Category: Australia

  • MIL-OSI: North American Construction Group Ltd. Announces the Completion of Its Redemption of Its 5.5% Convertible Debentures Due June 30, 2028

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, Feb. 28, 2025 (GLOBE NEWSWIRE) —  North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA/NYSE:NOA) is pleased to announce the completion of its redemption of its 5.5% Convertible Debentures due June 30, 2028 (the “Debentures”) on February 28, 2025 (the “Redemption Date”).

    On January 29, 2025, the Company issued a notice of redemption to the holders of the Debentures to redeem all issued and outstanding Debentures at a redemption price equal to their principal amount, plus accrued and unpaid interest thereon up to, but excluding, the Redemption Date. Holders of the Debentures had the option to convert such Debentures into common shares of the Company (“Common Shares”) prior to the Redemption Date at a price of $24.23 per Common Share. $72,749,000 principal amount of Debentures were converted into Common Shares between January 29, 2025 and the Redemption Date. On the Redemption Date, Debentures in the principal amount of $1,357,000 were redeemed by the Company.

    About the Company

    NACG is one of Canada and Australia’s largest providers of heavy construction and mining services. For more than 70 years, NACG has provided services to the mining, resource, and infrastructure construction markets. For more information about North American Construction Group Ltd., visit www.nacg.ca.

    For further information contact:
    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 948-2009
    jveenstra@nacg.ca
    www.nacg.ca

    The MIL Network

  • MIL-OSI USA: Support Pours in for President Trump, VP Vance’s America First Strength

    US Senate News:

    Source: The White House
    Today, President Donald J. Trump and Vice President JD Vance made clear to the world that the United States will not be taken advantage of — a sentiment echoed by the cabinet and members of Congress from across the country.
    Secretary of State Marco Rubio: “Thank you @POTUS for standing up for America in a way that no President has ever had the courage to do before. Thank you for putting America First. America is with you!”
    Sen. Lindsey Graham: “I’ve never been more proud of President Trump for showing the American people — and the world — you don’t trifle with this man … He wanted to get a ceasefire. He wants to end the war and Zelenskyy felt like he needed to bait Trump in the Oval Office.”
    Secretary of Homeland Security Kristi Noem: “I am so proud of our Commander-in-Chief. Thank you President @RealDonaldTrump and @VP for standing up for America. We will not tolerate the political games and disrespect of America. America is back.”
    Secretary of Defense Pete Hegseth: “Amen, Mr. President.”
    Secretary of the Treasury Scott Bessent: “Thank you, President Trump, for standing up for the American people and our nation on the global stage.”
    Secretary of the Interior Doug Burgum: “Thank you @POTUS for standing strong for America while working to end the killing abroad.”
    Secretary of Agriculture Brooke Rollins: “American leadership is back — in the Oval Office — and on the world stage. FEARLESS. BOLD. RELENTLESS. We will save America.”
    Secretary of Transportation Sean Duffy: “Thank you @POTUS for standing up for the United States. The American people will not stand for disrespect of our President, Oval Office, or our generous taxpayers. Peace is only accomplished through strength and our allies need to understand that.”
    Secretary of Housing and Urban Development Scott Turner: “President Trump is standing up for forgotten Americans, not endless foreign wars. Biden’s legacy — increased homelessness, record high interest rates, all-time highs to buy a house, and Americans footing the bill. That ended January 20th. The American people are behind @POTUS.”
    Sen. Jim Banks: “Thank you President Trump for standing up for America!”
    Sen. Marsha Blackburn: “Thank you President Trump and VP Vance or standing up for America.”
    Sen. Bill Hagerty: “The United States of America will no longer be taken for granted. The contrast between the last four years and now could not be more clear. Thank you, Mr. President.”
    Sen. Josh Hawley: “Remember: the U.S. Senate has repeatedly and for years voted BILLIONS of taxpayer dollars to Ukraine with no strings attached and with no true oversight. It’s time for some ACCOUNTABILITY.”
    Sen. Jim Justice: “Glad to have a @POTUS and @VP in charge that absolutely put America FIRST.”
    Sen. Mike Lee: “Thank you for standing up for OUR COUNTRY and putting America first, President Trump and Vice President Vance!”
    Sen. Bernie Moreno: “Finally we have a President who will speak the TRUTH and stand up against Washington’s endless wars. American taxpayers have been funding this war, it’s time to stop the killing and stop risking World War 3!”
    Sen. Markwayne Mullin: “Under this President— the greatest, freest, and most generous nation on Earth is putting America First. I’d encourage anyone who has a problem with that to reevaluate their priorities.”
    Sen. Rick Scott: “Thank you President Trump for standing up for America.”
    Sen. Eric Schmitt: “It’s about time we have leaders who say what the American people are really thinking and prioritize the core national interests of America. The American taxpayer is tapped out, and President Trump and VP Vance are spot on.”
    Sen. Tommy Tuberville: “Thank you Mr. President and Vice President Vance for putting America first”
    Majority Leader Steve Scalise: “President Trump is fighting for PEACE around the world and is putting America First as our best negotiator—he’s the only one to get Russia to the table to consider a serious and lasting peace agreement with Ukraine.”
    Chairwoman Lisa McClain: “President Trump inherited this war. He has said from the beginning he wants to bring peace. @POTUS is a strong leader, and I know his negotiations will bring a deal together.”
    Rep. Andy Biggs: “Gone are the days of foreign leaders walking all over us and snubbing their noses at America’s generosity. There’s a new President and Vice President in town. World leaders would be wise to humble themselves.”
    Rep. Tim Burchett: “Job well done by @realDonaldTrump and our VP @JDVance. Give respect to get respect.”
    Rep. Mike Collins: “Thank God we finally have a @POTUS who is willing to put America FIRST. Blessed are the peacemakers.”
    Rep. Eli Crane: “America First. Thank you, President Trump and Vice President Vance.”
    Rep. Dan Crenshaw: “If you are the leader of a country in a dire situation with no path to peace without American support, do not come into the Oval Office and argue with the President of the United States in public. Just a word of advice.”
    Rep. Andrew Clyde: “President Trump and Vice President Vance are standing up for the AMERICAN PEOPLE. Our great country will NOT be taken advantage of or disrespected.”
    Rep. Byron Donalds: “This is what putting the AMERICAN PEOPLE FIRST looks like. Thank you @realdonaldtrump and @JDVance for standing up for our nation.”
    Rep. Brandon Gill: “America First in action. Thank you, @realdonaldtrump and @JDVance, for prioritizing our people and for promoting peace!”
    Rep. Lance Gooden: “President @realdonaldtrump and Vice President @JDVance will never allow the United States to be disrespected or taken advantage of. America First, always!”
    Rep. Paul Gosar: “Thank you, Mr. President and Vice President. The days of the USA getting pushed around are clearly over.”
    Rep. Marjorie Taylor Greene: “President Trump and Vice President Vance will put America First every single time. Putting Zelensky in his place while he disrespects the U.S. in the Oval Office is exactly what American leadership should look like. This is what We The People want to see!”
    Rep. Pat Harrigan: “America’s priorities come first. @POTUS and @VP made it clear—Ukraine’s interests are not America’s interests. We’ve spent hundreds of billions with no accountability, no clear objectives, and no plan for peace. It’s time to put America first and end this war.”
    Rep. Mark Harris: “Thank you, President Trump and Vice President Vance, for boldly defending America’s interests. This is PEACE THROUGH STRENGTH”
    Rep. Diana Harshbarger: “The act displayed by Zelenskyy in the Oval Office was nothing short of a massive show of disrespect for the Trump Administration and the American people. Despite this, President Trump and Vice President Vance are holding the line and trying to end this conflict peacefully. God bless them both.”
    Rep. Wesley Hunt: “You do NOT blame the people fighting to save your country! America leads—no more excuses!”
    Rep. Nancy Mace: “Peace through strength live from the Oval”
    Rep. Thomas Massie: “Is this the end of Zelensky’s presidency? He hitched his wagon to Biden and the deep state. They lost and now he doesn’t seem to be playing his cards well.”
    Rep. Brian Mast: “American won’t be taken advantage of and America won’t be taken for granted. Thank you, President Trump and Vice President Vance for standing up for America.”
    Rep. Addison McDowell: “AMERICA AND THE AMERICAN TAXPAYER ALWAYS COME FIRST”
    Rep. Mary Miller: “What has happened in Ukraine is a travesty. Joe Biden threw “gas on the fire.” Ukraine lost an entire generation, and Americans hundreds of billions in tax dollars. We thank God for giving us strong leadership. Thank you @POTUS and @VP for putting America’s interests first, and working to end this terrible war.”
    Rep. Riley Moore: “It is amazing to have a President and VP who put America First! Thank you President Trump and VP Vance for fighting for our country and our people!”
    Rep. Troy Nehls: “President Trump and Vice President Vance are standing up for the American people. This is America First leadership on display. Thank you POTUS and VP!”
    Rep. Ralph Norman: “THIS is strong leadership that is ensuring we put the American people FIRST. Thank you @realDonaldTrump and @JDVance for standing up for our nation.”
    Rep. Andy Ogles: “This is what it looks like to stand up for America.”
    Rep. Mike Rulli: “You don’t have the cards!”
    Rep. Keith Self: “TOUGH and FAIR. The world is witnessing American leadership back in the White House. Thank you President Trump and Vice President Vance.”
    Rep. Victoria Spartz: “Zelensky is doing a serious disservice to the Ukrainian people insulting the American President and the American people – just to appease Europeans and increase his low polling in Ukraine after he failed miserably to defend his country. This is not a theater act but a real war!”
    Rep. Greg Steube: “Ridiculous grandstanding by Zelensky in the Oval Office. The United States has spent hundreds of billions of dollars to defend Ukraine. And this is the thanks the American people get?  It’s time to end this war.”
    Rep. Marlin Stutzman: “TRUMP IS THE GREATEST NEGOTIATOR AMERICA HAS EVER HAD! AMERICA IS BEING MADE GREAT BEFORE OUR VERY EYES!”
    Rep. Andy Weber: “America FIRST. Strong, unapologetic leadership on the world stage is BACK!”
    Rep. Joe Wilson: “I agree with President Trump that Ukrainian soldiers have been unbelievably brave! Critical Minerals Deal a major step forward toward ending the war responsibly. More sanctions on Russia & arms for Ukraine create maximum leverage for FULL land swap Art of the Deal!”

    MIL OSI USA News

  • MIL-OSI Global: Foreign powers have long profited from Ukrainian resources – Trump’s minerals grab is no exception

    Source: The Conversation – UK – By Victoria Donovan, Professor of Ukrainian and East European Studies, University of St Andrews

    Donald Trump and Ukrainian president, Volodymyr Zelensky, meet outside the Élysée Palace in Paris. Frederic Legrand – COMEO / Shutterstock

    Donald Trump’s grab for Ukraine’s minerals, which the US president is demanding as compensation for his country’s wartime assistance to Kyiv, might seem like a new low in a week of US-Ukraine relations lows.

    The latest draft of Trump’s “minerals deal” would grant the US substantial control of a new fund that would invest in Ukrainian reconstruction. The fund would receive 50% of the profits from the future monetisation of government-owned Ukrainian natural resources such as lithium and titanium, as well as coal, gas, oil and uranium.

    This deal, despite offering no guarantee of continued US military support, is a slight improvement on Trump’s first offering. That bid would have imposed financial conditions on Ukraine harsher than those forced on Germany after the first world war.

    However, the deal will still require future generations of Ukrainians to shoulder the cost of a war for which they bear no responsibility. Commentators, including British foreign minister David Lammy, have noted that it would be more just to seize frozen Russian assets and use them to cover the cost of repairing the damage Russia has wreaked across the country.

    But, while many in the west have balked at Trump’s barefaced extractivism, his actions are entirely in line with the way western capitalists have approached Ukraine and its resources since the 19th century.

    The Donbas region of Ukraine is a major coal mining and industrial area.
    deniks315 / Shutterstock

    Ukraine’s east, referred to as Donbas, is often thought to have been industrialised in the 1930s, when Joseph Stalin was leading the Soviet Union. At this time, Donbas was marketed to the world as a symbol of proletarian superabundance. It was a place where miners and steelworkers exceeded their production quotas by 30 or 40 times.

    But the development of industrial extraction in eastern Ukraine dates back much earlier and was powered, in part, by European capital and technology.

    In the mid-19th century, when this part of Ukraine was controlled by the Russian empire, the Russian tsars opened the country’s borders to foreign capital investment in the hopes of accelerating its industrialisation drive. A series of fiscal measures were introduced that made it more attractive to foreigners to invest in the empire’s emerging industrial markets.

    This encouraged a wave of economic migration from western Europe to all regions of the multinational state. Foreign capitalists often partnered with Russian business elites based in Saint Petersburg and other major cities and set about generating huge amounts of profit from the extraction of the empire’s valuable resources.

    Donbas, with its wealth of minerals, was a region of particular interest for foreign capitalists. French, Belgian, German, Dutch and British industrialists all relocated to the region in the second half of the 19th century hoping to make their fortunes by excavating the region’s salt, chalk, gypsum, and coal. In fact, there was so much Belgian capital circulating at one point that Donbas became known as “the tenth Belgian province”.

    Despite the paternalism of some foreign managers, the extraction of Ukraine’s minerals did little to improve the life of local communities. Rather, it contributed to the displacement of indigenous people and caused massive environmental and ecological damage.

    Urban planning often replicated the segregated conditions of European colonies in Africa and India. Foreign settlers lived apart from local workers, in privileged housing located in better provisioned parts of town downwind of the toxic fumes of the blast furnaces and the chimney stacks.

    In the settlement of Hughesovka (now known as Donetsk), which was named after the Welsh industrialist John Hughes, Welsh settlers attempted to reconstruct the trappings of British life on the Ukrainian steppe.

    They built tennis courts and an Anglican church, arranged tea parties, and even had an amateur dramatics society. Meanwhile, the local workforce lived in abject poverty, often accommodated in barracks or mud dugouts.

    In these dismal conditions, infectious disease and dissatisfaction were widespread. There are several reports of riots following large-scale outbreaks of cholera and local hospitals were reportedly overflowing.

    Before Russia’s full-scale invasion of Ukraine in 2022, this period of European capitalist exploitation was drawing considerable interest from researchers.

    The “European” industrial heritage of Donbas was being used to tell different stories about the region and to highlight its complex, multicultural history. This heritage was seen to hold potential as a counter-narrative to the toxic “Russian world” propaganda emanating from the occupied territories, which maintains that Ukraine is an integral part of Russia’s historic sphere of cultural influence.

    But there is a danger in being too romantic about this chapter in history. Foreign capitalist investment in the extraction of Ukrainian minerals was not a classic example of settler colonialism. However, it bore many similarities to western European colonial practices in other parts of the world at this time.

    What this history reminds us is that Ukraine has long been located at the intersection of empires. And these empires have often collaborated to plunder the country’s resources, offering little or nothing in return.

    We can see this kind of predatory collaboration of imperial and neo-imperial regimes once again taking shape. Russia’s leader, Vladimir Putin, is trying to tempt Trump away from a deal with Ukraine with promises of access to Ukraine’s rare earth minerals in the occupied territories.

    We must continue to gather and protest, as many of us did on the three-year anniversary of the full-scale invasion this week, to resist such politics of resourcification.

    Victoria Donovan’s research has received funding from the Arts and Humanities Research Council, 2019-2023.

    ref. Foreign powers have long profited from Ukrainian resources – Trump’s minerals grab is no exception – https://theconversation.com/foreign-powers-have-long-profited-from-ukrainian-resources-trumps-minerals-grab-is-no-exception-250811

    MIL OSI – Global Reports

  • MIL-OSI: Superior Energy Services Acquires Rival Downhole Tools

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 28, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc (“Superior”) announced the acquisition of Rival Downhole Tools (“Rival”), an industry-leading provider of premium downhole drilling tools.

    “This acquisition is part of Superior’s ongoing efforts to expand our position in the oilfield services sector by providing technologies that enhance our customers’ efficiencies and reduce their costs,” said Dave Lesar, Superior’s Chairman and Chief Executive Officer. “Rival is a recognized leader in downhole drilling solutions and, as it’s combined with our existing Stabil Drill business, will create a premier drilling rental product offering for our customers. We are proud to bring them under the Superior banner.”

    Founded in 2017, Rival has long been known for its portfolio of innovative downhole tools engineered to mitigate customer drilling challenges, including the JOLT™ friction reduction system, the STORM™ oscillation reduction tool, and its most recent offering, the AXE™ anti-shock and anti-vibration tool.

    Neil Fletcher, CEO of Rival, will join Superior and serve as the leader of the combined Stabil Drill and Rival businesses.

    “Stabil Drill is the natural fit for Rival’s downhole tools,” said Fletcher. “This combination will open new markets for the Rival products while simultaneously strengthening Superior’s place as a leader in downhole drilling tool solutions.”

    “We are excited to welcome the Rival team to the Superior family,” added Jim Brown, President and COO of Superior. “Stabil Drill is already one of the industry’s most comprehensive providers of mission-critical downhole components. The addition of Rival is a significant step forward for Superior to continue to innovate on behalf of customers around the globe.”

    The transaction closed on February 28, 2025.

    About Superior Energy Services
    Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.

    Forward-Looking Statements
    This press release contains forward-looking statements that reflect our current views regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties outside of the Company’s control, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. We undertake no obligation to update these statements except as required by law.

    FOR FURTHER INFORMATION CONTACT:
    Joanna Clark, Corporate Secretary
    1001 Louisiana St., Suite 2900
    Houston, TX 77002
    Investor Relations, ir@superiorenergy.com, (713) 654-2200

    The MIL Network

  • MIL-OSI Australia: Stabbing at Prospect

    Source: South Australia Police

    A man is in hospital after an incident at Prospect.

    About 11.50pm on Friday 28 February, police and ambulance crews were called to a house in Charles Street after reports that a man had been stabbed.

    No one else was at the man’s house when police arrived.

    Paramedics took the 40-year-old man to hospital for treatment of life-threatening injuries.

    Anyone who may have witnessed the incident, or seen suspicious activity in Charles Street or Princess Street is asked to call Crime Stoppers on 1800 333 000, or online at www.crimestopperssa.com.au

    MIL OSI News

  • MIL-OSI Asia-Pac: Former PM of Australia Anthony John Abbott visits NAFED Millet Experience Centre at Dilli Haat New Delhi

    Source: Government of India (2)

    Former PM of Australia Anthony John Abbott visits NAFED Millet Experience Centre at Dilli Haat New Delhi

    Anthony John Abbott appreciates India’s leadership in reviving traditional grains and promoting their global consumption

    Former PM describes Indian millets as “Super food for a Super Country”

    Posted On: 28 FEB 2025 6:51PM by PIB Delhi

    Former Prime Minister of Australia Shri Anthony John Abbott visited the NAFED Millet Experience Centre at Dilli Haat, New Delhi today to explore India’s initiatives in promoting Shree Anna (millets) as a sustainable and nutritious food source. During the visit, Anthony John Abbott was introduced to a diverse range of Ready to Cook (RTC) and Ready to Eat (RTE) products made from different types of millets as well as millet staples like grains, flours, sprouted flours and more. He interacted with Shri Chandrajit Chatterjee, Additional Managing Director NAFED, Shri Amit Goel, General Manager NAFED, Shri Ranjan Kumar, Manager NAFED and Ms. Pallavi Upadhyaya, Coordinator Millet Experience Center and learned about India’s commitment to millet production, its impact on climate-resilient agriculture, and the role of Shree Anna in ensuring food security, better nutrition and a sustainable food ecosystem.

    At the Millet Experience Centre, Anthony John Abbott also experienced millet-based culinary innovations such as Millet Papdi Chaat, Millet Pasta in Mixed Sauce, Ragi Ghee Roast Masala Dosa, Ragi Cake etc. showcasing the versatility of these grains that can be incorporated into everyday diets while maintaining high nutritional value.

    Anthony John Abbott appreciated India’s leadership in reviving traditional grains and promoting their global consumption. He hoped that similar programme for Millets related awareness can also be explored in Australia due to its property of being environment friendly and healthy. He emphasized that millets are the ‘super food for a super country’.

    Millets, often referred to as “super grains”, have gained global recognition for their high fiber, protein, and micronutrient content, making them an essential component of a balanced diet. The Millet Experience Centre stands as a testament to India’s dedication to promoting millets as a climate-smart and health-friendly food choice.

    The visit highlights the increasing global interest in millets as a sustainable crop and reinforces the significance of traditional food systems in ensuring a healthier future.

    *****

    MG/RN/KSR

    (Release ID: 2107043) Visitor Counter : 75

    MIL OSI Asia Pacific News

  • MIL-OSI United Nations: Committee on Economic, Social and Cultural Rights Concludes Seventy-Seventh Session after Adopting Concluding Observations on Reports of Croatia, Peru, Philippines, Rwanda and the United Kingdom

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights this afternoon concluded its seventy-seventhsession after adopting concluding observationson the reports of Croatia, Peru, Philippines, Rwanda and the United Kingdom under the International Covenant on Economic, Social and Cultural Rights .

    The concluding observations will be transmitted to the States concerned and made available on the webpage of the session   on the afternoon of Monday, 3 March.

    Laura-MariaCraciunean-Tatu, Committee Chair, said that during the intense session, in addition to engaging with five States parties, the Committee had considered two follow-up reports; adopted three lists of issues on Cabo Verde, North Macedonia and Turkmenistan; conducted work on communications under the Optional Protocol; and discussed one draft and two future general comments and one statement.

    Ms. Craciunean-Tatu said that this session, the Committee had welcomed four new members, and would formally welcome its fifth, Peijie Chen (China), in its next session. Despite the discontinuance of formal hybrid meetings, the Committee continued to engage with a wide range of stakeholders in person and remotely outside of formal meeting time. Ms. Craciunean-Tatu expressed thanks to all those who worked to promote and protect the rights enshrined in the Covenant.

    During the session, she said, the Committee adopted assessments on the follow-up reports to concluding observations for Serbia and Uzbekistan. The assessments would be transmitted to the States concerned and made available publicly in the weeks to come. The Committee urged other States to submit follow-up reports which were overdue or due.

    Under the Optional Protocol, the Committee adopted decisions relating to 48 individual communications. It found violations of the Covenant in three cases concerning the right to housing; declared admissible one case on alleged violation of the right to work of a human rights defender; and declared inadmissible two cases on alleged unequal pay for overtime in teaching-related activities and alleged wage discrimination. The Committee further discontinued the consideration of 42 cases concerning the right to housing. Finally, it adopted a follow-up progress report on individual communications.

    Ms. Craciunean-Tatu saidthe Committee had adopted a Statement on Tax Policy and the International Covenant on Economic, Social and Cultural Rights. It hoped that this statement would guide States parties, both domestically and in the context of international tax cooperation, to observe increasingly inclusive and transparent tax policy-making processes, thus encouraging the implementation of tax systems that supported the enjoyment of the rights enshrined in the Covenant, with a focus on disadvantaged and marginalised groups.

    Regarding general comments, the Committee completed a second reading of the draft general comment on the environmental dimension of sustainable development, and continued discussing the scope of two general comments on drug policy and on armed conflict as they related to the enjoyment of economic, social and cultural rights. These discussions would continue at the next session.

    During the session, Ms. Craciunean-Tatu said, the Committee held an informal meeting with States on 20 February and engaged in discussion on all aspects of its work. In addition to the numerous contacts the Committee had with civil society organizations, it also held this morning its annual meeting with non-governmental organizations, in which it heard their views on several important topics, including strategic litigation and the right to a clean and healthy environment.

    Ms. Craciunean-Tatu also said that the Committee had held informal meetings with other stakeholders, including with treaty body members, United Nations agencies and the Special Rapporteurs on climate change and in the field of cultural rights. The engagement of all concerned was deeply appreciated.

    In its next session, she said, in addition to reviewing the reports of seven States parties, the Committee would adopt lists of issues on the reports of Eswatini, Germany, Guinea-Bissau, Mauritius, Republic of Korea, Republic of Moldova and Tunisia. It would also adopt assessments on the follow-up reports of El Salvador and Luxembourg.

    This session, the Committee reaffirmed its decision to implement a simplified reporting procedure and had requested the Secretariat to prepare a structured implementation plan, Ms. Craciunean-Tatu said. However, until such a plan was operationalised, she encouraged States parties to submit reports under the regular reporting procedure, including long overdue reports.

    The Committee had not yet held dialogues with 24 States parties that had not submitted their initial reports, of which five were overdue for more than 10 years. In total, 51 States’ periodic reports were also overdue, at least 16 of which for more than 10 years. The capacity building programme established pursuant to the United Nations General Assembly Resolution 68/268 (2014) was available to offer support to States requiring technical assistance in this regard, including with respect to the establishment of national mechanisms for reporting implementation and follow-up.

    Ms. Craciunean-Tatu invited all States to ratify the Covenant and encouraged States that were parties to the Covenant but had not acceded to or ratified the Optional Protocol to do so, and to enter the declarations for its articles 10 and 11. She welcomed the accession, two weeks ago, of Albania to the Optional Protocol.

    In closing, Ms. Craciunean-Tatu thanked the Committee and all who had contributed to the busy session. The Committee looked forward to, in its next session, holding dialogues with States, pursuing other work, and engaging with a wide variety of stakeholders to achieve the effective promotion and protection of all the rights enshrined in the Covenant.

    In its seventy-eighth session, to be held from 8 September to 3 October 2025, the Committee will review the reports of Australia, Chile, Colombia, Lao People’s Democratic Republic, Netherlands, Russian Federation and Zimbabwe.

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CESCR25.007E

    MIL OSI United Nations News

  • MIL-OSI USA: President Trump, VP Vance Are Standing Up for Americans

    US Senate News:

    Source: The White House
    President Donald J. Trump and Vice President JD Vance will always stand up for the interests of the American people and those who respect the United States’ position in the world — and will never allow the American people to be taken advantage of.
    President Trump: “Let me tell you, you don’t have the cards. With us, you have the cards — but without us, you don’t have any cards.”
    More than half (52%) of Ukrainians want a quick end to the war and believe Ukraine “should be open to ceding some territory in exchange for peace,” according to a November Gallup poll.
    Since martial law was declared in Ukraine, 1,000,050 Ukrainians have been drafted into military service. In October 2024, Ukraine announced it would be drafting another 160,000 — bringing the total number of conscripted Ukrainians to 1,160,050.
    The average age of Ukrainian troops is 43 years old.
    “Even if the West did come through with all the weapons they have pledged, ‘we don’t have the men to use them,’ one of Ukrainian president Volodymyr Zelensky’s close aides told Time’s Simon Shuster, revealing that the average age of a Ukrainian soldier has already reached 43.”

    One of Zelenskyy’s closest aides told TIME in 2023 that he is “[deluding] himself … We’re out of options. We’re not winning. But try telling him that.”
    The Ukrainian army is facing rising desertions as “ill-trained and exhausted soldiers [go] AWOL,” with the military further strained by struggles in recruiting and the “arrests of respected and popular combat officers.”
    President Trump: “You’re gambling with World War III.”
    Zelesnkyy himself has acknowledged that the situation in Ukraine could lead to WWIII, and that without U.S. aid, they would lose: “A third world war could start in Ukraine, continue in Israel, and move on from there to Asia, and then explode somewhere else.”
    President Trump: “I gave you the javelins to take out all those tanks. Obama gave you sheets.”
    President Trump gave anti-tank javelin missiles to Ukraine, while Obama gave non-lethal aid only, including blankets.
    EURACTIV: “Poroshenko asks Obama for weapons, obtains blankets”
    President Trump approved lethal weapons sales to Ukraine in 2017: “The new arms include American-made Javelin anti-tank missiles, U.S. officials said.”
    President Trump approved a $39 million sale of defensive lethal weapons to Ukraine in 2019: “The new package will include Javelin anti-tank weapons, with one U.S. official saying it includes 150 missiles and two launchers.”

    Vice President Vance: “You went to Pennsylvania and campaigned for the opposition in October.”
    Zelenskyy was called out for campaigning against President Trump in Pennsylvania.
    “Zelenskyy was flown to Pennsylvania in an Air Force C-17 plane.”

    MIL OSI USA News

  • MIL-OSI Security: 909th ARS and 134th EFS soar in Cope North 25

    Source: United States INDO PACIFIC COMMAND

    For over four decades, Cope North has served as a cornerstone of U.S. military cooperation in the Indo-Pacific. This trilateral exercise brings together American, Japanese, and Australian forces for realistic combat training, strengthening their ability to seamlessly operate together.

    This year’s exercise focused on enhancing teamwork capabilities and tactical skills in a complex and dynamic Indo-Pacific region. Participating assets included the F-35A/B Lighting II; F-16 Fighting Falcon; F-18C/D Hornet; EA-18G Growler; KC-46 Pegasus; Boeing KC-135 Stratotanker; KC-130J Hercules; Lockheed C-130J Super Hercules; E-3G Sentry; MH-60S Seahawk; and the E-11A Battlefield Airborne Communications Node.

    “Exercises like Cope North provide invaluable training for our Airmen,” said Air Force Lt. Col. Travis Epp, 909th ARS commander. “The significantly larger airspace around Guam permits larger exercises than our local airspace.”

    Epp continued to say this higher-level training allowed the 909th ARS to integrate with allies and partners in ways that they could not at their home -station, better preparing the joint and allied force for future challenges together.

    Rotational units – like the 134th Expeditionary Fighter Squadron, which sent their F-35A Lightning II’s to CN 25 – regularly conduct missions to enhance Kadena Air Base’s operational readiness to defend Japan and ensure a free and open Indo-Pacific.

    Other rotational units currently stationed at Kadena include the 77th EFS from Shaw Air Force Base, S.C., operating the F-16 Fighting Falcon and the 525th EFS from Joint Base Elmendorf-Richardson, Alaska, operating the F-22 Raptor.

    CN25 showcased seamless collaboration and communication between the U.S., Japanese, and Australian air forces, by the integration of their F-35 fighters. This provided a platform for these nations to exchange knowledge and best practices on the effective deployment, maintenance, and command and control of these advanced fifth-generation aircraft.

    “When multiple nations operate the same advanced platforms, joint training becomes essential. It enables us to identify and understand the subtle differences in how each country deploys, maintains, and commands these aircraft,” said Air Force Lt. Col. Trevor Callens, 134th EFS commander.

    He also said the critical knowledge provided by combined and joint exercises would be difficult to acquire without forming partnerships with allies.

    CN-25 continues this legacy of partnership, emphasizing the importance of interoperability and advanced defense capabilities in maintaining regional stability.

    MIL Security OSI

  • MIL-OSI Global: The Vegan Tigress: intimate play resurrects fierce forgotten Victorian writer

    Source: The Conversation – UK – By Lucy Ella Rose, Lecturer in Victorian Literature, University of Surrey

    The Vegan Tigress, a new play by Claire Parker, shines a spotlight on the largely-forgotten feminist fairytale writer Mary De Morgan (1850-1907). And the timing is particularly apt. The show opened, at London’s Bread & Roses Theatre, in the lead up to International Women’s Day and during the year of the 175th anniversary of De Morgan’s birth.

    The production, by LynchPin Theatre Company, is part of a wider cultural project to celebrate underappreciated Victorian women writers, actors and activists. Parker has also written plays on feminist actor Ellen Terry and her daughter Edie Craig.

    It also speaks to a general resurgence of interest in the creative De Morgan family. Mary’s father was Augustus De Morgan, the mathematician and logician and her brother was the potter, tile designer and novelist William De Morgan.

    The Bread and Roses Theatre – an intimate space above a lively Clapham pub – creates an immersive experience. The audience shares De Morgan’s modest London quarters along with the accidentally summoned ghost of her ex-lover’s formidable mother: Lady Tuttle (played by Edie Campbell).

    Providing comedic value, Tuttle deploys her spectral status to prank De Morgan (played by Parker), but her presence also highlights the stark differences between them, staging a debate between feminist and patriarchal versions of Victorian-Edwardian womanhood.


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    Shrill-voiced, upper-class and tightly corseted, Tuttle opposes women’s education and refers to suffragettes as “hyenas in petticoats and bitter spinsters”.

    Striding across the stage swathed in silk skirts and a velvet, lace-trimmed bodice, she is both a mesmerising and somewhat villainous matriarch. By contrast, De Morgan is an irreverent free spirit who wears bohemian clothing, admires revolutionaries and has been a suffragist since she was 16.

    The show portrays De Morgan as a pioneering professional woman, writing feverishly at a desk flanked by piles of beautiful antiquarian books. Parker and Campbell are hypnotic in their imaginative retellings and performances of De Morgan’s stories such as the The Hair Tree (1877), which are woven into the play.

    The Vegan Tigress transports the audience into fantastical realms, fusing eerie lighting with dazzling props and sound effects – thunder, birdsong, clamouring voices.

    With impressive ease, the actors shape-shift into bizarre animal forms – a puppet parrot, a tortured tiger and a grotesque tortoise. Together they illuminate the sociopolitical subtexts of De Morgan’s stories.

    The trailer for The Vegan Tigress.

    Her subversive tale from 1877, A Toy Princess (which Parker describes in the play), critiques doll-like ideals of femininity, prefigures the feminist fairy tales of Angela Carter and resonates with the Barbiemania that surrounded the release of the Barbie film in 2023.

    In literature and in life, De Morgan resists conventional narratives of marriage and motherhood, enacting alternative destinies for women.

    Especially successful as a visual manifestation of the stories’ transformative power is the simultaneously symbolic and literal change we witness in Lady Tuttle.

    The more she reads The Windfairies (1900, one of three fairy tale collections by De Morgan) and political publications (Votes for Women), the less straitlaced she becomes – literally. Her corset unbuttons and her tied hair loosens. Despite being a ghost, Lady Tuttle comes alive as her mind expands, testifying to the powerful potential of reading and writing.

    In joyful and poignant moments of female bonding in the second half of the play, Tuttle and De Morgan dance the tango, and embark arm-in-arm on the trip of a lifetime to Egypt, where De Morgan worked in real life in a girls’ reformatory. The show becomes a celebration of female creativity, companionship and community.

    At the play’s close, the fourth wall is broken and the audience is addressed by De Morgan as “people from the future”. It prompts a reflection on how far we have come since first-wave feminism, but also how far we still have to go (given #MeToo and the reversal of Roe v Wade, the US Supreme Court ruling that legalised abortion across the States in 1973), making Parker’s revival of De Morgan timely and important.

    If De Morgan’s legacy is, as she soliloquises, “arming lost, disenfranchised girls and women with the tools to stand their ground”, what will ours be?

    The Vegan Tigress is at The Bread & Roses Theatre until March 1.

    Lucy Ella Rose 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 Vegan Tigress: intimate play resurrects fierce forgotten Victorian writer – https://theconversation.com/the-vegan-tigress-intimate-play-resurrects-fierce-forgotten-victorian-writer-251179

    MIL OSI – Global Reports

  • MIL-OSI USA: UPDATE: Press Release: FDIC Issues CRA Examination Schedules for Second Quarter 2025 and Third Quarter 2025

    Source: US Federal Deposit Insurance Corporation FDIC

     

    WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2025 and third quarter 2025.  CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter.

    The Community Reinvestment Act is a 1977 law that requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations.  CRA examinations allow federal regulators to assess an institution’s record of helping to meet those needs.

    CRA examinations are scheduled based on an institution’s asset size and CRA rating.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Satisfactory can be subject to a CRA examination no more frequently than once every 48 months.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Outstanding can be subject to a CRA examination no more frequently than once every 60 months.

    The schedules of institutions to be examined April 1, 2025, through June 30, 2025, and July 1, 2025, through September 30, 2025, are based on the best information now available and are subject to change.  For example, a regulated financial institution not otherwise scheduled for an examination may be examined in connection with the application for a deposit facility.  Alternatively, some institutions may require more time and resources than originally allotted, thus delaying other scheduled examinations.  If an institution is rescheduled for a different quarter, that information will be included on a later list.

    Federal bank and thrift regulators encourage public comment on the institutions to be examined under the CRA. Comments about FDIC-supervised institutions should be directed to the institutions themselves or to the Deputy Regional Director of the appropriate FDIC regional office (attached).  All public comments received prior to completion of a CRA examination will be considered.

    The CRA examination schedules for the second quarter of 2025 and third quarter of 2025 are attached.  Schedules also can be obtained by calling (703) 562-2200 or (877) 275-3342, faxing a request to (703) 562-2296, or writing to:

    FDIC Public Information Center
    3501 Fairfax Drive
    Room E-1002
    Arlington, VA 22226

    ATTACHMENTS:

    # # #

    MEDIA CONTACT: 
    LaJuan Williams-Young
    202-898-3876
    lwilliams-young@FDIC.gov

    MIL OSI USA News

  • MIL-OSI USA: Press Release: FDIC Issues CRA Examination Schedules for Second Quarter 2025 and Third Quarter 2025

    Source: US Federal Deposit Insurance Corporation FDIC

    WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the second quarter 2025 and third quarter 2025.  CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter.

    The Community Reinvestment Act is a 1977 law that requires the FDIC to assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations.  CRA examinations allow federal regulators to assess an institution’s record of helping to meet those needs.

    CRA examinations are scheduled based on an institution’s asset size and CRA rating.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Satisfactory can be subject to a CRA examination no more frequently than once every 48 months.  Absent reasonable cause, an institution with $250 million or less in assets and a CRA rating of Outstanding can be subject to a CRA examination no more frequently than once every 60 months.

    The schedules of institutions to be examined April 1, 2025, through June 30, 2025, and July 1, 2025, through September 30, 2025, are based on the best information now available and are subject to change.  For example, a regulated financial institution not otherwise scheduled for an examination may be examined in connection with the application for a deposit facility.  Alternatively, some institutions may require more time and resources than originally allotted, thus delaying other scheduled examinations.  If an institution is rescheduled for a different quarter, that information will be included on a later list.

    Federal bank and thrift regulators encourage public comment on the institutions to be examined under the CRA. Comments about FDIC-supervised institutions should be directed to the institutions themselves or to the Deputy Regional Director of the appropriate FDIC regional office (attached).  All public comments received prior to completion of a CRA examination will be considered.

    The CRA examination schedules for the second quarter of 2025 and third quarter of 2025 are attached.  Schedules also can be obtained by calling (703) 562-2200 or (877) 275-3342, faxing a request to (703) 562-2296, or writing to:

    FDIC Public Information Center
    3501 Fairfax Drive
    Room E-1002
    Arlington, VA 22226

    ATTACHMENTS:

    # # #

    MEDIA CONTACT: 
    LaJuan Williams-Young
    202-898-3876
    lwilliams-young@FDIC.gov

    MIL OSI USA News

  • MIL-OSI Global: Coastal economies rely on NOAA, from Maine to Florida, Texas and Alaska – even if they don’t realize it

    Source: The Conversation – USA – By Christine Keiner, Chair, Department of Science, Technology, and Society, Rochester Institute of Technology

    U.S. fishing industries, both commercial and recreational, rely on healthy coastal areas. Wolfgang Kaehler/LightRocket via Getty Images

    Healthy coastal ecosystems play crucial roles in the U.S. economy, from supporting multibillion-dollar fisheries and tourism industries to protecting coastlines from storms.

    They’re also difficult to manage, requiring specialized knowledge and technology.

    That’s why the National Oceanic and Atmospheric Administration – the federal agency best known for collecting and analyzing the data that make weather forecasts and warnings possible – leads most of the government’s work on ocean and coastal health, as well as research into the growing risks posed by climate change.

    The government estimates that NOAA’s projects and services support more than one-third of the nation’s gross domestic product. Yet, this is one of the agencies that the Trump administration has targeted, with discussions of trying to privatize NOAA’s forecasting operations and disband its crucial climate change research.

    As a marine environmental historian who studies relationships among scientists, fishermen and environmentalists, I have seen how NOAA’s work affects American livelihoods, coastal health and the U.S. economy.

    Here are a few examples from just NOAA’s coastal work, and what it means to fishing industries and coastal states.

    Preventing fisheries from collapsing

    One of the oldest divisions within NOAA is the National Marine Fisheries Service, known as NOAA Fisheries. It dates to 1871, when Congress created the U.S. Commission of Fish and Fisheries. At that time, the first generation of conservationists started to worry that America’s natural resources were finite.

    By conducting surveys and interviewing fishermen and seafood dealers, the fish commissioners discovered that freshwater and saltwater fisheries across the country were declining.

    Looking back on 150 years of NOAA’s fisheries history.

    Oil spills and raw sewage were polluting waterways. Fishermen were using high-tech gear, such as pound nets, to catch more and more of the most valuable fish. In some areas, overfishing was putting the future of the fisheries in jeopardy.

    One solution was to promote aquaculture, also known as fish or shellfish farming. Scientists and entrepreneurs reared baby fish in hatcheries and transferred them to rivers, lakes or bays. The Fish Commission even used refrigerated railroad cars to ship fish eggs across the country.

    Today, U.S. aquaculture is a US$1.5 billion industry and the world’s fastest-growing food sector. Much of the salmon you see in grocery stores started as farm-raised hatchlings. NOAA provides training, grants and regional data to support the industry.

    Men carry pails of fish specimens to a U.S. Fish Commission ‘fish car’ – a train car designed specifically for transporting fish or fish eggs to stock U.S. rivers, lakes and coastal waters – in this historical photo.
    Smithsonian Institution Archives

    NOAA Fisheries also helps to regulate commercial and recreational fishing to keep fish populations healthy and prevent them from crashing.

    The 1976 Magnuson-Stevens Fishery Conservation and Management Act and other laws implemented catch limits to prevent overfishing. To develop fair regulations and combat illegal practices, NOAA and its predecessors have worked with fishing organizations through regional fishery management councils for decades.

    These industries generate $321 billion in sales and support 2.3 million jobs.

    Restoring coral reefs to help marine life thrive

    NOAA also benefits U.S. coastal communities by restoring coral reefs.

    Corals build up reefs over centuries, creating “cities of the sea.” When they’re healthy, they provide nurseries that protect valuable fish species, like snapper, from predators. Reefs also attract tourism and protect coastlines by breaking up waves that cause storm-driven flooding and erosion.

    The corals of Hawaii, Florida, Puerto Rico and other tropical areas provide over $3 billion a year in benefits – from sustaining marine ecosystems to recreation, including sport fishing.

    However, reefs are vulnerable to pollution, acidification, heat stress and other damage. Warming water can cause coral bleaching events, as the world saw in 2023 and 2024.

    NOAA monitors reef health. It also works with innovative restoration strategies, such as breeding strains of coral that resist bleaching, so reefs have a better chance of surviving as the planet warms.

    Battling invasive species in the Great Lakes

    A third important aspect of NOAA’s coastal work involves controlling invasive species in America’s waters, including those that have menaced the Great Lakes.

    Zebra and quagga mussels, spiny water flea and dozens of other Eurasian organisms colonized the Great Lakes starting in the late 1900s after arriving in ballast water from transoceanic ships. These invaders have disrupted the Great Lakes food web and clogged cities’ water intake systems, causing at least $138 million in damage per year.

    Zebra mussels found attached to this boat at an inspection station in Oregon show how easily invasive species can be moved. The boat had come from Texas and was on its way to Canada.
    Oregon Department of Fish & Wildlife, CC BY-SA

    In the Northwest Atlantic, Caribbean and Gulf of Mexico, invasive lionfish, native to Asia and Australia, have spread, preying on native fish essential to coral reefs. Lionfish have become one of the world’s most damaging marine fish invasions.

    NOAA works with the Coast Guard, U.S. Geological Survey and other organizations to prevent the spread of invasive aquatic species. Stronger ballast water regulations developed through the agency’s research have helped prevent new invasions in the Great Lakes.

    Understanding climate change

    One of NOAA’s most crucial roles is its leadership in global research into understanding the causes and effects of climate change.

    The oil industry has known for decades that greenhouse gases released into the atmosphere from burning fossil fuels would raise global temperatures.

    Evidence and research from around the world have connected greenhouse gas emissions from human activities to climate change. The data have shown how rising temperatures have increased risks for coastal areas, including worsening heat waves and ocean acidification that harm marine life; raising sea levels, which threaten coastal communities with tidal flooding and higher storm surges; and contributing to more extreme storms.

    NOAA conducts U.S. climate research and coordinates international climate research efforts, as well as producing the data and analysis for weather forecasting that coastal states rely on.

    Why tear apart an irreplaceable resource?

    When Republican President Richard Nixon proposed consolidating several different agencies into NOAA in 1970, he told Congress that doing so would promote “better protection of life and property from natural hazards,” “better understanding of the total environment” and “exploration and development leading to the intelligent use of our marine resources.”

    The Trump administration is instead discussing tearing down NOAA. The administration has been erasing mentions of climate change from government research, websites and policies – despite the rising risks to communities across the nation. The next federal budget is likely to slash NOAA’s funding.

    Commercial meteorologists argue that much of NOAA’s weather data and forecasting, also crucial to coastal areas, couldn’t be duplicated by the private sector.

    As NOAA marks its 55th year, I believe it’s in the nation’s and the U.S. economy’s best interest to strengthen rather than dismantle this vital agency.

    Christine Keiner conducted research at the NOAA Library for her books “The Oyster Question” and “Deep Cut.”

    ref. Coastal economies rely on NOAA, from Maine to Florida, Texas and Alaska – even if they don’t realize it – https://theconversation.com/coastal-economies-rely-on-noaa-from-maine-to-florida-texas-and-alaska-even-if-they-dont-realize-it-250016

    MIL OSI – Global Reports

  • MIL-OSI Global: Just having a pet doesn’t help mental health – but pet-owners with secure relationships with their pets are less depressed

    Source: The Conversation – USA – By Brian N. Chin, Assistant Professor of Psychology, Trinity College

    How emotionally close you are to your pet is not necessarily a good measure of how your relationship affects your well-being. Nattalia Nuñez/Unsplash, CC BY-ND

    For many people, pets provide unconditional love, companionship and a sense of security. But not all human-pet relationships are beneficial, and some may contribute to stress and anxiety rather than relief.

    Psychologists have been studying attachment theory for decades. This framework explains how people form emotional bonds, seek closeness and manage separation. People with secure attachment tend to feel safe in relationships, while those with attachment anxiety may crave closeness but frequently worry about rejection or loss.

    Just like with human relationships, people form attachment bonds with pets. Some form secure attachments, finding comfort in their pet and viewing them as a reliable source of companionship. Others experience anxious attachment, feeling excessive worry, distress and a heightened need for reassurance when separated from their pet.

    In our recently published research, my research team and I found that attachment anxiety is strongly linked to depression symptoms among owners. This suggests that well-being isn’t just about having a pet, but about the quality of your bond.

    Strong bonds aren’t always healthy bonds

    My team and I set out to explore whether the way people bond with their pets has a measurable effect on their mental well-being.

    We surveyed over 1,000 pet owners in the U.S. about their closeness to their pets; how often they engaged in activities like playing, cuddling or spending time together; and whether they felt secure or anxious in the relationship. We also measured symptoms of depression to examine how different characteristics of pet bonds might influence mental well-being.

    Our results revealed a clear pattern: Higher pet attachment anxiety was the strongest predictor of depression symptoms. In other words, people who felt overly dependent on their pets, constantly worrying about being apart from them or whether their pet “loved” them back, were more likely to experience depression symptoms.

    For mental health, emotional security in your relationship with your pet may matter more than how frequently you interact.
    Darwin Boaventura/Unsplash, CC BY-ND

    Surprisingly, simply feeling emotionally close to a pet was not enough to predict better mental health. While some may assume that a stronger bond with a pet automatically leads to greater well-being, our findings suggest that the quality of the attachment matters more than its intensity. People with secure pet relationships reported better well-being, while those with higher attachment anxiety experienced greater distress.

    We also found that while frequent pet interactions were linked to stronger and more secure human-pet bonds, interaction frequency did not significantly predict mental health outcomes. This reinforces the idea that emotional security in the relationship, rather than just the frequency of interaction, is what truly matters for mental health.

    Interestingly, people who owned both a cat and a dog reported more depression symptoms than those with only one type of pet. While our study did not determine the cause, one possibility is that managing multiple pets can add stress or increase the burden of caregiving.

    How pet relationships shape your mental health

    Our findings highlight that pet ownership is not a one-size-fits-all solution for mental health. The way people bond with their pets – whether they feel emotionally secure or experience anxiety in the relationship – may be just as important as pet ownership itself in shaping well-being.

    Your bond with your pet influences your well-being in many ways.
    Jonas Vincent/Unsplash, CC BY-ND

    This research also raises important questions about the role of emotional support animals and animal-assisted interventions. If pet ownership is going to be integrated into mental health care, it may not be enough to simply encourage pet companionship. Instead, the quality of the human-animal bond could be a key factor in whether pets provide comfort or contribute to emotional distress.

    This study does not suggest that people should stop seeking emotional support from pets. Instead, it highlights how the way people bond with their pets can influence well-being in ways they may not always realize.

    For those who rely on their pets for emotional support, recognizing these patterns may help foster a bond that feels reassuring rather than stressful. Pets can provide deep comfort, but caregiving comes with challenges, too. Reflecting on both the joys and responsibilities of pet ownership can help strengthen the human-animal bond, supporting the well-being of both pets and owners.

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

    ref. Just having a pet doesn’t help mental health – but pet-owners with secure relationships with their pets are less depressed – https://theconversation.com/just-having-a-pet-doesnt-help-mental-health-but-pet-owners-with-secure-relationships-with-their-pets-are-less-depressed-250482

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Westminster opens the first of eight newly refurbished public conveniences | Westminster City Council

    Source: City of Westminster

    Westminster City Council has reopened the newly upgraded public conveniences on the Victoria Embankment. These enhanced facilities, essential for the health and wellbeing of our local communities and visitors, feature a redesigned, clean and accessible layout. The upgrade is part of a wider transformation programme across Westminster, that reflects the council’s commitment to improved public toilet provision across the city. Through this investment the council is seeking to incorporate the highest standards of modern design and showcase new public artwork inspired by the local area.

    The transformed site now includes refitted women’s and men’s facilities, an onsite attendant, as well as disabled access and a Changing Places toilet. Changing Places toilets go beyond standard accessible toilets; they are larger facilities equipped with a changing bench and a hoist to support disabled people who need assistance. The inclusion of these essential facilities ensures a fairer Westminster for residents and visitors alike, enhancing the value of these important upgrade works.

    As a global hub for culture and tourism, the City of Westminster requires a strong infrastructure of services to support its multitude of outdoor spaces and public attractions. The overhaul of this key site supports wider initiatives to enhance public amenities and encourage more people to enjoy the Thames Riverside.

    Coinciding with the 150-year anniversary of the opening of Victoria Embankment Gardens, the City of Westminster had a bold creative vision for the refurbishments in Victoria Embankment, aiming to strike a suitable balance of form and function.

    The City of Westminster appointed FM Conway, its delivery partner, to carry out the works. FM Conway was supported by the Contemporary Art Society *Consultancy, Harley Haddow, Healthmatic, Hugh Broughton Architects, and M&M Moran for their specialist expertise on different phases of the works.

    Artist James Lambert was commissioned to creatively integrate artwork throughout each distinct site. The Victoria Embankment facility welcomes visitors with a large artwork inspired by the nearby sphinx statues, as well as reference to the London Underground and Victoria Embankment Gardens. Inside the building the artwork continues, complemented by ‘Westminster Blue’ tiles and offset by lighter tones on the floor and ceiling. From the three-in-one integrated sinks through to the anti-fingerprint linen and platin finish on the metal cubicle doors, the facilities have been designed and built to be robust and long lasting.

    The Embankment site is part of a wider refurbishment programme covering eight public conveniences across Westminster. The next site to be delivered is one of the City of Westminster’s busiest public conveniences, situated beneath Parliament Street and linked via the subway to Westminster Underground Station. It will feature artwork that draws on the high energy of the area and includes the iconic Elizabeth Tower and Big Ben.

    Cllr Ryan Jude, Cabinet Member for Ecology, Culture and Air Quality, said:

    “I am thrilled to officially reopen the Victoria Embankment public toilets, which now features stunning public artwork celebrating the vibrant character of our city.

    “As part of our £12.7 million investment across eight public toilets in the West End, we are proud to provide high-quality, accessible facilities that not only serve the community’s needs but also contribute to the cultural landscape of Westminster.

    “This exciting development is part of our broader commitment to enhance public spaces for residents and visitors alike.”

    Matt Smith, Managing Director, FM Conway said:

    “I was delighted that the City of Westminster turned to FM Conway when they needed a trusted partner to deliver this important programme of works. After months of rigorous consultation and design development, I’m happy to see the first of these facilities, at Victoria Embankment, being completed and brought into public use.

    I would like to acknowledge the outstanding and valuable contributions made by our professional delivery partners including the Contemporary Art Society *Consultancy, Harley Haddow, Healthmatic, Hugh Broughton Architects, M&M Moran, and, not least, our project Artist James Lambert.”

    MIL OSI United Kingdom

  • MIL-OSI: Fluent Announces Unaudited Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $65.4 million for Q4 2024 and $254.6 million for FY 2024
    • Q4 2024 Commerce Media Solutions revenue grew 139% to $17.2 million (26% of consolidated revenue) from $7.2 million (10% of revenue) in Q4 2023 with gross profit margin (exclusive of depreciation and amortization) of 39% in Q4 2024 compared to 21% for the consolidated business
    • Commerce Media Solutions annual revenue run rate currently exceeds $60 million, representing a 20% quarter-over-quarter increase, which demonstrates strong traction in executing a strategic pivot to a fast-growing market

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a commerce media solutions company, today reported unaudited results for the fourth quarter and fiscal year ended December 31, 2024. These results are preliminary and subject to ongoing audit procedures.

    Donald Patrick, Fluent’s Chief Executive Officer, commented, “In the fourth quarter and full year 2024 we continued to execute on our strategic pivot into our Commerce Media Solutions business. As part of this repositioning, we discontinued the ACA business in the third quarter of 2024, and due to a change in estimate driven by a higher than anticipated attrition rate partly related to the continuing impacts of regulatory challenges in the marketplace, we recorded a write-down of accounts receivables and an equal offset of revenue of $2.5 million in Q4. The impact of this $2.5 million write-down is reflected equally in consolidated revenue, gross profit, and net loss. Most important, the core driver to our evolving business model – Commerce Media Solutions – is performing exceptionally well, with revenue increasing 139% year-over-year to $17.2 million in the fourth quarter, and 284% over full year 2023 to $41.3 million supported by the addition of top-tier media partners throughout 2024. With our visibility today, we expect to continue the trend of triple-digit year-over-year revenue growth of our Commerce Media Solutions business in 2025.”

    Mr. Patrick concluded, “We are pleased with the increasing momentum of our growth strategies this year and are confident about the trajectory of our business as we build a more predictable, profitable and valuable business over time.”

    Fourth Quarter Highlights (Unaudited)

    • Revenue of $65.4 million, a decrease of 10.1% compared to $72.8 million in Q4 2023.
      • Owned and Operated revenue decreased 23% to $38.2 million compared to $49.9 million in Q4 2023 as the Company executed its shift in focus and revenue mix to higher margin Commerce Media Solutions
      • Commerce Media Solutions revenue increased 139% to $17.2 million compared to $7.2 million in Q4 2023
    • Net loss of $3.4 million, or $0.19 per share, compared to net loss of $1.9 million, or $0.14 per share, for Q4 2023. Net loss represented 5.2% of revenue for Q4 2024.
    • Gross profit (exclusive of depreciation and amortization) of $13.9 million, a decrease of 33.3% over Q4 2023 and representing 21% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $6.7 million, representing 39% of revenue, for Q4 2024, up from 18% of revenue in Q4 2023.
    • Media margin of $16.5 million, a decrease of 31.4% over Q4 2023 and representing 25.3% of revenue. The Company’s growing Commerce Media Solutions business reported media margins of 39.3% for Q4 2024, up from 18.5% in Q4 2023.
    • Adjusted EBITDA of negative $1.7 million, a decrease of $4.2 million compared to Q4 2023 and representing 2.6% of revenue
    • Adjusted net loss of $3.3 million, or $0.18 per share, compared to adjusted net loss of $0.4 million, or $0.03 per share, for Q4 2023
    • Revenue, net loss, gross profit, media margin, adjusted EBITDA and adjusted net loss were all impacted by a $2.5 million write-down during the fourth quarter associated with the previously discontinued ACA business. This write-down caused adjusted EBITDA to be negative for the quarter. 

    Full-Year 2024 Highlights (Unaudited)

    • Revenue of $254.6 million, a decrease of 14.7% compared to $298.4 million in 2023.
      • Owned and Operated revenue decreased 29% to $168.4 million compared to $235.7 million in 2023 as the Company executed its shift in focus and revenue mix to higher margin Commerce Media Solutions
      • Commerce Media Solutions revenue increased 284% to $41.3 million compared to $10.7 million in 2023
    • Net loss of $29.3 million, or $1.80 per share, compared to net loss of $63.2 million, or $4.59 per share, for the prior year. Net loss represented 11.5% of revenue for  2024.
    • Gross profit (exclusive of depreciation and amortization) of $60.8 million, a decrease of 22.6% over 2023 and representing 24% of revenue. The Company’s growing Commerce Media Solutions business reported gross profit (exclusive of depreciation and amortization) of $14.3 million, representing 35% of revenue, for the twelve months ended December 31, 2024, up from 8% of revenue, for the twelve months ended December 31, 2023.
    • Media margin of $72.5 million, a decrease of 20.6% over prior year and representing 28.5% of revenue. The Company’s growing Commerce Media Solutions business reported media margins of 35.1% for 2024, up from 8.5% for 2023.
    • Adjusted EBITDA of negative $5.6 million, a decrease of $12.4 million compared to 2023 and representing 2.2% of revenue
    • Adjusted net loss of $18.5 million, or $1.14 per share, compared to adjusted net income of $7.2 million, or $0.52 per share, for the prior year 

    Media margin, adjusted EBITDA, and adjusted net income are non-GAAP financial measures, as defined and reconciled below. 

    Business Outlook & Goals

    • Further establish Fluent’s Commerce Media Solutions business as a leader in the performance marketing sector among both media partners and advertisers to capitalize on the growing demand for this advertising channel across numerous high volume market verticals.
    • Drive double-digit revenue growth, improvement in net loss as compared to 2024, and positive adjusted EBITDA for full-year 2025 supported by the growth of Fluent’s Commerce Media Solutions. These improvements are expected to occur in the second half of 2025 as Commerce Media Solutions continues to scale as a percentage of consolidated revenue.
    • Leverage 14-year leadership position at the forefront of customer acquisition and robust database of first-party user data to differentiate Fluent from competitors in the commerce media space.

    Update on SLR Credit Facility

    On January 30, 2025, we entered into a letter agreement with Crystal Financial LLC D/B/A SLR Credit Solutions, as administrative agent, lead arranger and bookrunner (“SLR”), pursuant to which SLR extended the deadline for delivery of the compliance certificate required under the credit agreement for the fiscal month ended December 31, 2024, and the related notice of default, to March 4, 2025, while the parties negotiate a fourth amendment to the credit agreement.

    While we expect to enter into a fourth amendment to the credit agreement, there can be no assurance that we will be able to enter into definitive agreements for such amendment prior to March 4, 2025 or that such deadline will be extended if we are unable to enter into any such agreement. We have not always met our projections in recent quarters, and we do not expect to be in compliance with the existing financial covenants during the next twelve months under our current credit agreement. In the near term, we expect we will need to raise additional capital, but there can be no assurance that additional capital will be available when needed.

    The financial statements included in our Form 10-Q for the three months ended September 30, 2024 contained a note expressing substantial doubt about our ability to continue as a going concern over the subsequent twelve months. This determination will be reevaluated at the issuance date of our Form 10-K for the fiscal year ended December 31, 2024 based on the status of the credit agreement, as potentially amended, in place at that time, our anticipated ability to satisfy covenants contained in such agreement, and other factors consistent with GAAP.

    Conference Call

    Fluent, Inc. will host a conference call on Friday, February 28, 2025, at 9:00 AM ET to discuss its 2024 fourth quarter and full-year financial results. The conference call can be accessed by phone after registering online at https://register.vevent.com/register/BI37035592191f4c689c3ed890713040ab. The call will also be webcast simultaneously on the Fluent website at https://investors.fluentco.com/. Following the completion of the earnings call, a recorded replay of the webcast will be available for those unable to participate. To listen to the telephone replay, please connect via https://edge.media-server.com/mmc/p/rudtccas. The replay will be available for one year, via the Fluent website https://investors.fluentco.com

    About Fluent, Inc.

    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit http://www.fluentco.com/.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

    The matters contained in this press release may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. Those statements include statements regarding the intent, belief or current expectations or anticipations of Fluent and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following:

    • Compliance with a significant number of governmental laws and regulations, including those regarding telemarketing, text messaging, privacy, and data; 
    • The financial impact of compliance changes to our business, including changes to our employment opportunities marketplace and programmatic advertising businesses, and whether and when our competitors will implement similar changes;
    • The outcome of litigation, regulatory investigations, or other legal proceedings in which we are involved or may become involved;
    • Failure to safeguard the personal information and other data contained in our database;
    • Unfavorable publicity and negative public perception about the digital marketing industry;
    • Failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights;
    • Unfavorable global economic conditions, including as a result of health concerns, terrorist attacks or civil unrest;
    • Dependence on our key personnel and ability to attract or retain employees;
    • Dependence on and liability related to actions of third-party service providers;
    • A decline in the supply or increase in the price of media available;
    • Ability to compete in an industry characterized by rapidly-evolving standards and internet media and advertising technology;
    • Failure to compete effectively against other online marketing and advertising companies or respond to changing user demands;
    • Competition for web traffic and dependence on third-party publishers, internet search providers and social media platforms for a significant portion of visitors to our websites;
    • Dependence on emails, text messages, and telephone calls, among other channels, to reach users for marketing purposes;
    • Credit risk from certain clients;
    • Limitations on our or our third-party publishers’ ability to collect and use data derived from user activities;
    • Ability to remain competitive with the shift to mobile applications;
    • Failure to detect click-through or other fraud on advertisements;
    • Fluctuations in fulfillment costs; 
    • Dependence on the gaming industry;
    • Failure to meet our clients’ performance metrics or changing needs; 
    • Pricing pressure by certain clients and the ability of our marketplace to respond through allocating traffic to higher paying clients;
    • Compliance with the covenants of our credit agreement in light of current business conditions, the current uncertainty of which raises substantial doubt about our ability to continue as a going concern;
    • Our likely need to raise capital to address non-compliance with covenants in our credit agreement with SLR and/or otherwise fund our operations;
    • Ability to timely enter into a fourth amendment to the credit agreement with SLR;
    • Potential limitations on the use of the revolving credit line under our credit agreement to fund operating expenses based on the amount and character of accounts receivable at any given time and our ability to meet our financial forecast;
    • Potential for failures in our internal control over financial reporting;
    • Ability to maintain listing of our securities on the Nasdaq Capital Market; and
    • Management of the growth of our operations, including international expansion and the integration of acquired business units or personnel.

    These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in our other filings with the Securities and Exchange Commission. Fluent undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

    FLUENT, INC.
    CONSOLIDATED BALANCE SHEETS
    (Amounts in thousands, except share and per share data)
    (unaudited)
     
      December 31, 2024     December 31, 2023  
    ASSETS:              
    Cash and cash equivalents $ 9,439     $ 15,804  
    Accounts receivable, net of allowance for credit losses of $487 and $231, respectively   46,532       56,531  
    Prepaid expenses and other current assets   8,729       6,071  
    Restricted cash   1,255        
    Total current assets   65,955       78,406  
    Property and equipment, net   304       591  
    Operating lease right-of-use assets   1,570       3,395  
    Intangible assets, net   21,797       26,809  
    Goodwill         1,261  
    Other non-current assets   3,991       1,405  
    Total assets $ 93,617     $ 111,867  
    LIABILITIES AND SHAREHOLDERS’ EQUITY:              
    Accounts payable $ 8,776     $ 10,954  
    Accrued expenses and other current liabilities   21,905       30,534  
    Deferred revenue   556       430  
    Current portion of long-term debt   31,609       5,000  
    Current portion of operating lease liability   1,836       2,296  
    Total current liabilities   64,682       49,214  
    Long-term debt, net   250       25,488  
    Convertible Notes, at fair value with related parties   3,720        
    Operating lease liability, net   9       1,699  
    Other non-current liabilities   1       1,062  
    Total liabilities   68,662       77,463  
    Contingencies               
    Shareholders’ equity:              
    Preferred stock — $0.0001 par value, 10,000,000 Shares authorized; Shares outstanding — 0 shares for both periods          
    Common stock — $0.0005 par value, 200,000,000 Shares authorized; Shares issued — 20,791,431 and 14,384,936, respectively; and Shares outstanding — 20,022,836 and 13,616,341, respectively   47       43  
    Treasury stock, at cost — 768,595 and 768,595 shares, respectively   (11,407 )     (11,407 )
    Additional paid-in capital   447,110       427,286  
    Accumulated deficit   (410,795 )     (381,518 )
    Total shareholders’ equity   24,955       34,404  
    Total liabilities and shareholders’ equity $ 93,617     $ 111,867  
                   

    (1) Debt classification conforms to presentation at September 30, 2024, which was based on the Company not expecting to be in compliance with certain financial covenants under its credit agreement during certain quarters in the twelve months following the issuance date of the September 30, 2024 financial statements. This classification will be reevaluated at the issuance date of the Company’s audited financial statements as of December 31, 2024 and 2023 and for fiscal years then ending.

    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Amounts in thousands, except share and per share data)
    (unaudited)
     
        Three Months Ended December 31,     Year Ended December 31,  
        2024     2023     2024     2023  
    Revenue   $ 65,407     $ 72,761     $ 254,623     $ 298,399  
    Costs and expenses:                                
    Cost of revenue (exclusive of depreciation and amortization)     51,503       51,924       193,821       219,884  
    Sales and marketing (1)     3,917       5,122       17,317       18,576  
    Product development (1)     3,600       4,390       17,281       18,454  
    General and administrative (1)     9,409       10,343       37,697       35,334  
    Depreciation and amortization     2,419       2,764       9,926       10,876  
    Goodwill and intangible assets impairment                 2,241       55,405  
    Total costs and expenses     70,848       74,543       278,283       358,529  
    Loss from operations     (5,441 )     (1,782 )     (23,660 )     (60,130 )
    Interest expense, net     (1,038 )     (784 )     (4,749 )     (3,204 )
    Fair value adjustment of Convertible Notes, with related parties     1,140             (1,670 )      
    Loss on early extinguishment of debt                 (1,009 )      
    Loss before income taxes     (5,339 )     (2,566 )     (31,088 )     (63,334 )
    Income tax (expense) benefit     1,909       667       1,811       116  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Basic and diluted loss per share:                                
    Basic   $ (0.19 )   $ (0.14 )   $ (1.80 )   $ (4.59 )
    Diluted   $ (0.19 )   $ (0.14 )   $ (1.80 )   $ (4.59 )
    Weighted average number of shares outstanding:                                
    Basic     18,352,940       13,827,339       16,259,943       13,770,356  
    Diluted     18,352,940       13,827,339       16,259,943       13,770,356  
                                     
    (1) Amounts include share-based compensation expense as follows:                                
    Sales and marketing   $ 55     $ 124     $ 218     $ 543  
    Product development     65       141       239       626  
    General and administrative     360       526       1,506       2,640  
    Total share-based compensation expense   $ 480     $ 791     $ 1,963     $ 3,809  
                                     
    FLUENT, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Amounts in thousands)
    (unaudited)
     
      Year Ended December 31,  
      2024     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES:              
    Net loss $ (29,277 )   $ (63,218 )
    Adjustments to reconcile net loss to net cash provided by operating activities:              
    Depreciation and amortization   9,926       10,876  
    Non-cash loan amortization expense   1,371       426  
    Non-cash gain on contingent consideration   (250 )      
    Non-cash loss on early extinguishment of debt   1,009        
    Share-based compensation expense   1,970       3,756  
    Fair value adjustment of Convertible Notes, with related parties   1,670        
    Goodwill impairment   1,261       55,405  
    Impairment of intangible assets   980        
    Allowance for credit losses   401       124  
    Deferred income taxes   (276 )     (145 )
    Changes in assets and liabilities, net of business acquisition:              
    Accounts receivable   9,473       6,509  
    Prepaid expenses and other current assets   (3,211 )     (2,565 )
    Other non-current assets   (51 )     325  
    Operating lease assets and liabilities, net   (325 )     (330 )
    Accounts payable   (2,178 )     4,764  
    Accrued expenses and other current liabilities   (5,878 )     (6,088 )
    Deferred revenue   313       (584 )
    Other   (1,032 )     (1,117 )
    Net cash provided by (used in) operating activities   (14,104 )     8,138  
    CASH FLOWS FROM INVESTING ACTIVITIES:              
    Business acquisition/consolidation, net of cash acquired         (1,250 )
    Capitalized costs included in intangible assets   (6,198 )     (5,838 )
    Acquisition of property and equipment   (13 )     (25 )
    Net cash used in investing activities   (6,211 )     (7,113 )
    CASH FLOWS FROM FINANCING ACTIVITIES:              
    Proceeds from issuance of long-term debt, net of debt financing costs   65,440        
    Repayments of long-term debt   (68,228 )     (10,000 )
    Debt financing costs   (1,875 )     (532 )
    Proceeds from issuance of warrants   12,627        
    Proceeds from exercise of warrants   2        
    Proceeds from Convertible Notes, with related parties   2,050        
    Proceeds from Direct Offering   5,189        
    Taxes paid related to net share settlement of vesting of restricted stock units         (236 )
    Net cash provided by (used in) financing activities   15,205       (10,768 )
    Net decrease in cash, cash equivalents, and restricted cash   (5,110 )     (9,743 )
    Cash, cash equivalents, and restricted cash at beginning of period   15,804       25,547  
    Cash, cash equivalents, and restricted cash at end of period $ 10,694     $ 15,804  
                   

    Definitions, Reconciliations and Uses of Non-GAAP Financial Measures

    The following non-GAAP measures are used in this release:

    Media margin is defined as that portion of gross profit (exclusive of depreciation and amortization) reflecting variable costs paid for media and related expenses and excluding non-media cost of revenue. Gross profit (exclusive of depreciation and amortization) represents revenue minus cost of revenue (exclusive of depreciation and amortization). Media margin is also presented as a percentage of revenue.

    Adjusted EBITDA is defined as net income (loss), excluding (1) income taxes, (2) interest expense, net, (3) depreciation and amortization, (4) share-based compensation expense, (5) loss on early extinguishment of debt, (6) accrued compensation expense for Put/Call Consideration, (7) goodwill impairment, (8) impairment of intangible assets, (9) loss (gain) on disposal of property and equipment, (10) fair value adjustment of Convertible Notes with related parties, (11) acquisition-related costs, (12) restructuring and other severance costs, and (13) certain litigation and other related costs.

    Adjusted net income is defined as net income (loss) excluding (1) Share-based compensation expense, (2) loss on early extinguishment of debt, (3) accrued compensation expense for Put/Call Consideration, (4) goodwill impairment, (5) impairment of intangible assets, (6) loss (gain) on disposal of property and equipment, (7) fair value adjustment of Convertible Notes with related parties (8) acquisition-related costs, (9) restructuring and other severance costs, and (10) certain litigation and other related costs. Adjusted net income is also presented on a per share (basic and diluted) basis.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure.

      Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except percentages) 2024     2023     2024     2023  
    Revenue $ 65,407     $ 72,761     $ 254,623     $ 298,399  
    Less: Cost of revenue (exclusive of depreciation and amortization)   51,503       51,924       193,821       219,884  
    Gross Profit (exclusive of depreciation and amortization)   13,904       20,837       60,802       78,515  
    Gross Profit (exclusive of depreciation and amortization) % of revenue   21 %     29 %     24 %     26 %
    Non-media cost of revenue (1)   2,644       3,275       11,710       12,785  
    Media margin $ 16,548     $ 24,112     $ 72,512     $ 91,300  
    Media margin % of revenue   25.3 %     33.1 %     28.5 %     30.6 %
                                   

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of media margin from gross profit (exclusive of depreciation and amortization), which we believe is the most directly comparable U.S. GAAP measure, for Commerce Media Solutions.

                                     
        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except percentages)   2024     2023     2024     2023  
    Revenue   $ 17,235     $ 7,211     $ 41,267     $ 10,745  
    Less: Cost of revenue (exclusive of depreciation and amortization)     10,501       5,921       26,988       9,895  
    Gross profit (exclusive of depreciation and amortization)   $ 6,734     $ 1,290     $ 14,279     $ 850  
    Gross profit (exclusive of depreciation and amortization) % of revenue     39 %     18 %     35 %     8 %
    Non-media cost of revenue (1)     32       43       193       62  
    Media margin   $ 6,766     $ 1,333     $ 14,472     $ 912  
    Media margin % of revenue     39.3 %     18.5 %     35.1 %     8.5 %
                                     

    (1) Represents the portion of cost of revenue (exclusive of depreciation and amortization) not attributable to variable costs paid for media and related expenses.

    Below is a reconciliation of adjusted EBITDA from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands)   2024     2023     2024     2023  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Income tax expense (benefit)     (1,909 )     (667 )     (1,811 )     (116 )
    Interest expense, net     1,038       784       4,749       3,204  
    Depreciation and amortization     2,419       2,764       9,926       10,876  
    Share-based compensation expense     480       798       1,970       3,756  
    Loss on early extinguishment of debt                 1,009        
    Goodwill impairment                 1,261       55,405  
    Impairment of intangible assets                 980        
    Fair value adjustment of Convertible Notes, with related parties     (1,140 )           1,670        
    Acquisition-related costs (1)     833       1,044       2,083       2,745  
    Restructuring and certain severance costs                 1,821       456  
    Certain litigation and other related costs           (329 )           (6,311 )
    Adjusted EBITDA   $ (1,709 )   $ 2,495     $ (5,619 )   $ 6,797  
                                     

    (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($57) and $345 for the three months ended December 31, 2024 and 2023, respectively, and $110 and $434 for the years ended December 31, 2024 and 2023, respectively.

    Below is a reconciliation of adjusted net income and the related measure of adjusted net income per share from net income (loss), which we believe is the most directly comparable U.S. GAAP measure.

        Three Months Ended December 31,     Year Ended December 31,  
    (In thousands, except share and per share data)   2024     2023     2024     2023  
    Net loss   $ (3,430 )   $ (1,899 )   $ (29,277 )   $ (63,218 )
    Share-based compensation expense     480       798       1,970       3,756  
    Loss on early extinguishment of debt                 1,009        
    Goodwill impairment                 1,261       55,405  
    Impairment of intangible assets                 980        
    Fair value adjustment of Convertible Notes, with related parties     (1,140 )           1,670        
    Acquisition-related costs (1)     833       1,044       2,083       2,745  
    Restructuring and certain severance costs                 1,821       456  
    Certain litigation and other related costs           (329 )           (6,311 )
    Adjusted net income (loss)   $ (3,257 )   $ (386 )   $ (18,483 )   $ (7,167 )
    Adjusted net income (loss) per share:                                
    Basic   $ (0.18 )   $ (0.03 )   $ (1.14 )   $ (0.52 )
    Diluted   $ (0.18 )   $ (0.03 )   $ (1.14 )   $ (0.52 )
    Adjusted weighted average number of shares outstanding:                                
    Basic     18,352,940       13,827,339       16,259,943       13,770,355  
    Diluted     18,352,940       13,827,339       16,259,943       13,770,355  
                                     

    (1) Balance includes compensation expense related to non-competition agreements and earn-out expense incurred as a result of business combinations. The earn-out expense was ($57) and $345 for the three months ended December 31, 2024 and 2023, respectively, and $110 and $434 for the years ended December 31, 2024 and 2023, respectively.

    We present media margin, adjusted EBITDA, and adjusted net income as supplemental measures of our financial and operating performance because we believe they provide useful information to investors. More specifically:

    Media margin, as defined above, is a measure of the efficiency of the Company’s operating model. We use media margin and the related measure of media margin as a percentage of revenue as primary metrics to measure the financial return on our media and related costs, specifically to measure the degree by which the revenue generated from our digital marketing services exceeds the cost to attract the consumers to whom offers are made through our services. Media margin is used extensively by our management to manage our operating performance, including evaluating operational performance against budgeted media margin and understanding the efficiency of our media and related expenditures. We also use media margin for performance evaluations and compensation decisions regarding certain personnel.

    Adjusted EBITDA, as defined above, is another primary metric by which we evaluate the operating performance of our business, on which certain operating expenditures and internal budgets are based and by which, in addition to media margin and other factors, our senior management is compensated. The first three adjustments represent the conventional definition of EBITDA, and the remaining adjustments are items recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. These adjustments include certain litigation and other related costs associated with legal matters outside the ordinary course of business. We consider items one-time in nature if they are non-recurring, infrequent or unusual and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. There were no adjustments for one-time items in the periods presented.

    Adjusted net income, as defined above, excludes certain items that are recognized and recorded under U.S. GAAP in particular periods but might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded. We believe adjusted net income affords investors a different view of the overall financial performance of the Company than adjusted EBITDA and the U.S. GAAP measure of net (loss) income.

    Media margin, adjusted EBITDA, adjusted net income, and adjusted net income per share are non-GAAP financial measures with certain limitations regarding their usefulness. They do not reflect our financial results in accordance with U.S. GAAP, as they do not include the impact of certain expenses that are reflected in our condensed consolidated statements of operations. Accordingly, these metrics are not indicative of our overall results or indicators of past or future financial performance. Further, they are not financial measures of profitability and are neither intended to be used as a proxy for the profitability of our business nor to imply profitability. The way we measure media margin, adjusted EBITDA, and adjusted net income may not be comparable to similarly titled measures presented by other companies and may not be identical to corresponding measures used in our various agreements.

    Annual Revenue Run Rate

     Annual Revenue Run Rate is an operational metric that represents the annualized revenue of the Company’s media partnerships at current monetization levels, as of the end of the reporting period. The Company calculates Annual Revenue Run Rate as follows:

    • Media partners within Commerce Media Solutions with an active contract are assessed and assigned an annual media volume estimate based on the active term of the contract and the monetization rate at the end of the reporting period. The Company considers a media partner contract to be active when the contractual term commences (the “start date”) until its right to serve the partner’s commerce traffic ends. Even if the contract with the customer is executed before the start date, the contract will not count toward Annual Revenue Run Rate until the media partner’s right to receive the benefit of the services has commenced.
    • As Annual Revenue Run Rate includes only contracts that are active at the end of the reporting period, it does not reflect assumptions or estimates regarding new business. For contracts expiring within 12 months of the period-end calculation date, Annual Revenue Run Rate does reflect expectations of renewal.
    • The Company’s Commerce Media Solutions platform provides the technology to effectively monetize the partner’s media by placing relevant ads at a contracted moment of consumer engagement. Although from inception to date, improvements in the platform’s AI-powered technology have consistently driven increased rates of monetization, for the purpose of Annual Revenue Run Rate, the Company assumes a consistent monetization level to that as measured on each media partner at the end of the reporting period.

    The way the Company measures Annual Revenue Run Rate may not be comparable to similarly titled measures presented by other companies and should not be viewed as a projection of future revenue.

    Contact Information: 
    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com

    The MIL Network

  • MIL-OSI: Oxford Square Capital Corp. Announces Net Asset Value and Selected Financial Results for the Quarter Ended December 31, 2024 and Declaration of Distributions on Common Stock for the Months Ending April 30, May 31, and June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Feb. 28, 2025 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) (the “Company,” “we,” “us” or “our”) announced today its financial results and related information for the quarter ended December 31, 2024.

    • On February 27, 2025, our Board of Directors declared the following distributions on our common stock:
    Month Ending Record Date Payment Date Amount Per Share
    April 30, 2025 April 16, 2025 April 30, 2025 $0.035
    May 31, 2025 May 16, 2025 May 30, 2025 $0.035
    June 30, 2025 June 16, 2025 June 30, 2025 $0.035
    • Net asset value (“NAV”) per share as of December 31, 2024 stood at $2.30, compared with a NAV per share on September 30, 2024 of $2.35.
    • Net investment income (“NII”) was approximately $6.0 million, or $0.09 per share, for the quarter ended December 31, 2024, compared with approximately $6.2 million, or $0.10 per share, for the quarter ended September 30, 2024.
    • Total investment income for the quarter ended December 31, 2024 amounted to approximately $10.2 million, compared with approximately $10.3 million for the quarter ended September 30, 2024.
      • For the quarter ended December 31, 2024 we recorded investment income from our portfolio as follows:
        • $5.4 million from our debt investments;
        • $4.1 million from our CLO equity investments; and
        • $0.8 million from other income.
    • Our total expenses for the quarter ended December 31, 2024 were approximately $4.2 million, which was approximately the same as the quarter ended September 30, 2024.
    • As of December 31, 2024, the following metrics applied (note that none of these metrics represented a total return to shareholders):
      • The weighted average yield of our debt investments was 15.8% at current cost, compared with 14.5% as of September 30, 2024;
      • The weighted average effective yield of our CLO equity investments at current (start of quarter for existing investments) cost was 8.8%, compared with 9.6% as of September 30, 2024; and
      • The weighted average cash distribution yield of our cash income producing CLO equity investments at current cost was 16.2%, compared with 15.3% as of September 30, 2024.
    • For the quarter ended December 31, 2024, we recorded a net increase in net assets resulting from operations of approximately $3.3 million, consisting of:
      • NII of approximately $6.0 million;
      • Net realized losses of approximately $44.8 million; and
      • Net unrealized appreciation of approximately $42.1 million.
    • During the fourth quarter of 2024, we made investments of approximately $25.1 million and received approximately $22.0 million from sales and repayments of investments.
    • Our weighted average credit rating was 2.3 based on total fair value and 2.4 based on total principal amount as of December 31, 2024, compared with a weighted average credit rating of 2.4 based on total fair value and 2.8 based on total principal amount as of September 30, 2024.
    • As of December 31, 2024, we had one debt investment in one portfolio company on non-accrual status, with a fair value of approximately $0.5 million. Also, as of December 31, 2024, our preferred equity investments in one of our portfolio companies were on non-accrual status, which had an aggregate fair value of approximately $4.6 million.
    • For the quarter ended December 31, 2024, we issued a total of approximately 1.8 million shares of common stock pursuant to an “at-the-market” offering. After deducting the sales agent’s commissions and offering expenses, this resulted in net proceeds of approximately $5.0 million. As of December 31, 2024, we had approximately 69.8 million shares of common stock outstanding.

    We will hold a conference call to discuss fourth quarter results today, Friday, February 28th, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-800-549-8228. There will be a recording available for 30 days. If you are interested in hearing the recording, please dial 1-888-660-6264. The replay pass-code number is 06523#.

    A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.oxfordsquarecapital.com.

     
    OXFORD SQUARE CAPITAL CORP.

    STATEMENTS OF ASSETS AND LIABILITIES

             
        December 31,
    2024
      December 31,
    2023
        (Unaudited)    
    ASSETS                
    Non-affiliated/non-control investments (cost: $358,356,496 and $440,069,822, respectively)   $ 256,238,759     $ 261,614,335  
    Affiliated investments (cost: $16,836,822 and $16,836,822, respectively)     4,614,100       5,276,092  
    Cash and cash equivalents     34,926,468       5,740,553  
    Interest and distributions receivable     2,724,049       3,976,408  
    Other assets     1,227,598       1,060,384  
    Total assets   $ 299,730,974     $ 277,667,772  
    LIABILITIES                
    Notes payable – 6.25% Unsecured Notes, net of deferred issuance costs of $309,812 and $543,609, respectively     44,480,938       44,247,141  
    Notes payable – 5.50% Unsecured Notes, net of deferred issuance costs of $1,381,619 and $1,768,219, respectively     79,118,381       78,731,781  
    Securities purchased, not settled     12,027,463        
    Base Fee and Net Investment Income Incentive Fee payable to affiliate     1,215,964       1,012,389  
    Accrued interest payable     1,204,487       1,204,487  
    Accrued expenses     1,018,261       1,163,349  
    Total liabilities     139,065,494       126,359,147  
                     
    NET ASSETS                
    Common stock, $0.01 par value, 100,000,000 shares authorized; 69,758,938 and 59,300,472 shares issued and outstanding, respectively     697,590       593,005  
    Capital in excess of par value     487,943,476       458,121,381  
    Total distributable earnings/(accumulated losses)     (327,975,586 )     (307,405,761 )
    Total net assets     160,665,480       151,308,625  
    Total liabilities and net assets   $ 299,730,974     $ 277,667,772  
    Net asset value per common share   $ 2.30     $ 2.55  
                 
    OXFORD SQUARE CAPITAL CORP.

    STATEMENTS OF OPERATIONS

        Year Ended
    December 31,
    2024
      Year Ended
    December 31,
    2023
      Year Ended
    December 31,
    2022
          (Unaudited)                  
    INVESTMENT INCOME                        
    From non-affiliated/non-control investments:                        
    Interest income – debt investments   $ 24,929,287     $ 33,592,166     $ 25,234,315  
    Income from securitization vehicles and investments     15,403,586       16,796,699       17,093,203  
    Other income     2,350,332       1,435,316       790,594  
    Total investment income from non-affiliated/non-control investments     42,683,205       51,824,181       43,118,112  
    Total investment income     42,683,205       51,824,181       43,118,112  
    EXPENSES                        
    Interest expense     7,847,320       10,825,877       12,354,392  
    Base Fee     4,310,484       4,613,664       5,903,986  
    Professional fees     1,537,434       1,426,098       1,393,116  
    Compensation expense     746,762       825,226       915,583  
    Director’s fees     417,500       429,500       417,500  
    Insurance expense     308,552       329,892       378,804  
    Transfer agent and custodian fees     260,330       246,562       231,241  
    Excise tax     216,528       1,423,686       252,172  
    General and administrative     597,883       638,350       583,740  
    Total expenses before incentive fees     16,242,793       20,758,855       22,430,534  
    Net Investment Income Incentive Fees           3,705,387        
    Capital gains incentive fees                  
    Total incentive fees           3,705,387        
    Total expenses     16,242,793       24,464,242       22,430,534  
    Net investment income     26,440,412       27,359,939       20,687,578  
    NET UNREALIZED APPRECIATION/(DEPRECIATION) AND REALIZED LOSSES ON INVESTMENT TRANSACTIONS                        
    Net change in unrealized appreciation/(depreciation) on investments:                        
    Non-Affiliate/non-control investments     76,337,750       6,198,413       (109,479,985 )
    Affiliated investments     (661,992 )     926,274       3,577,327  
    Total net change in unrealized appreciation/(depreciation) on investments     75,675,758       7,124,687       (105,902,658 )
    Net realized losses:                        
    Non-affiliated/non-control investments     (96,236,489 )     (17,056,245 )     (339,819 )
    Extinguishment of debt           (190,353 )      
    Total net realized losses     (96,236,489 )     (17,246,598 )     (339,819 )
    Net unrealized and realized losses     (20,560,731 )     (10,121,911 )     (106,242,477 )
    Net increase/(decrease) in net assets resulting from operations   $ 5,879,681     $ 17,238,028     $ (85,554,899 )
    Net increase in net assets resulting from net investment income per common share (Basic and Diluted):   $ 0.42     $ 0.51     $ 0.42  
    Net increase/(decrease) in net assets resulting from operations per common share (Basic and Diluted):   $ 0.09     $ 0.32     $ (1.72 )
    Weighted average shares of common stock outstanding (Basic and Diluted):     63,465,255       53,919,104       49,757,122  
     
    FINANCIAL HIGHLIGHTS
     
        Year Ended
    December 31,
    2024
      Year Ended
    December 31,
    2023
      Year Ended
    December 31,
    2022
      Year Ended
    December 31,
    2021
      Year Ended
    December 31,
    2020
        (Unaudited)                
    Per Share Data                                        
    Net asset value at beginning of year   $ 2.55     $ 2.78     $ 4.92     $ 4.55     $ 5.12  
    Net investment income(1)     0.42       0.51       0.42       0.32       0.40  
    Net realized and unrealized gains (losses)(2)     (0.33 )     (0.19 )     (2.14 )     0.47       (0.36 )
    Net change in net asset value from
    operations
        0.09       0.32       (1.72 )     0.79       0.04  
    Distributions per share from net investment income     (0.42 )     (0.54)       (0.42)       (0.42)       (0.61 )
    Distributions based on weighted average share impact           (0.01 )                  
    Tax return of capital distributions                              
    Total distributions(3)     (0.42 )     (0.55 )     (0.42 )     (0.42 )     (0.61 )
    Effect of shares issued, net of offering expenses     0.08                          
    Effect of shares issued/repurchased, gross                              
    Net asset value at end of year   $ 2.30     $ 2.55     $ 2.78     $ 4.92     $ 4.55  
    Per share market value at beginning of year   $ 2.86     $ 3.12     $ 4.08     $ 3.05     $ 5.44  
    Per share market value at end of year   $ 2.44     $ 2.86     $ 3.12     $ 4.08     $ 3.05  
    Total return based on Market Value(4)     (1.64 )%     9.34 %     (14.11 )%     47.38 %     (31.75 )%
    Total return based on Net Asset Value(5)     6.67 %     11.15 %     (34.96 )%     17.36 %     0.82 %
    Shares outstanding at end of year     69,758,938       59,300,472       49,844,796       49,690,059       49,589,607  
    Ratios/Supplemental Data(7)                                        
    Net assets at end of year (000’s)   $ 160,665     $ 151,309     $ 138,672     $ 244,595     $ 225,427  
    Average net assets (000’s)   $ 152,362     $ 149,944     $ 192,785     $ 242,589     $ 192,137 %
    Ratio of expenses to average net assets     10.66 %     16.32 %     11.64 %     8.69 %     8.45 %
    Ratio of net investment income to average net assets     17.35 %     18.25 %     10.73 %     6.64 %     10.26 %
    Portfolio turnover rate(6)     33.66 %     3.85 %     17.09 %     11.09 %     23.72 %
                                             
    (1)      Represents per share net investment income for the period, based upon weighted average shares outstanding.
    (2)      Net realized and unrealized gains include rounding adjustments to reconcile change in net asset value per share.
    (3)      Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the fiscal year.
    (4)      Total return based on market value equals the increase or decrease of ending market value over beginning market value, plus distributions, assuming distribution reinvestment prices obtained under the Company’s distribution reinvestment plan, excluding any discounts divided by the beginning market value per share.
    (5)      Total return based on net asset value equals the increase or decrease of ending net asset value over beginning net asset value, plus distributions, divided by the beginning net asset value.
    (6)      Portfolio turnover rate is calculated using the lesser of the annual investment sales and repayments of principal or annual investment purchases over the average of the total investments at fair value.
    (7)      The following table provides supplemental performance ratios measured for the years ended December 31, 2024, 2023, 2022, 2021, and 2020:
                       
        Year Ended
    December 31,
    2024
      Year Ended
    December 31,
    2023
      Year Ended
    December 31,
    2022
      Year Ended
    December 31,
    2021
    Year Ended
    December 31,
    2020
        (Unaudited)              
    Ratio of expenses to average net assets:                                      
    Expenses before incentive
    fees
      10.66 %     13.84 %     11.64 %     8.69 %     8.45 %
    Net Investment Income Incentive Fees   %     2.47 %     %     %     %
    Capital Gains Incentive
    Fees
      %     %     %     %     %
    Ratio of expenses, excluding interest expense, to average net assets   5.51 %     9.10 %     5.23 %     4.36 %     4.35 %
                                           

    About Oxford Square Capital Corp.

    Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and, to a lesser extent, debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered to be forward-looking statements. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

    Contact:
    Bruce Rubin
    203-983-5280

    The MIL Network

  • MIL-OSI United Kingdom: Council approves 2025/26 budget and sets out priorities to keep improving Manchester

    Source: City of Manchester

    Manchester City Council has today (Friday 28 February) set its budget for 2025/26 outlining its spending plans to deliver services, make lives better and improve the city.

    The allocation of the £894 million revenue budget highlights the Council’s priorities, as well as the demands on services that councils across the country are seeing.  In common with councils across the land, Manchester City Council remains under significant financial pressure as it grapples with the difficult legacy of 14 years of national Government cuts to our budgets. Manchester was one of the areas hardest hit by cuts in central Government funding and a Council Tax increase of 4.99% (2% of which is specifically earmarked to support adult social care) has been required to help balance the budget.  

    However, improved funding for 2025/26 under the new Government – which saw Manchester receive one of the biggest increases in the country – and indications that future funding will be more closely linked to challenges such as deprivation have left grounds for optimism. 

    The 2025/26 budget prioritises supporting those most in need with a significant spend on children and adults social services; helping residents out of poverty and support with the cost of living crisis; building new genuinely affordable homes and reducing homelessness; protecting and investing in Manchester’s libraries and leisure centres, investing in our 148 parks and green spaces; and investing in local neighborhoods and high streets. The council is allocating an extra £5 million to tackle fly tipping, clean up our streets and make sure the city is clean, green and tidy 

    Council Leader Cllr Bev Craig said:

    “Our top priority is making sure that everything we do works towards making our city, and the lives of our residents, better. We’re pleased to be able to set a budget which continues to work hard for the people of Manchester – not just delivering the essential functions which they expect but also investing in making lives better and improving the city. 

    “We won’t forget the difficult cuts forced on us by previous governments since 2010 that left us £460 million worse off, but despite this we are putting residents first. From investing in new libraries and leisure centres, helping thousands of Mancunians with the cost of living crisis, expanding our youth offer, building much needed council and social housing to investing in neighborhoods and high streets right across the city, we will always spend what we have in a way that helps Manchester.  

    “Clean, green, safe and well maintained neighbourhoods are the bedrock of a great city, and that’s why we are investing an extra £5million in these much-needed services to reduce litter and flytipping that blights too many communities and make sure our streets are clean and tidy.” 

    Cllr Rabnawaz Akbar, Executive Member for Finance, said:

    “It’s been a tough few years for local government finances and the impact of cuts since 2010 can’t be turned round overnight.  

    “But thanks to careful planning and taking some difficult decisions early, Manchester has withstood the buffeting and is able to bring forward positive plans for how we’ll use the spending power which we still have.” 

    Supporting the most vulnerable 

    • Providing assistance, support and protection to around 5,500 children (including 1,351 looked after children, 842 of them in foster care.) 
    • Supporting more than 3,500 vulnerable adults through care at home or residential placements, with thousands more benefitting from equipment and home adaptations to help them live independently.  
    • Supporting around 2,700 homeless households and helping others avoid becoming homeless 

    Providing good quality everyday services 

    • Carrying out 31 million waste collections a year and providing street cleaning and other environmental services.  
    • Maintaining and investing in almost 150 parks and other green spaces. 
    • Providing 23 libraries and 25 leisure centres. 
    • Maintaining almost 2,500 miles of roads and pavements. 

    Investing in the future of the city to make it an even better place to live 

    • Major regeneration schemes are progressing across the city – from the transformation of Wythenshawe Civic Centre in the south to the enormous opportunities being opened up in North Manchester through initiatives such as Victoria North and Holt Town.  
    • In the past year 600 new council, social and genuinely affordable homes were completed with another 1,500 on site and a further 1,450 with planning permission in the pipeline. 

    Continuing to lend a helping hand to people struggling with the cost-of-living while tackling the underlying causes of poverty.  

    • Last year alone we spent £42m on measures to tackle poverty and support Mancunians with the cost of living. 

    MIL OSI United Kingdom

  • MIL-Evening Report: Albanese’s pitch on beer – temporary freeze on excise indexation

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

    The Albanese government will temporarily freeze the indexation on draught beer excise, in what it describes as a win for drinkers, brewers and businesses.

    The freeze is for two years and starts from the next due indexation date in August. Indexation changes are made twice a year, with the most recent one in February.

    The government says the cost to the budget would be $95 million over four years from 2025-26.

    The Australian Hotels Association had previously called for a freeze on the excise for drinks sold in pubs, clubs, bars, and restaurants.

    In a statement, the government said the move would “take pressure off the price of a beer poured in pubs, clubs and other venues, supporting businesses, regional tourism and customers”.

    Last week it announced relief for Australian distillers, brewers and wine producers.

    At present brewers and distillers get a full remission of any excise paid up to $350,000 each year. The government said it would increase the cap to $400,000 for all eligible alcohol manufacturers and also increase the Wine Equalisation Tax producer rebate cap to $400,000 from July 1 next year. That was estimated to decrease tax receipts by $70 million over five years from 2024-25.

    Prime Minister Anthony Albanese described the temporary excise indexation freeze as “a commonsense measure”.

    Treasurer Jim Chalmers said, “This is a modest change but will help take a little bit of pressure off beer drinkers, brewers and bars”.

    The AHA recently labelled the excise a “hidden” tax, saying it put pressure on the cost of living. It said Australia’s beer tax was the third highest in the OECD.

    The industry and Chalmers had a skirmish over the recent indexation increase. Chalmers said it would equal less than one cent a pint, and warned outlets not to “rip off” or mislead consumers.

    Chalmers wrote to the Australian Consumer and Competition Commission asking it to monitor outlets in February to make sure they “do not take undue advantage” of the rise to “mislead” customers about the impact.

    The federal government introduced the beer excise in 1988, with the tax linked to inflation. The AHA said in September that the recent jump in inflation meant the beer excise rose 8% over the previous six months.

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

    ref. Albanese’s pitch on beer – temporary freeze on excise indexation – https://theconversation.com/albaneses-pitch-on-beer-temporary-freeze-on-excise-indexation-250898

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI NGOs: ‘Warriors for Justice’: On anniversary of Castle Bravo nuclear test, Greenpeace calls for justice and reparations from United States

    Source: Greenpeace Statement –

    SYDNEY/MAJURO, MARSHALL ISLANDS, Saturday 1 March 2025 — 71 years since the most powerful nuclear weapons tests ever conducted were unleashed across the Marshall Islands by the United States, Greenpeace calls for the US government to comply with Marshallese demands for nuclear justice.

    On 1 March 1954, the Castle Bravo nuclear bomb was detonated on Bikini Atoll — an explosion 1,000 times more powerful than the Hiroshima bomb. 150 kilometers on Rongelap Atoll, radioactive fallout rained down with children mistaking it for snow. 

    Today, communities continue to endure the physical, economic, and cultural fallout of the nuclear tests — compensation from the US has fallen far short of expectations for the Marshallese people, who are yet to receive an apology, and the accelerating impacts of the climate crisis threatens further displacement of communities.

    Shiva Gounden, Head of Pacific at Greenpeace Australia Pacific, said: “The Marshall Islands bears the deepest scars of a dark legacy — nuclear contamination, forced displacement, and premeditated human experimentation at the hands of the U.S. government. To this day, its people continue to grapple with this injustice, all while standing on the frontlines of the climate crisis — facing yet another wave of displacement and devastation for a catastrophe they did not create

    “But the Marshallese people and their government are not just survivors — they are warriors for justice, among the most powerful voices demanding bold action, accountability, and reparations on the global stage. Those who have inflicted unimaginable harm on the Marshallese must be held to account and made to pay for the devastation they caused. Greenpeace stands unwaveringly beside Marshallese communities in their fight for justice. Jimwe im Maron.”

    Greenpeace flagship vessel the Rainbow Warrior III will arrive in the Marshall Islands in early March to reaffirm its solidarity with the Marshallese people. A scientific mission led by Greenpeace will undertake much-needed independent research across the country, to support the National Nuclear Commission and Marshallese government in their ongoing legal proceedings with the US and at the UN. 

    The trip also marks 40 years since Greenpeace’s iconic Rainbow Warrior I evacuated the people of Rongelap after toxic nuclear fallout rendered their ancestral lands uninhabitable. The ship was bombed months later in Auckland harbour.

    Ariana Tibon Kilma, Chairperson at Marshall Islands National Nuclear Commission, said: “The immediate effects of the Bravo bomb on March 1 were harrowing. Hours after exposure, many people fell ill — skin peeling off, burning sensation in their eyes, their stomachs were churning in pain. Mothers watched as their children’s hair fell to the ground and blisters devoured their bodies overnight.”

    “Without their consent, the United States government enrolled them as ‘test subjects’ in a top secret medical study on the effects of radiation on human beings — a study that continued for 40 years. Today on Remembrance Day the trauma of Bravo continues for the remaining survivors and their descendents — this is a legacy not only of suffering, loss, and frustration, but also of strength, unity, and unwavering commitment to justice, truth and accountability.”

    Members of the Greenpeace Australia Pacific team will be on board the Rainbow Warrior, expected to arrive in Majuro, Marshall Islands on March 11.

    —ENDS—

    Archival footage and images from the evacuation that Greenpeace conducted in 1985 is available here

    Archival footage and images from the US nuclear weapons testing collected here 

    For more information or to arrange an interview, please contact Kate O’Callaghan on +61 406 231 892 or [email protected] 

    MIL OSI NGO

  • MIL-OSI: Banco Santander Chile Announces the Filing of Its Annual Report on Form 20-F With the United States Securities and Exchange Commission for Fiscal Year 2024

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Feb. 28, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (“Santander Chile” or the “Company”) (NYSE: BSAC; SSE: Bsantander) announced today that its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the “2024 Annual Report”) has been filed with the U.S. Securities and Exchange Commission (the “SEC”).

    The 2024 Annual Report can be accessed either by visiting the SEC’s website at www.sec.gov or Santander Chile’s corporate website at www.santander.cl. In addition, shareholders may receive a hard copy of the 2024 Annual Report, which includes the Company’s complete audited financial statements, free of charge by requesting a copy from Santander Chile’s Investor Relations Office at + 56 2 26483583 or by email at: irelations@santander.cl.

    CONTACT INFORMATION
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    (562) 26483583
    Email: irelations@santander.cl
    Website: www.santander.cl

    The MIL Network

  • MIL-OSI USA: Governor Newsom partners with 21 Brazilian state governors to protect the environment, cut harmful pollution

    Source: US State of California 2

    Feb 27, 2025

    SACRAMENTO – California and a consortium of 21 Brazilian states are partnering together to combat pollution and foster sustainable economic growth. 

    Governor Gavin Newsom and Governor Renato Casagrande of the Brazilian state of Espírito Santo signed a Memorandum of Understanding (MOU) today that establishes a four-year partnership between California and the Brazilian consortium of states leading on environmental protections, Consórcio Brasil Verde (CBV).

    Together with these 21 Brazilian states, California is committed to advancing a bold, collaborative action plan that tackles pollution, protects public health and safety, and creates good-paying jobs.

    Governor Gavin Newsom

    This collaboration encompasses clean air, transportation and energy; adaptation; forest management; and more. The full text of the MOU is available here. R20 Regions of Climate Action – an organization founded by former Governor Arnold Schwarzenegger to support subnational climate work – played a key role in supporting this MOU.

    “This is a historic opportunity to join efforts and share knowledge between Brazilian states and California, which is a reference in combating climate change,” said Governor Renato Casagrande. “The partnership not only reaffirms our commitment to sustainability but also highlights the importance of active participation from everyone in building solutions that benefit our planet.”

    How we got here: California met its 2020 climate target six years ahead of schedule thanks to world-leading climate policies and partnerships across the U.S. and around the world, created to share best practices and support cooperation on climate work.

    • Last year, Governor Newsom welcomed a new international partnership with South Korea’s Gyeonggi Province to collaborate on climate and economic efforts. Also last year, Governor Newsom welcomed delegations from Sweden and Norway and signed renewed climate partnerships with the two governments.
    • In 2023, Governor Newsom led a California delegation to China, where California signed five MOUs – with China’s National Development and Reform Commission, the provinces of Guangdong and Jiangsu, and the municipalities of Beijing, and Shanghai. The trip also resulted in a first-of-its-kind declaration by China and California to cooperate on climate action like aggressively cutting greenhouse gas emissions, transitioning away from fossil fuels, and developing clean energy.
    • Also in 2023, California signed a MOU with the Chinese province of Hainan, as well as with Australia.
    • In 2022, California signed Memorandums of Cooperation with Canada, New Zealand and Japan, as well as Memorandums of Understanding with China and the Netherlands, to tackle the climate crisis. The Governor also joined with Washington, Oregon, and British Columbia to recommit the region to climate action.

    Press Releases, Recent News

    Recent news

    News SACRAMENTO – Governor Gavin Newsom today announced multiple clemency actions. He granted pardons in three cases. He also sent multiple clemency cases to the Board of Parole Hearings, initiating the process for granting clemency in fifteen cases. He also sent two…

    News What you need to know: Governor Newsom today released a new economic vision for California’s future with a bold plan, realized locally. The unveiling comes alongside the announcement of more than $245 million in investments to help support workers statewide,…

    News What you need to know: Governor Newsom today issued a statement in response to the Trump administration’s announcement that it had released more than $315 million of obligated money to create new water storage at the future Sites Reservoir and at the existing San…

    MIL OSI USA News

  • MIL-OSI United Nations: 28 February 2025 Donors making a difference: community engagement to promote, provide and protect the health and well-being of all

    Source: World Health Organisation

    WHO defines community engagement as “a process of developing relationships that enable stakeholders to work together to address health-related issues and promote well-being to achieve positive health impact and outcomes”.

    WHO’s partners and donors support the Organization to work in this area as there are undeniable benefits to engaging communities in promoting health and well-being. At its core, community engagement enables changes in behaviour, environments, policies, programmes and practices within communities.

    Below are some country stories that demonstrate the breadth of community engagement work that WHO conducts, resulting in more positive health outcomes for the people in these communities than before.

    Uganda trains district health workers on community-based approach to Ebola

    Uganda trains Community Health workers from Kole, Mukono and Wakiso districts on community-based approach to Ebola. Photo by: WHO/Sadat Kamugisha 

    Uganda’s Ministry of Health conducted a training on Ebola disease detection and management for Community Health Workers representatives from Kole, Wakiso, and Mukono districts. Participants focused on multi-sectoral action to safeguard communities from emerging zoonotic diseases with pandemic potential such as Ebola.

    Communities play an integral role in raising awareness, supporting case identification, tracing contacts, and maintaining essential health services. The emphasis on collaboration with local leaders, volunteers, and health workers is vital for effective responses to public health emergencies. Building on lessons learned from past health crises, Uganda has already made substantial advancements in emergency preparedness.

    The three-day event was supported by WHO, and the UK Public Health Rapid Support Team (UK-PHRST), which is a UK aid project funded by the Department of Health and Social care. The community protection approach is a central component of WHO’s new Health emergency prevention, preparedness, response, and resilience framework.

    Visit the WHO/Uganda web page to read the full story.

    Community engagement for access to health services in Lao PDR

    CONNECT team members discuss community health priorities in Khammouane Province, Lao PDR. Photo by: WHO/Enric Catala

    Developed by the Lao Ministry of Health and Ministry of Home Affairs in response to COVID-19 with the support of WHO and partners, the CONNECT initiative enhances local governance and community engagement for equitable access to public services, particularly health.

    Supported by USAID, the Australian Government and Luxembourg, as of July 2024, CONNECT reached over 230 villages across 10 provinces (including Vientiane Capital) and support already in-place for expansion to all provinces.

    An external evaluation of implementation in 12 villages found an increase in essential service uptake for maternal health and improved attitudes towards using primary care; increased trust in health providers; increased sense of ownership of health at community level; and increased vaccination uptake and confidence, especially among ethnic groups and previously unreached communities.

    Visit the WHO/WPRO web page to read the full story.

    Côte d’Ivoire community radios boost public awareness on mpox outbreak

    Community radios, pillar of the fight against mpox. Photo by: WHO/Toiherou De Marfere Sidibe

    A network of community radio stations, known as Radio Santé, comprises 350 stations in West African, with over half based in Côte d’Ivoire. Launched in 2020 during the COVID-19 pandemic with major support from WHO, Radio Santé has become a preferred channel for disseminating reliable, verified health information. It brings together nearly 1000 journalists and communications specialists.

    Radio Santé is an interactive and accessible tool for mobilizing communities around health issues, throughout Côte d’Ivoire and across borders. Health authorities use Radio Santé to counter rumours and misinformation, and to strengthen community engagement, which is crucial to curbing the spread of diseases such as mpox.

    After WHO declared mpox as a public health emergency of international concern in August 2024, Radio Santé devoted its health talk show to mpox. 185 Ivorian community radio stations have since broadcasted messages on mpox. Over 50 programmes have been produced and broadcast in eight countries: Benin, Burkina Faso, Chad, Guinea, Mali, Niger, Senegal and Togo.

    Visit the WHO/Côte d’Ivoire web page to read the full story.

    Bolivia strengthens social participation in health for indigenous population

    Indigenous organizations are clear about their requests. They want free and equitable access to health care, an improved indigenous health network, incorporation of traditional medicine, and the consideration of the indigenous population’s culture, customs, and practices. Photo by: WHO/PAHO

    The Ministry of Health and Sports of Bolivia is engaging indigenous populations in community participation processes, creating space for them to discuss health topics, share concerns, and contribute to a health improvement plan.

    The meaningful inclusion and engagement of indigenous populations in health policy planning, taking into account the social determinants of health, is critical to ensure context-specific interventions, uptake of guidance and services, and positive health outcomes for all.

    PAHO/WHO, through the Universal Health Coverage Partnership, has supported the Ministry of Health and Sports of Bolivia in this endeavour since 2021. The UHC Partnership operates in over 125 countries, representing over 3 billion people. It is supported and funded by Belgium, Canada, the European Union, France, Germany, Ireland, Luxembourg, Japan, the United Kingdom of Great Britain and Northern Ireland, and WHO

    Visit the PAHO/AMRO web page to read the full story.

    Weaving hope in Honduras: the community wisdom that saves lives

    Maternal health in Honduras Hermelinda shares her experience. Photo by: WHO/Honduras

    In Honduras, high rates of maternal and neonatal mortality are often the result of multiple factors, including socioeconomic barriers, lack of access to adequate healthcare services, gaps in education and awareness about maternal and child health, and cultural differences.

    Hermelinda Hernández, who is familiar with the local practices and beliefs of her community and also recognizes the value of professional medical interventions, participated in the “Knowledge Dialogues Methodology” workshop organized by the Honduran Ministry of Health with the support of PAHO/WHO and funded by Global Affairs Canada.

    The workshop aimed to promote mutual understanding between midwives and healthcare providers to reach agreements that improve the health of women, and adolescent girls in situations of vulnerability within the community.

    Visit the PAHO/AMRO web page to read the full story.

    Grassroots heroes in Cambodia

    Mrs Say Sa with her Baby in Cambodia’s Principal of Health Centre Kok Chuk. Photo by: Aforative media

    In Cambodia, village chiefs stepped up to create a healthier future for their communities. In villages across 25 provinces, 2000 village chiefs and nearly 5400 village health support groups received trainings, organised by the Ministry of Heath with support from WHO and the EU.

    This equipped the chiefs with knowledge and skills necessary to control transmission of COVID-19, influenza, and other respiratory diseases, and collaborate with authorities more closely on health issues facing their communities.

    The chiefs then shared their newfound knowledge during community dialogues, which then transformed how community members adopted healthier practices. Empowered with accurate information, communities embraced protective measures during times of high COVID-19 transmission.

    Visit the WHO/WPRO web page to read the full story, and more on EU’s support to WHO in ASEAN region.

    Bolstering public awareness to help curb mpox spread in Uganda

    Dr Kenneth Kabali, WHO Field Coordinator for Busoga Sub-region sensitizes the community on mpox in Mayuge district, Eastern Uganda. Photo by: WHO/Abdu Mutwalibu Seguya

    Uganda witnessed an upsurge in mpox cases, with laboratory-confirmed cases increasing from 24 as of 21 September to 413 as of 7 November 2024. Health authorities, with support from WHO and partners, worked closely with communities to raise awareness about the dangers of the disease and how to stay safe, and address misinformation and stigma.

    The risk communication and community engagement team reached more than 100 fishmongers, fisherfolk, boda boda (motorbike taxi) riders, 8000 school children and 30 sex workers. In addition, 500 teachers in the district have been oriented on mpox.

    WHO is also using mass media to expand the reach of mpox response communication. With funding from USAID, WHO has contracted 10 regional radio stations and 2 national TV stations to raise awareness and promote preventative behaviour.

    Visit the WHO/AFRO web page to read the full story.

    Combating measles: a comprehensive community-centred approach in Ethiopia

    Combating measles, a comprehensive community-centred approach in Ethiopia. Photo by: WHO/Hassen Ali

    In the districts of Sidama, Central, and South Ethiopia, access to healthcare is often challenging, exacerbated by various health emergencies. A community-led initiative made remarkable progress in combating measles, malaria, and malnutrition through collaborative efforts between local health facilities, community health workers, and government agencies.

    The initiative received significant financial support from the European Civil Protection and Humanitarian Aid Operations (ECHO) bolstering community-based intervention efforts.

    By leveraging collaboration between healthcare facilities, community health workers, and local communities, this initiative represents a beacon of hope in improving healthcare access and outcomes in regions of Ethiopia.

    Visit the WHO/Ethiopia web page to read the full story.

    WHO races to contain malaria resurgence in southeastern Iran

    Malaria resurgence in Iran. Photo by: WHO/Iran

    A race against time is underway in southeastern Iran, where the resurgence of malaria threatens to undo years of progress. The dramatic rise in cases has been attributed to the devastating floods in neighbouring Pakistan in September 2022 which led to an expansion of malaria breeding sites.

    WHO, with crucial support from the Government of Japan, is on the ground in Sistan and Baluchestan Province, battling this public health emergency and working to protect vulnerable communities. Japan’s generous contribution provided 4902 mosquito dome tents offering families protection from infected mosquitos, 50 000 malaria rapid diagnostic tests enabling health care workers to quickly identify and treat infected individuals, and 1655 kg of insecticides, deployed to contain mosquito populations at their source. The combined resources are estimated to benefit 77 400 people in the province.

    In December 2024, a WHO mission observed a proactive approach to malaria control demonstrated by local health workers as they conducted house-to-house screenings, distributed mosquito nets and educated communities on how to use them.

    Visit the WHO/Iran web page to read the full story.

    Mali: screening for malnutrition in affected children to avoid complications

    Screening for malnutrition in affected children to avoid complications, Mali. Photo by: WHO/Razzack Saizonou

    Malnutrition among children is one of the main health problems that the affected populations of Ségou had to face after severe floods hit Mali between July and October 2024. Having lost everything including their food reserves and their means of subsistence, people found themselves in a very precarious situation.

    Among the more than 370,000 people affected by these floods, children, who represent 45% of the affected population, are particularly vulnerable. To enable access to health care, WHO, with thanks to the Central Emergency Response Fund, supported the deployment of mobile clinics on relocation sites.

    In the Ségou region, three sites were set up and equipped with medical tents. Medical staff go there five times a month. Between July and October 2024, nearly 700 children suffering from malnutrition were identified in the three health districts of the Ségou region.

    Visit the WHO/Mali web page to read the full story in French.

    Effective community engagement saving lives in Tanzania during cholera outbreak

    Abdul Zachari, a young man is washing his hands. Photo by: WHO/Clemence Eliah

    The recurrence of Cholera outbreaks has been a threat to many lives in the United Republic of Tanzania for decades now. In mid-2024, situation reports from the Ministry of Health indicated that, the outbreak have been reported in 19 regions of Tanzania Mainland. Thanks to flexible funding available for responding to outbreaks such as this, WHO has been able to support the Government’s efforts to control cholera outbreaks. Risk Communications and Community Engagement (RCCE) Experts worked on the ground delivering an intensive community sensitization in over 92 households and 32 villages . The joint and community-based action plan against Cholera outbreak was built jointly, this way enhancing 54 community members and local authorities from the affected wards and districts. The community engagement strategies adopted generate local solutions tailored to control and prevent further transmissions in these areas. In addition, WHO applied behavioral science approaches to guide tailored interventions to community protection and resilience – and as a result, enhancing many lives in Tanzania.

    Visit the WHO/Tanzania web page to read the full story.

    * * * *

    Read more about the WHO’s community engagement work.

    The donors and partners acknowledged in this story are (in alphabetical order) Australia, Belgium, Canada, the European Union (ECHO), France, Germany, Ireland, Luxembourg, Japan, the United Kingdom of Great Britain and Northern Ireland, United Nations Central Emergency Response Fund, and the USA Agency for International Development.

    WHO’s work is made possible through all contributions of our Member States and partners. WHO thanks all donor countries, governments, organizations and individuals who are contributing to the Organization’s work, with special appreciation for those who provide fully flexible contributions to maintain a strong, independent WHO.

    MIL OSI United Nations News

  • MIL-OSI United Nations: 28 February 2025 News release Recommendations announced for influenza vaccine composition for the 2025-2026 northern hemisphere influenza season

    Source: World Health Organisation

    The World Health Organization (WHO) today announced the recommendations for the viral composition of influenza vaccines for the 2025-2026 influenza season in the northern hemisphere. The announcement was made at an information session at the end of a 4-day meeting on the Composition of Influenza Virus Vaccines, a meeting that is held twice annually. 

    WHO organizes these consultations with an advisory group of experts gathered from WHO Collaborating Centres and WHO Essential Regulatory Laboratories to analyse influenza virus surveillance data generated by the WHO Global Influenza Surveillance and Response System (GISRS). The recommendations issued are used by the national vaccine regulatory agencies and pharmaceutical companies to develop, produce, and license influenza vaccines for the following influenza season. 

    The periodic update of viruses contained in influenza vaccines is necessary for the vaccines to be effective due to the constant evolving nature of influenza viruses, including those circulating and infecting humans.

    The WHO recommends that trivalent vaccines for use in the 2025-2026 northern hemisphere influenza season contain the following: 

    Egg-based vaccines

    • an A/Victoria/4897/2022 (H1N1)pdm09-like virus;
    • an A/Croatia/10136RV/2023 (H3N2)-like virus; and
    • a B/Austria/1359417/2021 (B/Victoria lineage)-like virus.

    Cell culture-, recombinant protein- or nucleic acid-based vaccines

    • an A/Wisconsin/67/2022 (H1N1)pdm09-like virus;
    • an A/District of Columbia/27/2023 (H3N2)-like virus; and
    • a B/Austria/1359417/2021 (B/Victoria lineage)-like virus. 

    The recommendation for the B/Yamagata lineage component of quadrivalent influenza vaccines remains unchanged from previous recommendations:

    • a B/Phuket/3073/2013 (B/Yamagata lineage)-like virus.

    MIL OSI United Nations News

  • MIL-OSI: TeraWulf Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Announced strategic expansion into AI-driven HPC hosting with long-term data center leases expected to generate $1 billion in cumulative revenue over initial 10-year contract terms

    Annual revenue and non-GAAP adjusted EBITDA increase 102% and 89% year-over-year, respectively

    Expanded self-mining operating capacity by 94% year-over-year to 9.7 EH/s as compared to 5.0 EH/s in 2023

    Strengthened the Balance Sheet with cash and bitcoin holdings of $275 million as of December 31, 2024

    Proactively repaid legacy term loan debt ahead of schedule and financed HPC hosting growth with new 2.75% convertible notes issuance due 2030

    Authorized $200 million share repurchase program and executed over $150 million of repurchases equivalent to over 24 million shares of Common Stock to date

    EASTON, Md., Feb. 28, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates vertically integrated, next-generation digital infrastructure primarily powered by zero-carbon energy, today announced its financial results for the fourth quarter and full year ended December 31, 2024.

    Management Commentary

    “In 2024, TeraWulf achieved significant financial and operational milestones, further solidifying our leadership in sustainable digital infrastructure,” said Paul Prager, Chief Executive Officer of TeraWulf. “We expanded our self-mining capacity to 9.7 EH/s, secured long-term data center lease agreements with a credit-worthy counterparty that are expected to generate significant recurring revenue, providing a stable foundation for long-term growth, and enhanced our financial flexibility through strategic asset monetization and capital raises. As the scarcity of digital infrastructure intensifies, we believe we are exceptionally well-positioned to scale our high-performance compute (HPC) hosting and colocation services by 100-150 MW annually.”

    Patrick Fleury, Chief Financial Officer, added, “Our disciplined financial management was reflected in our $500 million oversubscribed convertible debt offering, which strengthened our liquidity and funded our initial expansion into HPC hosting. The $85 million sale of our 25% equity interest in Nautilus allowed us to monetize an asset with a declining value at peak pricing and reinvest in Lake Mariner’s HPC hosting capabilities. Demonstrating confidence in our long-term growth, we also strategically repurchased over $150 million in shares in late 2024 and early 2025 while maintaining a strong liquidity position.”

    Paul Prager concluded, “Looking ahead, our focus is on executing the 72.5 MW of HPC hosting capacity set for delivery in 2025. With strong demand for AI-driven compute infrastructure, we see a significant opportunity to leverage our low-cost, predominantly zero-carbon energy infrastructure platform to meet this growing need. TeraWulf sits at the convergence of bitcoin mining and HPC hosting, reinforcing our role as a leader in next-generation digital infrastructure.”

    Full Year 2024 Operational and Financial Highlights

    Key financial and operational highlights for the fiscal year ended December 31, 2024 include:

    • Revenue increased 102% to $140.1 million in 2024, as compared to $69.2 million in fiscal 2023, driven by increased bitcoin production and higher average realized bitcoin prices during the period.
    • Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million in 2024, as compared to $27.3 million in fiscal 2023, driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, a near doubling of network difficulty and the impacts of the bitcoin halving in April 2024, and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.
    • Non-GAAP adjusted EBITDA increased by $28.5 million to $60.4 million in 2024, as compared to $31.9 million in fiscal 2023.
    • Reported cash and cash equivalents of $274.1 million as of December 31, 2024, as compared to $54.4 million at fiscal year-end 2023.
    • The Company’s legacy term loan debt was eliminated in 2024, as compared to $139.4 million at fiscal year-end 2023, significantly improving strategic and financial flexibility.

    Expansion into HPC Hosting

    In 2024, TeraWulf expanded into the rapidly growing digital infrastructure market with a focus on AI and HPC hosting, backed by long-term customer agreements.

    A pivotal milestone in this expansion was achieved on December 23, 2024, when TeraWulf signed long-term data center lease agreements with Core42, securing 72.5 MW of hosting capacity at Lake Mariner for GPU cloud compute workloads. These lease agreements are expected to commence at various dates in 2025 and include an option to expand by an additional 135 MW.

    To support this diversification of its business, the Company has upgraded its digital infrastructure at Lake Mariner, incorporating advanced liquid cooling systems and Tier 3 redundancy to optimize high-density compute workloads. This cutting-edge infrastructure further strengthens TeraWulf’s ability to attract hyperscale and enterprise customers.

    Fiscal Year 2024 Financial Results

    Revenue for the year ended December 31, 2024 increased 102% to $140.1 million compared to $69.2 million in fiscal 2023. The increase in revenue is primarily attributable to a 129% increase in the average price of bitcoin year-over-year. The Company increased its mining capacity at Lake Mariner to 195 MW as of December 31, 2024, as compared to 110 MW as of December 31, 2023. Despite industry-wide headwinds from the April 2024 halving and network hashrate increases, TeraWulf maintained strong mining margins, leveraging its low-cost, predominantly zero-carbon infrastructure.

    Cost of revenue, exclusive of depreciation, increased 129% to $62.6 million compared to $27.3 million in fiscal 2023. These increases were driven by increased bitcoin mining capacity due to infrastructure constructed and placed in service during 2024, the impacts of the bitcoin halving in April 2024 and, to a lesser extent, an increase in realized power prices during 2024 as compared to 2023.

    Non-GAAP adjusted EBITDA for the year ended December 31, 2024 was $60.4 million, as compared to $31.9 million for the year ended December 31, 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company held $274.5 million in cash and cash equivalents and bitcoin on its balance sheet. As of the same period, the Company had outstanding indebtedness of approximately $500 million related to the 2.75% convertible senior notes due 2030. As of February 26, 2025, TeraWulf had 383,137,722 common shares outstanding.

    Investor Conference Call and Webcast

    As previously announced, TeraWulf will host its fourth quarter and full year 2024 earnings call and business update for investors today, Friday, February 28, 2025, commencing at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time). Prepared remarks will be followed by a question-and-answer session with management.

    The conference call will be broadcast live and will be available for replay via “Events & Presentations” under the “Investors” section of the Company’s website at https://investors.terawulf.com/events-and-presentations/.

    About TeraWulf

    TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for bitcoin mining and hosting HPC workloads. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through bitcoin mining, leveraging predominantly zero-carbon energy sources, including hydroelectric and nuclear power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) our ability to attract additional customers to lease our HPC data centers; (3) our ability to perform under our existing data center lease agreements (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

    Non-GAAP Measures

    We have not provided reconciliations of preliminary and projected Adjusted EBITDA to the most comparable GAAP measure of net income/(loss). Providing net income/(loss) is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items that are included in net income/(loss), including but not limited to asset impairments and income tax valuation adjustments. Reconciliations of this non-GAAP measure with the most comparable GAAP measure for historical periods is indicative of the reconciliations that will be prepared upon completion of the periods covered by the non-GAAP guidance. Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call presentations on our website at www.terawulf.com/investors for our GAAP results and the reconciliations of these measures, where used, to the comparable GAAP measures.

    Investors:
    Investors@terawulf.com 

    Media:
    media@terawulf.com 

    CONSOLIDATED BALANCE SHEETS
    AS OF December 31, 2024 AND 2023
    (In thousands, except number of shares, per share amounts and par value)

      December 31, 2024   December 31, 2023
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 274,065     $ 54,439  
    Digital currency   476       1,801  
    Prepaid expenses   2,493       4,540  
    Other receivables   3,799       1,001  
    Other current assets   598       806  
    Total current assets   281,431       62,587  
    Equity in net assets of investee         98,613  
    Property, plant and equipment, net   411,869       205,284  
    Operating lease right-of-use asset   85,898       10,943  
    Finance lease right-of-use asset   7,285        
    Other assets   1,028       679  
    TOTAL ASSETS   787,511       378,106  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    CURRENT LIABILITIES:      
    Accounts payable   24,382       15,169  
    Accrued construction liabilities   16,520       1,526  
    Accrued compensation   4,552       4,413  
    Other accrued liabilities   4,973       4,766  
    Share based liabilities due to related party         2,500  
    Other amounts due to related parties   1,391       972  
    Current portion of operating lease liability   25       48  
    Current portion of finance lease liability   2        
    Insurance premium financing payable         1,803  
    Current portion of long-term debt         123,465  
    Total current liabilities   51,845       154,662  
    Operating lease liability, net of current portion   3,427       899  
    Finance lease liability, net of current portion   292        
    Long-term debt         56  
    Convertible notes   487,502        
    TOTAL LIABILITIES   543,066       155,617  
           
    Commitments and Contingencies (See Note 12)      
           
    STOCKHOLDERS’ EQUITY:      
    Preferred stock, $0.001 par value, 100,000,000 authorized at December 31, 2024 and 2023; 9,566 shares issued and outstanding at December 31, 2024 and 2023; aggregate liquidation preference of $12,609 and $11,423 at December 31, 2024 and 2023, respectively.   9,273       9,273  
    Common stock, $0.001 par value, 600,000,000 and 400,000,000 authorized at December 31, 2024 and 2023, respectively; 404,223,028 and 276,733,329 issued and outstanding at December 31, 2024 and 2023, respectively.   404       277  
    Additional paid-in capital   685,261       472,834  
    Treasury Stock at cost, 18,568,750 and 0 at December 31, 2024 and 2023, respectively   (118,217 )      
    Accumulated deficit   (332,276 )     (259,895 )
    Total stockholders’ equity   244,445       222,489  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 787,511     $ 378,106  
     

    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands, except number of shares and loss per common share)

      Year Ended December 31,
        2024       2023       2022  
    Revenue $ 140,051     $ 69,229     $ 15,033  
               
    Costs and expenses:          
    Cost of revenue (exclusive of depreciation shown below)   62,608       27,315       11,083  
    Operating expenses   3,387       2,116       2,038  
    Operating expenses — related party   4,262       2,773       1,248  
    Selling, general and administrative expenses   57,883       23,693       22,770  
    Selling, general and administrative expenses — related party   12,695       13,325       13,280  
    Depreciation   59,808       28,350       6,667  
    Gain on fair value of digital currency, net   (2,200 )            
    Realized gain on sale of digital currency         (3,174 )     (569 )
    Impairment of digital currency         3,043       1,457  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209        
    Loss on nonmonetary miner exchange               804  
    Total costs and expenses   216,267       98,650       58,778  
               
    Operating loss   (76,216 )     (29,421 )     (43,745 )
    Interest expense   (19,794 )     (34,812 )     (24,679 )
    Loss on extinguishment of debt   (6,300 )           (2,054 )
    Other income   3,927       231        
    Loss before income tax and equity in net income (loss) of investee   (98,383 )     (64,002 )     (70,478 )
    Income tax benefit               256  
    Equity in net income (loss) of investee, net of tax   3,363       (9,290 )     (15,712 )
    Gain on sale of equity interest in investee   22,602              
    Loss from continuing operations   (72,418 )     (73,292 )     (85,934 )
    Loss from discontinued operations, net of tax         (129 )     (4,857 )
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
               
    Loss per common share:          
    Continuing operations $ (0.21 )   $ (0.35 )   $ (0.78 )
    Discontinued operations               (0.04 )
    Basic and diluted $ (0.21 )   $ (0.35 )   $ (0.82 )
               
    Weighted average common shares outstanding:          
    Basic and diluted   351,315,476       209,956,392       110,638,792  
     

    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEAR ENDED December 31, 2024, 2023 AND 2022
    (In thousands)

      Year Ended December 31,
        2024       2023       2022  
    CASH FLOWS FROM OPERATING ACTIVITIES:          
    Net loss $ (72,418 )   $ (73,421 )   $ (90,791 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
    Amortization of debt issuance costs, commitment fees and accretion of debt discount   11,382       19,515       11,676  
    Related party expense to be settled with respect to common stock         2,917       2,083  
    Common stock issued for interest expense         26       82  
    Stock-based compensation expense   30,927       5,859       1,568  
    Depreciation   59,808       28,350       6,667  
    Amortization of right-of-use asset   1,373       1,001       303  
    Revenue recognized from digital currency mining and hosting services   (139,278 )     (63,877 )     (10,810 )
    Gain on fair value of digital currency, net   (2,200 )            
    Realized gain on sale of digital currency         (3,174 )     (569 )
    Impairment of digital currency         3,043       1,457  
    Proceeds from sale of digital currency   97,559       83,902       9,739  
    Digital currency paid as consideration for services   370              
    Loss on disposals of property, plant, and equipment, net   17,824       1,209        
    Loss on nonmonetary miner exchange               804  
    Loss on extinguishment of debt   6,300             2,054  
    Deferred income tax benefit               (256 )
    Equity in net loss of investee, net of tax   (3,363 )     9,290       15,712  
    Gain on sale of equity interest in investee   (22,602 )            
    Loss from discontinued operations, net of tax         129       4,857  
    Changes in operating assets and liabilities:          
    Decrease (increase) in prepaid expenses   2,047       555       (3,601 )
    Decrease in amounts due from related parties               815  
    Increase in other receivables   (2,774 )     (1,001 )      
    Decrease (increase) in other current assets   288       (215 )     (46 )
    (Increase) decrease in other assets   (466 )     310       (994 )
    Increase (decrease) increase in accounts payable   740       (7,272 )     10,197  
    Increase (decrease) in accrued compensation and other accrued liabilities   694       (931 )     5,916  
    Increase (decrease) increase in other amounts due to related parties   480       (2,013 )     700  
    (Decrease) increase in operating lease liability   (11,113 )     (42 )     175  
    Net cash (used in) provided by operating activities from continuing operations   (24,422 )     4,160       (32,262 )
    Net cash (used in) provided by operating activities from discontinued operations         103       (1,804 )
    Net cash (used in) provided by operating activities   (24,422 )     4,263       (34,066 )
               
    CASH FLOWS FROM INVESTING ACTIVITIES:          
    Investments in joint venture, including direct payments made on behalf of joint venture         (2,845 )     (46,172 )
    Reimbursable payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner               (11,741 )
    Reimbursement of payments for deposits on plant and equipment made on behalf of a joint venture or joint venture partner               11,716  
    Proceeds from sale of equity interest in investee   86,086              
    Purchase of and deposits on plant and equipment   (267,940 )     (75,168 )     (61,116 )
    Proceeds from sales of property, plant and equipment   23,324              
    Proceeds from sale of net assets held for sale               13,266  
    Proceeds from sale of digital currency   67,371              
    Net cash used in investing activities   (91,159 )     (78,013 )     (94,047 )
               
    CASH FLOWS FROM FINANCING ACTIVITIES:          
    Proceeds from issuance of long-term debt, net of issuance costs paid of $0, $0 and $38               22,462  
    Principal payments on long-term debt   (139,401 )     (6,599 )      
    Payments of prepayment fees associated with early extinguishment of long-term debt   (1,261 )            
    Principal payments on finance lease   (941 )            
    Proceeds from insurance premium and property, plant and equipment financing   211       2,513       7,041  
    Principal payments on insurance premium and property, plant and equipment financing   (2,103 )     (2,738 )     (4,924 )
    Proceeds from issuance of promissory notes to stockholders               3,416  
    Proceeds from issuance of common stock, net of issuance costs paid of $663, $1,051 and $142   188,715       135,917       47,326  
    Proceeds from exercise of warrants   4,808       2,500       5,700  
    Purchase of capped call   (60,000 )            
    Purchase of treasury stock   (118,217 )            
    Payments of tax withholding related to net share settlements of stock-based compensation awards   (23,654 )     (2,013 )      
    Proceeds from issuance of preferred stock               9,566  
    Proceeds from issuance of convertible notes, net of issuance costs paid of $12,950, $0, and $0   487,050              
    Proceeds from issuance of convertible promissory note         1,250       14,700  
    Principal payments on convertible promissory note               (15,306 )
    Payment of contingent value rights liability related to proceeds from sale of net assets held for sale         (10,964 )      
    Net cash provided by financing activities   335,207       119,866       89,981  
               
    Net change in cash, cash equivalents and restricted cash   219,626       46,116       (38,132 )
    Cash, cash equivalents and restricted cash at beginning of year   54,439       8,323       46,455  
    Cash, cash equivalents and restricted cash at end of year $ 274,065     $ 54,439     $ 8,323  
               
    Cash paid during the year for:          
    Interest $ 6,957     $ 19,572     $ 13,989  
    Income taxes $     $     $  
                           

    Non-GAAP Measure

    The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States (“U.S. GAAP”). The Company defines non-GAAP “Adjusted EBITDA” as net loss adjusted for: (i) impacts of interest, taxes, depreciation and amortization; (ii) stock-based compensation expense, amortization of right-of-use asset and related party expense to be settled with respect to common stock, all of which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) one-time, non-recurring transaction-based compensation expense related to the 2030 Convertible Notes (iv) equity in net income (loss) of investee, net of tax, related to Nautilus and the gain on sale of interest in Nautilus; (v) other income which is related to interest income or income for which management believes is not reflective of the Company’s ongoing operating activities; (vi) loss on extinguishment of debt and net losses on disposals of property, plant and equipment, net, which are not reflective of the Company’s general business performance and (vii) losses from discontinued operations, net of tax, which is not be applicable to the Company’s future business activities. The Company’s Adjusted EBITDA also includes the impact of distributions from investee received in bitcoin related to a return on the Nautilus investment, which management believes, in conjunction with excluding the impact of equity in net income (loss) of investee, net of tax, is reflective of assets available for the Company’s use in its ongoing operations as a result of its investment in Nautilus.

    Management believes that providing this non-GAAP financial measure allows for meaningful comparisons between the Company’s core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management’s internal use of non-GAAP Adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company’s bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, directors and consultants. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company’s bitcoin related revenue.

    The Company’s Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in the Company’s industry, as other companies in the Company’s industry may calculate non-GAAP financial results differently. The Company’s Adjusted EBITDA is not a measurement of financial performance under U.S. GAAP and should not be considered as an alternative to operating loss or any other measure of performance derived in accordance with U.S. GAAP. Although management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by U.S. GAAP financial results. Accordingly, Adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company’s consolidated financial statements, which have been prepared in accordance with U.S. GAAP.

    The following table is a reconciliation of the Company’s non-GAAP Adjusted EBITDA to its most directly comparable U.S. GAAP measure (i.e., net loss) for the periods indicated (in thousands):

      Year Ended December 31,
        2024       2023  
    Net loss $ (72,418 )   $ (73,421 )
    Adjustments to reconcile net loss to non-GAAP Adjusted EBITDA:      
    Loss from discontinued operations, net of tax         129  
    Gain on sale of equity interest in investee   (22,602 )      
    Equity in net (income) loss of investee, net of tax, related to Nautilus   (3,363 )     9,290  
    Distributions from investee, related to Nautilus   22,776       21,949  
    Income tax benefit          
    Other income   (3,927 )     (231 )
    Loss on extinguishment of debt   6,300        
    Interest expense   19,794       34,812  
    Loss on disposals of property, plant, and equipment, net   17,824       1,209  
    Depreciation   59,808       28,350  
    Amortization of right-of-use asset   1,373       1,001  
    Stock-based compensation expense   30,927       5,859  
    Transaction-based compensation expense   3,885        
    Related party expense to be settled with respect to common stock         2,917  
    Non-GAAP adjusted EBITDA $ 60,377     $ 31,864  

    The MIL Network

  • MIL-OSI USA: Cyclone Flurry in the Southern Hemisphere

    Source: NASA

    Two different oceans were crowded with tropical cyclones in late February 2025. In the South Pacific, three storms were active at one point—an occurrence that is rare but not unheard of. Simultaneously, a trio of cyclones roiled in the neighboring Indian Ocean.
    Five tropical cyclones are visible in this false-color image, acquired on February 26 by the VIIRS (Visible Infrared Imaging Radiometer Suite) sensor on the NOAA-20 satellite. The image depicts infrared signals known as brightness temperature, which are useful for distinguishing cooler cloud structures (white and purple) from the warmer surface below (yellow and orange). The day before this image was acquired, a sixth storm, Tropical Cyclone Rae, was weakening east of the area shown here after bringing heavy rain to Fiji.
    Cyclones Alfred and Seru lurked alongside Rae in the South Pacific. Seru lingered offshore of Australia, reaching Category 1 strength on the Saffir-Simpson wind scale for a short time. Alfred was also forecast to stay offshore, according to the Australian Bureau of Meteorology, but was expected to bring hazardous coastal conditions to southern Queensland. The storm was at Category 2 strength on the day of this image but would intensify to Category 4 on February 27.
    Off Western Australia, Tropical Cyclone Bianca was on the tail end of its journey, having weakened to tropical storm status on February 26. The previous day, it had intensified to Category 3 but stayed far enough from land that mainland Australia and island communities were not expected to feel its effects.
    Bianca’s Indian Ocean cohabitants, Honde and Garance, posed more hazards to land. The island nation of Mauritius, east of Madagascar, shut down its airport on February 26 as Garance approached, according to news reports. The storm would strengthen from Category 2 that day to Category 3 the next, with wind speeds of 190 kilometers (120 miles) per hour. Meanwhile, Honde skirted south of Madagascar as a Category 1 storm. Heavy rain, strong winds, and storm surge were forecast for central and southern Madagascar, Mauritius, and Réunion island.
    Meteorologists noted that warm sea surface temperatures and weak wind shear conditions may have contributed to the proliferation of storms. A marine heat wave has lingered off of Western Australia since September 2024, and anomalously high sea surface temperatures warmed in the area in late February 2025. For the South Pacific, the Australian Bureau of Meteorology had predicted a higher-than-average likelihood of severe tropical cyclones this season due to expected warm ocean temperatures. Tropical cyclone season generally runs from November through April in the Southern Hemisphere.
    NASA Earth Observatory image by Michala Garrison, using MODIS and VIIRS data from NASA EOSDIS LANCE and GIBS/Worldview and the Joint Polar Satellite System (JPSS). Story by Lindsey Doermann.

    MIL OSI USA News

  • MIL-OSI: SIMPPLE Ltd. Announces Transition of Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Feb. 28, 2025 (GLOBE NEWSWIRE) — SIMPPLE Ltd. (NASDAQ: SPPL) (“SIMPPLE” or “the Company”), a leading technology provider and innovator in the facilities management (FM) sector, today announced that Mr. Sovik Bromha has tendered his resignation as Chief Financial Officer (“CFO”) of the Company to pursue other business opportunities, effective April 14, 2025. Mr. Gary Goh has been appointed as SIMPPLE CFO, effective January 22, 2025, succeeding Sovik Bromha. Gary will oversee SIMPPLE’s financial operations, enterprise-wide optimization, and capital allocation activities, and will play a meaningful leadership role in guiding the Company’s strategy to support its long-term growth objectives and enhance shareholder value.  

    Mr. Goh is a finance and accounting industry leader in Singapore, with over 15 years of audit and assurance, accounting and financial advisory experience serving a wide range of industries, including technology, retail, maritime, construction and manufacturing sectors. Mr. Goh founded a public accounting firm, GYSG Group, in 2014 that provides professional services including audit and assurance, accounting, tax advisory-compliance, corporate secretarial, and corporate advisory services. On that note, GYSG had provided financial advisory and corporate secretarial services to SIMPPLE in 2022. Prior to that, he spent four years at KPMG as an Engagement Manager, where he contributed to audit and assurance projects for multi-national corporations, listed companies, and government-linked companies. Gary had graduated with a Bachelor of Mechanical Engineering from the National University of Singapore in 2008 and Bachelor of Applied Accounting from Oxford Brookes University in 2009. Aside from being a Chartered Accountant, he is also a Chartered Valuer and Appraiser (CVA), ISCA Financial Forensic Accounting, and Public Accountant.

    In compliance with SEC and NASDAQ regulations, SIMPPLE has updated its governance framework, finance controls, and processes to maintain compliance with respect to engagements with GYSG.

    “We are confident that Gary’s wealth of financial knowledge and keen sense of business and industry understanding will strengthen our Company’s financial operations and business strategies. Sovik and Gary will work closely together to ensure a smooth transition as we continue to build on the momentum we have already established in late-2024,” said SIMPPLE chief executive officer Norman Schroeder.

    “I am excited to be part of this fast-growing journey at SIMPPLE. SIMPPLE is a great company on a meaningful mission, to revolutionize facilities management operations through advanced technologies. I am aligned with SIMPPLE’s leadership team and will continue to build on the good work the Company has achieved to enhance shareholder value.” Gary said.

    Chairman of the Board and Executive Director, Kelvin Lee, added “All of us at SIMPPLE thank Sovik for his contribution as CFO. With Gary onboard, I am confident we are able to align our overall cost structure and setting SIMPPLE up for profitable growth.”

    About SIMPPLE LTD.

    Headquartered in Singapore, SIMPPLE LTD. is an advanced technology solution provider in the emerging PropTech space, focused on helping facilities owners and managers manage facilities autonomously. Founded in 2016, the Company has a strong foothold in the Singapore facilities management market, serving over 60 clients in both the public and private sectors and extending out of Singapore into Australia and the Middle East. The Company has developed its proprietary SIMPPLE Ecosystem, to create an automated workforce management tool for building maintenance, surveillance and cleaning comprised of a mix of software and hardware solutions such as robotics (both cleaning and security) and Internet-of-Things (“IoT”) devices. 

    For more information on SIMPPLE, please visit: https://www.simpple.ai/

    Safe Harbor Statement

    This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.

    Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

    For investor and media queries, please contact:

    SIMPPLE LTD.
    Investor Relations Department
    Email: ir@simpple.ai

    Visit the Investor Relation Website: https://www.investor.simpple.ai/

    Skyline Corporate Communications Group, LLC
    Scott Powell, President
    1177 Avenue of the Americas, 5th Floor
    New York, NY 10036
    Tel: (646) 893-5835
    Email: info@skylineccg.com 

    The MIL Network

  • MIL-OSI United Kingdom: New traffic calming measures to be introduced

    Source: Scotland – City of Perth

    The measures, devised in conjunction with community representatives and local Elected Members, aim to reduce vehicle speeds within each village and deter unnecessary commercial traffic along certain routes.

    The work will be completed in phases, starting with the installation of ramps across the main roads at the entrances to the villages of Abernyte, Balbeggie, Burrelton/Woodside, Guildtown, and Meigle.

    This work is scheduled to take place throughout March, ahead of the new road’s opening.

    The Council will monitor vehicle speeds and consult with each community before deciding on the installation of additional ramps or speed cushions within the villages.

    In addition, the 20mph speed limits in the centres of Burrelton, Coupar Angus, Meigle, and Scone will be extended to cover all residential streets, aligning with other communities in the area.

    Further measures will include the installation of Puffin crossings and electronic vehicle-activated signs in communities currently lacking these safety features. The Council will continue to assess and prioritise future road safety projects in consultation with local elected members and community councils.

    Councillor Eric Drysdale, Convener of Perth and Kinross Council’s Economy and Infrastructure Committee said: “The opening of Destiny Bridge and New Kingsway will make a huge difference to traffic flow and reduce journey times but will lead to a rise in traffic in some areas.

    “We are committed to ensuring the safety and well-being of our residents. These traffic calming measures are essential to manage the expected increase in traffic and to maintain the quality of life in our villages.

    “We will work closely with the communities to monitor the effectiveness of these measures and make any necessary adjustments.”

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Coming up next week at the London Assembly W/C 3 March

    Source: Mayor of London

    PUBLIC MEETINGS
      
    Tuesday 4 March
     
    Q&A with the Deputy Mayor for Environment and Energy
    Environment Committee
    – Chamber, City Hall, Kamal Chunchie Way, 10am

    The London Assembly Environment Committee will meet with the Deputy Mayor for Environment and Energy for a question and answer session, exploring the progress made in achieving the Mayor’s manifesto priorities, as well as wider progress on areas in the London Environmental Strategy and London’s 2030 net zero target.

    Other topics will include noise pollution, airport expansion, the proposed new green roots fund, and swimmable rivers.

    The guests are:

    • Mete Coban MBE, Deputy Mayor of London for Environment and Energy
    • Megan Life, Assistant Director for Environment and Energy, Greater London Authority (GLA)
    • Pete Daw, Head of Climate Change, GLA

    MEDIA CONTACT: Tony Smith on 07763 251727 / [email protected] 
     
    Wednesday 5 March
     
    End-of-life Care in London
    Health Committee – Chamber, City Hall, Kamal Chunchie Way, 10am

    The London Assembly Health Committee will ask guests about the state of end-of-life care provision in London, with a particular focus on end-of-life care for elderly people.

    The guests are:

    Panel 1: 10am – 11.25am

    •    Dr Katherine Buxton, Clinical Director for Palliative and End-of-Life Care Network, NHS England, London
    •    Dr Lyndsey Williams, General Practitioner and Clinical Lead for End-of-Life Care, North West London Integrated Care Board
    •    Sarah Scobie, Deputy Director of Research, Nuffield Trust

    Panel 2: 11.30am – 1pm

    • Becca Trower, Joint CEO and Clinical Director, St Raphael’s Hospice
    • Ruth Driscoll, Associate Director for Policy & Public Affairs, Marie Curie
    • Dr Armita Jamali, Consultant in Palliative Medicine, The Royal Marsden and Royal Brompton Hospitals
    • Dr Libby Sallnow, Associate Professor, Head of Marie Curie Palliative Care Research Department, University College London

    MEDIA CONTACT: Alison Bell on 07887 832918 / [email protected]  
     

    MIL OSI United Kingdom

  • MIL-OSI Russia: A year in RIM: at SPbGASU, estimators discussed the results of work on the resource-index method

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Victoria Vinogradova, Alexander Grimitlin, Valery Uskov, Evgeny Enokaev, Maxim Shibnev, Alexey Belousov, Oleg Razgulyaev, Pavel Goryachkin

    For the second time, SPbGASU held a conference on the application of the resource-index method (RIM) for pricing the estimated cost of construction for government procurement projects.

    RIM is a new method for determining the estimated cost of construction. It involves the use of estimate standards – a list of resources required to carry out the work and their quantity, but without base prices. The cost of each resource is determined in current prices directly at the time of drawing up the estimate. Since the first quarter of 2024, 85 regions of the country have switched to RIM. Let us recall that a year ago, the Consortium of the Construction Industry of the Northwestern Federal District (includes the construction committees of St. Petersburg and the Leningrad Region, the SRO Association “Association of Builders of St. Petersburg”, SPbGASU, NP “Association of Manufacturers of Building Materials”), the IOO “Union of Estimating Engineers” and the National Association of Surveyors and Designers (NOPRIZ) held the first conference on the use of RIM. Then the professional community discussed the expected effectiveness of the innovation and the problems in construction processes associated with it. This year, the organizers of the conference summed up some of the work.

    “A year ago, the obligation to switch to RIM was an event that took many by surprise. Today, we intend to discuss ways to facilitate and increase the reliability of the work of estimators,” emphasized Oleg Razgulyaev, Vice President of the Association of Construction Materials Manufacturers, moderator of the conference.

    Alexey Belousov, General Director of the Saint Petersburg Builders Association and Coordinator of the Northwestern Federal District Construction Industry Consortium, noted that today prices for construction materials are quite volatile, which requires better work with them, so the conference is of great importance. “RIM allows for more efficient work in the current conditions. In addition, the government has legislatively allowed for price adjustments during construction in the range of up to 30 percent. This is serious support for the industry,” he said.

    Digital aspects

    Alexander Grimitlin

    Vice President of NOPRIZ Alexander Grimitlin recalled that in light of geopolitical events, unprecedented pressure caused certain concerns, since many foreign software products were supplied from unfriendly countries. Risks arose that could have led to tragic consequences, but became less unpleasant and certainly not catastrophic.

    “Until 2022, about 600 software products were used in 49 areas of the domestic construction industry, after the well-known events, almost half left the Russian market. But our activities have not undergone significant transformation. Since the beginning of this year, NOPRIZ has launched a program to stimulate software developers, to increase their own product, including with the help of government measures, because this task is not easy due to the financial situation of the developers themselves. If large companies are able to provide for themselves, then it is more difficult for small ones – they cannot organize the development of the new product they need.

    In addition, I consider the assistance in training personnel within the framework of the TIM championships of SPbGASU to be significant. They also include costing, which is very useful for participants, since at the very beginning of their professional activity it gives them skills in working in the automated calculation system.

    The digital modeling method is very important in science. It allows achieving greater efficiency and solving problems in an unconventional way. The introduction of calculation programs and price instability create serious difficulties for the industry, but you can’t choose your time. Therefore, it is necessary to continue to engage in qualified cost estimates,” says Alexander Grimitlin.

    In the process of implementation

    Deputy Chairman of the Committee for Construction of St. Petersburg Evgeny Uskov noted that his department began analyzing the necessary data and issuing the relevant documentation practically from the moment the decree on the transition to RIM was signed.

    “In 2024, 118 social facilities were built, 37 of which were financed from the city budget and 81 from investors. We managed to obtain permission using the new calculation method for two facilities. For 2025-2027, design survey work is planned for 124 facilities, of which two projects using RIM are undergoing examination and technical specifications have been developed for 19. In 2025, it is planned to commission 112 social facilities, 42 of which are financed from the city budget. A large amount of funding is planned for the development of design documentation. Since December 1, 2024, documentation has been submitted electronically in the information system of the Ministry of Construction of Russia. Digital technologies allow for more efficient and effective management of construction processes. RIM is considered a tool with a number of advantages, including increasing the accuracy and reliability of cost determination. The transition to it is gradual, but accompanied by difficulties,” recalled Evgeny Uskov.

    Among the difficulties, he named the low filling of the Federal State Information System of Pricing in Construction (FSISPC), the decrease in the final cost of construction projects, the lack of standard pilot projects in RIM and the experience of specialists. Many questions also arise regarding the procedure for developing estimates, in particular, the procedure for drawing up estimate documentation and the procedure for determining the cost of resources, the increase in the volume of the estimate itself, the form of which is cumbersome and inconvenient for analyzing interim results. A market analysis of transportation prices and the calculation of the time and cost of delivery is necessary.

    Strategy of the Leningrad Region

    First Deputy Chairman of the Leningrad Region Construction Committee Evgeny Enokaev recalled that, in accordance with the strategy for the development of the regional construction industry, the task of improving the pricing system has been implemented since 2016.

    “The Leningrad Region switched to RIM a little earlier than St. Petersburg – in 2023, due to which we have more facilities built and under construction using the new calculation method. In 2024, 125 positive conclusions were issued using RIM. One facility – the Prosthetics Center in Vsevolozhsk – has already been built, another one – a clinic in Kirovsk – is at the implementation stage.

    We expected an increase in the reliability of cost estimates. Were they more reliable? It is difficult to say yet. But, in any case, the introduction of such innovations is associated with the need to improve them at the implementation stages, so RIM continues to develop: the Ministry of Construction of Russia is working to improve regulatory documents, involving the regions. Issues on improving software are being discussed.

    Our committee interacts with construction organizations and understands the problems of the industry well. For example, there is a discrepancy in the cost of resources in remote areas of the region. We cannot make decisions at the local level based on situations that are contrary to the regulatory documents of the federal government, but we actively participate in the discussion of the pricing system. Thus, in early February, a round table was held in the Federal Assembly with the participation of the Ministry of Construction and representatives of the regions. We made proposals that were included in the recommendations for development and implementation for the relevant ministries,” said Evgeny Enokaev.

    He noted that one of the key elements influencing the formation of a single price and index database in the FGISTSS is the monitoring center, a subordinate body of the executive power of the subjects. In the Leningrad Region, the tasks of monitoring the filling of the FGISTSS, quarterly monitoring of resource prices, and annual calculation of the wages of a first-category worker are assigned to the pricing department in construction. According to him, over the past five years, the growth of industry wages has amounted to about 100 percent. However, today the standard wage is significantly underestimated relative to the actual one. It is expected that this year it will amount to 63,500 rubles and will exceed the figures for the previous year by 38 percent. The next area is providing data for calculating indices based on the current cost of resources in accordance with the nomenclature. Over the past five years, the volume of the nomenclature has increased by 85 percent, and indices are already being issued based on the results of this data.

    “The FGISTS database remains low in volume; it has not been possible to increase its volume to 50 percent in five years. In the first quarter of this year, only 34 percent of 800 legal entities engaged in construction activities in the Leningrad Region submitted data. In our opinion, business entities do not have a strong motivation to provide prices for their products. We also made a proposal to strengthen this motivation in the Federation Council. The Ministry of Construction is considering various proposals to increase the database, including a possible expansion of the list of legal entities in the construction community that provide information for the formation of estimated prices. Self-regulatory organizations may be involved in this. The creation of an aggregated resource based on the Unified Information System for collecting prices in automatic mode is also being considered, on the basis of which data on price offers formed based on the results of procurement procedures, that is, from electronic trading platforms, will be collected,” said Evgeny Enokaev.

    In his opinion, in the conditions of price volatility, the discussed tasks for improving the pricing system may go beyond the RIM. For example, the introduction of a correct calculation of average industry salaries in the construction sector. In early February, the state announced that the methodology for calculating them would be revised, which is now quite strictly regulated so that the region cannot increase salaries, even if it considers it necessary. In addition, the development of a comprehensive forecast index-deflator by types of objects is being discussed, since the current procedure for determining the initial maximum contract price is based on the conditions of a fixed contract price taking into account the forecast inflation of the Ministry of Economic Development of Russia, and there is no mechanism for recalculating prices in the conditions of outstripping inflation. It turns out that the current procedure for determining prices in the terms of the contract does not allow contractors to compensate for the resulting difference. The development of a mechanism for automatic indexation of contract prices is also being discussed, that is, the introduction of a mechanism that provides for the possibility of adjusting the contract price in the event of a deviation of actual inflation from the forecast. Optimization of the processes of compensation of expenses not taken into account in the consolidated estimate calculation, which reasonably arose during the implementation of the contract, is also being discussed. For specific decisions, a long way needs to be made, summarized Evgeny Enokaev.

    Using RIM is cheaper and more reliable

    Pavel Goryachkin

    It is too early to draw conclusions, but there are some observations, and the main one shows that most government procurement projects using RIM are cheaper, and the calculations are more reliable, emphasized Pavel Goryachkin, President of the International Public Organization “Union of Estimating Engineers”, Director of the Department of Pricing and Expert-Analytical Work of the Association of Builders of Russia. He emphasized that it is most correct to tie salary calculation not to the first category, but to the actual statistics of accrual of the minimum wage in the region and industry, taking into account the indexation coefficient. For example, in the Leningrad Region, the average minimum accrued salary for October 2024 was 93 thousand rubles, in St. Petersburg – 90 thousand rubles.

    “The filling of the FGISTSS is not the main task. Over the year, the live price indicator in it for the Leningrad Region and St. Petersburg has doubled. A year ago, at this conference, we talked about about 647 resources with live prices, today there are 1,200–1,300 of them. The situation is the same in other regions. Considering that there are 64–67 thousand resources in the industry, we will be doubling their number with live prices for more than a decade. Therefore, when drawing up estimates in the absence of a live price, we take the 2022 price and multiply it by the index. But an estimate that is too voluminous and requires a lot of analytical work is a problem,” says Pavel Goryachkin.

    He also spoke in detail about the problems of settlements for work performed under the RIM estimate and the changes introduced this year.

    With the right approach, the job will become easier

    Maxim Shibnev, Director of Development at Inter Group of Companies, expressed confidence that with a skillful approach and the ability to use digital tools, it is possible to significantly facilitate the work of estimators, including estimators.

    “There is no shortage of software developers now, but there is a crisis in understanding the subject area, that is, in what a specific specialist who will use the software really needs. For example, it is needed by a designer who must correctly allocate resources. Correctly allocated resources are the basis for correctly allocated production, construction management, material quality assessment, and logistics. During construction, there is a lot of different documentation, and the information system operates with this metadata. Currently, titanic efforts are being made at the state level to collect a large amount of metadata. They are accumulating, but it is not yet clear how they will be used. If automation tools are installed on the basis of this metadata, including estimated cost, then it is possible to significantly facilitate work with routine tasks, while leaving creative expert work to specialists,” said Maxim Shibnev.

    He recalled that currently departments of one enterprise cannot exchange information in the information system due to the lack of uniform requirements and classification, a uniform approach. If the same object in the system is called differently, then nothing can be done automatically, especially if you work separately from designers and testing laboratories. Estimators are now starting to enter the digital circuit, but there are still subcontractors without the appropriate competencies.

    “As long as there are gaps in the overall information system, bureaucracy, expenses, and dissatisfaction with technology will multiply. Now, together with the Digitalization and Robotization of the Construction Industry consortium, we are developing an approach for a single bus of interaction between participants in the construction process, which will be based on the regulatory requirements of SMART standards, developed by the Codex consortium. In addition, colleagues from JSC IndigoSoft CT have their own developments in the Project Technical Committee (PTC) 711 “Smart (SMART) Standards”, which can become a link in this interaction bus. It is necessary to ensure universal circulation, exchange and processing of data, manage knowledge, simplify and reduce the cost of access to automation systems. Without comprehensive solutions, it is difficult for individual companies to solve this problem,” said Maxim Shibnev.

    Successful automation requires quality data

    Vitaly Shchukin, General Director for Development of JSC IndigoSoft CT, believes that RIM is a great idea, it combines the need for material and supplier prices. If this is combined, automation will occur.

    “Our company has invested a lot of resources to automate various processes, including interaction with suppliers. But this does not work, because high-quality data is needed. How can a neural network help an estimator? To quickly select a product with an up-to-date price. Correctly built automation is the basis for training a neural network. The task of automation is to organize data. But there is no single standardization methodology yet, and this is a problem that companies are trying to cope with as best they can: they create working catalogs, describing materials at their own discretion. In this regard, they cannot interact with the market, where these products are described differently,” explained Vitaly Shchukin.

    Problems in product descriptions include incomplete names, missing characteristics, spelling and punctuation errors, noted Vitaly Teplov, product manager at IndigoSoft CT.

    “We offer a standard – a unique record according to a template with a set of pricing characteristics. This allows you to get a specific product at current prices in automatic mode by pressing one button, save time on checks and form a high-quality library of materials. It turns out to be an ideal life cycle: the designer adds this standard at the beginning of the design, the estimator selects what is needed, and the buyer knows exactly what he needs to purchase. The catalog is constantly updated,” Vitaly Teplov said.

    Nikolay Samopal, Deputy General Director for Development at ZAO WizardSOFT, used specific examples to talk about options for automating the receipt of a statement and an estimate based on it, and passing a state examination.

    SPbGASU is ready to provide the necessary personnel

    Victoria Vinogradova

    Vice-Rector of SPbGASU for Continuing Education Victoria Vinogradova noted that the mass transition to RIM is complicated by changes in the regulatory framework, the need to use information modeling and obtain additional professional competencies.

    “Our university trains personnel capable of solving issues related to pricing in the construction industry. The university development program for 2023-2032 meets the specified vectors. It includes, among other things, an ecosystem approach to the implementation of educational activities, digital transformation of curricula, the formation of digital and professional competencies of graduates, an individual educational trajectory, and a flexible learning system. 108 basic educational programs are being implemented in 14 large groups of specialties and areas of training. They have state accreditation, most of them also have professional and public accreditation. Most curricula include the discipline “Estimating in Construction,” the vice-rector said.

    According to Victoria Vinogradova, more than 70 percent of graduates find employment in the industry, and the university aims to eliminate the gap between the requirements of educational programs and the needs of the labor market. The expert council at the educational and methodological council of SPbGASU, which includes both graduates and representatives of the real sector of the economy, helps with this. The vice-rector named the practice of targeted training, project-based training, and the implementation of corporate and network programs, within the framework of which the educational organization combines its resources with the employer, as a good way to interact with employers.

    “We work within the framework of the concept of continuous education, where the industrial partner is considered as the customer, and the educational organization is considered as the performer. Moreover, this is possible already at the initial stages – in career guidance work in schools and colleges. As part of continuous education and taking into account the digital transformation, we are implementing a number of projects related to information modeling technologies. In 13 schools in St. Petersburg and one school in Yekaterinburg, we are implementing TIM classes, holding a TIM elective for colleges. We attract industrial partners to work with students as part of the TIM championship.

    A unique story – complex TIM diploma projects. Students of different specialties, including estimators, jointly complete a diploma project. In addition, the university is conducting scientific research on the formation of a methodology for determining the estimated cost, taking into account the use of digital information models.

    Today, any specialist understands that in the course of their professional activity they need to acquire additional competencies. Therefore, we implement additional education. In the field of economics and management, we currently have six additional retraining programs and several advanced training programs. Among the latter is a program that examines RIM issues.

    I would like to thank all the conference participants. I am sure that our discussion will significantly help in resolving issues related to the transition to this method,” concluded Victoria Vinogradova.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News