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Category: Business

  • MIL-OSI United Kingdom: New executive chair selected to boost innovation and growth across the UK

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    New executive chair selected to boost innovation and growth across the UK

    Tom Adeyoola selected as preferred candidate to head up Innovate UK.

    Tom Adeyoola appointed as new executive chair for Innovate UK to drive pioneering R&D and transformative technologies

    • Tech entrepreneur and Metail founder Tom Adeyoola selected as preferred head of Innovate UK as the government ramps up plans to drive growth
    • Backing businesses across the UK, Innovate UK invests in game-changing innovation, from advanced AI to zero-emission transport, fuelling our Plan for Change
    • Under Tom’s leadership, Innovate UK will accelerate efforts to scale up British innovation and turn cutting-edge research into real-world impact, helping businesses grow and compete on a global stage

    Tech entrepreneur and business leader Tom Adeyoola will head up Innovate UK to unlock the potential of British business and turbocharge growth through our Plan for Change.

    Once confirmed by parliament, Tom will act as Chair of Innovate UK, part of the largest national public research funder, helping businesses turn cutting-edge ideas into real-world products.

    The agency funds ambitious companies, drives transformative technologies, and oversees the UK’s Catapult Network, which connects businesses with world-class R&D expertise. Through its £100 million Innovation Accelerator programme, it is already creating high-skilled jobs and new opportunities in Glasgow, Manchester, and the West Midlands, helping these regions become global hubs for research, from advanced manufacturing to life sciences.

    Over 450,000 innovators across the country were supported by the agency in 2023/2024, including support for successful scale-ups such as Pragmatic, a world leader in semiconductor innovation that has grown from a dozen to 330 employees in a decade – powering everyday tech from smartphones to medical devices, and Pragmatic’s ultra-thin, low-cost microchips open new possibilities for smart packaging and wearable health tech.

    Innovate UK was an early backer of Oxford Nanopore Technologies, whose handheld DNA sequencing technology is now used worldwide – from diagnosing diseases faster to tracking viruses like COVID-19. Their success has not only transformed healthcare but also driven economic growth, with the company now valued at £1.49 billion and generating annual revenues of around £183 million.

    People could see faster medical deliveries, air taxis cutting journey times, and greener transport options through Innovate UK’s flagship Future Flight Challenge, which works with businesses and regulators to develop drone technology and zero-emission aircraft.

    Tom Adeyoola brings a wealth of experience spanning technology, investment, entrepreneurship, and digital transformation.  As co-founder of Extend Ventures, he has worked with Innovate UK to improve diversity in grant funding and support underrepresented entrepreneurs. He also serves on the steering board of The Startup Coalition, advocating for high-growth tech businesses across the UK.

    Science Minister Lord Vallance said:

    Innovation is central to this government’s Plan for Change, helping to unlock new opportunities, boost productivity, and create high-value jobs across the UK.

    With his experience in technology, entrepreneurship, and digital transformation Tom Adeyoola is the right person to ensure Innovate UK delivers real impact – backing pioneering businesses, scaling up breakthrough innovations and ensuring the UK leads in the industries of the future.

    I thank Indro Mukerjee, and Stella Peace for all of their contributions up to this point and I look forward to working with Tom as we continue to make the UK the best place in the world to start and grow an innovative business.

    Whilst on the Board at Channel 4, he focused on digital transformation and championed innovation funding in the creative industries. He has also been a driving force in exploring the impact of generative AI on the economy, from education to public services. His blend of business, technology, and policy expertise makes him well-placed to steer Innovate UK’s investments – helping pioneering companies scale up, from greener aviation to sustainable food production.

    UKRI Chief Executive Professor Dame Ottoline Leyser said:

    Tom Adeyoola’s appointment is excellent news for Innovate UK and the whole of UKRI. His experience and insight as a technology entrepreneur and business leader will bring enormous benefits and expertise to the organisation at this critical time.

    I’d like to take this opportunity to thank Dr Stella Peace for her superb leadership as interim Executive Chair. Stella will continue to play a major role for UKRI as Innovate UK’s Executive Director of Healthy Living and Agriculture.

    Under Tom Adeyoola’s leadership, Innovate UK will continue backing businesses and driving forward the government’s Plan for Change – supporting pioneering businesses, create high-value jobs, and turn cutting-edge ideas into solutions that improve lives across the UK.

    Incoming Executive Chair of Innovate UK, Tom Adeyoola said:

    Innovate UK plays a vital role in catalysing the businesses that will shape the UK’s future economy – whether through cutting-edge technologies, the creative industries, or AI.  

    I look forward to working with partners across the ecosystem, industry and government to ensure our investments have a multiplier impact, driving innovation that fuels economic growth and strengthens the UK’s position as a global leader in science and technology.

    Tom Adeyoola’s appointment follows a competitive recruitment process and is subject to a pre-appointment scrutiny hearing by the Science, Innovation and Technology Select Committee, which is expected to take place on 8 April.

    Notes to editors

    Tom will be stepping down from all existing responsibilities besides his roles on the Board of Channel 4 and as a school governor.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 3000

    Updates to this page

    Published 25 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Course charted for carbon free shipping by 2050

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Course charted for carbon free shipping by 2050

    Our maritime decarbonisation strategy will help us build a cleaner, more resilient maritime nation.

    • vessels will soon use future fuels and plug into shipping ‘chargeports’ as part of UK’s new goals for shipping operators to reach net zero by 2050, part of the government’s Plan for Change to make the UK a clean energy superpower  
    • worst polluting vessels will decarbonise first as government sets out new plans to deliver energy security and build a clean maritime future
    • news comes ahead of the UN’s maritime meeting where the UK mission will push for global greenhouse gas reductions across the industry

    Fuels of the future and shipping charge points in harbours are at the centre of a major new strategy to make Britain’s shipping fleet net zero by 2050 and drive growth in coastal communities.

    The Maritime Minister has today (25 March 2025) revealed the government’s new goals for all vessels that operate in UK waters and dock at UK ports to be carbon free and help vessel owners, operators and scientists make emission-free voyages a reality. 

    Part of the government’s Plan for Change to propel the UK towards becoming a green energy superpower and drive growth, the new Maritime decarbonisation strategy sets out goals to reduce greenhouse gas emissions by 30% by 2030, 80% by 2040 and to zero by 2050. This will see the UK match the highest level of the ambitious goals agreed at the International Maritime Organization (IMO) in their 2023 strategy on reduction of greenhouse gas emission from ships.  

    Investment in green technologies and fuels will cement the UK as a clean energy superpower and encourage a green economic revival at the local level, helping to build high-skilled jobs in coastal communities and delivering a local boon to cities and towns.

    Under the new strategy, the shipping sector will be brought under the UK Emissions Trading Scheme (UK ETS). This will see operators of larger vessels such as tankers and cruises – which cause the most pollution – pay more for their greenhouse gas emissions.

    Furthermore, the strategy sets out plans to reduce emissions from shipping and increase the use of clean fuels and technologies, such as hydrogen, electric or ammonia vessels.

    Later today the minister will launch the new strategy in Portsmouth with vessel chargeport pioneer ABB and demonstrate how these new green shipping technologies will bring in private investment, create thousands more jobs and revitalise coastal communities.

    Such investment has already seen growth in coastal regions, with the £206 million of UK SHORE funding having already supported over 300 organisations across every nation and region in the UK and secured over £100 million of private investment, helping to kickstart economic growth.

    Maritime Minister, Mike Kane, said: 

    Climate change is one of the greatest challenges we face today. Working together with industry and international partners, we are driving down emissions in every corner of the economy.

    As part of our Plan for Change, we’re committed to making the UK a green energy superpower and our maritime decarbonisation strategy will help us build a cleaner, more resilient maritime nation.

    In addition, the government is also launching 2 calls for evidence today to help inform the development of measures needed to reduce emissions at berth, understand the future energy demand at ports and decarbonise smaller vessels. 

    Richard Ballantyne OBE, Chief Executive of the British Ports Association, said:

    We welcome today’s announcement. UK ports are already demonstrating their commitment to net zero with ambitious targets and investment in new technologies and fuels. The UK SHORE programme shows what can be achieved when government and industry work together on shared goals.

    We will continue to work closely with the Department for Transport on lowering barriers to investment and decarbonisation for both ports and vessels and this strategy will help set a clear direction and expectations well into the future. We look forward to a continued close partnership built on common aims.

    Chris Shirling-Rooke, Chief Executive of Maritime UK, said:

    Decarbonisation is both an enormous challenge and opportunity for the maritime sector, with huge potential for growth, jobs and innovation in our coastal communities, and across the whole of the United Kingdom.

    It is vital that our country continues to drive change and chase growth by creating a cleaner and more sustainable future. We welcome the government’s commitment today and look forward to continuing to work with them on the maritime decarbonisation strategy.

    Mike Sellers, Director of Portsmouth International Port, said:

    We welcome the announcement of the new maritime decarbonisation strategy, which the port’s master plan very much aligns with.

    To help achieve this ambition, we’re on track to become the UK’s first multi-berth, multi-ship ‘chargeport’ by providing renewable plug-in energy when ships are alongside from spring 2025.

    The seachange shore power project, demonstrates the success of both public and private investment, supported by the government’s zero emissions vessels and infrastructure (ZEVI) fund, driving innovation towards net zero. We’re pleased to show the minister what’s happening in Portsmouth and how this could be a model for ports across the country.

    Rhett Hatcher, CEO of the UK Chamber of Shipping, said:

    The UK Chamber is proud to have led the way on decarbonisation, publicly calling for the global shipping industry to reach net zero emissions by 2050, prior to the UK government and IMO commitments. Across our sector, we have already invested in new technologies and pioneering innovations to meet our commitments and are leading the drive towards net zero. We, therefore, welcome the government’s publication of the maritime decarbonisation strategy, as a much-needed successor to the 2019 clean maritime plan.

    The government’s strategy must now be matched by delivering the regulatory framework, technology and infrastructure, including a shore power revolution, required to support the green transition for UK maritime, bringing benefits to maritime communities and the UK economy. We look forward to working collaboratively alongside government to progress this important agenda and reach our shared goals of a cleaner, more resilient maritime sector in the UK.

    Anna Krajinska, UK Director at Transport & Environment (T&E), said:

    T&E welcomes the government’s commitment to reduce shipping emissions by 30% by 2030, 80% by 2040 and net zero by 2050. It is crucial that ambitious targets are coupled with robust policy measures to slash the UK’s domestic and international shipping emissions without delay.

    Geraint Evans, Chief Executive of the UK Major Ports Group, said:

    Major ports are at the heart of the UK’s transition to net zero, acting as hubs of innovation and supporting the development of future fuels, clean maritime infrastructure, and greener supply chains. Today’s strategy provides much-needed policy certainty for industry, unlocking investment in the technologies and infrastructure that will drive down emissions.

    The successful delivery of the government’s missions relies on strong public and private sector partnerships, and with the right long-term commitment and collaboration, we can accelerate the transition to lower-carbon shipping and ensure the UK remains a global leader in maritime sustainability.

    Mark Dickinson, General Secretary of Nautilus International, said:

    Nautilus International welcomes the government’s ambitious maritime decarbonisation strategy as a crucial step toward building a sustainable future for UK shipping. The targets to achieve zero emissions by 2050, with significant milestones in 2030 and 2040, demonstrate the commitment needed to address the climate emergency that threatens our planet.

    As we transition to new fuels, technologies and vessel designs, we must ensure this green revolution delivers for maritime professionals too. A just transition must be at the heart of these changes – guaranteeing quality jobs, comprehensive training and appropriate upskilling for seafarers who will be operating these new systems. We look forward to working closely with the UK government in achieving a just transition that supports continued economic and employment growth and prosperity for coastal communities as well as all maritime professionals.

    With global shipping accounting for 2% of all emissions, the UK will push for high ambitions at the UN’s next meeting of the International Maritime Organization (IMO) in April, as it develops important measures to reduce emissions from global shipping.

    Maritime media enquiries

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    Updates to this page

    Published 25 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: £2 billion new investment to support biggest boost in social and affordable housebuilding in a generation

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    £2 billion new investment to support biggest boost in social and affordable housebuilding in a generation

    Hard working families to get safe and secure homes as Chancellor announces £2 billion injection of new grant funding to deliver up to 18,000 new social and affordable homes.

    • Landmark announcement part of Plan for Change to deliver security for working people by growing the economy and building 1.5 million homes.

    • £2 billion of new funding will only support development on sites that will deliver in this Parliament, getting spades in the ground quickly to build homes in places such as Manchester and Liverpool.

    Helping hard working families get safe and secure homes and kickstarting economic growth are driving the government’s agenda, as the Chancellor and Deputy Prime Minister today (Tuesday 25 March) announced up to 18,000 new social and affordable homes will be built with a £2 billion injection of investment to deliver the Prime Minister’s Plan for Change.

    The announcement hails a significant milestone on the government’s promise to build 1.5 million new homes whilst driving economic growth by getting Britain building again. It follows the government’s plan to inspire the next generation of British engineers, brickies and chippies, by training 60,000 construction workers to tackle skills shortages and get more young people into jobs.

    The £2 billion investment boost comes as a down payment from the Treasury ahead of more long term investment in social and affordable housing planned later this year, which will provide additional funding for 2026-27 and well as for future years. This forms part of the government’s plan for tackling the housing crisis that has held working families back from the stability and security that comes with a safe roof over your head.

    Thousands of new affordable homes will start construction by March 2027 and will complete by the end of this Parliament. The government is encouraging providers to come forwards as soon as possible with projects and bids to ramp up the delivery of new housing supply, in turn making the dream of home ownership a reality for more people across the country.

    Today’s investment will also unlock development and opportunity on sites that are ready and waiting for spades in the ground in places such as Manchester or Liverpool.

    The Chancellor announced plans on a visit to an affordable housing site in Stoke-On-Trent with the Deputy Prime Minister, working hand in hand to deliver the biggest boost to affordable and social housing in a generation.

    Deputy Prime Minister and Housing Secretary, Angela Rayner said:

    Everyone deserves to have a safe and secure roof over their heads and a place to call their own, but the reality is that far too many people have been frozen out of homeownership or denied the chance to rent a home they can afford thanks to the housing crisis we’ve inherited.

    This investment will help us to build thousands more affordable homes to buy and rent and get working people and families into secure homes and onto the housing ladder. This is just the latest in delivering our Plan for Change mission to build 1.5 million homes, and the biggest increase in social and affordable housing in a generation.

    Chancellor of the Exchequer, Rachel Reeves said:

    We are fixing the housing crisis in this country with the biggest boost in social and affordable housebuilding in a generation. Today’s announcement will help drive growth through our Plan for Change by delivering up to 18,000 new homes, as well as jobs and opportunities, getting more money into working people’s pockets.

    At the conclusion of the current Spending Review process on 11 June 2025, the government will announce further long-term investment into the sector in England, delivering the biggest boost to social and affordable housing in a generation.

    Kate Henderson, Chief Executive at the National Housing Federation, says:

    This funding top-up is hugely welcome and demonstrates the government’s commitment to delivering genuinely affordable, social housing for families in need across the country. The additional £2 billion will prevent a cliff edge in delivery of new homes, ahead of the next funding programme being announced.

    Social housing is the only secure and affordable housing for families on low incomes, and the dire shortage has led to rocketing rates of poverty, overcrowding and homelessness. Investment in social housing is not only key to tackling the housing crisis, but is also excellent value for money, reducing government spending on benefits, health, and homelessness as well as boosting growth. Housing associations are ready to work with the government to deliver a generation of new social homes.

    Charlie Nunn, CEO, Lloyds Banking Group said:

    A safe and lasting home is the foundation for good lives and livelihoods, and we welcome this boost to building much-needed social and affordable homes.  As the UK’s biggest commercial supporter of social housing, we’re working across the private, public and community sectors to help increase provision of good quality, genuinely affordable housing for those in need.

    David Thomas, CEO at Barratt Redrow said:

    To increase construction activity and build the homes the UK desperately needs, we need support for demand across all tenures. As well as providing more much-needed affordable homes, this welcome investment will help unlock mixed-tenure developments and to create jobs and economic growth across the country.

    Stephen Teagle, Chair of The Housing Forum said:

    This additional funding signals that the Government is listening to the sector and reaffirms its strong commitment to accelerating the delivery of much-needed affordable housing while driving economic growth. It represents an unprecedented intervention which, when paired with sustained, long-term investment, will be instrumental in meeting the growing demand for affordable homes.

    Now, it’s up to the industry to rise to the challenge — accelerating delivery, building momentum towards the government’s target of 1.5 million new homes, and ensuring we provide the housing this country urgently needs.

    Guidance

    • The majority of this funding will fall in 2026/27, but a tail of funding will cover completions of homes after this. All projects funded through this £2 billion will need to start by March 2027, and will need to finish by June 2029.

    • The funding will be made available to providers on the same terms as the Affordable Homes Programme for 2021-26, and will act as a bridge to the future grant programme to be announced at Spending Review. We will ask Homes England, GLA and bidders to prioritise homes for social rent, in line with the government’s commitment to support this tenure. 

    • Full details of wider long-term and future grant investment will be announced at the Spending Review. At this point we will set out the full funding for 26/27 and beyond, to supplement this down payment of £2 billion.

    Updates to this page

    Published 25 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI China: China to maintain high pressure on corruption fugitives

    Source: China State Council Information Office 2

    China on Monday vowed to continue deepening its international anti-graft cooperation and maintain high pressure on corruption fugitives abroad.
    A campaign codenamed “Sky Net 2025” was launched on Monday to hunt down fugitives, recover illegal proceeds and combat cross-border corruption, according to a meeting of the office for fugitive repatriation and asset recovery under the Central Anti-Corruption Coordination Group.
    The meeting said specific crackdown operations will be carried out by different authorities. For example, the National Commission of Supervision will lead efforts to recover the illegal proceeds of duty-related crimes and prevent losses, and the People’s Bank of China will work with the Ministry of Public Security to target the transfer of illicit funds abroad through offshore companies or underground banking systems.
    China has long taken a tough stance against corruption fugitives. A report from the country’s top anti-graft body earlier this year shows that 1,597 corruption fugitives were repatriated to China during the “Sky Net 2024” campaign, with over 18.28 billion yuan (about 2.55 billion U.S. dollars) worth of illicit assets recovered.

    MIL OSI China News –

  • MIL-OSI China: Multinational CEOs flock to China for business opportunities

    Source: People’s Republic of China – State Council News

    This photo taken on March 23, 2025 shows the Symposium on Macro Policies and Economic Growth of the China Development Forum 2025 in Beijing, capital of China. The China Development Forum 2025 is scheduled from March 23 to 24. The theme of this year’s forum is “Unleashing Development Momentum for Stable Growth of Global Economy.” [Photo/Xinhua]

    BEIJING, March 24 — Heads of some 80 multinationals including Siemens, Apple, Samsung and Pfizer have flocked to China to seek new cooperation opportunities with the world’s second-largest economy.

    The transnational corporate chiefs were present at the China Development Forum 2025 in Beijing, scheduled from March 23 to 24. The annual event, hosted by the Development Research Center of China’s State Council, has become an important platform of dialogue for the Chinese government, global businesses, academia, and international organizations.

    China will continue to welcome enterprises from around the world with open arms, further expand market access, actively address the concerns of businesses, and facilitate the deeper integration of foreign-funded enterprises into the Chinese market, Chinese Premier Li Qiang said in a keynote speech at the opening ceremony of the forum.

    Prior to the forum, British pharmaceutical giant AstraZeneca signed a landmark 2.5-billion-U.S. dollar agreement on Friday to invest in Beijing over the next five years, the largest single investment in Beijing’s biopharmaceutical sector in recent years.

    Under the agreement, AstraZeneca will establish a global strategic R&D center in Beijing, its sixth worldwide and second in China after one in Shanghai. The new center, equipped with an advanced artificial intelligence and data science laboratory, will accelerate early-stage drug research and clinical development.

    “The investment highlights our confidence in Beijing’s world-class life sciences innovation ecosystem, extensive collaborative opportunities, and exceptional talent pool,” AstraZeneca CEO Pascal Soriot said in an interview with Xinhua.

    In 2024, BMW delivered over 100,000 battery electric vehicles to customers in China for the first time, making China its strongest single market for electric vehicles.

    The company is committed to expanding its investment in China and accelerating the localization of production as well as research and development, said Oliver Zipse, chairman of the board of management of BMW AG, in a meeting with Chinese Commerce Minister Wang Wentao.

    Zipse also noted that there are only losers and no winners in a tariff war. The company firmly opposes the EU imposing additional tariffs on Chinese EVs and hopes that both the EU and China can properly resolve their differences, he said.

    At a symposium of the forum, Zipse said he was impressed by the AI Plus initiative in China’s government work report this year, and that BMW is working with Chinese sci-tech leaders to apply generative AI and large language model technologies into its vehicles.

    Miguel Lopez, CEO of Thyssenkrupp AG, an industrial conglomerate, said China is not only one of the largest markets, but also the country with the most comprehensive industrial chain and supply chain in the world, as well as a good logistics system.

    Thyssenkrupp will continue to strengthen supply chain management in China and establish good relationships with local suppliers, which will not only reduce its costs and improves its resilience, but also improves its performance on global markets, Lopez said.

    Lim Boon Heng, chairman of Singapore’s Temasek Holdings, said he truly feels during his visit the growing innovation and vitality of the Chinese market and the improved business environment.

    Noting China has become one of Temasek’s most important investment destinations, he said Temasek is full of confidence in the long-term prospects of the Chinese economy and will continue to deepen its presence in the Chinese market.

    For Otis, the elevator industry leader has benefited from China’s rapid urbanization over the past few decades.

    Judy Marks, CEO of Otis Worldwide Corporation, said the country still offers great opportunities in the future, and compared with decades ago, China is no longer just a production base and sales market, but also a research and development base for elevators.

    “I think most of the world will not only want to partner with China but also strengthen economic relations with China,” said Jeffrey Sachs, an economics professor at Columbia University.

    Official data has shown that China remains a top destination for transnational investment. Some 60,000 foreign-invested companies were established in China in 2024 alone, a 9.9 percent year-on-year increase. The return rate of FDI in China has remained at approximately 9 percent over the past five years, ranking among the highest around the world.

    This year’s government work report notes that China will encourage foreign investors to increase their reinvestment in the country, and it will ensure equal treatment for foreign-funded enterprises in fields such as production factor access, license applications, standards setting and government procurement.

    MIL OSI China News –

  • MIL-OSI: Law Partners Launches Compensation Uncovered: A New Video Series to help Mining Industry Workers

    Source: GlobeNewswire (MIL-OSI)

    Compensation Uncovered is the show that lifts the lid on the world of personal injury claims.

    SYDNEY, March 24, 2025 (GLOBE NEWSWIRE) — Law Partners, Australia’s largest specialist personal injury firm, has introduced an innovative online video series, Compensation Uncovered.

    Series One – now live – is focused on total and permanent disablement (TPD) claims, a type of lump sum payout that may be available to mining employees in addition to workers compensation payments when they’re unable to return to work following injury or illness.

    Click here to view Compensation Uncovered: https://lawpartners.com.au/compensation-uncovered-podcast

    Common mining injury claims can include slips, trips and falls, lifting and back injuries, hazardous materials exposure, machinery and equipment accidents, hearing loss and lung diseases.

    Navigating the legal system can be particularly challenging for those recovering from workplace injuries or illnesses. Compensation Uncovered aims to bridge the gap between mining or resources work and the often-complex world of personal injury claims, offering clear, accessible, and engaging content to help viewers understand their rights and entitlements.

    Series One of Compensation Uncovered covers essential TPD topics such as types of injuries or illnesses, payout amounts, typical do’s and don’ts around making claims, expert insights, and real customer stories.

    Presented by Law Partners TPD Practice Group Leader Lydia Wheatly and Law Partners Principal Shane Butcher, Series One equips mining and resource workers with the knowledge they need to make successful TPD claims.

    Shane Butcher explains, “We recognised a gap in the market for interview-style video content that’s not only professional and informative but also relatable and easy to follow. Compensation Uncovered is our way of demystifying the world of personal injury claims, making the legal process less mysterious and more accessible to everyone. We want to help mining professionals understand their rights and navigate the compensation claims process with more confidence.”

    Chantille Khoury, Law Partners Principal, adds, “Our goal with Compensation Uncovered is to provide our community with valuable insights and practical tips, illustrated through real-life cases and customer stories. People enjoy video and podcast-style content when researching a topic, so our new series offers this format in addition to our existing library of articles, guides, and videos. More than anything, we hope to make the legal process even more transparent and less intimidating, especially during what can be a very stressful time following a workplace injury or illness.”

    Future series of Compensation Uncovered will delve into other areas of personal injury compensation, including motor vehicle accident claims, workers compensation, public liability matters, and medical negligence cases. Each episode is delivered in a straightforward, down-to-earth manner by a range of practice group leaders and senior lawyers at Law Partners, free from the confusing legal jargon that often accompanies such topics.

    Law Partners is committed to a more personal approach to client care, ensuring clients receive all the compensation they deserve and are entitled to. With its no win, no fee, and no disbursements (or case costs) guarantee, along with a 99% success rate, Law Partners continues to set new standards in the industry.

    To stay updated with the latest episodes and insights from Compensation Uncovered, follow Law Partners on YouTube via @lawpartners, on Facebook and Instagram at @lawpartnersau, or search for Law Partners on LinkedIn. Keep an eye on our social media channels and podcast feeds for more customer stories, payout examples, and expert legal advice.

    About Law Partners

    Law Partners is more than just Australia’s largest specialist personal injury firm. We’re a team of dedicated lawyers, paralegals and legal assistants who believe in personal service, asking more questions, and building deeper relationships to understand the true impact of injuries and illness. Our client-focused approach, combined with our legal expertise, has resulted in a case success rate of over 99%, more than 1,200 5-star Google reviews, consistent Doyle’s Guide awards and recognition, and the honour of being named Lawyer Monthly’s Australian Personal Injury Law Firm of the Year for three consecutive years (2022 to 2024).

    For more information or to arrange a media interview, visit Law Partners or contact Charlotte O’Brien at 02 9264 4474 or charlotte.obrien@lawpartners.com.au

    The MIL Network –

  • MIL-OSI USA: Attorney General Bonta Seeks Court Order to Block Mass Firings, Transfer of Core Functions from Department of Education

    Source: US State of California

    Cites immediate and potentially devastating harms to California schools and students 

    OAKLAND – California Attorney General Rob Bonta today led a multistate coalition in filing a motion for a preliminary injunction to prevent the Trump Administration’s mass firing of U.S. Department of Education employees and the transfer of core statutory functions to other departments. These actions will devastate the Department of Education’s ability to meet its statutory obligations across numerous programs — direct funding for K-12 education, student aid, services for students with disabilities, civil rights enforcement, vocational training, and more. California schools alone receive $7.9 billion annually from the Department of Education, and these schools have already reported impacts and disruptions to their ability to provide public education to California’s children as a result of these actions. As such, Attorney General Bonta and the coalition argue that the actions violate the Administrative Procedures Act, are unconstitutional, and should be enjoined while litigation continues.

    “California receives billions of dollars each year from the U.S. Department of Education. The programs and initiatives these funds support help ensure all our children have access to a high-quality public education and are able to learn in a safe, healthy environment,” said Attorney General Bonta. “All of this is at risk with the Trump Administration’s mass firing of Department employees and outsourcing of core statutory functions like the administration of federal student loans. President Trump has made no secret of his desire to shut down the Department of Education for good – and we know that these actions are just a step toward that end goal. But as his own administration has acknowledged, he lacks the authority to unilaterally do so. I respectfully ask the court to block the Trump Administration’s efforts to dismantle the Department of Education from within while our litigation continues.”

    On March 11, the Department of Education initiated a mass termination impacting nearly 50% of the Department’s employees, as part of the Trump Administration’s “final mission” to dismantle the Department. The mass firings were not accompanied by any reasoning to explain why these employees — and indeed, some whole teams — were targeted. The rationale is nevertheless clear — the Trump Administration believes the Department should not exist and is using these firings as a tool in furtherance of that goal. President Trump’s directive last week for Education Secretary Linda McMahon to take all necessary steps to dismantle the Department is further evidence that the firings are part of a broader effort to undermine the Department’s ability to carry out its most vital, congressionally-mandated functions. These steps including transferring the administration of federal student loans to the Small Business Administration, which recently fired 40% of its workers, and of special needs and nutritional programs to the U.S. Department of Health and Human Services.

    The U.S. Department of Education provides $7.9 billion annually in federal funding to more than 9,000 public schools across California – serving 5.8 million students. This includes funding for Title I to support low-income families, Individuals with Disabilities Education Act (IDEA) funds and support for students with disabilities, school lunch programs, services to families living on military bases and Indian reservations, and post-secondary financial aid. Already, the mass firings have led to the closure of seven regional offices of the Office for Civil Rights, including the one in San Francisco, leaving 1,500 pending cases, including open investigations, cases in mediation, resolved cases under monitoring, and complaints under research by staff, in limbo. 

    It is clear that the mass firing of nearly 50% of all Department of Education employees will make it impossible for the Department to meet its current obligations under federal law, violating the separation of powers and the Executive Branch’s obligation to take care that the law is faithfully executed, and exceeding the Department’s authority under the law in violation of the Administrative Procedures Act. Given the immediate and potentially devastating harm that these firings and subsequent transfer of core programs could cause to California’s schools and children, Attorney General Bonta, along with the coalition, respectfully asks the court to grant a preliminary injunction while the states’ litigation continues.  

    Attorney General Bonta is leading this lawsuit with Hawaii Attorney General Anne Lopez, Massachusetts Attorney General Andrea Campbell, and New York Attorney General Letitia James. They are joined by the attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Rhode Island, Washington, Wisconsin, Vermont, and the District of Columbia.

    A copy of the motion is available here. 

    MIL OSI USA News –

  • MIL-OSI China: China’s central bank to conduct MLF operations with adjusted rules on Tuesday

    Source: People’s Republic of China – State Council News

    BEIJING, March 24 — China’s central bank on Monday said that it will issue 450 billion yuan (62.5 billion U.S. dollars) of one-year medium-term lending facility (MLF) loans on Tuesday, with adjusted rules.

    Starting this month, the MLF will undertake operations that utilize fixed-quantity, interest-rate bidding and a multiple-price bidding method, the People’s Bank of China said in a statement.

    The MLF was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.

    On Feb. 25, the central bank conducted a 300-billion-yuan MLF, featuring a one-year maturity period and an interest rate of 2 percent. Following the operation, the outstanding MLF balance stood at 4.09 trillion yuan.

    MIL OSI China News –

  • MIL-OSI China: China willing to expand all-round cooperation with ADB: Chinese premier

    Source: People’s Republic of China – State Council News

    Chinese Premier Li Qiang meets with Asian Development Bank (ADB) President Masato Kanda at the Great Hall of the People in Beijing, capital of China, March 24, 2025. [Photo/Xinhua]

    BEIJING, March 24 — Chinese Premier Li Qiang met with Asian Development Bank (ADB) President Masato Kanda on Monday in Beijing, expressing willingness to further expand all-round cooperation between China and the ADB.

    Li said in recent years, affected by geopolitical turbulence and rising protectionism, the world economy has recovered slowly with increased instability and uncertainty.

    Li called on Asian countries to strengthen solidarity and coordination, adhere to multilateralism, advance regional economic integration, break down barriers to the flow of trade, investment and technology, and maintain the stability and smooth flow of industrial and supply chains.

    At the same time, all sides should strengthen macro policy coordination, deepen exchanges and cooperation in science and technology innovation, enhance the efficiency and resilience of the Asian economy, better withstand various risks, and join hands to achieve common development, Li added.

    Noting that the ADB is an important multilateral development institution in the Asia-Pacific region, Li said China is ready to further expand all-round cooperation with the ADB, push the partnership to a new level, better achieve mutual benefit and win-win results, and provide more public goods for the region.

    The premier said both sides should strengthen financial cooperation in such fields as environmental protection, green and low-carbon development, elderly care and medical care, and deepen knowledge cooperation in such fields as the development of emerging industries, fiscal and tax system reform, and aging response.

    China is ready to share its useful experience in poverty reduction and digital economy with other developing members in the Asia-Pacific to support them in better meeting challenges and achieving sustainable development, said Li.

    Kanda said at a time when international trade is increasingly fragmented, China is committed to further deepening reform and high-level opening-up, which not only achieves steady growth of its own economy, but also makes important contributions to economic growth in Asia and the world at large.

    ADB attaches great importance to cooperation with China, and is willing to take the 40th anniversary of cooperative ties as an opportunity to strengthen cooperation with China in knowledge innovation, green development and other fields, promote the development of the Asia-Pacific region, and push the cooperative partnership between both sides to a higher level.

    Chinese Premier Li Qiang meets with Asian Development Bank (ADB) President Masato Kanda at the Great Hall of the People in Beijing, capital of China, March 24, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI USA News: IMPOSING TARIFFS ON COUNTRIES IMPORTING VENEZUELAN OIL

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA), the National Emergencies Act (50 U.S.C. 1601 et seq.), and section 301 of title 3, United States Code, and in view of the national emergency declared with respect to Venezuela in Executive Order 13692 of March 8, 2015 (Blocking Property and Suspending Entry of Certain Persons Contributing to the Situation in Venezuela), as continued most recently in the notice of February 27, 2025 (Continuation of the National Emergency with Respect to Venezuela), I, DONALD J. TRUMP, President of the United States of America, find that the actions and policies of the regime of Nicolás Maduro in Venezuela continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.  The activities of the Tren de Aragua gang, a transnational criminal organization originating in Venezuela and designated as a Foreign Terrorist Organization and a Specially Designated Global Terrorist organization, have intensified this threat, as highlighted in Proclamation 10903 of March 14, 2025 (Invocation of the Alien Enemies Act Regarding the Invasion of the United States by Tren De Aragua).  Furthermore, Venezuela’s ongoing destabilizing actions, including its support for illicit activities, necessitate further economic measures to protect United States interests.

    In light of these circumstances, and to address the continued national emergency with respect to Venezuela that forms the basis for Executive Order 13692 and subsequent orders, I hereby order:

    Section 1.  Findings.  (a)  The Tren de Aragua gang, a transnational criminal organization with origins in Venezuela, has been designated as a Foreign Terrorist Organization by the United States due to its extensive involvement in terrorist activities such as kidnapping and violent attacks, including the assassination of a Venezuelan opposition figure, that destabilize communities across the Western Hemisphere.  The prior administration’s open-borders policies facilitated the infiltration of the United States by members of Tren de Aragua, allowing these dangerous criminals to establish a foothold within United States cities and prey upon American citizens. The Maduro regime aided and facilitated the influx of Tren de Aragua members into the United States during the prior administration by failing to control its borders, permitting the gang’s operations to flourish within Venezuela, and refusing to take action against its members, thereby exacerbating the illegal immigration crisis.

    (b)  Existing sanctions on Venezuela, including those imposed in Executive Order 13692, Executive Order 13808 of August 24, 2017 (Imposing Additional Sanctions with Respect to the Situation in Venezuela), Executive Order 13850 of November 1, 2018 (Blocking Property of Additional Persons Contributing to the Situation in Venezuela), and Executive Order 13884 of August 5, 2019 (Blocking Property of the Government of Venezuela), remain in effect.  The actions and policies of the Maduro regime that were the basis for those orders continue to pose an unusual and extraordinary threat to the national security and foreign policy of the United States.  These actions include:

    (i)    The systematic undermining of democratic institutions through the suppression of free and fair elections and the illegitimate consolidation of power by the regime of Nicolás Maduro;

    (ii)   Endemic economic mismanagement and public corruption at the expense of the Venezuelan people and their prosperity;

    (iii)  The regime’s responsibility for the deepening humanitarian and public health crisis in Venezuela; and

    (iv)   The destabilization of the Western Hemisphere through the forced migration of millions of Venezuelans, imposing significant burdens on neighboring countries.

    Sec. 2.  Imposition of Tariffs.  (a)  On or after April 2, 2025, a tariff of 25 percent may be imposed on all goods imported into the United States from any country that imports Venezuelan oil, whether directly from Venezuela or indirectly through third parties.  Duties imposed by this order will be supplemental to duties on imports already imposed pursuant to IEEPA, section 232 of the Trade Expansion of 1962, section 301 of the Trade Act of 1974, or any other authority.

    (b)  The Secretary of State, in consultation with the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, is hereby authorized to determine in his discretion whether the tariff of 25 percent will be imposed on goods from any country that imports Venezuelan oil, directly or indirectly, on or after April 2, 2025.

    (c)  Once imposed on a country at the Secretary of State’s discretion, the tariff of 25 percent shall expire 1 year after the last date on which the country imported Venezuelan oil, or at an earlier date if the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of the Treasury, the Secretary of Homeland Security, and the United States Trade Representative, so determines at his discretion.  

    Sec. 3.  Administration and Enforcement.  (a)  The Secretary of State, in coordination with the Secretary of the Treasury, the Secretary of Commerce, the Secretary of Homeland Security, and the United States Trade Representative, is hereby authorized to impose the tariffs established by this order.

    (b)  The Secretary of Commerce, in coordination with the Secretary of State and the Attorney General, is hereby authorized to:

    (i)    Determine whether a country has imported Venezuelan oil, directly or indirectly;

    (ii)   Issue regulations, guidance, and determinations as necessary to implement this order;

    (iii)  Coordinate with the heads of other executive departments and agencies to ensure compliance; and

    (iv)   Take any additional actions consistent with applicable law to carry out the purposes of this order.

    (c)  Any prior Presidential Proclamation, Executive Order, or other Presidential directive or guidance that is inconsistent with the direction in this order is hereby terminated, suspended, or modified to the extent necessary to give full effect to this order.

    (d)  Any other Presidential Proclamation, Executive Order, or other Presidential directive or guidance that applies to Venezuela or a country subject to a tariff under section 2 of this order remains in full effect, except to the extent specified in subsection (c) of this section.

    (e)  If the Secretary of State, at his discretion, decides to impose a tariff under section 2 of this order on China, that tariff shall also apply to both the Hong Kong Special Administrative Region and the Macau Special Administrative Region, as a measure to reduce the risk of transshipment and evasion.

    Sec. 4.  Reporting and Review.  The Secretary of State and the Secretary of Commerce shall submit periodic reports to the President, within 180 days of the date of this order and no less than every 180 days thereafter, assessing the effectiveness of the tariffs described in this order and the ongoing conduct of the Maduro regime.

    Sec. 5.  Definitions.  For the purposes of this order:

    (a)  The term “Venezuelan oil” means crude oil or petroleum products extracted, refined, or exported from Venezuela, regardless of the nationality of the entity involved in the production or sale of such crude oil or petroleum products.

    (b)  The term “indirectly” includes purchases of Venezuelan oil through intermediaries or third countries where the origin of the oil can reasonably be traced to Venezuela, as determined by the Secretary of Commerce.

    Sec. 6.  Effective Date.  This order is effective at 12:01 a.m. eastern daylight time on April 2, 2025.

    Sec. 7.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:

    (i)   The authority granted by law to an executive department or agency, or the head thereof; or

    (ii)  The functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                                  DONALD J. TRUMP

    THE WHITE HOUSE,

        March 24, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: DAUPHIN COUNTY – Governor Shapiro to Host Roundtable and Make an Announcement on the Impacts of Federal Funding Cuts on Pennsylvania Agriculture

    Source: US State of Pennsylvania

    March 25, 2025 – Harrisburg, PA

    ADVISORY – DAUPHIN COUNTY – Governor Shapiro to Host Roundtable and Make an Announcement on the Impacts of Federal Funding Cuts on Pennsylvania Agriculture

    Governor Josh Shapiro will host a roundtable at the Central PA Food Bank to hear about how recent federal funding cuts are impacting food banks and farmers across Pennsylvania. Following the roundtable, Governor Shapiro will hold a press conference to update the public on action his Administration is taking in response to these cuts.

    WHO:
    Governor Josh Shapiro
    Secretary Russell Redding, Department of Agriculture
    Joe Arthur, CEO of Central PA Food Bank
    Chris Hoffman, Pennsylvania Farm Bureau President
    Pennsylvania Farmers
    Representative Justin Fleming

    WHEN:
    TOMORROW, Tuesday, March 25, 2025; Media availability begins at 2:30 PM.
    Media may join the last 10 minutes of the roundtable; a full press conference will immediately follow at approximately 2:45 PM.

    WHERE:
    Central PA Food Bank
    3908 Corey Road,
    Harrisburg, PA 17109

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

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

    MIL OSI USA News –

  • MIL-OSI USA: Booker, Markey, Van Hollen Urge Trump to Work with Congress to Keep TikTok Online

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker

    WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Edward J. Markey (D-MA), a member of the Commerce, Science, and Transportation Committee, and Chris Van Hollen (D-MD) wrote to President Donald Trump, requesting additional information on any efforts to keep TikTok online in the United States and urging the Administration to work with Congress on any potential resolutions to the TikTok ban.

    Under the Protecting Americans’ Data from Foreign Adversaries Act, ByteDance had until January 19 to either divest TikTok or face a ban in the U.S. In an executive order, President Trump directed the Department of Justice to not enforce the law for 75 days. This nonenforcement of the TikTok ban was not only unlawful but also raised serious questions about TikTok’s future, as the law imposes liability—up to $850 billion in fines—on companies for facilitating TikTok’s continued operations in the U.S. That 75-day extension expires on April 5. With a qualified divestiture unlikely to occur by that deadline, the Senators urged the Trump administration to work with Congress to keep TikTok online.

    In the letter, the lawmakers write, “There is a better solution: Work with Congress. We have previously introduced legislation — the Extend the TikTok Deadline Act — that would extend the TikTok deadline to October 16, 2025, but Senate Republicans blocked passage of our bill. If you need additional time to complete a deal, we urge you to direct Senate Republicans to pass our legislation and provide the companies with legal certainty to keep TikTok online and in the app stores over the next few months. If you intend to proceed with the reported Oracle deal, we urge you to work with Congress to propose modifications to the Protecting Americans’ Data from Foreign Adversaries Act to ensure that any Oracle deal prevents TikTok from going dark. Regardless of your approach, the path to saving TikTok should run through Capitol Hill.

    “Without any further action from Congress, the 170 million Americans that rely on TikTok will continue to face uncertainty about TikTok’s future. Creators will continue to fear that the platform could disappear at any moment. This situation is unfair and unworkable. We urge you to stand up for TikTok’s users and use your immense influence over congressional Republicans to demand a long-term solution to the TikTok ban.”

    Ahead of the April 5, 2025 deadline, the lawmakers request responses by March 28, 2025, to the following questions:

    1.     Is your administration considering further extending the TikTok divestment deadline by executive order? If so, please identify the statutory basis for such an extension.

    2.     Are news reports accurate that your administration is considering a potential deal with Oracle under which Oracle would take a stake in TikTok and provide certainty about the security of TikTok’s user data?

    3.     Does your administration believe that any further legislative action is necessary to ensure that TikTok remains online in the United States?

    On January 16, 2025, Senator Booker, along with Senators Markey and Van Hollen, sent a letter to President Joe Biden urging him to trigger the 90-day extension in the Protecting Americans’ Data from Foreign Adversary Controlled Applications Act to allow ByteDance additional time to divest from TikTok. Senators Booker, Markey, and Van Hollen, along with Senator Ron Wyden (D-OR) and Congressman Ro Khanna (D-CA-17), introduced the Extend the TikTok Deadline Act, legislation that would delay the January 19 deadline by which ByteDance must sell TikTok or face a ban, by an additional 270 days.

    To read the full text of the letter, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Mast Announces Foreign Arms Sales Task Force

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    WASHINGTON, D.C. – Today, House Foreign Affairs Committee Chairman Brian Mast announced the formation of a new task force charged with crafting legislative reforms to ensure the foreign arms sales process meets the demands of the future.

    “This task force will examine the process, make it more transparent, and ensure we’re getting instruments of war – which are also instruments of peace – into the hands of the right partners at the pace that war, deterrence and preparation require,” Chairman Mast said.

    “This is a no-fail mission for our committee, and I look forward to working alongside my colleagues to ensure the arms sales process places American interests and those of our closest allies front and center.” 

    The task force will propose overdue reforms aimed at eliminating bureaucratic hurdles that encumber the current foreign arms sales process. These efforts will result in more efficient partnerships between the government and private sector stakeholders, a stronger defense industrial base, and foreign partners being better armed more quickly with American systems and hardware.

    In addition to announcing the formation of the task force, Chairman Mast named Rep. Ryan Zinke, (MT-01), to serve as its chairman.

    “The United States military is the finest fighting force and the strongest force for good on the planet. We operate with high lethality and some of the most technologically advanced systems ever created by man. And yet, our closest allies get the bureaucratic shaft when they try to meet their defense needs with made-in-America equipment and systems,” Rep. Zinke said.

    “My goal with the task force is to examine the red tape in foreign military sales and streamline the process for our allies and American companies, while also ensuring mission-critical information is not shared with adversaries.”

    Members serving on the task force include:

     

    Republican Members:

    Rep. Ryan Zinke, (MT-01)

    Rep. Michael Lawler, (NY-17)

    Rep. Ryan Mackenzie, (PA-7)

    Rep. Maria Salazar, (FL-27)

    Rep. Young Kim, (CA-40)

    Rep. Scott Perry, (PA-10)

    Rep. Michael Baumgartner, (WA-5)

    Democrat Members:

    Rep. Brad Sherman, (CA-32)

    Rep. William Keating, (MA-9)

    Rep. Joaquin Castro, (TX-20)

    Rep. Sara Jacobs, (CA-51)

    Rep. Madeleine Dean, (PA-4)

    MIL OSI USA News –

  • MIL-OSI: Brookfield Corporation Announces Results of Conversion of its Series 38 Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, March 24, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 38 (the “Series 38 Shares”) (TSX: BN.PF.E) into Cumulative Class A Preference Shares, Series 39 (the “Series 39 Shares”), there were 42,035 Series 38 Shares tendered for conversion, which is less than the one million shares required to give effect to conversion into Series 39 Shares. Accordingly, there will be no conversion of Series 38 Shares into Series 39 Shares and holders of Series 38 Shares will retain their Series 38 Shares.

    About Brookfield Corporation
    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    For more information, please visit our website at bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    kerrie.mchugh@brookfield.com    		 Investor Relations:
    Katie Battaglia
    Tel: (212) 776-2252
    Email: katie.battaglia@brookfield.com

    The MIL Network –

  • MIL-OSI Canada: Better, faster, cheaper auto insurance

    Source: Government of Canada regional news

    MIL OSI Canada News –

  • MIL-OSI Australia: $258 million for critical Northern Territory highways

    Source: Workplace Gender Equality Agency

    The Albanese Government is building the Northern Territory’s future, today announcing a $200 million investment to upgrade the Stuart Highway. 

    The Stuart Highway is the major highway running north to south through the heart of Australia. Extending approximately 2700 kilometres, it is a critical corridor for freight and tourism, connecting Darwin to Katherine and Alice Springs, and on to South Australia. 

    This funding will go towards the progressive duplication of priority sections of the Stuart Highway between Darwin and Katherine, to enhance freight movement and improve road safety.  

    This new project brings the Australian Government’s total investment into the Stuart, Victoria and Barkly Highways to nearly $780 million.

    Construction is expected to begin in mid-2026 and finish by mid-2028.

    The Albanese Government is also investing a further $58.3 million towards the Carpentaria Highway Upgrade, taking the total Australian Government commitment to $203.3 million. 

    This additional funding will allow the upgrade of a further 35 kilometres of the Carpentaria Highway. 

    The project, which is being delivered in partnership with the Northern Territory Government, will deliver upgrades to around 175 kilometres of the Carpentaria Highway, commencing at the Stuart Highway. 

    This will improve the efficiency, safety and accessibility of the Carpentaria Highway from the Borroloola township in the east, through the Beetaloo Sub-basin to the Stuart Highway in the west.

    These projects add to a number of projects already committed to the Stuart Highway, including the $171.8 million Northern Territory National Network Highway Upgrades (Phase 2), which is delivering works such as pavement strengthening, widening and resurfacing, on priority sections of the Stuart, Victoria and Barkly Highways. 

    The Australian Government’s total commitment to the Northern Territory under the Infrastructure Investment Program over the next 10 years, from 2025-26, is $2.8 billion. 

    Quotes attributable to Federal Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “I’m proud to be part of a Government which is building this country’s future, investing in critical freight and transport corridors like the Stuart Highway. 

    “This will be transformational for both residents and visitors of Darwin and Katherine, making journeys smoother, safer and more enjoyable. 

    “This is the transport spine of Australia, and we’re investing $200 million to get it in good nick.” 

    Quotes attributable to Federal Member for Lingiari Marion Scrymgour: 

    “This investment in Stuart Highway will ease congestion, increase safety and improve travel times and connectivity across the territory for locals and tourists.

    “The Australian Government remains committed to ensuring the future growth and sustainability of remote communities and regional centres across the Northern Territory.” 

    MIL OSI News –

  • MIL-OSI Canada: Amendments to the Income Tax Act, 2000 will Continue to Make Life More Affordable for Saskatchewan Residents

    Source: Government of Canada regional news

    Released on March 24, 2025

    The Government of Saskatchewan will amend The Income Tax Act, 2000 to incorporate initiatives announced in the 2025-26 Budget. Changes to the Act include introducing the Fertility Treatment Tax Credit and Small and Medium Enterprise Investment Tax Credit, as well as ensuring the continued indexation of tax credits for initiatives in The Saskatchewan Affordability Act and other income tax programs. 

    “Our government listened to the priorities of Saskatchewan people and delivered a budget that addresses those priorities, including making life more affordable,” Deputy Premier and Minister of Finance Jim Reiter said. “These tax credits provide relief for parents trying to grow their families without worrying about the high costs of fertility treatments and create incentives for businesses to invest and scale-up their operations.”

    The Fertility Treatment Tax Credit supports access to fertility treatments by offering a refundable tax credit of 50 per cent toward the costs of an eligible fertility treatment in Saskatchewan of up to $20,000.  

    The Small and Medium Enterprise Investment Tax Credit supports Saskatchewan’s small and medium-sized businesses, which are critical to a growing economy. It includes a 45 per cent non-refundable tax credit for individuals or corporations who invest equity in eligible small and medium-sized businesses in Saskatchewan. The credit focuses on sectors such as food and beverage manufacturing, as well as machinery and transportation equipment manufacturing sectors.

    “The introduction of the Small and Medium Enterprise Investment Tax Credit will have a positive effect on the Regina and Saskatchewan business communities,” Regina and District Chamber of Commerce President Mike Tate said. “By introducing tax relief and incentives, the amendments will reduce the financial burden on businesses and allow for reinvestment in innovation, expansion and job creation. This will enable local businesses to thrive while attracting new investments to Saskatchewan.”

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: Gesher Acquisition Corp. II Announces Completion of $143,750,000 IPO

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NY, March 24, 2025 (GLOBE NEWSWIRE) — Gesher Acquisition Corp. II (the “Company”), today announced the closing of its initial public offering of 14,375,000 units, at a price of $10.00 per unit, which includes 1,875,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full, resulting in gross proceeds of $143,750,000. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share and one-half of one redeemable warrant. The units are listed on the Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “GSHRU” on March 21, 2025. After the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “GSHR” and “GSHRW,” respectively.

    The Company is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry but is focused on target businesses located in Israel.

    The Company’s management team is led by Ezra Gardner, its Chief Executive Officer and Chairman of the Board of Directors, and Sagi Dagan, its Chief Financial Officer and Director. In addition, the Board of Directors includes Omri Cherni, Yevgeny Neginsky, David Bleustein and Kobi Marenko.

    BTIG, LLC acted as sole book-running manager for the offering.

    The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, by email at ProspectusDelivery@btig.com, or by accessing the SEC’s website at www.sec.gov.

    A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on March 14, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Cautionary Note Concerning Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    Company Contact:

    Gesher Acquisition Corp. II
    Ezra Gardner
    ezra@gesherspac.com

    The MIL Network –

  • MIL-OSI: Brookfield Corporation Completes Annual Filings

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, March 24, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today announced that it has filed its 2024 annual materials on Form 40-F, including its audited financial statements and management’s discussion and analysis for the year ended December 31, 2024, with the SEC on EDGAR as well as with the Canadian securities authorities on SEDAR+. These documents are also available at www.brookfield.com and a hardcopy will be provided to shareholders free of charge upon request.

    About Brookfield Corporation
    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    For more information, please visit our website at bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		 Investor Relations:
    Katie Battaglia
    Tel: (212) 776-2252
    Email: katie.battaglia@brookfield.com

    The MIL Network –

  • MIL-OSI USA: Wyden, Warren Press Social Security Commissioner Nominee on Trump, Musk Efforts to Gut Agency

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    March 24, 2025

    Ahead of Finance Committee hearing, lawmakers push nominee to make commitments to stop further cuts to Americans’ benefits Senators say “we are gravely concerned about the current trajectory of the SSA and more specifically, that those charged with leading it might profit off its destruction.”

    Washington D.C.—U.S. Senators Ron Wyden, D-Ore., and Elizabeth Warren, D-Mass., said today they are pressing the Social Security Commissioner nominee to commit to stopping the Trump Administration and the self-styled “Department of Government Efficiency’s” ongoing efforts to hollow out the Social Security Administration (SSA).

    Wyden, ranking member of the Senate Finance Committee; and Warren, a member of the Finance Committee, warned those Social Security schemes may be a “prelude to privatization.” 

    The lawmakers highlighted recent reports of significant staffing cuts, office closures, and new burdensome administrative requirements on seniors who receive Social Security. At the same time, reports have also revealed that Elon Musk’s Wall Street allies have infiltrated the agency.

    “These new developments leave us deeply concerned that DOGE and the Trump Administration are setting up the SSA for failure—a failure that could cut off Social Security benefits for millions of Americans—and that will then be used to justify a ‘private sector fix,” the lawmakers wrote to Social Security Commissioner nominee Frank Bisignano ahead of his Tuesday hearing at the Finance Committee..

    Last week, the lawmakers wrote to Bisignano with concerns about how layoffs and office closures are impacting Americans’ Social Security benefits and services. In recent days, SSA officials have only intensified their efforts to undermine the program.

    One policy change will require beneficiaries who can’t verify their identity online to do so in person. This change could force seniors and people with disabilities to travel more than 100 miles to sign up for benefits, creating particular problems for vulnerable populations, including people with severe disabilities or illnesses. An internal memo from SSA revealed inside officials have acknowledged the policy could lead to “service disruptions.” 

    “Republicans have flirted with the idea of privatizing Social Security for over two decades. The latest changes at the Social Security Administration leave us worried that Elon Musk—with his clear disdain for the program that provides financial security to millions of Americans—has taken up the mantle as the latest privatization crusader,” the lawmakers continued.

    Beyond Musk planting a number of his private equity friends in various roles in the agency, Bisignano’s payment firm, Fiserv, which enables money movement for thousands of financial institutions and millions of people, could potentially also stand to benefit from SSA privatization. 

    The senators laid out specific commitments they expect Bisignano to make before the Finance Committee votes on his nomination. 

    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI USA: Merkley, Risch, Wyden, Crapo Team Up for Bipartisan Bill to Boost Mass Timber Industry Nationwide

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    March 24, 2025

    International Mass Timber Conference Kicks off in Portland, Oregon

    Washington, D.C. – Oregon’s U.S. Senator Jeff Merkley and Idaho’s U.S. Senator James Risch today launched a renewed bipartisan effort to promote the use of mass timber in federal building projects and military construction.

    The bipartisan Mass Timber Federal Buildings Act—which is cosponsored by Oregon’s U.S. Senator Ron Wyden and Idaho’s U.S. Senator Mike Crapo—would incentivize the use of mass timber building materials by providing a preference in federal building contracts for mass timber products, giving mass timber companies the ability to compete for federal construction, renovation, or acquisition of public buildings and for military construction. The bill’s reintroduction coincides with the start of the International Mass Timber Conference—the largest gathering of mass timber experts in the world—in Portland this week.

    “Mass timber creates jobs in rural and urban communities, reduces wildfire risk, increases forest resiliency, and helps us shrink our carbon footprint,” said Merkley. “This expanding industry presents a huge opportunity for Oregon, and we must do all we can to harness its power for our economy and environment. By using mass timber in federal projects, our bipartisan effort around this critical industry will help tackle our nation’s biggest challenges while creating good-paying jobs in Oregon and across the Pacific Northwest.”

    “As a trained forester, I understand how important the timber industry is to Idaho communities, wildfire risk reduction, and forest management,” said Risch. “The Mass Timber Federal Buildings Act is commonsense legislation to benefit Idaho’s forests, create jobs, and increase economic growth.”

    “Mass timber has huge potential to generate jobs in Oregon, reduce carbon emissions, and build an innovative approach to combat the shortage of housing in Oregon and nationwide,” said Wyden. “This fresh use for timber also directly addresses the immediate threat of wildfires caused by the climate crisis. Simply put, the Mass Timber Federal Buildings Act adds up to a huge win for our state that helps protect Oregonians and boosts our timber economy.”

    “Idaho’s timber industry already provides a wealth of benefits in its resourcefulness across a number of critical projects in our state,” said Crapo. “Boosting demand for Idaho timber in the construction of federal buildings will harness the incredible work already done in our forests, and create new opportunities for Idaho companies, workers and products.”

    The bipartisan bill creates a two-tier contracting preference for mass timber and other innovative wood projects. The first-tier preference applies to mass timber that is made within the U.S. and responsibly sourced from state, federal, private, and Tribal forestlands. The optional second tier applies to mass timber products that are sourced from restoration practices, fire mitigation projects, and/or underserved forest owners. Additionally, this bill contains a reporting requirement for a whole building lifecycle assessment. The results of this assessment will help provide additional evidence of the carbon sequestration benefits of mass timber buildings.

    The Mass Timber Federal Buildings Act is endorsed by the American Wood Council, Sustainable Northwest, Forest Landowners Association, National Alliance of Forest Owners (NAFO), Weyerhaeuser, Freres Engineered Wood, Oregon Forest Industries Council, Composite Recycling Technology Center (CRTC), Oregon iSector, Washington Mass Timber Accelerator, Pacific Northwest Mass Timber Tech Hub, American Forest Resource Council, and Oregon Department of Forestry.

    “Mass timber and wood construction presents a real opportunity to grow our domestic manufacturing and sustain our rural communities in the process. The Mass Timber Federal Buildings Act is an important first step in expanding new markets for wood products, ensuring that the nation’s single biggest developer – the federal government – can help invest in this emerging technology. This is a win-win proposal: not only would the bill expand markets and support domestic manufacturing; it would also support active forest management, help reduce wildfire risk and create jobs in forestry, manufacturing and construction. We applaud Senators Merkley and Risch for their bipartisan leadership and support for forestry communities nationwide,” said Jackson Morrill, President and CEO of the American Wood Council.

    “Sustainable Northwest commends Senator Merkley and Senator Risch for introduction of the Mass Timber Federal Buildings Act. This practical legislation will spur use of innovative wood products in public buildings, support American manufacturing, and build critical markets for restoration of our nation’s forests,” said Dylan Kruse, President of Sustainable Northwest.

    “Private forest landowners, many from multi-generational family businesses, are the backbone of forest health in the U.S. But rising natural disasters and limited recovery tools threaten their ability to keep forests healthy and resilient. Expanding market access is critical to their success, and we thank Senator Merkley and Senator Risch for their leadership on the Mass Timber Federal Buildings Act of 2025. By replacing carbon-intensive materials with American-grown timber, this policy strengthens our wood products supply chain, supports rural economies, and ensures the future of our working forests,” said Scott Jones, CEO of the Forest Landowners Association.

    “We commend Senators Merkley and Risch for re-introducing the Mass Timber Federal Buildings Act. Wood is an abundant, renewable, and sustainable building material. When we build with American-grown wood, we bolster our nation’s private working forests and the rural communities that depend on them. As global leaders in modern, sustainable forest management, U.S. forest owners are already growing the wood needed to expand mass timber construction. Because of the strong relationship between forest products markets and sustainable forest management, today we have 60% more wood in our forests than we had in the 1950s. This positions mass timber construction to deliver wins for the economies of rural communities, our nation’s water quality, wildlife, and more. We look forward to working with the Senators as well as their colleagues in the Senate and House of Representatives to advance this important legislation,” said Dave Tenny, President and CEO of NAFO.

    “Wood products are the most sustainable, versatile and cost-effective building material we have. Building more with wood decreases the country’s dependence on materials that have a much higher environmental impact and rely on large amounts of fossil fuels in their production. Additionally, wood products manufacturing facilities are critical drivers of rural economies, and increased wood products demand and usage will bolster and continue to provide jobs in these communities. Mass timber has emerged as a transformative way to use wood in larger and taller buildings and grow the market for wood construction and wood buildings. The Mass Timber Federal Buildings Act recognizes the importance of sustainably managed wood as a building material in the construction of federal buildings, and we commend Senator Merkley and Senator Risch for introducing this important piece of legislation,” said Kristen Sawin, Vice President of Corporate Affairs at Weyerhaeuser.

    “The Mass Timber Federal Buildings Act seeks to foster innovative wood products development by encouraging the use of sustainable, renewable, and domestically supplied wood products for Federal projects. Freres Engineered Wood wholeheartedly supports this act for encouraging innovation inbuilding design and construction, as well as the social benefits of resilient forests, healthy habitats, and prosperous rural communities, from sustainable forest management across our Federal lands,” said Tyler Freres, Vice President at Freres Engineered Wood.

    “The Mass Timber Federal Buildings Act is not just legislation; it is a commitment to building a sustainable future. By embracing mass timber, we are investing in our planet, expanding economic opportunities, and setting a standard for environmentally responsible construction. This legislation will not only allow us to create structures that stand tall but it will foster a legacy of stewardship for generations to come,” said David Walter, CEO of the CRTC Building Innovation Center.

    “The private, public and civic sectors are coming together to support Mass Timber as never before in Oregon and Washington. This bill will find support for its preferences and lifecycle assessment provisions from our Mass Timber partnerships,” said Greg Wolf, Executive Director of Oregon iSector.

    “The Washington Mass Timber Accelerator, a nonprofit organization dedicated to accelerating sustainable and equitable adoption of mass timber in construction in Washington and nationally, is pleased to support the Mass Timber Federal Buildings Act. The State of Washington is poised to supply high-quality mass timber products to public buildings across the United States, sourced from federal forest restoration projects and forests cared for and managed by Tribal Nations – contributing to wildfire risk reduction and rural community economic development. These mass timber buildings can be built with labor standards and apprenticeship opportunities, and will endure long into the future, and serve as a celebration and reminder of our commitment to people and planet,” said Erica Spiritos, Director at the Washington Mass Timber Accelerator.

    “The Pacific Northwest Mass Timber Tech Hub enthusiastically welcomes and strongly endorses the introduction of the Mass Timber Federal Buildings Act bill, which will help the United States restore well-paying jobs to rural communities, tackle the urgent challenges of wildfire risk and housing supply, and contribute to national security through a reduced reliance on foreign-sourced steel,” said Iain Macdonald, Director at the Pacific Northwest Mass Timber Tech Hub.

    Full text of the Mass Timber Federal Buildings Act can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI: Helium Evolution Provides Update on 5-30 and 10-36 Wells

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, March 24, 2025 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to provide an update on two of the Company’s helium discovery wells: the 5-30-3-8W3 well (“5-30 Well”) and the 10-36-3-9W3 well (“10-36 Well”), both located along the Mankota helium fairway. HEVI holds a 20% working interest in both the 5-30 Well and the 10-36 Well, in partnership with the operator, North American Helium Inc. (“NAH”).

    5-30 Well Test Results

    On February 25, 2025, the Company announced preliminary results from the 5-30 Well including production of approximately 9.7 million standard cubic feet per day (“MMscf/d”) at 10,700 kiloPascal (“kPa”) flowing tubing pressure after a five-day extended flow period. The preliminary test results also confirmed a helium content of 0.76%, significantly higher than the commercially viable threshold of 0.3%. Additionally, negligible water was observed, signaling strong potential for efficient helium recovery and processing.

    Since HEVI’s initial announcement, a post-flow pressure transient analysis (“PTA”) of the 5-30 Well, conducted by Petro Management Group Ltd. (“PMG”) has provided promising data. The PTA utilized a composite reservoir model to assess pressure response, flow rates, and other reservoir properties, all of which are important data points for guiding future development plans in the area. The PTA indicated a calculated absolute open flow potential (“AOFP”) of 20.7 MMscf/d.

    Moreover, bottomhole pressures recorders were installed in the nearby 9-35-3-9W3 well (“9-35 Well”), 10-1-4-9W3 well (“10-1 Well”) and the 10-36 Well during the 5-30 Well’s flow test. Pressure data analysis indicated the 5-30 Well is a new pool discovery. The PTA radius of investigation was almost three kilometers and further drilling will be necessary to determine the size of the helium reservoir.

    10-36 Well

    On February 10, 2025, HEVI announced that the 10-36 Well was producing approximately 11.5 MMscf/d at 13,100 kPa flowing tubing pressure following a five-day extended flow testing period. The preliminary test results confirmed a helium content of 0.81%, again well above the commercially viable threshold of 0.3%. Similar to the 5-30 Well, negligible water was produced, signaling strong potential for efficient helium recovery and processing.

    After the extended production flow period, the well was shut-in for 14 days to gather reservoir pressure data, followed by a PTA conducted by PMG. The PTA, which again employed a composite reservoir model, assessed pressure response, flow rates, and other pertinent reservoir properties. The PTA indicated no reservoir pressure depletion and a high permeability reservoir, with a calculated AOFP of 38.0 MMscf/d, HEVI’s largest AOFP to date. 

    Notably, bottomhole pressures recorders were also installed in both the offsetting 9-35 Well and 10-01 Well, located approximately one to two kilometers away. Analysis of this pressure data confirmed communication between the three wells, suggesting the presence of a potentially large, expansive and productive reservoir. 

    Flow Test Results from Select HEVI Wells:

    Well Helium Content Rate (MMscf/d) Bottom Hole Pressure (kPa) Bottom Hole Temperature (°C) Tubing Pressure (kPa) Water
    5-30 Well 0.76% 9.7 23,959 82 10,700 Negligible
    10-36 Well 0.81% 11.5 23,600 78 13,100 Negligible
    10-1 Well1 0.75% 9.5 24,069 78 10,800 Negligible
    9-35 Well2 0.64% 7.0 23,928 81 9,000 Negligible
    2-31 Well3 0.95% 4.0 24,189 81 5,500 Negligible

    1Well located at 10-1–4-9W3 (the “10-1 Well”)
    2Well located at 9-35-3-9W3 (the “9-35 Well”)
    3Well located at 2-31-2-8W3 (the “2-31 Well”)

    “Both the 5-30 and 10-36 Wells have exceeded initial expectations, with strong helium content, minimal water production, and promising pressure data indicating the potential for large, productive reservoirs,” said Greg Robb, CEO of HEVI. “With five positive flow tests, HEVI remains committed to advancing the development of these discoveries, with further drilling and the installation of facilities expected in later in 2025.”

    Stay Connected to Helium Evolution

    Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.

    About Helium Evolution Incorporated

    Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

    For further information, please contact:

    Statement Regarding Forward-Looking Information

    This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

    Forward-looking statements in this document include statements regarding the Company’s expectations regarding future production from the 10-1 Well, the 2-31 Well, the 9-35 Well, the 5-30 Well and the 10-36 Well, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans to drill more wells, installation of production facilities including the timing thereof, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, the Company’s beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans including future drilling; the Company and/or NAH may determine not to bring the 10-1 Well, the 2-31 Well, the 9-35 Well, the 10-36 Well or the 5-30 Well onto production; the Company and/or NAH may abandon, defer or accelerate plans and decisions regarding production facilities; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/999459f0-2e0c-4c0e-822e-8e15949969a4

    The MIL Network –

  • MIL-OSI: Urgently Notified By Nasdaq Of Non-Compliance With Nasdaq’s Continued Listing Standards

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., March 24, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that The Nasdaq Stock Market LLC (“Nasdaq”) notified Urgently (the “Notice”) that Urgently’s net income from continuing operations had fallen below the minimum requirement for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(3) (the “Minimum Net Income Requirement”). The Notice also noted that the Urgently does not meet the alternatives of market value of listed securities or stockholders’ equity (collectively with the Minimum Net Income Requirement, the “Continued Listing Standards”).

    In accordance with Nasdaq Listing Rule 5810(c)(2)(C), Urgently has 45 calendar days, or until May 5, 2025, to provide Nasdaq with a plan to regain compliance with the Continued Listing Standards (the “Compliance Plan”). If Nasdaq accepts the Compliance Plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the Notice. If Nasdaq does not accept the Compliance Plan, then the Nasdaq staff will provide written notification to Urgently that its common stock will be subject to delisting. Urgently may appeal any such determination to delist its securities, but there can be no assurance that any such appeal would be successful.

    Urgently intends to submit the Compliance Plan to Nasdaq within the required time period. There can be no assurance that Nasdaq will accept the Compliance Plan, or that Urgently will be able to regain compliance with the Continued Listing Standards or maintain compliance with any other Nasdaq requirement in the future.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Urgently cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding Urgently’s ability to regain compliance with the Continued Listing Standards and Urgently’s intentions to submit a Compliance Plan to Nasdaq within the required time period. Urgently’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of important risks and uncertainties, including without limitation the risk that Urgently may not meet the Continued Listing Standards during any compliance period or in the future, the risk that Nasdaq may not grant Urgently relief from delisting, and the risk that Urgently may not ultimately meet applicable Nasdaq requirements after such relief, if any, is granted, among other important risks and uncertainties. A further description of the risks and uncertainties relating to the business of Urgently is contained in Urgently’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission. Urgently undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.

    The MIL Network –

  • MIL-OSI: Univest Securities, LLC Announces Closing of $1.48 Million Registered Direct Offering for its Client PMGC Holdings Inc. (NASDAQ: ELAB)

    Source: GlobeNewswire (MIL-OSI)

    New York, New York, March 24, 2025 (GLOBE NEWSWIRE) — Univest Securities, LLC (“Univest”), a member of FINRA and SIPC, and a full-service investment bank and securities broker-dealer firm based in New York, today announced the closing of registered direct offering (the “Offering”) for its client PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company”), a diversified holding company.

    Under the terms of the securities purchase agreement, the Company has agreed to sell to several investors for the purchase and sale of an aggregate of 294,450 of the Company’s common stock, par value $0.0001 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $5.04 per share in a registered direct offering priced at-the-market under Nasdaq. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share. Following the offering the Company will have approximately 872,411 shares of common stock issued and outstanding.

    The aggregate gross proceeds to the Company was approximately $1.48 million.

    Univest Securities, LLC acted as the sole placement agent.

    The registered direct offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-284505) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on February 7, 2025. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Univest Securities, LLC

    Registered with FINRA since 1994, Univest Securities, LLC provides a wide variety of financial services to its institutional and retail clients globally including brokerage and execution services, sales and trading, market making, investment banking and advisory, wealth management. It strives to provide clients with value-add service and focuses on building long-term relationship with its clients. For more information, please visit: www.univest.us.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. Currently, our portfolio consists of three wholly owned subsidiaries: Northstrive Biosciences Inc., PMGC Research Inc., and PMGC Capital LLC. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    Forward-Looking Statements

    This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. Univest Securities LLC and the Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contact:

    Univest Securities, LLC
    Edric Guo
    Chief Executive Officer
    75 Rockefeller Plaza, Suite 18C
    New York, NY 10019
    Phone: (212) 343-8888
    Email: info@univest.us

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces Fourth Quarter and Year End 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 24, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months (“Q4 2024”) and year ended December 31, 2024.

    Highlights

    • The weighted average organic royalty growth1 of DIV’s diversified royalty portfolio was 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024, compared to 6.8% for the three months ended December 31, 2023 (“Q4 2023”) and 8.4% for the year ended December 31, 2023. The weighted average organic royalty growth1 on a constant currency basis was 5.4% in Q4 2024 and 4.8% for the year ended December 31, 2024.
    • Revenue was $17.0 million in Q4 2024 and $65.0 million for the year ended December 31, 2024, up 3.9% and 15.0%, respectively, compared to the same periods in 2023.
    • Adjusted revenue1 was $18.4 million in Q4 2024 and $70.2 million for the year ended December 31, 2024, up 3.8% and 14.0%, respectively, compared to the same periods in 2023.
    • Distributable cash1 was $12.6 million in Q4 2024 and $44.8 million for the year ended December 31, 2024, up 21.5% and 17.5%, respectively, compared to the same periods in 2023.
    • Payout ratio1 was 82.3% in Q4 2024 based on dividends of $0.0625 per share for the quarter, compared to 84.2% in Q4 2023 based on dividends of $0.0609 per share for the comparable quarter and 90.0% for the year ended December 31, 2024 based on dividends of $0.2487 per share for the year, compared to 90.2% based on dividends of $0.2415 per share for the comparable year.
    • In celebration of DIV’s 10-year anniversary, we are proud to recognize the following:
      • On October 6, 2014, we announced our name change to “Diversified Royalty Corp.”
      • DIV’s very first dividend was $0.0157 per share, paid on November 28, 2014
      • The total dividends paid to shareholders since then is $269.1 million, or $2.25 per share

    Fourth Quarter Commentary

    Sean Morrison, President and Chief Executive Officer of DIV stated, “Overall, DIV is pleased with how its royalty partners performed with weighted average organic royalty growth of 5.9% in Q4 2024 and 5.0% for the year ended December 31, 2024. As with all portfolios, there are varying degrees of performance within the portfolio. Mr. Lube, our largest royalty partner, continued to see strong double-digit growth, generating SSSG1 (defined below) of 12.0% for the three-month period ended December 31, 2024, and 10.5% for the year ended December 31, 2024. This exceptional performance is the result of Mr. Lube’s management team working with their franchisees to share best practices and optimize the performance of each location. DIV’s other variable royalty partners generated mixed results with Oxford generating positive SSSG and Mr. Mikes generating negative SSSG in Q4. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. DIV is deferring 20% of Sutton’s royalties to help them invest in the business and build on the positive momentum in Q4. DIV continues to see a decrease in royalty income from AIR MILES® because of the loss of Metro as a loyalty partner and continued softness across the AIR MILES® Rewards Program.”

    1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Fourth Quarter Results

       Three months ended December 31,
    		     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,602   $ 7,810     $ 31,190   $ 28,429  
    Stratusa   2,268     2,099       8,714     8,171  
    BarBurrito   2,101     2,032       8,403     2,032  
    Nurse Next Doorb   1,341     1,316       5,309     5,207  
    Oxford   1,206     1,162       4,530     4,521  
    Sutton   899     1,095       4,206     4,339  
    Mr. Mikes   1,040     1,130       4,226     4,570  
    AIR MILES®   896     1,044       3,640     4,352  
    Adjusted revenuec $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    a) Stratus royalty income for the three months and year ended December 31, 2024, was US$1.6 million and US$6.4 million, respectively, translated at an average foreign exchange rate of $1.4000 and $1.3703 to US$1, respectively (three months and year ended December 31, 2023 – royalty income of US$1.5 million and US$6.1 million, respectively, translated at an average foreign exchange rate of $1.3610 and $1.3493 to US$1, respectively).
    b) Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.
    c) DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    In Q4 2024, DIV generated $17.0 million of revenue compared to $16.4 million in Q4 2023. After considering the DIV Royalty Entitlement2 (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue2 was $18.4 million in Q4 2024, compared to $17.7 million in Q4 2023. Adjusted revenue increased primarily due to incremental revenue received through the acquisition of the BarBurrito rights on October 4, 2023, positive SSSG2 at Mr. Lube + Tires and Oxford, the annual contractual royalty increases at Stratus and Nurse Next Door, partially offset by negative SSSG from Mr. Mikes and lower royalty income from AIR MILES® and the 20% deferral of the Sutton royalties, all as discussed in further detail below.

    2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

    Royalty Partner Business Updates

    Mr. Lube + Tires: Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) generated SSSG3 of 12.0% for the Mr. Lube + Tires stores in the royalty pool for Q4 2024 and 10.5% for the year ended December 31, 2024, compared to SSSG of 14.0% and 17.1%, for the same respective prior periods in 2023.

    3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.3 million (US$1.6 million translated at an average foreign exchange rate of $1.4000 to US$1.00) for Q4 2024 and $8.7 million (US$6.4 million translated at an average foreign exchange rate of $1.3703 to US$1.00) for the year ended December 31, 2024. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

    Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement4”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q4 2024 and $5.2 million for the year ended December 31, 2024. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

    4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

    Mr. Mikes: SSSG5 for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was -4.7% in Q4 2024 and -3.4% for the year ended December 31, 2024, compared to SSSG of 7.3% and 10.1%, for the same respective prior periods in 2023. The lower SSSG percentage in the current period is primarily due to lower restaurant guest traffic. In addition, in the comparable period, SSSG was measured against quarters that included the impact from COVID-19 related government regulations, including vaccine mandates.

    Royalty income and management fees of $1.0 million were generated by Mr. Mikes in Q4 2024, compared to $1.2 million in Q4 2023, which excludes approximately $0.05 million from the partial payment of deferred contractual royalty fees and accrued management fees. Royalty income and management fees of $4.2 million were generated for the year ended December 31, 2024, compared to $4.4 million generated for the year ended December 31, 2023, excluding approximately $0.18 million from the partial payment of deferred contractual royalty fees and accrued management fees.

    5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG6 (on a constant currency basis) of 4.0% in Q4 2024 and 0.2% for the year ended December 31, 2024, compared to SSSG of -0.2% and 5.9%, for the same respective prior periods in 2023. Oxford’s SSSG has returned to being positive after lapping the completion of the Ontario Government funding of student learning support, which included private tutoring, which funding completed in the first half of 2023.

    6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

    AIR MILES®: In Q4 2024, royalty income of $0.9 million was generated from the AIR MILES® Licenses compared to $1.0 million generated in Q4 2023, a decrease of 14.2% from the comparable quarter. For the year ended December 31, 2024, royalty income of $3.6 million was generated compared to $4.4 million generated in the comparable year, a decrease of 16.4%. The decrease is largely due to the loss of AIR MILES® sponsor Metro and continued softness in the AIR MILES® Rewards Program.

    Sutton: In Q4 2024, royalty income of $0.9 million was generated by Sutton, which is net of a 20% royalty deferral, compared to $1.1 million generated in Q4 2023. For the year ended December 31, 2024, royalty income of $4.1 million was generated, which includes a 20% royalty deferral for Q4, 2024, compared to $4.3 million generated in the comparable year. DIV and Sutton entered into a royalty deferral agreement during Q4 2024, which provides Sutton with a 20% deferral of royalties from October 1, 2024 to December 31, 2025. The deferred royalties do not accrue interest and are due in full on December 31, 2027. Sutton finished 2024 on a strong note, opening two new franchise locations in Q4 and has a growing pipeline of franchise opportunities across Canada. Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development, and build on the positive momentum that began in the back half of 2024.

    BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q4 2024 and $8.3 million for the year ended December 31, 2024. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

    Distributable Cash and Dividends Declared

    In Q4 2024 and for the year ended December 31, 2024, distributable cash7 increased to $12.6 million ($0.0759 per share) and $44.8 million ($0.2762 per share), respectively, compared to $10.4 million ($0.0723 per share) and $38.1 million ($0.2671 per share), in the respective periods in 2023.

    The increase in distributable cash7 for the quarter was primarily due to higher adjusted revenue7, lower general and administrative expenses, lower professional fees, lower interest expense, and lower salaries and benefits. The increase in distributable cash7 for the year was primarily due to higher adjusted revenue7, lower general and administrative expenses, and lower professional fees, partially offset by higher interest expense and higher and salaries and benefits.

    The increase in distributable cash per share7 for the quarter and year end were primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding.

    In Q4 2024 and for the year ended December 31, 2024, the payout ratio7 was 82.3% on dividends of $0.0625 per share and 90.0% on dividends of $0.2487 per share, respectively, compared to the payout ratio of 84.2% on dividends of $0.0609 per share and 90.2% on dividends of $0.2410 per share for the same respective periods in 2023. The decrease in payout ratio for the quarter and year end were primarily due to higher distributable cash per share7, partially offset by higher dividends declared per share.

    7. Adjusted revenue and distributable cash are non-IFRS financial measures and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

    Net Income

    Net income for Q4 2024 and for the year ended December 31, 2024, was $4.0 million and $26.6 million, respectively, compared to net income of $9.1 million and $31.7 million for the same respective periods in 2023. The decrease in net income in Q4 2024 was primarily due to impairment loss on intangible assets and higher share-based compensation expense, partially offset by higher adjusted revenue8 and lower general and administrative expenses, interest expense on credit facilities, and income tax expense. The decrease in net income for the year was primarily due to impairment loss on intangible assets, higher share-based compensation expense, salaries and benefits, and interest expense on credit facilities, partially offset by higher adjusted revenue8 and lower general and administrative expenses, and income tax expense.

    8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward-Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: Sutton having a growing pipeline of franchise opportunities across Canada; Sutton intends to invest the deferred royalties to complete the rebuild of its management team, increase investment in marketing, roll out its rebranded logo across Canada, increase business development and build on the positive momentum that began in the back half of 2024; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) may continue and may regress; DIV and its royalty partners performance may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months and year ended December 31, 2024, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    “Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

    Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

       Three months ended December 31,
    		     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
    Mr. Lube + Tires $ 8,543   $ 7,750     $ 30,953   $ 28,196  
    Stratus   2,269     2,099       8,714     8,171  
    BarBurrito   2,080     2,013       8,320     2,013  
    Oxford   1,194     1,152       4,487     4,481  
    Sutton   872     1,068       4,096     4,229  
    Mr. Mikes   1,025     1,115       4,181     4,520  
    AIR MILES®   896     1,044       3,640     4,352  
    Royalty income $ 16,879   $ 16,241     $ 64,391   $ 55,962  
    DIV Royalty Entitlement   1,320     1,295       5,228     5,126  
    Adjusted royalty income $ 18,199   $ 17,536     $ 69,619   $ 61,088  
    Management fees   153     152       599     533  
    Adjusted revenue $ 18,352   $ 17,688     $ 70,218   $ 61,621  
                               

    For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

       Three months ended December 31,     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
    Distributions received from NND LP $ 1,314   $ 1,284     $ 5,197   $ 5,095  
    Add: NND Royalties LP expenses   2     2       27     22  
    DIV Royalty Entitlement   1,316     1,286       5,224     5,117  
               
    Less: NND Royalties LP expenses   (2 )   (2 )     (27 )   (22 )
    DIV Royalty Entitlement, net of NND Royalties LP expenses $ 1,314   $ 1,284     $ 5,197   $ 5,095  
                               

    For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

      Three months ended December 31,
    		     Year ended December 31,
    		  
    (000’s)   2024     2023       2024     2023  
               
    Cash flows generated from operating activities $ 11,724   $ 7,400     $ 46,491   $ 30,816  
               
    Current tax expense   (1,300 )   (845 )     (6,516 )   (5,061 )
    Accrued interest on convertible debentures   788     788       –     –  
    Accrued interest on bank loans   (13 )   –       (438 )   –  
    Distributions on MRM units earned in current periods   (34 )   (38 )     (138 )   (164 )
    Mandatory principal payments on credit facilities   –     (577 )     (643 )   (1,008 )
    Payment of lease obligations   (28 )   (28 )     (110 )   (107 )
    NND LP expenses   (2 )   (2 )     (27 )   (22 )
    Accrued DIV Royalty Entitlement, net of distributions   2     –       27     –  
    Foreign exchange and other   (13 )   394       146     229  
    Changes in working capital   (33 )   (527 )     303     3,579  
    Transactions costs   –     32       –     32  
    Taxes paid   1,512     1,648       6,012     7,691  
    Note receivable   –     2,130       (305 )   2,130  
    Distributable cash $ 12,603   $ 10,376     $ 44,802   $ 38,115  
                               

    For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    “Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes (excluding the collection of Mr. Mikes deferred royalty management fees) plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q4, 2024), Nurse Next Door and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period, excluding BarBurrito as there was no full-period adjusted royalty income generated from BarBurrito in the prior period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

    “Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months and year ended December 31, 2024, a copy of which is available on SEDAR+ at www.sedarplus.com.

    Third Party Information

    This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months and year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.com.

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI USA: Pittsburgh Post-Gazette Ordered to Restore Healthcare to Newsroom Workers in 2-Year Strike

    Source: Communications Workers of America

    PITTSBURGH – The 3rd U.S. Circuit Court of Appeals enjoined the Pittsburgh Post-Gazette (PG) on Monday, requiring the company to—among other orders—restore the health care it illegally took away from editorial workers, addressing a core demand of the union workers who have struck for more than 29 months.

    “It is further ordered that the Respondent, PG Publishing Co., Inc. d/b/a Pittsburgh Post-Gazette, and its officers, agents, successors, and assigns, shall: …rescind the changes in the terms and conditions of employment related to health insurance for its unit employees that were unilaterally implemented on about July 27, 2020,” the order, written by Judge Cindy K. Chung, reads.

    The PG is also required to bargain with the Newspaper Guild of Pittsburgh-CWA Local 38061, submit bargaining progress reports to Region 6 of the National Labor Relations Board, and negotiate with the workers’ union on any changes in wages, hours, or any other terms of employment.

    The Post-Gazette will soon face further consequences as the Third Circuit Court of Appeals is awaiting a final response from the company regarding the NLRB’s request for enforcement of its own September 2024 ruling. If the 3rd Circuit Court enforces the Board’s ruling, the PG will be required to restore working conditions consistent with the entire 2014-17 contract, including paid time off, wages, employees having a guaranteed work week, and the right to question company discipline, among other issues, as well as back pay to workers for wage reductions and increased health care costs.

    In 2020, the company illegally and unilaterally tore up the editorial workers’ union contract, claiming they had bargained to an impasse. Both an administrative law judge and the National Labor Relations Board in D.C. ruled that the company broke federal labor law in this instance, in addition to bargaining in bad faith and illegally surveilling its workers.

    “Members of the Newspaper Guild of Pittsburgh have stood and fought against the Post-Gazette’s illegal union busting since October 2022, and today we have been given the victory that we’ve held the picket line waiting for so long,” said Zack Tanner, striking interactive designer and Newspaper Guild of Pittsburgh president. “Our win today is a major victory not just for us striking workers, but for all workers in Pittsburgh who want to stand up and fight.”

    Members of the Newspaper Guild of Pittsburgh walked out on strike on October 18, 2022, demanding restoration of their 2014-17 contract and dignified health care.

    The striking workers have maintained their picket lines for more than two years and five months in America’s longest-running strike, winning many legal victories over the Post-Gazette. Unlike previous rulings against the PG, the 3rd Circuit Court’s order has both enforcement power and directly addresses strikers’ demands.

    The Newspaper Guild of Pittsburgh remains on strike against the Post-Gazette. Striking workers will meet in the coming days to discuss the court order and whether it will lead to the end of the strike.

    “NewsGuild-CWA members have a saying: whatever it takes,” said NewsGuild-CWA President Jon Schleuss. “Guild members have struck for 29 months knowing we were right and the company broke federal law. Today the 3rd Circuit Court of Appeals agreed with us. We’re thrilled and will continue doing our job holding power to account, especially when it’s the boss.”

    ###

    About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

    cwa-union.org @cwaunion

    MIL OSI USA News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 24.03.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    24 March 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 24.03.2025

    Espoo, Finland – On 24 March 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:                

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 2,408,132 4.93
    CEUX 1,220,634 4.93
    BATE – –
    AQEU – –
    TQEX 166,276 4.93
    Total 3,795,042 4.93

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 24 March 2025 was EUR 18,703,105. After the disclosed transactions, Nokia Corporation holds 194,123,580 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Wrap Technologies, Inc. to Report Fourth Quarter 2024 and Full Year Financial Results on Monday, March 31, 2025 at 4:30 p.m. ET

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 24, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc. (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced it will hold a conference call on Monday, March 31, 2025 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss its financial and operational results for the fourth quarter and full year ended December 31, 2024.

    Wrap management will host the presentation, followed by a question-and-answer period.

    Interested parties may submit questions to the Company prior to the call at ir@wrap.com by 5:00 p.m. Eastern Time on March 28, 2025. Questions will be addressed based on the relevance to the Company’s strategic direction and execution, stockholder base and public disclosure rules.

    Date: Monday, March 31, 2025
    Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
    Webcast Link: Click here to register

    The fourth quarter 2024 earnings press release with financial results and other related materials will be available on the “Investors” section of Wrap’s website at ir@wrap.com.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether designed to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock or incapacitate, instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution (“Intrensic”) is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    The MIL Network –

  • MIL-OSI: Satellogic Reports 2024 Financial Results and Business Update

    Source: GlobeNewswire (MIL-OSI)

    Revenue up 28% to $12.9 million in 2024

    Redomicile to U.S. Nears Completion; Set to Accelerate Market Opportunities

    Completed $10 Million Private Placement

    Entered into $50 Million At-The-Market (ATM) Program

    NEW YORK, March 24, 2025 (GLOBE NEWSWIRE) — Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today provided a business update and financial results for the year ended December 31, 2024.

    “The second half of 2024 was highlighted by commercial milestones, including a pivotal agreement with Maxar Intelligence granting them exclusive rights to task Satellogic’s high-revisit constellation and use our cost-effective satellite imagery to support national security missions for the U.S. Government and select U.S. partners internationally.” said Satellogic CEO, Emiliano Kargieman.

    “Additionally, we were selected by NASA as one of eight recipients of NASA’s Commercial SmallSat Data Acquisition Program (CSDA) On-Ramp1 Multiple Award contract, with a maximum cumulative value of $476 million for all award winners. We have begun work on our first task order with NASA, an 18-month, seven figure award that will allow NASA researchers to utilize Satellogic data for critical earth science imagery analysis. This award highlights Satellogic’s commitment to delivering high-quality Earth observation data to advance scientific research and enhance life on Earth,” said Kargieman.

    “In 2024, we have made good progress in raising capital to further invest in the business. In December we announced the private placement of $10 million made by a single institutional investor and the filing of a $150 million shelf registration statement and the entry into a $50 million ATM program. We are pleased to have successfully completed this private placement, which positions us for continued growth as we advance our mission and continue our focus on our U.S. strategy, the National Security market, and our global Space Systems opportunities. The shelf registration statement and ATM program allow for future flexibility in our capital markets strategy by establishing a framework for potential future capital-raising opportunities to further strengthen our liquidity position,” concluded Kargieman.

    “We are also excited to disclose our intended domestication to the U.S. in December, which is expected to be completed by the end of the month,” commented Rick Dunn, Satellogic CFO. We believe the domestication will continue to lower our barriers to entry in the U.S. and allied markets and improve transparency for investors and customers.”

    “In terms of financial results, we ended 2024 with $22.5 million of cash on hand and continued to reduce our cash used in operations by $13.7 million, or 27.6%, compared to the year ended December 31, 2023. Our revenue increased 28% to $12.9 million, while our cost of sales, excluding depreciation expense, remained flat year-over-year. As a percentage of revenue, our cost of sales were 39% for the year ended December 31, 2024, a substantial improvement compared to 50% in the prior year.”

    “While our improving revenue performance and strategic progress are encouraging and confidence-building, we’ve continued the work started in 2023 to realign and streamline our business to better position us to capitalize on near-term growth opportunities. Specifically, we further reduced our workforce by 104 full time equivalents in the second quarter of 2024, incurring approximately $2.0 million in cumulative severance-related charges that have been paid out in 2024, and also identified additional operating cost reductions. The cumulative impact of these workforce reductions and operating expense savings is expected to result in approximately $9.6 million of annual savings. As a result of our previously announced successful Mark V deployment, the Company now has capacity to meet current customer needs and we expect to moderate our constellation growth initiatives going forward to pace with expected customer growth.”

    “We expect that our revenue for 2025 will largely be dependent on closing opportunities within our Space Systems line of business, which we anticipate will contribute considerable per unit cash flow and strong gross margin. As we look to 2025 and beyond, management continues to focus on near-term growth opportunities and moving the Company forward on a path to profitability,” concluded Dunn.

    Financial Results for the Year Ended December 31, 2024

    • Revenue for the year ended December 31, 2024, increased by $2.8 million, or 28%, to $12.9 million, as compared to revenue of $10.1 million for the year ended December 31, 2023. The increase was driven primarily by a $5 million increase in imagery ordered by new and existing Asset Monitoring customers, partially offset by a $2.2 million decrease in revenue generated from the Space Systems business line. Revenue for the year ended December 31, 2024 included $9.5 million attributable to our Asset Monitoring line of business, $1.8 million attributable to our Space Systems line of business, and $1.6 million attributable to our CaaS line of business compared to $4.5 million, $3.9 million and $1.6 million, respectively, in the prior year.
    • Cost of Sales, excluding depreciation expense, for the year ended December 31, 2024, remained flat at $5.0 million, as compared to $5.1 million for the year ended December 31, 2023. However, as a percentage of revenue, our cost of sales were 39% for the year ended December 31, 2024, as compared to 50% for the year ended December 31, 2023.
    • Selling, General and Administrative expenses for the year ended December 31, 2024, decreased by $2.0 million, or 6%, to $33.0 million, as compared to $35.0 million for the year ended December 31, 2023. This decrease was primarily driven by a decrease in salaries, wages, stock-based compensation and other benefits as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024. Additionally, the decrease was driven by lower expense for estimated credit losses on accounts receivable and lower insurance costs due to rate improvements on certain policies. These decreases were partially offset by a $4.0 million increase in professional fees consisting mainly of the accrued, nonrecurring advisory fee pursuant to the subscription agreement entered into with Liberty in connection with going public in 2022 and professional fees related to the secured convertible notes.
    • Engineering expenses for the year ended June 30, 2024, decreased $7.8 million, or 35%, to $14.4 million for the year ended December 31, 2024 from $22.2 million for the year ended December 31, 2023. The decrease was driven primarily by a decrease in salaries, wages, and other benefits and stock-based compensation as a result of the Company’s workforce reductions in 2024 and other expense reductions resulting from continued cash control measures during 2024, in addition to fees resulting from the termination of our high-throughput plant lease in the Netherlands.
    • Net loss for the year ended December 31, 2024, increased by $55.2 million to $116.3 million, as compared to a net loss of $61.0 million for the year ended December 31, 2023. The increase was primarily driven by an increase in the change in fair value of financial instruments ($60.0 million) and other expenses ($3.2 million) offset by increases in revenue and decreases in operating costs.
    • Non-GAAP Adjusted EBITDA loss for the year ended December 31, 2024, improved by $10.4 million to $33.7 million, from an Adjusted EBITDA loss of $44.1 million for the year ended December 31, 2023, primarily due to year-over-year increases in revenue and decreases in operating expenses.
    • Cash was $22.5 million at December 31, 2024, compared to $23.5 million at December 31, 2023.
    • Net cash used in operating activities was $35.9 million for the year ended December 31, 2024, compared to $49.6 million for the year ended December 31, 2023. This decline in net cash used by operations was primarily due to workforce reduction and overall cost control initiatives.

    Use of Non-GAAP Financial Measures

    We monitor a number of financial performance and liquidity measures on a regular basis in order to track the progress of our business. Included in these financial performance and liquidity measures are the non-GAAP measures, Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. We believe these measures provide analysts, investors and management with helpful information regarding the underlying operating performance of our business, as they remove the impact of items that we believe are not reflective of our underlying operating performance. The non-GAAP measures are used by us to evaluate our core operating performance and liquidity on a comparable basis and to make strategic decisions. The non-GAAP measures also facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures, taxation, capital expenditures and non-cash items (i.e., depreciation, embedded derivatives, debt extinguishment and stock-based compensation) which may vary for different companies for reasons unrelated to operating performance. However, different companies may define these terms differently and accordingly comparisons might not be accurate. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure. For the definitions of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA and reconciliations to the most directly comparable GAAP measure, net loss, see below.

    We define Non-GAAP EBITDA as net loss excluding interest, income taxes, depreciation and amortization. We did not incur amortization expense during the years ended December 31, 2024 and 2023.

    We define Non-GAAP Adjusted EBITDA as Non-GAAP EBITDA further adjusted for professional fees related to the secured convertible notes, other income (expense), net, changes in the fair value of financial instruments and stock-based compensation. Other income, net consists mainly of differences related to foreign exchange gains and losses as well as gains and losses on disposal of property and equipment.

    The following table presents a reconciliation of Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA to its net loss for the periods indicated.

      Years Ended December 31,
    (in thousands of U.S. dollars) 2024   2023
    Net loss available to stockholders $ (116,272 )   $ (61,018 )
    Interest expense   71       51  
    Income tax expense   2,858       9,082  
    Depreciation expense   12,655       17,256  
    Non-GAAP EBITDA $ (100,688 )   $ (34,629 )
    Professional fees related to Secured Convertible Notes   2,444       —  
    Other expense (income), net   2,107       (9,271 )
    Change in fair value of financial instruments   60,071       (6,474 )
    Stock-based compensation   2,335       6,299  
    Non-GAAP Adjusted EBITDA $ (33,731 )   $ (44,075 )
                   

    About Satellogic

    Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.

    Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.

    With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.

    To learn more, please visit: http://www.satellogic.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategic realignment as a U.S. company, and the visibility and high growth opportunities it will provide in connection therewith. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our ability to generate revenue as expected, (ii) our ability to effectively market and sell our EO services and to convert contracted revenues and our pipeline of potential contracts into actual revenues, (iii) risks related to the secured convertible notes, (iv) the potential loss of one or more of our largest customers, (v) the considerable time and expense related to our sales efforts and the length and unpredictability of our sales cycle, (vi) risks and uncertainties associated with defense-related contracts, (vii) risk related to our pricing structure, (viii) our ability to scale production of our satellites as planned, (ix) unforeseen risks, challenges and uncertainties related to our expansion into new business lines, (x) our dependence on third parties to transport and launch our satellites into space, (xi) our reliance on third-party vendors and manufacturers to build and provide certain satellite components, products, or services, (xii) our dependence on ground station and cloud-based computing infrastructure operated by third pirates for value-added services, and any errors, disruption, performance problems, or failure in their or our operational infrastructure, (xiii) risk related to certain minimum service requirements in our customer contracts, (xiv) market acceptance of our EO services and our dependence upon our ability to keep pace with the latest technological advances, (xv) competition for EO services, (xvi) challenges with international operations or unexpected changes to the regulatory environment in certain markets, (xvii) unknown defects or errors in our products, (xviii) risk related to the capital-intensive nature of our business and our ability to raise adequate capital to finance our business strategies, (xix) substantial doubt about our ability to continue as a going concern, (xx) uncertainties beyond our control related to the production, launch, commissioning, and/or operation of our satellites and related ground systems, software and analytic technologies, (xxi) the failure of the market for EO services to achieve the growth potential we expect, (xxii) risks related to our satellites and related equipment becoming impaired, (xxiii) risks related to the failure of our satellites to operate as intended, (xxiv) production and launch delays, launch failures, and damage or destruction to our satellites during launch and (xxv) the impact of natural disasters, unusual or prolonged unfavorable weather conditions, epidemic outbreaks, terrorist acts and geopolitical events (including the ongoing conflicts between Russia and Ukraine, in the Gaza Strip and the Red Sea region) on our business and satellite launch schedules. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 20-F and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

    Contacts

    Investor Relations:

    Ryan Driver, VP of Strategy & Corporate Development
    ryan.driver@satellogic.com

    Media Relations:

    Satellogic
    pr@satellogic.com

    SATELLOGIC INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    UNAUDITED
     
      Year Ended December 31,
    (in thousands of U.S. dollars, except share and per share amounts) 2024   2023
    Revenue $ 12,870     $ 10,074  
    Costs and expenses      
    Cost of sales, exclusive of depreciation shown separately below   5,024       5,056  
    Selling, general and administrative   32,992       34,968  
    Engineering   14,405       22,197  
    Depreciation expense   12,655       17,256  
    Total costs and expenses   65,076       79,477  
    Operating loss   (52,206 )     (69,403 )
    Other (expense) income, net      
    Interest income, net   970       1,722  
    Change in fair value of financial instruments   (60,071 )     6,474  
    Other (expense) income, net   (2,107 )     9,271  
    Total other (expense) income, net   (61,208 )     17,467  
    Loss before income tax   (113,414 )     (51,936 )
    Income tax expense   (2,858 )     (9,082 )
    Net loss available to stockholders $ (116,272 )   $ (61,018 )
    Other comprehensive loss      
    Foreign currency translation gain (loss), net of tax   (538 )     279  
    Comprehensive loss $ (116,810 )   $ (60,739 )
           
    Basic net loss per share for the period attributable to holders of Common Stock $ (1.28 )   $ (0.68 )
    Basic weighted-average Common Stock outstanding   91,164,286       89,539,910  
    Diluted net loss per share for the period attributable to holders of Common Stock $ (1.28 )   $ (0.68 )
    Diluted weighted-average Common Stock outstanding   91,164,286       89,539,910  
                   
    SATELLOGIC INC.
    CONSOLIDATED BALANCE SHEETS
    UNAUDITED
     
      December 31,
    (in thousands of U.S. dollars, except per share amounts)  2024     2023 
    ASSETS      
    Current assets      
    Cash and cash equivalents $         22,493     $         23,476  
    Accounts receivable, net of allowance of $148 and $126, respectively                          1,464       901  
    Prepaid expenses and other current assets                           3,907                               2,173  
    Total current assets                         27,864                             26,550  
    Property and equipment, net                         27,228                             41,130  
    Operating lease right-of-use assets   877       3,195  
    Other non-current assets                           5,722                               5,507  
    Total assets $         61,691     $         76,382  
    LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY      
    Current liabilities      
    Accounts payable $         3,754     $         7,935  
    Warrant liabilities                         11,511                               2,795  
    Earnout liabilities                           1,501       419  
    Operating lease liabilities   363       2,143  
    Contract liabilities                           5,871                               3,728  
    Accrued expenses and other liabilities                         11,621                               4,372  
    Total current liabilities                         34,621                             21,392  
    Secured Convertible Notes at fair value   79,070       —  
    Operating lease liabilities   516       1,789  
    Contract liabilities   —       1,000  
    Other non-current liabilities   516       526  
    Total liabilities                       114,723                             24,707  
    Commitments and contingencies      
    Stockholders’ (deficit) equity      
    Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023                                 —                                     —  
    Class A Common Stock, $0.0001 par value, 385,000,000 shares authorized, 83,000,501 shares issued and 82,432,678 shares outstanding as of December 31, 2024 and 77,289,166 shares issued and 76,721,343 shares outstanding as of December 31, 2023                                 —                                     —  
    Class B Common Stock, $0.0001 par value, 15,000,000 shares authorized, 13,582,642 shares issued and outstanding as of December 31, 2024 and December 31, 2023                                 —                                     —  
    Treasury stock, at cost, 567,823 shares as of December 31, 2024 and 567,823 shares as of December 31, 2023                         (8,603 )                           (8,603 )
    Additional paid-in capital                       356,247                           344,144  
    Accumulated other comprehensive loss   (571 )     (33 )
    Accumulated deficit   (400,105 )     (283,833 )
    Total stockholders’ (deficit) equity                       (53,032 )                           51,675  
    Total liabilities and stockholders’ (deficit) equity $         61,691     $         76,382  
                   
    SATELLOGIC INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    UNAUDITED
     
      Year Ended December 31,
    (in thousands of U.S. dollars) 2024   2023
    Cash flows from operating activities:      
    Net loss $ (116,272 )   $ (61,018 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation expense   12,655       17,256  
    Debt issuance costs   2,397       —  
    Operating lease expense   1,515       2,751  
    Stock-based compensation   2,335       6,299  
    Change in fair value of financial instruments   60,071       (6,474 )
    Foreign exchange differences   (2,936 )     (10,933 )
    Loss on disposal of property and equipment   4,377       —  
    Expense for estimated credit losses on accounts receivable, net of recoveries   22       1,126  
    Non-cash change in contract liabilities   (1,323 )     1,188  
    Other, net   234       666  
    Changes in operating assets and liabilities:      
    Accounts receivable   (1,126 )     (385 )
    Prepaid expenses and other current assets   (1,666 )     2,114  
    Accounts payable   (2,356 )     1,533  
    Contract liabilities   2,532       598  
    Accrued expenses and other liabilities   7,200       (2,059 )
    Operating lease liabilities   (2,024 )     (2,233 )
    Cash paid for interest on Secured Convertible Notes   (1,525 )     —  
    Net cash used in operating activities   (35,890 )     (49,571 )
    Cash flows from investing activities:      
    Purchases of property and equipment   (5,038 )     (14,885 )
    Other   6       450  
    Net cash used in investing activities   (5,032 )     (14,435 )
    Cash flows from financing activities:      
    Proceeds from Secured Convertible Notes   30,000       —  
    Payments of debt issuance costs   (2,397 )     —  
    Tax withholding payments for vested equity-based compensation awards   (660 )     (458 )
    Proceeds from exercise of Public Warrants   1       —  
    Proceeds from PIPE Investment, net of transaction costs   9,600       —  
    Proceeds from exercise of stock options   911       375  
    Net cash provided by (used in) financing activities   37,455       (83 )
    Net (decrease) increase in cash, cash equivalents and restricted cash   (3,467 )     (64,089 )
    Effect of foreign exchange rate changes   2,546       10,900  
    Cash, cash equivalents and restricted cash – beginning of period   24,603       77,792  
    Cash, cash equivalents and restricted cash – end of period $ 23,682     $ 24,603  

    The MIL Network –

  • MIL-OSI: iAnthus Reports Fiscal Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and TORONTO, March 24, 2025 (GLOBE NEWSWIRE) — iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN, OTCQB: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the fourth quarter and year ended December 31, 2024. The Company’s Annual Report on Form 10-K (the “Annual Report”), which includes its audited consolidated financial statements for the year ended December 31, 2024 and the related management’s discussion and analysis of financial condition and results of operations, can be accessed on the Securities and Exchange Commission’s (“SEC’s”) website at www.sec.gov, on the System for Electronic Document Analysis and Retrieval’s (SEDAR+) website at www.sedarplus.com, and on the Company’s website at www.iAnthus.com. The Company’s financial statements are reported in accordance with U.S. generally accepted accounting principles (“GAAP”). All currency is expressed in U.S. dollars.

    Fiscal Year 2024 Financial Highlights

    • Revenue of $167.6 million, increased 5.2% from the prior year.
    • Gross profit of $75.1 million, increased 18.9% from the prior year.
    • Gross margin of 45%, reflecting an increase of 516 bps from the prior year.
    • Net loss of $7.6 million, or a net loss of less than $0.00 per share, compared to a net loss of $76.6 million, or a net loss of less than $0.01 per share in the prior year.
    • Adjusted EBITDA(1) of $23.9 million, up $15.6 million from the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.

    Fourth Quarter 2024 Financial Highlights

    • Revenue of $42.7 million, a sequential increase of $2.4 million from Q3 2024 and an increase of $1.8 million from the same quarter in the prior year.
    • Gross profit of $19.1 million, a sequential increase of $1.1 million from Q3 2024 and an increase of $3.2 million from the same quarter in the prior year.
    • Gross margin of 45%, reflecting a sequential decrease of 9 bps when compared to Q3 2024 and an increase of 586 bps from the same quarter in the prior year.
    • Net income of $27.8 million, or a net income of less than $0.00 per share, compared to a net loss of $11.6 million, or a net loss of less than $0.00 per share in Q3 2024, and compared to a net loss of $18.7 million, or a net loss of $0.00 per share, in the same quarter in the prior year.
    • Adjusted EBITDA(1) of $6.4 million, a sequential increase from Adjusted EBITDA of $5.3 million in Q3 2024, and an increase from Adjusted EBITDA of $3.3 million from the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included below.
    Table 1: Financial Results
    in thousands of US$, except per share amounts (audited)   FY2024   FY 2023   Q4 2024   Q4 2023
    Revenue $ 167,567   $ 159,237   $ 42,718   $ 40,880  
    Gross profit   75,114     63,169     19,139     15,919  
    Gross margin   44.8 %   39.7 %   44.8 %   38.9 %
    Net income (loss)   (7,636 )   (76,621 )   27,793     (18,695 )
    Net income (loss) per share   (0.00 )   (0.01 )   0.00     (0.00 )
    Table 2: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA(1)
    in thousands of US$ (audited)   FY2024   FY 2023   Q4 2024   Q4 2023
    Net income (loss) $ (7,636 ) $ (76,621 ) $ 27,793   $ (18,695 )
    Depreciation and amortization   24,736     27,170     6,045     6,773  
    Interest expense, net   17,170     15,741     4,427     4,105  
    Income tax (benefit) expense(2)   (17,678 )   27,163     (34,602 )   7,218  
    EBITDA (Non-GAAP)(1) $ 16,592   $ (6,547 ) $ 3,663   $ (599 )
    Adjustments:                
    (Recoveries), write-downs and other charges, net(3)   (1,236 )   (102 )   (14 )   (57 )
    Inventory reserves and write-downs   430     946     247     24  
    Accretion expense   4,624     3,950     1,200     1,004  
    Share-based compensation   2,107     4,535     424     980  
    Losses from changes in fair value of financial instruments   46     74     18     89  
    Loss on equity method investments   211     183     50     183  
    Non-recurring charges(4)   3,911     4,467     994     1,338  
    Loss on debt extinguishment(5)   114     1,288     –     –  
    (Gains) losses from deconsolidation of subsidiaries(6)   (2,120 )   512     –     496  
    Other income(7)   (732 )   (973 )   (171 )   (164 )
    Total Adjustments $ 7,355   $ 14,880   $ 2,748   $ 3,893  
    Adjusted EBITDA (Non-GAAP)(1) $ 23,947   $ 8,333   $ 6,411   $ 3,294  

    (1) See “Non-GAAP Financial Information” below for more information regarding the Company’s use of non-GAAP financial measures.
    (2) Current and prior period amounts have been conformed to follow an accounting policy change made by the Company to aggregate interest and penalties related to accrued income taxes within “income tax expense” from within “selling, general and administrative expenses” in its consolidated statement of operations.
    (3) Prior period amounts related to gains and losses from deconsolidation have been reclassified to “selling, general, and administrative expenses” from “(recoveries), write-downs and other charges, net” on the consolidated statement of operations to conform with current year presentation.
    (4) Includes one-time, non-recurring costs related to strategic review processes, ongoing legal disputes, severance and other non-recurring costs.
    (5) FY2024 reflects a loss of $0.1 million on debt extinguishment related to the second amendment of the $11.0 million senior secured bridge notes issued by iAnthus New Jersey, LLC (the “NJ Senior Secured Notes”) on February 16, 2024. FY2023 reflects a loss of $1.3 million on debt extinguishment related to the first amendment of the NJ Senior Secured Notes on February 2, 2023.
    (6) FY2024 reflects a gain of $2.1 million from the deconsolidation of our Nevada operations. FY2023 reflects a loss of $0.5 million from the deconsolidation of our CBD and Vermont operations.
    (7) Other income primarily includes accounts payable write-offs, vendor credits, and Employee Retention Tax Credits received from the Internal Revenue Service.

    Non-GAAP Financial Information

    This press release includes certain non-GAAP financial measures as defined by the SEC and the Canadian Securities Administrators. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are included in the tables above. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.

    In evaluating our business, we consider and use EBITDA and Adjusted EBITDA as supplemental measures of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA before share-based compensation, accretion expense, write-downs and impairments, gains and losses from changes in fair values of financial instruments, income or losses from equity-accounted investments, the effect of changes in accounting policy, non-recurring costs related to the Company’s Recapitalization Transaction, litigation costs related to ongoing legal proceedings, and other income. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance of other similarly situated companies in our industry, and we present Adjusted EBITDA because it removes non-recurring, irregular and one-time items that we believe may distort the comparability of EBITDA from period-to-period and with other industry participants. 

    EBITDA and Adjusted EBITDA are not standardized financial measures defined under GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than us, limiting their usefulness as comparative tools. We compensate for these limitations by relying on GAAP results and using EBITDA and Adjusted EBITDA only as supplemental information.

    About iAnthus

    iAnthus owns and operates licensed cannabis cultivation, processing and dispensary facilities throughout the United States. For more information, visit www.iAnthus.com.

    Forward Looking Statements

    Statements in this press release contain forward-looking statements. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in the Company’s reports that it files from time to time with the SEC and the Canadian Securities Regulators, which you should review, including, but not limited to, the Annual Report filed with the SEC. When used in this press release, words such as “will,” “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should” and similar expressions identify forward-looking statements.

    Forward-looking statements may include, without limitation, statements relating to the Company’s financial performance, business development and results of operations.

    These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

    Neither the Canadian Securities Exchange nor the U.S. Securities and Exchange Commission has reviewed, approved or disapproved the content of this press release.

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