$	203,964	$	199,182
Secured by real estate (not one- to four-family)		—		—		—		—
Not secured by real estate – commercial business		106,211		106,621		82,435		104,452

Closed construction loans with unused available lines
Secured by real estate (one-to four-family)		96,807		94,501		101,545		100,669
Secured by real estate (not one-to four-family)		657,828		703,947		719,039		1,444,450

Loan commitments not closed
Secured by real estate (one-to four-family)		19,264		14,373		12,347		16,819
Secured by real estate (not one-to four-family)		50,296		53,660		48,153		157,645
Not secured by real estate – commercial business		18,484		22,884		11,763		50,145

	$	1,160,009	$	1,201,585	$	1,179,246	$	2,073,362

PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

During the quarter ended March 31, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $500,000 in the same period in 2024. Total net charge-offs were $56,000 for the three months ended March 31, 2025, compared to net charge-offs of $83,000 during the same period in the prior year. Additionally, for the quarter ended March 31, 2025, the Company recorded a negative provision for losses on unfunded commitments of $348,000, compared to a provision expense of $130,000 for the same period in 2024.

The Bank’s allowance for credit losses as a percentage of total loans was 1.36% at March 31, 2025, consistent with 1.36% at December 31, 2024. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at March 31, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.

ASSET QUALITY

At March 31, 2025, non-performing assets were $9.5 million, a decrease of $48,000 from $9.6 million at December 31, 2024. Non-performing assets as a percentage of total assets were 0.16% at both March 31, 2025 and December 31, 2024.

Activity in the non-performing loans categories during the quarter ended March 31, 2025, was as follows:

		Beginning Balance, January 1		Additions to Non- Performing		Removed from Non- Performing		Transfers to Potential Problem Loans		Transfers to Foreclosed Assets and Repossessions			Charge- Offs			Payments			Ending Balance, March 31
		(In thousands)

One- to four-family construction	$	—	$	—	$	—	$	—	$	—		$	—		$	—		$	—
Subdivision construction		—		—		—		—		—			—			—			—
Land development		464		—		—		—		—			—			(96	)		368
Commercial construction		—		—		—		—		—			—			—			—
One- to four-family residential		2,631		473		—		—		—			—			(28	)		3,076
Other residential (multi-family)		—		—		—		—		—			—			—			—
Commercial real estate		77		—		—		—		(77	)		—			—			—
Commercial business		384		—		—		—		—			(135	)		(249	)		—
Consumer		17		24		—		—		—			—			(3	)		38
Total non-performing loans	$	3,573	$	497	$	—	$	—	$	(77	)	$	(135	)	$	(376	)	$	3,482

Compared to December 31, 2024, non-performing loans decreased $91,000.
The non-performing one- to four-family residential category consisted of nine loans at March 31, 2025, two of which were added during the current quarter.
The largest relationship in the one- to four-family residential category totaled $884,000 at March 31, 2025, was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Buffalo, N.Y. area.
The land development category consisted of one loan added in 2024. This loan is collateralized by improved commercial land in the Omaha, Neb. area.

Activity in the potential problem loans categories during the quarter ended March 31, 2025, was as follows:

		Beginning Balance, January 1		Additions to Potential Problem		Removed from Potential Problem			Transfers to Non- Performing		Transfers to Foreclosed Assets and Repossessions		Charge- Offs			Loan Advances (Payments)			Ending Balance, March 31
		(In thousands)

One- to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—		$	—		$	—
Subdivision construction		—		—		—			—		—		—			—			—
Land development		—		—		—			—		—		—			—			—
Commercial construction		—		—		—			—		—		—			—			—
One- to four-family residential		1,202		1,099		(151	)		—		—		(9	)		(13	)		2,128
Other residential (multi-family)		—		—		—			—		—		—			—			—
Commercial real estate		4,331		—		—			—		—		—			(18	)		4,313
Commercial business		—		—		—			—		—		—			—			—
Consumer		1,529		138		(642	)		—		—		—			(14	)		1,011
Total potential problem loans	$	7,062	$	1,237	$	(793	)	$	—	$	—	$	(9	)	$	(45	)	$	7,452

Compared to December 31, 2024, potential problem loans increased $390,000.
At March 31, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in labor participation and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
At March 31, 2025, the one- to four-family residential category consisted of 12 loans, one of which was added to potential problem loans during the current quarter and one of which was transferred from the consumer category (the loan was drawn on a home equity line of credit) during the current quarter.
The largest relationship in the one- to four-family category, mentioned above as the loan transferred from the consumer category, totaled $966,000 and is collateralized by a single-family residential property in the Orlando, Fla. area.
At March 31, 2025, the consumer category of potential problem loans consisted of 16 loans, six of which were added during the current quarter.
The largest loan in the consumer category is a home equity loan totaling $748,000 related to the nursing care facility relationship, noted above.

Activity in the foreclosed assets and repossessions categories during the quarter ended March 31, 2025 was as follows:

		Beginning Balance, January 1		Additions		ORE and Repossession Sales			Capitalized Costs		ORE and Repossession Write-Downs		Ending Balance, March 31
		(In thousands)

One-to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—
Subdivision construction		—		—		—			—		—		—
Land development		—		—		—			—		—		—
Commercial construction		—		—		—			—		—		—
One- to four-family residential		—		—		—			—		—		—
Other residential (multi-family)		—		—		—			—		—		—
Commercial real estate		5,960		76		—			—		—		6,036
Commercial business		—		—		—			—		—		—
Consumer		33		2		(35	)		—		—		—
Total foreclosed assets and repossessions	$	5,993	$	78	$	(35	)	$	—	$	—	$	6,036

Compared to December 31, 2024, foreclosed assets increased $43,000.
The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the current quarter.
The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

BUSINESS INITIATIVES

During the quarter ended March 31, 2025, no material changes occurred regarding the status of the litigation and the agreement in principle between Great Southern and its third-party vendor involving a previously proposed new core banking platform. No assurance can be given as to when or whether final agreements will be executed and a full settlement of the matter will be achieved.

Technology updates and advancements continue with the Company’s current core provider. Projects involving a full array of products and services are moving forward, with completions expected beginning in the third quarter of 2025 and continuing into 2026.

During the quarter ended March 31, 2025, the Company installed 10 ITM units in the St. Louis, Mo. market, replacing existing end-of-life ATM units. The ITMs, all located at banking center locations, offer customers live teller services, extended banking hours, and services beyond those traditionally available via an ATM.

In March 2025, the Company began construction of a new banking center at 723 N. Benton in Springfield, Mo., to replace the existing facility at that location. The new construction, designed as a next-generation banking center, will allow for flexibility in testing new designs, processes, technology and tools balanced with customer convenience. Construction is expected to be completed in the fourth quarter of 2025. During construction, customers are being served by a temporary facility on the property. The Company has 11 other banking centers and an Express Center in Springfield.

2025 Annual Meeting of Stockholders

The Company announced that its 2025 Annual Meeting of Stockholders will be held at 10 a.m. Central Time on May 7, 2025, and will be held in a virtual format. Stockholders will be able to attend the Annual Meeting via a live webcast. Holders of record of Great Southern Bancorp, Inc. common stock at the close of business on the record date, March 4, 2025, may vote during the live webcast of the Annual Meeting or by proxy. Please see the Company’s Notice of Annual Meeting and Proxy Statement available on the Company’s website,
www.GreatSouthernBank.com (click “About” then “Investor Relations”) for additional information about the virtual meeting.

Earnings Conference Call

The Company will host a conference call on Thursday, April 17, 2025, at 2:00 p.m. Central Time to discuss first quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BI2135774c93e14b34ad13657bf45a7dd2.

About Great Southern Bancorp, Inc.

Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

www.GreatSouthernBank.com

Forward-Looking Statements

When used in this press release and in other documents filed or furnished by Great Southern Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) 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; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and Great Southern Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three months ended March 31, 2025 and 2024, and the three months ended December 31, 2024, are not necessarily indicative of the results of operations which may be expected for any future period.


		March 31,		December 31,
		2025		2024
Selected Financial Condition Data:	(In thousands)

Total assets	$	5,993,842	$	5,981,628
Loans receivable, gross		4,761,378		4,761,848
Allowance for credit losses		64,704		64,760
Other real estate owned, net		6,036		5,993
Available-for-sale securities, at fair value		535,914		533,373
Held-to-maturity securities, at amortized cost		185,853		187,433
Deposits		4,758,046		4,605,549
Total borrowings		535,953		679,341
Total stockholders’ equity		613,293		599,568
Non-performing assets		9,518		9,566

		Three Months Ended					Three Months Ended
		March 31,					December 31,
		2025			2024		2024
		(In thousands)
Selected Operating Data:
Interest income	$	80,243		$	77,390	$	82,585
Interest expense		30,909			32,574		33,051
Net interest income		49,334			44,816		49,534
Provision (credit) for credit losses on loans and unfunded commitments		(348	)		630		1,556
Non-interest income		6,590			6,806		6,934
Non-interest expense		34,822			34,422		36,947
Provision for income taxes		4,290			3,163		3,043
Net income	$	17,160		$	13,407	$	14,922

	At or For the Three Months Ended				At or For the Three Months Ended
	March 31,				December 31,
	2025		2024		2024
	(Dollars in thousands, except per share data)
Per Common Share:
Net income (fully diluted)	$	1.47	$	1.13	$	1.27
Book value	$	53.03	$	48.31	$	51.14

Earnings Performance Ratios:
Annualized return on average assets		1.15%		0.93%		1.00%
Annualized return on average common stockholders’ equity		11.30%		9.36%		9.76%
Net interest margin		3.57%		3.32%		3.49%
Average interest rate spread		3.00%		2.66%		2.87%
Efficiency ratio		62.27%		66.68%		65.43%
Non-interest expense to average total assets		2.34%		2.39%		2.46%

Asset Quality Ratios:
Allowance for credit losses to period-end loans		1.36%		1.40%		1.36%
Non-performing assets to period-end assets		0.16%		0.37%		0.16%
Non-performing loans to period-end loans		0.07%		0.46%		0.07%
Annualized net charge-offs to average loans		0.00%		0.01%		0.01%


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except number of shares)

		March 31, 2025			December 31, 2024

Assets
Cash	$	106,336		$	109,366
Interest-bearing deposits in other financial institutions		110,845			86,390
Cash and cash equivalents		217,181			195,756

Available-for-sale securities		535,914			533,373
Held-to-maturity securities		185,853			187,433
Mortgage loans held for sale		6,857			6,937
Loans receivable, net of allowance for credit losses of $64,704 – March 2025; $64,760 – December 2024		4,690,636			4,690,393
Interest receivable		21,504			20,430
Prepaid expenses and other assets		132,930			136,594
Other real estate owned and repossessions, net		6,036			5,993
Premises and equipment, net		132,165			132,466
Goodwill and other intangible assets		9,985			10,094
Federal Home Loan Bank stock and other interest-earning assets		25,813			28,392
Current and deferred income taxes		28,968			33,767

Total Assets	$	5,993,842		$	5,981,628

Liabilities and Stockholders’ Equity
Liabilities
Deposits	$	4,758,046		$	4,605,549
Securities sold under reverse repurchase agreements with customers		75,322			64,444
Short-term borrowings		359,907			514,247
Subordinated debentures issued to capital trust		25,774			25,774
Subordinated notes		74,950			74,876
Accrued interest payable		5,416			12,761
Advances from borrowers for taxes and insurance		7,451			5,272
Accounts payable and accrued expenses		65,528			70,634
Liability for unfunded commitments		8,155			8,503
Total Liabilities		5,380,549			5,382,060

Stockholders’ Equity
Capital stock
Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding March 2025 and December 2024 -0- shares		—			—
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding March 2025 – 11,565,211 shares; December 2024 – 11,723,548 shares		116			117
Additional paid-in capital		51,076			50,336
Retained earnings		606,239			603,477
Accumulated other comprehensive loss		(44,138	)		(54,362	)
Total Stockholders’ Equity		613,293			599,568

Total Liabilities and Stockholders’ Equity	$	5,993,842		$	5,981,628


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (In thousands, except per share data)

		Three Months Ended						Three Months Ended
		March 31,						December 31,
		2025			2024			2024
Interest Income
Loans	$	73,071		$	71,076		$	75,380
Investment securities and other		7,172			6,314			7,205
		80,243			77,390			82,585
Interest Expense
Deposits		24,600			27,637			25,799
Securities sold under reverse repurchase agreements		371			333			295
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		4,450			3,044			5,417
Subordinated debentures issued to capital trust		382			454			434
Subordinated notes		1,106			1,106			1,106
		30,909			32,574			33,051

Net Interest Income		49,334			44,816			49,534
Provision for Credit Losses on Loans		—			500			—
Provision (Credit) for Unfunded Commitments		(348	)		130			1,556
Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments		49,682			44,186			47,978

Noninterest Income
Commissions		262			381			217
Overdraft and Insufficient funds fees		1,215			1,289			1,314
POS and ATM fee income and service charges		3,234			3,183			3,348
Net gains on loan sales		601			677			899
Late charges and fees on loans		243			167			132
Loss on derivative interest rate products		(24	)		(13	)		(1	)
Other income		1,059			1,122			1,025
		6,590			6,806			6,934

Noninterest Expense
Salaries and employee benefits		20,129			19,656			19,509
Net occupancy and equipment expense		8,533			7,839			8,300
Postage		931			807			884
Insurance		1,165			1,144			1,163
Advertising		290			350			955
Office supplies and printing		266			267			273
Telephone		706			721			697
Legal, audit and other professional fees		1,038			1,725			1,001
Expense (income) on other real estate and repossessions		(70	)		61			(114	)
Acquired intangible asset amortization		108			108			108
Other operating expenses		1,726			1,744			4,171
		34,822			34,422			36,947

Income Before Income Taxes		21,450			16,570			17,965
Provision for Income Taxes		4,290			3,163			3,043

Net Income	$	17,160		$	13,407		$	14,922

Earnings Per Common Share
Basic	$	1.47		$	1.14		$	1.27
Diluted	$	1.47		$	1.13		$	1.27

Dividends Declared Per Common Share	$	0.40		$	0.40		$	0.40

Average Balances, Interest Rates and Yields

The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $970,000 and $1.2 million for the three months ended March 31, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.

	March 31, 2025			Three Months Ended March 31, 2025							Three Months Ended March 31, 2024
				Average				Yield/			Average				Yield/
	Yield/Rate			Balance			Interest	Rate			Balance			Interest	Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential	4.18	%	$	830,615		$	8,568	4.18	%	$	889,969		$	8,697	3.93	%
Other residential	6.86			1,546,209			26,450	6.94			959,975			16,858	7.06
Commercial real estate	6.12			1,510,432			23,015	6.18			1,499,641			22,768	6.11
Construction	7.08			490,586			8,652	7.15			856,571			15,844	7.44
Commercial business	6.03			211,791			3,822	7.32			286,074			4,609	6.48
Other loans	6.41			166,424			2,564	6.25			173,636			2,300	5.33

Total loans receivable	6.13			4,756,057			73,071	6.23			4,665,866			71,076	6.13

Investment securities	3.12			738,122			6,074	3.34			669,680			5,010	3.01
Other interest-earning assets	4.33			105,286			1,098	4.23			100,503			1,304	5.22

Total interest-earning assets	5.73			5,599,465			80,243	5.81			5,436,049			77,390	5.73
Non-interest-earning assets:
Cash and cash equivalents				100,558							90,474
Other non-earning assets				262,490							235,817
Total assets			$	5,962,513						$	5,762,340

Interest-bearing liabilities:
Interest-bearing demand and savings	1.37		$	2,221,475			7,797	1.42		$	2,223,780			9,482	1.71
Time deposits	3.47			772,054			6,714	3.53			937,720			9,165	3.93
Brokered deposits	4.46			892,611			10,089	4.58			688,820			8,990	5.25
Total deposits	2.49			3,886,140			24,600	2.57			3,850,320			27,637	2.89
Securities sold under reverse repurchase agreements	2.09			82,400			371	1.83			74,468			333	1.80
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	4.53			392,646			4,450	4.60			241,591			3,044	5.07
Subordinated debentures issued to capital trust	6.15			25,774			382	6.01			25,774			454	7.08
Subordinated notes	5.90			74,919			1,106	5.99			74,619			1,106	5.96

Total interest-bearing liabilities	2.73			4,461,879			30,909	2.81			4,266,772			32,574	3.07
Non-interest-bearing liabilities:
Demand deposits				821,759							854,849
Other liabilities				71,360							67,879
Total liabilities				5,354,998							5,189,500
Stockholders’ equity				607,515							572,840
Total liabilities and stockholders’ equity			$	5,962,513						$	5,762,340

Net interest income:						$	49,334						$	44,816
Interest rate spread	3.00	%						3.00	%						2.66	%
Net interest margin*								3.57	%						3.32	%
Average interest-earning assets to average interest-bearing liabilities				125.5	%						127.4	%

*Defined as the Company’s net interest income divided by average total interest-earning assets.

NON-GAAP FINANCIAL MEASURES

This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”). This non-GAAP financial information includes the tangible common equity to tangible assets ratio.

In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets

		March 31,			December 31,
		2025			2024
		(Dollars in thousands)

Common equity at period end	$	613,293		$	599,568
Less: Intangible assets at period end		9,985			10,094
Tangible common equity at period end (a)	$	603,308		$	589,474

Total assets at period end	$	5,993,842		$	5,981,628
Less: Intangible assets at period end		9,985			10,094
Tangible assets at period end (b)	$	5,983,857		$	5,971,534

Tangible common equity to tangible assets (a) / (b)		10.08	%		9.87	%

CONTACT:

Jeff Tryka, CFA,
Investor Relations,
(616) 233-0500
GSBC@lambert.com

The MIL Network –

April 17, 2025

MIL-OSI: Bigstack Opportunities I Inc. Enters Into Definitive Agreement For Qualifying Transaction

Source: GlobeNewswire (MIL-OSI)

TORONTO, April 16, 2025 (GLOBE NEWSWIRE) — Bigstack Opportunities I Inc. (“Bigstack”) (TSXV: STAK.P), a capital pool company as defined under the policies of the TSX Venture Exchange (the “TSXV” or the “Exchange”), is pleased to announce that, further to the non-binding letter of intent dated November 3, 2024 between Bigstack and Reeflex Coil Solutions Inc. (“Reeflex”) and its press releases dated November 4, 2024 and January 17, 2025, it has entered into a business combination agreement dated April 14, 2025 (the “Business Combination Agreement”) with Reeflex and 2704122 Alberta Ltd., a wholly-owned subsidiary of Bigstack (“Subco”). Reeflex and all of the shareholders (the “Coil Shareholders”) of Coil Solutions Inc. (“Coil”) have entered into a share purchase agreement dated April 14, 2025 (the “Share Purchase Agreement”).

Terms of the Transaction

The Business Combination Agreement provides for a three-cornered amalgamation (the “Business Combination”), whereby (i) Reeflex will amalgamate with Subco under the Business Corporations Act (Alberta), (ii) all of the issued and outstanding common shares in the capital of Reeflex (the “Reeflex Shares”) immediately prior to the Business Combination will be cancelled and, in consideration therefor, the holders thereof (the “Reeflex Shareholders”) will receive one common share in the capital of Bigstack (“Bigstack Share”) on the basis of one Reeflex Share for one Bigstack Share at a deemed price of $0.10 per Bigstack Share and (iii) the amalgamated corporation (the “Amalco”) will be a wholly-owned subsidiary of Bigstack, all on the terms and conditions of the Business Combination Agreement.

Prior to the completion of the Business Combination, pursuant to the Share Purchase Agreement, it is intended that Reeflex will purchase all of the issued and outstanding shares in the capital of Coil (the “Acquisition” and, together with the Business Combination, the “Transaction”) from the Coil Shareholders for aggregate consideration of $5.8 million, subject to a post-closing working capital adjustment, which is expected to be paid and satisfied by way of (i) Reeflex issuing secured non-interest bearing promissory notes to each Coil Shareholder with an aggregate principal amount equal to $1,700,000 that are to be fully paid within 5 business days of the closing of the Acquisition, (ii) Reeflex issuing secured promissory notes to each Coil Shareholder with an aggregate principal amount equal to $2,300,000 that bear interest at the prime rate published by the Bank of Canada from time to time and are paid down monthly and to be fully paid on the fifth anniversary of the closing of the Acquisition and (iii) Reeflex issuing an aggregate of 18,000,000 Reeflex Shares to the Coil Shareholders at a deemed price of $0.10 per Reeflex Share, all upon the terms and conditions of the Share Purchase Agreement.

After giving effect to the Transaction, the Reeflex Shareholders will collectively exercise control over Bigstack, Bigstack will wholly-own Amalco and Amalco will wholly-own Coil. Bigstack, as it exists upon completion of the Transaction (the “Resulting Issuer”), is expected to continue the business of Coil.

It is anticipated that all convertible securities of Bigstack will be exercised prior to completion of the Transaction; however, if any warrants to purchase common shares of Bigstack remain outstanding following the completion of the Transaction, they shall continue to be exercisable for common shares of the Resulting Issuer in accordance with their terms. It is anticipated that Bigstack will change its name to “Reeflex Solutions Inc.” on or immediately prior to the completion of the Transaction.

Immediately prior to the closing of the Transaction, it is anticipated that (i) assuming completion of the anticipated exercise of all convertible securities of Bigstack, there will be 10,662,000 Bigstack Shares issued and outstanding and (ii) holders of Reeflex Shares will hold 36,239,500 Reeflex Shares. Therefore, immediately following the closing of the Transaction, it is anticipated that there will be 46,901,500 common shares of the Resulting Issuer issued and outstanding.

Bigstack anticipates that the Transaction will constitute its Qualifying Transaction pursuant to Policy 2.4 – Capital Pool Companies of the Exchange (the “CPC Policy”), as such term is defined in the policies of the Exchange, and it is expected that Bigstack will be a Tier 2 Industrial Issuer on the Exchange upon completion of the Transaction.

The proposed Transaction is not a “Non-Arm’s Length Qualifying Transaction” as such term is defined in the CPC Policy. No Non-Arm’s Length Party to Bigstack (as such term is defined in the CPC Policy) (a) has any direct or indirect beneficial interest in Reeflex or Coil, or (b) is an insider of Reeflex or Coil. There is no relationship between or among a Non-Arm’s Length Party to Bigstack and a Non-Arm’s Length Party to the Qualifying Transaction (as such terms are defined in the CPC Policy). It is not expected that the Transaction will be subject to approval by the shareholders of Bigstack.

Completion of the Transaction is subject to a number of conditions, including but not limited to, the satisfaction of all conditions provided for in the Business Combination Agreement, which will include representations, warranties, covenants and conditions customary for a transaction of this nature, and the receipt of all necessary regulatory, corporate and third party approvals, including TSXV acceptance and, if applicable pursuant to TSXV requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Business and History of Reeflex

Reeflex is a privately-held corporation incorporated under the Business Corporations Act (Alberta) on June 14, 2024. Its head and registered offices are located in Calgary. Reeflex currently has no business operations or assets other than cash and a management team that has been working on the Transaction and the proposed going public structure for the past year.

Business and History of Coil

Founded in 2007 in Redcliff, Alberta, Coil specializes in innovative drilling products and services for the global oil and gas industry. In 2010, Coil expanded its operations, opening a second facility in Calgary, Alberta, introducing a line of downhole fracking tools and venturing into custom tool design. In 2012, Coil launched its coil tubing injector line. In 2013, Coil opened a third facility in Red Deer, Alberta. In 2014, Coil developed two distinct models of, and manufactured, its first full coil tubing units. In 2016, Coil expanded sales to Asia, Africa, Australia, North America, South America and Europe. In 2017, Coil designed and built the largest free-standing mast unit in the world. In 2022, Coil established a dedicated manufacturing division in Calgary, Alberta, operating under its tradename, Ranglar, for injectors and mobile equipment. In 2024, Coil completed a reorganization with its shareholders, which resulted in the conversion of preferred shares and debt into common shares. Today, Coil continues to focus on coiled tubing solutions and downhole tools, offering a comprehensive range of services including rentals, sales, training, testing and consulting. With 41 employees, Coil has developed patented products that are distributed worldwide, including a key distributor in Germany and more than 60 active clients.

The following tables set out selected financial information of Coil for the periods indicated therein:

	Financial Year ended 2024 (audited) ($)	Financial Year ended 2023 (audited) ($)
Total revenues	14,265,524	14,069,331
Income from continuing operations	1,750,495	2,193,603
Net income or loss, in total	1,089,024	1,554,716
Total assets	9,969,946	11,752,788
Total long term financial liabilities	735,009	1,006,362
Cash dividends	NIL	111,736

Concurrent Financing

In advance of the Transaction, Reeflex completed a non-brokered private placement of 4,139,500 subscription receipts (each, a “Subscription Receipt”) at a price of $0.20 per Subscription Receipt, for aggregate gross proceeds of $827,900 (the “Concurrent Financing”).

The gross proceeds resulting from the Concurrent Financing are (and will continue to be) held by Marrelli Trust Company Limited as subscription receipt and escrow agent until certain escrow release conditions are satisfied, including the completion of the Acquisition and the receipt of written confirmation from the TSX Venture Exchange that all conditions precedent to the Transaction have been satisfied (collectively, the “Escrow Release Conditions”). Upon satisfaction of the Escrow Release Conditions, and prior to the completion of the Transaction, the gross proceeds from the Concurrent Financing will be released from escrow and each Subscription Receipt will automatically convert into one Reeflex Share. In connection with the Concurrent Financing, Reeflex has paid to registered dealers and such other persons permitted under applicable securities laws who act as finders for the Concurrent Offering a finder’s fee an aggregate of $21,336, representing 7% of the gross proceeds resulting from subscriptions that were introduced to Reeflex by the finder. Except for the foregoing, it is not expected that any finder’s fee or commission will be payable in connection with the Transaction.

Reeflex intends to use the proceeds of the Concurrent Financing for general corporate and working capital purposes.

Resulting Issuer

The Parties expect that the Resulting Issuer following from the Transaction will carry on the existing business of Coil and be an industrial issuer focused on providing coiled tubing and downhole tool solutions to the oil and gas industry. See “Terms of the Transaction” above for details concerning the expected corporate structure of the Resulting Issuer upon completion of the Transaction.

Upon completion of the Transaction, the Parties expect that the board of directors of the Resulting Issuer will consist of the following four (4) directors, of whom three (3) will be independent. John Babic will not be independent as he will be the President and Chief Executive Officer of the Resulting Issuer.

John Babic – Proposed President, Chief Executive Officer and Director of Resulting Issuer

John Babic is an accomplished executive with nearly 40 years of experience in the oil and gas sector, covering upstream, downstream, and manufacturing operations. He currently serves as the President and CEO of 1175317 Alberta Ltd., an investment and real estate holding company.

Throughout his career, Mr. Babic has held several senior executive positions, including CEO of Reeflex Coil Solutions Inc. and CEO and Director of various public companies such as Dalmac Energy Inc., an oilfield transportation and services company; Raydan Manufacturing Inc., a manufacturer specializing in heavy-duty transportation suspension systems; Hyduke Energy Services Inc., a manufacturer of oilfield equipment, including drilling and service rigs; and Sawtooth Resources Inc., an oil and gas exploration and production company.

In addition, Mr. Babic has served for 7 years as a Director of Edmonton Economic Development Corporation, contributing to the city’s economic growth and development initiatives.

Mr. Babic holds both a Bachelor of Arts and Bachelor of Commerce degree from the University of Alberta.

Shawn Szydlowski – Proposed Director of Resulting Issuer

Shawn Szydlowski is a seasoned business leader with over 30 years of experience in corporate management, entrepreneurship, and financial oversight. As the founder of Care For A Ride, established in 2009, Mr. Szydlowski built a successful business focused on providing safe, reliable transportation for seniors, enabling them to maintain independence and quality of life.

His career also includes 15 years with Dalmac Energy, where he held key roles such as Interim CFO and Chairman of the Audit Committee. Mr. Szydlowski played a crucial role in navigating the company through complex financial challenges, ensuring regulatory compliance, and fostering sustainable growth. Additionally, he brings 20 years of experience in corporate sales and account management, where he consistently drove strategic results, earning the President’s Club Award for three consecutive years.

Eric Szustak – Proposed Director of Resulting Issuer

Mr. Szustak is currently the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack. He is a Chartered Professional Accountant and Chartered Accountant with over 35 years’ experience in financial services, business development, marketing, accounting, and as Chief Financial Officer of various reporting issuers. Mr. Szustak is currently Chairman and Corporate Secretary of Quinsam Capital Corporation, which is a public merchant bank listed on the CSE, a director of Copper Road Resources Inc., a mining company listed on the TSXV, and a director of Nevada Organic Phosphate Inc., a fertilizer company listed on the CSE. Mr. Szustak’s previous experience also includes 14 years with three national brokerage firms: Midland Walwyn, Merril Lynch and BMO Nesbitt Burns, in various positions, including private client wealth groups, management and securities compliance. Mr. Szustak will be Chair of the Audit Committee of the Resulting Issuer in addition to his general duties as a director of the Resulting Issuer. Mr. Szustak will devote such percentage of his working time to the affairs of the Resulting Issuer as is required to fulfill his duties to the same.

Derrek Dobko – Proposed Director of Resulting Issuer

Derrek Dobko is a seasoned financial officer with over 20 years of experience in the oilfield service, manufacturing, and transportation industries. He has held senior finance positions in both public and private companies, showcasing his expertise in financial management and reporting.

As controller of Raydan Manufacturing, Mr. Dobko was responsible for the company’s financial reporting in accordance with IFRS and the preparation of all financial information required under TSXV reporting standards. His career also includes senior accounting roles at Peak Energy Services, Alta-Fab Structures, and his current position with NTS Amega Canada.

Additionally, Mr. Dobko has gained valuable operational experience in the transportation sector, particularly in managing financial operations for Liquids in Motion, a mid-sized trucking company. He holds a Bachelor of Commerce from the University of Alberta and is a Certified Professional Accountant (CPA), with a designation from CPA Alberta.

Upon completion of the Transaction, the following persons are also expected to constitute insiders of the Resulting Issuer:

Trevor Conway – Proposed Chief Financial Officer and Secretary of Resulting Issuer

Trevor Conway is an accomplished mid-market investment banking professional with extensive transaction experience across various industry sectors, including energy. He previously served as CFO of Reconciliation Energy Transition Inc., a Calgary-based energy transition project development company and as Special Advisor to BluMaple Capital Partners, a Calgary-based private equity firm focused on low-carbon energy innovators.

Prior to these roles, Mr. Conway was the Managing Director and Head of Energy Investment Banking at iA Capital Markets, a division of iA Private Wealth and part of iA Financial Group, a leading Canadian financial institution.

Mr. Conway holds an MBA from the Ivey Business School at Western University, a BA (Special) in Economics from the University of Alberta, and a Sustainable Investment Professional Certificate (SIPC) from the John Molson Executive Centre at Concordia University. He is also a former Fellow of the Canadian Securities Institute (FCSI).

In addition to his professional work, Mr. Conway has contributed to several industry and community initiatives. He has served on the National & Local Advisory Committee of the TSX Venture Exchange and was Past Director and Governor of the Canadian Energy Executive Association.

George Wu – Proposed Director of Amalco

George Wu is a distinguished financial executive with a proven track record in leading complex financial strategies and driving portfolio success. With extensive expertise in bank debt, structured finance, fixed income, and equity analysis, he excels in portfolio management and strategic financial planning. His leadership has successfully optimized portfolios, resulting in a 20% increase in returns over the past three years.

Known for his exceptional relationship-building skills, Mr. Wu has effectively engaged as a financial strategist with c-suite executives and diverse stakeholders. He holds a CFA, MBA, and B.Sc. (Honours Program) and currently serves as Portfolio Manager and Chief Compliance Officer at a leading independent portfolio management firm in Edmonton, ensuring top-tier financial stewardship and compliance.

In addition to his professional accomplishments, Mr. Wu mentors commerce undergraduates through the University of Alberta’s PRIME Program, contributing to the development of future leaders in investment management. Mr. Wu and his family have called Edmonton home since 2000, where they enjoy a multilingual household speaking English, French, and Mandarin Chinese.

Cecil Hassard – Proposed Director of Amalco

Mr. Cecil Hassard is an accomplished entrepreneur and business leader with a proven track record of driving innovation and operational excellence in the oil and gas industry. In 2007, he co-founded Coil which has grown to become a global provider of high-quality products and innovative solutions for the energy sector. He further diversified the company’s offerings by introducing the “Ranglar” division, based in Calgary, Alberta, which manufactures custom mobile equipment for industries such as oil and gas, mining, and more.

Under his leadership, Coil has established a strong presence in Canada and the United States, and in serving clients worldwide. He broadened Coil’s capabilities with the “Ranglar” division, enabling tailored solutions to a broader range of industries with specialized equipment. He has driven advancements in operational efficiency and provided cutting-edge solutions for the energy sector. Mr. Cecil Hassard’s entrepreneurial vision has established Coil as a dynamic and influential leader in the global oil and gas industry.

Bryan Hassard – Proposed Chief Operating Officer of Coil

Mr. Bryan Hassard is an accomplished business leader and co-founder of Coil, established in 2007. He serves as the Vice President of Manufacturing and a director of Coil, playing a critical role in the company’s operations and strategic direction.

Mr. Bryan Hassard’s leadership has been instrumental in expanding Coil’s sales from Canada to the United States and globally, enhancing the company’s ability to serve the oil and gas industry on a broader scale utilizing distributors in different areas. As Vice President of Manufacturing, he oversees production processes, ensuring high-quality standards and operational efficiency. Mr. Bryan Hassard’s dedication to innovation and excellence has significantly contributed to the growth and success of Coil.

Sponsorship

Sponsorship of a qualifying transaction of a capital pool company is required by the TSXV unless an exemption from the sponsorship requirement is available. Bigstack has applied for a waiver from the sponsorship requirements. There is no assurance that the Bigstack will be able to obtain such a waiver.

Trading Halt

Trading in the Bigstack Shares was halted, as previously disclosed in Bigstack’s press release dated November 4, 2024, and is not expected to resume until the Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

Further updates with respect to the Transaction may be provided as the Transaction proceeds.

Overview of Bigstack

Bigstack is a “capital pool company” under the policies of the Exchange and it is intended that the Transaction will constitute the “Qualifying Transaction” of Bigstack, as such term is defined in CPC Policy. The Bigstack Shares are currently listed on the Exchange and Bigstack is a reporting issuer in the provinces of Alberta, British Columbia and Ontario. Bigstack was incorporated under the Business Corporations Act (Ontario) on November 25, 2020.

Additional Information

All information contained in this press release with respect to Reeflex and Coil was provided by Reeflex and Coil, respectively, to Bigstack for inclusion herein. Bigstack and its directors and officers have not independently verified such information and have relied exclusively on Reeflex and Coil for any information concerning Reeflex and Coil.

Forward Looking Information

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “anticipate”, “believe”, “estimate”, “expect”, “intend” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

More particularly and without limitation, this press release contains forward-looking statements concerning the Transaction and its constituents steps, including the Acquisition and the Business Combination (including the completion, structure, terms and timing thereof), the binding definitive agreements relating to the Transaction, including in respect of the Acquisition, the expected capital structure and expected shareholders of, and the expected size of their shareholdings in, the Resulting Issuer, the expected corporate structure of the Resulting Issuer and its subsidiaries, if any, the future financial performance of the Resulting Issuer or any of the parties, the Concurrent Financing, including the amount expected to be raised thereunder, any finder’s fees or commissions payable in relation to the same, and expected use of proceeds therefrom, the Subscription Receipts and Escrow Release Conditions, the expected composition of the board of directors and management of the Resulting Issuer and its subsidiaries, if any, TSXV sponsorship requirements and any exemptions therefrom, the issuance of additional press releases describing the Transaction, the trading of the Bigstack Shares on the TSXV and the holding of shareholder meetings in connection with the Transaction. Although Bigstack believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive board, shareholder or regulatory approvals; inability to complete the Concurrent Financing on the terms described herein or at all; and general business, economic, competitive, political and social uncertainties. There can be no certainty that the Transaction and related transactions will be completed on the terms set out in the Letter of Intent and other agreements among the Parties or at all. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, Bigstack disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

Bigstack Opportunities I Inc.

For further information, please contact Eric Szustak, the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack.

Eric Szustak
President, CEO, CFO, Corporate Secretary and Director
Email: eszustak@jbrlimited.com
Telephone: (905) 330-7948

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.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. 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 the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The MIL Network –

April 17, 2025

MIL-OSI Australia: Denmark

Source:

We’ve reviewed our travel advice for Denmark and advise exercise normal safety precautions.

Denmark’s domestic terror threat level is set to ‘significant’ (level 4 of 5). Terrorist attacks could occur anywhere and at any time. Terrorists may target tourist areas and attractions or other places frequented by foreigners. Take official warnings seriously and follow the advice of local authorities (see ‘Safety’).

MIL OSI News –

April 17, 2025

MIL-OSI: Record First Quarter Highlights the Stability of HOMB; Strength Is No Accident

Source: GlobeNewswire (MIL-OSI)

CONWAY, Ark., April 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights
Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net income	$115.2 million	$100.6 million	$100.0 million	$101.5 million	$100.1 million
Net income, as adjusted (non-GAAP)⁽¹⁾	$111.9 million	$99.8 million	$99.0 million	$103.9 million	$99.2 million
Total revenue (net)	$260.1 million	$258.4 million	$258.0 million	$254.6 million	$246.4 million
Income before income taxes	$147.2 million	$129.5 million	$129.1 million	$133.4 million	$130.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$147.2 million	$146.2 million	$148.0 million	$141.4 million	$134.9 million
PPNR, as adjusted (non-GAAP)⁽¹⁾	$142.8 million	$145.2 million	$146.6 million	$141.9 million	$133.7 million
Pre-tax net income to total revenue (net)	56.58%	50.11%	50.03%	52.40%	52.92%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾	54.91%	49.74%	49.49%	52.59%	52.45%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	56.58%	56.57%	57.35%	55.54%	54.75%
P5_NR, as adjusted (non-GAAP)⁽¹⁾	54.91%	56.20%	56.81%	55.73%	54.28%
ROA	2.07%	1.77%	1.74%	1.79%	1.78%
ROA, as adjusted (non-GAAP)⁽¹⁾	2.01%	1.76%	1.72%	1.83%	1.76%
NIM	4.44%	4.39%	4.28%	4.27%	4.13%
Purchase accounting accretion	$1.4 million	$1.6 million	$1.9 million	$1.9 million	$2.8 million
ROE	11.75%	10.13%	10.23%	10.73%	10.64%
ROE, as adjusted (non-GAAP)⁽¹⁾	11.41%	10.05%	10.12%	10.98%	10.54%
ROTCE (non-GAAP)⁽¹⁾	18.39%	15.94%	16.26%	17.29%	17.22%
ROTCE, as adjusted (non-GAAP)⁽¹⁾	17.87%	15.82%	16.09%	17.69%	17.07%
Diluted earnings per share	$0.58	$0.51	$0.50	$0.51	$0.50
Diluted earnings per share, as adjusted (non-GAAP)⁽¹⁾	$0.56	$0.50	$0.50	$0.52	$0.49
Non-performing assets to total assets	0.56%	0.63%	0.63%	0.56%	0.48%
Common equity tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Leverage	13.3%	13.0%	12.5%	12.3%	12.3%
Tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Total risk-based capital	19.1%	18.7%	18.3%	18.0%	17.9%
Allowance for credit losses to total loans	1.87%	1.87%	2.11%	2.00%	2.00%
Book value per share	$20.40	$19.92	$19.91	$19.30	$18.98
Tangible book value per share (non-GAAP)⁽¹⁾	13.15	12.68	12.67	12.08	11.79

⁽¹⁾ Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“This industry boils down to revenue and expenses. The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year,” said John Allison, Chairman and CEO of HOMB.

Operating Highlights

Net income for the three-month period ended March 31, 2025 was $115.2 million, or $0.58 diluted earnings per share. Diluted earnings per share of $0.58 was a record for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $111.9 million⁽¹⁾ and $0.56 per share⁽¹⁾, respectively, for the three months ended March 31, 2025.

Our net interest margin was 4.44% for the three-month period ended March 31, 2025, compared to 4.39% for the three-month period ended December 31, 2024. The yield on loans was 7.38% and 7.49% for the three months ended March 31, 2025 and December 31, 2024, respectively, as average loans increased from $14.80 billion to $14.89 billion. Additionally, the rate on interest bearing deposits decreased to 2.67% as of March 31, 2025, from 2.80% as of December 31, 2024, while average interest-bearing deposits increased from $12.86 billion to $13.20 billion.

During the first quarter of 2025, there was $1.3 million of event interest income compared to $1.5 million of event interest income for the fourth quarter of 2024. Purchase accounting accretion on acquired loans was $1.4 million and $1.6 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, and average purchase accounting loan discounts were $17.5 million and $19.1 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $217.2 million for the three-month period ended March 31, 2025, and $219.5 million for the three-month period ended December 31, 2024. This decrease in net interest income for the three-month period ended March 31, 2025, was the result of a $10.0 million decrease in interest income, partially offset by a $7.7 million decrease in interest expense. The $7.7 million decrease in interest expense was due to a $3.8 million decrease in interest expense on deposits and a $3.6 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance during the fourth quarter of 2024 and the declining interest rate environment. The $10.0 million decrease in interest income was primarily the result of a $7.6 million decrease in loan income, a $1.4 million decrease in investment income and a $965,000 decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment.

The Company reported $45.4 million of non-interest income for the first quarter of 2025. The most important components of non-interest income were $11.4 million from other income, $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $4.8 million from trust fees, $3.6 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.8 million from the increase in cash value of life insurance and $442,000 from the fair value adjustment for marketable securities. Included within other income was $3.9 million in special income from equity investments.

Non-interest expense for the first quarter of 2025 was $112.9 million. The most important components of non-interest expense were $61.9 million from salaries and employee benefits, $28.1 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.6 million in data processing expenses. For the first quarter of 2025, our efficiency ratio was 42.22%, and our efficiency ratio, as adjusted (non-GAAP), was 42.84%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.95 billion at March 31, 2025, compared to $14.76 billion at December 31, 2024. Total loans receivable of $14.95 billion were a record for the Company. Total deposits were $17.54 billion at March 31, 2025, compared to $17.15 billion at December 31, 2024. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.

During the first quarter of 2025, the Company had a $187.6 million increase in loans. Our community banking footprint experienced $291.5 million in organic loan growth during the quarter ended March 31, 2025, and Centennial CFG experienced $103.9 million of organic loan decline and had loans of $1.71 billion at March 31, 2025.

Non-performing loans to total loans were 0.60% and 0.67% at March 31, 2025 and December 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.63% at March 31, 2025 and December 31, 2024, respectively. Net loans recovered were $4.1 million for the three months ended March 31, 2025, and net loans charged-off were $53.4 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Company completed an asset quality cleanup project which resulted in the significant level of charge-offs. The charge-off detail by region for the quarters ended March 31, 2025 and December 31, 2024 can be seen below.

For the Three Months Ended March 31, 2025
(in thousands)	Texas			Arkansas			Centennial CFG			Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	444		$	474		$	—		$	53		$	2,479		$	8		$	3,458
Recoveries		(6,514	)		(228	)		(658	)		(3	)		(117	)		(2	)		(7,522	)
Net (recoveries) charge-offs	$	(6,070	)	$	246		$	(658	)	$	50		$	2,362		$	6		$	(4,064	)

For the Three Months Ended December 31, 2024
(in thousands)	Texas			Arkansas			Centennial CFG		Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	47,774		$	2,108		$	1,973	$	1,457		$	637		$	10		$	53,959
Recoveries		(174	)		(181	)		—		(15	)		(193	)		(2	)		(565	)
Net charge-offs	$	47,600		$	1,927		$	1,973	$	1,442		$	444		$	8		$	53,394

At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. At December 31, 2024, non-performing loans were $98.9 million, and non-performing assets were $142.4 million.

The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,694	15,214	2,766	5,444	39,108	157	86,383
Loans 90+ days past due	3,264	—	—	—	—	—	3,264
Total non-performing loans	26,958	15,214	2,766	5,444	39,108	157	89,647

Foreclosed assets held for sale	15,357	1,052	22,820	—	451	—	39,680
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	15,420	1,052	22,820	—	451	—	39,743
Total non-performing assets	42,378	16,266	25,586	5,444	39,559	157	129,390

The table below shows the non-performing loans and non-performing assets by region as December 31, 2024:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,494	18,448	7,390	5,537	38,778	206	93,853
Loans 90+ days past due	4,134	538	—	—	362	—	5,034
Total non-performing loans	27,628	18,986	7,390	5,537	39,140	206	98,887

Foreclosed assets held for sale	13,924	757	22,775	—	5,951	—	43,407
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	13,987	757	22,775	—	5,951	—	43,470
Total non-performing assets	41,615	19,743	30,165	5,537	45,091	206	142,357

The Company’s allowance for credit losses on loans was $279.9 million at March 31, 2025, or 1.87% of total loans, compared to the allowance for credit losses on loans of $275.9 million, or 1.87% of total loans, at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company’s allowance for credit losses on loans was 312.27% and 278.99% of its total non-performing loans, respectively. The increase in the allowance for credit losses reflects the net recoveries during the quarter.

Stockholders’ equity was $4.04 billion at March 31, 2025, which increased approximately $81.5 million from December 31, 2024. The net increase in stockholders’ equity is primarily associated with the $76.5 million increase in retained earnings and the $31.6 million decrease in accumulated other comprehensive loss, which was partially offset by the $29.7 million in stock repurchases for the quarter. Book value per common share was $20.40 at March 31, 2025, compared to $19.92 at December 31, 2024. Tangible book value per common share (non-GAAP) was $13.15⁽¹⁾ at March 31, 2025, compared to $12.68⁽¹⁾ at December 31, 2024. Book value per common share and tangible book value per common share, as of March 31, 2025, were both records for the Company.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: h ttps://events.q4inc.com/attendee/447517977. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=a44e9900&confId=79637. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625


Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
ASSETS
Cash and due from banks	$	319,747		$	281,063		$	265,408		$	229,209		$	205,262
Interest-bearing deposits with other banks		975,983			629,284			752,269			829,507			969,996
Cash and cash equivalents		1,295,730			910,347			1,017,677			1,058,716			1,175,258
Federal funds sold		6,275			3,725			6,425			—			5,200
Investment securities – available-for-sale, net of allowance for credit losses		3,003,320			3,072,639			3,270,620			3,344,539			3,400,884
Investment securities – held-to-maturity, net of allowance for credit losses		1,269,896			1,275,204			1,277,090			1,278,853			1,280,586
Total investment securities		4,273,216			4,347,843			4,547,710			4,623,392			4,681,470
Loans receivable		14,952,116			14,764,500			14,823,979			14,781,457			14,513,673
Allowance for credit losses		(279,944	)		(275,880	)		(312,574	)		(295,856	)		(290,294	)
Loans receivable, net		14,672,172			14,488,620			14,511,405			14,485,601			14,223,379
Bank premises and equipment, net		384,843			386,322			388,776			383,691			389,618
Foreclosed assets held for sale		39,680			43,407			43,040			41,347			30,650
Cash value of life insurance		221,621			219,786			219,353			218,198			215,424
Accrued interest receivable		115,983			120,129			118,871			120,984			119,029
Deferred tax asset, net		170,120			186,697			176,629			195,041			202,882
Goodwill		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit intangible		38,280			40,327			42,395			44,490			46,630
Other assets		376,030			345,292			352,583			350,192			347,928
Total assets	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing	$	4,079,289		$	4,006,115		$	3,937,168		$	4,068,302		$	4,115,603
Savings and interest-bearing transaction accounts		11,586,106			11,347,850			10,966,426			11,150,516			11,047,258
Time deposits		1,876,096			1,792,332			1,802,116			1,736,985			1,703,269
Total deposits		17,541,491			17,146,297			16,705,710			16,955,803			16,866,130
Securities sold under agreements to repurchase		161,401			162,350			179,416			137,996			176,107
FHLB and other borrowed funds		600,500			600,750			1,300,750			1,301,050			1,301,050
Accrued interest payable and other liabilities		207,154			181,080			238,058			230,011			241,345
Subordinated debentures		439,102			439,246			439,394			439,542			439,688
Total liabilities		18,949,648			18,529,723			18,863,328			19,064,402			19,024,320

Stockholders’ equity
Common stock		1,982			1,989			1,989			1,997			2,008
Capital surplus		2,246,312			2,272,794			2,272,100			2,295,893			2,326,824
Retained earnings		2,018,801			1,942,350			1,880,562			1,819,412			1,753,994
Accumulated other comprehensive loss		(224,540	)		(256,108	)		(194,862	)		(261,799	)		(271,425	)
Total stockholders’ equity		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Total liabilities and stockholders’ equity	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

	Quarter Ended															Three Months Ended
(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
Interest income:
Loans	$	270,784		$	278,409		$	281,977		$	274,324		$	265,294		$	270,784		$	265,294
Investment securities
Taxable		27,433			28,943			31,006			32,587			33,229			27,433			33,229
Tax-exempt		7,650			7,704			7,704			7,769			7,803			7,650			7,803
Deposits – other banks		6,620			7,585			12,096			12,564			10,528			6,620			10,528
Federal funds sold		55			73			62			59			61			55			61
Total interest income		312,542			322,714			332,845			327,303			316,915			312,542			316,915
Interest expense:
Interest on deposits		86,786			90,564			97,785			95,741			92,548			86,786			92,548
Federal funds purchased		—			—			1			—			—			—			—
FHLB and other borrowed funds		5,902			9,541			14,383			14,255			14,276			5,902			14,276
Securities sold under agreements to repurchase		1,074			1,346			1,335			1,363			1,404			1,074			1,404
Subordinated debentures		4,124			4,121			4,121			4,122			4,097			4,124			4,097
Total interest expense		97,886			105,572			117,625			115,481			112,325			97,886			112,325
Net interest income		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Provision for credit losses on loans		—			16,700			18,200			8,000			5,500			—			5,500
Provision for (recovery of) credit losses on unfunded commitments		—			—			1,000			—			(1,000	)		—			(1,000	)
(Recovery of) provision for credit losses on investment securities		—			—			(330	)		—			—			—			—
Total credit loss expense		—			16,700			18,870			8,000			4,500			—			4,500
Net interest income after credit loss expense		214,656			200,442			196,350			203,822			200,090			214,656			200,090
Non-interest income:
Service charges on deposit accounts		9,650			9,935			9,888			9,714			9,686			9,650			9,686
Other service charges and fees		10,689			11,651			10,490			10,679			10,189			10,689			10,189
Trust fees		4,760			4,526			4,403			4,722			5,066			4,760			5,066
Mortgage lending income		3,599			3,518			4,437			4,276			3,558			3,599			3,558
Insurance commissions		535			483			595			565			508			535			508
Increase in cash value of life insurance		1,842			1,215			1,161			1,279			1,195			1,842			1,195
Dividends from FHLB, FRB, FNBB & other		2,718			2,820			2,637			2,998			3,007			2,718			3,007
Gain on SBA loans		288			218			145			56			198			288			198
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
(Loss) gain on OREO, net		(376	)		(2,423	)		85			49			17			(376	)		17
Fair value adjustment for marketable securities		442			850			1,392			(274	)		1,003			442			1,003
Other income		11,442			8,403			7,514			6,658			7,380			11,442			7,380
Total non-interest income		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense:
Salaries and employee benefits		61,855			60,824			58,861			60,427			60,910			61,855			60,910
Occupancy and equipment		14,425			14,526			14,546			14,408			14,551			14,425			14,551
Data processing expense		8,558			9,324			9,088			8,935			9,147			8,558			9,147
Other operating expenses		28,090			27,536			27,550			29,415			26,888			28,090			26,888
Total non-interest expense		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Income before income taxes		147,154			129,454			129,084			133,411			130,393			147,154			130,393
Income tax expense		31,945			28,890			29,046			31,881			30,284			31,945			30,284
Net income	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
PER SHARE DATA
Diluted earnings per common share	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.56			0.50			0.50			0.52			0.49			0.56			0.49
Basic earnings per common share		0.58			0.51			0.50			0.51			0.50			0.58			0.50
Dividends per share – common		0.195			0.195			0.195			0.18			0.18			0.195			0.18
Book value per common share		20.40			19.92			19.91			19.30			18.98			20.40			18.98
Tangible book value per common share (non-GAAP)⁽¹⁾		13.15			12.68			12.67			12.08			11.79			13.15			11.79

STOCK INFORMATION
Average common shares outstanding		198,657			198,863			199,380			200,319			201,210			198,657			201,210
Average diluted shares outstanding		198,852			198,973			199,461			200,465			201,390			198,852			201,390
End of period common shares outstanding		198,206			198,882			198,879			199,746			200,797			198,206			200,797

ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%
Return on average common equity (ROE)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024

Efficiency ratio		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Net interest margin – FTE (NIM)		4.44	%		4.39	%		4.28	%		4.27	%		4.13	%		4.44	%		4.13	%
Fully taxable equivalent adjustment	$	2,534		$	2,398		$	2,616		$	2,628		$	892		$	2,534		$	892
Total revenue (net)		260,082			258,364			257,999			254,596			246,389			260,082			246,389
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		147,154			146,154			147,954			141,411			134,893			147,154			134,893
PPNR, as adjusted (non-GAAP)⁽¹⁾		142,821			145,209			146,562			141,886			133,728			142,821			133,728
Pre-tax net income to total revenue (net)		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%
Total purchase accounting accretion	$	1,378		$	1,610		$	1,878		$	1,873		$	2,772		$	1,378		$	2,772
Average purchase accounting loan discounts		17,493			19,090			20,832			22,788			24,820			17,493			24,820

OTHER OPERATING EXPENSES
Advertising	$	1,928		$	1,941		$	1,810		$	1,692		$	1,654		$	1,928		$	1,654
Amortization of intangibles		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Electronic banking expense		3,055			3,307			3,569			3,412			3,156			3,055			3,156
Directors’ fees		452			356			362			423			498			452			498
Due from bank service charges		281			271			302			282			276			281			276
FDIC and state assessment		3,387			3,216			3,360			5,494			3,318			3,387			3,318
Insurance		999			900			926			905			903			999			903
Legal and accounting		3,641			2,361			1,902			2,617			2,081			3,641			2,081
Other professional fees		1,947			1,736			2,062			2,108			2,236			1,947			2,236
Operating supplies		711			711			673			613			683			711			683
Postage		503			518			522			497			523			503			523
Telephone		436			438			455			444			470			436			470
Other expense		8,703			9,713			9,512			8,788			8,950			8,703			8,950
Total other operating expenses	$	28,090		$	27,536		$	27,550		$	29,415		$	26,888		$	28,090		$	26,888

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
BALANCE SHEET RATIOS
Total loans to total deposits		85.24	%		86.11	%		88.74	%		87.18	%		86.05	%
Common equity to assets		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%
										.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,588,681		$	5,426,780		$	5,496,536		$	5,599,925		$	5,616,965
Construction/land development		2,735,760			2,736,214			2,741,419			2,511,817			2,330,555
Agricultural		335,437			336,993			335,965			345,461			337,618
Residential real estate loans
Residential 1-4 family		1,947,872			1,956,489			1,932,352			1,910,143			1,899,974
Multifamily residential		576,089			496,484			482,648			509,091			415,926
Total real estate		11,183,839			10,952,960			10,988,920			10,876,437			10,601,038
Consumer		1,227,745			1,234,361			1,219,197			1,189,386			1,163,228
Commercial and industrial		2,045,036			2,022,775			2,084,667			2,242,072			2,284,775
Agricultural		314,323			367,251			352,963			314,600			278,609
Other		181,173			187,153			178,232			158,962			186,023
Loans receivable	$	14,952,116		$	14,764,500		$	14,823,979		$	14,781,457		$	14,513,673

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	275,880		$	312,574		$	295,856		$	290,294		$	288,234
Loans charged off		3,458			53,959			2,001			3,098			3,978
Recoveries of loans previously charged off		7,522			565			519			660			538
Net loans (recovered) charged off		(4,064	)		53,394			1,482			2,438			3,440
Provision for credit losses – loans		—			16,700			18,200			8,000			5,500
Balance, end of period	$	279,944		$	275,880		$	312,574		$	295,856		$	290,294

Net (recoveries) charge-offs to average total loans		(0.11	)%		1.44	%		0.04	%		0.07	%		0.10	%
Allowance for credit losses to total loans		1.87	%		1.87	%		2.11	%		2.00	%		2.00	%

NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	86,383		$	93,853		$	95,747		$	78,090		$	67,055
Loans past due 90 days or more		3,264			5,034			5,356			8,251			12,928
Total non-performing loans		89,647			98,887			101,103			86,341			79,983
Other non-performing assets
Foreclosed assets held for sale, net		39,680			43,407			43,040			41,347			30,650
Other non-performing assets		63			63			63			63			63
Total other non-performing assets		39,743			43,470			43,103			41,410			30,713
Total non-performing assets	$	129,390		$	142,357		$	144,206		$	127,751		$	110,696

Allowance for credit losses for loans to non-performing loans		312.27	%		278.99	%		309.16	%		342.66	%		362.94	%
Non-performing loans to total loans		0.60	%		0.67	%		0.68	%		0.58	%		0.55	%
Non-performing assets to total assets		0.56	%		0.63	%		0.63	%		0.56	%		0.48	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						December 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	643,959	$	7,585	4.69	%
Federal funds sold		5,091		55	4.38	%		6,068		73	4.79	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,291,472		28,943	3.50	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,154,384		9,980	3.44	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,798,953		278,531	7.49	%
Total interest-earning assets		19,826,038		315,076	6.45	%		19,894,836		325,112	6.50	%
Non-earning assets		2,722,797						2,670,241
Total assets	$	22,548,835					$	22,565,077

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,058,959	$	72,220	2.60	%
Time deposits		1,801,503		17,114	3.85	%		1,800,618		18,344	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,859,577		90,564	2.80	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		174,759		1,346	3.06	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		889,880		9,541	4.27	%
Subordinated debentures		439,173		4,124	3.81	%		439,319		4,121	3.73	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,363,535		105,572	2.92	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,024,433
Other liabilities		190,314						226,933
Total liabilities		18,571,164						18,614,901
Shareholders’ equity		3,977,671						3,950,176
Total liabilities and shareholders’ equity	$	22,548,835					$	22,565,077
Net interest spread					3.69	%					3.58	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	219,540	4.39	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						March 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	801,456	$	10,528	5.28	%
Federal funds sold		5,091		55	4.38	%		5,012		61	4.90	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,473,511		33,229	3.85	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,257,861		8,642	2.76	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,487,494		265,347	7.37	%
Total interest-earning assets		19,826,038		315,076	6.45	%		20,025,334		317,807	6.38	%
Non-earning assets		2,722,797						2,657,925
Total assets	$	22,548,835					$	22,683,259

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,038,910	$	75,597	2.75	%
Time deposits		1,801,503		17,114	3.85	%		1,685,193		16,951	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,724,103		92,548	2.93	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		172,024		1,404	3.28	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		1,301,091		14,276	4.41	%
Subordinated debentures		439,173		4,124	3.81	%		439,760		4,097	3.75	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,636,978		112,325	3.09	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,017,659
Other liabilities		190,314						244,970
Total liabilities		18,571,164						18,899,607
Shareholders’ equity		3,977,671						3,783,652
Total liabilities and shareholders’ equity	$	22,548,835					$	22,683,259
Net interest spread					3.69	%					3.29	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	205,482	4.13	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Pre-tax adjustments
FDIC special assessment		—			—			—			2,260			—			—			—
BOLI death benefits		—			(95	)		—			—			(162	)		—			(162	)
Gain on sale of building		—			—			—			(2,059	)		—			—			—
Fair value adjustment for marketable securities		(442	)		(850	)		(1,392	)		274			(1,003	)		(442	)		(1,003	)
Special income from equity investment		(3,891	)		—			—			—			—			(3,891	)		—
Total pre-tax adjustments		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Tax-effect of adjustments		(1,059	)		(208	)		(348	)		119			(251	)		(1,059	)		(251	)
Deferred tax asset write-down		—			—			—			2,030			—			—			—
Total adjustments after-tax (B)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Earnings, as adjusted (C)	$	111,935		$	99,827		$	98,994		$	103,916		$	99,195		$	111,935		$	99,195

Average diluted shares outstanding (D)		198,852			198,973			199,461			200,465			201,390			198,852			201,390

GAAP diluted earnings per share: (A/D)	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Adjustments after-tax: (B/D)		(0.02	)		(0.01	)		0.00			0.01			(0.01	)		(0.02	)		(0.01	)
Diluted earnings per common share, as adjusted: (C/D)	$	0.56		$	0.50		$	0.50		$	0.52		$	0.49		$	0.56		$	0.49

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Amortization of intangibles (B)		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Amortization of intangibles after-tax (C)		1,547			1,563			1,572			1,605			1,605			1,547			1,605
Adjustments after-tax (D)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average assets (E)	22,548,835			22,565,077			22,893,784			22,875,949			22,683,259			22,548,835			22,683,259
Average goodwill & core deposit intangible (F)		1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity: (A/(D-E))		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Earnings excluding intangible amortization (B)		116,756			102,127			101,610			103,135			101,714			116,756			101,714
Adjustments after-tax (C)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average common equity (D)	3,977,671			3,950,176			3,889,712			3,805,800			3,783,652			3,977,671			3,783,652
Average goodwill & core deposits intangible (E)	1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Pre-tax net income to total revenue (net) (A/(B+C))		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	147,154		$	146,154		$	147,954		$	141,411		$	134,893		$	147,154		$	134,893
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	$	142,821		$	145,209		$	146,562		$	141,886		$	133,728		$	142,821		$	133,728
P5_NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (B+C-D+F)/(B+C)		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%

Pre-tax net income (A)	$	147,154		$	129,454		$	129,084		$	133,411		$	130,393		$	147,154		$	130,393
Net interest income (B)		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Non-interest income (C)		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense (D)		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Fully taxable equivalent adjustment (E)		2,534			2,398			2,616			2,628			892			2,534			892
Total pre-tax adjustments (F)		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Amortization of intangibles (G)		2,047			2,068			2,095			2,140			2,140			2,047			2,140

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	442		$	850		$	1,392		$	(274	)	$	1,003		$	442		$	1,003
(Loss) gain on OREO		(376	)		(2,423	)		85			49			17			(376	)		17
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
Special income from equity investment		3,891			—			—			—			—			3,891			—
BOLI death benefits		—			95			—			—			162			—			162
Total non-interest income adjustments (H)	$	3,794		$	(1,452	)	$	1,509		$	1,827		$	1,174		$	3,794		$	1,174

Non-interest expense:
FDIC special assessment		—			—			—			2,260			—			—			—
Total non-interest expense adjustments (I)	$	—		$	—		$	—		$	2,260		$	—		$	—		$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	20.40		$	19.92		$	19.91		$	19.30		$	18.98
Tangible book value per common share: ((A-C-D)/B)		13.15			12.68			12.67			12.08			11.79

Total stockholders’ equity (A)	$	4,042,555		$	3,961,025		$	3,959,789		$	3,855,503		$	3,811,401
End of period common shares outstanding (B)		198,206			198,882			198,879			199,746			200,797
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%

Total assets (A)	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721
Total stockholders’ equity (B)		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

The MIL Network –

April 17, 2025

MIL-OSI Australia: Serious crash at Inkerman

Source: New South Wales – News

Police and emergency services are responding to a truck crash at Inkerman.

About 6.50am on Thursday 17 April, police were called to Port Wakefield Highway near Prime Road after two trucks crashed.

Traffic on southbound lanes are blocked. Diversions will be put in place shortly.

MIL OSI News –

April 17, 2025
MIL-OSI Global: Growing threats faced by women candidates undermine our democracy

Source: The Conversation – Canada – By Inessa De Angelis, PhD Student, Faculty of Information, University of Toronto

As Liberal MP Pam Damoff prepares to leave politics, she joins other Canadian women MPs in warning that growing threats and harassment are driving them out of politics.

Their call adds to the voices of other politicians in Australia and the United Kingdom who caution that misogyny and threats of violence, especially on social media, have caused them to refrain from seeking re-election.

With the Canadian federal election approaching, campaigns expose politicians to increased online incivility and abuse. Nearly 19 per cent of tweets analyzed by the Samara Centre for Democracy during the 2021 campaign contained harassment.

Harassment undermines democracy and threatens the equal participation of women in politics. When women politicians don’t seek re-election, we lose key voices advocating for a more equitable future.

Despite threats to our democracy being a key theme of the ongoing federal election campaign, barely anyone is talking about the threat harassment poses.

Harassment is a threat to representation

Women remain underrepresented in Canadian Parliament. Canada currently ranks 70th out of 190 countries for representation of women in politics. Following the federal election in 2021, women held only 30.9 per cent of the seats in the House of Commons.

While research shows women who run for office are just as likely to win as their male counterparts, women require more convincing to step up and put their name on the ballot.

Once women politicians are elected, they face more barriers in Parliament. Some of these barriers include family obligations and fewer promotions to high-profile roles.

However, gender-based heckling, violence and harassment are additional barriers.

Shaping voter behaviour

Violence against women politicians aims to silence and exclude women from participating in politics simply because they are women.

And while men and women politicians receive similar amounts of online harassment, online attacks against women politicians tend to be more personal and sexist in tone.

Online harassment isn’t just driving women out of politics; it’s also shaping voter behaviour.

In fact, research shows that women voters are less likely to participate in political discussions on social media because they fear getting harassed as women politicians are.

These findings align with outgoing Liberal MP Jennifer O’Connell’s letter to her constituents that cites online threats of sexual violence fuelled by misinformation and disinformation as rationale for not seeking re-election.

Increasing security

The rising threats of harassment against all politicians led the Privy Council Office to offer private-sector security services for candidates who feel intimidated and threatened during the 2025 campaign.

The goal of private security is to offer an extra level of protection when the threshold for police protection is not met. Through the program, candidates can get an unarmed guard to watch their surroundings and manage risks.

Which metrics are used to determine if the threshold is met? Private security services should protect all candidates equally. However, the lived experiences and concerns of women politicians are often discounted and not taken seriously.

A new way to measure harassment

Defining and quantifying types of harassment is hard. Hate speech is recognized as explicit harassment, but this raises questions about who gets to decide which less explicit incidents count as harassment.

There are more subtle forms of harassment like sexist microaggressions that threaten women candidates just as much as blatant hate speech. But these subtle microaggressions are often brushed off as not being harassment.

With no single definition or agreed-upon way to measure harassment, I developed a seven-point scale to categorize nuanced forms of online harassment. This scale takes into account more subtle forms of harassment, including social media comments that question the authority of women politicians to explicit hate speech.

I found that 86 per cent of replies to tweets sent to women MPs contained some form of harassment.

We cannot view each incident of harassment such as threatening social media comments, volunteers being screamed at or signs being vandalized as isolated events. Understanding all of these incidents, regardless of their severity, as being connected allows us to track the growing forms and impacts of violence.

Legislation needed

Steps have already been taken at Parliament to fight harassment through Bill C-65, which strengthens federal workplace protections against violence and sexual harassment. But more should be done on the campaign trail.

The Privy Council Office’s new private-sector security service is a start. However, candidates should not be expected to quantify how threats make them feel to receive help. Political parties and the Privy Council Office should proactively offer more support to all candidates.

Social media platforms must take greater responsibility for applying their terms of service to minimize harmful content.

New legislation should be drafted to address threats faced by politicians. Regardless of who forms the next government, all parties need to work together to pass online harms legislation.

Harassment is used as a barrier to stop women from running for office. This is fundamentally about making sure their voices are heard in our democracy.

Inessa De Angelis receives funding from the Social Sciences and Humanities Research Council of Canada and the Province of Ontario.

– ref. Growing threats faced by women candidates undermine our democracy – https://theconversation.com/growing-threats-faced-by-women-candidates-undermine-our-democracy-254371

MIL OSI – Global Reports –

April 17, 2025
MIL-OSI: FSI ANNOUNCES FIRST QUARTER, 2025 REVENUE

Source: GlobeNewswire (MIL-OSI)

TABER, ALBERTA, April 16, 2025 (GLOBE NEWSWIRE) — FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE-AMERICAN: FSI), is the developer and manufacturer of biodegradable polymers for oil extraction, detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable and environmentally safe water and energy conservation technologies. In addition, FSI is increasing its presense in the food and nutrition supplement manufacturing markets. Today the Company announces first quarter (Q1), 2025 revenue.

Sales were down in Q1, 2025 compared to Q1, 2024. Flexible Solutions’ top line revenue decreased from $9.2 million (Q1, 2024) to $7.4million (Q1, 2025), down approximately 20.0% year over year.

Mr. Dan O’Brien, CEO, comments, “Two significant customers adjusted inventory downward in the quarter, temporarily reducing sales. Our ENP division also experienced reduced sales; likely due to early buys in Q4 2024. It is rare for FSI to have several items coincide like this and we do not believe it changes our expectations for growth over FY 2025.”

Complete financial results will be available after market close on Thursday, May 15, 2025, concurrent with the Company’s SEC first quarter filings. A conference call will be scheduled for 8:00 am Pacific Time, 11:00 am Eastern Time, the following business day, Friday, May 16, 2025. See the FSI May 15, 2025 financials news release for the dial in numbers.

About Flexible Solutions International
Flexible Solutions International, Inc. (www.flexiblesolutions.com), based in Victoria, British Columbia, is an environmental technology company. The Company’s NanoChem Solutions Inc. subsidiary specializes in biodegradable, water-soluble products utilizing thermal polyaspartate (TPA) biopolymers. TPA beta-proteins are manufactured from the common biological amino acid, L-aspartic and have wide usage including scale inhibitors, detergent ingredients, water treatment and crop enhancement. Along with TPA, this division started producing other crop enhancement products as well. In 2022, the Company entered the food and nutrition markets by obtaining FDA food grade approval for the Peru IL plant. The other divisions manufacture energy and water conservation products for drinking water, agriculture, industrial markets and swimming pools throughout the world

Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a “Safe Harbor” for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company’s reports filed with the Securities and Exchange Commission.

Flexible Solutions International
6001 54^thAve, Taber, Alberta, CANADA T1G 1X4

Company Contacts
Jason Bloom
Toll Free: 800.661.3560
Fax: 403.223.2905
Email: info@flexiblesolutions.com

To find out more information about Flexible Solutions and our products please visit www.flexiblesolutions.com

If you have received this news release by mistake or if you would like to be removed from our update list please reply to: info@flexiblesolutions.com

The MIL Network –

April 17, 2025
MIL-Evening Report: ‘They are like my children’: research reveals 4 types of indoor plant owners. Which one are you?

Source: The Conversation (Au and NZ) – By Brianna Le Busque, Lecturer in Environmental Science, University of South Australia

maramorosz/Shutterstock

Walk into any home or workplace today, and you’re likely to find an array of indoor plants. The global market for indoor plants is growing fast – projected to reach more than US$28 billion (A$44 billion) by 2031.

People keep indoor plants inside for a variety of reasons, including as decoration, to clean the air and for stress relief. But my colleagues and I wanted to delve further. What sort of relationships do people have with indoor plants? And what can this tell us about ties between humans and nature?

We surveyed indoor plant owners in Australia, and found many of us form highly meaningful connections with our leafy companions. Some people even consider their plants as family, get anxious about their health and mourn a plant when it dies.

Some people worry about the wellbeing of their indoor plants.
Yurii_Yarema/Shutterstock

A blooming hobby

People have grown plants inside for thousands of years.

Evidence suggests Egyptians brought plants indoors in the 3rd century BC. The remains of the former city of Pompeii reveal indoor plants used there more than 2,000 years ago, and in medieval England, indoor plants were used in medicine and cooking.

The keeping of indoor plants became widespread across the world in the second half of the 20th century. The practice was particularly popular during the COVID-19 pandemic, likely due to a desire to connect with nature when access to outdoor green spaces was limited.

The benefits of indoor plants go beyond nature connection. Studies show they can increase positive emotions, reduce stress, enhance productivity, and even decrease physical discomfort such as pain.

However, people have varying levels of connection to their plants, as research by my colleagues and I shows.

Why we love indoor plants

We surveyed 115 Australian adults, recruited through social media posts and poster advertisements at the University of South Australia. Participants were roughly 69% female, 30% male and 1% non-binary, and ranged in age from 18 to 69.

On average, participants owned 15 indoor plants. Some owned a single indoor plant and one person owned a whopping 500!

Between them, respondents kept 51 different varieties of house plants. The most common were succulents, devil’s ivy and monstera. They most commonly kept the plants in the living room, kitchen or bedroom.

Across all participants, 11 benefits of having indoor plants were reported.

Half the respondents described the aesthetic appeal of indoor plants. Comments included that indoor plants were “nice to look at”, “soften rooms” and “add colour”. Participants also reported air quality benefits, and that they found indoor plants calming.

Other less commonly reported benefits were that the plants helped the respondents set habits, improved their physical health, provided distraction, relieved fatigue and had a pleasant smell.

4 types of relationships with indoor plants

Our research identified four types of relationships people have with their indoor plants:

1. Highly connected (14% of respondents)

These people typically described a deep personal connection to their plants. Comments included:

They are like my children. (male, 28)

I often water them and take care of them as family members. (female, 26)

Well I cried over my plants leaf getting broken off today, so you could say I’m pretty attached
to her. (female, 21)

I feel terrible if one dies, I feel as though I have let it down and generally bury it in the garden. (female, 34)

2. Engaged (42% of respondents)

These people enjoyed and tended to their plants, but without deep emotional attachment. For example:

Watering them and watching them grow is exciting, I feel proud to keep them alive so long (female, 22)

I get sad when one dies or is looking droopy, I feel happy when they look alive and freshly
watered. (female, 22)

One respondent said his plants were ‘like my children’.
pikselstock/Shutterstock

3. Limited engagement (23%)

These respondents enjoyed having indoor plants but spent minimal time caring for them and reported minimal emotional connections to them. One participant said:

Feel like indoor plants are fine but through our large windows we can see our outdoor plants and that’s more important to us. (female, 45)

4. No relationship (12%)

Participants who did not have a relationship with their indoor plants said:

Hardly watered it as it’s a succulent. (male, 21)

They are all gifts rather than something I’ve gone out to buy. (male, 21)

(For the remaining 9% of participants, their responses to the question of their relationship with house plants were invalid and not included.)

A minority of survey participants said they had no relationship with their indoor plants.
Sophia Floerchinger/Shutterstock

Unlocking the potential of indoor plants

Our research suggests indoor plants can enrich our lives in ways we are only beginning to understand.

It’s important to note that data for our study were collected in 2020, during the COVID-19 pandemic. This context may have influenced our results. For example, some participants may have felt particularly connected to their indoor plants because their access to outdoor green space was curtailed. So, further research is needed in the post-pandemic context.

Human–nature relationships are an emerging field of research. By understanding the relationship between people and plants, we may help unlock the potential for nature to improve our health and wellbeing.

Brianna Le Busque 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. ‘They are like my children’: research reveals 4 types of indoor plant owners. Which one are you? – https://theconversation.com/they-are-like-my-children-research-reveals-4-types-of-indoor-plant-owners-which-one-are-you-252387

MIL OSI Analysis – EveningReport.nz –

April 17, 2025
MIL-OSI Australia: Cracking regional tourism spending tipped for extended Easter and ANZAC Day holiday
Source: Premier of Victoria
- More than $750 million spending boost to regional towns expected
- Local accommodation, hospitality and bakeries the big winners
- Service station spending set to soar as Aussies opt for road trips to regional locations
Regional towns across the country are expecting a bumper spending period this Easter as travellers flock to the regions to enjoy an extra-long holiday period.

New NAB data reveals more than $750 million is expected to be spent on regional tourism, including accommodation, hospitality and tourist attractions over the Easter period.

More than $450 million is expected to be spent at regional service stations as Australians pack up the car and nearly $200 million will be spent at regional restaurants, bars and pubs.

Whether it’s for a pitstop on the way through, or a pie and sausage roll for lunch, bakeries will also benefit from the influx of holidaymakers, expecting an $18m uptick and spending about 11% higher than normal.

Aussies stocking up on last minute chocolate eggs will see regional confectionary stores benefit from more than $1.6m in spending.

NAB Retail Customer Executive Larna Manson said many Aussies planned ahead this year and were enjoying a 10-day break by taking just three days off between the Easter and ANZAC Day public holidays.

“We expect regional towns to be big winners out of this extra-long Easter break, with many accommodation providers, cafes and restaurants booked out ahead of time by travellers,” Ms Manson said.

“With cost of living still at the forefront of many people’s minds, road trips across Australia are proving to be a more cost-effective way families can enjoy some time away and make new memories without the price tag of an overseas trip.”

Tim Bone, owner of BIG4 Holiday Parks Bellarine and Anglesea, said the extra-long break coming off the back of school holidays was a welcome addition for the tourism industry.

“We’re booked out for three weeks straight in April which is great,” Mr Bone said. “It’s definitely helped having school holidays combined with the Easter and ANZAC day periods together this year.

“It’s been a slower start to the year for bookings, but this is a welcome boost for us and small businesses across the region.”

Notes to the Editor:
Predictions made from NAB transaction data pulled during the 2024 Easter period.
Topics

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

MIL OSI News –
April 17, 2025
MIL-OSI: Symbotic Announces Date for Reporting Second Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Mass., April 16, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced it will release second quarter fiscal 2025 financial results after the market close on Wednesday, May 7, 2025. The press release will also be available on the Symbotic Investor Relations website: www.ir.symbotic.com. The company will host a live webcast to discuss its financial results for the quarter at 5:00 p.m. ET on the same date.

To listen to the live webcast, register at https://edge.media-server.com/mmc/go/Symbotic-Q2-2025 for a personal access code. The webcast will be available for replay on the Symbotic Investor Relations website at: www.ir.symbotic.com.

Please direct any questions regarding obtaining access to the webcast to Symbotic Investor Relations at ir@symbotic.com.

ABOUT SYMBOTIC

Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

INVESTOR RELATIONS CONTACT

Charlie Anderson
Vice President, Investor Relations & Corporate Development
ir@symbotic.com

MEDIA INQUIRIES

mediainquiry@symbotic.com

The MIL Network –

April 17, 2025
MIL-OSI: Expand Energy Provides 2025 First Quarter Earnings Conference Call Information

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, April 16, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) announced today that it will release its 2025 first quarter operational and financial results after market close on April 29, 2025. A conference call to discuss the results has been scheduled for April 30, 2025 at 9:00 a.m. EST. Participants can view the live webcast here. Participants who would like to ask a question, can register here, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided on Expand Energy’s website. A replay will be available on the website following the call.

About Expand Energy
Expand Energy Corporation (NASDAQ: EXE) is the largest natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

INVESTOR CONTACT: MEDIA CONTACT:

Chris Ayres
(405) 935-8870
ir@expandenergy.com Brooke Coe
(405) 935-8878
media@expandenergy.com

The MIL Network –

April 17, 2025
MIL-Evening Report: New Aussie film The Correspondent is an extraordinary retelling of Peter Greste’s story

Source: The Conversation (Au and NZ) – By Andrea Jean Baker, Senior Lecturer in Journalism, Monash University

Maslow Entertainment

The Correspondent is a film every journalist should see.

There are no spoiler alerts. It is based on the globally-publicised jailing in Cairo in 2013 of Australian journalist Peter Greste (played by Richard Roxburgh) and his Al Jazeera English colleagues, Canadian journalist Mohamed Fahmy (Julian Maroun) and local reporter Baher Mohamed (Rahel Romahn).

The trio were jailed for over 400 days. They were accused of allegedly working without media accreditation, spreading fake news in the aftermath of the Arab Spring and associating with the banned Muslim Brotherhood.

Skilfully directed by Kriv Stenders, The Correspondent follows Greste’s 2017 memoir. Roxburgh’s performance as the embattled journalist is breathtaking and career defining. With a tight screenplay by Peter Duncan, the film is a masterclass in political subtlety.

Authenticity in truth telling

At its world premiere at Adelaide Film Festival in October, Greste said The Correspondent “paid huge respect” to his memoir.

The film begins with Greste’s surprise arrest in 2013 by Egyptian authorities at the Marriott hotel in Cairo. This is juxtaposed with historical snippets of the Arab Spring uprising in Tahrir Square in January 2011, which ended the 30-year dictatorship of President Hosni Mubarak.

The next president after Mubarak was Mohamed Morsi, leader of the Freedom and Justice Party. This party was affiliated with the Brotherhood, the country’s oldest and largest Islamist organisation.

In June 2013, a militarised coup d’état in Egypt was led by Abdel Fattah al-Sisi’s regime. Morsi was jailed by the freshly minted President al-Sisi. By December, the Brotherhood was blacklisted and declared a terrorist organisation.

The Correspondent argues the Al Jazeera English journalists were political pawns for the new Egyptian regime. The regime had a problematic relationship with its wealthy neighbour, Qatar, a country that partially funds Al Jazeera and publicly supported the Muslim Brotherhood.

Working from a media bunker in the Marriott because their offices were subject to a series of raids and closed down by local police, the trio were accused of illegally mastering a grand conspiracy against al-Sisi’s authoritarian regime.

Struggle for justice and risky business

Set between the grimy underworld of the Egyptian jail and the endless circus of Egyptian court trials, The Correspondent is a look into the psychological torment of Greste and his colleagues.

Between card playing, sarcastic humour and planned hunger strikes, the ritual reality of cell life sets in. Friendships are tested and forged between the journalists, student activist detainees and prison authorities.

Greste spent decades writing headlines from conflict zones before becoming a headline himself.

A repetitive motif in The Correspondent is Greste’s flashbacks to his BBC
days during 2005 in Mogadishu, Somalia, where his producer Kate Peyton (Yael Stone) was killed outside the Sahafi Hotel. In these flashbacks, we are privy to Greste’s guilt-driven internal monologues.

Roxburgh’s performance as the embattled journalist is breathtaking and career defining.
Maslow Entertainment

In three studies, I examined the reportage by the ABC, the BBC and the Al Jazeera network about Greste’s case. Across these publications, the safety of journalists received minimal coverage.

Coverage focused on the innocence of the trio, impact of Greste’s sentencing on his ageing parents and press freedom. All these facets of the story are reflected in The Correspondent.

Safety of journalists

The Correspondent is a wake-up call about the safety of journalists.

This month, the International Federation of Journalists said at least 156 journalists and media workers have been killed in the current war in Palestine. In December, the Committee to Protect Journalists put the number at more than 137, “making it the deadliest period for journalists since [the committee] began gathering data in 1992”.

Imprisonment of a Western foreign correspondent often generates international headlines, but most journalists who are imprisoned are local journalists. Foreign correspondents rely on these local journalists, wrote Greste, “when they land in a new, dangerous environment”.

In focusing tightly on Greste, the film omits the story of the local journalists imprisoned at the same time.
Maslow Entertainment

Local journalists hold power to account, as Greste describes it in “ways far more dangerous than any of us in more secure environments could possibly imagine”.

In focusing tightly on Greste’s story, The Correspondent fails to shine a light on the dozens of local journalists imprisoned at the same time.

As Greste said during the #FreeAJStaff campaign:

Rarely have so many of us been imprisoned and beaten up, intimidated or murdered in the course of our duties.

The Correspondent is an extraordinary film about human resilience and the importance of global diplomacy in the ongoing fight for press freedom.

The Correspondent is in cinemas from today.

Andrea Jean Baker 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. New Aussie film The Correspondent is an extraordinary retelling of Peter Greste’s story – https://theconversation.com/new-aussie-film-the-correspondent-is-an-extraordinary-retelling-of-peter-grestes-story-237476

MIL OSI Analysis – EveningReport.nz –

April 17, 2025
MIL-Evening Report: With the end of Flybuys NZ, what happens to the personal data of nearly 3 million Kiwis?

Source: The Conversation (Au and NZ) – By Lisa M. Katerina Asher, Doctoral Candidate, Business School, University of Sydney

JuSun/Getty Images

After almost three decades in New Zealand, loyalty programme Flybuys announced it would be closing in 2024. The company behind the scheme, Loyalty New Zealand, has since entered liquidation, leaving the future of one of Flybuys’ key assets uncertain.

That asset is a customer database containing sensitive personal information about millions of New Zealanders. So what happens to it matters.

Founded in 1996, some 2.9 million New Zealanders representing 74% of the nation’s households eventually signed up to Flybuys. Members collected points at affiliated retailers which they could then redeem through the Flybuys website.

But over the past decade, partners such as Air New Zealand, Mitre 10 and New World pulled out of the scheme to either join other loyalty programmes or start their own.

In May last year, Loyalty New Zealand announced it was closing Flybuys New Zealand and liquidators were called in to manage the company’s end. Flybuys Australia continues to operate, jointly owned by Coles Group and Wesfarmers (which owns retailers K-mart and Bunnings).

According to the first liquidator’s report from early April, Loyalty New Zealand is solvent. This means it is not bankrupt and can pay all debts in full.

Once creditors are paid, the remaining funds will go to shareholders – Z Energy, BNZ, IAG and Foodstuffs Ventures (NZ), a joint subsidiary of Foodstuffs North Island and Foodstuffs South Island.

However, the report is silent on Flybuys’ customer database. That data likely includes years of shopping histories, behavioural profiles and potentially sensitive demographic or inferred financial information.

When the end of Flybuys was announced, Loyalty New Zealand assured customers and retailers it would manage private data according to the New Zealand Privacy Act. But with the liquidation of the company, it is unclear what will now happen to this information.

While no one has publicly said the information will be sold, there is no assurance it will be deleted either. And the database is arguably Loyalty New Zealand’s most valuable, albeit intangible, asset. Unless liquidators explicitly commit to deletion, the data could potentially be transferred or sold.

Loyalty schemes such as Flybuys can gather a great deal of information on those who sign-up. That information can become a valuable – and potentially tradable – asset.
Zamrznuti tonovi/Shutterstock

Data ownership, privacy and sovereignty

The risks are far from theoretical. In March this year, DNA ancestry company 23andMe filed for bankruptcy. The genetic data held by the company was put up for sale as an asset, exposing users and their relatives to substantial privacy risks.

While privacy laws vary by country, the 23andMe case showed how personal data can make customers vulnerable. Flybuys’ data may not be genetic, but it is similarly rich, detailed and easily re-identifiable when combined with other datasets.

If sold or reused without proper controls or oversight, it might potentially expose former members to discriminatory insurance profiling, targeted scams, manipulative political advertising and algorithmic credit scoring.

In extreme cases, such data can be used to infer sensitive customer characteristics such as financial stress or health-related behaviours. This could lead to political profiling or surveillance captialism – the collection and commodification of personal data.

New Zealand’s Privacy Act 2020 is designed to protect personal information. If data is reused for purposes beyond its original intent, or transferred without proper consent, it may breach the law. But the act does not clearly prohibit the sale of data during a liquidation. Nor is it clear on how the rules could be enforced.

Australia’s Privacy Act 1988 offers even less protection. It allows companies to send personal data overseas if they take “reasonable steps” to ensure recipients follow similar privacy rules. This means Australian Flybuys’ data could be sent to countries such as the United States.

That is especially worrying given the power of US tech giants, which routinely collect, profile and monetise data with little oversight. In the wrong hands, Flybuys’ trove of shopping habits, preferences and behavioural patterns could be repurposed to build invasive consumer profiles without people’s knowledge or control.

Setting a global standard

If Flybuys New Zealand’s data is treated as an asset during the liquidation process, could set a precedent and shape future regulatory standards internationally.

We have seen this before. In November 2022, Deliveroo Australia entered voluntary administration, raising concerns about how it would handle its extensive customer data. Users were told they had six months to download their own information, but there was no clarity on whether the data would then be deleted, retained or sold.

This lack of transparency revealed a gap in Australia’s data protection laws during liquidation. While the ultimate fate of the data remains publicly unknown, experts have suggested it was transferred to Deliveroo’s UK-based parent company.

While Australia’s 1988 Privacy Act requires organisations to handle personal information responsibly, it does not clearly regulate the sale or transfer of data during insolvencies or liquidations. There is a legal grey area which leaves customers and consumers vulnerable, as their data could be treated as a tradable asset without their consent.

The need for ethical stewardship

Customer data accumulation is the product of a relationship built on trust that should end when the company and relationship does. Ethical stewardship demands deletion, not redistribution.

This aligns with global norms such as the “right to be forgotten” under the European Union’s General Data Protection Regulation.

When a company winds down, users should be clearly informed of their options: to retrieve their data, delete it or consent to its transfer. That decision should rest with the member or customer, not be made behind closed doors for potential financial gain.

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. With the end of Flybuys NZ, what happens to the personal data of nearly 3 million Kiwis? – https://theconversation.com/with-the-end-of-flybuys-nz-what-happens-to-the-personal-data-of-nearly-3-million-kiwis-254568

MIL OSI Analysis – EveningReport.nz –

April 17, 2025
MIL-Evening Report: People are ‘microdosing’ weight-loss drugs. A GP explains what to watch out for

Source: The Conversation (Au and NZ) – By Natasha Yates, General Practitioner, PhD Candidate, Bond University

MillaF/Shutterstock

Injectable medications originally developed for the treatment of diabetes are also effective for weight loss, and have surged in popularity for this purpose around the world.

In Australia, Ozempic is approved for the treatment of type 2 diabetes, while Wegovy is approved for weight management. Both are formulations of the drug semaglutide, which mimics the action of the naturally occurring GLP-1 hormone on GLP-1 receptors in the gut and the brain, helping regulate appetite and making you feel fuller for longer.

However these medications are expensive, and sometimes hard to get. They also come with side effects. For these reasons, people are taking to “microdosing” weight-loss drugs, or using less than the dose recommended by the manufacturer.

But is this effective, and is it safe? As a GP, people are asking me these questions. Here’s what we know – and what we don’t know yet.

Why are people microdosing weight-loss drugs?

Microdosing usually refers to psychedelic medication, where people take a low dose of a psychedelic drug to enhance performance, or reduce symptoms of stress and anxiety.

However, the term is increasingly being used to describe the use of weight-loss injectables at lower-than-recommended doses.

Three common reasons come up when I ask patients why they microdose weight-loss drugs.

Cost: injectables used for weight loss are not covered by the Pharmaceutical Benefits Scheme, so patients must pay for these out-of-pocket. Costs start from A$260 per month and increase from there.

Availability: worldwide shortages of these injectable medications have led doctors and patients to seek alternative solutions.

Side-effects: side-effects are common, and can include nausea, vomiting, bowel habit changes and reflux. Lower doses cause fewer side-effects, which is why the recommended dosing schedule starts low and gradually builds up.

Weight-loss drugs can cause a range of gastrointestinal side-effects.
PeopleImages.com – Yuri A/Shutterstock

How do people microdose weight-loss drugs?

A standard dose of semaglutide is 2.4mg, but we start patients on much lower doses (0.25mg) and gradually build up to this by increasing the dose each month. This is because starting at the full dose invariably causes bad side-effects.

Injectables come in an adjustable auto-injector pen which is twisted until the dose counter shows the prescribed dose in milligrams. There’s a click every time the dial is turned. Once the prescribed dose is showing, it’s injected under the skin.

To microdose, patients simply turn the dial fewer times than recommended for the full dose. They estimate a microdose by “counting clicks”, which means they’re turning it according to the clicks they hear rather than until they see the dial showing the correct dose has been reached.

Weight-loss drugs come in an adjustable auto-injector pen.
myskin/Shutterstock

Alternatively, they may inject the full recommended dose but do so less often than once per week.

Is it safe?

Using injectables in this way has not been researched, so the safety has not been established. However, it’s unlikely lower doses would lead to higher safety concerns.

In fact, logically, lower doses are likely to mean fewer side-effects.

But these drugs do expire after a few weeks, and microdosing could increase the risk of inadvertently using them after their expiration date. Injecting out-of-date medication can be a significant health risk. For example, it could cause infection if bacteria has started to grow.

The biggest concern around the safety of microdosing is if patients are doing it without the knowledge of their treating team (such as their GP, dietitian and pharmacist).

Because there are no clear guidelines around microdosing, patients should only try it with caution and under medical care. Their team can assist with issues such as accounting for the limited shelf-life of the medication.

Is it effective?

As lower doses than recommended for weight loss have not been tested, we cannot answer this question yet. However, reduced side-effects at lower doses make it likely there are also reduced therapeutic effects.

In my experience there’s a reason patients increase their doses as recommended: they simply don’t lose enough weight on the starting doses.

It’s best to seek advice from your medical team before making any dose changes.
AnnaStills/Shutterstock

At the height of semaglutide shortages in 2023, experts from the American Diabetes Association published recommendations around how to prescribe lower doses for patients with diabetes. But these recommendations were for diabetes management, not for patients using the drug for weight loss.

It’s also important to note that for patients using Wegovy to reduce heart attack and stroke risk – which Australia’s Therapeutic Goods Administration recently approved it for – there’s no evidence that cardiovascular benefits will be achieved at lower-than-recommended doses.

Is there any role for microdosing weight-loss drugs?

There may be a role for microdosing in a few scenarios:

When side-effects are not manageable: when side-effects are intolerable for patients, even on the lowest introductory dose, there may be a role for individualised approaches. But this is best done with clear communication and regular monitoring, so patients are not under-treated.

Supply disruption: if there’s a supply disruption, lowering the dose or lengthening the time between doses may be preferable to ceasing the medication altogether.

Maintenance of weight loss: once therapeutic levels have helped patients achieve their goal weight, lowering the dose may be a helpful longer-term way of keeping them there. We know stopping these drugs altogether results in rebound weight gain. We await evidence for microdosing for weight maintenance.

So what’s the take-home message?

Patients who use injectables as part of their approach to weight loss should be under the care of an experienced team, including a GP, who can monitor their progress and ensure they achieve their weight loss in a safe and sustainable way.

Microdosing weight-loss drugs currently has no clear evidence base, but if a person wants to attempt it, they should do so with the full knowledge of their treating team.

Natasha Yates wishes to thank Dr Terri-Lynne South – a GP, dietician, and the chair of the Royal Australian College of General Practitioners’ specific interest group in obesity management – for providing feedback and peer review on this article.

Natasha Yates is affiliated with the Royal Australian College of General Practitioners.

– ref. People are ‘microdosing’ weight-loss drugs. A GP explains what to watch out for – https://theconversation.com/people-are-microdosing-weight-loss-drugs-a-gp-explains-what-to-watch-out-for-253955

MIL OSI Analysis – EveningReport.nz –

April 17, 2025
MIL-Evening Report: State of the states: six experts on how the campaign is playing out around Australia

Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

The federal election campaign has passed the halfway mark, with politicians zig-zagging across the country to spruik their policies and achievements.

Where politicians choose to visit (and not visit) give us some insight into their electoral priorities and strategy.

Here, six experts analyse how the campaign has looked so far in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

New South Wales

David Clune, honorary associate, government and international relations, University of Sydney

Opposition Leader Peter Dutton’s strategy in NSW seems to include a tacit concession Liberal heartland seats won by the Teals in 2022 are unlikely to come back.

Instead, the Liberals are hoping to make inroads into Western Sydney electorates held by Labor. It’s a fast-growing, diverse area where families are struggling to pay the mortgage and household bills, and young people have difficulty renting or buying homes. Dutton and Prime Minister Anthony Albanese have concentrated their campaigning in this area, both claiming to be the best choice for cost-of-living relief and housing affordability.

Many of these seats are among Labor’s safest. Most would require a two-party preferred swing of 6% or more to be lost. Historically speaking, swings of this size are unlikely, although nevertheless possible.

Labor is putting much effort into “sandbagging” marginal coastal seats. A major issue is Labor’s emphasis on renewables versus the Coalition’s policy of building nuclear power plants, including one in the Hunter Valley.

Dutton’s messaging in the early part of the campaign was confusing, combining pragmatic politics, such as cutting the excise on petrol, with right-wing ideology, such as slashing the public service. The former resonated in the marginals, the latter did not. Albanese, by contrast, stayed on message, releasing a stream of expensive handouts to win the votes of battling Sydneysiders.

A wildcard is the emergence of Muslim lobby groups, The Muslim Vote and Muslim Votes Matter. These were formed to support pro-Palestine candidates in safe Labor seats in Western Sydney where there is a large Muslim population, such as Blaxland and Watson.

One factor that won’t be influential is the state government. Premier Chris Minns leads a Labor administration whose performance has generally been lacklustre, but which is not notably unpopular. Unlike in Victoria, NSW voters seem to have their baseball bats in the closet.

The opinion polls continue to show the trend developing since February of a swing back to Labor in NSW, mirroring the national trend. According to an aggregate of polling data, as at April 15 the Labor two-party preferred vote in NSW was 51.9%, an increase of 1.7% since the March federal budget.

Queensland

Paul Williams, associate professor of politics and journalism, Griffith University

The fact neither Albanese nor Dutton has spent a disproportionate amount of time campaigning in Queensland underscores the view the Sunshine State is not a pathway to The Lodge.

But the fact both leaders have made several visits – Albanese campaigned here four times in 12 days – also indicates neither leader is taking any seat for granted.

Indeed, Albanese has visited normally tough-to-win seats, such as Leichhardt in far north Queensland (held by the Coalition for 26 of the past 29 years), which reveals an emboldened Labor Party. With the retirement of popular Coalition MP Warren Entsch, and held by just 3.44%, Labor thinks Leichhardt is “winnable”, especially after reports the LNP candidate Jeremy Neal had posted questionable comments regarding China and Donald Trump on social media.

If so – and given the growing lead Labor boasts in national polls – the LNP would be also at least a little concerned in Longman (3.1%), Bonner (3.4%), Flynn (3.8%), Forde (4.2%) and Petrie (4.4%).

At least the opposition can placate itself with this week’s Resolve Strategic poll, which indicates it still leads Labor in Queensland by six points after preferences, 53% to 47%. That’s just a one-point swing to Labor since 2022. However, it would be concerned that the LNP’s lead has been slashed ten points from the previous YouGov poll.

But most concerning must surely be a uComms poll in Dutton’s own seat of Dickson, held by a slender 1.7%, which forecast the opposition leader losing to high-profile Labor candidate Ali France, 51.7 to 48.3%. The entry of the Climate 200-backed independent candidate Ellie Smith appears to have disrupted preference flows.

Labor’s own polling indicated a closer contest at 50% each, while the LNP’s polling indicates an easy win for Dutton, 57% to 43%, despite Labor spending A$130,000 on France’s campaign.

An alleged terror plot against Dutton in Brisbane doesn’t appear to have shifted the dial. But voters’ potential to conflate Dutton with Trump may well have, especially given Trump’s tariffs now threaten Queensland beef producers’ $1.4 billion trade with the United States. In the closing weeks, watch as Dutton draws on the new and popular Premier David Crisafulli for electoral succour.

South Australia

Rob Manwaring, associate professor of politics and public policy, Flinders University

Is there a federal election campaign taking place? In South Australia, there is a something of an elusive air about the current festival of democracy, with many voters disengaged. The lack of excitement reflects the fact that only two seats in the state are marginal: Sturt (0.5%) and Boothby (3.3%).

The party campaigns have sparkled and flickered, but not really caught alight. The signature move was Albanese’s early announcement of the $150 million new healthcare centre at Flinders, in the seat of Boothby. For the ALP, this neatly coalesced around Labor’s campaign on Medicare.

Federal Labor also sees its strongest asset in the state in Premier Peter Malinauskas, who was prominent during the recent AFL gather round – the round played entirely in Adelaide and its surrounds.

In a welcome development for the state, Labor’s announcement Adelaide would be put forward to host the next Climate COP conference in 2026 was an interesting flashpoint. Locally, many businesses welcomed the announcement, as it potentially will generate significant footfall and economic activity.

Yet, the Coalition quickly announced they would not support the bid, trying to shift the attention away from climate to cost-of-living issues.

More generally, there is a perception the Coalition has been struggling to build campaign momentum. Notably, in a recent visit by members of the shadow cabinet, energies appear to be focused more on sandbagging the seat of Sturt than on winning Boothy, which Labor holds with a nominal 3.3%.

Other factors also might explain a sense of indifference in South Australia. There have been key developments in state politics, for example, notably the ongoing criminal case against former Liberal leader David Speirs, and independent MP, and former Liberal, Nick McBride, who faces assault charges related to family and domestic violence (to which he’s yet to enter a plea).

Tasmania

Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

The Labor and Liberal campaign strategies started quite differently across Tasmania’s five electorates.

Labor is desperate to defend Lyons and Franklin and hopeful of picking up Braddon (though perhaps overly ambitious, given the 8% margin).

Its candidates have focused on promoting Labor’s big, national-level policies. In the first couple of weeks of the campaign, this meant pushing its flagship healthcare and childcare policies. Following the campaign launches on the weekend, housing is the new flavour.

The Liberal Party – there is no Coalition in Tassie – is focused on winning super marginal Lyons (0.9%) and holding Braddon and Bass. In contrast to Labor, the Liberal campaign was initially defined by lots of community-level funding announcements and Tasmania-specific infrastructure support.

Since the Coalition’s plan to halve the fuel excise was announced, the approach has changed somewhat. Tasmanian Liberal candidates are now swinging in behind this and other national policy pronouncements about – you guessed it – housing.

Both major party candidates have been pretty quiet on the controversial issue of salmon farming. This is surprising given the national spotlight on Braddon’s Macquarie Harbour and the waterways of Franklin. The only exception is Braddon Labor candidate Anne Urquhart’s very vocal support for the salmon industry.

For the Greens, the goal is to build on their 2022 vote share and turn one Senate seat into two, although this is a long shot. They have campaigned hard on issues – mainly salmon farming and native forest logging – where agreement between the Labor and Liberal parties has left space for a dissenting voice.

Although the Greens’ chances of winning any of the lower house seats are slim, they will be hoping these issues help them make further inroads into the declining primary vote share of the major parties.

Victoria

Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

Victoria has several seats that can potentially change hands at this election. As ABC election analyst Antony Green reminds us, the state is home to at least a dozen seats the major parties hold by a margin of 6% or less. Additionally, the independents in Kooyong and Goldstein are also on thin margins (2.2% and 3.3% respectively).

Within this context, the campaign in Victoria has been marked by several visits by the major party leaders. The challenge, however, has been how they have worked with their state counterparts.

State Liberal Leader Brad Battin has fallen short of explicitly supporting the Coalition’s focus on nuclear energy. Instead, he says he’s ready to have an “adult conversation” about the prospect. Coal currently provides more than 60% of electricity in Victoria.

Dutton was, however, happy to campaign alongside Battin and also visited a petrol station with the state leader while in Melbourne.

The Labor Party in Victoria, on the other hand, has been grappling with a drop in support in the polls, with Premier Jacinta Allan’s popularity falling. As a result, there’s been much speculation among political commentators about whether Albanese would want to be campaigning with a leader seemingly struggling to attract support.

In one of the first visits to the state, Albanese did not campaign with Allan. This was even though he had been happy to be with the premiers of South Australia and Western Australia while campaigning there.

According to Albanese, it was the fact that parliament was sitting that made it impossible for Allan to join him on the campaign trail. Both leaders were together at a subsequent visit, but this elicited questions about the impact of Allan’s leadership on Labor’s standing in Victoria.

Western Australia

Narelle Miragliotta, associate professor in politics, Murdoch University

Reports the state’s 16 seats will decide which party grouping will form government has resulted in WA voters being treated to regular visits by the major party leaders, including Labor’s campaign launch.

The campaign context in WA is shaped by its mining economy. Perth is the fastest growing capital in the country, which has led to strong growth in the median housing price and an expensive rental market.

While the state’s economic prosperity is one of the drivers of cost-of-living pressures, some of this has been offset by relief measures from the state Labor government, relatively low unemployment and some of the highest average weekly incomes in the country.

On top of this two potentially divisive issues – the nature positive laws and North West shelf gas expansion – have been defused by federal Labor. The party has backtracked in the case of the former. In the case of the latter, it has merely delayed (not without criticism, however) what is likely to be an eventual approval.

Clearer differences have emerged on future of the WA live sheep trade. But while important to communities directly affected by the phasing out of the practice, the issue does not appear to be capturing the attention of most metropolitan voters.

What might we expect? Labor’s two-party-preferred margin is comfortable in eight of the nine seats it holds. The five Liberal-held seats are on much slimmer margins. Polling suggests little improvement in their state-wide share of the two party preferred vote since 2022.

To the extent the polls portend the outcome, the Liberals’ lack of electoral momentum in WA suggests it will be a struggle to regain the target seats of Curtin and Tangney. Only the outcome in WA’s newest seat, Bullwinkel, remains uncertain.

Paul Williams is a research associate with the TJ Ryan Foundation.

David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian 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. State of the states: six experts on how the campaign is playing out around Australia – https://theconversation.com/state-of-the-states-six-experts-on-how-the-campaign-is-playing-out-around-australia-253124

MIL OSI Analysis – EveningReport.nz –

April 17, 2025
MIL-Evening Report: Cracks in social cohesion – the major parties must commit to reinvigorating multiculturalism

Source: The Conversation (Au and NZ) – By Andrew Jakubowicz, Emeritus Professor of Sociology, University of Technology Sydney

In the run up to the May 3 election, questions are being raised about the value of multiculturalism as a public policy in Australia.

They’ve been prompted by community tensions arising from the Israeli/Palestinian conflict and the sharp increase in antisemitic and Islamophobic hate crimes.

Is the erosion of social cohesion a consequence of multiculturalism? Or is multiculturalism the most effective approach to minimising the fissures opening up in the Australian community?

Can Australia still pride itself on being one of the world’s most successful multicultural societies? Or will reinvigorating Australian multiculturalism be one of the great policy challenges for the next government?

Landmark review

It could be argued the election of the Albanese government three years ago was only possible because new multicultural candidates unexpectedly won in marginal electorates.

Yet, the 2022 campaign barely mentioned multicultural policies apart from Labor’s pledge for a Multicultural Framework Review. That pledge was announced the day before the election. It was the first detailed examination of the state of Australia’s multicultural society in 40 years.

Its report last year recommended the existing structures for managing multiculturalism be replaced. A Multicultural Affairs Commission and a standalone Department of Multicultural Affairs should be established.

The existing Australian Multicultural Council was criticised as having “limited influence under Home Affairs”. Its proposed replacement, a renamed Multicultural Community Advisory Council, would be better armed to provide strategic advice. It would also have legislated powers to implement institutional change.

But the government ignored the recommendation. It has persisted with the current Council with a slightly revised membership. Labor hasn’t indicated how it plans to overcome the problem of the Council’s ineffectual influence on multicultural affairs.

The review stressed the importance of bipartisanship and found discrimination and prejudice is “stubbornly common” in Australia.

But bipartisanship has been hard to find. Shadow Citizenship Minister Dan Tehan complained the review failed to deal with antisemitism. Nor did it tackle the strains on social cohesion. He blamed this on pro-Palestine civic action, hate speech and intimidation.

Shifting focus

The review was rapidly overtaken by events, especially public tensions associated with the Israel/Gaza war and local outbreaks of vandalism. Many grassroots initiatives proposed by the review to promote multiculturalism have been supplanted by urgent action to repair community facilities and improve safety.

Two government-appointed envoys against antisemitism and Islamophobia have been crossing the country talking to communities, and testing the capacity of institutions to support their aspirations.

This hive of activity around social cohesion distracts from the limited action on multiculturalism and the persistence and pervasiveness of racism in Australia.

Last month’s federal budget funded increased security and support for multicultural communities. But the government has failed to rework the institutional infrastructure needed to move forward on the deeper issues raised by the review.

Multicultural battleground

There are signs in the first weeks of the campaign that the parties are aware of the issues facing particular communities. However, multiculturalism may struggle to flourish, whoever wins the election.

Opposition Leader Peter Dutton launched a preemptive attack on diversity, equity and inclusion (DEI), by threatening to sack DEI positions in the Australian Public Service. And he nailed his colours to the mast by declaring he won’t stand in front of Aboriginal and Torres Strait Islander flags if he is elected prime minister.

The Coalition may have painted itself into a tight corner after Liberal Senator Dave Sharma declared Islamophobia in Australia was “fictitious”. He contradicted the envoy on Islamophobia and potentially alienated hundreds of thousands of conservative Muslim voters.

Nor has Labor been served well by its initial small target position on multiculturalism and its lethargic implementation of the framework review.

It’s been wedged on the Middle East conflict: pilloried by the Coalition for its perceived weakness on antisemitism, and condemned by the Greens, who accuse it of a morally questionable position on Gaza and Palestinian issues.

Labor also suffered a setback with Senator Fatima Payman’s desertion to the cross bench over its approach to the war in Gaza. This was shadowed by rising hostility from the “Arab street”, which could put some Western Sydney seats at risk.

For its part, the coalition is targeting Teal seats with Jewish communities, while the contest to secure the Chinese-Australian vote could be critical in up to ten seats.

Muliticultralism post election

Multicultural policy cannot be allowed to drift, let alone be degraded. High levels of political alienation in many communities across the country suggest a much more fractured electorate.

It is critical for Australians’ sense of community cohesion, inclusion and social justice that a more robust multicultural strategy be articulated by the major parties. A Multicultural Community Advisory Council with the heft to influence debate must be adopted, as should the recommendation for a legislated Australian Multicultural Commission.

Silence on multicultural policy will not deliver these outcomes. At the moment the sound of that silence is deafening.

This is the ninth article in our special series, Australia’s Policy Challenges. You can read the other articles here

Andrew Jakubowicz was a consultant to the Multicultural Framework Review on research.

– ref. Cracks in social cohesion – the major parties must commit to reinvigorating multiculturalism – https://theconversation.com/cracks-in-social-cohesion-the-major-parties-must-commit-to-reinvigorating-multiculturalism-250635

MIL OSI Analysis – EveningReport.nz –

April 17, 2025
MIL-OSI USA: ALLEGHENY COUNTY – Lt. Gov. Austin Davis, Department of Aging to Announce New Initiative to Make the Commonwealth Friendlier, More Welcoming for Older Adults

Source: US State of Pennsylvania

April 17, 2025 – McKeesport, PA

ADVISORY – ALLEGHENY COUNTY – Lt. Gov. Austin Davis, Department of Aging to Announce New Initiative to Make the Commonwealth Friendlier, More Welcoming for Older Adults

Lt. Gov. Austin Davis will join Pennsylvania Department of Aging Secretary Jason Kavulich and local leaders to highlight current initiatives in Southwest PA to create age-friendly communities – all with the goal of encouraging more cities, towns, and neighborhoods in the Commonwealth to ensure older Pennsylvanians have the services and support they need to age with dignity.

The event will feature presentations on what an age-friendly community looks like, the successes of these communities, and what it means for older Pennsylvanians.

The Department of Aging has incorporated the development of age-friendly communities throughout Pennsylvania as part of Aging Our Way, PA – the 10-year strategic plan that will help transform service delivery to ensure all Pennsylvanians can live healthy, fulfilling lives as they age. The Age-Friendly PA initiative will support existing communities and encourage new communities to participate throughout the Commonwealth.

WHO:
Lt. Gov. Austin Davis
Secretary of Aging Jason Kavulich
Congresswoman Summer Lee
Senator Nick Pisciottano
Rich Fitzgerald, executive director, Southwestern Pennsylvania Commission
Mary Esther Van Shura, AARP executive council member
Paul Winkler, Southwest PA Partnership for Aging board member
Dr. Megan Nagel, Penn State regional chancellor
Dr. Elizabeth Farmer, dean, University of Pittsburgh School of Social Work
Laura Poskin, executive director, Age-Friendly Greater Pittsburgh

WHEN:
Thursday, April 17, 2025, at 2:30 PM

WHERE:
Penn State Greater Allegheny
4000 University Dr.
McKeesport, 15132
*Ostermayer Room in the Student Community Center

MEDIA RSVP: Media interested in attending must RSVP with the name of photographer/reporter to agingcomms@pa.gov

MEDIA CONTACT:
Jack Eilber, Revenue, agingcomms@pa.gov

MIL OSI USA News –

April 17, 2025
MIL-OSI USA: HARRISBURG – Governor Shapiro, First Family and Chef Robert Irvine to Serve Lunch at Harrisburg Bureau of Fire, Thank Firefighters Who Responded to Arson Attack at Governor’s Residence

Source: US State of Pennsylvania

April 17, 2025 – Harrisburg, PA

ADVISORY – HARRISBURG – Governor Shapiro, First Family and Chef Robert Irvine to Serve Lunch at Harrisburg Bureau of Fire, Thank Firefighters Who Responded to Arson Attack at Governor’s Residence

Governor Josh Shapiro, First Lady Lori Shapiro, and their family will join Chef Robert Irvine at the Harrisburg Bureau of Fire Station 1 to serve lunch to thank the firefighters who responded to Sunday’s arson attack at the Governor’s Residence.

Governor Shapiro continues his support of professional and volunteer firefighters in his 2025-26 Budget Proposal, calling for an additional $30 million in competitive grants for Pennsylvania’s fire companies.

WHO:
Governor Josh Shapiro
First Lady Lori Shapiro
First Family
Chef Robert Irvine
Harrisburg Bureau of Fire

WHEN:
Thursday, April 17, 2025 at 12:00 PM

WHERE:
Harrisburg Bureau of Fire Station 1
1820 N. 6th Street,
Harrisburg, PA 17102
**Press must RSVP for arrival logistics.

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

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

MEDIA CONTACTS:
Governor’s Press Office: ra-gvgovpress@pa.gov

MIL OSI USA News –

April 17, 2025
MIL-OSI: Olympia Gaming Launches Mobile Apps, LB Rewards and CF Rewards
Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, April 16, 2025 (GLOBE NEWSWIRE) — Olympia Gaming, the developer of Casino Fandango in Carson City, NV and Legends Bay Casino in Sparks, NV and Quick Custom Intelligence (QCI) today announced the rollout of mobile apps, LB Rewards and CF Rewards. With this launch, Olympia Gaming becomes the first operator in Northern Nevada to deliver the QCI Player App, setting a new regional standard for real-time, mobile guest engagement.

Current Features (Now Available):
- Player Account Information – live tier status, point balance, free play, and comp dollars
- Offer Listing – view of current and upcoming offers including free play, dining and hotel
- Secure Tax Forms – digital retrieval of win/loss statements and tax documentations
- Push Notifications & Event Alerts – real-time updates tailored to guest preferences
Future Features (Coming Soon):
- Entertainment & Special Event Schedule – full calendar of concerts and events
- Host Chat & Service Requests – direct, secure messaging for concierge-level support
- Interactive Property Navigation – maps, parking guidance, and way-finding tools
- Interactive Prizes – in-app rewards that are redeemable at either casino
“Launching the QCI Player App is a milestone for both Casino Fandango and Legends Bay Casino,” said DeCourcy Graham, Chief Operating Officer at Olympia Gaming. “Our guests can now see their rewards, view exclusive offers, and even access tax forms—all from their mobile device, furthering the value of our rewards program. We are thrilled to pioneer this technology in Northern Nevada and elevate the guest experience across our properties.”

With a combined focus on value and exceeding guest expectations, Olympia Gaming and QCI’s collaboration is delivering on a promise to set a new industry standard, offering capabilities that surpass current market offerings.

“Olympia Gaming challenged us to create an app that goes beyond basic account lookup and truly empowers the player,” said Dr. Ralph Thomas, Chief Executive Officer at QCI. “This successful launch reflects a close collaboration between the Olympia team and QCI, and we are excited to see the QCI Player App drive deeper engagement and new revenue opportunities for both properties.”

The LB Rewards and CF Rewards mobile apps are now available for download on Apple IOS and Google Play store.

ABOUT Olympia Gaming
Olympia Gaming is the gaming development division of Olympia Companies, whose subsidiaries and related entities include Casino Fandango in Carson City and Legends Bay Casino in Sparks. Voted the best casino in Carson City year after year, Casino Fandango features a wide variety of gaming, dining, and entertainment venues. Legends Bay Casino builds upon Olympia’s success in Carson City with the latest slots and table games, northern Nevada’s only Circa Sports Sportsbook, several original dining and bar concepts, as well as seamless access to the open-air shopping and dining at the Outlets at Legends and the adjacent Sparks Marina. For more information, visit Olympia Gaming.

ABOUT QCI
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Dr. Ralph Thomas
Ralph is a product visionary in applied analytics and the founder of two companies that deliver solutions in casino gaming, education, and adult learning. As a gaming industry veteran, Dr. Thomas has substantial experience implementing analytics into single and multi-property gaming companies to drive tangible and measurable gains to the bottom line and has built business intelligence tools for multibillion-dollar casinos. Dr. Thomas is co-author of seven books and over 80 articles on applied analytics and data science in gaming, an inventor on dozens of patents, and understands gaming from raw data up through casino operations, giving him a unique, 360-degree view of the industry.

For all media inquiries, please contact:
Jeff Wagner: jeff@jeffwagneragency.com
Michelle Loosbrock: michelle@jeffwagneragency.com
Joel Rovics: jrovics@quickcustomintelligence.com

The MIL Network –
April 17, 2025
MIL-OSI NGOs: Human Rights Violations During Mozambique’s Post-2024 Election Crackdown

Source: Amnesty International –

Footnotes

[1] Open Observatory of Network Interference (OONI), “User Guide: OONI Probe Desktop App”, 25 October 2022, https://ooni.org/support/ooni-probe-desktop/

[2] Amnesty International, Mozambique: turn the page! A human rights manifesto for political parties and candidates, October 2019 election (Index: AFR 41/1019/2019), 17 September 2019, https://www.amnesty.org/en/documents/afr41/1019/2019/en/; Amnesty International, “Mozambique: Civil society calls for the unconditional and immediate release of the Gaza-18 election party delegates”(Index: AFR 41/1427/2019), 25 November 2019, https://www.amnesty.org/en/documents/afr41/1427/2019/en/; Amnesty International, “Mozambique police must only use live ammunition to protect life during demonstrations”(Index: PRE 01/301/2010 ), 1 September 2010, https://www.amnesty.org/en/documents/pre01/301/2010/en/; Amnesty International,“Mozambique: authorities must launch a full and impartial investigation into the killing of journalist” (Index: AFR 41/2361/2015), 31 August 2015, https://www.amnesty.org/en/documents/afr41/2361/2015/en/; Amnesty International, Mozambique: media freedom in ashes (Index: AFR 41/2947/2020), 31 August 2020, https://www.amnesty.org/en/documents/afr41/2947/2020/en/; Amnesty International,“Mozambique: civil society groups call for the unconditional and immediate release of radio journalist” (Index: AFR 41/0205/2019 ), 11 April 2019, https://www.amnesty.org/en/documents/afr41/0205/2019/en/; Amnesty International, “What I saw is death”: war crimes in Mozambique’s forgotten cape (Index: AFR 41/3545/2021), 2 March 2021, https://www.amnesty.org/en/documents/afr41/3545/2021/en/; Amnesty International, “Mozambique: Torture by security forces in gruesome videos must be investigated”, 9 September 2020, https://www.amnesty.org/en/latest/press-release/2020/09/mozambique-torture-by-security-forces-in-gruesome-videos-must-be-investigated/

[3] Amnesty International, “What I saw is death” (previously cited); Amnesty International, “Mozambique: Authorities must promptly investigate arrest of journalist while covering demonstration”, 7 June 2024, https://www.amnesty.org/en/latest/news/2024/06/mozambique-authorities-must-promptly-investigate-arrest-of-journalist-while-covering-demonstration/; Amnesty International, “Mozambique: Authorities must investigate killing of newspaper editor João Fernando Chamusse”, 15 December 2023, https://www.amnesty.org/en/latest/news/2023/12/mozambique-authorities-must-investigate-killing-of-newspaper-editor-joao-fernando-chamusse/; Amnesty International, “Mozambique: Fears grow for election monitors secretly transferred to new prison”, 18 November 2019, https://www.amnesty.org/en/latest/news/2019/11/mozambique-fears-grow-for-election-monitors-secretly-transferred-to-new-prison-2/; Caitlin Sturridge and others, Copping with the risk of conflict, climate and internal displacement in northern Mozambique: ‘We can’t just sit here with our arms crossed’, November 2022, https://media.odi.org/documents/USAID_CCD_Mozambique_final.pdf; Republic of Mozambique, Estratégia Nacional de Desenvolvimento (2015-2035), [National Development Strategy (2015-2035)], July 2024, https://www.mef.gov.mz/index.php/publicacoes/estrategias/397-estrategia-nacional-de-desenvolvimento/file; Human Rights Watch (HRW), Mozambique: abuses against media, activists before elections, 11 September 2024, https://www.hrw.org/news/2024/09/11/mozambique-abuses-against-media-activists-elections

[4] Africa News, “Frelimo’s candidate wins in Maputo amid ongoing vote count”, 14 October 2024, https://www.africanews.com/2024/10/14/frelimos-candidate-wins-in-maputo-amid-ongoing-vote-count/

[5] Times Live, “Africa: Frelimo extends 50-year rule in Mozambique as it retains power in disputed general elections”, 24 October 2024, https://www.timeslive.co.za/news/africa/2024-10-24-frelimo-extends-50-year-rule-in-mozambique-as-it-retains-power-in-disputed-general-election/

[6] Associated Press (AP), “Long-ruling party leads in Mozambique’s election as opposition candidate calls for strikes”, 16 October 2024, https://apnews.com/article/mozambique-election-frelimo-vote-6987692541d92a9c6a287be4af89a524

[7] The British Broadcasting Corporation (BBC), “Mozambique opposition lawyer shot dead”, 19 October 2024, https://www.bbc.com/news/articles/cy4d3j1mm2yo

[8] Centre for Public Integrity (CIP), “Elvino Dias was killed preparing a draft of the PODEMOS appeal to the Constitutional Council: Mozambique elections 316- 20 October 2024”, 20 October 2024, https://www5.open.ac.uk/technology/mozambique/sites/www.open.ac.uk.technology.mozambique/files/files/Election-Bulletin-316_20Out24_Murders_Will-CNE-change-results.pdf

[9] Deutsche Welle (DW), “Mozambique: Police fire tear gas at opposition leader”, 21 October 2024, https://www.dw.com/en/mozambique-police-fire-tear-gas-at-opposition-leader/a-70561138; Venâncio Mondlane, “REVOLUÇÃO: Venâncio Mondlane anuncia nova manifestação [“REVOLUTION: Venâncio Mondlane announces new demonstration”], 22 October 2024, https://www.youtube.com/watch?v=mG5g-SbnNy8

[10] Interview by voice call with lawyer, 12 February 2025; HRW, “Mozambique: Abuses against media, activists before elections”, 11 September 2024, https://www.hrw.org/news/2024/09/11/mozambique-abuses-against-media-activists-elections

[11] Integrity Magazine, “CNE confirma Daniel Chapo e Frelimo como vencedores das eleições de 9 de Outubro”, [“The National Electoral Commission confirms the victory of Daniel Chapo and Frelimo the winners of the 9 October elections”], 25 October 2024, https://integritymagazine.co.mz/arquivos/33773

[12] DW, “Mondlane: “Está-se a cometer crimes contra a humanidade”, [“Mondlane: “Crimes against humanity are being committed”], 26 October 2024, https://www.dw.com/pt-002/ven%C3%A2ncio-mondlane-est%C3%A1-se-a-cometer-crimes-contra-a-humanidade/a-70608646

[13] DW, Venâncio Mondlane anuncia “manifestação four by four”, [“Venâncio Mondlane announces “demonstrations four by four””], 2 December 2024, https://www.dw.com/pt-002/ven%C3%A2ncio-mondlane-anuncia-manifesta%C3%A7%C3%A3o-four-by-four/a-70938463; Al Jazeera, “Clanging pans: why Mozambique’s election protesters refuse to go away, 15 November 2024, https://www.aljazeera.com/features/2024/11/15/clanging-pans-why-mozambiques-election-protesters-refuse-to-go-away

[14] Al Jazeera, “Clanging pans: why Mozambique’s election protesters refuse to go away, 15 November 2024, https://www.aljazeera.com/features/2024/11/15/clanging-pans-why-mozambiques-election-protesters-refuse-to-go-away

[15] Al Jazeera, “Mozambique’s controversial election result upheld: What to know”, 23 December 2024, https://www.aljazeera.com/news/2024/12/23/mozambiques-controversial-election-result-upheld

[16] Al Jazeera, “Chapo sworn in following Mozambique’s disputed presidential elections”, 15 January 2025, https://www.aljazeera.com/news/2025/1/15/chapo-sworn-in-following-mozambiques-disputed-presidential-election

[17] BBC, “Injuries as Mozambique police fire on opposition protest”, 6 March 2025, https://www.bbc.co.uk/news/articles/cjd3y2eyxy3o

[18] Televisão de Moçambique (TVM)’s video of President Chapo’s address, 24 February 2025, on file with Amnesty International; Radio France Internationale – International French Radio (RFI), “Daniel Chapo vows to fight “terrorism and demonstrations”, 25 February 2025, https://www.rfi.fr/pt/%C3%A1frica-lus%C3%B3fona/20250225-daniel-chapo-promete-combater-terrorismo-e-manifesta%C3%A7%C3%B5es

[19] Amnesty International identified these units based on the uniforms apparent in visual evidence and description of uniforms provided in interviews with eyewitnesses and victims.

[20] Amnesty International, Kinetic Impact Projectiles in Law Enforcement – an Amnesty International Position Paper, March 2023, pg. 18; https://www.amnesty.nl/content/uploads/2023/03/Amnesty-position-paper-kinetic-impact-projectiles.pdf?x55122

[21] Interview by voice call with doctor, 17 February 2025; Interview by voice call with doctor, 22 February 2025.

[22] Interview by voice call with doctor, 17 February 2025; Interview by voice call with doctor, 22 February 2025.

[23] Interview by voice call with doctor, 17 February 2025; Interview by voice call with doctor, 22 February 2025.

[24] TV Mirramar, “Ordem dos medicos preocupada com aumento de feridos por armas de fogo” [“Order of Doctors concerned about increase in firearm injuries”], 29 October 2024, https://www.youtube.com/watch?v=d0YqkTsYGaI&t=52s; Interview by voice call with doctor, 17 February 2025.

[25] Interview by voice call with doctor, 17 February 2025; Interview by voice call with doctor, 22 February 2025.

[26] For instance, interview by voice call with victim’s relative, 21 and 27 February 2025; Interview by voice call with victim’s relative, 18 and 21 February 2025

[27] Interview by voice call with victim, 17 February 2025.

[28] Interview by voice call with victim’s relative, 17 February 2025.

[29] Plataforma DECIDE, “Preliminary report on the post-electoral context in Mozambique: 21 October 2024- 21 January 2025”, Undated, https://pdecide.org/blog/preliminary-report-on-the-post-electoral-context-in-mozambique-3-months

[30] TVM, “Police records” Bernardino Rafael reports 956 acts of violence and records 96 deaths”, 23 January 2025, https://www.youtube.com/watch?v=rTS1gRRNJmY

[31] BBC Africa, “President Chapo on Mondlane’s ‘parallel government”, 22 January 2025, https://www.youtube.com/watch?v=MqSIetyQHyQ

[32] Attorney General of Mozambique, Speech at the opening of the judicial year, 4 February 2025, on file with Amnesty International; Club of Mozambique, “Mozambique: 651 cases opened during post-elections protests- Attorney General”, 4 February 2025, https://clubofmozambique.com/news/mozambique-651-cases-opened-during-post-election-protests-attorney-general-275268/

[33] Venâncio Mondlane, Facebook post, “O que se falou no encontro? [What was said at the meeting?]”, 24 March 2025, https://www.facebook.com/venamondlane/videos/998522575570322/

[34] Amnesty International, Guidelines on the right to freedom of peaceful assembly (Index: ACT 30/8426/2024), November 2024, ACT3084262024ENGLISH.pdf

[35] HRC, General Comment 36: Article 6 (The Right to life), 30 October 2018, UN Doc. CCPR/C/GC/36, para. 7. The right to life is protected by article 6.1 of the ICCPR and article 4 of the ACHPR. Article 4.2 of the ICCPR also protects the right to life in exceptional circumstances, such as internal political instability or any other public emergency. See, also, Economic and Social Council (ECOSOC), Resolution 1989/65: The Principles on the Effective Prevention and Investigation of Extra-legal, Arbitrary and Summary Executions, adopted on 24 May 1989.

[36] Amnesty International, Guidelines on the right to freedom of peaceful assembly (Index: ACT 30/8426/2024), November 2024, ACT3084262024ENGLISH.pdf

[37] UN Basic Principles on the Use of Force and Firearms by Law Enforcement Officials (Basic Principles), 7 September 1990.

[38] Amnesty International, Use of Force – Guidelines for Implementation of the UN Basic Principles on the Use of Force and Firearms by law enforcement officials, August 2015, https://www.amnesty.org.uk/files/use_of_force.pdf; UN Basic Principles.

[39] HRC, Report of the Special Rapporteur on extrajudicial, summary or arbitrary executions, A/HRC/26/36, para 63.

[40] Convention Against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishment (CAT), 10 December 1984. Mozambique ratified the CAT on 14 September 1999. United Nations Human Rights Treaty Body Database – Mozambique, https://tbinternet.ohchr.org/_layouts/15/TreatyBodyExternal/Treaty.aspx

[41] Report of the Special Rapporteur on torture and other cruel, inhuman or degrading treatment or punishment on extra-custodial use of force and the prohibition of torture and other cruel, inhuman or degrading treatment or punishment, A/72/178, para. 46.

[42] HRC, General Comment No. 37, (previously cited), para. 78.

[43] UN Guidance on less-lethal weapons in law enforcement, 2020, https://www.ohchr.org/sites/default/files/Documents/HRBodies/CCPR/LLW_Guidance.pdf, guideline 6.3; HRC, General Comment No. 37 (previously cited).

[44] UN Guidance on less-lethal weapons in law enforcement (previously cited), HRC, General Comment No. 37 (previously cited), para. 88; https://www.amnesty.nl/content/uploads/2017/07/guidelines_use_of_force_eng.pdf?x90620

[45] Amnesty International Guidelines on the use of force (previously cited), guideline 5b and p. 114

[46] African Commission on Human and Peoples’ Rights (African Commission), African Commission Guidelines for the Policing of Assemblies by Law Enforcement Officials in Africa, para. 21.3.1 https://achpr.au.int/en/soft-law/guidelines-policing-assemblies-law-enforcement-officials-africa

[47] UN Guidance on less-lethal weapons in law enforcement (previously cited), guideline 6.3; Amnesty International, Guidelines on the Rights to Freedom of Peaceful Assembly (previously cited), guideline 14.1.

[48] UN Guidance on less-lethal weapons in law enforcement (previously cited), guideline 7.5; Amnesty International, “Kinetic impact projectiles in law enforcement”, March 2023, https://www.amnesty.nl/content/uploads/2023/03/Amnesty-position-paper-kinetic-impact-projectiles.pdf?x36065

[49] UN Guidance on less-lethal weapons in law enforcement (previously cited), guideline 7.5; HRC, General Comment No. 37 (previously cited), para. 87; Amnesty International, “Kinetic impact projectiles in law enforcement”, March 2023, https://www.amnesty.nl/content/uploads/2023/03/Amnesty-position-paper-kinetic-impact-projectiles.pdf?x36065

[50] Amnesty International, “Chemical irritants in law enforcement”, June 2021, https://www.amnesty.nl/content/uploads/2021/07/Amnesty-position-paper-chemical-irritants.pdf

[51] Video published on the platform X on 27 November 2024, on file with Amnesty International. https://x.com/Cidiachissungo/status/1861915616598167924

[52] Video sent to researchers via messaging app, on file with Amnesty International.

[53] Amnesty International, Guidelines on the right to freedom of peaceful assembly (Index: ACT 30/8426/2024), November 2024, ACT3084262024ENGLISH.pdf

[54] In addition to the PP and TP, one eyewitness identified the presence of the Rapid Intervention Police that day. Interview by voice call, 14 February 2025.

[55] In addition to the PP and TP, one eyewitness identified the presence of the Rapid Intervention Police that day. Interview by voice call, 14 February 2025.

[56] RFI, “Moçambique: Polícia confirma morte de um manifestante pró-Mondlane no Niassa” [“Mozambique: Police confirm death of pro-Mondlane protester in Niassa”], 28 October 2024, https://www.rfi.fr/pt/%C3%A1frica-lus%C3%B3fona/20241028-mo%C3%A7ambique-pol%C3%ADcia-confirma-morte-de-um-manifestante-pr%C3%B3-mondlane-no-niassa

[57] Interview by voice call with eyewitness, 11 February 2025; Interview by voice call with eyewitness, 14 February 2025; Interview by voice call with eyewitness, 17 February 2025.

[58] Interview by voice call with eyewitness, 11 February 2025; Interview by voice call with eyewitness, 14 February 2025.

^[59] Video provided by eyewitness; on file with Amnesty International

[60] Interview by voice call with eyewitness, 11 February 2025.

^[61] Videos provided by eyewitness, on file with Amnesty International

[62] Interview by voice call with eyewitness, 14 February 2025; Interview by voice call with eyewitness, 17 February 2025.

[63] Inerview by voice call with eyewitness, 27 February 2025.

^[64] Video provided by eyewitness; on file with Amnesty International

^[65] Video published on Facebook and YouTube, respectively, on 26 October 2024, on file with Amnesty International. https://www.facebook.com/watch/?v=1173170507612261, https://www.youtube.com/watch?v=Lj_AfHK_JcI

^[66] Video provided by eyewitness, on file with Amnesty International.

[67] Interview by voice call, 11 February 2025; Interview by voice call, 14 February 2025; Interview by voice call, 17 February 2025.

^[68] Video published on Facebook and YouTube, respectively, 26 October 2024, on file with Amnesty International. https://www.facebook.com/watch/?v=1173170507612261, https://www.youtube.com/watch?v=Lj_AfHK_JcI

^[69] RFI, “Moçambique: Polícia confirma morte de um manifestante pró-Mondlane no Niassa” [“Mozambique: Police confirm death of pro-Mondlane protester in Niassa”], 28 October 2024, https://www.rfi.fr/pt/%C3%A1frica-lus%C3%B3fona/20241028-mo%C3%A7ambique-pol%C3%ADcia-confirma-morte-de-um-manifestante-pr%C3%B3-mondlane-no-niassa

^[70] Facebook profiles managed by Albino José Síbia. https://www.facebook.com/profile.php?id=100084198734038 https://www.facebook.com/ShottasOficial, https://www.facebook.com/profile.php?id=100069938172987

^[72] Videos published on the platform X on 12 December 2024, on file with Amnesty International. https://x.com/mozinforma/status/1867313710223831438

^[73] 360 Mozambique, “General Protests: Ressano Garcia Border Returns to Normal”, 16 December 2024, https://360mozambique.com/business/general-protests-ressano-garcia-border-returns-to-normal/

^[74] A section of the video posted on the platform X on 12 December 2024, on file with Amnesty International. https://x.com/Cidiachissungo/status/1867262509016920434

^[75] Video posted on the platform X on 12 December 2024, on file with Amnesty International. https://x.com/justicefrontil/status/1867281218351640723

^[76] Video posted on Facebook on 12 December 2024, on file with Amnesty International. https://www.facebook.com/watch/?v=1526742851326323

^[77] Committee to Protect Journalists (CPJ), “Albino Sibia (Mano Shottas)”, https://cpj.org/data/people/albino-sibia-mano-shottas/

[78] Mozambique ratified the International Covenant on Civil and Political Rights (ICCPR) on 21 July 1993 and the African Charter on Human and Peoples’ Rights (ACHPR) on 22 February 1989. See United Nations Human Rights Treaty Body Database – Mozambique, https://tbinternet.ohchr.org/_layouts/15/TreatyBodyExternal/Treaty.aspx and ACHPR, https://achpr.au.int/en/charter/african-charter-human-and-peoples-rights/

[79] Interview by voice call with someone with intimate knowledge of the situation, 10 February 2025; Adriano Nuvunga, Facebook post: “CDD entra com uma acção contra o Estado mocambicano pelo assassinato Bárbaro do jovem blogueiro “Shottas”” [“CDD files a lawsuit against the Mozambican state for the barbaric murder of the young blogger “Shottas””], 30 December 2024, https://www.facebook.com/Prof.adrianonuvunga/videos/cdd-entra-com-uma-ac%C3%A7%C3%A3o-contra-o-estado-mocambicano-pelo-assassinato-b%C3%A1rbaro-do-/1029506992507642/

^[80] Interview by voice call with eyewitness, 10 February 2025; Interview by voice call with eyewitness, 27 February 2025; Miramar, “UIR invade cemitério e dispara no momento de luto” [“UIR invades cemetery and shoots during mourning”], 14 December 2024, https://miramar.co.mz/noticias/mocambique/uir-invade-cemiterio-e-dispara-no-momento-de-luto-14-12-2024-49489

^[81] Videos published on the platform X on 14 December 2024, on file with Amnesty International
https://x.com/mozinforma/status/1867929771835076734/video/1 https://x.com/Cidiachissungo/status/1867936730910703888
https://x.com/mozinforma/status/1867929771835076734/video/1

[82] Inerview by voice call with eyewitness, 27 February 2025.

[83] Interview by voice call with eyewitness, 27 February 2025.

^[84] Video published on Facebook on 14 December 2024, on file with Amnesty International. https://www.facebook.com/watch/live/?ref=watch_permalink&v=595714569533356

[85] Media Institute of Southern Africa (MISA), “COMUNICADO- MISA condena baleamento de repórter pela UIR” [“-STATEMENT- MISA condemns the shooting of a reporter by the UIR”], 20 December 2024, https://www.misa.org.mz/index.php/destaques/noticias/327-comunicado-misa-condena-baleamento-de-reporter-pela-uir

[86] Interview by voice call with person known to the victim, 19 February 2025.

^[87] DW, “Vários mortos no regresso de Mondlane a Moçambique” [“Several dead on Mondlane’s return to Mozambique”]; 9 January 2025, https://www.dw.com/pt-002/v%C3%A1rios-mortos-no-regresso-de-mondlane-a-mo%C3%A7ambique/a-71257510; Observador, “Chegada de Mondlane a Maputo. Número de mortos em Moçambique sobe para três – como aconteceu” [“Mondlane arrives in Maputo. Death toll in Mozambique rises to three – as it happened”], 9 January 2025, https://observador.pt/liveblogs/mondlane-chegou-a-maputo-estou-aqui-presente-de-carne-e-osso/

^[88] Video published on YouTube on 9 January 2025, on file with Amnesty International. https://www.youtube.com/watch?v=SnA0Ur-Eb8I

^[89] Video published on YouTube on 9 January 2025, on file with Amnesty International. https://www.youtube.com/watch?v=KCVLf30Ajfs

^[90] Video published on Facebook on 9 January 2025, on file with Amnesty International. https://www.facebook.com/watch/live/?ref=watch_permalink&v=1194732825606271

[91] Interview by voice call with eyewitness, 13 February 2025.

[92] Interview by voice call with “Pedro”, 1 March 2025.

[93] Interview by voice call with “Pedro”, 1 March 2025.

[94] Interview by voice call with “Pedro”, 1 March 2025.

[95] Interview by voice call with “Pedro”, 1 March 2025.

^[96] Videos published on the platform X on 9 January 2025, on file with Amnesty International. https://x.com/AllexandreMZ/status/1877368651554124233
https://x.com/Cidiachissungo/status/1877308762274329016
https://x.com/AllexandreMZ/status/1877304210435330388/video/1

^[97] Videos received via messaging app; on file with Amnesty International; Video published on Facebook on 21 October 2024, on file with Amnesty International.
https://www.facebook.com/tvsucessoofficial/videos/1049942656916240/

[98] Interview by voice call with an eyewitness, 12 February 2025.

^[99] Video published on Facebook on 21 October 2024, on file with Amnesty International. https://www.facebook.com/watch/?v=1049942656916240

[100] Interview by voice call with an eyewitness, 12 February 2025; Interview by voice call with eyewitness, 21 February 2025.

[101] Interview by voice call with an eyewitness, 12 February 2025.

^[102] Video published on Facebook on 21 October 2024, on file with Amnesty International. https://www.facebook.com/watch/?v=1049942656916240

^[103] Amnesty International reviewed videos and X-rays. The videos indicate the injury was caused by a tear gas canister. The X-rays clearly show a fracture in the tibia.

[104] Interview by voice call with eyewitness, 21 February 2025.

^[105] Videos sent via messaging app, on file with Amnesty International.

[106] Interview by voice call with eyewitness, 21 February 2025.

[107] VOA, “Jornalistas moçambicanos feridos em manifestação em Maputo” [“Mozambican journalists injured in protest in Maputo”], 21 October 2025, https://www.voaportugues.com/a/jornalistas-mo%C3%A7ambicanos-feridos-em-manifesta%C3%A7%C3%A3o-em-maputo/7830621.html

^[108] Publico, “Pelo menos 30 pessoas foram detidas nos confrontos em Maputo” [“At least 30 people were arrested in the clashes in Maputo”], 22 October 2024, https://www.publico.pt/2024/10/22/mundo/noticia/menos-30-pessoas-detidas-confrontos-maputo-2108971

^[109] Video published on Facebook on 21 October 2024, on file with Amnesty International. https://www.facebook.com/tvsucessoofficial/videos/8571222766325965/

[110] Video published on Facebook on 21 October 2024, on file with Amnesty International. https://www.facebook.com/tvsucessoofficial/videos/8571222766325965/

[111] Video published on Facebook on 21 October 2024, on file with Amnesty International. https://www.facebook.com/tvsucessoofficial/videos/8571222766325965/

^[112] Videos sent via messaging app, on file with Amnesty International.

[113] Principle 5(c) of the UN Basic Principles (previously cited).

^[114] RFI, “Moçambique: Três mortos e dezenas de feridos nas manifestações” [“Mozambique: Three dead and dozens injured in protests”], 8 November 2024, https://www.rfi.fr/pt/%C3%A1frica-lus%C3%B3fona/20241108-mo%C3%A7ambique-tr%C3%AAs-mortos-e-dezenas-de-feridos-nas-manifesta%C3%A7%C3%B5es; Radio Renascença (RR), “Protestos em Maputo deixam 57 pessoas feridas por arma de fogo“ [“Protests in Maputo leave 57 people injured by firearms”], 8 November 2024, https://rr.pt/noticia/mundo/2024/11/08/protestos-em-maputo-deixam-57-pessoas-feridas-por-arma-de-fogo/400690/

^[115] Videos published on the platform X on 7 November 2024, on file with Amnesty International. https://x.com/Cidiachissungo/status/1854544977507856444 https://x.com/wilkerDias13/status/1854464732637327870 https://x.com/wilkerDias13/status/1854464732637327870

^[116] Videos published on the platform X on 7 November 2024, on file with Amnesty International. https://x.com/wilkerDias13/status/1854461552214114747/video/1
https://x.com/wilkerDias13/status/1854485342604104076

^[117] Video published on the platform X on 7 November 2024, on file with Amnesty International. https://x.com/wilkerDias13/status/1854461552214114747/video/2

[118] Interview by voice call with eyewitness, 19 and 20 February 2025.

[119] HRC, General Comment No. 37 (previously cited), para 80; ACHPR Guidelines on the Policing of Assemblies in Africa (previously cited), para. 3.2; Amnesty International, Guidelines on the right to freedom of peaceful assembly (previously cited), guideline 7.5.

^[120] Videos published on the platform X on 27 and 28 November 2024, on file with Amnesty International. https://x.com/Cidiachissungo/status/1861684733605806131 https://x.com/Cidiachissungo/status/1862014546333856026 https://x.com/Cidiachissungo/status/1861685433677013386

^[121] Video published on the platform X on 27 November 2024, on file with Amnesty International. https://x.com/Cidiachissungo/status/1861931525492617413

^[122] Video published on the platform X on 27 November 2024, on file with Amnesty International. https://x.com/Cidiachissungo/status/1861919381283827798

^[123] Videos published on the platform X on 27 November 2024, on file with Amnesty International. https://x.com/Cidiachissungo/status/1861919381283827798

[124] Pictures published on the platform X on 30 November 2024, on file with Amnesty International. https://x.com/AllexandreMZ/status/1862832887285854247

[125] VOA, “Ministry of National Defence admits to having run over young man [sic] in protest in Maputo”, 27 November 2024, https://www.voaportugues.com/a/ministério-da-defesa-nacional-reconhece-ter-atropelado-jovem-em-protesto-em-maputo/7879042.html

[126] VOA, “Ministry of National Defence admits to having run over young man [sic] in protest in Maputo”, 27 November 2024, https://www.voaportugues.com/a/ministério-da-defesa-nacional-reconhece-ter-atropelado-jovem-em-protesto-em-maputo/7879042.html

[127] Interview by voice call with individual with intimate knowledge of the situation, 11 February 2025.

[128] Interview by voice call with individual with intimate knowledge of the situation, 11 February 2025.

[129] Plataforma DECIDE, “Preliminary report on the post-electoral context in Mozambique: 21 October 2024- 21 January 2025” (previously cited), pg. 2.

[130] Plataforma DECIDE, “Preliminary report on the post-electoral context in Mozambique: 21 October 2024- 21 January 2025” (previously cited), pg. 2.

[131] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025.

[132] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025.

[133] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025.

[134] Plataforma DECIDE, “Preliminary report on the post-electoral context in Mozambique: 21 October 2024- 21 January 2025” (previously cited), pg. 2.

[135] Plataforma DECIDE, “Preliminary report on the post-electoral context in Mozambique: 21 October 2024- 21 January 2025” (previously cited), pg. 2.

[136] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025.

[137] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025.

[138] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025.

[139] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025.

[140] Interview by voice call with a victim of arbitrary detention, 12 February 2025.

[141] Interview by voice call with a victim of arbitrary detention, 12 February 2025.

[142] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025; Interview by voice call with victim, 18 and 19 February 2025.

[143] Interview by voice call with a lawyer, 12 February 2025; Interview by voice call with a lawyer, 19 February 2025; Interview by voice call with a victim of arbitrary detention, 12 February 2025; Interview by voice call with a relative of a detainee, 18 and 21 February 2025.

[144] Interview by voice call with son of victim of detainee, 18 and 21 February 2025.

[145] Interview by voice call with son of victim of detainee, 18 and 21 February 2025.

[146] Interview by voice call with a victim of arbitrary detention, 12 February 2025.

[147] Interview by voice call with a victim of arbitrary detention, 12 February 2025.

[148] Interview by voice call with a lawyer, 12 February 2025.

[149] Interview by voice call with victim, 18 and 19 February 2025.

[150] Interview by voice call with victim, 18 and 19 February 2025.

[151] Photos of victim taken on 6 and 7 December 2024, on file with Amnesty International.

[152] Interview by voice call with victim, 18 and 19 February 2025.

[153] Interview by voice call with victim, 18 and 19 February 2025.

[154] ICCPR, Article 9.1; ACHPR, Article 6.

[155] ICCPR, Article 14; ACHPR, Article 7. See also the African Commission, Principles and Guidelines on the Rights to a Fair Trial and Legal Assistance in Africa.

[156] African Commission Principles and Guidelines on the Rights to a Fair Trial and Legal Assistance in Africa; article 1(e) and (g).

[157] For instance, ICCPR, Articles 7 and 10. Conditions of detention which violate article 10 of the ICCPR may also violate Article 7 of the ICCPR (prohibition of torture or other ill-treatment). See also, UN Special Rapporteur on torture and other cruel, inhuman or degrading treatment or punishment, Interim report, 3 August 2009, UN Doc. A/64/215 paras 48, 55.

[158] The 1955 UN Standard Minimum Rules for the Treatment of Prisoners (the Nelson Mandela Rules); Rules 15; 16; 19; 20; and 19. See also the ACHPR Guidelines on the Conditions of Arrest, Police Custody and Pre-Trial Detention in Africa (the Luanda Guidelines), March 2015; and The UN Basic Principles for the Treatment of Prisoners, 1990.

[159] Convention on the Rights of the Child (CRC), Article 37(b).

[160] African Charter on the Rights and Welfare of the Child (ACRWC), Article 17.2(b). See also, ICCPR, Article 10.2(b).

[161] ICCPR, Article 9.1; ACHPR, Article 6; Constitution of the Republic of Mozambique, 16 November 2004, Article 59.1.

[162] ICCPR, Article 17.

[163] ICCPR, Article 2.3. See also, HRC, General Comment 31: The Nature of the General Legal Obligation Imposed on States Parties to the Covenant, 26 May 2004, UN Doc. CCPR/C/21/Rev.1/Add. 13.

[164] ICCPR, Article 9.5.

[165] CAT, Article 14. See also, Committee Against Torture, General Comment 3: Implementation of article 14 by States parties (Article 14), 13 December 2012, UN Doc. CAT/C/GC/3; UN Human Rights Council (UNHRC), Resolution 22/21: Torture and other cruel, inhuman or degrading treatment or punishment: rehabilitation of torture victims, adopted on 12 April 2013.

[166] Photo of police complaint, on file with Amnesty International.

[167] Interview by voice call with victim, 18 and 19 February 2025 and correspondence on 1 April 2025.

[168] Integrity Magazine, “Moçambique enfrenta 18 horas de corte de internet em meio `a tensão pós-eleitoral [“Mozambique faces internet shutdown amid post-electoral tension”], 26 October 2024, https://integritymagazine.co.mz/arquivos/33806; Sahara Reporters, “Social media platforms down in Mozambique ahead of protests against disputed election results”, 31 October 2024, https://saharareporters.com/2024/10/31/social-media-platforms-down-mozambique-ahead-protests-against-disputed-election-results

[169] Internet Outage Detection & Analysis (IODA) and Cloudflare, “Mozambique’s post-election fallout: fatal protests and widespread internet shutdowns”, 26 February 2025, https://ioda-dev.inetintel.cc.gatech.edu/reports/mozambiques-post-election-fallout-fatal-protests-and-widespread-internet-shutdowns/

[170] Club of Mozambique, “Mozambique elections: Mondlane calls for week-long strike and a national march to Maputo”, 29 October 2024, https://clubofmozambique.com/news/mozambique-elections-mondlane-calls-for-week-long-strike-and-a-national-march-to-maputo-269757/

[171] IODA and Cloudflare, “Mozambique’s post-election fallout: fatal protests and widespread internet shutdowns”, 26 February 2025, https://ioda-dev.inetintel.cc.gatech.edu/reports/mozambiques-post-election-fallout-fatal-protests-and-widespread-internet-shutdowns/

[172] Netblocks, X post, 25 October 2024, https://x.com/netblocks/status/1849839619291988399

[173] IODA and Cloudflare, “Mozambique’s post-election fallout: fatal protests and widespread internet shutdowns”, 26 February 2025, https://ioda-dev.inetintel.cc.gatech.edu/reports/mozambiques-post-election-fallout-fatal-protests-and-widespread-internet-shutdowns/

[174] Netblocks, X post, 8 November 2024, https://x.com/netblocks/status/1854830014555914571

[175] IODA and Cloudflare, “Mozambique’s post-election fallout: fatal protests and widespread internet shutdowns”, 26 February 2025, https://ioda-dev.inetintel.cc.gatech.edu/reports/mozambiques-post-election-fallout-fatal-protests-and-widespread-internet-shutdowns/

[176] IODA and Cloudflare, “Mozambique’s post-election fallout: fatal protests and widespread internet shutdowns”, 26 February 2025, https://ioda-dev.inetintel.cc.gatech.edu/reports/mozambiques-post-election-fallout-fatal-protests-and-widespread-internet-shutdowns/

[177] Tmcel is a state mobile company that resulted from the merging of telecommunication company Telecomunicações de Moçambique (AS30619) and Mcel (mobile company).

[178] Netblocks, X post, 31 October 2024, https://x.com/netblocks/status/1851892913292071349

[179] OONI Probe testing of ‘www.facebook.com’, ‘www.instagram.com’ and WhatsApp services in Mozambique between 15 October and 18 November 2024.

[180] Club of Mozambique, “Mozambique Elections: Second internet shutdown – AIM”, 1 November 2024, https://clubofmozambique.com/news/mozambique-elections-second-internet-shutdown-aim-269982/

[181] Club of Mozambique, “Mozambique Elections: Second internet shutdown – AIM”, 1 November 2024, https://clubofmozambique.com/news/mozambique-elections-second-internet-shutdown-aim-269982/

[182] RFI, “Moçambique: Ministro justificou restrições na internet para impedir ’destruição’ do país” [“Mozambique: Minister justified internet restrictions to prevent “destruction” of the country”], 11 November 2024, https://www.rfi.fr/pt/%C3%A1frica-lus%C3%B3fona/20241111-mo%C3%A7ambique-ministro-justificou-restri%C3%A7%C3%B5es-na-internet-para-impedir-destrui%C3%A7%C3%A3o-do-pa%C3%ADs

[183] Text messages shared with researchers by Vodacom, Movitel and Tmcel clients, on file with Amnesty International. See also, HRW, “Mozambique: post-election internet restrictions hinder rights”, 6 November 2024, https://www.hrw.org/news/2024/11/06/mozambique-post-election-internet-restrictions-hinder-rights

[184] Ngani, “Manifestações pós-eleitoral: mais um apagão dos serviços de internet em Moçambique” [“Post-election demonstrations: another blackout of internet services in Mozambique”], 1 November 2024, https://ngani.co.mz/tech/01/11/2024/manifestacoes-pos-eleitoral-mais-um-apagao-dos-servicos-de-internet-em-mocambique/

[185] Centre for Democracy and Human Rights (Centro para Democracia e Direitos Humanos – CDD), “Depois da proibição do bloqueio pelo tribunal: submetida acção principal contra as operadoras de telefonia móvel por bloqueio de internet” [“After a blockage from court has been denied: a complaint against internet shutdown by mobile companies submitted down”], 18 December 2024, https://cddmoz.org/wp-content/uploads/2024/12/Submetida-accao-principal-contra-as-operadoras-de-telefonia-movel-por-bloqueio-de-internet.pdf

^[186] Video sent by eyewitness, on file with Amnesty International.

[187] Interview by voice call with eyewitness, 11 February 2025; Interview by voice call with eyewitness, 14 February 2025.

[188] Interview by voice call with eyewitness, 11 February 2025.

[189] Interview by voice call with media professional, 12 February 2025.

[190] ICCPR, Article 19.2.

[191] ICCPR, Article 19.3(a)(b). See also the African Commission, Declaration of Principles on Freedom of Expression and Access to Information in Africa, November 2019; the Johannesburg Principles on National Security, Freedom of Expression and Access to Information, 1 October 1995.

[192] ACHPR, Article 9.

MIL OSI NGO –

April 17, 2025
MIL-OSI Asia-Pac: LOK SABHA SPEAKER OUTLINES ROADMAP FOR VIKSHIT BHARAT 2027, CALLS FOR SUSTAINABLE AND INCLUSIVE MODEL OF DEVELOPMENT

Source: Government of India

LOK SABHA SPEAKER OUTLINES ROADMAP FOR VIKSHIT BHARAT 2027, CALLS FOR SUSTAINABLE AND INCLUSIVE MODEL OF DEVELOPMENT

PRESENT ERA IN INDIA IS AN ERA OF ECONOMIC EMPOWERMENT AND INNOVATION: LOK SABHA SPEAKER

INDIA’S ‘DEVELOPMENT-ORIENTED POLICIES’ ARE PROVIDING NEW ENERGY TO OUR INDUSTRIES TODAY: LOK SABHA SPEAKER

PHDCCI IS ACTING AS A STRONG BRIDGE BETWEEN INDUSTRIES AND POLICY MAKERS: LOK SABHA SPEAKER

LOK SABHA SPEAKER ADDRESSES MEMBERS OF PHD CHAMBER OF COMMERCE AND INDUSTRY IN NEW DELHI

Posted On: 16 APR 2025 9:56PM by PIB Delhi

New Delhi; 16 April, 2025: Shri Birla today emphasises that the pillars of industry and commerce occupy a pivotal place in the Indian leadership’s resolute commitment to transforming India into a fully developed nation by the year 2047. To realize this national aspiration, Shri Birla called upon all stakeholders to embrace a model of development that is not only sustainable and enduring, but also inclusive, anchored firmly in the spirit of research, innovation, and forward-thinking enterprise. Addressing at an event to mark at the 120^th anniversary of the PHD Chamber of Commerce and Industry in New Delhi today, Shri Birla observed that ‘development-oriented policies’ of the Government of India are providing new energy to our industries today, adding that present era in India is an era of economic empowerment and innovation.

Outlining the roadmap for ‘Vikshit Bharat 2047’, Lok Sabha Speaker Shri Om Birla said that nation’s trade policy today is deeply rooted in the grand vision of a self-reliant India (Atmanirbhar Bharat) and reflects India’s growing stature on the global stage.

पी.एच.डी. चैम्बर ऑफ कॉमर्स एंड इंडस्ट्री (PHDCCI) के 120 वर्ष पूर्ण होने पर आज दिल्ली में आयोजित समारोह को संबोधित किया।

विश्व की पाँचवी सबसे बड़ी अर्थव्यवस्था भारत में आज निवेश के अवसर बढ़ रहे हैं, क्योंकि यहां टिकाऊ नीतियां हैं, स्थिर शासन है, लॉ एंड ऑर्डर है और टैक्स सिस्टम… pic.twitter.com/6YQQa9o92F

— Om Birla (@ombirlakota) April 16, 2025

Shri Birla underlined that contemporary India has emerged as a beacon for global investors—a land where the ease of doing business is not merely an aspiration, but a reality. He noted with pride that India’s remarkable economic resurgence following the global pandemic serves as a source of hope and inspiration for the developing world, showcasing the nation’s resilience and its unwavering march toward inclusive growth and prosperity.

He observed that flagship programmes such as Make in India, Digital India, Gati Shakti, Bharatmala Pariyojana, Udaan Yojana, and the development of electronic manufacturing clusters are weaving a robust tapestry of industrial and commercial infrastructure across the nation. He further remarked that the simplification of industrial policies, the establishment of a transparent and investor-friendly tax regime, and the adoption of a single-window clearance system have significantly nurtured and emboldened the spirit of entrepreneurship in the country.

Shri Birla remarked that the nation is swiftly transcending its traditional role as a consumer-driven economy to emerge as a vibrant cradle of innovation and ingenuity. He lauded the transformative contributions of Indian enterprises—especially the dynamic ecosystem of Start-Ups—which, with their fresh perspectives and groundbreaking ideas, are paving the way for sustainable development and propelling India toward becoming a global superpower.

Shri Birla further highlighted the dawn of a new economic era in India—an era defined by the confluence of cutting-edge technologies such as Artificial Intelligence, Data Analytics, and a surge in innovation-led productivity. This synergy, he noted, is not only driving robust economic growth but also fostering a culture of transparency and efficiency. Turning to the digital revolution sweeping through the nation, Shri Birla drew attention to the phenomenal rise in digital transactions across the commercial landscape. He observed that this digital momentum is ushering in an unprecedented era of economic inclusion—one that is bridging the gap between remote regions and the heart of India’s mainstream economy, thereby illuminating even the most distant corners of the country with the promise of progress and prosperity.

Shri Birla lauded PHDCCI for acting as a strong bridge between industries and policy makers, bringing forth informed insights and thoughtful recommendations that can guide the Government in crafting forward-looking, responsive policies. Shri Birla appreciated the commendable efforts of PHDCCI in nurturing and empowering the dynamic spirit of Indian women through visionary initiatives such as the Women Entrepreneurship Development Programmes and Networking and Mentoring platforms. These initiatives, he noted, have played a pivotal role in unlocking the vast potential of Nari Shakti, enabling women to emerge as powerful and influential participants in the realms of commerce and industry. He further observed that today, the presence and leadership of women in the economic landscape are no longer exceptions but a growing force that is shaping the future of Indian enterprise. Shri Birla emphasized that institutions like PHDCCI possess an intrinsic understanding of the aspirations, strengths, and challenges of the industrial ecosystem.

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AM

(Release ID: 2122281) Visitor Counter : 69

MIL OSI Asia Pacific News –

April 17, 2025
MIL-OSI Canada: Community projects countering racism receive $300,000
Community-based organizations throughout B.C. have received grants from the Province to fund projects countering racism and promoting multiculturalism.

Under the annual B.C. Multiculturalism and Anti-Racism Grants program, projects that battle racial inequity and foster intercultural understanding in B.C. are receiving a total of $300,000 to cover direct costs.

Organizations have applied for as much as $5,000 for projects using the arts, education, awareness and interactive campaigns to help reduce racism and promote diversity. To be eligible, projects were required to begin by April 1, 2025, and wrap up by March 31, 2026.

Projects receiving funding this year include:
- Intersectional Advocacy Resources – the non-profit agency Independent Living Vernon will gather and create advocacy information resources to help Indigenous and racialized people navigate large government systems;
- Harmonies of Unity: A Convergence of Indigenous and Korean Traditional Arts – hosted by the Garden of Compassion Society in Port Moody, this cultural event will feature traditional performances and art exhibitions from Indigenous and Korean communities;
- B.C. Black Film Festival – a weekend-long Black film festival planned for fall 2025 in Victoria, featuring projects of Black filmmakers, producers and artists from B.C.;
- Building Bridges: Thriving Communities – the Chilliwack-based non-profit agency Love Without Borders will help refugees and marginalized communities by providing housing, employment opportunities, education and a support network; and
- Antisemitism Legal Helpline – Access Pro Bono Society of B.C. connects people who have experienced antisemitism with trauma-informed volunteer lawyers to help identify next steps or available remedies. The grant will enable in-person visits to smaller, more rural Jewish communities.
This grant program is part of the Province’s ongoing efforts to advance multiculturalism and build a more welcoming and equitable B.C. for all. Other government anti-racism initiatives include:
- the Racist Incident Helpline, launched last year, which helps connect people who have experienced racism with community support and resources;
- the Resilience BC Anti-Racism Network, which connects communities with information, supports and training needed to respond to and prevent future incidents of racism and hate; and
- the Anti-Racism Act, which the Province is implementing with the aim of dismantling systemic racism in government programs and services.
Learn More:

For the complete list of 2024-25 B.C. Multiculturalism and Anti-Racism Grant recipients, visit: http://news.gov.bc.ca/files/2024-25Anti-RacismGrants.pdf

To access the Racist Incident Helpline, visit: https://racistincidenthelpline.ca

To learn more about the Resilience BC Anti-Racism Network, visit: https://www.resiliencebc.ca

To learn more about the Anti-Racism Act, visit: https://news.gov.bc.ca/30655

MIL OSI Canada News –
April 17, 2025
MIL-OSI Global: The gap between wages and housing prices is widening, fuelling the affordability crisis

Source: The Conversation – Canada – By Patrick Michael Condon, Professor and UBC James Taylor Chair in Landscape and Livable Environments., University of British Columbia

Racial disparities played a significant role in shaping unequal COVID-19 mortality rates. What is less widely understood is how overcrowded housing conditions were an even deadlier variable.

In California’s Bay Area, for instance, residents of overcrowded apartments — many of them recent immigrants — were found to be significantly more likely to die from COVID-19 than residents of demographically similar, but less crowded, apartments.

‘Broken City: Land Speculation, Inequality, and Urban Crisis’ by Patrick M. Condon.
(UBC Press)

Even less examined is the root cause of this overcrowding. Overcrowding is not just a matter of zoning or population growth, but something more systemic and difficult to confront: the speculative financial forces acting on the land beneath our feet.

Urban land is now assessed by people not for its consumption value for a home but for its ability to hold and increase in cash value — in other words, its “speculative value.”

My recent book, Broken City, paints a picture of how the same market logics that defined the Gilded Age of the late 19th century have quietly returned in our own century, with similarly corrosive consequences for urban life.

Echoes of the Gilded Age

A growing share of average workers’ incomes is being swallowed up by housing costs, often for homes that fail to meet their basic needs. This is not the result of natural scarcity, but mechanical economic processes that inform the price of urban land.

We now find ourselves in circumstances uncomfortably close to those of Victorian England or Gilded Age America, when mass migrations to urban centres were driven by the need for jobs.

Read more:
What’s behind Canada’s housing crisis? Experts break down the different factors at play

Back then, as now, a small number of urban landowners were able to extract enormous wealth — what political economist Henry George called the unearned increment — from the labour of others by virtue of owning the right patch of ground.

A portrait photograph of Henry George, taken after 1885.
(Wikimedia Commons)

The demands for the unearned increment, George explained, was only limited by how much a region’s wage-earners and entrepreneurs collectively produced. Almost all of that value eventually went into land price.

Today, we appear to be experiencing the same phenomenon. The social and epidemiological pressures produced by inflated land prices are no longer confined to historically marginalized racial or ethnic groups.

As my book explains, millennials and Gen Xers, who are increasingly working service-sector jobs that dominate today’s economy, especially in countries like Canada and the U.S., are facing housing pressures once reserved only for the poor.

In short, housing precarity has gone mainstream.

Skyrocketing land prices

At the heart of the housing crisis lies a deeper problem: runaway urban land prices are not just a crisis of housing affordability, but a problem of equitable urban design. They are eroding our political capacity to solve many urban problems.

The same inflated land values that burden tenants and aspiring homeowners also restrict what cities can do to address housing and transportation needs, whether through planning, taxation or direct provision.

Urban land prices are spiralling due to the collision of two long-term trends. First, the global economy has shifted from being primarily driven by wages earned through labour to one dominated by returns on assets. Urban land is now the single largest category of fixed capital asset in the world.

Second, this asset-driven economy has widened the gap between wages and home prices, and helped drive the explosion in inequality. Housing has become the primary site where that inequality is expressed.

Public frustration over this yawning gap between stagnant incomes and sky-high housing costs has erupted into political conflict. Many now blame local governments and planning regulations for blocking the supply of new homes. If only we could build more, they argue, prices would fall.

But the evidence tells a different story. Take Vancouver, a city that has tripled its housing stock since the 1960s, largely through infill development. If the supply theory held true, Vancouver should be the most affordable city in North America. Instead, it is the least affordable.

A landmark study published in March by the National Bureau of Economic Research found that supply constraints didn’t explain rising housing prices or housing growth across American cities. In other words, building more housing isn’t enough to bring down prices.

A path out of the housing crisis

My book offers several solutions and examples for how cities can reclaim land wealth for the common good.

One promising approach lies in tying new housing approvals to affordability requirements. This policy framework — known as inclusionary zoning — requires developers to include a certain number of permanently affordable units as a condition for increased density.

Without such requirements, upzoning — meaning increasing the maximum building size the city authorizes for a parcel — can inflate the value of land, rewarding speculation and driving prices further out of reach.

Examples of effective inclusionary zoning abound. In Cambridge, Mass., an affordable housing overlay mandates 100 per cent affordability in exchange for permission to double density across the city. In Vancouver, new legislation related to inclusive zoning was introduced in 2024 and a development tax on new high-density projects has helped finance non-market housing directly.

The path forward is not mysterious. But it does require confronting the truth that the housing crisis is not the result of broken systems — but of a speculative financial systems working exactly as designed.

Patrick Michael Condon 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. The gap between wages and housing prices is widening, fuelling the affordability crisis – https://theconversation.com/the-gap-between-wages-and-housing-prices-is-widening-fuelling-the-affordability-crisis-252157

MIL OSI – Global Reports –

April 17, 2025
MIL-OSI USA: WASHINGTON COUNTY – Shapiro Administration, Washington County Leaders to Outline How Governor’s Proposal Would Help Residents

Source: US State of Pennsylvania

April 17, 2025 – Washington, PA

ADVISORY – WASHINGTON COUNTY – Shapiro Administration, Washington County Leaders to Outline How Governor’s Proposal Would Help Residents

Pennsylvania Department of Transportation (PennDOT) Secretary Mike Carroll will be joined by Freedom Transit and UPMC Washington officials to outline how Governor Josh Shapiro’s public transit investment proposal would help Washington County residents.

WHO:
Mike Carroll, Secretary, PennDOT
Sheila Gombita, Executive Director, Freedom Transit
Terry Wiltrout, Vice President for Operations, UPMC Washington

WHEN:
Thursday, April 17 at 2:15 PM

WHERE:
Washington Transportation Center, 50 E. Chestnut Street, Washington, PA

RSVP: Media interested in attending should RSVP with the name of reporter/photographer to Alexis Campbell, alecampbel@pa.gov or laquiline@pa.gov

MEDIA CONTACT:
Alexis Campbell, PennDOT, 717-783-8800 or alecampbel@pa.gov

MIL OSI USA News –

April 17, 2025
MIL-OSI Australia: HILL STREET, PORT ELLIOT (Building Fire)

Source: South Australia County Fire Service

Issued on
17 Apr 2025 01:35

Issued for
PORT ELLIOT near Victor Harbor on the Fleurieu Peninsula.

Warning level
Advice – Avoid Smoke

Action
Smoke from PORT ELLIOT Fire is in the Hill Street and Tottenham Court Road area.

Smoke can affect your health. You should stay informed and be aware of the health impacts of smoke on yourself and others.

Symptoms of exposure includes shortness of breath, wheezing and coughing, burning eyes, running nose, chest tightness, chest pain and dizziness or light-headedness.

If you or anyone in your care are having difficulty breathing, seek medical attention from your local GP. If your symptoms become severe, call 000.

More information will be provided by the CFS when it is available.

MIL OSI News –

April 17, 2025
MIL-OSI Security: Military Committee in Chiefs of Defence Session
Source: NATO

NATO’s highest Military Authority, the Military Committee, will meet on 14 May 2024, at the Chiefs of Defence level. The Chair of the Military Committee (CMC), will preside the meeting, with the participation of the 32 Allies, along with the Supreme Allied Commander Europe (SACEUR), and Supreme Allied Commander Transformation (SACT).
The NATO Secretary General will join the Military Committee for the opening session to address the Alliance’s key priorities and challenges.

During the first session SACEUR will brief the Chiefs of Defence on NATO’s continued efforts to further strengthen its collective deterrence and defence posture. Allied Chiefs of Defence will also exchange views on ongoing NATO-led missions and activities, and on NATO Security Assistance and Training for Ukraine (NSATU).

In the second session, SACT will provide an update on NATO’s Defence Planning Process, and related innovation opportunities and challenges.

The last session will be held in a NATO-Ukraine Council format to discuss Russia’s continued war of aggression against Ukraine, the situation on the ground, and NATO and Allied continued support to Ukraine.

CMC will hold a press conference, upon conclusion of the meeting.

Media advisory

08:30 (CEST) Opening remarks
- Admiral Giuseppe Cavo Dragone, Chair of the NATO Military Committee
- NATO Secretary General, Mr. Mark Rutte
17:45 (CEST) Press conference with Admiral Giuseppe Cavo Dragone, Chair of the NATO Military Committee

Media coverage

Media representatives wishing to attend the press conference are invited to contact the NATO IMS Public Affairs and Strategic Communications (PASCAD) Office via email (pascad@hq.nato.int) with a completed accreditation form no later than 1400hrs (Brussels Time) on Monday, 5 May 2025.

Download media accreditation forms: English, French

Once approved, media passes will not be mailed to applicants, but must be collected in person at the Guard House South, NATO Headquarters, Boulevard Leopold III, Brussels, upon presentation of a valid ID card / passport, along with a valid national Press pass (or accreditation letter from a recognized media organisation), and a copy of the confirmation email of successful accreditation.

Passes must be always worn visibly during the stay at NATO Headquarters. Security personnel may ask to check another form of ID, at any time. Media representatives are informed that security personnel will examine and may test equipment and personal effects carried onto the site. Media representatives are also advised to arrive at NATO Headquarters with sufficient lead-time to complete their in-processing.

The opening remarks delivered by the NATO Chair of the NATO Military Committee and the NATO Secretary General will be streamed live on the NATO website.

The press conference will also be streamed live on the NATO website and the live feed will be provided to EBU.

Video footage will be available for free download from the NATO Multimedia Portal after the event.

Imagery

Following each event, photos, video and audio files will be made available on the Military Committee in Chiefs of Defence Session (MCCS) event page.

Social media

Latest information and photos from the MCCS will be posted on the following X accounts: @CMC_NATO and @NATO_PASCAD.

Please use the hashtags #NATOCHoDs and #NATOMC when posting about the NATO Military Committee.

Media enquiries

Capt (N) Giovanni Galoforo, Public Affairs and Strategic Communications Advisor to the NATO Military Committee and the NATO International Military Staff.
Tel: +32 2 707 5983
E-Mail: Galoforo.Giovanni@hq.nato.int

Cdr Grzegorz Łyko, Deputy Public Affairs and Strategic Communications Advisor to the NATO Military Committee and the NATO International Military Staff.
Tel: + 32 477 57 07 46
E-Mail: lyko.grzegorz@hq.nato.int

Find more background information about the NATO Military Committee
MIL Security OSI –
April 17, 2025

MIL-OSI: The Board of Directors has resolved to carry out directed issues of units totaling approximately SEK 25 million and a fully underwritten rights issue of units of approximately SEK 15 million

Source: GlobeNewswire (MIL-OSI)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

The Board of Directors of Terranet AB (”Terranet” or the ”Company”) has today, April 16 2025, with authorization from the annual general meeting on May 21, 2024, decided to carry out a directed issue of 2,956,297 units consisting of B-shares and warrants of series TO9 B to a number of qualified investors of approximately SEK 8.8 million (the “First Directed Issue”). The Board of Directors of the Company has further, subject to subsequent approval by the Annual General Meeting, resolved on a directed issue of 5,461,210 units consisting of B-shares and warrants of series TO9 B to members of the Company’s Board of Directors and management as well as external investors, of approximately SEK 16.2 million (the “Second Directed Issue” and together with the First Directed Issue, the “Directed Issues”). One unit in the Directed Issues consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. To compensate the shareholders who do not participate in the Directed Issues, the Board of Directors of Terranet, subject to subsequent approval by the Annual General Meeting, has resolved on a fully secured rights issue of a maximum of 13,880,714 units consisting of B-shares and warrants of series TO9 B, which, if fully subscribed, will provide the Company with approximately SEK 15 million before deduction of issue costs (the “Rights Issue”). One unit in the Rights Issue consists of twelve (12) B-shares and three (3) warrants of series TO9 B. The Directed Issues and the Rights Issue are carried out at the same subscription price, with the subscription price set at SEK 0.09 per B-share. Through the Directed Issues, Terranet will raise approximately SEK 25 million before deduction of issue costs, and upon full subscription of the Rights Issue, Terranet will raise approximately SEK 15 million before deduction of issue costs. The notice to the Annual General Meeting will be published through a separate press release.

Comments from Management
“We are at a very exciting stage as we intensify our commercialization journey with the goal of signing our first agreement to initiate commercialization during this year. In 2024, Terranet achieved success and delivered on previously set milestones with excellence, laying the foundation for the collaborations and ongoing dialogues with leading industrial players in the market. The capital raise enables us to take the next step from a development-stage company to a commercial enterprise, and I see this as an attractive opportunity to personally take part in this journey together with well-renowned investors who recognize the strong potential of Terranet’s technology”, says Lars Lindell, CEO of Terranet.

Comments from the Board of Directors
“We are grateful for the strong confidence shown by our shareholders. Their support has enabled a capital raise on favorable terms with committed and reputable investors, despite an eventful and volatile stock market. Given full subscription of the issued warrants, the capital raise secures our liquidity through the second quarter of 2026. This strengthens our negotiating position and provides a solid foundation for converting the potential and interest in our technology into real shareholder value”, says Torgny Hellström, Chairman of the Board of Directors of Terranet.

Summary of the Directed Issues and the Rights Issue:

The First Directed Issue comprises a maximum of 2,956,297 units. Subscribers in the First Directed Issue include, among others, Hunter Capital AB (publ) (“Hunter”). One unit in the First Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The subscription price in the First Directed Issue is SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which represents a premium of approximately 4.0 percent compared to the volume-weighted average price of the Company’s B-share on Nasdaq First North Premier Growth Market between April 7, 2025, and April 11, 2025. The First Directed Issue will provide Terranet with approximately SEK 8.8 million before deduction of issue costs.
The Second Directed Issue comprises a maximum of 5,461,210 units and is directed to members of the Board of Directors, management, and external investors, including Johannes Schildt (one of the founders of Kry), White Eye AB, and Scan Invest Limited (“Scan”). One unit in the Second Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The subscription price in the Second Directed Issue is SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which is the same subscription price as in the First Directed Issue. The Second Directed Issue will provide Terranet with approximately SEK 16.2 million before deduction of issue costs.
The Board of Director’s resolution on the Second Directed Issue is conditional upon approval by the Annual General Meeting, scheduled for May 23, 2025. Notice of the Annual General Meeting will be published through a separate press release.
The Rights Issue comprises a maximum of 13,880,714 units. One unit in the Rights Issue consists of twelve (12) B-shares and three (3) warrants of series TO9 B. The warrants are issued free of charge.
The subscription price per unit in the Rights Issue is SEK 1.08 per unit, corresponding to SEK 0.09 per B-share. The subscription price per B-share is the same as in the Directed Issues. Upon full subscription, the Rights Issue will provide Terranet with approximately SEK 15 million before deduction of issue costs.
The right to subscribe for units in the Rights Issue shall, with preferential rights, be granted to shareholders in proportion to the number of B-shares they already own, where one (1) existing B-share entitles the holder to one (1) unit right, and eighty-six (86) unit rights entitle the holder to subscribe for one (1) unit.
The last day of trading in Terranet’s B-shares including the right to receive unit rights in the Rights Issue is April 25, 2025. The B-shares will be traded excluding the right to receive unit rights from April 28, 2025.
The subscription period for the Rights Issue runs from May 27, 2025, up to and including June 11, 2025.
The Rights Issue is covered by subscription commitments of approximately SEK 35.2 thousand, corresponding to 0.2 percent of the Rights Issue, and underwriting commitments of approximately SEK 15 million, corresponding to approximately 99.8 percent of the Rights Issue. Thus, the Rights Issue is covered to 100 percent by subscription commitments and underwriting commitments. Hunter has entered into a underwriting commitment amounting to approximately SEK 7.5 million. Furthermore, Scan has also entered into a underwriting commitment amounting to approximately SEK 7.5 million.
The full terms and conditions of the Rights Issue, including additional information about the Company, will be available in an information memorandum expected to be published around May 26, 2025 (the “Memorandum”).
The purpose of the Rights Issue is to finance the continued development of the BlincVision product, prepare for future commercialization, and repay an existing interest-bearing debt of approximately SEK 8 million.

Background and rationale in summary
Terranet is in an expansion phase with the development of BlincVision and has achieved several important milestones in 2024, including successful tests and partnerships with leading players in the automotive industry. To take the next step, financing is required to complete the development of a Minimum Viable Product (MVP) and continue the development towards volume production in collaboration with potential future partners.

In order to carry out the necessary development work required to commercialize BlincVision and repay the Company’s outstanding interest-bearing debt of approximately SEK 8 million, the Board of Directors of Terranet has identified a need for additional capital. Therefore, the Directed Issues and the Rights Issue are being carried out. The proceeds from the Directed Issues and the Rights Issue will primarily be used for:

•        Repayment of outstanding loans, approximately 20 percent.
•        External development costs for components for BlincVision, approximately 25 percent.
•     In-house development work as well as market and sales activities for BlincVision, approximately 25 percent.
•        Investments in tangible fixed assets, approximately 10 percent.
•        Working capital, approximately 20 percent.

The First Directed Issue
The Board of Directors of Terranet has today, with the support of the authorization from the Annual General Meeting on May 21, 2024, resolved to carry out the First Directed Issue, which comprises a maximum of 2,956,297 units at a subscription price of SEK 2.97 per unit, corresponding to SEK 0.09 per B-share. Each unit in the First Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The warrants are issued free of charge. Through the First Directed Issue, the Company will raise approximately SEK 8.8 million before issue costs. The right to subscribe for units will be granted exclusively, deviating from shareholders’ preferential rights, to Hunter and Milad Pournouri.

The Board of Directors has placed great emphasis on ensuring that the subscription price for the First Directed Issue is market-based in relation to the current share price. After negotiations at arm’s length between the Company and the intended investors, the subscription price has been set at SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which represents a premium of approximately 4.0 percent compared to the volume-weighted average price of the Company’s B-share on Nasdaq First North Premier Growth Market between April 7, 2025, and April 11, 2025. Considering this, the Board of Directors concludes that the subscription price is market-based and reflects the demand for the Company’s B-shares.

The Second Directed Issue
Further, the Board of Terranet has today, subject to approval by the Annual General Meeting scheduled for May 23, 2025, resolved to carry out the Second Directed Issue. The Second Directed Issue comprises a total of 5,461,210 units and is being implemented, among other things, to enable subscriptions by members of the Company’s Board of Directors and management. Since members of the Company’s board of directors and management are subject to Chapter 16 of the Swedish Companies Act (2005:551) (the so-called Leo Act), the Second Directed Issue requires approval from a shareholders’ meeting in the Company. For the decision of the shareholders’ meeting to be valid, at least nine-tenths of both the votes cast and the shares represented at the meeting must vote in favor of the decision. Following approval at the Annual General Meeting, the right to subscribe for units in the Second Directed Issue will be granted to CEO Lars Lindell, CFO Dan Wahrenberg, CCO Jonas Renander, CTO Pierre Ekwall, Chairman of the Board Torgny Hellström, and Board member Magnus Edman, as well as the current shareholder Oliver Aleksov and external investors Johannes Schildt, White Eye AB, Scan, Alex Ghafori, and Max Björs.

The subscription price for the Second Directed Issue is SEK 2.97 per unit, corresponding to SEK 0.09 per share, which is the same subscription price as in the First Directed Issue. Through the Second Directed Issue, Terranet will raise approximately SEK 16.2 million before issue costs. Each unit in the Second Directed Issue consists of thirty-three (33) B-shares and five (5) warrants of series TO9 B. The warrants are issued free of charge.

Deviation from shareholder’ preferential rights
The reasons for the deviation from shareholders’ preferential rights and the targeting of the Directed Issues to the Board of Directors, management, existing shareholders, and qualified investors are as follows. Prior to the decision on the Directed Issues, the board carefully examined and considered alternative financing options, including raising capital solely through a rights issue. However, after a comprehensive assessment and considering that a directed issue allows the Company to receive capital sooner, the Board of Directors believes that new issues carried out with a deviation from shareholders’ preferential rights, combined with a rights issue, are a more favorable option for the Company and its shareholders than a rights issue alone. Therefore, the Board of Directors’ assessment is that it is in the best interests of both the Company and its shareholders to proceed with the Directed Issues.

The reason the Directed Issues is aimed at selected institutional and private investors is that such an issue further diversifies and strengthens the Company’s shareholder base. The reason why one existing shareholder is given the opportunity to participate is that this investor has been a shareholder in the Company for a long period and continues to show great interest in the Company. All of the investors in the Directed Issues have expressed long-term interest and commitment to the Company, which the Board of Directors believes provides security and stability for both the Company and its shareholders. At the same time, other shareholders are given the opportunity to subscribe to units on the same terms through the Rights Issue.

The Company is in an important phase and requires financing to ensure its long-term operations. According to the Board of Directors’ assessment, a more extensive and isolated rights issue would require significantly more time and resources to execute and would also entail a higher risk of a negative impact on the share price, particularly considering the current volatile and challenging market conditions. From a shareholder perspective, an isolated rights issue thus poses a risk of a negative effect on the share price compared to a directed issue combined with a rights issue. In view of the market volatility, the Board of Directors has assessed that a rights issue, without the Directed Issues, would need to be considerably larger and would therefore also require greater underwriting commitments from an underwriting consortium, which would result in additional costs and/or further dilution depending on the type of compensation for such underwriting.

Considering the above, the Board of Directors’ collective assessment is that the reasons for carrying out the Directed Issues in combination with a compensation issue in the form of the Rights Issue outweigh the reasons for conducting a more extensive isolated rights issue.

The Board of Directors has, in connection with the decisions on the Directed Issues, placed significant emphasis on ensuring that the subscription price is market-based in relation to the prevailing share price. After arm’s length negotiations between the company and the qualified investors, the subscription price has been set at SEK 2.97 per unit, corresponding to SEK 0.09 per B-share, which represents a premium of approximately 4.0 percent compared to the volume-weighted average price of the company’s B-share on Nasdaq First North Premier Growth Market between April 7, 2025, and April 11, 2025. Considering this, the board assesses that the subscription price is market-based and reflects the demand for the company’s B-shares.

The Rights Issue
To compensate shareholders who do not participate in the Directed Issues, the Board of Directors, subject to subsequent approval by the annual general meeting, has decided to carry out the Rights Issue of up to 13,880,714 units, which, if fully subscribed, could raise approximately SEK 15 million before deduction of issue costs. One unit in the Rights Issue consists of twelve (12) B-shares and three (3) warrants of series TO9 B. The warrants are issued free of charge.

Those who are registered as shareholders in Terranet on the record date of April 29, 2025 will receive one (1) unit right for each (1) existing B-share, and eighty-six (86) unit rights will entitle the holder to subscribe for one (1) unit. The subscription price in the Rights Issue will be SEK 1.08 per unit, corresponding to SEK 0.09 per B-share, which is the same subscription price as in the Directed Issues. Participants in the Directed Issues will not receive any unit rights in the Rights Issue for the units subscribed through the Directed Issues.

In the event that not all units are subscribed through the exercise of unit rights, the Board of Directors will decide on the allocation of units subscribed without the support of unit rights, within the framework of the maximum amount of the Rights Issue. The allocation will be made as follows:

First, allocation will be made to those who have subscribed for units using unit rights, regardless of whether the subscriber was a shareholder on the record date. In case of over-subscription relative to the number of unit rights each person used for subscription, allocation will be made based on the number of unit rights exercised, and if this cannot be done, by drawing lots.
Second, allocation will be made to others who have subscribed for units without the support of unit rights. If they cannot receive full allocation, it will be done based on the number of units they have subscribed for, and if this cannot be done, by drawing lots.
Lastly, any remaining units will be allocated to the underwriters who have entered into underwriting commitments in relation to the size of their respective underwriting commitments, and if this cannot be done, by drawing lots.

The subscription period will run from May 27, 2025, up to and including June 11, 2025. Trading in unit rights will take place on the Nasdaq First North Premier Growth Market from May 27, 2025, up to and including June 5, 2025, and trading in BTU (paid subscribed units) will take place on the Nasdaq First North Premier Growth Market from May 27, 2025, up to and including June 30, 2025.

The Company will prepare and publish the Memorandum in connection with the Rights Issue.

Warrants of series TO9 B
Each warrant of series TO9 B gives the right to subscribe for one (1) new B-share in the Company. One (1) warrant of series TO9 B entitles the holder to subscribe for one (1) B-share in the Company at a subscription price of SEK 0.18 (equivalent to 200% of the subscription price per B-share in the Directed Issues and the Rights Issue). The subscription for B-shares using the warrants of series TO9 B will take place during the period from December 1, 2025, up to and including December 15, 2025.

If all warrants of series TO9 B are fully utilized within the framework of the units offered, the Company may receive an additional maximum of approximately SEK 15.1 million. The warrants are intended to be admitted to trading on Nasdaq First North Premier Growth Market.

Subscription commitments and underwriting commitments
The Rights Issue is covered by 0.2 percent of subscription commitments, corresponding to approximately SEK 35.2 thousand, and by approximately 99.8 percent of underwriting commitments, corresponding to approximately SEK 15 million. Hunter has entered into a underwriting commitment amounting to approximately SEK 7.5 million. Furthermore, Scan has also entered into a underwriting commitment amounting to approximately SEK 7.5 million.Thus, the Rights Issue is fully covered by subscription commitments and underwriting commitments. The entered subscription commitments and underwriting commitments are not secured by bank guarantees, pledges, or similar arrangements. Subscription commitments have been entered into by Chairman of the Board of Directors Torgny Hellström, CFO Dan Wahrenberg, and CTO Pierre Ekwall. For the underwriting commitments, a underwriting compensation of twelve (12) percent of the underwritten amount will be paid in the form of units. The subscription price for the underwriting compensation amounts to SEK 1.08 per unit, corresponding to SEK 0.09 per B-share, which is the same as the subscription price in the Rights Issue. No compensation is paid for the subscription commitments that have been entered into.

The Board considers it favorable for the Company to offer compensation to the underwriters in the form of units instead of cash, as it positively impacts the Company’s liquidity. The subscription price in the directed issue to the underwriters was negotiated at arm’s length during the arrangement of the underwriting commitments, in consultation with the financial advisor and after an analysis of usual market factors.

Shares, share capital and dilution
Through the First Directed Issue, the number of B-shares in the Company will increase by 97,557,801 B-shares, from 1,193,741,451 B-shares to 1,291,299,252 B-shares. The Company’s share capital will thus increase by SEK 975,578.010, from SEK 11,937,414.510 to SEK 12,912,992.520. The newly issued shares in the First Directed Issue will result in a total dilution effect of approximately 7.6 percent of the number of B-shares and votes in the Company.

Through the Second Directed Issue, the number of B-shares in the Company will increase by 180,219,930 B-shares, from 1,291,299,252 B-shares to 1,471,519,182 B-shares. The Company’s share capital will increase by SEK 1,802,199.300, from SEK 12,912,992.520 to SEK 14,715,191.820. The newly issued shares in the Second Directed Issue will result in a further dilution effect of approximately 12.2 percent of the number of B-shares and votes in the Company. The dilution effect, the specified number of B-shares and the share capital before and after the Second Directed Issue, consider the B-shares issued in the First Directed Issue.

The Directed Issues will result in a total dilution effect of 18.9 percent of the number of B-shares and votes in the Company. Through the Directed Issues, the number of B-shares in the Company will increase by 277,777,731 B-shares, from 1,193,741,451 B-shares to 1,471,519,182 B-shares. The Company’s share capital will thus increase by SEK 2,777,777.310, from SEK 11,937,414.510 to SEK 14,715,191.820.

Upon full subscription in the Rights Issue, the number of B-shares in Terranet will increase by up to an additional 166,568,568 B-shares, from 1,471,519,182 B-shares to 1,638,087,750 B-shares, and the share capital will increase by up to SEK 1,665,685.680, from SEK 14,715,191.820 to SEK 16,380,877.500. For existing shareholders who do not participate in the Rights Issue, this corresponds to an additional dilution effect of approximately 10.2 percent of the votes and share capital in the Company upon full subscription.

The total dilution effect from full subscription in the Rights Issue, together with the Directed Issues, amounts to approximately 27.1 percent.

Upon full exercise of all warrants of series TO9 B within the scope of the offered units, the number of B-shares in Terranet will increase by up to an additional maximum of 83,729,677 B-shares, from 1,638,087,750 B-shares to 1,721,817,427 B-shares, and the share capital will increase by up to SEK 837,296.770, from SEK 16,380,877.500 to SEK 17,218,174.270. Full exercise of all warrants of series TO9 B would result in an additional dilution effect of up to 4.9 percent.

Preliminary timetable for the Rights Issue

April 25, 2025	Last day of trading in B-shares including the right to receive unit rights
April 28, 2025	First day of trading in B-shares excluding the right to receive unit rights
April 29, 2025	Record date for the Rights Issue
May 26, 2025	Disclosure of the Memorandum
May 27, 2025 – June 5, 2025	Trading with unit rights
May 27, 2025 – June 11, 2025	Subscripition period
May 27, 2025 – June 30, 2025	Trading in paid subscribed units (BTU)
June 13, 2025	Preliminary date for publication of the outcome in the Rights Issue

Annual General Meeting
The Board of Directors’ resolution regarding the Second Directed Issue and the Rights Issue is subject to approval by the Annual General Meeting, which will be held on May 23, 2025. A notice of the Annual General Meeting will be published in a separate press release.

The Memorandum
The complete terms and conditions of the Rights Issue, as well as other information about the Company, will be set out in the Memorandum, which will be published by the Company prior to the commencement of the subscription period. The Memorandum is expected to be published on the Company’s website, www.terranet.com, around May 26, 2025.

Advisers
Mangold Fondkommission AB is the financial advisor to Terranet in connection with the Directed Issues and the Rights Issue. Eversheds Sutherland Advokatbyrå AB is the legal advisor to the Company in connection with the Directed Issues and the Rights Issue.

For more information, please contact:
Dan Wahrenberg, CFO
E-mail: dan.wahrenberg@terranet.se

This information is such that Terranet AB is required to make public in accordance with the EU’s Market Abuse Regulation (MAR). The information was made public by the Company’s contact person above on April 16, 2025, at 18:00 CET.

About Terranet AB (publ)
Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.
The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se

Certified Adviser to Terranet is Mangold Fondkommission AB.

Important information
The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in Terranet in any jurisdiction, neither from Terranet nor anyone else.

This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, the United States or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

Attachment

250416 Disclosure of transaction

The MIL Network –

April 17, 2025

MIL-OSI USA: Senator Alsobrooks Leads Maryland Democratic Delegation in Pushing Sec. Kennedy for Answers on Disastrous Mass Layoffs
Source: United States House of Representatives – Congressman Glenn Ivey – Maryland (4th District)

CONTACT

Connor Lounsbury

connor_lounsbury@alsobrooks.senate.gov

WASHINGTON, DC – Senator Angela Alsobrooks led the Maryland Democratic Delegation – U.S. Senator Chris Van Hollen and Representatives Steny Hoyer, Kweisi Mfume, Jamie Raskin, Glenn Ivey, Sarah Elfreth, April McClain Delaney, and Johnny Olszewski (all D-Md.) in expressing outrage and demanding answers regarding the mass terminations of civil servants at the Department of Health and Human Services (HHS). In a letter to the Secretary of Health and Human Services, Robert F. Kennedy Jr., Senator Alsobrooks and her colleagues questioned the extent of the devastation and consequential impacts these mass layoffs will have on the state and country.

“This reckless reduction in force and Department reorganization comes at a time when measles is spreading in communities across the country, avian flu is proliferating throughout our livestock populations, families are experiencing a childcare availability and affordability crisis, and cities across the country are still reeling from opioid and fentanyl overdoses. Instead of showing leadership on these concurrent emergencies and fulfilling the Department’s mission, this Administration has crippled the very teams and entire divisions that combat public health challenges, prevent disparities, and ensure that our families and children are safe,” the lawmakers wrote.

“Maryland has already been hard hit by attacks to NIH research…This medical research funds new life-saving cures for Maryland patients – from our newborns to our seniors, from children battling rare cancers to our servicemembers injured in battle. It funds thousands of Maryland jobs, and to arbitrarily cut it threatens Maryland’s health, safety, and economy. Slashing research funding will ultimately harm patients and even cost lives,” continued the lawmakers.

The lawmakers are requesting Secretary Kennedy meet with them to answer these questions by May 1, 2025.

You can read the full letter to Secretary Kennedy here or below:

Dear Secretary Kennedy:

We write with shared concerns regarding the plan you announced on March 27, 2025, to begin yet another extensive round of mass terminations of civil servants at the Department of Health and Human Services (Department or HHS), along with an irrational and dangerous reorganization of the staff and operating divisions of the Department. In the weeks since that announcement, thousands of HHS employees have been summarily fired, wreaking havoc and chaos on our public health system. These actions are having a devastating and disproportionate impact on our state of Maryland. We demand a full and comprehensive analysis on what these cuts will mean for access to care, critical services, and lifesaving research in the state. We also demand an in-person meeting with you to discuss these concerns and the impact of the Department’s actions on our constituents. According to the announcement, cuts would include at least 3,500 full-time employees at the Food and Drug Administration (FDA), 2,400 employees at the Centers for Disease Control and Prevention (CDC), 1,200 employees at the National Institutes of Health (NIH), and 300 employees at the Centers for Medicare and Medicaid Services (CMS).

According to the Maryland Department of Labor, preliminary data shows at least 2,755 jobs were cut in 11 federal offices located across the state, with an impact rippling across multiple counties.

This reckless reduction in force and Department reorganization comes at a time when measles is spreading in communities across the country, avian flu is proliferating throughout our livestock populations, families are experiencing a childcare availability and affordability crisis, and cities across the country are still reeling from opioid and fentanyl overdoses. Instead of showing leadership on these concurrent emergencies and fulfilling the Department’s mission, this Administration has crippled the very teams and entire divisions that combat public health challenges, prevent disparities, and ensure that our families and children are safe.

The latest reductions are part of a multipronged attack on our state, as the Department has abruptly terminated billions in critical public health grants, including $200 million to Maryland that would go towards vaccination programs, disease surveillance, and alleviating health disparities. The critical services the Department is responsible for were already threatened from the Administration’s initial haphazard firings of probationary employees by the Department of Government Efficiency (DOGE) and Elon Musk’s Fork in the Road policy, which forced thousands of Department staff to resign or retire early. Now, the Administration is further decimating the teams of civil servants that work to make Americans healthy and safe every day.

As you well know, the FDA, NIH, CMS, and multiple other HHS agencies are headquartered in Maryland, and these cuts pose a direct threat to our constituents, Maryland’s economy, and all Americans.

At the FDA, headquartered in White Oak, the Administration has annihilated the Center for Devices and Radiological Health and the Center for Drug Evaluation and Research – which the Maryland medical device and pharmaceutical industries rely on for the safe and timely approval of their products or therapeutics for patients. The Administration has also attacked the FDA’s Center for Tobacco Products – which plays a critical role in prevention and harm reduction for Maryland youth. The FDA communications team that writes alerts about contaminated drugs and warnings to emergency room doctors about emerging threats was also terminated — which will have dire consequences for patient care. Across the FDA, thousands of Maryland based staffers that help to keep our food and health systems safe have been summarily dismissed, by an Administration only purporting to want to “Make America Healthy Again.”

At the NIH, based in Bethesda, this Administration has compounded its efforts to undermine the excellence of our crown jewel of scientific and medical research, with yet another round of terminations. This Administration has decimated NIH Institutes by firing leadership and critical staff to the point of non-functionality, including the National Institute of Allergy and Infectious Diseases, the National Institute on Aging, and the National Institute of Neurological Disorders and Stroke.

Maryland has already been hard hit by attacks to NIH research. In February, the NIH unveiled a new indirect cost rate guidance that would cap indirect cost rates that Maryland researchers rely on to sustain their groundbreaking, life-saving research, studies, and patient clinical trials. It also arbitrarily froze or terminated research grants in the state and has delayed the review of NIH grant applications. This medical research funds new life-saving cures for Maryland patients – from our newborns to our seniors, from children battling rare cancers to our servicemembers injured in battle. It funds thousands of Maryland jobs, and to arbitrarily cut it threatens Maryland’s health, safety, and economy. Slashing research funding will ultimately harm patients and even cost lives.

Attacks to the NIH are only the beginning of cuts to our health research infrastructure. The Agency for Healthcare Research and Quality (AHRQ), based in Rockville, is critical for tracking data on healthcare outcomes and conducting research to improve the safety of patient care has been taken apart by DOGE. The Administration plans to merge AHRQ with another operating division at the Department and gut its budget, all while firing half of its employees.

The Substance Abuse and Mental Health Services Administration (SAMHSA), based in Rockville, has already faced hundreds of layoffs. The Department dismissed 10 percent of SAMHSA’s workforce during the first rounds of firings, and the Administration plans to further reduce the agency by up to 50 percent. While Maryland has made significant progress in preventing and reducing opioid overdose-related deaths, Baltimore City still has a death rate nearly double that of any other large city in the country. Now, the Administration is pulling the rug from underneath our state and the dozens of community-based organizations on the ground that rely on SAMHSA for training, resources, and technical assistance that helps with opioid use disorder prevention and treatment services.

CMS, based in Woodlawn, faced hundreds of cuts to staff, including the elimination of the Office for Minority Health and the Office of Equal Opportunity and Civil Rights, which respectively helps address health disparities across the country and resolves discrimination complaints. Employees at CMS’ Innovation Center (CMMI) were fired and a third of the Medicare-Medicaid Coordination office, which helps serve the over 160,000 Marylanders that are dually enrolled in Medicare and Medicaid were let go. CMS is responsible for overseeing coverage for over 160 million Americans through Medicare, Medicaid, the Children’s Health Insurance Plan (CHIP) and the Affordable Care Act (ACA) Marketplace. This includes 1.6 million Marylanders who rely on Medicaid and CHIP for lifesaving health coverage. Any attack on CMS represents a threat to Marylanders’ and the nation’s access to care.

At the Health Resources and Services Administration (HRSA), headquartered in Rockville, 500- 600 civil servants were fired, compromising HRSA’s mission to improve care for vulnerable and low-income communities. The Maternal and Child Health Bureau was wiped out by staffing cuts, crippling efforts to combat the maternal mortality crisis. Maryland women’s health disparities, including maternal morbidity, remain higher than national averages, and will only be exacerbated by this action. DOGE has also reportedly fired 40 percent of the Bureau of Primary Health Care, which oversees the Health Center Program that provides high quality, accessible primary and preventive medical, behavioral and dental services to all people, regardless of income or insurance status. Maryland’s sixteen Federally Qualified Health Centers deliver comprehensive primary healthcare to more than 360,000 patients across Maryland. That access to care in our state are at risk without civil servants to effectively run the program.

The Indian Health Service (IHS), which is also headquartered in Rockville, was not mentioned in initial reporting regarding the HHS reorganization or reduction in force. In fact, longtime civil servants in the Senior Executive Service (SES) have reported that their duty stations have been reassigned to remote IHS locations ranging from Alaska to South Dakota. While these locations suffer from high vacancy rates, the Department is pushing staff that do not have the qualifications or background for available IHS roles into an ultimatum: relocate your family across the country for a job that does not actually exist, or leave the Department.

Additionally, the Department fired approximately 500 staffers at the Administration for Children and Families (ACF) in the April 1 wave of terminations, paralyzing the Department’s ability to effectively operate its human services programs. As you know, most program and support staff were eliminated in five regional offices around the country. While ACF’s Region 3 Office – which serves Maryland – remains open for now, staff in Region 3 will likely have to absorb the work and caseload of now shuttered Regions 1, 2,5, 9 and 10. This will put an untenable strain on their ability to support states like Maryland in operating child support, family assistance and child welfare programs, and providers operating Head Start and child care programs.

This is in addition to the nearly two hundred probationary ACF employees who have been on administrative leave since mid-February, and because of this Administration, are still unable to 3 provide states like Maryland with the technical assistance needed to operate critical programs, increasing the financial burden on already-struggling households. Head Start serves seven thousand children in Maryland. Thousands more families rely on the availability of affordable, quality childcare in the state – availability which is endangered when the civil servants that help providers adapt to workforce challenges or monitor for abuse and neglect in our state’s facilities are shamefully fired or prevented from doing their jobs.

Also at ACF, the Department terminated the entire Low Income Home Energy Assistance Program (LIHEAP) staff, threatening the timely disbursement of millions of dollars to states like Maryland, to help thousands of our constituents stay safe in the coming summer months. More than 18% of Maryland households are energy burdened; the Maryland Office of Home Energy Programs received a record number of energy assistance applications last year. Likewise, the Department eliminated the Office of Family Assistance – undermining the ability for the nearly 28,000 Maryland families receiving Temporary Assistance for Needy Families (TANF) to receive critical support without interruption.

Both the dismantling of the Administration for Community Living and the slashing of reportedly half of the staff that work on federal aging and disability programs at the Department will cause real harm to programs in Maryland that support some of our state’s most vulnerable communities – seniors and individuals with disabilities. This includes programs that prevent elder abuse, connect seniors with nutritious meals, and provide supports to caregivers – like the Maryland Caregiver Navigation Grant.

Perhaps most galling, is that you have admitted that many of these firings at the Department are in error, telling reporters “We’re going to do 80% cuts, but 20% of those are going to have to be reinstated, because we’ll make mistakes.” Further reporting found that HHS has no intention of actually reinstating a significant number of the staffers that have been fired or rectifying the mistakes it has made – calling into question your control of the situation and understanding of the Department’s reorganization. As the Secretary, you are ultimately responsible for answering for both these “mistakes” and any harm that comes from your destruction of our public health workforce and infrastructure.

As such, we request an in-person meeting with you no later than May 1, 2025, to discuss these concerns. We also request comprehensive answers to the following questions, including details on the reductions at the Department to date, and your plans for additional workforce reductions and reorganization.

1. For each of the below agencies, please specify since January 20, how many Maryland residents: received a RIF notice or were terminated on the basis of their probationary status? Please also specify how many more Maryland residents the agency intends to respectively terminate:
- SAMHSA
- FDA
- NIH
- CDC
- CMS
- IHS
- HRSA ‘
- ACF
- ACL
- AHRQ
2. For each of the below agencies, please specify since January 20, how many Maryland residents are currently on administrative leave pending termination:
- SAMHSA
- FDA
- NIH
- CDC
- CMS
- IHS
- HRSA
- ACF
- ACL
- AHRQ
3. For each of the below agencies, please specify the number of Maryland residents who participated in the Deferred Resignation Program:
- SAMHSA
- FDA
- NIH
- CDC
- CMS
- IHS
- HRSA
- ACF
- ACL
- AHRQ
4. Please describe the reduction in force plans at the IHS headquarters and at IHS locations across the country.

5. Please provide a detailed description of impact analysis performed to determine the impact on cancer research as a result of NIH Reductions in Force.

6. Please provide a detailed description of impact analysis performed to determine the impact on vaccine development and research as a result of FDA Reductions in Force.

7. Please provide a detailed description of the impact analysis performed regarding reductions in staffing to ACF services and programs, including technical assistance to states and childcare providers, childcare costs and child safety, supports for survivors of violence, and the effectiveness of the TANF and LIHEAP programs.

a. Please provide a detailed description of the analysis performed by the Department describing how LIHEAP staffing reductions will not lead to higher energy costs for Marylanders.

b. Please provide a detailed plan for how the Department plans to ensure that there is no delay due to case backlogs experienced by the state of Maryland or Maryland human services providers due to staff reductions at ACF?

8. Please provide a detailed description of the analysis performed by the Department describing how the staffing reductions to HRSA will not impact Maryland FQHCs, or access to affordable care in Maryland communities.

9. Please provide a detailed description of the analysis performed by the Department describing how the staffing reductions to CMS will not impede Marylander’s access to Medicare, Medicaid, CHIP and the ACA Marketplace.

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MIL OSI USA News –
April 17, 2025

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