NewzIntel.com

Category: Australia

  • MIL-Evening Report: Is AI making us stupider? Maybe, according to one of the world’s biggest AI companies

    Source: The Conversation (Au and NZ) – By Deborah Brown, Professor in Philosophy, Director of the University of Queensland Critical Thinking Project, The University of Queensland

    Nadia Piet + AIxDESIGN & Archival Images of AI/Better Images of AI, CC BY-SA

    There is only so much thinking most of us can do in our heads. Try dividing 16,951 by 67 without reaching for a pen and paper. Or a calculator. Try doing the weekly shopping without a list on the back of last week’s receipt. Or on your phone.

    By relying on these devices to help make our lives easier, are we making ourselves smarter or dumber? Have we traded efficiency gains for inching ever closer to idiocy as a species?

    This question is especially important to consider with regard to generative artificial intelligence (AI) technology such as ChatGPT, an AI chatbot owned by tech company OpenAI, which at the time of writing is used by 300 million people each week.

    According to a recent paper by a team of researchers from Microsoft and Carnegie Mellon University in the United States, the answer might be yes. But there’s more to the story.

    Thinking well

    The researchers assessed how users perceive the effect of generative AI on their own critical thinking.

    Generally speaking, critical thinking has to do with thinking well.

    One way we do this is by judging our own thinking processes against established norms and methods of good reasoning. These norms include values such as precision, clarity, accuracy, breadth, depth, relevance, significance and cogency of arguments.

    Other factors that can affect quality of thinking include the influence of our existing world views, cognitive biases, and reliance on incomplete or inaccurate mental models.

    The authors of the recent study adopt a definition of critical thinking developed by American educational psychologist Benjamin Bloom and colleagues in 1956. It’s not really a definition at all. Rather it’s a hierarchical way to categorise cognitive skills, including recall of information, comprehension, application, analysis, synthesis and evaluation.

    The authors state they prefer this categorisation, also known as a “taxonomy”, because it’s simple and easy to apply. However, since it was devised it has fallen out of favour and has been discredited by Robert Marzano and indeed by Bloom himself.

    In particular, it assumes there is a hierarchy of cognitive skills in which so-called “higher-order” skills are built upon “lower-order” skills. This does not hold on logical or evidence-based grounds. For example, evaluation, usually seen as a culminating or higher-order process, can be the beginning of inquiry or very easy to perform in some contexts. It is more the context than the cognition that determines the sophistication of thinking.

    An issue with using this taxonomy in the study is that many generative AI products also seem to use it to guide their own output. So you could interpret this study as testing whether generative AI, by the way it’s designed, is effective at framing how users think about critical thinking.

    Also missing from Bloom’s taxonomy is a fundamental aspect of critical thinking: the fact that the critical thinker not only performs these and many other cognitive skills, but performs them well. They do this because they have an overarching concern for the truth, which is something AI systems do not have.

    ChatGPT is used by 300 million people each week.
    Alex Photo Stock/Shutterstock

    Higher confidence in AI equals less critical thinking

    Research published earlier this year revealed “a significant negative correlation between frequent AI tool usage and critical thinking abilities”.

    The new study further explores this idea. It surveyed 319 knowledge workers such as healthcare practitioners, educators and engineers who discussed 936 tasks they conducted with the help of generative AI. Interestingly, the study found users consider themselves to use critical thinking less in the execution of the task, than in providing oversight at the verification and editing stages.

    In high-stakes work environments, the desire to produce high-quality work combined with fear of reprisals serve as powerful motivators for users to engage their critical thinking in reviewing the outputs of AI.

    But overall, participants believe the increases in efficiency more than compensate for the effort expended in providing such oversight.

    The study found people who had higher confidence in AI generally displayed less critical thinking, while people with higher confidence in themselves tended to display more critical thinking.

    This suggests generative AI does not harm one’s critical thinking – provided one has it to begin with.

    Problematically, the study relied too much on self-reporting, which can be subject to a range of biases and interpretation issues. Putting this aside, critical thinking was defined by users as “setting clear goals, refining prompts, and assessing generated content to meet specific criteria and standards”.

    “Criteria and standards” here refer more to the purposes of the task than to the purposes of critical thinking. For example, an output meets the criteria if it “complies with their queries”, and the standards if the “generated artefact is functional” for the workplace.

    This raises the question of whether the study was really measuring critical thinking at all.

    The research found that people with higher confidence in themselves tended to display more critical thinking.
    ImYanis/Shutterstock

    Becoming a critical thinker

    Implicit in the new study is the idea that exercising critical thinking at the oversight stage is at least better than an unreflective over-reliance on generative AI.

    The authors recommend generative AI developers add features to trigger users’ critical oversight. But is this enough?

    Critical thinking is needed at every stage before and while using AI – when formulating questions and hypotheses to be tested, and when interrogating outputs for bias and accuracy.

    The only way to ensure generative AI does not harm your critical thinking is to become a critical thinker before you use it.

    Becoming a critical thinker requires identifying and challenging unstated assumptions behind claims and evaluating diverse perspectives. It also requires practising systematic and methodical reasoning and reasoning collaboratively to test your ideas and thinking with others.

    Chalk and chalkboards made us better at mathematics. Can generative AI make us better at critical thinking? Maybe – if we are careful, we might be able to use generative AI to challenge ourselves and augment our critical thinking.

    But in the meantime, there are always steps we can, and should, take to improve our critical thinking instead of letting an AI do the thinking for us.

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

    – ref. Is AI making us stupider? Maybe, according to one of the world’s biggest AI companies – https://theconversation.com/is-ai-making-us-stupider-maybe-according-to-one-of-the-worlds-biggest-ai-companies-249586

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Senators Coons, Wicker introduce bill to better financially protect poultry growers against avian flu outbreaks

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Roger Wicker (R-Miss.) yesterday introduced the Healthy Poultry Assistance and Indemnification Act (HPAI ACT) to ensure that all poultry growers and laying operations in highly pathogenic avian influenza (HPAI) control areas whose operations are affected receive compensation. This bill was
    “As avian flu cases rise in Delaware, it’s vital that we have smart policies in place that protect Delaware’s independent family farmers and poultry growers both medically and financially. As it stands, blind spots in our HPAI compensation program punish growers for culling flu-free flocks,” said Senator Coons. “As co-Chair of the Senate Chicken Caucus, I hope that including this bipartisan solution in the next Farm Bill will provide a lifeline to all hardworking farmers who do their part in helping us contain disease outbreaks by offering them fair and immediate financial relief, allowing them to recover quickly and assisting them in maintaining the strength of our essential poultry supply chains.”
    “Farmers play a significant role in providing our nation with food and protecting our national security,” said Senator Wicker. “Unexpected avian flu outbreaks harm the poultry industry, put farmers at risk for financial hardship, and drive up the cost of chicken and eggs at the grocery store. Since the initial outbreak in 2022, HPAI has led to the loss of a record 156 million birds across the United States. This bipartisan legislation would ensure farmers are compensated for their work to contain these outbreaks.”
    “The current wave of Bird Flu outbreaks is leaving our farming communities twisting in the wind,” said Congressman Mark Alford. “When poultry operations test positive for Highly Pathogenic Avian Influenza, the federal government makes growers whole for lost revenue. The Healthy Poultry Assistance and Indemnification Act will level the playing field by ensuring poultry growers and layer operations—who are impacted by USDA control zones put in place even though their own birds never tested positive—also qualify for indemnity payments. I’m proud to once again co-lead this critical bipartisan legislation to support Missouri’s agriculture community.”
    “The San Joaquin Valley is the heart of California agriculture, and our poultry farmers are on the front lines of the avian flu crisis. When they face challenges, we all pay the price—from farms to grocery stores. That’s why I’m leading the charge with the HPAI Act to provide real relief, protect our food supply, and ensure the farmers who feed America get the support they deserve,” said Congressman Jim Costa.
    Under the current policies of the U.S. Department of Agriculture (USDA) Animal and Plant Health Inspection Service (APHIS), when an HPAI case is discovered, all poultry farms located within a 10-kilometer radius of the case are banned from placing flocks until the virus is contained. Afterward, all growers who have positive tests in their flocks receive compensation from the USDA, but not those within the control area whose flocks don’t contract HPAI. This creates a perverse incentive: once a control area is established, it is preferable for poultry operations within the area to have HPAI cases, as otherwise they will not receive compensation afterward despite undergoing many of the same financial struggles. This bill would rectify that so all growers in the control area are duly compensated. 
    Since the start of the HPAI outbreak in 2022, bird flu has affected 153 million birds in all 50 states and Puerto Rico. This has caused hundreds of millions of dollars in losses to poultry growers and layer operations, driving food inflation even higher for Americans’ most cost-effective animal protein sources. 
    In addition to Senators Coons and Wicker, this legislation is cosponsored by Senators Lisa Blunt Rochester (D-Del.), John Boozman (R-Ark.), John Cornyn (R-Texas), John Fetterman (D-Pa.), Lindsey Graham (R-S.C.), Cindy Hyde-Smith (R-Miss.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Pete Ricketts (R-Neb.), Tina Smith (D-Minn.), Thom Tillis (R-N.C.), Tommy Tuberville (R-Ala.), and Chris Van Hollen (D-Md.).
    Specifically, the HPAI Act would:
    Expand USDA-APHIS compensation to all poultry farmers in an HPAI control area. The program currently only compensates farmers whose flocks test positive, not those in the control area who are disallowed from placing flocks until the virus is contained, which sometimes takes months. 
    Simplify the calculation of indemnity. The payments to farmers will be calculated based on the average income they earned from the last five flocks. This method is more transparent and ensures that farmers will not face a cash shortfall in the face of an HPAI outbreak in their area.
    This legislation is endorsed by the Delaware Department of Agriculture, the Delmarva Chicken Association, the National Chicken Council, the United Egg Producers, the Delta Council, and the American Farm Bureau Federation.
    The full bill text is available here.
    A one-pager is available here. 
    Senator Coons and Senator Wicker are the co-Chairs of the Senate Chicken Caucus.

    MIL OSI USA News –

  • MIL-OSI: Key Tronic Corporation Executes New Lease to Expand Domestic Operations In Arkansas

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Feb. 13, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation, a provider of electronic manufacturing services (EMS), is expanding its clean-tech manufacturing operations in Arkansas, establishing its flagship manufacturing and research and development location in Springdale. The company anticipates investing more than $28 million in the new facility and expects to create over 400 new jobs in the next five years.

    “We are pleased to announce the expansion of our U.S. manufacturing operations in Northwest Arkansas. Our new center of excellence in Springdale will provide both our employees and customers with cutting-edge technology and the increased capacity necessary to accommodate expected growth,” said Brett Larsen, CEO of Key Tronic. “We are committed to continuously investing in our capabilities and attracting innovative talent. Our people are our most valuable asset, and we are delighted to enhance our operations in a region where we have maintained a longstanding presence and a strong team and can benefit from a business-friendly environment.”

    “When we invest in education and our workforce, we can attract companies like Key Tronic and ensure they have the skilled workforce they need. Arkansas LEARNS and ACCESS are laser-focused on that issue and help attract announcements like this one, which mean $28 million and nearly 400 jobs for Springdale,” said Governor Sanders.

    Key Tronic will be shifting its existing Arkansas operations to a new larger facility in Springdale, located at 601 W Apple Blossom Avenue later in 2025, increasing its total U.S. production capacity by approximately 40 percent.

    “Crossland purchased the land in 2021 with a vision to build a modern, best-in-class facility, and we are grateful that Key Tronic has chosen this location to call home. This building is part of a larger business park, representing an investment of over $100 million in the Springdale community,” said Director of Real Estate Mattie Crossland. “Our goal is to provide spaces that allow our tenants to run their businesses efficiently while also contributing to the growth and future of the community.”

    Crossland Realty Group developed the 300,000-square-foot building shell in late 2023, with Crossland Construction completing Key Tronic’s tenant improvements, slated for completion in Q3 2025.

    “Key Tronic has a long history of manufacturing electronics in Arkansas, and we are proud that the company has decided to expand their presence and increase production capacity in our state,” said Clint O’Neal, Executive Director of the Arkansas Economic Development Commission. “Congratulations to the Key Tronic team and to the City of Springdale on this major economic development win.”

    “Key Tronic’s decision to relocate to Springdale is a strong endorsement of our city’s talented workforce, thriving economy, and commitment to fostering business success,” said Springdale Mayor Doug Sprouse. “This investment brings significant job opportunities to our community, further strengthening Springdale’s reputation as a prime destination for industry and innovation. We proudly welcome Key Tronic and look forward to their future growth here.”

    “This exciting announcement would not have been possible without the leadership of Governor Sanders and the unwavering support of the Arkansas Economic Development Commission,” said Bill Rogers, president and CEO of the Springdale Chamber of Commerce. “Thanks to our regional partners and the proactive efforts of Mayor Sprouse’s administration, we were able to roll out the red carpet for Key Tronic. We are thrilled to welcome them to Springdale and look forward to supporting their success in our community.”

    “Key Tronic’s reinvestment in Northwest Arkansas highlights our region’s strong workforce and pro-growth environment,” said Nelson Peacock, president and CEO of the Northwest Arkansas Council. “As a leader in electronics manufacturing, their expansion strengthens our economy, retains quality jobs and creates new opportunities—reinforcing our position as a top destination for business and innovation.”

    About Key Tronic
    Founded in 1969, Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers with full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. Key Tronic has operated in Arkansas since 1985.

    For more information about Key Tronic visit: www.keytronic.com.

    About Crossland Construction Company
    Crossland is a top-ranked construction firm offering a wide range of services through its family of companies. Crossland Construction provides general contracting, construction management, and much more. Crossland Realty, a division of Crossland Construction, offers complete real estate services, guiding clients through location scouting, planning, development, construction, and leasing. Crossland is dedicated to Building So Much More for its clients and the communities they serve. Learn more: www.crossland.com

    About the Arkansas Economic Development Commission
    At AEDC, we know economic advancement doesn’t happen by accident. We work strategically with businesses and communities to create strong economic opportunities, making Arkansas the natural choice for success. AEDC is a division of the Arkansas Department of Commerce. To learn more, visit ArkansasEDC.com.

    Forward-Looking Statements
    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of our expansion plans; the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    FOR IMMEDIATE RELEASE

    CONTACTS:   Anthony G. Voorhees   Michael Newman
        Chief Financial Officer   Investor Relations
        Key Tronic Corporation   StreetConnect
        (509) 927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI Global: US says European security no longer its primary focus – the shift has been years in the making

    Source: The Conversation – UK – By David J. Galbreath, Professor of International Security, University of Bath

    European defence ministers left their meeting in Brussels on February 12 in shock after the new US secretary of defence, Pete Hegseth, told them they could no longer rely on the US to guarantee their security.

    Hegseth said he was there “to directly and unambiguously express that stark strategic realities prevent the United States of America from being primarily focused on the security of Europe”.

    He also insisted that European countries provide the “overwhelming” share of funding for Ukraine in the future. The US has been the biggest source of military aid to Ukraine, with its weapons, equipment and financial assistance crucial in helping Kyiv resist the Russian invasion.

    Hegseth’s comments are in keeping with the stance of the US president, Donald Trump, on the Nato transatlantic military alliance. Trump sees Nato as an excessive financial burden on the US and has repeatedly called on its members to increase their defence spending.

    But Hegseth’s remarks could also be seen as a sign of America’s waning commitment to the terms of Nato’s founding treaty. Signed in 1949 by the US, Canada and several western European nations, Article 5 of the treaty requires member states to defend each other in the event of an armed attack.

    The US has the largest military – and the biggest stockpile of nuclear weapons – in Nato. So, on the face of it, efforts to recast the alliance appear a drastic shift in Europe’s security landscape in the post-cold war era.

    However, those familiar with the political sentiment around Nato and the defence of Europe in the US will see that this move follows in the footsteps of what others have sought to do – starting from the very end of the cold war.

    Changing over time

    In 1991, following the collapse of the Soviet Union, Nato was under considerable pressure to change for the new world order. A rising China was not yet on the minds of many in Washington, but the feeling was that the financial commitments the US had made to defend western Europe during the cold war could not continue.

    The so-called “peace dividend”, a slogan popularised by former US president George H.W. Bush and former UK prime minister Margaret Thatcher, allowed nearly all Nato states to reduce their military spending at this time.

    In 1992, almost as soon as European Nato countries were shrinking their forces and moving away from mass armies to professional soldiering, the alliance became actively engaged in maintaining a no-fly zone over Yugoslavia.

    A new Nato was becoming apparent. It was transitioning from being a collective defence organisation to one of collective security, where conflicts were managed on Nato’s borders.

    A US fighter jet at Aviano air base, Italy, after a mission over Bosnia to enforce the no-fly zone in 1993.
    Sgt. Janel Schroeder / Wikimedia Commons

    This collective security arrangement worked well to keep the alliance together until 2001, when the administration of George W. Bush entered the White House and involved the US in wars in Afghanistan and Iraq. Following the 9/11 terrorist attacks in the US, Nato invoked Article 5 and returned to the principle of collective defence.

    Many European countries, including the new, smaller Nato states like Estonia and Latvia, sent troops to Iraq and Afghanistan. The persistent justification I heard in the Baltic states was “we need to be there when the US needs us so that they will be there when we need them”.

    Yet in 2011, before the wars in Iraq and Afghanistan were over, the administration of Barack Obama introduced a foreign policy strategy known as the “pivot to Asia”. The implication was that the US would shift its attention from primarily the western hemisphere to China.

    By this point, China had become the second-largest economy in the world and was rapidly developing its military. The reaction to this US policy shift in European capitals was one of shock and disappointment. They saw it as the US deciding that its own security did not sit in Europe like it had since 1945.

    Then, in 2014, Russia invaded Crimea and the Donbas in eastern Ukraine. The pivot to Asia looked like it had stalled. But US interest and investment in European defence continued to decline, with American military bases across Europe closed down. The first Trump administration continued the pattern set by Obama.

    President Joe Biden, who entered office in 2021, used Russia’s invasion of Ukraine in 2022 to show European leaders that the US still saw its own security in Europe and that it would stand beside Ukraine.

    But the US continued to insist that European countries invest in their own defence. The UK, Poland and France have all committed to increase their defence spending over recent years – though spending by European Nato states as a whole continued to fall.

    There has been a long-held belief in the US that Europe is “freeriding” on American power. While the US saw its own security in Europe, this freeriding was allowed to continue.

    But as the perspective of the US has changed, with the focus now on countering China, it has been keen to suggest that European defence should increasingly become the job of Europe itself.

    Nato will not go out with a bang. It is much more likely to gradually disappear with a whimper. After all, who did Trump meet on his second day in office? Not Nato but the Quad: an alliance between Australia, India, Japan and the US in the Indo-Pacific.

    David J. Galbreath has received research funding from the UKRI.

    – ref. US says European security no longer its primary focus – the shift has been years in the making – https://theconversation.com/us-says-european-security-no-longer-its-primary-focus-the-shift-has-been-years-in-the-making-249813

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Landmark Wolverhampton building to be converted for new social housing

    Source: City of Wolverhampton

    The location is the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the WM Mayor and will deliver 93 new social homes.

    Richard Parker, Mayor of the West Midlands, today (Thursday 13 February) announced another investment to build more social homes as part of his plans to help address the region’s housing crisis.

    The Mayor was at the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the Mayor and will deliver 93 new social homes.

    It is the third social housing scheme the Mayor has invested in since Christmas as his mission to build thousands of new social homes across the region gains momentum.

    This third and final phase of the Royal Quarter development is being built by Morro Partnerships. It will see Dixon House, built in 1885 and once home to paint firm S.J. Dixon & Son’s, converted into 30 specialist social rented flats for the YMCA Black Country Group.

    A further 63 social rent homes are also being built by Morro Partnerships for whg right next to the Dixon House flats.

    With over 6,800 households and 13,500 children currently living in temporary accommodation, the development is the latest step towards addressing the housing shortage in the West Midlands.

    To help tackle the issue, the Mayor has committed to work with partners including local councils, Homes England, housing associations and developers to deliver 20,000 new social homes over the next decade.

    Richard Parker, Mayor of the West Midlands, said: “Too many people in the West Midlands don’t have a safe, affordable place to call home. They deserve better, and that’s why I’m committed to building thousands of new social and affordable homes.

    “This is the third social housing scheme I’ve backed since December, delivering 485 new social and affordable homes, including 337 homes for social rent, for those communities that need them most.

    “I’m making sure we build at the scale needed to tackle the housing crisis, working with Homes England and local partners to deliver the biggest social housing programme this region has seen in decades – changing thousands of lives for the better.”

    Key project partners joining the Mayor on the visit included representatives from Morro Partnerships, Homes England, YMCA Black Country Group, whg, and the City of Wolverhampton Council.

    They met residents who have benefited from the housing initiative at the nearby YMCA City Gateway site (completed in Phase 1), such as Clotilda Tiguera, an inspiring example of the impact of YMCA’s housing pathway.

    Highlighting the profound social impact of the project, Clotilda, a Y-Living resident, exemplifies the importance of investing in social housing.  

    After experiencing homelessness, she progressed through YMCA’s housing pathway and has just finished training as a nurse at New Cross Hospital and is entering further medical training.

    Clotilda has also joined the Board of Trustees for YMCA Black Country Group, underscoring the transformative power of stable and supportive housing.

    Clotilda said: “Having a home with YMCA has been life changing. It gave me the stability to complete my nursing training and build my future after a difficult time during my teenage years.

    “Y-Living provided a trusted, supportive environment where I could focus on my studies, connect with others whilst feeling secure. Housing like this is more important than ever for young people.

    “I’m excited about YMCA’s new Dixon’s House development, which will give even more young people the chance to have a safe place to call home and take their next steps with confidence.”

    This phase is being supported by a combined multi million pound investment by Homes England, West Midlands Combined Authority (WMCA), which is chaired by the Mayor, whg and YMCA Black Country marking a collaborative effort to regenerate underutilized land into a vibrant residential community.  

    City of Wolverhampton Council Leader, Councillor Stephen Simkins, said: “Strong collaborative working has seen a major transformation of the Royal Quarter, and we are delighted to be supporting partners to bring forward the development of this final phase.

    “It brings back into use a historic derelict building and will provide vital social and affordable housing for our residents in line with our city housing strategy to help local people secure good homes in well connected neighbourhoods.”

    Matt Moore, CEO of Morro Partnerships, praising the collaborative effort that made the project possible, said: “This development exemplifies what we can achieve when partners come together with a shared vision.

    “WMCA, Homes England, whg, YMCA Black Country and Wolverhampton Council have all played vital roles in creating homes that not only meet housing needs but also build sustainable communities.

    “Together, we’re delivering more than housing, we’re delivering hope and opportunity.”

    For more information on Morro Partnerships, please visit Morro Partnerships or follow on LinkedIn.

    To learn more about YMCA Black Country Group, please visit YMCA Black Country Group.

    Visit whg, for more information on whg. 

    MIL OSI United Kingdom –

  • MIL-OSI Canada: BC Coroners Service announces inquest into the death of Cailin Shea McIntyre-Starko

    A coroner’s inquest has been scheduled to review the circumstances of the death of Cailin Shea McIntyre-Starko, known as Sidney.

    The public inquest will begin on Monday, April 28, 2025, at the Burnaby Coroners’ Court (20th floor, 4720 Kingsway, Metrotower II, Metrotown, Burnaby), starting at 9:30 a.m.

    The death of Sidney McIntyre-Starko, 18, was reported to the BC Coroners Service on Jan. 26, 2024, in Victoria.

    Under Section 19(1) of the Coroners Act, the minister of public safety and solicitor general may order an inquest if the minister is satisfied it is necessary or desirable in the public interest that an inquest be held.

    A coroner’s inquest is a non-fault-finding public inquiry that serves three primary functions:

    • to determine the facts related to a death, including the identity of the deceased and how, when, where and by what means the individual came to their death, as well as a classification for the death;
    • to make recommendations, where appropriate and supported by evidence, to prevent deaths in similar circumstances; and
    • to ensure public confidence that the circumstances surrounding the death of an individual will not be overlooked, concealed or ignored.

    Larry Marzinzik will be the presiding coroner. He and a jury will hear evidence from witnesses under oath to determine the facts surrounding this death. The jury will have the opportunity to make recommendations as outlined above, though a jury must not make any finding of legal responsibility or express any conclusion of law.

    Livestreaming allows the public and media to virtually attend an inquest. The same rules apply as for in-person attendance at an inquest. Reproduction, broadcasting and publishing of inquest proceedings is prohibited, including through social media. Supreme Court accredited media are permitted to record the proceeding solely for the accuracy of their notes. The recording is not to be broadcast in any form. Accredited media members must provide proof to the sheriff and always visibly display their accreditation when they are recording or using electronic devices in court. Recording for any other purpose or by anyone without appropriate accreditation is strictly prohibited. 

    Learn More:

    For more information about inquests, visit: https://www2.gov.bc.ca/gov/content/life-events/death/coroners-service/inquest-schedule-jury-findings-verdicts

    To access the livestream, visit: https://www2.gov.bc.ca/gov/content/life-events/death/coroners-service/inquest-schedule-jury-findings-verdicts/inquestlivestream

    To learn more about BC Coroners Service, visit: https://www.gov.bc.ca/coroners/

    MIL OSI Canada News –

  • MIL-OSI Australia: Firefighters battle Bayswater factory fire

    Source: Victoria Country Fire Authority

    Firefighters are currently battling a factory fire in Jersey Road at Bayswater.

    CFA and FRV crews were called to the scene at 12.38am and found the 20 by 50 metre factory well alight.

    The factory is believed to contain recycling waste materials.

    CFA issued an Advice message at 1.51am and then a Watch and Act message at 2.19am due to smoke in the area.

    Anyone located in the area bordered by the Dandenong Creek, Dorset Road and Malvern Street and Scoresby Road in Bayswater should take shelter indoors immediately.

    Residents in that area are advised to close all exterior doors and windows, close vents and ensure heating and cooling systems are turned off.

    Around 24 CFA and FRV units are on scene with several other supporting agencies.

    The fire was brought under control at 2.25am but has not yet been declared safe.

    Firefighters are expected to remain on scene for several hours.

    The cause of the fire will be investigated in daylight.

    Submitted by CFA Media

    MIL OSI News –

  • MIL-OSI United Kingdom: Council Leader reacts to new Government funding for new towns

    Source: City of Manchester

    Manchester has been allocated £1.5m by the Government to support the next phase of regeneration in Collyhurst in north Manchester – part of the major Victoria North regeneration programme.

    Leader of the Council Cllr Bev Craig said:

    “We welcome the news that the new Government wants to work with us to help us build more homes and create more jobs for Manchester residents.

    “Victoria North represents one of the most ambitious urban regeneration programmes in Europe and will see more than 15,000 homes built in the next decade, along with a range of employment, social, community, cultural and neighbourhood uses. Its delivery will transform 390 acres of brownfield and underutilised land in some of the most deprived wards of Manchester, creating a new town in Manchester, interconnected by quality green spaces which will open up and celebrate the River Irk.

    “Already, hundreds of homes have been built as part of the regeneration programme, including 130 new council homes in Collyhurst that will be available to residents very soon, alongside a new community park. 

    “This £1.5m Government funding will help to unlock a key element of the vision for Collyhurst by supporting the development of a business case for a new Metrolink stop at Sandhills, that will better connect the Collyhurst neighbourhood to the wider city and region, linking our residents to employment and other services and opportunities.

    “Investment in a new Metrolink stop in this community would be an important driver to deliver the ambitious next phase of the Collyhurst regeneration story, which looks build more than 2,500 new homes – including significant council and social housing – new shops, and further education and medical facilities.

    “We look forward to working closely with this Government in the coming months to realise the potential of Collyhurst, Victoria North and the wider area of North Manchester. Together with the news around the North Manchester General Hospital green light, this shows that Manchester is a priority for the new Government.”

    Find out more about the regeneration of Collyhurst

    Find out more about the Victoria North regeneration programme

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: A822 North Bridge Street Resurfacing Works

    Source: Scotland – City of Perth

    Due to the nature of the works and available road space, these works will be carried out under a restricted hours road closure between 9.15am and 3pm Monday to Friday, with no weekend working planned, to minimise disruption. On street parking and loading will also be suspended in the works area.   

    During the road closure hours, the official diversion route will be via the A822, A85, A9, A823 and A822, and vice versa. The works area and official diversion route are both shown on the location plan (PDF, 1 MB).  

    Outside the closure hours, temporary traffic signals may be used to protect road users and the work site.  

    During the works, vehicle access to properties within the works area will be limited and immediate entry/exit cannot be guaranteed. Our contractor will grant access when it is safe to do so, however we would advise residents and motorists to expect some delays. Access for emergency services vehicles will be maintained throughout, and on waste collection days bins should be presented as normal. 

    Some changes to bus services during the working hours will be necessary – arrangements for these will be detailed on our Public Transport pages. 

    We apologise for any inconvenience these essential works may cause and would thank residents and motorists for their patience while the resurfacing is carried out.  

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Lake Victoria is turning green – the deadly bacteria behind it

    Source: The Conversation – Africa – By Lauren Hart, PhD candidate, Michigan Geomicrobiology Lab, University of Michigan

    Lakes, natural and man-made, provide water, food and habitats for wildlife, as well as supporting local economies. Around the world, though, there’s a growing threat to lakes: toxic bacteria which turn the water green.

    This is the same green as you see on stagnant ponds. It’s caused by tiny organisms called cyanobacteria and can be deadly.

    Cyanobacteria thrive in warm, sunny lakes and ponds that contain excess nitrogen and phosphorus nutrients derived from fertiliser, manure and sewage. When conditions are right, cyanobacteria multiply rapidly and form smelly green scums on the water’s surface.

    Known to science as cyanoHABs (cyanobacterial harmful algal blooms), the scums are harmful to livestock, wildlife, pets, people and aquatic organisms like fish. Toxins make untreated water unsafe to drink, swim in, or even touch. Sometimes they can become suspended in air and be inhaled. The cyanoHABs also harm ecosystems by depleting oxygen, killing off whatever lives in the water, and disrupting food webs and fisheries.

    CyanoHABs are a global threat and receive considerable scientific attention in North America and Europe. Blooms are becoming more widespread worldwide because rising temperatures promote cyanobacterial growth and more intense rainfall delivers nutrients from the landscape. Only effective management of nutrients can reverse this trend.

    The problem is understudied in Africa’s main lakes, including its largest – Lake Victoria. Past research on cyanoHABs has mostly used microscopy to study the kinds found there, but microscopy cannot differentiate between toxic and non-toxic cyanobacterial cells.

    We are on a large project team of scientists who have been studying the socioeconomic and environmental effects of cyanoHABs in the Winam Gulf region of Lake Victoria in south-western Kenya.

    Our latest study identified which cyanobacteria were the most abundant in the gulf and which ones were producing the main toxin of concern.

    These findings can improve public safety:

    • local authorities can monitor for specific cyanobacteria and warn residents to stay away when blooms are present

    • cyanoHAB prevention practices (nutrient reduction, land-use practices) can target the cyanobacteria that cause the problem.

    Greening of lakes

    Lake Victoria now receives large influxes of nutrients because of growing lakeside populations and land-use changes. Nutrients from agriculture, industry and urbanisation fuel the growth of cyanoHABs.

    CyanoHABs occur in many basins in Lake Victoria but are highly concentrated in Kenya’s shallow Winam/Nyanza Gulf. Changing nutrient and temperature conditions can also alter which types of cyanobacteria dominate the gulf and the types and levels of toxins in the water. Lakeside communities that rely on the gulf for drinking water and domestic tasks are at risk of exposure to cyanoHAB toxins.

    CyanoHAB in the Winam Gulf. Photo by George Bullerjahn (BGSU)

    Past research on cyanoHABs has mostly used the oldest of microbiological techniques — microscopy — to classify the types of cyanobacteria in the gulf. This cannot differentiate between toxic and non-toxic cyanobacterial cells.

    Modern genome sequencing technologies can identify genes encoding the production of known and novel toxins and other molecules of interest, such as those with medicinal properties. Genomic data from African Great Lakes is scarce, so the chemical capabilities of bacteria in this region are largely unexplored. But this is beginning to change.

    Our latest study adds to a growing number of recent studies our team has carried out in and around Lake Victoria. In this study, our research vessel stopped at over 31 sites to collect scientific samples and data. The samples were later analysed for DNA, the biological “instruction manual” inside every living thing. DNA tells an organism how to grow, function, reproduce, and – in the case of cyanobacteria – make deadly toxins. This analysis produced near-complete genome sequences – that is, the set of all genes in the DNA – for organisms at each sampling site.

    Past reports identified Microcystis as the dominant cyanobacteria in the Winam Gulf. Our research, however, found Dolichospermum was the most abundant type in major cyanoHAB events there. This finding might be due to recent environmental changes in the region.

    But we linked Microcystis to microcystin. This is a liver-damaging toxin that can kill livestock, wildlife and humans, especially those whose immune system isn’t working well. In Winam Gulf, it’s often more abundant than the health limits set by the WHO.

    Our study also found that Microcystis occurs mainly in murkier river mouths where green scums are not visible, making scientific monitoring and public alerts even more important.

    Local authorities can now monitor for these cyanobacteria and warn residents to stay away when blooms are present.

    The findings also mean that authorities know which cyanobacteria to target in prevention efforts like reducing the amount of phosphorus and other nutrients entering the gulf.

    Lastly, our genomic study uncovered over 300 uncharacterised genes that may produce novel cyanobacterial molecules. These molecules could have toxic or therapeutic effects, and provide an opportunity for future investigators to explore.

    A model for what is to come

    Rapid human population growth and settlement around lakes and their watersheds is leading to high levels nutrients in lakes around the world. This results in excessive growth of algae and aquatic plants. This danger is likely to increase with global warming because warm temperatures promote algal blooms.

    Our data provides a foundation for remedying this in Lake Victoria – and possibly discovering beneficial properties in cyanoHABs.

    – Lake Victoria is turning green – the deadly bacteria behind it
    – https://theconversation.com/lake-victoria-is-turning-green-the-deadly-bacteria-behind-it-249298

    MIL OSI Africa –

  • MIL-OSI Global: Sam Kerr verdict: what it means for law in the UK and the star athlete’s soccer career

    Source: The Conversation – Global Perspectives – By Megan McElhone, Senior Lecturer in Criminology, Monash University

    A London court has found Sam Kerr not guilty of the racially aggravated harassment of Metropolitan Police officer Stephen Lovell.

    As captain of the Australian women’s national soccer team, Kerr was widely condemned when news broke she had used a “racial slur” against an officer during an altercation.

    The high-profile incident sparked debate across the globe.

    Initially, former Australian soccer player Craig Foster criticised Kerr’s behaviour before retracting it and publicly apologising to her.

    Meanwhile, politicians and academics argued her comments did not amount to racism given the power dynamics at play: not only is Kerr of Indian descent, but official inquiries have found the Metropolitan Police to be institutionally racist.

    Historically, police have played a role in sustaining colonialism, racism and white supremacy. Calling Kerr’s words racist overlooks that they don’t accord with an entrenched, global system of power.

    What happened that night?

    Kerr has maintained she and her partner – United States’ women’s national team player Kristie Mewis – believed they were being kidnapped by a cab driver.

    He refused to let them out of the cab after Kerr vomited, taking them to Twickenham police station instead of their destination.

    There, Mewis broke the cab window in an attempt to get out of the vehicle.

    At the station, Kerr reportedly appealed to officers to “understand the emergency that both of us felt”, referencing the 2021 abduction, rape and murder of Sarah Everard by a Metropolitan Police officer.

    The commissioned inquiry into Everard’s murder characterised the Metropolitan Police as institutionally racist, misogynistic and homophobic.

    However, Kerr soon faced an allegation of racism after becoming distressed and antagonistic towards the officers.

    Believing they were siding with the cab driver after forming negative preconceptions because of her skin colour, she repeated “you guys are stupid and white, you guys are fucking stupid and white”.

    What are the legal ramifications in the UK?

    Kerr pleaded not guilty to the offence of intentionally causing harassment, alarm, or distress to another by using threatening, abusive, or insulting words under Section 4A of the Public Order Act 1986, and to the racial aggravation of the offence per the Crime and Disorder Act 1998.

    She faced a maximum sentence of two years’ imprisonment and an unlimited fine.

    Kerr accepted she used the words “fucking stupid and white”. But it still had to be proven she intended and caused harassment, alarm, or distress to Lovell and that the offence was racially motivated.

    Initially, the Crown Prosecution Service concluded there was not enough evidence to charge Kerr.

    But after receiving a request from the Metropolitan Police to review the case, and a new statement from Lovell about Kerr’s words making him feel “belittled” and “upset”, they authorised police to charge the athlete.

    A jury found her not guilty after a seven-day trial.

    Broadly speaking, public order offences criminalise words and behaviour that might breach the peace. Police have significant discretion to use these offences as tools to regulate people’s uses of public space.

    In Australia and the UK, police have been shown to use these powers in discriminatory ways.

    Kerr has conceded her behaviour was regrettable but the charge against her is difficult to align with the purpose of public order legislation.

    What does it mean for Kerr’s soccer career?

    It is unclear what this verdict means for Kerr’s career.

    Her English club, Chelsea, is anticipating she will return from a long-term knee injury soon.

    It is possible the club was kept in the loop about Kerr’s altercation with police from the beginning, as she reportedly threatened to involve its lawyers in the body-cam footage shown at trial.

    The club is yet to make a statement about the trial or verdict.

    Football Australia is in a different position though, having been blindsided by the news Kerr had been charged by police.

    The fact Kerr is the captain of the Matildas, and the sport’s highest-profile marketing asset, adds layers of complexity to Football Australia’s decision-making.

    CEO of Football Australia James Johnson declined to weigh in on Kerr’s captaincy until her trial concluded.

    It is possible the governing body will impose a sanction, with Kerr falling afoul of clause 2.14 of their national code of conduct and ethics after being charged with a criminal offence.

    Kerr could return to the pitch later this month, but has been left out of the Matildas squad for the SheBelieves Cup in the US because of her fitness.

    With the AFC Women’s Asian Cup on the horizon, interim Matildas head coach Tom Sermanni no doubt hopes her recovery stays on track.

    Meanwhile, Kerr is yet to play under Chelsea manager Sonia Bompastor. She could prove crucial as the club chases an elusive UEFA Women’s Champions League title, but faces competition for her spot.

    Megan McElhone 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. Sam Kerr verdict: what it means for law in the UK and the star athlete’s soccer career – https://theconversation.com/sam-kerr-verdict-what-it-means-for-law-in-the-uk-and-the-star-athletes-soccer-career-249153

    MIL OSI – Global Reports –

  • MIL-OSI Global: Hate speech on X surged for at least 8 months after Elon Musk takeover – new research

    Source: The Conversation – Global Perspectives – By Michael Jensen, Associate professor, Institute for Governance and Policy Analysis, University of Canberra, University of Canberra

    Kemarrravv13/Shutterstock

    Hate speech on X was consistently 50% higher for at least eight months after tech billionaire Elon Musk bought the social media platform, new research has found.

    The research looked at the prevalence of overt hate speech including a wide range of racist, homophobic and transphobic slurs.

    The study, published today in PLOS ONE, was conducted by a team of researchers led by Daniel Hickney from the University of California, Berkeley.

    It clearly demonstrates how a platform initially invented to help friends and family stay in touch has now metamorphosed into a place where hate speech is prolific. This is especially concerning given hate speech online has been linked to violent hate crimes offline.

    A long list of promises

    On October 27 2022, Musk officially purchased X (then known as Twitter) for US$44 billion and became its CEO. His takeover was accompanied by promises to reduce hate speech on the platform and tackle bots and other inauthentic accounts.

    But after he bought X, Musk made several changes to the platform to reduce content moderation. For example, in November 2022 he fired much of the company’s full time workforce. He also fired outsourced content moderators who tracked abuse on X, despite research showing social medial platforms with high levels of content moderation contain less hate speech.

    The following month, Musk also disbanded the platform’s Trust and Safety Council – a volunteer advisory group of independent human rights leaders and academics formed in 2016 to fight hate speech and other problems on the platform.

    Previous research has shown hate speech increased on X immediately after Musk took over. So too did the prevalence of most types of bots.

    This new study is the first to show that this wasn’t an anomaly.

    Hate speech including homophobic, racist and transphobic slurs was significantly higher on X after Elon Musk bought the platform. The black lines represent standard errors.
    Hickey et al., 2025 / PLOS One

    More than 4 million posts

    The study examined 4.7 million English language posts on X from the beginning of 2022 through to June 9 2023. This period includes the ten months before Musk bought X and the eight months afterwards.

    The study measured overt hate speech, the meaning of which was clear to anyone who saw it – speech attacking identity groups or using toxic language. It did not measure covert types of hate speech, such as coded language used by some extremist groups to spread hate but plausibly deny doing so.

    As well as measuring the amount of hate speech on X, the study also measured how much other users engaged with this material by liking it.

    The researchers’ access to X data was cut off during the study due to a policy change by the platform, replacing free access to approved academic researchers with payment options which are generally unaffordable. This significantly hampered their ability to collect sample posts. But they don’t mention whether it affected their results.

    A clear increase in hate

    The study found “a clear increase” in the average number of posts containing hate speech following Musk’s purchase of X. Specifically, the volume of posts containing hate speech was “consistently” 50% higher after Musk took over X compared to beforehand – a jump from an estimated average of 2,179 to 3,246 posts containing hate speech per week.

    Transphobic slurs saw the highest increase, rising from an average of roughly 115 posts per week before Musk’s acquisition to an average of 418 afterwards.

    The level of user engagement with posts containing hate speech also increased under Musk’s watch. For example, the weekly rate at which hate speech content was liked by users jumped by 70%.

    The researchers say these results suggest either hate speech wasn’t taken down, hateful users became more active, the platform’s algorithm unintentionally promoted hate speech to users who like such content – or a combination of these possibilities.

    The study also detected no decrease in the activity of inauthentic accounts on X. In fact, it found a “potential increase” in the number of bot accounts partly based on a large upswing in posts promoting cryptocurrency, which are typically associated with bots.

    An important data-driving deep dive

    There were a number of limitations to the study. For example, it only measured hate speech posts in English, which accounts for only 31% of posts on the platform.

    Even so, the study is an important, data-driven deep dive into the state of X. It shows it is a platform where hate speech is prolific. It also shows Musk has failed to fulfil his earlier promises to address problems on X such as hate speech and bot activity.

    As Musk himself said at the White House earlier this week: “Some of the things I say will be incorrect and should be corrected”.

    Michael Jensen receives funding from the Australian Research Council, Bayer, and the Australian Department of Defence Science and Technology Group.

    – ref. Hate speech on X surged for at least 8 months after Elon Musk takeover – new research – https://theconversation.com/hate-speech-on-x-surged-for-at-least-8-months-after-elon-musk-takeover-new-research-249603

    MIL OSI – Global Reports –

  • MIL-OSI Global: Lake Victoria is turning green – the deadly bacteria behind it

    Source: The Conversation – Africa – By Lauren Hart, PhD candidate, Michigan Geomicrobiology Lab, University of Michigan

    Lakes, natural and man-made, provide water, food and habitats for wildlife, as well as supporting local economies. Around the world, though, there’s a growing threat to lakes: toxic bacteria which turn the water green.

    This is the same green as you see on stagnant ponds. It’s caused by tiny organisms called cyanobacteria and can be deadly.

    Cyanobacteria thrive in warm, sunny lakes and ponds that contain excess nitrogen and phosphorus nutrients derived from fertiliser, manure and sewage. When conditions are right, cyanobacteria multiply rapidly and form smelly green scums on the water’s surface.

    Known to science as cyanoHABs (cyanobacterial harmful algal blooms), the scums are harmful to livestock, wildlife, pets, people and aquatic organisms like fish. Toxins make untreated water unsafe to drink, swim in, or even touch. Sometimes they can become suspended in air and be inhaled. The cyanoHABs also harm ecosystems by depleting oxygen, killing off whatever lives in the water, and disrupting food webs and fisheries.

    CyanoHABs are a global threat and receive considerable scientific attention in North America and Europe. Blooms are becoming more widespread worldwide because rising temperatures promote cyanobacterial growth and more intense rainfall delivers nutrients from the landscape. Only effective management of nutrients can reverse this trend.

    The problem is understudied in Africa’s main lakes, including its largest – Lake Victoria. Past research on cyanoHABs has mostly used microscopy to study the kinds found there, but microscopy cannot differentiate between toxic and non-toxic cyanobacterial cells.

    We are on a large project team of scientists who have been studying the socioeconomic and environmental effects of cyanoHABs in the Winam Gulf region of Lake Victoria in south-western Kenya.

    Our latest study identified which cyanobacteria were the most abundant in the gulf and which ones were producing the main toxin of concern.

    These findings can improve public safety:

    • local authorities can monitor for specific cyanobacteria and warn residents to stay away when blooms are present

    • cyanoHAB prevention practices (nutrient reduction, land-use practices) can target the cyanobacteria that cause the problem.

    Greening of lakes

    Lake Victoria now receives large influxes of nutrients because of growing lakeside populations and land-use changes. Nutrients from agriculture, industry and urbanisation fuel the growth of cyanoHABs.

    CyanoHABs occur in many basins in Lake Victoria but are highly concentrated in Kenya’s shallow Winam/Nyanza Gulf. Changing nutrient and temperature conditions can also alter which types of cyanobacteria dominate the gulf and the types and levels of toxins in the water. Lakeside communities that rely on the gulf for drinking water and domestic tasks are at risk of exposure to cyanoHAB toxins.

    Past research on cyanoHABs has mostly used the oldest of microbiological techniques — microscopy — to classify the types of cyanobacteria in the gulf. This cannot differentiate between toxic and non-toxic cyanobacterial cells.

    Modern genome sequencing technologies can identify genes encoding the production of known and novel toxins and other molecules of interest, such as those with medicinal properties. Genomic data from African Great Lakes is scarce, so the chemical capabilities of bacteria in this region are largely unexplored. But this is beginning to change.

    Our latest study adds to a growing number of recent studies our team has carried out in and around Lake Victoria. In this study, our research vessel stopped at over 31 sites to collect scientific samples and data. The samples were later analysed for DNA, the biological “instruction manual” inside every living thing. DNA tells an organism how to grow, function, reproduce, and – in the case of cyanobacteria – make deadly toxins. This analysis produced near-complete genome sequences – that is, the set of all genes in the DNA – for organisms at each sampling site.

    Past reports identified Microcystis as the dominant cyanobacteria in the Winam Gulf. Our research, however, found Dolichospermum was the most abundant type in major cyanoHAB events there. This finding might be due to recent environmental changes in the region.

    But we linked Microcystis to microcystin. This is a liver-damaging toxin that can kill livestock, wildlife and humans, especially those whose immune system isn’t working well. In Winam Gulf, it’s often more abundant than the health limits set by the WHO.

    Our study also found that Microcystis occurs mainly in murkier river mouths where green scums are not visible, making scientific monitoring and public alerts even more important.

    Local authorities can now monitor for these cyanobacteria and warn residents to stay away when blooms are present.

    The findings also mean that authorities know which cyanobacteria to target in prevention efforts like reducing the amount of phosphorus and other nutrients entering the gulf.

    Lastly, our genomic study uncovered over 300 uncharacterised genes that may produce novel cyanobacterial molecules. These molecules could have toxic or therapeutic effects, and provide an opportunity for future investigators to explore.

    A model for what is to come

    Rapid human population growth and settlement around lakes and their watersheds is leading to high levels nutrients in lakes around the world. This results in excessive growth of algae and aquatic plants. This danger is likely to increase with global warming because warm temperatures promote algal blooms.

    Our data provides a foundation for remedying this in Lake Victoria – and possibly discovering beneficial properties in cyanoHABs.

    Lauren Hart receives funding from National Institute of Health.

    George S Bullerjahn receives funding from the National Science Foundation.

    Gregory J. Dick receives funding from the National Science Foundation, the National Oceanic and Atmospheric Administration, the National Institutes for Health, and the US Geological Survey.

    Kefa M. Otiso receives funding from the US National Science Foundation.

    – ref. Lake Victoria is turning green – the deadly bacteria behind it – https://theconversation.com/lake-victoria-is-turning-green-the-deadly-bacteria-behind-it-249298

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Government sets out plans for ‘e-invoicing’ overhaul to cut paperwork

    Source: United Kingdom – Government Statements

    Government consultation on electronic invoicing launched

    • Government launches 12-week e-invoicing consultation on plans to cut paperwork for businesses and help improve productivity.
    • Proposals expected to save businesses time and money and speed up payments, creating the conditions to grow the economy, part of the Prime Minister’s Plan for Change.
    • Will help businesses get tax right first time with fewer invoicing and VAT return errors.
    • UK stakeholders and businesses urged to comment.

    UK businesses are, for the first time, being invited to have their say on the government’s electronic invoicing (e-invoicing) proposals.

    E-invoicing is the digital exchange of invoice information directly between buyers and suppliers. It could help businesses get their tax right first time, reduce invoicing and data errors, improve the accuracy of VAT returns, help close the tax gap and save time and money. It usually results in faster business to business payments, leading to improved cash flow and less paperwork.

    This will help cut down time and resources businesses spend managing their tax affairs so they can be more productive. It forms part of the Prime Minister’s Plan for Change for a tax system that supports economic growth.

    Examples of where e-invoicing has improved cash flow include:

    • Australian Government agencies who are paying their suppliers within 5 days compared to 20 days for other forms of invoices.
    • a UK NHS trust where e-invoices are ready for processing within 24 hours, compared to 10 days under paper invoicing. Their e-invoices are typically paid almost twice as quickly than paper invoices, with supplier queries reduced by an average of 15%.

    Examples of the wider benefits to business of e-invoicing are highlighted by software providers:

    • Xero see e-invoicing as the next digital revolution for small firms, simplifying how businesses invoice customers and get paid faster. Firms will save money on chasing payments, improve cash flow and reduce fraud risks.
    • a published business research report from Sage* shows that e-invoicing streamlines routine tasks like data entry and tax filing, driving annual productivity gains of around 3% in the UK, supporting the government’s broader growth agenda.

    The 12-week consultation ‘Promoting electronic invoicing across UK businesses and the public sector’ was published today (13 February 2025) by HM Revenue and Customs (HMRC) and the Department for Business and Trade (DBT). The deadline for comment is 7 May 2025.

    James Murray, Exchequer Secretary to the Treasury said:

    As part of the Prime Minister’s Plan for Change, we have begun our work to transform the UK’s tax system into one that is focused on helping businesses and the economy to grow.

    E-invoicing simplifies processes, reduces errors and helps businesses to get paid faster. By cutting paperwork and freeing up valuable time and money, it will help improve firms’ productivity and their ability to grow and succeed.

    Gareth Thomas, Minister for Services, Small Business and Exports, said:

    Small businesses are at the heart of our economy and vital to our growth mission. The potential of digitising taxes, speeding up payments and streamlining administrative tasks will provide real benefits to the economy, supporting smaller firms and boosting growth.

    This is why we want to make sure e-invoicing works for SMEs, because cash flow can make all the difference between staying afloat or going under.

    The consultation applies to business invoicing. It will gather views on standardising e-invoicing and how to increase its adoption across UK businesses and the public sector. It also explores how different e-invoicing models could align a business with their customers’ businesses. People can take part whether or not they currently use e-invoicing.

    HMRC and the DBT want to hear the opinions of self-employed people, businesses of all sizes, representative and industry bodies, charities and public sector organisations.

    Topics that the government is interested in exploring include:

    • different models of e-invoicing
    • whether to take a mandated or voluntary approach to e-invoicing, and what scope of mandate might be most appropriate in the UK and for businesses
    • whether e-invoicing should be complemented by real time digital reporting.

    The government will also engage with a broad range of businesses and interested stakeholders to secure their views at various events, including face-to-face discussions.

    Exchequer Secretary to the Treasury, James Murray, will host a business round table at the Darlington Economic Campus and Government Hub this afternoon (13 February 2025), where he and Business and Trade Minister, Gareth Thomas, will discuss the consultation and listen to the opinions of industry bodies, regional stakeholders and local businesses in the North East.

    It follows a visit earlier in the day by James Murray MP to software developer Sage’s Newcastle headquarters, where he met with accountants to discuss government support for small businesses and how HMRC is working to deliver its priorities. Sage is one of the providers of software for HMRC’s Making Tax Digital (MTD) programme. A full list of software providers for MTD can be found on GOV.UK.

    Further Information

    The consultation ‘Promoting electronic invoicing across UK businesses and the public sector’ is available on GOV.UK.

    A Welsh language version is available on request.

    The consultation will run for 12 weeks from Thursday 13 February to Wednesday 7 May 2025.

    E-invoicing technology has been in use for more than 20 years and an increasing number of countries require businesses to use e-invoices for at least some transactions. There is global recognition for standards in enabling e-invoicing, particularly in international trade. Around 130 countries have or are in the process of implementing e-invoicing structures and standards (including data they should include and their format).

    ‘Failure to take reasonable care’ and ‘error’ accounted for 22% of the VAT tax gap in the 2022 to 2023 tax year. Industry research** shows that 80% of businesses globally manually enter their supplier invoice data into their accounting system, typically around 10% of entered data has some form of error. Adopting e-invoicing can automate this data entry and reduce opportunities for error.

    HMRC and the DBT want to understand how differing approaches may integrate with current business systems. This will support development of a UK approach to e-invoicing that improves business productivity by reducing admin burdens and helping businesses to get their tax right. There will be no immediate change in response to this consultation and responses will be used to inform future decision-making.

    Enquiries about the consultation and responses to it should be sent to: einvoicingconsultation@hmrc.gov.uk or by clicking a link in the consultation document.

    People interested in joining business round tables and other events to contribute to future e-invoicing policy development can contact: einvoicingengagement@hmrc.gov.uk

    A future e-invoicing consultation was announced by the Chancellor of the Exchequer, Rachel Reeves, on 23 September 2024 in a package of reforms to improve the UK’s tax system.

    This was confirmed for ‘early 2025’ in the Autumn Budget on 30 October 2024.

    The published studies as referenced are: *’E-invoicing: Paving the way to a Connected, Real-time Economy’ (Sage)/ **’Billentis – The Global E-invoicing and Tax Compliance Report’

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Finns travelling to UK need an Electronic Travel Authorisation

    Source: United Kingdom – Government Statements

    Visitors travelling to the UK on a European passport will need an ETA from 2 April 2025. Travellers can apply for an ETA from 5 March 2025 onwards.

    Electronic Travel Authorisations (ETAs) are being introduced worldwide for visitors to the UK who do not currently need a visa for short stays, or who do not already have a UK immigration status. 

    Eligible Europeans can apply for an ETA from 5 March 2025 and will need an ETA to travel from 2 April 2025. 

    An ETA is a digital permission to travel. Applying for an ETA is quick and simple. The fastest way to apply is using the UK ETA app.  

    An ETA permits multiple journeys to the UK for stays of up to six months at a time over two years or until the holder’s passport expires – whichever is sooner. 

    The introduction of ETAs is in line with the approach many other countries have taken to border security, including the US and Australia.

    How do I apply for an ETA?  

    Information on who can get an ETA and how to apply before coming to the UK is available on GOV.UK. 

    The easiest way to apply for an ETA is through the UK ETA app, which can be downloaded from Google Play or Apple App Store. You can also apply on GOV.UK.

    Please use the official UK ETA app or the GOV.UK site to apply for your ETA to avoid scam sites. 

    How long does it take? 

    Most applicants get an automatic decision in minutes when applying through the UK ETA app, which means spontaneous trips to the UK are still possible.

    Visitors are advised to allow three working days for a decision on their application, but this is to take account of the small number of cases which need further review. It is always better to apply for your ETA well in advance. 

    To apply for an ETA, applicants need to:

    1. Pay a fee (currently £10)
    2. Provide contact information and passport details
    3. Provide a valid photo, complying with rules for digital photos on GOV.UK
    4. Answer a set of questions

    NOTE: You must travel using the same passport you used when you applied for your ETA. If you get a new passport, you will need to get a new ETA.

    For more information and regular updates on ETAs, please visit GOV.UK 

    Video introduction: What is an Electronic Travel Authorisation (ETA)?  

    Video introduction: How to Apply For a UK Electronic Travel Authorisation (ETA)

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Nineteenth International Capacity-building Seminar on Trade and Transport Facilitation and data sharing

    Source: United Nations Economic Commission for Europe

    This event is organized by the United Nations Economic Commission for Europe (UNECE), the Government of Turkmenistan, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), with the participation of the Economic Cooperation Organization (ECO), the Organisation for Cooperation of Railways (OSJD), the railway agencies of Kazakhstan, Turkmenistan, and Iran, the Islamic Development Bank (IsDB), Eurasian Development Bank, and other partners from the States participating in the UN Special Programme for the Economies of Central Asia (SPECA).

    This event is part of the implementation of the for the Digitalization of Multimodal Data and Document Exchange along the Trans-Caspian Transport Corridor Using UN Legal Instruments and Standards, which was adopted by the SPECA Summit on 24 November 2023 in Baku. It follows up on the request of the SPECA Governing Council for capacity-building on the UN/CEFACT standards.

    MIL OSI United Nations News –

  • MIL-OSI: GraniteShares launches new leveraged ETFs on Intel, Dell and Qualcomm

    Source: GlobeNewswire (MIL-OSI)

    GraniteShares 2x Long QCOM Daily ETF (QCML)

    GraniteShares 2x Long DELL Daily ETF (DLLL)

    GraniteShares 2x Long INTC Daily ETF (INTW)

    New York, New York, Feb. 13, 2025 (GLOBE NEWSWIRE) — GraniteShares launches another three leveraged single stock ETFs to its growing suite of funds. The ETFs provide investors leveraged exposure to Dell (DELL), Intel (INTC) and Qualcomm (QCOM).

    On February 13, 2025, GraniteShares introduces:

    • GraniteShares 2x Long QCOM Daily ETF (QCML)
    • GraniteShares 2x Long DELL Daily ETF (DLLL)
    • GraniteShares 2x Long INTC Daily ETF (INTW)

    Each of these funds is designed for those who are bullish on the artificial intelligence (AI) revolution and are looking for enhanced ways to trade Qualcomm, Dell Technologies, and Intel. By leveraging their performance with a two-times multiplier, investors have an opportunity to amplify gains or losses on upward or downward movements.

    GraniteShares continues to be a pioneer in the leveraged single-stock ETFs space. This launch expands its offerings significantly to twenty three short and leveraged single stock ETFs.

    Link to Prospectus: https://graniteshares.com/media/iyrbedwg/graniteshares-etf-trust-s-l-single-stock-etfs-prospectus.pdf

    What Makes These ETFs Unique?

    These three new ETFs represent the first leveraged single stock ETFs on these names. Leveraged single stock ETFs have proved themselves to be popular with investors as they can be bought and sold from ordinary brokerage accounts. Although the ETFs are leveraged, there are no margin calls for investors and investors control when to buy or sell. Many leveraged single stock ETFs have an active options ecosystem allowing for futher ways to trade around the underlying stock.

    YieldBoost: https://graniteshares.com/institutional/us/en-us/etfs/tsyy/

    Graniteshares recently entered the options income space with an innovative new offering called YieldBoost. The first ETF in the YieldBoost offering; GraniteShares YieldBoost TSLA (TSYY) is an ETF that sells put options to generate income for investors. TSYY made its first distribution in late January and as at Feb 7th, 2025 has an annualized yield of 35.11%, a 30-Day SEC Yield of -3.03%, & 7.9% Total Return in Just Over a Month as of January 31, 2025!

    About GraniteShares:

    GraniteShares is a global investment firm dedicated to creating and managing ETFs. Headquartered in New York City, GraniteShares provides products on U.S., U.K, German, French & Italian stock exchanges. The firm is a market leader in leveraged single-stock ETFs and provides innovative, cutting-edge investment solutions for the high conviction investor.

    Founded in 2016, GraniteShares is an ETF provider focused on providing innovative, cutting-edge alternative investment solutions. Its U.S. ETF offerings include a broad-based commodity index fund, physically backed gold and platinum funds and a high-income pass-through securities index fund.

    GraniteShares also offers a suite of leveraged single stock ETFs, including those targeting NVIDIA, Coinbase and Tesla. The company has over $9 billion in assets under management as of February 6th, 2025.

    For complete information about GraniteShares YieldBOOST ETF, please visit:
    https://graniteshares.com/institutional/us/en-us/

    Media Contact:

    GraniteShares Inc.
    Attn: Media Relations
    222 Broadway, 21 Floor,
    New York, NY, 10038
    844-476-8747
    info@graniteshares.com

    RISK FACTORS AND IMPORTANT INFORMATION

    This material must be preceded or accompanied by a Prospectus. Carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. Please read the prospectus before investing.

    The Fund is not suitable for all investors. The investment program of the funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by most ETFs and mutual funds. Investments in the ETFs are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. For periods longer than a single day, the Fund will lose money if the Underlying Stock’s performance is flat, and it is possible that the Fund will lose money even if the Underlying Stock’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day.

    The Fund seeks daily leveraged investment results and is intended to be used as short-term trading vehicles. This Fund attempts to provide daily investment results that correspond to the respective long leveraged multiple of the performance of its underlying stock (a Leverage Long Fund).

    Investors should note that such Leverage Long Fund pursues daily leveraged investment objectives, which means that the Fund is riskier than alternatives that do not use leverage because the Fund magnifies the performance of its underlying stock. The volatility of the underlying security may affect a Funds’ return as much as, or more than, the return of the underlying security.

    Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.

    Shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns.

    An investment in the Fund involves risk, including the possible loss of principal. The Fund is non-diversified and includes risks associated with the Fund concentrating its investments in a particular industry, sector, or geographic region which can result in increased volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. Risks of the Fund include Effects of Compounding and Market Volatility Risk, Leverage Risk, Market Risk, Counterparty Risk, Rebalancing Risk, Intra-Day Investment Risk, Other Investment Companies (including ETFs) Risk, and risks specific to the securities of the Underlying Stock and the sector in which it operates. These and other risks can be found in the prospectus.

    This information is not an offer to sell or a solicitation of an offer to buy shares of any Funds to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. Please consult your tax advisor about the tax consequences of an investment in Fund shares, including the possible application of foreign, state, and local tax laws. You could lose money by investing in the ETFs. There can be no assurance that the investment objective of the Funds will be achieved. None of the Funds should be relied upon as a complete investment program.

    The MIL Network –

  • MIL-OSI: Locafy Introduces Localizer, a Powerful Solution to Boost Local Search Visibility and Drive Partner-Led Growth

    Source: GlobeNewswire (MIL-OSI)

    • Recurring revenue growth from partners exceeds $35,000 per month after a few weeks
    • $25,000 in monthly cost reductions anticipated after converting salaried sales staff to Partners program
    • Scalable-location based digital marketing solution appeals to multi-location businesses

    PERTH, Australia, Feb. 13, 2025 (GLOBE NEWSWIRE) — Locafy Limited (Nasdaq: LCFY, LCFYW) (“Locafy” or the “Company”), a globally recognized leader in location based digital marketing solutions, with market leading SEO capabilities, today announced the launch of Localizer, a powerful solution designed to help businesses improve their online visibility and rank higher in local search results.

    With 46% of Google searches seeking local products and services, businesses absent from Page 1 search results miss substantial revenue opportunities. While traditional SEO approaches demand significant time and resources, Localizer provides an innovative, scalable solution to enhance local search visibility—at a fraction of the time and cost.

    “The majority of organic traffic to local businesses websites comes through Google’s Local Pack or via organic search results – our Localizer product delivers local search prominence and visibility in both,” said Locafy CEO Gavin Burnett.

    Transition to a Partner-Led Model
    As part of Locafy’s broader strategic shift, the Company is transitioning its resellers into its partner program “Partners,” where partners manage the client relationship. At the same time, Locafy oversees technology service delivery and maintains the billing relationship. This model fosters a more scalable approach while empowering partners to grow their businesses with Locafy’s innovative solutions without having to worry about service delivery.

    Additionally, key salespeople of the Company have transitioned from salaried positions to partners, further reducing fixed costs while creating a direct incentive to drive revenue. This shift has already begun yielding results, with Locafy’s new partners generating over $35,000 in new monthly recurring revenue and a strong pipeline of additional opportunities. At the same time, cost reductions in direct sales staff of more than $25,000 per month will come into full effect in the June quarter.

    Localizer: A Smarter Approach to Local SEO
    Locafy’s Localizer is a turnkey local SEO solution that accelerates businesses’ search rankings by optimizing their presence across multiple digital touchpoints. The four-step approach includes:

    • Syndicating Business Listings – Distributing consistent, authoritative business profiles across 120+ directories, apps, maps, and voice search platforms
    • Deploying Optimized Landing Pages – Creating independent, high-ranking web pages that target valuable local keywords without modifying existing business websites
    • Enhancing Google Business Profile Visibility – Optimizing GBP and applying SEO technology to boost Local Pack rankings, where nearly 44% of mobile search clicks occur
    • Publishing Relevant Articles – Producing high-quality content that targets key search intent categories to increase brand authority and organic search prominence

    The Localizer product is at the forefront of Partners as Locafy winds down older product versions, focusing on a standard location-based digital marketing solution with articles available as an add-on module. The combination of listings, landing pages and local pack covers all the search query intent of consumers – transactional, navigational, commercial and information. Each component provides the opportunity for online visibility depending on the search intent of the consumer.

    Scalable Solutions for Multi-Location Businesses
    Locafy anticipates strong demand for Localizer, particularly among larger, multi-location businesses. The platform provides a comprehensive, cost-efficient digital marketing solution that can be deployed at scale, helping brands improve their local search performance while ensuring consistency across multiple locations.

    “With Localizer, we’re not only offering a cutting-edge location based digital marketing solution but also redefining how businesses engage with digital marketing and SEO through our partner program, Partners,” added Burnett. “By aligning incentives and streamlining service delivery, we are positioning Locafy for accelerated growth while empowering our partners to succeed.”

    “We’ve only just started with the transition process and we believe it has yielded great results so far. We aim to get across all existing resellers by the end of the March quarter and complete the transition process by then.”

    For more information about Locafy’s technology, including educational blogs and case studies, please visit Locafy’s investor relations website at investor.locafy.com.

    About Locafy
    Locafy (Nasdaq: LCFY, LCFYW) is a globally recognized software-as-a-service technology company specializing in local search engine marketing. Founded in 2009, Locafy’s mission is to revolutionize the US$700 billion SEO sector. We help businesses and brands increase search engine relevance and prominence in a specific proximity using a fast, easy, and automated approach. For more information, please visit www.locafy.com.

    Forward-Looking Statements
    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “subject to”, “believe,” “anticipate,” “plan,” “expect,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions, or by discussions of strategy, although not all forward-looking statements contain these words. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 20-F, filed with the SEC on November 12, 2024, as amended, and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

    Investor Relations Contact
    Matt Glover
    Gateway Group, Inc.
    (949) 574-3860
    LCFY@gateway-grp.com 

    The MIL Network –

  • MIL-OSI: Magnite to Participate in the Susquehanna Financial Group 14th Annual Technology Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — Magnite (Nasdaq: MGNI), the largest independent sell-side advertising company, today announced that members of its executive team will host in-person investor meetings at the Susquehanna Financial Group 14th Annual Technology Conference in New York City on Thursday, February 27, 2025.

    About Magnite

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

    Investor Relations Contact
    Nick Kormeluk, 949-500-0003
    nkormeluk@magnite.com

    The MIL Network –

  • MIL-OSI: Expand Energy Corporation Appoints Dan Turco Executive Vice President, Marketing & Commercial

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Feb. 13, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy”) today announced that Dan Turco has been appointed Executive Vice President, Marketing & Commercial, effective February 18, 2025.

    “With nearly two decades of experience in global upstream natural gas marketing and trading, Dan is a key addition to our team as we work to expand energy access to markets in need and grow our customer base to power, industrial and LNG markets,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “His leadership will be instrumental in building a world-class marketing organization to capitalize on our role as the leading natural gas producer in the United States.”

    “Expand Energy has a bold vision to address global energy insecurity, and I am honored to join the team as they lead the industry in this effort,” Turco said. “I believe this company, given its team, portfolio and financial strength, is uniquely positioned to deliver affordable, reliable, lower carbon energy to meet growing domestic and international demand.”

    Prior to joining Expand Energy, Mr. Turco spent nearly 20 years with ExxonMobil in various leadership roles in upstream natural gas marketing and trading, spanning LNG, U.S., Europe and Asia gas markets. Most recently, he served as Head of Global LNG Trading / Head of Asia Gas & Power Marketing in Singapore. Mr. Turco earned an MBA from Wilfrid Laurier University (Canada) and an Honors Bachelor of Applied Science, Civil Engineering & Management Science from the University of Waterloo (Canada).

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

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements relating to Expand Energy marketing organization and customer base, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Although Expand Energy’s management believes the expectations reflected in such forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond Expand Energy’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause Expand Energy’s actual results to be materially different than those expressed in such forward-looking statements include commodity price volatility and other factors described in Expand Energy’s Annual Report on Form 10-K for the year ended December 31, 2023, Expand Energy’s Quarterly Reports on Form 10-Q and other documents that Expand Energy files with the SEC. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Expand Energy’s documents filed with the SEC that are available through Expand Energy’s website at www.expandenergy.com or through EDGAR at www.sec.gov. We caution you not to place undue reliance on the forward-looking statements contained in this release, which speak only as of the date of the release, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC that attempt to advise interested parties of the risk and factors that may affect our business.

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

    The MIL Network –

  • MIL-OSI: Arbitral tribunal appointed for the arbitration proceedings concerning the redemption of minority shares in Innofactor Plc

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc | Stock Exchange Release | February 13, 2025 at 14:50 EET

    Arbitral tribunal appointed for the arbitration proceedings concerning the redemption of minority shares in Innofactor Plc

    As previously announced, Onni Bidco Oy (“Onni Bidco”) has, by submitting an application to the Redemption Board of the Finland Chamber of Commerce dated December 2, 2024, commenced redemption proceedings in respect of Innofactor Plc’s (“Innofactor”) minority shares by initiating arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Innofactor. Onni Bidco served its application to appoint an arbitral tribunal and to initiate arbitration proceedings in accordance with Chapter 18, Section 5 of the Finnish Companies Act on January 7, 2025.

    Onni Bidco has today been informed that the Redemption Board of the Finland Chamber of Commerce has appointed an arbitral tribunal consisting of three members for the arbitration proceedings concerning the redemption of the minority shares in Innofactor. The arbitral tribunal consists of Independent Arbitrator Heidi Merikalla-Teir (chair), Professor Emeritus, LL.D., Trained on the bench Raimo Immonen and D.Sc. (Econ.), CVA Harri Seppänen.

    Investor and media enquiries:

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

    Distribution:
    NASDAQ Helsinki
    Main media
    www.innofactor.com

    ABOUT INNOFACTOR

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

    The MIL Network –

  • MIL-Evening Report: Eugene Doyle: Will New Zealand invade the Cook Islands to stop China? Seriously

    Report by Dr David Robie – Café Pacific. –

    The New Zealand government and the mainstream media have gone ballistic (thankfully not literally just yet) over the move by the small Pacific nation to sign a strategic partnership with China in Beijing this week.

    It is the latest in a string of island nations that have signalled a closer relationship with China, something that rattles nerves and sabres in Wellington and Canberra.

    The Chinese have politely told the Kiwis to back off.  Foreign Ministry spokesperson Guo Jiakun told reporters that China and the Cook Islands have had diplomatic relations since 1997 which “should not be disrupted or restrained by any third party”.

    “New Zealand is rightly furious about it,” a TVNZ Pacific affairs writer editorialised to the nation. The deal and the lack of prior consultation was described by various journalists as “damaging”, “of significant concern”, “trouble in paradise”, an act by a “renegade government”.

    Foreign Minister Winston Peters, not without cause, railed at what he saw as the Cook Islands government going against long-standing agreements to consult over defence and security issues.

    “Should New Zealand invade the Cook islands?” . . . New Zealand Herald columnist Matthew Hooton’s view in an “oxygen-starved media environment” amid rattled nerves. Image: New Zealand Herald screenshot APR

    ‘Clearly about secession’
    Matthew Hooton, who penned the article in The Herald, is a major commentator on various platforms.

    “Cook Islands Prime Minister Mark Brown’s dealings with China are clearly about secession from the realm of New Zealand,” Hooton said without substantiation but with considerable colonial hauteur.

    “His illegal moves cannot stand. It would be a relatively straightforward military operation for our SAS to secure all key government buildings in the Cook Islands’ capital, Avarua.”

    This could be written off as the hyperventilating screeching of someone trying to drum up readers but he was given a major platform to do so and New Zealanders live in an oxygen-starved media environment where alternative analysis is hard to find.

    The Cook Islands, with one of the largest Exclusive Economic Zones in the world — a whopping 2 million sq km — is considered part of New Zealand’s backyard, albeit over 3000 km to the northeast.  The deal with China is focused on economics not security issues, according to Cooks Prime Minister Mark Brown.

    Deep sea mining may be on the list of projects as well as trade cooperation, climate, tourism, and infrastructure.

    The Cook Islands seafloor is believed to have billions of tons of polymetallic nodules of cobalt, copper, nickel and manganese, something that has even caught the attention of US Secretary of State Marco Rubio. Various players have their eyes on it.

    Glen Johnson, writing in Le Monde Diplomatique, reported last year:

    “Environmentalists have raised major concerns, particularly over the destruction of deep-sea habitats and the vast, choking sediment plumes that excavation would produce.”

    All will be revealed
    Even Cook Island’s citizens have not been consulted on the details of the deal, including deep sea mining.  Clearly, this should not be the case. All will be revealed shortly.

    New Zealand and the Cook Islands have had formal relations since 1901 when the British “transferred” the islands to New Zealand.  Cook Islanders have a curious status: they hold New Zealand passports but are recognised as their own country. The US government went a step further on September 25, 2023. President Joe Biden said:

    “Today I am proud to announce that the United States recognises the Cook Islands as a sovereign and independent state and will establish diplomatic relations between our two nations.”

    A move to create their own passports was undermined by New Zealand officials who successfully stymied the plan.

    New Zealand has taken an increasingly hostile stance vis-a-vis China, with PM Luxon describing the country as a “strategic competitor” while at the same time depending on China as our biggest trading partner.  The government and a compliant mainstream media sing as one choir when it comes to China: it is seen as a threat, a looming pretender to be South Pacific hegemon, replacing the flip-flopping, increasingly incoherent USA.

    Climate change looms large for island nations. Much of the Cooks’ tourism infrastructure is vulnerable to coastal inundation and precious reefs are being destroyed by heating sea temperatures.

    “One thing that New Zealand has got to get its head round is the fact that the Trump administration has withdrawn from the Paris Climate Accord,” Dr Robert Patman, professor of international relations at Otago University, says. “And this is a big deal for most Pacific Island states — and that means that the Cook Islands nation may well be looking for greater assistance elsewhere.”

    Diplomatic spat with global coverage
    The story of the diplomatic spat has been covered in the Middle East, Europe and Asia.  Eyebrows are rising as yet again New Zealand, a close ally of Israel and a participant in the US Operation Prosperity Guardian to lift the Houthi Red Sea blockade of Israel, shows its Western mindset.

    Matthew Hooton’s article is the kind of colonialist fantasy masquerading as geopolitical analysis that damages New Zealand’s reputation as a friend to the smaller nations of our region.

    Yes, the Chinese have an interest in our neck of the woods — China is second only to Australia in supplying much-needed development assistance to the region.

    It is sound policy not insurrection for small nations to diversify economic partnerships and secure development opportunities for their people. That said, serious questions should be posed and deserve to be answered.

    Geopolitical analyst Dr Geoffrey Miller made a useful contribution to the debate saying there was potential for all three parties to work together:

    “There is no reason why New Zealand can’t get together with China and the Cook Islands and develop some projects together,” Dr Miller says. “Pacific states are the winners here because there is a lot of competition for them”.

    I think New Zealand and Australia could combine more effectively with a host of South Pacific island nations and form a more effective regional voice with which to engage with the wider world and collectively resist efforts by the US and China to turn the region into a theatre of competition.

    We throw the toys out
    We throw the toys out of the cot when the Cooks don’t consult with us but shrug when Pasifika elders like former Tuvalu PM Enele Sopoaga call us out for ignoring them.

    In Wellington last year, I heard him challenge the bigger powers, particularly Australia and New Zealand, to remember that the existential threat faced by Pacific nations comes first from climate change. He also reminded New Zealanders of the commitment to keeping the South Pacific nuclear-free.

    To succeed, a “Pacific for the peoples of the Pacific” approach would suggest our ministries of foreign affairs should halt their drift to being little more than branch offices of the Pentagon and that our governments should not sign up to US Great Power competition with China.

    Ditching the misguided anti-China AUKUS project would be a good start.

    Friends to all, enemies of none. Keep the Pacific peaceful, neutral and nuclear-free.

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    This article was first published on Café Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Smoke Billows From Bushfires in Tasmania

    Source: NASA

    In early February 2025, bushfires ignited in northwestern Tasmania, where they have continued to burn on the island for more than a week amid windy, warm, and dry conditions.
    Smoke from the fires is visible in this image, acquired at about 4 p.m. local time (05:00 Universal Time) on February 12, 2025, by the MODIS (Moderate Resolution Imaging Spectroradiometer) instrument on NASA’s Aqua satellite.
    Starting on February 3, lightning strikes from dry thunderstorms ignited multiple fires in the state’s North West region, according to news reports. By February 12, more than a dozen fires had burned around 50,000 hectares (190 square miles).
    An emergency warning, updated on February 13 by the Tasmanian government, indicated that one of the fires was progressing toward Sandy Cape, a popular spot for beach camping, and was expected to be “uncontrollable, unpredictable, and fast-moving.” (Note that Sandy Cape is covered with smoke in this view.)
    Fire was also approaching the town of Corinna, where a “watch and act” warning remained in effect on February 13. Beekeepers have already abandoned hives near the town, according to news reports, where leatherwood trees supply nectar for bees that support much of the region’s honey industry.
    According to a heatwave warning from Australia’s Bureau of Meteorology (BoM), much of the state’s west coast saw severe heatwave conditions on several days during the week of February 10. The region has also been exceptionally dry. For example, the past 12-month period has been the driest on record (since 1900) along the coastal areas near Sandy Cape.
    Forecasts called for damaging winds with gusts of up to 90 kilometers (55 miles) per hour ahead of an approaching cold front. Cooler, wetter weather was expected toward the end of the week.
    NASA Earth Observatory image by Michala Garrison, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Kathryn Hansen.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 2.12.25

    Source: US State of California 2

    Feb 12, 2025

    Kate Hoit, of Sacramento, has been appointed Deputy Secretary of Communications at the California Department of Veterans Affairs. Hoit has been the PACT Act Enterprise Program Management Office Communications and Outreach Lead at the U.S. Department of Veterans Affairs since 2023. She was a Communications Lead in the Veteran Experience Office, U.S. Department of Veterans Affairs from 2021 to 2023. Hoit was the California State Director at the Vet Voice Foundation from 2018 to 2021. She was the Military Marketing Manager at National University from 2017 to 2018. Hoit was the Director of Content and Communications at Got Your 6 from 2014 to 2017. She was a Public Affairs Specialist at the U.S. Department of Veterans Affairs from 2011 to 2014. Hoit served in the U.S. Army Reserve from 2001 to 2009. She is a Pat Tillman Scholar and a member of the Truman National Security Project. She earned her Master of the Arts Degree in Non-Fiction Writing from Johns Hopkins University, and a Bachelor of the Arts in Journalism from the University at Albany, State University of New York. This position does not require Senate confirmation, and the compensation is $154,860. Hoit is a Democrat.

    Shaun Spillane, of Gold River, has been appointed Chief Deputy Inspector General at the Office of the Inspector General, where he has been Chief Counsel since 2023, and was Attorney IV from 2013 to 2023. Spillane was Labor Relations Counsel II at the California Department of Human Resources from 2009 to 2013. He was a Graduate Student Assistant in the Office of the Inspector General from 2007 to 2009. Spillane earned a Juris Doctor degree from the University of the Pacific, McGeorge School of Law and a Bachelor of Arts degree in Psychology from the University of Michigan. This position does not require Senate confirmation, and the compensation is $201,972. Spillane is registered without party preference.

    Michael “Mike” Detoy, of Hermosa Beach, has been appointed to the California Public Employees’ Retirement System Board of Administration. Detoy has been Councilmember and Mayor of the City of Hermosa Beach since 2019. He has been Fire Captain for the City of Riverside since 2011. Detoy is President of the Riverside City Firefighters Association. He earned a Master of Public Administration degree from California Baptist University and a Bachelor of Science degree in Finance from Santa Clara University. This position does not require Senate confirmation, and the compensation is $100 per diem. Detoy is a Democrat.

    Christopher Gonder, of Brawley, has been appointed to the Commission on Correctional Peace Officer Standards and Training. Gonder has been a Correctional Officer at the California Department of Corrections and Rehabilitation since 2016. He is the Vice President of the California Correctional Peace Officers Association, Calipatria Chapter and President of the Chicano Correctional Workers Association, Calipatria Chapter. This position does not require Senate confirmation, and there is no compensation. Gonder is registered without party preference.

    Hellen Hong, of Los Angeles, has been reappointed to the Civil Rights Council, where she has served since 2021. Hong has been Chief Executive Officer at CalBar Connect since 2020. She was the Director at the Office of Access and Inclusion at the State Bar of California from 2019 to 2020. Hong held multiple executive positions at First Place for Youth from 2014 to 2019. She was the Executive Director of the Los Angeles Center for Law and Justice from 2007 to 2014. Hong was a Public Interest Attorney from 2004 to 2007. She was Assistant Director of State Government Relations at the University of California from 2002 to 2004. Hong earned her Juris Doctor degree from Loyola Law School. This position requires Senate confirmation, and the compensation is $100 per diem. Hong is a Democrat

    Hugh Crooks, of Los Angeles, has been reappointed to the California Veterans Board, where he has served since 2017. Crooks was a Human Resources Operations Manager at the Los Angeles County Registrar-Recorder/County Clerk from 2000 to 2005. Crooks was Head of Administrative and Facility Services at the Los Angeles County Museum of Natural History from 1991 to 2000. He was Safety Police Chief III for the Protective Services Division at the Los Angeles County Safety Police from 1969 to 1991. Crooks was a Rifleman in the U.S. Army from 1967 to 1969. He is a member of the Veterans of Foreign Wars, 9th Infantry Division Society, and the Los Angeles County Sheriff’s Advisory Group. Crooks was a National Executive Committeeman and Chief Financial Officer of the American Legion, Department of California. This position requires Senate confirmation, and the compensation is $100 per diem. Crooks is a Democrat. 

    Press Releases, Recent News

    Recent news

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    Feb 11, 2025

    News What you need to know: Across all of state government, highly-specialized personnel and response equipment are on the ground working to protect communities statewide from storm impacts.  Los Angeles, California – With another significant winter storm system…

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    News What you need to know: Governor Gavin Newsom issued an executive order today ordering the state to ensure that childcare providers impacted by the recent wildfires in Los Angeles are aware of their potential eligibility for Disaster Unemployment Assistance and…

    MIL OSI USA News –

  • MIL-OSI: Calian Reports Results for the First Quarter

    Source: GlobeNewswire (MIL-OSI)

    (All amounts in release are in Canadian dollars)

    OTTAWA, Ontario, Feb. 13, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, today released its results for the first quarter ended December 31, 2024.

    Q1-25 Highlights:

    • Revenue up 3% to $185 million
    • Gross margin at 31.8%, slightly down from 32.5% last year
    • Adjusted EBITDA1 of $18 million, down from $21 million last year
    • Operating free cash flow1 of $13 million, down from $17 million last year
    • Net debt to adjusted EBITDA1 ratio of 0.6x
    • Repurchased 101,350 shares in consideration of $4.9 million
    • Guidance reiterated
    • Announced new U.S. subsidiary to focus on U.S. government and defence
       
    Financial Highlights Three months ended
    (in millions of $, except per share & margins) December  31,
      2024   20232   %
    Revenue 185.0   179.2   3 %
    Adjusted EBITDA1 17.8   21.4   (17) %
    Adjusted EBITDA %1 9.6 % 11.9 % (230)bps
    Adjusted Net Profit1 10.5   14.0   (25) %
    Adjusted EPS Diluted1 0.88   1.17   (25) %
    Operating Free Cash Flow1 13.1   17.2   (24) %
           
           

    1 This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
    2 Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

    Access the full report on the Calian Financials web page.
    Register for the conference call on Thursday, February 13, 2025, 8:30 a.m. Eastern Time.

    “We closed the quarter as expected and are seeing positive momentum across our diverse end markets, while continuing to benefit from the strong contributions of our recent acquisitions in UK, the U.S. and Canada,” said Kevin Ford, Calian CEO. “The accelerating global demand for defence solutions positions Calian’s expanding footprint to play a critical role in the years ahead. Additionally, discussions among Canadian leaders about increasing military investment and accelerating initiatives are a welcome development. We remain on track to deliver another record year and are making progress against our long-term objectives.”

    First Quarter Results

    Revenues increased 3%, from $179 million to $185 million, representing the highest first quarter revenue on record. Acquisitive growth was 8% and was generated by the acquisitions of Decisive Group, the nuclear assets from MDA Ltd and Mabway. Organic growth was down 5%, as growth generated in global Defence was offset by declines in the pace of domestic Defence training and delays in large projects in its Space and IT infrastructure markets.

    Gross margin stood at 31.8% and represents the 11th quarter above the 30% mark. Adjusted EBITDA1 stood at $18 million, down 17% from $21 million last year, primarily impacted by revenue mix and increased investments in our sales and delivery capacity. As a result, adjusted EBITDA1 margin decreased to 9.6%, from 11.9% last year.

    Net profit stood at $(1) million, or $(0.08) per diluted share, down from $6 million, or $0.46 per diluted share last year. This decrease in profitability is primarily due to increases in accounting charges related to amortization and deemed compensation expenses from acquisitions as well as increased operating expenses, which was offset by higher gross profit. Adjusted net profit1 was $10 million, or $0.88 per diluted share, down from $14 million, or $1.17 per diluted share last year.

    Liquidity and Capital Resources

    “In the first quarter we generated $13 million in operating free cash flow1, representing a 73% conversion rate from adjusted EBITDA1,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to pay contingent earn out liabilities for $11 million and make capital expenditure investments for $1 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $5 million. We ended the quarter with a net debt to adjusted EBITDA1 ratio of 0.6x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

    Normal Course Issuer Bid

    In the three-month period ended December 31, 2024, the Company repurchased 101,350 shares for cancellation in consideration of $4.9 million.

    Announced U.S. Subsidiary to Focus on U.S. Government and Defence

    On December 4, 2024, Calian announced the launch of an independent U.S.-focused subsidiary, Calian US, Inc. It is committed to securing U.S. government contracts by ensuring full compliance with all relevant regulations. To facilitate this, Calian US will be established as an independent subsidiary and will pursue the necessary certifications to operate effectively within the U.S. market.

    Quarterly Dividend

    On February 12, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable March 12, 2025, to shareholders of record as of February 26, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

    Guidance Reiterated

    The table below presents the FY25 guidance based on the new definition of adjusted EBITDA.

      Guidance for the year ended September 30, 2025 FY24 Results   YOY Growth at Midpoint
    (in thousands of $) Low   Midpoint   High    
    Revenue 800,000   840,000   880,000   746,611   12 %
    Adj. EBITDA1 96,000   101,000   106,000   92,159   10 %
                       
                       

    This guidance includes the full-year contribution from the Decisive Group acquisition, closed on December 1, 2023, the nuclear asset acquisition from MDA Ltd., closed on March 5, 2024 and the Mabway acquisition, closed on May 9, 2024. It does not include any other further acquisitions that may close within the fiscal year. The guidance reflects another record year for the Company and positions it well to achieve its long-term growth targets.

    At the midpoint of the range, this guidance reflects revenue and adjusted EBITDA1 growth of 12% and 10%, respectively, and an adjusted EBITDA1 margin of 12.0%. It would represent the 8th consecutive year of double-digit revenue growth and record revenue and adjusted EBITDA1 levels.

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners. 

    Media inquiries:
    media@calian.com
    613-599-8600

    Investor Relations inquiries:
    ir@calian.com

    —————————————————————————–
    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
    As at December 31, 2024 and September 30, 2024
    (Canadian dollars in thousands, except per share data)
                   
      December 31,   September 30,
      2024   2024
    ASSETS              
    CURRENT ASSETS              
    Cash and cash equivalents $ 61,040     $ 51,788  
    Accounts receivable   157,542       157,376  
    Work in process   20,205       20,437  
    Inventory   29,442       23,199  
    Prepaid expenses   23,805       23,978  
    Derivative assets   31       32  
    Total current assets   292,065       276,810  
    NON-CURRENT ASSETS              
    Property, plant and equipment   41,234       40,962  
    Right of use assets   41,746       36,383  
    Prepaid expenses   7,157       7,820  
    Deferred tax asset   3,376       3,425  
    Investments   3,875       3,875  
    Acquired intangible assets   123,297       128,253  
    Goodwill   213,925       210,392  
    Total non-current assets   434,610       431,110  
    TOTAL ASSETS $ 726,675     $ 707,920  
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    CURRENT LIABILITIES              
    Accounts payable and accrued liabilities $ 123,945     $ 124,884  
    Provisions   2,454       3,075  
    Unearned contract revenue   40,263       41,723  
    Lease obligations   5,556       5,645  
    Contingent earn-out   29,709       39,136  
    Derivative liabilities   169       92  
    Total current liabilities   202,096       214,555  
    NON-CURRENT LIABILITIES              
    Debt facility   115,750       89,750  
    Lease obligations   39,425       33,798  
    Unearned contract revenue   17,256       14,503  
    Contingent earn-out   2,773       2,697  
    Deferred tax liabilities   23,738       25,862  
    Total non-current liabilities   198,942       166,610  
    TOTAL LIABILITIES   401,038       381,165  
                   
    SHAREHOLDERS’ EQUITY              
    Issued capital   227,561       225,747  
    Contributed surplus   4,555       6,019  
    Retained earnings   84,038       91,268  
    Accumulated other comprehensive income (loss)   9,483       3,721  
    TOTAL SHAREHOLDERS’ EQUITY   325,637       326,755  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 726,675     $ 707,920  
    Number of common shares issued and outstanding   11,765,055       11,802,364  
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
    For the three months ended December 31, 2024 and 2023
    (Canadian dollars in thousands, except per share data)
           
      Three months ended
      December  31,
      2024     2023
    Revenue $ 185,047     $ 179,179  
    Cost of revenues   126,246       120,961  
    Gross profit   58,801       58,218  
           
    Selling, general and administrative   38,105       34,145  
    Research and development   2,896       2,719  
    Share based compensation   1,091       1,190  
    Profit before under noted items   16,709       20,164  
           
    Restructuring expense   692       —  
    Depreciation and amortization   11,540       9,006  
    Mergers and acquisition costs   2,320       1,980  
    Profit before interest income and income tax expense   2,157       9,178  
           
    Interest expense   1,783       1,547  
    Income tax expense   1,350       2,106  
    NET PROFIT (LOSS) $ (976)     $ 5,525  
           
    Net profit (loss) per share:      
    Basic $ (0.08)     $ 0.47  
    Diluted $ (0.08)     $ 0.46  
    CALIAN GROUP LTD.
    UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    For the three months ended December 31, 2024 and 2023
    (Canadian dollars in thousands)
               
      Three months ended
      December 31,
        2024       2023  
    CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES          
    Net profit $ (976 )   $ 5,525  
    Items not affecting cash:          
    Interest expense   1,295       1,098  
    Changes in fair value related to contingent earn-out   558       726  
    Lease obligations interest expense   488       449  
    Income tax expense   1,350       2,106  
    Employee share purchase plan expense   174       162  
    Share based compensation expense   917       1,013  
    Depreciation and amortization   11,540       9,006  
    Deemed compensation   1,563       604  
        16,909       20,689  
    Change in non-cash working capital          
    Accounts receivable   (167 )     (11,189 )
    Work in process   232       (898 )
    Prepaid expenses and other   (2,739 )     (74 )
    Inventory   (6,241 )     (2,590 )
    Accounts payable and accrued liabilities   (858 )     15,516  
    Unearned contract revenue   1,294       206  
        8,430       21,660  
    Interest paid   (1,783 )     (1,547 )
    Income tax paid   (2,265 )     (2,575 )
        4,382       17,538  
    CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES          
    Issuance of common shares net of costs   881       694  
    Dividends   (3,292 )     (3,314 )
    Draw on debt facility   26,000       56,000  
    Payment of lease obligations   (1,442 )     (1,171 )
    Repurchase of common shares   (4,926 )     (1,357 )
        17,221       50,852  
    CASH FLOWS USED IN INVESTING ACTIVITIES          
    Business acquisitions   (11,215 )     (47,457 )
    Property, plant and equipment   (1,136 )     (2,400 )
        (12,351 )     (49,857 )
               
    NET CASH INFLOW (OUTFLOW) $ 9,252     $ 18,533  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   51,788       33,734  
    CASH AND CASH EQUIVALENTS, END OF PERIOD $ 61,040     $ 52,267  
                   

    Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

    These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

    Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

    Adjusted EBITDA

         
        Three months ended
        December 31,
        2024       20231  
    Net profit $ (976 )   $ 5,525  
    Share based compensation   1,091       1,190  
    Restructuring expense   692       —  
    Depreciation and amortization   11,540       9,006  
    Mergers and acquisition costs   2,320       1,980  
    Interest expense   1,783       1,547  
    Income tax   1,350       2,106  
    Adjusted EBITDA $ 17,800     $ 21,354  
                   

    Adjusted Net Profit and Adjusted EPS

         
        Three months ended
        December 31,
        2024       20231  
    Net profit $ (976 )   $ 5,525  
    Share based compensation   1,091       1,190  
    Restructuring expense   692       —  
    Mergers and acquisition costs   2,320       1,980  
    Amortization of intangibles   7,334       5,325  
    Adjusted net profit   10,461       14,020  
    Weighted average number of common shares basic   11,773,465       11,812,574  
    Adjusted EPS Basic   0.89       1.19  
     Adjusted EPS Diluted $ 0.88     $ 1.17  
                   

    Operating Free Cash Flow

         
        Three months ended
        December 31,
        2024       20231  
    Cash flows generated from operating activities (free cash flow) $ 4,382     $ 17,538  
    Adjustments:          
    M&A costs included in operating activities   199       650  
    Change in non-cash working capital   8,479       (971)  
    Operating free cash flow $ 13,060     $ 17,217  
    Operating free cash flow per share – basic   1.11       1.46  
    Operating free cash flow per share – diluted   1.10       1.44  
    Operating free cash flow conversion   73 %     81 %
                   

    Net Debt to Adjusted EBITDA

       
       
      December 31,     September 30,
        2024       20231  
    Cash $ 61,040     $ 52,267  
    Debt facility   115,750       93,750  
    Net debt (net cash)   54,710       41,483  
    Trailing twelve month adjusted EBITDA   88,602       65,987  
    Net debt to adjusted EBITDA   0.6       0.6  
                   

    Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

    The MIL Network –

  • MIL-OSI Asia-Pac: Income-tax Bill, 2025, tabled in Parliament today towards achieving comprehensive simplification of the Income-tax Act, 1961

    Source: Government of India (2)

    Posted On: 13 FEB 2025 3:54PM by PIB Delhi

    The Income-tax Bill, 2025 was tabled in Parliament today, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961.

    The simplification exercise was guided by three core principles:

    1. Textual and structural simplification for improved clarity and coherence.
    2. No major tax policy changes to ensure continuity and certainty.
    3. No modifications of tax rates, preserving predictability for taxpayers.
    • Eliminating intricate language to enhance readability.
    • Removing redundant and repetitive provisions for better navigation.
    • Reorganizing sections logically to facilitate ease of reference.

    The Government ensured widespread stakeholder engagement, consulting taxpayers, businesses, industry associations, and professional bodies. Out of 20,976 online suggestions received, relevant suggestions were examined and incorporated, where feasible. Consultations were held with industry experts and tax professionals and simplification models from Australia and the UK were studied for best practices.

    The review has led to a substantial reduction in the Act’s volume, making it more streamlined and navigable. Key reductions are summarized below:

    Item

    Existing  Income-tax Act, 1961

    Proposed   in                   the Income-tax Bill, 2025

    Change (Reduction/Addition)

    Words

    512,535

    259,676

    Reduction: 252,859 words

    Chapters

    47

    23

    Reduction: 24 chapters

    Sections

    819

    536

    Reduction: 283 sections

    Tables

    18

    57

    Addition: 39 tables

    Formulae

    6

    46

    Addition: 40 formulae

    Qualitative Improvements

    • Simplified language, making the law more accessible.
    • Consolidation of amendments, reducing fragmentation.
    • Removal of obsolete and redundant provisions for greater clarity.
    • Structural rationalization through tables and formulae for improved readability.
    • Preservation of existing taxation principles, ensuring continuity while enhancing usability.

    The Income-tax Bill, 2025 reflects the Government’s commitment to enhancing ease of doing business by providing a tax framework that is simple and clear.

    ****

    NB/KMN

    (Release ID: 2102744) Visitor Counter : 115

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government and 28 large corporates jointly launch new round of HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas

    Source: Hong Kong Government special administrative region

    Government and 28 large corporates jointly launch new round of HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas
    Government and 28 large corporates jointly launch new round of HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas
    ******************************************************************************************

         ​The Government today (February 13) announced the launch of the HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas 2025 in collaboration with 28 large corporates, providing young people of Hong Kong with quality summer internship placements on the Mainland and overseas to jointly promote youth development.           In the 2024 Policy Address, the Chief Executive emphasised that the Government would sustain its efforts in strengthening support for youth development. This includes continuing to implement various exchange and internship programmes on the Mainland and overseas to encourage young people to gain a deeper understanding of national development and global development trends. In this regard, the Home and Youth Affairs Bureau forged partnerships with large corporates to launch the HYAB Scheme on Corporate Summer Internship on the Mainland and Overseas to provide internship placements at the corporates’ Mainland and overseas operations, with the aim of cultivating a cohort of young talent with a good understanding of the country’s development and a global perspective. The Scheme provides young people with exposure to the work culture in large corporates in different parts of the world, and an opportunity to establish interpersonal networks outside Hong Kong, enabling them to seize national development opportunities.           The number of companies participating in the new round of the Scheme has increased to 28, and internship placements are offered in multiple Mainland provinces and cities, including various Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Beijing, Shanghai, Chengdu and Hangzhou, as well as overseas countries including Indonesia, Malaysia, Singapore, Thailand and Australia. The internship placements cover different industries, such as financial services, innovation and technology, logistics, property development, construction, retail, hospitality, entertainment and utilities (please refer to Annex for details of the internship placements). Applicants should be (i) a full time post-secondary student (including sub-degree, undergraduate, or postgraduate) holding a Hong Kong permanent identity card; or (ii) a local full-time post-secondary student (including sub-degree, undergraduate, or postgraduate) holding a Hong Kong identity card. The internship will take place between June and September this year. Participating companies will sponsor the interns for major expenses including transportation and accommodation costs, and assign dedicated personnel to provide training and support to the interns.           Details of the Scheme and internship placements are available on the dedicated webpage (www.ydc.gov.hk/scsi/en). Interested young people should submit their applications through the centralised application platform on the dedicated webpage on or before March 10. Each person can apply for up to three companies in one application. Upon receiving the applications, participating companies will contact suitable applicants directly for the assessment and selection process, and make placement arrangements for selected interns.

     
    Ends/Thursday, February 13, 2025Issued at HKT 17:50

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Towards a Cancer-Free India

    Source: Government of India

    Towards a Cancer-Free India

    Commitment to Prevention, Treatment & Innovation

    Posted On: 13 FEB 2025 3:31PM by PIB Delhi

    “In Cancer Care, collaboration is essential for cure. An integrated approach encompassing prevention, screening, diagnosis, and treatment is essential to reduce the burden of cancer.”

    • Prime Minister Shri Narendra Modi

     

    Introduction

    Cancer is one of the leading causes of death worldwide. In 2022, about 20 million new cancer cases were reported, and 9.7 million people died from the disease globally. Cancer also remains a critical public health challenge in India, with cases projected to rise significantly. In India, around 100 out of every 1 lakh people are diagnosed with cancer. According to the Indian Council of Medical Research (ICMR), the estimated number of incidences of cancer cases was more than 14 lakhs in 2023 in India.

    The National Cancer Registry Programme (NCRP) under ICMR has been tracking cancer incidence, burden, and trends since 1982, playing a vital role in gathering and analyzing data, enabling evidence-based policy decisions. The National Institute of Cancer Prevention & Research (NICPR) is the nodal agency research and screening guidelines under NPCDCS.

    The Government of India has introduced robust policies, strategic interventions, and financial assistance schemes to enhance prevention, early detection, treatment, and patient care nationwide. This article outlines cancer prevalence, government efforts, financial aid, research, and budget commitments to strengthen cancer care in India.

    Union Budget 2025-26: Prioritizing Cancer Care

    The Ministry of Health and Family Welfare has been allocated a total of Rs.99,858.56 crore, with Rs. 95,957.87 crore designated for the Department of Health and Family Welfare and Rs. 3,900.69 crore for the Department of Health Research.

    The Union Budget 2025-26 underscores the Government of India’s dedication to enhancing cancer care through several key initiatives:

    • Day Care Cancer Centres: The government plans to establish Day Care Cancer Centres in all district hospitals over the next three years, with 200 centres slated for 2025-26.
    • Customs Duty Exemptions:
    • To alleviate treatment costs, 36 lifesaving drugs and medicines for treating cancer, rare diseases and chronic diseases fully exempted from Basic Customs Duty (BCD)
    • Six lifesaving medicines to attract concessional customs duty of 5%
    • Furthermore, specified drugs and medicines under Patient Assistance Programmes run by pharmaceutical companies fully exempted from BCD.

    Holistic Cancer Control: A Policy-Driven Approach

    1. National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) – The NPCDCS is a flagship initiative under the National Health Mission (NHM) focuses on controlling non-communicable diseases (NCDs), including cancer. Three most common types of cancers (oral cancer, breast cancer and cervical cancer) are an integral part of NPCDCS. It is aimed at strengthening cancer control efforts, focusing on health promotion, early detection, and treatment infrastructure for cancer.

    Components

    • Cancer screening: For oral, breast, and cervical cancers at the community level.
    • Early detection & awareness: Through health workers and digital platforms.
    • Strengthening infrastructure: Establishment of tertiary cancer centers (TCCs) and state cancer institutes (SCIs).

    Under this program, the government has established

    • 770 District NCD Clinics
    • 233 Cardiac Care Units
    • 372 District Day Care Centres
    • 6,410 Community Health Centre NCD Clinics

    These facilities provide accessible and affordable cancer screenings, particularly for oral, breast, and cervical cancers.

    2.  Strengthening of Tertiary Care for Cancer Scheme

    It enhances specialized cancer care facilities with aims to decentralize cancer treatment, making services more accessible across states.

    Tertiary Cancer Care Network Strengthening

    • India has significantly expanded its cancer treatment ecosystem, with the establishment of:
      19 State Cancer Institutes (SCIs)
    • 20 Tertiary Care Cancer Centres (TCCCs)

    The National Cancer Institute (NCI) in Jhajjar, Haryana, and the second campus of Chittaranjan National Cancer Institute (CNCI) in Kolkata are playing a pivotal role in providing cutting-edge cancer treatment and research opportunities.

    3. Ayushman Bharat Yojana – Launched in 2018, Ayushman Bharat is a landmark health initiative designed to provide universal health coverage, particularly for rural and vulnerable populations. The scheme plays an important role in ensuring timely treatment of cancer patients within 30 days. The scheme covers chemotherapy, radiotherapy, and surgical oncology for cancer treatment for economically vulnerable families. Till 2024, over 90% of registered cancer patients have commenced treatment under this scheme, reducing out-of-pocket expenses and ensuring financial protection for millions.

    4. The Health Minister’s Cancer Patient Fund (HMCPF): The Health Minister’s Cancer Patient Fund under Rashtriya Arogya Nidhi (RAN) provides financial aid up to ₹5 lakh for cancer treatment to patients below the poverty line. The maximum financial assistance admissible under the Scheme will be ₹15 Lakh. It covers treatment at 27 Regional Cancer Centres (RCCs), with ₹50 lakh revolving funds allocated to each center. Established in 2009, the scheme ensures accessible and affordable cancer care for underprivileged patients.

    5. National Cancer Grid (NCG): The National Cancer Grid (NCG) was established in 2012 to ensure high-quality, standardized cancer care across India. Eight years later, it has grown into the world’s largest cancer network with 287 members, comprising cancer centres, research institutes, patient advocacy groups, charitable organizations and professional societies. Between the member organizations of the NCG, the network treats over 750,000 new patients with cancer annually, which is over 60% of all of India’s cancer burden. The NCG also works closely with Ayushman Bharat – PMJAY to provide affordable, evidence-based cancer treatment and streamline costs under the scheme. It has also played a key role in shaping the National Digital Health Mission (NDHM) by contributing to the development of electronic patient health records.

    Advancing Cancer Research and Treatment

    1. India’s First Indigenous CAR-T Cell Therapy: NexCAR19 – A Breakthrough in Cancer Treatment

    In April 2024, India achieved a historic milestone in cancer care with the launch of NexCAR19, the nation’s first indigenously developed CAR-T cell therapy, created through a groundbreaking collaboration between IIT Bombay, Tata Memorial Centre, and ImmunoACT. This cutting-edge innovation offers a highly effective, next-generation treatment for blood cancers, bringing hope to thousands of patients. Designed to be affordable and accessible, NexCAR19 marks a critical step towards self-reliance in oncology care, reducing dependence on expensive imported therapies and strengthening India’s position in advanced cancer treatment and biotechnology research.

    2. Quad Cancer Moonshot Initiative

    In Sep 2024, India, in partnership with the US, Australia, and Japan, has launched the Quad Cancer Moonshot to eliminate cervical cancer across the Indo-Pacific region. This initiative aims to scale up screening and vaccination programs, advance cutting-edge research, and strengthen global collaboration to ensure early detection, effective treatment, and improved survival rates.

    3. Expansion of ACTREC

    In January 2025, the Advanced Centre for Treatment, Research, and Education in Cancer (ACTREC), a key arm of Tata Memorial Centre (TMC), embarked on a major expansion to revolutionize cancer research, treatment, and patient care. This initiative aims to accelerate clinical breakthroughs, enhance oncology care, and establish cutting-edge therapeutic facilities, reinforcing India’s leadership in advanced cancer treatment and innovation.

    Awareness Generation

    The Indian government is working to raise awareness about cancer prevention and treatment in several ways:

    1. Community Awareness – Preventive aspect of Cancer is strengthened under Comprehensive Primary Health Care through Ayushman Aarogya Mandir by promotion of wellness activities and targeted communication at the community level.
    2. Media Campaigns – Print, electronic and social media are used to increase public awareness. Healthy lifestyle is promoted through observation of National Cancer Awareness Day and World Cancer Day.               
    3. Government Support – The National Programme for Non-Communicable Diseases (NP-NCD) provides funds to states for awareness programs under the National Health Mission (NHM).
    4. Healthy Eating Promotion – The Eat Right India campaign by the Food Safety and Standards Authority of India (FSSAI) encourages nutritious food choices.
    5. Fitness Initiatives – The Fit India Movement by the Ministry of Youth Affairs and Sports promotes physical activity, while the Ministry of AYUSH conducts yoga programs for better health.

    These efforts aim to educate people on leading a healthy lifestyle, preventing cancer, and seeking timely medical care.

    Conclusion

    India has made significant strides in cancer prevention, treatment, and research through policy reforms, expanded healthcare infrastructure, and financial assistance schemes. The Union Budget 2025-26 emphasizes strengthening cancer care with initiatives like Day Care Cancer Centres and customs duty exemptions on life-saving drugs. Programs such as NPCDCS, PMJAY, and HMCPF ensure affordable treatment and early detection, while research initiatives like NexCAR19 and the National Cancer Grid are advancing oncology care.  Despite progress, challenges remain in equitable access, early detection, and rising cancer cases. Greater investment in awareness, lifestyle interventions, and technology-driven solutions is crucial. With a multi-sectoral approach and sustained government efforts, India aims to build a comprehensive and inclusive cancer care system, improving patient outcomes nationwide.

    References

    Kindly find the pdf file 

    ***

    Santosh Kumar/ Sarla Meena / Vatsla Srivastava

    (Release ID: 2102729) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI: Beneficient Reports Results for Third Quarter Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

     

    Announced Proposed Transaction to Increase Tangible Book Value to Ben Public Company Stockholders by $9 Million on 8.4 Million Shares Outstanding, Permanent Equity Increased by $35 Million

    Completed First Primary Capital Transaction as Part of Ongoing Business Development Activities

    Announced Proposed International Bank Acquisition to Expand Alternative and Digital Asset Markets Capabilities

    DALLAS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, today reported its financial results for the fiscal 2025 third quarter, which ended December 31, 2024.

    Commenting on the fiscal 2025 third quarter results, Beneficient management said: “Our fiscal third quarter was focused on key steps that we believe will ready Ben for significant new activities in delivering liquidity, primary capital and digital asset markets solutions – which we believe are all opportunities to disrupt and enhance the solutions available to large financial audiences. During the fiscal third quarter, we also closed our first primary capital transaction and are seeking additional opportunities.

    “A complementary part of our plan is the proposed acquisition of Mercantile Bank International Corp. (“Mercantile Bank”), a Puerto Rico-based International Financial Entity, which is expected to enable Ben to offer an expanded range of digital asset market solutions and companion custody, clearing and control account fee-based services. We intend to drive new growth opportunities in calendar 2025, which we believe have the potential to generate above market fee rates. These efforts are expected to further build out our expansive model and enable the Company to benefit from a growing range of trust, custody and other services we provide as well as the underlying performance of the private equity assets held in trust.

    “Additionally, we are pleased to have continued to strengthen our capital structure, increasing our permanent equity by $35 million through a re-designation of certain preferred equity. Furthermore, we executed an agreement to complete additional transactions designed to revise the liquidation priority of Beneficient Company Holdings, L.P. (“BCH”) and deliver other benefits to our public company stockholders provided by entities controlled by our founders, which are expected to become increasingly visible as the Company enters into more liquidity and primary capital transactions.”

    Third Quarter Fiscal 2025 and Recent Highlights (for the quarter ended December 31, 2024 or as noted):

    • Reported investments with a fair value of $334.3 million, increased from $329.1 million at the end of our prior fiscal year, served as collateral for Ben Liquidity’s net loan portfolio of $260.6 million and $256.2 million, respectively. Reported investments include our first primary capital transaction with a closing of $1.4 million on December 31, 2024.
    • Revenues increased to $4.4 million in the third quarter of fiscal 2025 as compared to $(10.2) million in the same quarter of fiscal 2024. For the nine months ended December 31, 2024, revenues for fiscal 2025 were $23.0 million as compared to $(55.7) million for fiscal 2024.
    • Operating expenses declined 98% to $13.9 million in the third quarter of fiscal 2025, as compared to $905.7 million in the third quarter of fiscal 2024, which included a non-cash goodwill impairment of $883.2 million. For the nine months ended December 31, 2024, operating expenses for fiscal 2025 were $1.9 million, which included the release of a loss contingency accrual of $55.0 million and non-cash goodwill impairment of $3.7 million, as compared to $2.4 billion in fiscal 2024, which included non-cash goodwill impairment of $2.3 billion.
    • Excluding the non-cash goodwill impairment in the prior comparable period, operating expenses declined 38% to $13.9 million in the third quarter of fiscal 2025 as compared to $22.5 million in the same period of fiscal 2024. For the nine months ended December 31, 2024, excluding the non-cash goodwill impairment and the loss contingency release in each period, as applicable, operating expenses were $53.2 million in fiscal 2025 as compared to $111.7 million in fiscal 2024.
    • Improved permanent equity from a deficit of $148.3 million as of June 30, 2024 to a positive $14.3 million as of December 31, 2024 through a combination of redesignating approximately $160.5 million of temporary equity to permanent equity and additional capital from equity sales and liquidity transactions offset by net loss allocable to permanent equity classified securities of $6.9 million during the applicable period.
    • Announced proposed transaction on December 23, 2024 to revise the liquidation priority of BCH and provide other benefits to our public company shareholders, which on a proforma basis, amounts to $9.2 million of tangible book value to Ben’s public company stockholders(1) using December 31, 2024 financial information, as compared to no book value to Ben’s public company stockholders absent the transaction.
    • Announced an agreement to acquire Mercantile Bank in exchange for an aggregate purchase price of $1.5 million, subject to certain closing conditions, which is expected to enable Ben to offer an expanded range of digital asset markets solutions and companion custody, clearing and control account fee-based services that generate additional cash flow in calendar 2025, including additional alternative asset custody services with the potential to generate higher fee rates than are generally available for traditional custody services.

    Loan Portfolio

    As a result of executing on our business plan of providing financing for liquidity, or early investment exits, for alternative asset marketplace participants, Ben organically develops a balance sheet comprised largely of loans collateralized by a well- diversified alternative asset portfolio that is expected to grow as Ben successfully executes on its core business.

    Ben’s balance sheet strategy for ExAlt Loan origination is built on the theory of the portfolio endowment model for the fiduciary financings we make by utilizing our patent-pending computer implemented technologies branded as OptimumAlt. Our OptimumAlt endowment model balance sheet approach guides diversification of our fiduciary financings across seven asset classes of alternative assets, over 11 industry sectors in which alternative asset managers invest, and at least six countrywide exposures and multiple vintages of dates of investment into the private funds and companies.

    As of December 31, 2024, Ben’s loan portfolio was supported by a highly diversified alternative asset collateral portfolio providing diversification across approximately 220 private market funds and approximately 750 investments across various asset classes, industry sectors and geographies. This portfolio includes exposure to some of the most exciting, sought after private company names worldwide, such as the largest private space exploration company, an innovative software and payment systems provider, a venture capital firm investing in waste-to-energy and clean energy technologies, a technology company providing Net Zero solutions in the production of advanced biofuels, a designer and manufacturer of shaving products, a large online store for women’s clothes and other fashionable accessories that has announced intentions to go public, a mobile banking services provider, and others.

    Figure 1: Portfolio Diversification

    Diversification Using Principal Loan Balance, Net of Allowance for Credit Losses

    As of December 31, 2024, the charts below present the ExAlt Loan portfolio’s relative exposure by certain characteristics (percentages determined by aggregate fiduciary ExAlt Loan portfolio principal balance net of allowance for credit losses, which includes the exposure to interests in certain of our former affiliates composing part of the Fiduciary Loan Portfolio).

    As of December 31, 2024. Represents the characteristics of professionally managed funds and investments in the Collateral (defined as follows) portfolio. The Collateral for the ExAlt Loans in the loan portfolio is comprised of a diverse portfolio of direct and indirect interests (through various investment vehicles, including, limited partnership interests and private and public equity and debt securities, which include our and our affiliates’ or our former affiliates’ securities), primarily in third-party, professionally managed private funds and investments. Loan balances usedto calculate the percentages reported in the pie charts are loan balances net of any allowance for credit losses, and as ofDecember 31, 2024, the total allowance for credit losses was$325 million, for a total gross loan balance of$586 millionand a loan balance net of allowance for credit losses of$261 million.

    Business Segments: Third Quarter Fiscal 2025

    Ben Liquidity

    Ben Liquidity offers simple, rapid and cost-effective liquidity products through the use of our proprietary financing and trust structure, or the “Customer ExAlt Trusts,” which facilitate the exchange of a customer’s alternative assets for consideration.

    • Ben Liquidity recognized $11.3 million of interest income for the fiscal third quarter, a decrease of 5.7% from the quarter ended September 30, 2024, primarily due to a higher percentage loans being placed on nonaccrual status, partially offset by the effects of compounding interest on the remaining loans.
    • Operating loss for the fiscal third quarter was $2.9 million, a decline from operating income of $2.9 million for the quarter ended September 30, 2024. The decline in operating performance was due to higher intersegment credit losses in the current fiscal period as compared to the quarter ended September 30, 2024 due to slightly lower collateral values while the amortized cost basis increased principally due to interest capitalizing at a higher rate than loan payments.

    Ben Custody

    Ben Custody provides full-service trust and custody administration services to the trustees of certain of the Customer ExAlt Trusts, which own the exchanged alternative assets following liquidity transactions in exchange for fees payable quarterly calculated as a percentage of assets in custody.

    • NAV of alternative assets and other securities held in custody by Ben Custody during the fiscal third quarter increased to $385.1 million as of December 31, 2024, compared to $381.2 million as of March 31, 2024. The increase was driven by $1.4 million of new originations and unrealized gains on existing assets, principally related adjustments to the relative share held in custody of the respective fund’s NAV based on updated financial information received from the funds’ investment manager or sponsor during the period, offset by distributions during the period.
    • Revenues applicable to Ben Custody were $5.4 million for the fiscal third quarter, compared to $5.4 million for the quarter ended September 30, 2024. The similar amount of revenues for these periods was a result of stable NAV of alternative assets and other securities held in custody at the beginning of each applicable period, when such fees are calculated.
    • Operating income for the fiscal third quarter decreased to $3.5 million, from $4.3 million for the quarter ended September 30, 2024. The decrease was primarily due to credit losses related to certain fees collateralized by securities of our former parent company. Additionally, there was no non-cash goodwill impairment in the third fiscal quarter as compared to non-cash goodwill impairment of $0.3 million for the quarter ended September 30, 2024.
    • Adjusted operating income(1) for the fiscal third quarter was $4.8 million, compared to adjusted operating income(1) of $4.6 million for the quarter ended September 30, 2024. The increase was due to slightly lower operating expenses, principally related to lower employee compensation due to lower headcount.

    Business Segments: Through Nine Months Ended Fiscal 2025

    Ben Liquidity

    • Ben Liquidity recognized $34.1 million of interest income for the nine months ended December 31, 2024, down 6.0% compared to the prior year period, primarily due to lower loans, net of the allowance for credit losses, resulting from higher levels of non-accrual loans and loan prepayments, partially offset by new loans originated.
    • Operating loss was $0.5 million for the nine months ended December 31, 2024, improving from an operating loss of $1.8 billion in the prior year period. The prior period loss was driven by non-cash goodwill impairment totaling $1.7 billion and credit losses largely related to securities of our former parent company.
    • Adjusted operating loss(1) was $0.5 million for the nine months ended December 31, 2024 compared to adjusted operating loss(1) of $11.8 million in the prior year period with the improvement in adjusted operating loss(1) primarily related to lower credit loss adjustments recognized in the current fiscal year and lower employee compensation costs due to lower headcount.

    Ben Custody

    • Ben Custody revenues were $16.2 million for the nine months ended December 31, 2024, down 14.7%, compared to the prior year period, primarily due to lower NAV of alternative assets and other securities held in custody.
    • Operating income was $9.1 million for the nine months ended December 31, 2024 compared to operating loss of $538.8 million in the prior year period, with the increase in operating income principally related to a significantly larger non-cash goodwill impairment in the prior year period of $554.6 million as compared to $3.4 million in the current fiscal year.
    • Adjusted operating income(1) for the nine months ended December 31, 2024 was $13.9 million, compared to adjusted operating income(1) of $15.8 million in the prior year period with the decrease in adjusted operating income(1) primarily due to lower revenue related to lower NAV of alternative assets and other securities held in custody partially offset by slightly lower operating expenses during the current fiscal year period.

    Capital and Liquidity

    • As of December 31, 2024, the Company had cash and cash equivalents of $4.1 million and total debt of $122.9 million.
    • Distributions received from alternative assets and other securities held in custody totaled $19.3 million for the nine months ended December 31, 2024, compared to $38.4 million for the same period of fiscal 2024.
    • Total investments (at fair value) of $334.3 million at December 31, 2024 supported Ben Liquidity’s loan portfolio.

    (1) Represents a non-GAAP financial measure. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

    Board Update

    On November 21, 2024, Karen Wendel was appointed to the Board as an independent director and a member of various committees, including the Audit committee of the Board, bringing substantial additional expertise in Cyber Security, Identity Solutions, Security Regulations, ISO Global Standards, e-Commerce, e-Healthcare, PKI Digital Certificates and Blockchain to Beneficient. Ms. Wendel serves as Founder and Chief Executive Officer of Trust Chains, a cybersecurity consulting firm, and previously served as the Chief Executive Officer and board member of IdenTrust, a global identity solutions company, from May 2003 to February 2016. Ms. Wendel has also served as Chief Executive Officer and a board member for eFinance Corporation, as a board member and audit committee member of Level Field Capital, a Nasdaq-traded special purpose acquisition company, as a partner at the Capital Markets Company (CAPCO), a Belgium-based consulting firm, and is the former head of the U.S. Financial Services Practice at Gemini Consulting. Ms. Wendel is an author on financial management, payments and supply chain integration; an advisor to U.S. government agencies and the European Union on emerging technologies for payments and transaction processing; and a keynote speaker at major international banking conferences.

    Consolidated Fiscal Third Quarter Results

    Table 1 below presents a summary of selected unaudited consolidated operating financial information.

    Consolidated Fiscal Third Quarter Results
    ($ in thousands, except share and per share amounts)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    GAAP Revenues $ 4,419   $ 8,561   $ (10,235 ) (48.4)%   $ 23,026   $ (55,739 ) NM
    Adjusted Revenues(1)   4,427     8,734     8,456   (49.3)%     23,572     8,478   NM
    GAAP Operating Income (Loss)   (9,513 )   (13,715 )   (915,951 ) 30.6%     21,110     (2,453,685 ) NM
    Adjusted Operating Loss(1)   (7,301 )   (6,611 )   (11,684 ) (10.4)%     (18,638 )   (57,374 ) 67.5%
    Basic Class A EPS $ (1.32 ) $ 2.98   $ (158.36 ) NM   $ 10.30   $ (668.31 ) NM
    Diluted Class A EPS $ (1.32 ) $ 0.03   $ (158.36 ) NM   $ 0.12   $ (668.31 ) NM
    Segment Revenues attributable to Ben’s Equity Holders(2)   16,621     16,626     17,961   —%     49,482     53,715   (7.9)%
    Adjusted Segment Revenues attributable to Ben’s Equity Holders (1)(2)   16,621     16,626     18,146   —%     49,489     55,059   (10.1)%
    Segment Operating Income (Loss) attributable to Ben’s Equity Holders   (8,281 )   (9,192 )   (894,617 ) 9.9%     27,391     (2,414,893 ) NM
    Adjusted Segment Operating Loss attributable to Ben’s Equity Holders(1)(2) $ (4,737 ) $ (2,261 ) $ (4,594 ) NM   $ (11,551 ) $ (37,583 ) 69.3%

    NM – Not meaningful.

    (1) Adjusted Revenues, Adjusted Operating Loss, Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Loss attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.

    (2) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

    Table 2 below presents a summary of selected unaudited consolidated balance sheet information.

    Consolidated Fiscal Third Quarter Results
    ($ in thousands)    		 Fiscal 3Q25
    As of
    December 31, 2024    		   Fiscal 4Q24
    As of
    March 31, 2024    		   Change %
    Investments, at Fair Value $ 334,278   $ 329,119   1.6%
    All Other Assets   52,720     22,676   132.5%
    Goodwill and Intangible Assets, Net   13,014     16,706   (22.1)%
    Total Assets $ 400,012   $ 368,501   8.6%


    Business Segment Information Attributable to Ben’s Equity Holders    (1)

    Table 3 below presents unaudited segment revenues and segment operating income (loss) for business segments attributable to Ben’s equity holders.

    Segment Revenues Attributable to Ben’s Equity Holders(1)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ 11,297   $ 11,978   $ 11,275 (5.7)%   $ 34,124   $ 36,303   (6.0)%
    Ben Custody   5,410     5,386     5,897 0.4%     16,178     18,961   (14.7)%
    Corporate & Other   (86 )   (738 )   789 88.3%     (820 )   (1,549 ) 47.1%
    Total Segment Revenues Attributable to Ben’s Equity Holders(1) $ 16,621   $ 16,626   $ 17,961 —%   $ 49,482   $ 53,715   (7.9)%
    Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ (2,853 ) $ 2,905   $ (606,405 ) NM   $ (462 ) $ (1,781,521 ) 100.0%
    Ben Custody   3,507     4,329     (267,995 ) (19.0)%     9,123     (538,840 ) NM
    Corporate & Other   (8,935 )   (16,426 )   (20,217 ) 45.6%     18,730     (94,532 ) NM
    Total Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1) $ (8,281 ) $ (9,192 ) $ (894,617 ) 9.9%   $ 27,391   $ (2,414,893 ) NM

    NM – Not meaningful.

    (1) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

    Adjusted Business Segment Information Attributable to Ben’s Equity Holders(2)

    Table 4 below presents unaudited adjusted segment revenue and adjusted segment operating income (loss) for business segments attributable to Ben’s equity holders.

    Adjusted Segment Revenues Attributable to Ben’s Equity Holders(1)(2)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ 11,297   $ 11,978   $ 11,275 (5.7)%   $ 34,124   $ 36,303   (6.0)%
    Ben Custody   5,410     5,386     5,897 0.4%     16,178     18,961   (14.7)%
    Corporate & Other   (86 )   (738 )   974 88.3%     (813 )   (205 ) NM
    Total Adjusted Segment Revenues Attributable to Ben’s Equity Holders(1)(2) $ 16,621   $ 16,626   $ 18,146 —%   $ 49,489   $ 55,059   (10.1)%
    Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2)
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		 Change %
    vs. Prior
    Quarter    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024    		 Change %
    vs. Prior
    YTD
    Ben Liquidity $ (2,853 ) $ 2,905   $ 2,525   NM   $ (457 ) $ (11,769 ) 96.1%
    Ben Custody   4,847     4,627     4,835   4.8%     13,890     15,767   (11.9)%
    Corporate & Other   (6,731 )   (9,793 )   (11,954 ) 31.3%     (24,984 )   (41,581 ) 39.9%
    Total Adjusted Segment Operating Income (Loss) Attributable to Ben’s Equity Holders(1)(2) $ (4,737 ) $ (2,261 ) $ (4,594 ) NM   $ (11,551 ) $ (37,583 ) 69.3%

    NM – Not meaningful.

    (1) Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. For reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures and for the reasons we believe the non-GAAP measures provide useful information, see Non-GAAP Reconciliations.
    (2) Segment financial information attributable to Ben’s equity holders is presented to provide users of our financial information an understanding and visual aide of the segment information (revenues, operating income (loss), and adjusted operating income (loss)) that impacts Ben’s Equity Holders. “Ben’s Equity Holders” refers to the holders of Beneficient Class A and Class B common stock and Series B Preferred Stock as well as holders of interests in BCH which represent noncontrolling interests. For a description of noncontrolling interests, see Item 2 of our Quarterly Report on Form 10-Q for the nine months ended December 31, 2024, and Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income Attributable to Ben Common Holders. Such information is computed as the sum of the Ben Liquidity, Ben Custody and Corp/Other segments since it is the operating results of those segments that determine the net income (loss) attributable to Ben’s Equity Holders. See further information in table 5 and Non-GAAP Reconciliations.

    Reconciliation of Business Segment Information Attributable to Ben’s Equity Holders to Net Income (Loss) Attributable to Ben Common Shareholders

    Table 5 below presents reconciliation of operating income (loss) by business segment attributable to Ben’s Equity Holders to net income (loss) attributable to Ben common shareholders.

    Reconciliation of Business Segments to Net Income (Loss) to Ben Common Shareholders
    ($ in thousands)    		 Fiscal 3Q25
    December 31,
    2024    		 Fiscal 2Q25
    September 30,
    2024    		 Fiscal 3Q24
    December 31,
    2023    		   YTD Fiscal
     2025    		 YTD Fiscal
     2024
    Ben Liquidity $ (2,853 ) $ 2,905   $ (606,405 )   $ (462 ) $ (1,781,521 )
    Ben Custody   3,507     4,329     (267,995 )     9,123     (538,840 )
    Corporate & Other   (8,935 )   (16,426 )   (20,217 )     18,730     (94,532 )
    Loss on debt extinguishment, net (intersegment elimination)   —     —     (3,940 )     —     (3,940 )
    Gain on liability resolution   —     23,462     —       23,462     —  
    Income tax expense (allocable to Ben and BCH equity holders)   (713 )   —     (75 )     (741 )   (75 )
    Net loss attributable to noncontrolling interests – Ben   4,844     3,067     360,695       15,098     401,985  
    Noncontrolling interest guaranteed payment   (4,489 )   (4,423 )   (4,229 )     (13,268 )   (12,501 )
    Net income (loss) attributable to Ben’s common shareholders $ (8,639 ) $ 12,914   $ (542,166 )   $ 51,942   $ (2,029,424 )


    Earnings Webcast

    Beneficient will host a webcast and conference call to review its third quarter financial results on February 13, 2025, at 8:30 am Eastern Standard Time. The webcast will be available via live webcast from the Investor Relations section of the Company’s website at https://shareholders.trustben.com under Events.

    Replay

    The webcast will be archived on the Company’s website in the investor relations section for replay for at least one year.

    About Beneficent

    Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.

    Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.

    For more information, visit www.trustben.com or follow us on LinkedIn.

    Contacts
    Investors:
    Matt Kreps/214-597-8200/mkreps@darrowir.com
    Michael Wetherington/214-284-1199/mwetherington@darrowir.com
    investors@beneficient.com

    Important Information and Where You Can Find It

    This press release may be deemed to be solicitation material in respect of a vote of stockholders to approve an amendment to Ben’s articles of incorporation to increase the authorized shares of Class B Common Stock of Ben and the issuance of securities pursuant to the transactions to revise the liquidation priority of BCH (the “Transactions”). In connection with the requisite stockholder approval, Ben will file with the Securities and Exchange Commission (the “SEC”) a preliminary proxy statement and a definitive proxy statement, which will be sent to the stockholders of Ben, seeking such approvals related to the Transactions.

    INVESTORS AND SECURITY HOLDERS OF BEN AND THEIR RESPECTIVE AFFILIATES ARE URGED TO READ, WHEN AVAILABLE, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTIONS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BEN AND THE TRANSACTIONS. Investors and security holders will be able to obtain a free copy of the proxy statement, as well as other relevant documents filed with the SEC containing information about Ben, without charge, at the SEC’s website (http://www.sec.gov). Copies of documents filed with the SEC by Ben can also be obtained, without charge, by directing a request to Investor Relations, Beneficient, 325 North St. Paul Street, Suite 4850, Dallas, Texas 75201, or email investors@beneficient.com.

    Participants in the Solicitation of Proxies in Connection with Transaction

    Ben and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect of the requisite stockholder approvals under the rules of the SEC. Information regarding Ben’s directors and executive officers is available in its annual report on Form 10-K for the fiscal year ended March 31, 2024, which was filed with the SEC on July 9, 2024 and certain current reports on Form 8-K filed by Ben. Other information regarding the participants in the solicitation of proxies with respect to the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

    Not an Offer of Securities

    The information in this communication is for informational purposes only and shall not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities. The securities that are the subject of the Transactions have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

    Disclaimer and Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to, among other things, demand for our solutions in the alternative asset industry, opportunities for market growth, statements regarding the proposed Transactions, including expectations of future plans, strategies, and benefits of the Transactions, statements regarding the proposed Mercantile Bank acquisition and estimates regarding future synergies and benefits, our ability to expand the range of digital asset market solutions, and companion custody clearing and control account fee-based services as a result of the proposed Mercantile Bank acquisition, our ability to identify and negotiate transactions, diversification and size of our loan portfolio and our ability to scale operations and provide shareholder value. These forward-looking statements are generally identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and, in each case, their negative or other various or comparable terminology. These forward-looking statements reflect our views with respect to future events as of the date of this document and are based on our management’s current expectations, estimates, forecasts, projections, assumptions, beliefs and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the ultimate outcome of the Transactions; the Company’s ability to consummate the Transactions; the ability of the Company to satisfy the closing conditions set forth in the agreement with respect to the Transactions, including obtaining the requisite vote of securityholders; the Company’s ability to meet expectations regarding the timing and completion of the Transactions, the ultimate outcome of the proposed Mercantile Bank acquisition; the Company’s ability to consummate the proposed Mercantile Bank acquisition in a timely manner or at all; the ability of the parties to satisfy the closing conditions to the acquisition; the possibility that the Company may be unable to successfully integrate Mercantile Bank’s operations with those of the Company or realize the expected benefits of the acquisition; the possibility that such integration may be more difficult, time-consuming, or costly than expected; the risk that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, contractors, and customers) may be greater than expected following the acquisition or the public announcement of the acquisition; the Company’s ability to retain certain key employees of Mercantile Bank; the ability to launch and receive market acceptance for new products and services; risks related to the entry into a new line of business in connection with the proposed Mercantile Bank acquisition, and the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document and in our SEC filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

    Table 6: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

      Three Months Ended
    December 31,    		   Nine Months Ended
    December 31,
    (Dollars in thousands, except per share amounts)   2024       2023       2024       2023  
    Revenues              
    Investment income, net $ 4,742     $ 7,448     $ 24,311     $ 7,935  
    Loss on financial instruments, net (related party of $(8), $(18,691), $(546) and $(64,217), respectively)   (523 )     (18,024 )     (1,885 )     (64,260 )
    Interest and dividend income   10       118       34       348  
    Trust services and administration revenues (related party of $8, $8, $23 and $23, respectively)   188       158       564       173  
    Other income   2       65       2       65  
    Total revenues   4,419       (10,235 )     23,026       (55,739 )
                   
    Operating expenses              
    Employee compensation and benefits   2,929       7,340       13,914       58,561  
    Interest expense (related party of $3,140, $3,018, $9,330 and $5,843, respectively)   3,240       4,671       11,848       13,569  
    Professional services   5,083       4,970       17,884       22,000  
    Provision for credit losses   —       —       1,000       —  
    Loss on impairment of goodwill   —       883,223       3,692       2,286,212  
    Release of loss contingency related to arbitration award   —       —       (54,973 )     —  
    Other expenses (related party of $723, $2,096, $2,111 and $6,317, respectively)   2,680       5,512       8,551       17,604  
    Total operating expenses   13,932       905,716       1,916       2,397,946  
    Operating income (loss)   (9,513 )     (915,951 )     21,110       (2,453,685 )
    (Gain) loss on liability resolution   —       —       (23,462 )     —  
    Loss on extinguishment of debt, net   —       8,846       —       8,846  
    Net income (loss) before income taxes   (9,513 )     (924,797 )     44,572       (2,462,531 )
    Income tax expense   713       75       741       75  
    Net income (loss)   (10,226 )     (924,872 )     43,831       (2,462,606 )
    Plus: Net loss attributable to noncontrolling interests – Customer ExAlt Trusts   1,232       26,240       6,281       43,698  
    Plus: Net loss attributable to noncontrolling interests – Ben   4,844       360,695       15,098       401,985  
    Less: Noncontrolling interest guaranteed payment   (4,489 )     (4,229 )     (13,268 )     (12,501 )
    Net income (loss) attributable to Beneficient common shareholders $ (8,639 )   $ (542,166 )   $ 51,942     $ (2,029,424 )
    Other comprehensive income (loss):              
    Unrealized (loss) gain on investments in available-for-sale debt securities   (120 )     51       (115 )     4,236  
    Total comprehensive income (loss)   (8,759 )     (542,115 )     51,827       (2,025,188 )
    Less: comprehensive (loss) gain attributable to noncontrolling interests   (120 )     51       (115 )     4,236  
    Total comprehensive income (loss) attributable to Beneficient $ (8,639 )   $ (542,166 )   $ 51,942     $ (2,029,424 )
                   
    Net income (loss) per common share              
    Class A – basic $ (1.32 )   $ (158.36 )   $ 10.30     $ (668.31 )
    Class B – basic $ (1.02 )   $ (156.95 )   $ 13.78     $ (587.49 )
    Net income (loss) per common share              
    Class A – diluted $ (1.32 )   $ (158.36 )   $ 0.12     $ (668.31 )
    Class B – diluted $ (1.02 )   $ (156.95 )   $ 0.12     $ (587.49 )


    Table 7: CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

      December 31, 2024   March 31, 2024
    (Dollars and shares in thousands) (unaudited)    
    ASSETS      
    Cash and cash equivalents $ 4,149     $ 7,913  
    Restricted cash   52       64  
    Investments, at fair value:      
    Investments held by Customer ExAlt Trusts (related party of $12 and $552)   334,278       329,113  
    Investments held by Ben (related party of nil and $6)   —       6  
    Other assets, net   48,519       14,699  
    Intangible assets   3,100       3,100  
    Goodwill   9,914       13,606  
    Total assets $ 400,012     $ 368,501  
    LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)      
    Accounts payable and accrued expenses (related party of $14,294 and $14,143) $ 149,204     $ 157,157  
    Other liabilities (related party of $16,798 and $9,740)   22,433       31,727  
    Warrants liability   648       178  
    Convertible debt   2,667       —  
    Debt due to related parties   120,274       120,505  
    Total liabilities   295,226       309,567  
    Redeemable noncontrolling interests      
    Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized   90,526       251,052  
    Total temporary equity   90,526       251,052  
    Shareholder’s equity (deficit):      
    Preferred stock, par value $0.001 per share, 250,000 shares authorized      
    Series A preferred stock, 0 and 0 shares issued and outstanding as of December 31, 2024 and March 31, 2024   —       —  
    Series B preferred stock, 363 and 227 shares issued and outstanding as of December 31, 2024 and March 31, 2024   —       —  
    Class A common stock, par value $0.001 per share, 5,000,000 and 18,750(1) shares authorized as of December 31, 2024 and March 31, 2024, respectively, 8,246 and 3,348 shares issued as of December 31, 2024 and March 31, 2024, respectively, and 8,237 and 3,339 shares outstanding as of December 31, 2024 and March 31, 2024, respectively   8       3  
    Class B convertible common stock, par value $0.001 per share, 250(1) shares authorized, 239 and 239 shares issued and outstanding as of December 31, 2024 and March 31, 2024   —       —  
    Additional paid-in capital   1,843,911       1,848,068  
    Accumulated deficit   (2,007,272 )     (2,059,214 )
    Stock receivable   —       (20,038 )
    Treasury stock, at cost (9 shares as of December 31, 2024 and March 31, 2024)   (3,444 )     (3,444 )
    Accumulated other comprehensive income   161       276  
    Noncontrolling interests   180,896       42,231  
    Total equity (deficit)   14,260       (192,118 )
    Total liabilities, temporary equity, and equity (deficit) $ 400,012     $ 368,501  

    (1) Number has been adjusted to reflect 1-for-80 reverse stock split on April 18, 2024. See Note 1 – Summary of Significant Accounting Policies – Reverse Stock Split to the consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on July 9, 2024, for additional information.

    Table 8: Non-GAAP Reconciliations

    (in thousands)   Three Months Ended December 31, 2024
        Ben
    Liquidity    		 Ben
    Custody    		 Customer
    ExAlt Trusts    		 Corporate/
    Other    		 Consolidating
    Eliminations    		 Consolidated
    Total revenues   $ 11,297   $ 5,410 $ 4,317   $ (86 ) $ (16,519 ) $ 4,419  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —     —   8     —     —     8  
    Adjusted revenues   $ 11,297   $ 5,410 $ 4,325   $ (86 ) $ (16,519 ) $ 4,427  
                   
    Operating income (loss)   $ (2,853 ) $ 3,507 $ (35,544 ) $ (8,935 ) $ 34,312   $ (9,513 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —     —   8     —     —     8  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     —     1,340   —     —     (1,340 )   —  
    Goodwill impairment     —     —   —     —     —     —  
    Release of loss contingency related to arbitration award     —     —   —     —     —     —  
    Share-based compensation expense     —     —   —     804     —     804  
    Legal and professional fees(1)     —     —   —     1,400     —     1,400  
    Adjusted operating income (loss)   $ (2,853 ) $ 4,847 $ (35,536 ) $ (6,731 ) $ 32,972   $ (7,301 )

    (1) Includes legal and professional fees related lawsuits.

    (in thousands)   Three Months Ended September 30, 2024
        Ben
    Liquidity    		 Ben
    Custody    		 Customer
    ExAlt Trusts    		 Corporate/
    Other    		 Consolidating
    Eliminations    		 Consolidated
    Total revenues   $ 11,978 $ 5,386 $ 9,112   $ (738 ) $ (17,177 ) $ 8,561  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —   —   173     —     —     173  
    Adjusted revenues   $ 11,978 $ 5,386 $ 9,285   $ (738 ) $ (17,177 ) $ 8,734  
                   
    Operating income (loss)   $ 2,905 $ 4,329 $ (31,549 ) $ (16,426 ) $ 27,026   $ (13,715 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —   —   173     —     —     173  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     —   —   —     —     —     —  
    Goodwill impairment     —   298   —     —     —     298  
    Release of loss contingency related to arbitration award     —   —   —     —     —     —  
    Share-based compensation expense     —   —   —     3,364     —     3,364  
    Legal and professional fees(1)     —   —   —     3,269     —     3,269  
    Adjusted operating income (loss)   $ 2,905 $ 4,627 $ (31,376 ) $ (9,793 ) $ 27,026   $ (6,611 )

    (1) Includes legal and professional fees related to lawsuits.

    (in thousands)   Three Months Ended December 31, 2023
        Ben
    Liquidity    		   Ben
    Custody    		   Customer
    ExAlt Trusts    		   Corporate/
    Other    		   Consolidating
    Eliminations    		   Consolidated
    Total revenues   $ 11,275     $ 5,897     $ (11,182 )   $ 789     $ (17,014 )   $ (10,235 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       18,506       185       —       18,691  
    Adjusted revenues   $ 11,275     $ 5,897     $ 7,324     $ 974     $ (17,014 )   $ 8,456  
                             
    Operating income (loss)   $ (606,405 )   $ (267,995 )   $ (49,363 )   $ (20,217 )   $ 28,029     $ (915,951 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       18,506       185       —       18,691  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     4,262       —       —       —       (4,262 )     —  
    Goodwill impairment     604,668       272,830       —       5,725       —       883,223  
    Loss on arbitration     —       —       —       —       —       —  
    Share-based compensation expense     —       —       —       2,026       —       2,026  
    Legal and professional fees(1)     —       —       —       327       —       327  
    Adjusted operating income (loss)   $ 2,525     $ 4,835     $ (30,857 )   $ (11,954 )   $ 23,767     $ (11,684 )

    (1) Includes legal and professional fees related to lawsuits.

    (in thousands)   Nine Months Ended December 31, 2024
        Ben
    Liquidity    		   Ben
    Custody    		   Customer
    ExAlt Trusts    		   Corporate/
    Other    		   Consolidating
    Eliminations    		   Consolidated
    Total revenues   $ 34,124     $ 16,178   $ 23,282     $ (820 )   $ (49,738 )   $ 23,026  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —     539       7       —       546  
    Adjusted revenues   $ 34,124     $ 16,178   $ 23,821     $ (813 )   $ (49,738 )   $ 23,572  
                             
    Operating income (loss)   $ (462 )   $ 9,123   $ (96,722 )   $ 18,730     $ 90,441     $ 21,110  
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —     539       7       —       546  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     5       1,340     —       —       (1,345 )     —  
    Goodwill impairment     —       3,427     —       265       —       3,692  
    Release of loss contingency related to arbitration award     —       —     —       (54,973 )     —       (54,973 )
    Share-based compensation expense     —       —     —       5,162       —       5,162  
    Legal and professional fees(1)     —       —     —       5,825       —       5,825  
    Adjusted operating income (loss)   $ (457 )   $ 13,890   $ (96,183 )   $ (24,984 )   $ 89,096     $ (18,638 )

    (1) Includes legal and professional fees related to lawsuits.

    (in thousands)   Nine Months Ended December 31, 2023
        Ben
    Liquidity    		   Ben
    Custody    		   Customer
    ExAlt Trusts    		   Corporate/
    Other    		   Consolidating
    Eliminations    		   Consolidated
    Total revenues   $ 36,303     $ 18,961     $ (54,363 )   $ (1,549 )   $ (55,091 )   $ (55,739 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       62,873       1,344       —       64,217  
    Adjusted revenues   $ 36,303     $ 18,961     $ 8,510     $ (205 )   $ (55,091 )   $ 8,478  
                             
    Operating income (loss)   $ (1,781,521 )   $ (538,840 )   $ (166,051 )   $ (94,532 )   $ 127,259     $ (2,453,685 )
    Mark to market adjustment on interests in the GWG Wind Down Trust     —       —       62,873       1,344       —       64,217  
    Intersegment provision for credit losses on collateral comprised of interests in the GWG Wind Down Trust     43,872       —       —       —       (43,872 )     —  
    Goodwill impairment     1,725,880       554,607       —       5,725       —       2,286,212  
    Loss on arbitration     —       —       —       —       —       —  
    Share-based compensation expense     —       —       —       37,530       —       37,530  
    Legal and professional fees(1)     —       —       —       8,352       —       8,352  
    Adjusted operating income (loss)   $ (11,769 )   $ 15,767     $ (103,178 )   $ (41,581 )   $ 83,387     $ (57,374 )

    (1) Includes legal and professional fees related to GWG Holdings bankruptcy, lawsuits, public relations, and employee matters.

      Three Months Ended
    December 31,    		   Nine Months Ended
    December 31,
        2024     2023       2024       2023  
    Operating Expenses Non GAAP Reconciliation              
    Operating expenses $ 13,932   $ 905,716     $ 1,916     $ 2,397,946  
    Plus: Release of loss contingency related to arbitration award   —     —       54,973       —  
    Less: Goodwill impairment   —     (883,223 )     (3,692 )     (2,286,212 )
    Operating expenses, excluding goodwill impairment and release of loss contingency related to arbitration award $ 13,932   $ 22,493     $ 53,197     $ 111,734  

    The below table reconciles the non-GAAP financial measures of tangible book value and tangible book value to Ben’s public stockholders to the most comparable GAAP financial measures as of December 31, 2024 on an actual basis and pro forma assuming the transactions described in our Form 8-K filed on December 23, 2024 occurred on December 31, 2024.

      Actual
    and Pro
    Forma     (a)    		       Actual   Pro forma (a)
    Tangible Book Value     Tangible book value attributable to Ben’s public company stockholders        
    Total equity (deficit) $ 14,260     Tangible book value   $ 91,772     $ 91,772  
    Less: Goodwill and intangible assets   (13,014 )   Less: Tangible book value attributable to Beneficient Holdings noncontrolling interest holders     (91,772 )     (82,595 )
    Plus: Total temporary equity   90,526     Tangible book value attributable to Ben’s public company stockholders     —       9,177  
    Tangible book value $ 91,772              

    (a) Assumes the transactions described in our Form 8-K filed on December 23, 2024 closed on December 31, 2024 including that the BCH limited partnership agreement was amended to provide that Beneficient, as the indirect holder of the Class A Units and certain Designated Class S Ordinary Units of BCH, would receive in the event of a liquidation of BCH (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

    Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders and Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders are non-GAAP financial measures. We present these non-GAAP financial measures because we believe it helps investors understand underlying trends in our business and facilitates an understanding of our operating performance from period to period because it facilitates a comparison of our recurring core business operating results. Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders are also non-GAAP financial measures. We present these non-GAAP financial measures because we believe it help investors in analyzing the intrinsic value of the Company, including the proforma impact of the contemplated transactions more fully described in our Form 8-K filed on December 23, 2024. The non-GAAP financial measures are intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, U.S. GAAP. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these non-GAAP financial measures may not be comparable to other similarly titled measures computed by other companies, because all companies may not calculate such items in the same way.

    We define adjusted revenue as revenue adjusted to exclude the effect of mark-to-market adjustments on related party equity securities that were acquired both prior to and during the Collateral Swap, which on August 1, 2023, became interests in the GWG Wind Down Trust. Adjusted Segment Revenues attributable to Ben’s Equity Holders is the same as “adjusted revenues” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

    Adjusted operating income (loss) represents GAAP operating income (loss), adjusted to exclude the effect of the adjustments to revenue as described above, credit losses on related party available-for-sale debt securities that were acquired in the Collateral Swap which on August 1, 2023, became interests in the GWG Wind Down Trust, and receivables from a related party that filed for bankruptcy and certain notes receivables originated during our formative transactions, non-cash asset impairment, share-based compensation expense, and legal, professional services, and public relations costs related to the GWG Holdings bankruptcy, lawsuits, a defunct product offering, and certain employee matters, including fees & loss contingency accruals (releases) incurred in arbitration with a former director. Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders is the same as “adjusted operating income (loss)” related to the aggregate of the Ben Liquidity, Ben Custody, and Corporate/Other Business Segments, which are the segments that impact the net income (loss) attributable to all equity holders of Beneficient, including equity holders of Beneficient’s subsidiary, BCH.

    Tangible book value is defined as the sum of total equity (deficit) less goodwill and intangible assets plus total temporary equity. Tangible book value to Ben’s public company stockholders is defined at tangible book value adjusted for the portion of tangible book value that is attributable to Ben’s public company stockholders, which is calculated as tangible book value adjusted for (i) 10% of the first $100 million of distributions of BCH following the satisfaction of the debts and liabilities of BCH on a consolidated basis and (ii) 33.3333% of the net asset value of the added alternative assets of up to $5 billion in connection with ExAlt Plan liquidity and primary capital transactions entered after December 22, 2024.

    These non-GAAP financial measures are not a measure of performance or liquidity calculated in accordance with U.S. GAAP. They are unaudited and should not be considered an alternative to, or more meaningful than, GAAP revenues or GAAP operating income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in adjusted operating income (loss) or adjusted segment operating income (loss) attributable to Ben’s Equity Holders include capital expenditures, interest payments, debt principal repayments, and other expenses, which can be significant. As a result, adjusted operating income (loss) and/or adjusted segment operating income (loss) attributable to Ben’s Equity Holders should not be considered as a measure of our liquidity.

    Because of these limitations, Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using Adjusted Revenues, Adjusted Operating Income (Loss), Adjusted Segment Revenues attributable to Ben’s Equity Holders, Adjusted Segment Operating Income (Loss) attributable to Ben’s Equity Holders, Tangible Book Value and Tangible Book Value to Ben’s Public Company Stockholders on a supplemental basis. You should review the reconciliation of these non-GAAP financial measures set forth above and not rely on any single financial measure to evaluate our business.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/09d463d7-9883-4bbf-8a05-3c24ea42846e

    The MIL Network –

  • MIL-Evening Report: Will New Zealand invade the Cook Islands to stop China? Seriously

    The Chinese have politely told the Kiwis to back off.  Foreign Ministry spokesperson Guo Jiakun told reporters that China and the Cook Islands have had diplomatic relations since 1997 which “should not be disrupted or restrained by any third party”.

    “New Zealand is rightly furious about it,” a TVNZ Pacific affairs writer editorialised to the nation. The deal and the lack of prior consultation was described by various journalists as “damaging”, “of significant concern”, “trouble in paradise”, an act by a “renegade government”.

    Foreign Minister Winston Peters, not without cause, railed at what he saw as the Cook Islands government going against long-standing agreements to consult over defence and security issues.

    “Should New Zealand invade the Cook islands?” . . . New Zealand Herald columnist Matthew Hooton’s view in an “oxygen-starved media environment” amid rattled nerves. Image: New Zealand Herald screenshot APR

    ‘Clearly about secession’
    Matthew Hooton, who penned the article in The Herald, is a major commentator on various platforms.

    “Cook Islands Prime Minister Mark Brown’s dealings with China are clearly about secession from the realm of New Zealand,” Hooton said without substantiation but with considerable colonial hauteur.

    “His illegal moves cannot stand. It would be a relatively straightforward military operation for our SAS to secure all key government buildings in the Cook Islands’ capital, Avarua.”

    This could be written off as the hyperventilating screeching of someone trying to drum up readers but he was given a major platform to do so and New Zealanders live in an oxygen-starved media environment where alternative analysis is hard to find.

    The Cook Islands, with one of the largest Exclusive Economic Zones in the world — a whopping 2 million sq km — is considered part of New Zealand’s backyard, albeit over 3000 km to the northeast.  The deal with China is focused on economics not security issues, according to Cooks Prime Minister Mark Brown.

    Deep sea mining may be on the list of projects as well as trade cooperation, climate, tourism, and infrastructure.

    The Cook Islands seafloor is believed to have billions of tons of polymetallic nodules of cobalt, copper, nickel and manganese, something that has even caught the attention of US Secretary of State Marco Rubio. Various players have their eyes on it.

    Glen Johnson, writing in Le Monde Diplomatique, reported last year:

    “Environmentalists have raised major concerns, particularly over the destruction of deep-sea habitats and the vast, choking sediment plumes that excavation would produce.”

    All will be revealed
    Even Cook Island’s citizens have not been consulted on the details of the deal, including deep sea mining.  Clearly, this should not be the case. All will be revealed shortly.

    New Zealand and the Cook Islands have had formal relations since 1901 when the British “transferred” the islands to New Zealand.  Cook Islanders have a curious status: they hold New Zealand passports but are recognised as their own country. The US government went a step further on September 25, 2023. President Joe Biden said:

    “Today I am proud to announce that the United States recognises the Cook Islands as a sovereign and independent state and will establish diplomatic relations between our two nations.”

    A move to create their own passports was undermined by New Zealand officials who successfully stymied the plan.

    New Zealand has taken an increasingly hostile stance vis-a-vis China, with PM Luxon describing the country as a “strategic competitor” while at the same time depending on China as our biggest trading partner.  The government and a compliant mainstream media sing as one choir when it comes to China: it is seen as a threat, a looming pretender to be South Pacific hegemon, replacing the flip-flopping, increasingly incoherent USA.

    Climate change looms large for island nations. Much of the Cooks’ tourism infrastructure is vulnerable to coastal inundation and precious reefs are being destroyed by heating sea temperatures.

    “One thing that New Zealand has got to get its head round is the fact that the Trump administration has withdrawn from the Paris Climate Accord,” Dr Robert Patman, professor of international relations at Otago University, says. “And this is a big deal for most Pacific Island states — and that means that the Cook Islands nation may well be looking for greater assistance elsewhere.”

    Diplomatic spat with global coverage
    The story of the diplomatic spat has been covered in the Middle East, Europe and Asia.  Eyebrows are rising as yet again New Zealand, a close ally of Israel and a participant in the US Operation Prosperity Guardian to lift the Houthi Red Sea blockade of Israel, shows its Western mindset.

    Matthew Hooton’s article is the kind of colonialist fantasy masquerading as geopolitical analysis that damages New Zealand’s reputation as a friend to the smaller nations of our region.

    Yes, the Chinese have an interest in our neck of the woods — China is second only to Australia in supplying much-needed development assistance to the region.

    It is sound policy not insurrection for small nations to diversify economic partnerships and secure development opportunities for their people. That said, serious questions should be posed and deserve to be answered.

    Geopolitical analyst Dr Geoffrey Miller made a useful contribution to the debate saying there was potential for all three parties to work together:

    “There is no reason why New Zealand can’t get together with China and the Cook Islands and develop some projects together,” Dr Miller says. “Pacific states are the winners here because there is a lot of competition for them”.

    I think New Zealand and Australia could combine more effectively with a host of South Pacific island nations and form a more effective regional voice with which to engage with the wider world and collectively resist efforts by the US and China to turn the region into a theatre of competition.

    We throw the toys out
    We throw the toys out of the cot when the Cooks don’t consult with us but shrug when Pasifika elders like former Tuvalu PM Enele Sopoaga call us out for ignoring them.

    In Wellington last year, I heard him challenge the bigger powers, particularly Australia and New Zealand, to remember that the existential threat faced by Pacific nations comes first from climate change. He also reminded New Zealanders of the commitment to keeping the South Pacific nuclear-free.

    To succeed, a “Pacific for the peoples of the Pacific” approach would suggest our ministries of foreign affairs should halt their drift to being little more than branch offices of the Pentagon and that our governments should not sign up to US Great Power competition with China.

    Ditching the misguided anti-China AUKUS project would be a good start.

    Friends to all, enemies of none. Keep the Pacific peaceful, neutral and nuclear-free.

    Eugene Doyle is a community organiser and activist in Wellington, New Zealand. He received an Absolutely Positively Wellingtonian award in 2023 for community service. His first demonstration was at the age of 12 against the Vietnam War. This article was first published at his public policy website Solidarity and is republished here with permission.

    MIL OSI Analysis – EveningReport.nz –