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Category: Business

  • MIL-OSI Asia-Pac: Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)

    Source: Hong Kong Government special administrative region

    Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)
    Korean F&B delegation visits Hong Kong to explore business opportunities (with photos)
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         ​Subsequent to the visit by the Director-General of Investment Promotion at Invest Hong Kong (InvestHK), Ms Alpha Lau, to Seoul, Korea, last week (February 20 and 21) to promote Hong Kong’s business advantages, a delegation of Korean food and beverage companies visited Hong Kong from February 25 to 27 to explore business opportunities in the city. InvestHK and its Korean office, in collaboration with the Hong Kong Economic and Trade Office (Tokyo) and Korea Franchise Association, co-organised a three-day business delegation trip. The visit facilitated exchanges between the Korean and local food and beverage (F&B) companies, further promoting business opportunities in Hong Kong’s F&B industry.      On the first day of the trip, the Head of Tourism and Hospitality at InvestHK, Ms Sindy Wong, shared Hong Kong’s business advantages and the local F&B market landscape with the delegation, helping companies gain a deeper understanding of the city’s business environment. The event featured a series of themed seminars, networking sessions and business matching opportunities with local restaurant operators. The seminars included case studies and insights into the retail property market.  Additionally, the delegates visited Tai Kwun, Soho, and Tsim Sha Tsui to gain first-hand insights into the latest developments in Hong Kong’s F&B and retail property scene. These visits also provided an opportunity for them to explore the potential for Korean specialty cuisine to enter and thrive in the local market.       “Hong Kong and Korea have for a long time enjoyed strong ties across many areas, including trade, investment, tourism, and cultural exchanges. We are a city of culinary delights, with over 17 000 places for food, including 79 Michelin-star restaurants, six of Asia’s 50 best restaurants, and nine of Asia’s 50 best bars,” said Ms Lau. At the welcome dinner on the first day of the trip, Ms Lau warmly welcomed the Korean business delegation and said, “We hope the delegation finds the programme useful and makes great business connections, and also new friends, on this trip. We are confident that they will find partners to establish their restaurants here and join our exciting F&B scene in the near future.”     ​Seeing that the visit concluded successfully with a fruitful outcome, the Principal Hong Kong Economic and Trade Representative (Tokyo), Miss Winsome Au, stated, “Our office is pleased to drive this first Korean business delegation mission to Hong Kong. Indeed, Korean cuisine is garnering increasing attention in Hong Kong, thanks to the global popularity of K-culture. Our office will continue our efforts in supporting this joint initiative of promoting mutual understanding between Hong Kong and Korean companies, and we hope that these efforts will lead to more investment and collaboration in various fields.”      The Chief Executive Officer of PSP F&D Co Ltd, Mr Park Sangyoung, stated, “The vibrant dining atmosphere in Hong Kong makes it an ideal platform to showcase Korean culinary culture. We are very optimistic about the market prospects. This event has given us the opportunity to share Korea’s diverse food culture and also helped us build valuable partnerships with Hong Kong’s F&B industry. This will serve as a solid foundation for our future expansion into Hong Kong and the wider Asian market.”      The Chief Executive Officer of ALL F&B Co Ltd, Mr Bang Kyoungseok, added, “Hong Kong consumers’ passion for Korean cuisine, along with their high standards for food quality, perfectly aligns with our brand philosophy. We understand more about the Hong Kong market through this event and will start planning our development here. We look forward to bringing the most authentic Korean dining experience to Hong Kong.”      The Chief Operating Officer of LUBUDS, Ms Berfa Chow, said, “Netflix’s Korean cuisine reality show ‘Culinary Class Wars’ has become globally famous, further boosting the popularity of Korean cuisine in Hong Kong’s dining scene. We are thrilled for the opportunity to explore collaboration with several renowned Korean restaurant groups. Combining their expertise with our in-depth local market knowledge, we are confident in delivering more top-notch, authentic Korean dining experiences to Hong Kong consumers while seizing this exciting market opportunity.”      The Vice Chairman of Fulum Group Holdings Limited, Professor Keith Wu, stated, “From K-dramas and K-pop to Korean cuisine, Korean culture is going viral and young consumers show a strong appetite for authentic Korean dining. We are excited to explore collaborations with well-known Korean restaurant brands, aiming to strategically enhance our offerings with more Korean elements and further enrich our brand portfolio.”

     
    Ends/Friday, February 28, 2025Issued at HKT 12:00

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    MIL OSI Asia Pacific News –

  • MIL-OSI: OTC Markets Group Welcomes White Pearl Technology Group AB to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced White Pearl Technology Group AB (Nasdaq First North Growth Market Stockholm: WPTG; OTCQX: WPTGF), a global technology company specialising in digital transformation solutions, has qualified to trade on the OTCQX® Best Market.

    White Pearl Technology Group AB begins trading today on OTCQX under the symbol “WPTGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    Marco Marangoni, CEO of White Pearl Technology Group, commented: “We are thrilled to begin trading on OTCQX, which represents an important milestone in our growth strategy. This opportunity enhances our visibility within the U.S. investment community and provides a convenient way for North American investors to trade our shares in their local market and currency. As we continue to expand our global footprint, particularly with our strategic focus on the North American market, trading on OTCQX will support our efforts to diversify our shareholder base and increase our international presence.”

    About White Pearl Technology Group AB
    White Pearl Technology Group AB (WPTG) is a global technology company specializing in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects in Québec, Ontario and the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.

    Highlights
    Financial results

    • EBITDA(A)1, operating income and net earnings under pressure in Q4-2024 owing to adverse wind and hydropower conditions
      • Production 16% (11% on a Combined1 basis)2 lower than in Q4-2023 and 16% (12%) below anticipated production1, due primarily to the adverse climate conditions. For fiscal 2024 overall, production was 5% (2%) lower than in 2023 and 10% (8%) below anticipated production.
      • EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33 million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was $581 million ($670 million), up $3 million (down $5 million) from 2023. The decrease in production was partly offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimization strategy.
      • Operating income of $78 million ($53 million) for Q4-2024, down $20 million ($66 million) from Q4-2023. For fiscal 2024, operating income totalled $226 million ($267 million), unchanged (down $39 million) from 2023.
      • Net loss of $2 million in Q4-2024, down $60 million from T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41 million lower than in 2023. Excluding the impairment of an asset, net earnings would have been $6 million higher in fiscal 2024 compared to fiscal 2023.
    • Lower cash flow related to operating activities for the quarter but balance sheet remains strong
      • Net cash flows related to operating activities of $31 million for Q4-2024 and $215 million for fiscal 2024, compared to $107 million for Q4-2023 and $496 million for fiscal 2023.
      • Discretionary cash flows1 of $47 million for Q4-2024 and $158 million for fiscal 2024, down $44 million from Q4-2023 and $26 million from fiscal 2023.
      • Boralex has $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing1 as at December 31, 2024.
      • A record of nearly $1.2 billion in project financing, bridge financing and letter of credit facilities obtained in 2024.

    Update on development and construction activities

    • Portfolio of projects under development and growth path totalling 8,005 MW in the high growth potential markets of Canada, the United States, the United Kingdom and France, 1,227 MW or 18% higher than in 2023
    • Progress in under-construction and ready-to-build projects
      • Start of electrification of the Limekiln wind farm in the United Kingdom (106 MW) in February 2025, with full commissioning planned for early April, and work continues on the Apuiat wind farm in Quebec (total 200 MW, Boralex’s share 100 MW), with commissioning planned for the first half of 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025. Financings closed in December 2024.
      • Start of work on the Des Neiges Sud wind project in Quebec (total 400 MW, Boralex’s share 133 MW), with commissioning scheduled for 2026.
    • Acquisition of the Clashindarroch Wind Farm Extension project in the United Kingdom, with an installed capacity of 145 MW, and the adjacent battery energy storage system (BESS) with a maximum capacity of 50 MW, for a total capacity of 195 MW. Boralex has a 50% interest, but has control over the project and will fully consolidate the results in the financial statements.
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.
       

    “The year 2024 proved to be full of challenges, which our employees met head-on. I would highlight in particular the significant effort our team invested in 2024 to secure nearly $1.2 billion in financing, a record for Boralex, on very good terms. Despite high volatility in the financial markets and pressure on the stock prices of renewable energy companies, notably in the wake of the American elections, we are convinced that renewable energy development will continue in many regions. Strong growth in electricity demand is expected in the regions where we are developing wind and solar farms and battery storage systems, namely Canada, the United Kingdom, the United States and France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    Renewable energy, which is the most competitive type of energy, can be brought on line to meet demand much faster than other types of energy. Boralex is in a position to capitalize on its project pipeline and growth path, which now represent more than 8 GW of power, and will continue to develop key projects with rates of return in line with its targets.

    “Boralex saw its financial results decline in fiscal 2024, mainly as a result of adverse wind conditions in France and to a lesser extent in Canada, as well as impairment of an asset. During the year, we continued to implement our various initiatives aimed at optimizing administrative, financial and development costs. We ended our 2024 financial year with net earnings of $74 million, a strong balance sheet and good financial flexibility, with over $500 million in available cash resources and authorized financing,” Mr. Decostre added.

    Boralex continues to excel on the corporate social responsibility front. In 2024, the Corporation announced that it was one of the few in the industry to have had its greenhouse gas emission reduction targets validated by the Science Based Targets initiative (SBTi). This recognition shows Boralex’s commitment to achieving net zero emissions by 2050. In addition, Boralex ranked 94th out of the 215 S&P/TSX Composite Index companies and trusts analysed as part of The Board Games, with a score of 80/100, while in 2023 it was 102nd with a score of 76. Finally, Boralex placed 15th in the ranking of Canada’s 50 best corporate citizens, out of the 340 leading Canadian organizations analysed.

    4th quarter highlights

    Three-month periods ended December 31

      Consolidated Combined
    (in millions of Canadian dollars, unless otherwise specified)   2024     2023 Change   2024     2023 Change
            $   %           $   %  
    Power production (GWh)1   1,520     1,814   (294 ) (16 )   2,099     2,351   (252 ) (11 )
    Revenues from energy sales and feed-in premium   228     315   (87 ) (28 )   258     345   (87 ) (25 )
    Operating income   78     98   (20 ) (21 )   53     119   (66 ) (55 )
    EBITDA(A)   169     202   (33 ) (17 )   191     229   (38 ) (17 )
    Net earnings (loss)   (2 )   58   (60 ) >(100 )    (2 )   58   (60 ) >(100 )
    Net earnings (loss) attributable to shareholders of Boralex   (16 )   37   (53 ) >(100 )    (16 )   37   (53 ) >(100 )
    Per share – basic and diluted   ($0.15 ) $0.36   ($0.51 ) >(100 )    ($0.15 ) $0.36   ($0.51 ) >(100 )
    Net cash flows related to operating activities   31     107   (76 ) (71 )   —     —   —   —  
    Cash flows from operations2   105     161   (56 ) (35 )   —     —   —   —  
    Discretionary cash flows   47     91   (44 ) (48 )   —     —   —   —  
                                             

    In the fourth quarter of 2024, Boralex produced 1,520 GWh (2,099 GWh) of power, 16% (11%) less than the 1,814 GWh (2,351 GWh) produced in the same quarter of 2023. The decrease was mainly attributable to adverse weather conditions. As a result, Boralex ended the quarter with total production that was 16% (12%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended December 31, 2024, amounted to $228 million ($258 million), 28% (25%) lower than in the fourth quarter of 2023. The decrease was mainly attributable to the lower production. EBITDA(A) amounted to $169 million ($191 million), down 17% (17%) from the fourth quarter of 2023. The decline in production was partly offset by the contribution of new assets commissioned in France and the positive impact of the electricity selling price optimization strategy. Operating income totalled $78 million ($53 million), compared to $98 million ($119 million) for the same quarter of 2023. The Company posted a net loss of $2 million, which represents a $60 million decrease from the $58 million in net earnings reported for the fourth quarter of 2023.

    1 Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premium.
    2 The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.
       

    Years ended December 31

      Consolidated Combined

    (in millions of Canadian dollars, unless otherwise specified)

    		   2024   2023 Change   2024   2023 Change
            $   %           $   %  
    Power production (GWh)1   5,691   5,973   (282 ) (5 )   7,845   8,020   (175 ) (2 )
    Revenues from energy sales and feed-in premium   817   994   (177 ) (18 )   933   1,104   (171 ) (15 )
    Operating income   226   226   —   —     267   306   (39 ) (12 )
    EBITDA(A)   581   578   3   —     670   675   (5 ) (1 )
    Net earnings   74   115   (41 ) (35 )   74   115   (41 ) (35 )
    Net earnings attributable to shareholders of Boralex   36   78   (42 ) (54 )   36   78   (42 ) (54 )
    Per share – basic and diluted $0.35 $0.76 ($0.41 ) (54 ) $0.35 $0.76 ($0.41 ) (54 )
    Net cash flows related to operating activities   215   496   (281 ) (57 )   —   —   —   —  
    Cash flows from operations   415   445   (30 ) (7 )   —   —   —   —  
    Discretionary cash flows   158   184   (26 ) (14 )   —   —   —   —  
      As at
    Dec. 31    		 As at
    Dec. 31    		 Change As at
    Dec. 31    		 As at
    Dec. 31    		 Change
            $   %           $   %  
    Total assets   7,604   6,574   1,030   16     8,476   7,304   1,172   16  
    Debt – principal balance   4,032   3,327   705   21     4,588   3,764   824   22  
    Total project debt   3,608   2,844   764   27     4,166   3,281   885   27  
    Total corporate debt   424   483   (59 ) (12 )   424   483   (59 ) (12 )
                                         

    For the year ended December 31, 2024, Boralex produced 5,691 GWh (7,845 GWh) of power, less than the 5,973 GWh (8,020 GWh) produced during the same period in 2023. Revenues from energy sales and feed-in premiums for the financial year ended December 31, 2024, amounted to $817 million ($933 million), down $177 million ($171 million) or 18% (15%) from the same period in 2023.

    EBITDA(A) amounted to $581 million ($670 million), up $3 million (down $5 million) from the same period last year. Operating income totalled $226 million ($267 million), essentially unchanged (down $39 million) from the same period in 2023. Overall, Boralex posted net earnings of $74 million ($74 million) for the financial year ended December 31, 2024, compared to $115 million ($115 million) for fiscal 2023.

    1 Power production includes the production for which Boralex received financial compensation following power generation limitations imposed by its customers since management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premiums.
       

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements for the 2024 financial year in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs. The Corporation will present a new plan for the period to 2030 during the course of 2025.

    Finally, to fuel its organic growth, the Corporation has a portfolio of projects under development and growth path based on clearly identified criteria, totalling more than 8 GW of wind, solar and energy storage projects.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures
    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS and other financial measures should not be considered as substitutes for IFRS measures.

    These non-IFRS and other financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial
    measure    		 Use Composition Most directly
    comparable IFRS
    measure
    Financial data – Combined (all disclosed financial data) To assess the operating performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    		 Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    		 Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less
    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;
    (iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).    		 Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Company’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Non-IFRS financial measures
    Specific financial
    measure    		 Use Composition Most directly
    comparable IFRS
    measure
    Available cash and cash equivalents To assess the cash and cash equivalents available, as at balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing To assess the total cash resources available, as at balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents
    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility- France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.
       

    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

        2024     2023  
    (in millions of Canadian dollars) Consolidated   Reconciliation(1)   Combined   Consolidated  Reconciliation(1) Combined  
    Three-month periods ended December 31:              
    Power production (GWh)(2) 1,520   579   2,099   1,814 537 2,351  
    Revenues from energy sales and feed-in premium 228   30   258   315 30 345  
    Operating income 78   (25 ) 53   98 21 119  
    EBITDA(A) 169   22   191   202 27 229  
    Net earnings (loss) (2 ) —   (2 ) 58 — 58  
    Years ended December 31:                    
    Power production (GWh)(2) 5,691   2,154   7,845   5,973 2,047 8,020  
    Revenues from energy sales and feed-in premiums 817   116   933   994 110 1,104  
    Operating income 226   41   267   226 80 306  
    EBITDA(A) 581   89   670   578 97 675  
    Net earnings 74   —   74   115 — 115  
      As at December 31, 2024
    		   As at December 31, 2023
    		  
    Total assets 7,604   872   8,476   6,574 730 7,304  
    Debt – Principal balance 4,032   556   4,588   3,327 437 3,764  
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $2 million under EBITDA(A) for the year ended December 31, 2024 ($2 million as at December 31, 2023). 
    (2) Includes compensation following electricity production limitations.
       

    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and integration costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

      2024       2023   Change 2024 vs 2023
    (in millions of Canadian dollars) Consolidated Reconciliation(1) Combined Consolidated Reconciliation(1) Combined Consolidated   Combined
    		  
    Three-month periods ended December 31:            
    EBITDA(A) 169   22   191   202   27   229   (33 ) (38 )
    Amortization (73 ) (15 ) (88 ) (75 ) (14 ) (89 ) 2   1  
    Impairment —   (47 ) (47 ) (20 ) (1 ) (21 ) 20   (26 )
    Other gains (losses) (3 ) —   (3 ) 1   (1 ) —   (4 ) (3 )
    Share in earnings of joint ventures and associates (3 ) 3   —   (17 ) 17   —   14   —  
    Change in fair value of a derivative included in the share in earnings of a joint venture —   —   —   7   (7 ) —   (7 ) —  
    Impairment included in the share in earnings of a joint venture (12 ) 12   —   —   —   —   (12 ) —  
    Operating income 78   (25 ) 53   98   21   119   (20 ) (66 )
                 
    Years ended December 31:            
    EBITDA(A) 581   89   670   578   97   675   3   (5 )
    Amortization (297 ) (59 ) (356 ) (293 ) (58 ) (351 ) (4 ) (5 )
    Impairment (5 ) (47 ) (52 ) (20 ) (1 ) (21 ) 15   (31 )
    Other gains 5   —   5   1   2   3   4   2  
    Share in earnings of joint ventures and associates (46 ) 46   —   (59 ) 59   —   13   —  
    Change in fair value of a derivative included in the share in earnings of a joint venture —   —   —   19   (19 ) —   (19 ) —  
    Impairment included in the share in earnings of a joint venture (12 ) 12   —   —   —   —   (12 ) —  
    Operating income 226   41   267   226   80   306   —   (39 )
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.
       

    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended Years ended
      December 31 December 31
    (in millions of Canadian dollars) 2024   2023   2024   2023  
    Net cash flows related to operating activities 31   107   215   496  
    Change in non-cash items relating to operating activities 74   54   200   (51 )
    Cash flows from operations 105   161   415   445  
    Repayments on non-current debt (projects)(1) (53 ) (50 ) (240 ) (232 )
    Adjustment for non-operating items(2) 5   2   7   6  
      57   113   182   219  
    Principal payments related to lease liabilities(3) (6 ) (4 ) (19 ) (17 )
    Distributions paid to non-controlling shareholders(4) (17 ) (33 ) (52 ) (57 )
    Additions to property, plant and equipment (maintenance of operations)(5) (3 ) 2   (10 ) (6 )
    Development costs (from statement of earnings)(6) 16   13   57   45  
    Discretionary cash flows 47   91   158   184  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio and the CDPQ Fixed Income Inc. term loan.
    (2) For the years ended December 31, 2024 and December 31, 2023, favourable adjustment consisting mainly of acquisition, integration and other non-operating miscellaneous items.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Comprises distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.
    (5) Excludes the additions to the property, plant and equipment of regulated assets (treated as assets under construction since they are regulated assets for which investments in the plant are considered in the setting of its electricity selling price). During the fourth quarter of 2023, an amount of $4 million was reclassified as new property, plant, and equipment under construction.
    (6) During Q1-2024, the Corporation reclassified the employee benefits for 2023 and 2024 related to its incentive plans, which were reported in full under Operating expenses in the consolidated statements of earnings. To better allocate these expenses to the Corporation’s various functions and thus provide more relevant information to users of the financial statements, the Corporation is now allocating these costs to Operating, Administrative and Development expenses in the consolidated statements of earnings according to the breakdown of staff. This change resulted in a $1 million increase in development costs for the three-month period ended December 31, 2023 and $5 million increase for the year ended December 31, 2023.
       

    Available cash and cash equivalents and available cash resources and authorized financing

    The Corporation defines available cash and cash equivalents as well as available cash resources and authorized financing as follows:

      Consolidated
      As at December 31   As at December 31  
    (in millions of Canadian dollars) 2024   2023  
    Cash and cash equivalents 592   478  
    Cash and cash equivalents held by entities subject to project debt agreement and restrictions(1) (526 ) (388 )
    Bank overdraft (5 ) (6 )
    Available cash and cash equivalents 61   84  
    Credit facilities available for growth 462   463  
    Available cash resources and authorized financing 523   547  
    (1) This cash can be used for the operations of the respective projects, but is subject to restrictions for non-project related purposes under the credit agreements.
       

    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

    Management Commentary

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

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

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

    Full Year 2024 Operational and Financial Highlights

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

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

    Expansion into HPC Hosting

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

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

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

    Fiscal Year 2024 Financial Results

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

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

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

    Liquidity and Capital Resources

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

    Investor Conference Call and Webcast

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

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

    About TeraWulf

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

    Forward-Looking Statements

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

    Non-GAAP Measures

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

    Investors:
    Investors@terawulf.com 

    Media:
    media@terawulf.com 

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

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

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

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

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

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

    Non-GAAP Measure

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

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

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

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

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

    The MIL Network –

  • MIL-OSI: Cheems Memecoin Surpasses 80,000 Holders, Solidifying Its Place as a Leading Meme Token on BNB Chain

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 28, 2025 (GLOBE NEWSWIRE) — The Cheems memecoin ($CHEEMS), one of the most prominent and beloved tokens on the BNB Chain inspired by the namesake meme, has officially surpassed 80,000 token holders, marking a major milestone in its journey as a community-driven digital asset. With 85,205 holders and over 1.8 million total transfers, Cheems continues to gain traction as a dominant force in the memecoin market.

    From Meme to Movement
    What began as a viral meme has transformed into a full-fledged movement. The Cheems IP has transcended internet culture, evolving into a rallying symbol for crypto enthusiasts navigating market cycles. With over 40 million TikTok views on recent campaigns and strong engagement across digital platforms, Cheems is more than just a token—it’s a revolution.

    Built on the principles of fun, inclusivity, and strong community engagement, Cheems has demonstrated remarkable growth since its inception. The token’s on-chain market capitalization currently stands at $188.4 million, with a circulating supply market cap of $178.9 million. As a testament to its widespread appeal, Cheems has become a cornerstone of the BNB Chain memecoin ecosystem, fostering a passionate and rapidly expanding community of supporters worldwide.

    Christian, Founder of Infini, a major Cheems tokenholder and spokesperson, expressed his excitement about this milestone:

    “Cheems is more than just a memecoin—it’s a movement. Surpassing 80,000 holders is a testament to the power of decentralized communities and the limitless potential of the BNB Chain ecosystem. The Cheems Army is growing stronger every day, and this is just the beginning. We’re committed to building a long-term, sustainable project that continues to engage and reward our holders.”

    The CHEEMS Advantage
    Built on the Binance Smart Chain’s scalable and efficient infrastructure, CHEEMS is a fully decentralized, community-owned token featuring:

    • Zero transaction taxes
    • 100% burned liquidity pool
    • No team allocations
    • Fully decentralized governance

    Strengthening the BNB Ecosystem
    The Binance listing comes after months of collaboration with the BNB Chain ecosystem, including:

    • Liquidity pool enhancements
    • Co-branded marketing initiatives
    • Ecosystem development grants

    Philanthropy & Real-World Impact
    Beyond blockchain, CHEEMS remains committed to giving back, aligning with its CryptoForGood initiative:

    • 100% of merchandise proceeds donated to animal welfare charities
    • Collaborations with Cheems’ real-life owner Kathy on global aid initiatives
    • Over 5,500 meals funded through viral TikTok challenges

    With a max total supply of 219,776,051,832,670.73 tokens and an ever-growing user base, Cheems is well-positioned for continued expansion. As the memecoin sector evolves, Cheems remains committed to leading the charge, embracing innovation, and solidifying its status as the “Lord Cheems” of BNB Chain.

    For more details and to join the Cheems movement, visit: https://linktr.ee/lordcheems_bsc

    About Cheems:
    Cheems is a community-driven memecoin built on the BNB Chain. Designed to bring fun and engagement to the crypto space, Cheems has grown into one of the most recognized and celebrated tokens in the memecoin sector. With a strong and dedicated holder base, Cheems continues to shape the future of meme-based digital assets.

    Media Contact:
    Cheems Foundation
    contact@cheems.pet

    Join the Cheems Community:

    • Twitter: @lordcheems_bsc
    • Telegram: t.me/LordCheems_Bsc
    • Contract: 0x0df0587216a4a1bb7d5082fdc491d93d2dd4b413

    Disclaimer: This press release is provided by Cheems Foundation. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector–including cryptocurrency, NFTs, and mining–complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4fe2fec-9459-4491-9a77-c24c46f6e005

    The MIL Network –

  • MIL-OSI: Boralex Launches Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, Feb. 28, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) today announced that it has authorized, and the Toronto Stock Exchange (the “TSX”) has approved, a normal course issuer bid (the “NCIB”) to purchase for cancellation up to 8,669,245 Class A shares of Boralex (the “Common Shares”) over the twelve-month period commencing on March 4, 2025, and ending no later than March 3, 2026, representing approximately 10% of the “public float” (as defined in the TSX Company Manual) of the Common Shares issued and outstanding as at February 19, 2025. As of such date, there were 102,766,580 Common Shares issued and outstanding. Subject to the required regulatory approvals, the NCIB will be conducted through the facilities of the TSX or alternative trading systems in Canada, if eligible, or outside the facilities of the TSX pursuant to exemption orders issued by securities regulatory authorities. Common Shares will be acquired under the NCIB at the prevailing market price at the time of acquisition, plus brokerage fees, except that any purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Any Common Share purchased under the NCIB will be canceled.

    Under the NCIB, other than purchases made under block purchase exemptions, Boralex will be allowed, subject to applicable securities laws, to purchase daily a maximum of 72,088 Common Shares representing 25% of the average daily trading volume of 288,355 Common Shares, as calculated per the TSX rules for the six-month period ended on January 31, 2025.

    In connection with the NCIB, Boralex will also enter into an automatic share purchase plan (“ASPP”) on the date hereof with the designated broker responsible for the NCIB. The ASPP will allow for the purchase for cancellation of Common Shares under the NCIB, subject to certain trading parameters, by the designated broker at times when Boralex would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to the ASPP, before entering into a blackout period, Boralex may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with certain purchasing parameters. Such purchases will be made by the designated broker based on such purchasing parameters, without further instructions by Boralex, in compliance with the rules of the TSX, applicable securities laws and the terms of the ASPP.

    Boralex believes that its Common Shares are trading from time to time at levels generally below the underlying value of the Company’s business and that the introduction of an NCIB will provide an additional tool to optimize its use of funds and create long-term value for its shareholders. This program will provide greater flexibility to carry on Boralex financial strategy without altering investments planned to seize development opportunities. Furthermore, the purchases are expected to benefit all persons who continue to hold Boralex Common Shares by increasing their equity interest in Boralex when such repurchased Common Shares are canceled.

    The decisions regarding the timing and size of purchases under the NCIB are subject to management’s discretion and will be based on various factors, including the Company’s capital and liquidity positions, accounting and regulatory considerations, the Company’s financial and operational performance, alternative uses of capital, the trading price of the Common Shares and general market conditions. The NCIB does not obligate Boralex to acquire a specific dollar amount or number of shares and may be modified or discontinued at any time. Boralex has not repurchased any of its outstanding Common Shares under a normal course issuer bid in the past 12 months.

    Caution Regarding Forward-Looking Statements

    Some of the statements contained in this press release, including, without limitation, those regarding the NCIB and ASPP and the intended purchase for cancellation of Common Shares thereunder, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events, or other changes.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit boralex.com or sedarplus.com. Follow us on Facebook and LinkedIn.

    For more information

    Source: Boralex inc.        

    The MIL Network –

  • MIL-OSI: AGF Investments Announces Proposed Fund and ETF Terminations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) —

    ETF Terminations

    AGF Investments Inc. (AGF Investments) today announced the proposed termination of AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS) (each an “AGF Investments ETF” and collectively, the “AGF Investments ETFs”) effective at the close of business on or about April 29, 2025 (the “ETF Termination Date”).

    Accordingly, AGF Investments will also request to voluntarily de-list the units of the AGF Investments ETFs from Cboe Canada Inc. and the Toronto Stock Exchange (TSX) at the close of business on or about April 28, 2025 (the “Delisting Date”), with all units still held by securityholders being subject to a mandatory redemption as of the ETF Termination Date.

    Securityholders of the AGF Investments ETFs will be able to sell their units through the facilities of the applicable stock exchanges until the Delisting Date. Effective as of the close of business on February 28, 2025, no further direct subscriptions (i.e. primary market creations of new ETF units) for units of the AGF Investments ETFs will generally be accepted.

    Any remaining securityholders of an AGF Investments ETF as at the ETF Termination Date will receive the net proceeds from the liquidation of the assets of the AGF Investments ETF, less all liabilities and all expenses incurred in connection with the dissolution of the AGF Investments ETF, on a pro rata basis.

    AGF Investments will issue an additional press release on or about the ETF Termination Date confirming final details of the terminations, including final distributions, if any.

    As a result of the proposed terminations, AGF Investments is also announcing today ad hoc distributions for AGF Systematic Global Multi-Sector Bond ETF (ticker: QGB), AGF Systematic International Equity ETF (ticker: QIE) and AGF Systematic US Equity ETF (ticker: QUS), which usually pay quarterly/annual distributions. Unitholders of record on March 7, 2025 will receive cash distributions payable on March 13, 2025.

    Please note: Additional ad hoc distributions will be announced on or about April 2.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange Cash Distribution Per Unit ($)
    AGF Systematic Global Multi-Sector Bond ETF QGB Cboe Canada Inc. $0.149364
    AGF Systematic International Equity ETF QIE Toronto Stock Exchange $0.020788
    AGF Systematic US Equity ETF QUS Toronto Stock Exchange $0.069762

    Further information about the AGF Investments ETFs can be found at AGF.com.

    Mutual Fund Termination

    AGF Investments is also today announcing the proposed termination of AGF Emerging Markets Bond Fund (the “Fund”) effective on or about April 29, 2025 (the “Fund Termination Date”).

    Effective as of the close of business today, units of the Fund are no longer available for purchase and AGF Investments will stop accepting purchases and switches into the Fund, including systematic purchase and switch plans.

    AGF Investments is waiving the management fee that is normally applicable to the Fund from the close of business on February 28, 2025 until the Fund Termination Date. Note that there may be distributions paid by the Fund prior to the termination.

    Unitholders can transfer their investments into another AGF Fund or redeem their units prior to the Fund Termination Date.

    Investors who remain holding units of the Fund in client-name registered plans will have their units transferred to the same series and purchase option of AGF Canadian Money Market Fund, effective on or about April 29, 2025. Investors who remain holding units of the Fund in client-name non-registered plans and/or any nominee/intermediary-held accounts (both registered and non-registered) will have their units redeemed on or about April 29, 2025, without any redemption fees or sales charges applied.

    AGF Investments strongly encourages unitholders to consult with their financial advisor to discuss their individual circumstances, including possible tax consequences, and determine the solution that best meets their investment needs.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    Disclaimer

    ETFs are listed and traded on organized Canadian exchanges and may only be bought and sold through licensed dealers. Commissions, management fees and expenses all may be associated with investing in ETFs. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. There is no guarantee that ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. Before investing you should read the prospectus or relevant ETF Facts and carefully consider, among other things, each ETF’s investment objectives, risks, charges and expenses. A copy of the prospectus and ETF Facts is available on AGF.com.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Media Contact

    Amanda Marchment
    Director, Corporate Communications
    416-865-4160
    amanda.marchment@agf.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on IIFL Samasta Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 24, 2025, imposed a monetary penalty of ₹33.10 lakh (Rupees Thirty Three Lakh Ten Thousand only) on IIFL Samasta Finance Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016‘ and ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016‘ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, oral submissions made during the personal hearing and additional submissions made by it, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company charged interest on loans for a period prior to the date of actual disbursement of loan / issuance of cheque to certain borrowers in contravention of RBI directions on ‘Fair Practices Code’;

    2. The company failed to classify certain loan accounts with overdues of 90 days or more as Non-Performing Assets (NPAs);

    3. It classified certain loan accounts which were NPA as ‘standard asset’ without realisation of entire arrears of interest and principal amount due; and

    4. It allotted multiple customer identification codes to certain individual customers instead of a Unique Customer Identification Code (UCIC) to each individual customer.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2281

    MIL OSI Economics –

  • MIL-OSI Global: Africa’s newest book prize is named after Andreé Blouin: who was she?

    Source: The Conversation – Africa – By Tinashe Mushakavanhu, Research Associate, University of Oxford

    Andrée Blouin was a political activist and writer from the Central African Republic. Until recently, her name hardly ever appeared in the grand narratives of Africa’s liberation.

    When she died in 1986, her passing was hardly in the news – a stark contrast to her pivotal role as an adviser and campaign strategist to newly independent African leaders in Algeria, both Congos, Côte d’Ivoire, Mali, Guinea and Ghana.

    She was more than a participant. She was an organising force, an architect of resistance, a strategist who shaped the fight against colonial rule. Yet, like many women in African history, her contributions faded into the margins, overshadowed by the men she helped empower.

    Interest in Blouin has been rekindled. She is featured in the Oscar-nominated documentary Soundtrack to a Coup d’État about DRC independence leader Patrice Lumumba. She worked as his speechwriter and chief of protocol.

    And her memoir My Country, Africa: Autobiography of the Black Pasionaria, long out of print, was re-released and is now widely available.

    Now a new annual book award called the Andrée Blouin Prize has been launched in her honour by a South Africa-based publishing house, Inkani Books. Its mission is to amplify the voices of African women, cisgender and transgender, writing about history, politics and current affairs from a left perspective.

    For me as a literary historian who has been preoccupied with archives of marginal historical figures, this activation of Blouin powerfully highlights her legacy. It also invites new engagement with her work.

    Who was Andrée Blouin?

    Blouin was born in 1921 in Central African Republic but from the age of three she was placed in an orphanage in neighbouring Congo Brazzaville. She ran away when she was 14 and so began a life of rebellion.

    She would grow up to be a formidable political operator. Her reach touches many parts of Africa. For her, the struggle was not just local, it was everywhere. As a multilingual person, she spoke a dozen languages, a gift that allowed her to easily move between places and political contexts.

    Her political awakening was deeply personal – she was radicalised by her son’s death from malaria in a colonial hospital in 1942. He had been denied life-saving medication. Colonialism, she realised, was not just her own misfortune but a system of evil suffocating African lives.

    Today history is vindicating this fascinating historical figure. This is happening through the wealth of archival material – photographs, videos, interviews and texts – that places her at the centre of political action. The image of African liberation tends to be men in suits. And yet a smiling Blouin can be seen with them, side by side, even addressing large crowds.

    It is thanks to the refusal of this archive to be repressed that we can review moments that shaped African liberation history. And appreciate the roles that women like Blouin played.

    Behind the prize

    African literary prizes have seen significant growth in recent years, both in number and influence. They play an important role in promoting African literature, offering recognition and financial support to writers, and shaping the literary canon.

    They can also address the need for dedicated platforms that amplify underrepresented voices.

    Inkani Books describes itself as a “people’s movement-driven publishing house”. It is introducing The Andrée Blouin Prize in her honour. The impetus for the prize, according to Inkani’s publishing director Efemia Chela, was to directly challenge erasure of women in history and in political writing.

    She explains:

    This prize is not just an accolade; it is a reclamation of space, a declaration that African revolutionary women’s narratives will no longer be sidelined.

    The publishing house, established less than five years ago, has been reissuing popular books about revolutionary figures. These include the likes of Thomas Sankara, Kwame Nkrumah, Amílcar Cabral and Frantz Fanon. These men are often celebrated for their heroism and intellectual contributions to pan-African ideas about freedom, politics and revolution.

    The Andrée Blouin Prize is a bold act of reclamation, ensuring that the narratives of African revolutionary women are no longer overlooked but recognised, celebrated and centred.

    In fact, this is an invitation for contemporary women to write themselves into literary history.

    The inaugural winner will receive a $2,000 advance and a publishing contract with Inkani. The prize is open to all women across Africa and is dedicated to showcasing and celebrating the continent’s diverse and vibrant experiences.

    It is part of a broader movement challenging historical exclusions in African publishing. Literary production is dominated by big multinational publishing companies that determine reading tastes and trends.

    Last year, Nigeria-based Cassava Republic Press launched the Global Black Women’s Non-Fiction Manuscript Prize to spotlight exceptional works by Black women.



    Read more:
    African literary prizes are contested – but writers’ groups are reshaping them

    While African publishing has not always been welcoming to women writers, a shift is underway. Writers like Nigeria’s Chimamanda Ngozi Adichie, Zimbabwe’s NoViolet Bulawayo, Uganda’s Jennifer Nansubuga Makumbi, and Zambia’s Namwali Serpell are now among the most influential voices shaping African literature today.

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

    – ref. Africa’s newest book prize is named after Andreé Blouin: who was she? – https://theconversation.com/africas-newest-book-prize-is-named-after-andree-blouin-who-was-she-250828

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: English Translation of Opening Address by Prime Minister Shri Narendra Modi at the Plenary Session with the President of the European Commission (February 28, 2025)

    Source: Government of India

    Posted On: 28 FEB 2025 5:39PM by PIB Delhi

    Your Excellencies,

    I warmly welcome you all to India. The engagement of the EU College of Commissioners with a single country on such a broad scale is unprecedented.

    It’s the first time that so many of my ministers have collected together for any bilateral discussions. I remember how you said that India and the EU are natural partners at the Raisina Dialogue in 2022. And that strengthening and energizing ties with India, will be a priority for the EU in the coming decade.

    And now, you’re visiting India at the very beginning of your new term.This is a milestone moment for India and the EU.

    Excellencies,

    The world is currently undergoing unprecedented change. AI and emerging technologies are leading to socio-economic transformations.

    Geo-economic and political circumstances are rapidly evolving. And old equations are breaking down. In times like these, the partnership between India and the EU becomes even more important.

    A shared belief in democratic values, strategic autonomy, and rule-based global order unite India and the EU.Both countries are mega diverse market economies. In a sense, we are natural strategic partners.

    Excellencies,

    India and the EU have completed twenty years of strategic partnership. And with your visit, we are laying the foundation for the next decade.

    In this context, the remarkable commitment shown by both parties is commendable. About twenty ministerial level meetings have taken place in the last two days.

    The Trade and Technology Council meeting was also successfully organised this morning. Both teams will present a report on the ideas generated and the progress made.

    Excellencies,

    I would like to identify some priority areas of cooperation.

    The first is Trade and Investment. It is crucial to conclude a mutually beneficial FTA and Investment Protection Agreement as soon as possible.

    The second is strengthening the Supply Chain Resilience. Our capabilities can complement each other in sectors such as Electronics, Semiconductors, Telecom, Engineering, Defence, and Pharma.This will strengthen diversification and de-risking, and will aid in the creation of a secure, reliable and trusted supply and value chain.

    The third is Connectivity. The IMEC Corridor launched during the G20 Summit is a transformational initiative. Both the teams must continue working on it with strong commitment.

    The fourth is Technology and Innovation. To realise our shared vision of tech sovereignty, we must continue to make swift progress ahead. In areas such as DPI, AI, Quantum Computing, Space and 6G, both parties must work together to connect our industries, innovators, and young talents.

    The fifth is Climate Action and Green Energy Innovation. India and the EU have prioritised the Green transition. Through cooperation in sustainable urbanization, water, and clean energy, we can become drivers of global green growth.

    The sixth is Defence. We can fulfil each others’ needs through co-development and co-production. We must work to prioritise each other in export control laws.

    The seventh is Security. There is a need for greater cooperation on challenges arising from terrorism, extremism, maritime security, cyber security and space security.

    The eighth is People-to-People Ties. It should be a priority for both parties to make Migration, Mobility, Schengen Visas and EU Blue Cards simple and smooth. This stands to fulfil the needs of the EU. And India’s young workforce shall be able to make an even greater contribution to Europe’s growth and prosperity.

    Excellencies,

    For the next India-EU Summit, we must move forward with ambition, action and commitment.

    In today’s AI era, the future shall belong to those who demonstrate vision and speed.

    Excellency, I now invite you to share your thoughts.

    *****

    MJPS/ST

    (Release ID: 2106997) Visitor Counter : 84

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKETO, Brussels celebrates Chinese New Year across Europe and highlights Hong Kong’s exciting year ahead (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) hosted vibrant Chinese New Year receptions across various European countries, marking the beginning of the Year of the Snake. The receptions, held in Luxembourg (February 12), Lisbon, Portugal (February 17), The Hague, the Netherlands (February 20), and Bucharest, Romania (February 25), were well-received by distinguished guests and partners.

         The receptions provided an opportunity to reflect on Hong Kong’s achievements and share the city’s vision. HKETO, Brussels emphasised Hong Kong’s dynamic calendar of world-class events that solidify its reputation as “Events Capital of Asia”.  Stepping into 2025 with great dynamism and enthusiasm, Hong Kong is set to host an array of high-profile events spanning business, sports, arts, and culture. “Hong Kong is entering the new year with energy and glamour, full of exciting events that highlight our dynamic cosmopolitan spirit,” stated the Special Representative for Hong Kong Economic and Trade Affairs to the European Union, Ms Shirley Yung.

         In 2024, Hong Kong recorded 45 million international arrivals, nearly 10 000 foreign and Mainland companies, 2 700 family offices and 4 700 start-ups, demonstrating that Hong Kong remains a magnet for visitors and businesses alike. Hong Kong is poised for further success with upcoming initiatives, such as a lowered liquor tax, to enhance its appeal to international visitors and fulfil its role as the international financial, trade and shipping centre.

         “Hong Kong’s distinct advantages were recognised in the latest international rankings,” Ms Yung said during the receptions, noting that Hong Kong is ranked among the world’s top three international financial centres, the freest economy in the world, and among the top five in global competitiveness. Ms Yung elaborated that global investors continue to have confidence in Hong Kong, as evidenced by the continuous inflow of funds and growth in bank deposits. The asset and wealth management sector in Hong Kong is also handling over US$4 trillion, representing more than a 30 per cent increase in six years.

         HKETO, Brussels also highlighted Hong Kong as a hub for international cultural exchange, where East meets West. In Lisbon, guests experienced a unique cultural fusion centred on ballet that blends classical technique with contemporary sensibility, performed by Lam Chun-wing, a well-known Hong Kong-born ballet dancer, and an original transcription of Debussy’s “Prélude” for piano solo by the renowned French pianist Alexandre Tharaud. The performance was accompanied by breathtaking video projections specifically produced for the occasion, showcasing Hong Kong’s lesser-known natural landscapes and revealing a side of Hong Kong far removed from its urban reputation as a bustling financial hub of skyscrapers and dense modernity.

         In The Hague, an ensemble of talented Hong Kong musicians presented a vibrant mix of popular cantopop songs and moving opera arias. The outstanding performance by the soprano and tenor singers, accompanied by keyboard, won enthusiastic applause from the audience.

         The receptions in Luxembourg, Lisbon, The Hague and Bucharest brought together 700 guests, including officials from national governments, consulates and embassies, financial and business sectors, academia, cultural and creative sectors, media and the Chinese community. They were co-organised with Invest Hong Kong and the Hong Kong Trade Development Council; the Luxembourg Chamber of Commence and the China-Luxembourg Chamber of Commercefor the reception in Luxembourg, the Netherlands Hong Kong Business Association for the reception in The Hague, with the support of The Portugal-Hong Kong Chamber of Commerce and Industry for the reception in Lisbon, and the National Confederation for Female Entrepreneurship for the reception in Bucharest.                                          

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience – Professor Carlos Montes, Cambridge Business School

    Source: Government of India

    Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience – Professor Carlos Montes, Cambridge Business School

    UPI transactions in month of January, 2025 surpassed 16.99 billion and the value exceeded ₹‎23.48 lakh crore, marking the highest number recorded in any month

    Posted On: 27 FEB 2025 11:01PM by PIB Delhi

    Prof. Carlos Montes, who is on a tour to India for attending and speaking at the NXT event at the Bharat Mandapam tomorrow, was briefed about the working and achievements of UPI system, today.

    Prof. Carlos leads the Innovation Hub for Prosperity at the Cambridge University Business School.

    A presentation on UPI was given by the DFS and NPCI Team to Prof. Carlos Montes about the functioning,  success and trends of UPI in India. In the briefing, senior officers  from the Department of Financial Services (DFS),  M/o Finance including Shri  Sudhir Shyam    (Economic Adviser) and Shri  Jignesh Solanki (Director)  were present among  others.

    Unified Payments Interface (UPI) provides an opportunity to other countries to learn from the Indian experience and get ideas on how to adopt it in their own countries, said Professor Carlos Montes, Lead Innovation Hub, University of Cambridge Business School 

    For the first time, UPI transactions in the month of January, 2025 surpassed 16.99 billion and the value exceeded ₹‎23.48 lakh crore marking the highest number recorded in any month.

    After the demonstration, Prof. Montes said that he was glad to see the success of the UPI payment system. The growth of UPI shows that the government is making sure that the technology that they develop is user friendly for citizens, and that there is a regular and constant innovation in the same which explains the high adoption rate of UPI in India, Prof. Montes added. He further said that it  also has potential for other countries to learn from the experience and get ideas on how to adopt it in their own countries.

    For FY 2023-24, the digital payments landscape has demonstrated remarkable expansion. UPI remains the cornerstone of India’s digital payment ecosystem contributing to 80% of the retail payments across the country. The total transaction volume exceeded 131 billion and the value exceeded ₹‎200 lakh crore for the FY 2023-24. Its ease of use, combined with a growing network of participating banks and fintech platforms, has made UPI the preferred mode of real-time payments for millions of users across the country.

    As of Jan, 2025, 80+ UPI Apps , 641 banks  are currently live on UPI ecosystem. In FY 24-25 (till Jan, 2025), the P2M transactions contribute 62.35% and P2P transactions contribute 37.65% of the overall UPI volume. The contribution of P2M transactions reached 62.35% in Jan, 2025 where 86% of these transactions are upto a value of INR 500. This indicates the trust that UPI enjoys among citizens for making low value payments.

    UPI: Transactions (by Volume in mn) for Jan’2025

     

     

    UPI Global Expansion:

    Shri Sudhir Shyam, Economic Adviser at Department of Financial Services (DFS) said that India’s digital payments revolution is extending beyond its borders. UPI is rapidly expanding globally, enabling seamless cross-border transactions for Indians traveling abroad. Currently, UPI is live in over 7 countries, including key markets such as [UAE, Singapore, Bhutan, Nepal, Sri Lanka, France, Mauritius], allowing Indians to make payments internationally. This expansion will further bolster remittance flows, improve financial inclusion, and elevate India’s stature in the global financial landscape.

    Sh. Sundar also said that some other countries have also shown interest in UPI.

    Demonstration of UPI

    Sh. Jignesh Solanki added that while volume of total online transactions have increased massively over the years, the share is taken by UPI mainly due to ease and low cost of the transactions. Government is focussed on bringing new innovations that will help UPI expand in uncovered areas as well.

    The session ended with a small demonstration of working of UPI to the delegation as well.

    ******

    NB/AD

    (Release ID: 2106794) Visitor Counter : 23

    MIL OSI Asia Pacific News –

  • MIL-OSI: Form 8.3 – [LEARNING TECHNOLOGIES GROUP PLC – 27 02 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 LEARNING TECHNOLOGIES GROUP PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 27 FEBRUARY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.375p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 9,000,505 1.1357    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 9,000,505 1.1357    

    On 27/02/2025 there was a transfer in of 312 shares by a discretionary client.

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.375p ORDINARY SALE 4,800 99.2151p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 28 FEBRUARY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Castellum, Inc. Announces 2024 Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Feb. 28, 2025 (GLOBE NEWSWIRE) — Castellum, Inc. (NYSE-American: CTM) (“Castellum” or “the Company”), a cybersecurity, electronic warfare, and software services company focused on the federal government, announces certain unaudited highlights of its operating results for its year ended December 31, 2024.

    Revenue for 2024 was $44.8 million, down slightly from $45.2 million in 2023. Operating loss was ($7.2 million) versus ($16.7 million) in 2023, which included $6.9 million of non-cash charges for goodwill impairment.

    Management uses a Non-GAAP measure, Adjusted EBITDA, as an important measure of the Company’s operating performance. Adjusted EBITDA was $0.8 million for 2024 and excludes non-cash charges, such as stock-based compensation expense of $5.4 million, and depreciation and amortization of $2.2 million, compared to $0.2 million for 2023. See the reconciliation to GAAP in the chart below.

    Cash flow provided by operating activities for 2024 was $1.1 million versus ($2.3 million) in 2023.

    Total cash as of December 31, 2024, was $12.3 million versus $1.8 million as of December 31, 2023. Debt as of December 31, 2024, was $10.7 million versus $12.4 million as of December 31, 2023.

    Castellum’s fully audited financial results for the year ended December 31, 2024, are expected to be filed on or before March 15, 2025, on Form 10-K, available at www.sec.gov.

    “I’m encouraged by the progress we made in 2024, particularly since I assumed the role of CEO this past July,” said Glen Ives, President and Chief Executive Officer of the Company. “While we produced solid revenue and gross profit in 2024, 2025 will be our year of growth as new contract wins and continued execution on our existing contracts should lead to strong year-over-year growth in revenue and adjusted EBITDA. Our decreased debt and dramatic increase in cash from our offerings, combined with our recent IDIQ wins have really positioned us well for 2025.”

    About Castellum, Inc.:

    Castellum, Inc. (NYSE-American: CTM) is a cybersecurity, electronic warfare, and software engineering services company focused on the federal government – http://castellumus.com.

    Cautionary Statement Concerning Forward-Looking Statements:

    This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s expectations or beliefs concerning future events and can generally be identified by the use of statements that include words such as “estimate,” “project,” “believe,” “anticipate,” “shooting to,” “intend,” “plan,” “foresee,” “likely,” “will,” “would,” “appears,” “goal,” “target” or similar words or phrases. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, improvements to cost structure, and profitability. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations for revenue growth and new customer opportunities, including opportunities arising from its contracts with NAVAIR and other customers, improvements to cost structure, and profitability. These forward-looking statements are subject to risks, uncertainties, and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results expressed or implied in the forward-looking statements, including, among others: the Company’s ability to compete against new and existing competitors; its ability to effectively integrate and grow its acquired companies; its ability to identify additional acquisition targets and close additional acquisitions; the impact on the Company’s revenue due to a delay in the U.S. Congress approving a federal budget, operating under a prolonged continuing resolution, government shutdown, or breach of the debt ceiling, as well as the imposition by the U.S. government of sequestration in the absence of an approved budget; the ability of the U.S. federal government to unilaterally cancel a contract with or without cause, and more specifically, the potential impact of the U.S. DOGE Service Temporary Organization on government spending and terminating contracts for convenience.. For a more detailed description of these and other risk factors, please refer to the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (“SEC”) which can be viewed at www.sec.gov. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. The Company expressly disclaims any intent or obligation to update any of the forward-looking statements made in this release or in any of its SEC filings except as may be otherwise stated by the Company.

    Non-GAAP Financial Measures and Key Performance Metrics

    This press release contains Non-GAAP Adjusted EBITDA, which is a Non-GAAP financial measure that is used by management to measure the Company’s operating performance. A reconciliation of this measure to the most directly comparable GAAP financial measure is contained herein. To the extent required, statements disclosing this measure’s definition, utility, and purpose are also set forth herein.

    Definition:

    Adjusted EBITDA is a Non-GAAP measure, calculated as the Company’s earnings before (not including expenses related to) interest, taxes, depreciation, and amortization, also adjusted for other non-cash items such as stock-based compensation, and other non-recurring, cash items, such as expenses for a one-time policy change.

    Utility and Purpose:

    The Company discloses Non-GAAP Adjusted EBITDA because this Non-GAAP measure is used by management to evaluate our business, measure its operating performance, and make strategic decisions. We believe Non-GAAP Adjusted EBITDA is useful for investors and others in understanding and evaluating our operating results in the same manner as its management. However, Non-GAAP Adjusted EBITDA is not a financial measure calculated in accordance with GAAP and should not be considered as a substitute for GAAP operating loss or any other operating performance measure calculated in accordance with GAAP. Using this Non-GAAP measure to analyze our business would have material limitations because the calculations are based on the subjective determination of management regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies in our industry may report a measure titled Non-GAAP Adjusted EBITDA, this measure may be calculated differently from how we calculate this Non-GAAP financial measure, which reduces its overall usefulness as a comparative measure. Because of these inherent limitations, you should consider Non-GAAP Adjusted EBITDA alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP.

    Castellum, Inc.
    Reconciliation of unaudited Non-GAAP Adjusted EBITDA to Operating Income/ (Loss)
    The Year Ended December 31, 2024, and 2023
        2024     2023  
    Revenues $ 44,764,852   $ 45,243,812  
    Gross Profit   18,266,415     18,675,327  
    Loss from operations before other income (expense)   (7,244,627 )   (16,668,825 )
         
    Add back:    
    Depreciation and amortization   2,220,185     2,528,815  
         
    Adjust for non-cash and one-time charges:    
    Stock based compensation   5,426,985     7,495,759  
    Goodwill Impairment   –     6,919,094  
    Change in FV of earnout   –     (92,000 )
    Non-recurring charges   445,007     –  
    Total non-cash charges   5,871,992     14,322,853  
         
    Non-GAAP Adjusted EBITDA $ 847,550   $ 182,843  
                 

    Contact:
    Glen Ives
    President and Chief Executive Officer
    Phone: (703) 752-6157
    info@castellumus.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d022e960-9912-4701-8fdb-fcb3ed07050a

    The MIL Network –

  • MIL-OSI Asia-Pac: Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1

    Source: Hong Kong Government special administrative region

    Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1
    Second Agreement Concerning Amendment to CEPA Agreement on Trade in Services to be implemented on March 1
    ******************************************************************************************

         The Hong Kong Special Administrative Region (HKSAR) Government today (February 28) said that the Second Agreement Concerning Amendment to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) Agreement on Trade in Services (Amendment Agreement II) signed between the Ministry of Commerce and the HKSAR Government under the framework of CEPA will be implemented tomorrow (March 1).      The Amendment Agreement II further opens up the services market of the Mainland to Hong Kong, enabling Hong Kong businesses and professionals to enter the Mainland market with more preferential treatments. The Amendment Agreement II introduces new liberalisation measures across a number of service sectors where Hong Kong enjoys competitive advantages, such as financial services, construction and related engineering services, testing and certification, telecommunications, motion pictures, television and tourism services. The liberalisation measures take various forms, including removing or relaxing restrictions on equity shareholding and business scope in the establishment of enterprises; relaxing qualification requirements for Hong Kong professionals providing services; and easing restrictions on Hong Kong’s exports of services to the Mainland market. Most of the liberalisation measures apply to the whole Mainland, while some of them are designated for pilot implementation in the nine Pearl River Delta municipalities in the Guangdong-Hong Kong-Macao Greater Bay Area.      The Amendment Agreement II also brings along institutional innovation and collaboration enhancements. It includes the addition of “allowing Hong Kong-invested enterprises to adopt Hong Kong law” and “allowing Hong Kong-invested enterprises to choose for arbitration to be seated in Hong Kong” as facilitation measures for Hong Kong investors; and removal of the period requirement on Hong Kong service suppliers to engage in substantive business operations in Hong Kong for three years in most service sectors.      Since the signing of the Amendment Agreement II, the HKSAR Government has been proactively liaising with various chambers of commerce, industries and advisory bodies, etc, to enhance the trade’s understanding of the liberalisation measures. In addition, in the middle of this month, the HKSAR Government co-organised with the Ministry of Commerce a forum to introduce the content and implementation arrangements of the measures as well as the criteria and procedures for application for preferential treatments to over 350 participants, including representatives from local and foreign chambers of commerce, consulates, major trade associations and professional sectors. The HKSAR Government will continue to assist the trade in making good use of the preferential measures of the Amendment Agreement II to facilitate Hong Kong in fully capitalising on the city’s distinctive advantages of enjoying strong support of the motherland and maintaining close connection to the world under the “one country, two systems” principle, and to contribute to the national development of new quality productive forces and solid progress in promoting high-quality development.      The Mainland and Hong Kong signed the Agreement on Trade in Services (the Services Agreement) under the framework of CEPA in November 2015, basically achieving liberalisation of trade in services between the two places. Subsequently, the two sides signed an agreement to amend the Services Agreement in November 2019 and the relevant liberalisation measures have been implemented since June 2020. To further enhance liberalisation and facilitate trade in services in response to the aspirations of the Hong Kong business community for greater participation in the development of the Mainland market, the two sides signed the Amendment Agreement II on October 9, 2024, to make further amendments to the Services Agreement.      To provide one-stop facilitation to the trade, the Trade and Industry Department (TID) has established a dedicated website (www.tid.gov.hk/english/cepa/index.html) where the enterprises and professionals concerned can access more details about CEPA.      The TID also maintains a telephone hotline (2398 5667) and email (cepa@tid.gov.hk) for CEPA-related enquiries, and helps liaise with relevant bureaux, departments or the Mainland authorities to follow up on those issues. 

     
    Ends/Friday, February 28, 2025Issued at HKT 17:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Interest rate for fifth interest payment of Silver Bond Series due 2025

    Source: Hong Kong Government special administrative region

    Interest rate for fifth interest payment of Silver Bond Series due 2025
    Interest rate for fifth interest payment of Silver Bond Series due 2025
    ***********************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority, as representative of the Hong Kong Special Administrative Region Government, announced today (February 28) the relevant per annum interest rate for the fifth interest payment of Silver Bond Series due 2025 (Issue Number 03GB2509R) (the Bonds) issued under the Retail Bond Issuance Programme of the Government Bond Programme.           According to the Issue Circular dated August 9, 2022, for the Bonds, the fifth interest payment of the Bonds is scheduled to be made on March 14, 2025, and the relevant interest rate is scheduled to be determined and announced on February 28, 2025, as the higher of the prevailing Floating Rate and Fixed Rate.              On February 28, 2025, the Floating Rate and Fixed Rate are as follows: 

    Floating Rate:
    +1.82 per cent (Annex)

    Fixed Rate:
    +4.00 per cent

          Based on the Floating Rate and Fixed Rate set out above, the relevant interest rate for the fifth interest payment is determined and announced as 4.00 per cent per annum.

     
    Ends/Friday, February 28, 2025Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Vice-President to visit Mumbai (Maharashtra) on 1st March, 2025

    Source: Government of India (2)

    Vice-President to visit Mumbai (Maharashtra) on 1st March, 2025

    VP to be Chief Guest at the Annual Day Function of K.P.B. Hinduja College of Commerce

    Posted On: 28 FEB 2025 12:52PM by PIB Delhi

    The Vice-President of India, Shri Jagdeep Dhankhar, will be on a one-day tour of Mumbai, Maharashtra on 1st March, 2025.

    During the visit, the Vice-President will preside as Chief Guest at the Annual Day Function of K.P.B. Hinduja College of Commerce, Mumbai in Maharashtra.

    ****

    JK/RC/SM

    (Release ID: 2106843) Visitor Counter : 89

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: National Waterways (Construction of Jetties/Terminals) Regulations, 2025; set to open new opportunities for private players in IWT sector

    Source: Government of India

    Posted On: 28 FEB 2025 12:27PM by PIB Delhi

    In a significant move to enhance infrastructure development and improve the ease of doing business, regulations have been put in place for the establishment of jetties and terminals by various entities, including private, public, and joint ventures, on national waterways across the country.

    The National Waterways (Construction of Jetties/Terminals) Regulations, 2025, formulated by Inland Waterways Authority of India (IWAI) under the Ministry of Ports, Shipping and Waterways (MoPSW), are designed to attract private sector investment in setting up terminals, streamline processes and promote efficient use of India’s vast waterways network.

    By enabling entities, including private players, to develop and operate jetties and terminals, these regulations open up new opportunities for investment, trade, and economic growth, while also improving logistical efficiency. This initiative is expected to contribute to the reduction of transportation costs, enhance cargo movement, and support the overall growth of the inland waterways sector, positioning it as a key driver of nation’s economy.

    Key Highlights of the Regulations

    Under the new regulations, any entity including private, wishing to develop or operate an inland waterway terminal on a national waterway need to obtain a ‘No Objection Certificate’ (NoC) from IWAI. Both existing and new terminals, whether permanent or temporary, are covered under these regulations. Permanent terminals can be maintained for the lifetime by the operator, while temporary terminals will have an initial five-year term with the possibility of extensions. The terminal developer and operator will be responsible for the technical design and construction of the terminal, ensuring it aligns with their business plan and provides adequate access.

    Digital Portal for Terminal Applications

    IWAI is developing an online application portal to streamline and digitise the application process for terminal developers and operators. This digital platform will enhance efficiency, transparency, and accessibility, in line with the government’s vision of Ease of Doing Business (EODB) and digitisation. The portal will provide a seamless interface for applicants to submit requests and track progress.

    Boosting Private Participation and Infrastructure Development

    Under the dynamic leadership of Prime Minister Shri Narendra Modi and the guidance of Union Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, IWAI has made significant strides in developing waterways as a key engine of economic growth. The cargo movement on national waterways has surged over the last decade, from 18 million tonnes to 133 million tonnes in FY 2023-24. This advancement is in line with the Prime Minister’s vision to promote sustainable development, foster private sector participation, and enhance Ease of Doing Business by leveraging digitalisation and streamlining processes.

    Additionally, the newly launched Jalvahak scheme, which aims to incentivize a shift in cargo transport by nearly 17% from the current 4700 million tonne kilometres on national waterways, is expected to further boost private sector participation.

    With the enforcement of the National Waterways (Construction of Jetties/Terminals) Regulations, 2025, private entities are expected to play a greater role in the development and expansion of inland waterway terminals, thus contributing to the overall growth of the sector.

    ***

    G.D. Hallikeri / Henry / Shweta

    (Release ID: 2106826) Visitor Counter : 67

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raksha Rajya Mantri meets Commissioner for Defence & Space, European Commission in New Delhi

    Source: Government of India

    Posted On: 28 FEB 2025 12:20PM by PIB Delhi

    Raksha Rajya Mantri Shri Sanjay Seth held a meeting with the Commissioner for Defence and Space, European Commission Mr Andrius Kubilius in New Delhi on February 28, 2025. They comprehensively discussed the India-European Union bilateral defence and security cooperation with focus on maritime engagements & information sharing in the Indo-Pacific.

    Shri Sanjay Seth and Mr Andrius Kubilius also explored ways & means to enhance defence industrial cooperation, particularly the participation of European defence companies in joint projects and co-production opportunities in India. They considered the modalities of Indian participation in the European Union’s Permanent Structured Cooperation and other European developmental projects.

    Mr Andrius Kubilius is visiting India as a part of the President European Commission-led delegation along with the College of Commissioners.

    ****

    SR/Savvy

    (Release ID: 2106824) Visitor Counter : 99

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appointments to Committee on Innovation, Technology and Industry Development announced

    Source: Hong Kong Government special administrative region

    Appointments to Committee on Innovation, Technology and Industry Development announced
    Appointments to Committee on Innovation, Technology and Industry Development announced
    **************************************************************************************

         The Government announced today (February 28) the appointment of two non-official members recruited through the Member Self-recommendation Scheme for Youth (MSSY) and the reappointments of 16 incumbent non-official members to the Committee on Innovation, Technology and Industry Development (CITID) for a two-year term from March 3, 2025, to March 2, 2027.           The Secretary for Innovation, Technology and Industry, Professor Sun Dong, thanked outgoing members Mr Nicholas Chan Hiu-fung and Mr Kingsley Wong Kwok for their contributions during their term of service.      Established on March 3, 2023, the CITID is chaired by the Secretary for Innovation, Technology and Industry, and advises the Government on the strategic development of innovation and technology in Hong Kong. The updated membership of the CITID is as follows: Chairman————Secretary for Innovation, Technology and IndustryProfessor Sun Dong Ex-officio members—————————–Chairman, Hong Kong Science and Technology Parks CorporationDr Sunny Chai Ngai-chiu Chairman, Hong Kong Cyberport Management Company LimitedMr Simon Chan Sai-ming Chairman, Hong Kong Applied Science and Technology Research Institute Company LimitedMr Sunny Lee Wai-kwong Chairman, Hong Kong Productivity CouncilMr Sunny Tan Non-official members—————————–Professor Chan Ching-chuenMr Calvin Chan Ka-waiMr Duncan ChiuMr Holden Chow Ho-dingMr Steve Chuang Tzu-hsiungMr Hsu Hoi-shanProfessor Nancy Ip Yuk-yuMr Victor Kwok Hoi-kit*Mr Liu DaProfessor Liu Yun-huiProfessor Lu JianProfessor Anderson Shum Ho-cheungMr Hendrick SinProfessor Teng Jin-guangMs Karmen Yeung Ka-yinMr Yuan Xiao-hang*Ms Eunice Yung Hoi-yanDr Philip Zhai Pu Official members—————————-Secretary for Commerce and Economic Development (or his/her representative)Secretary for Education (or his/her representative)Secretary for Financial Services and the Treasury (or his/her representative)Permanent Secretary for Innovation, Technology and IndustryUnder Secretary for Innovation, Technology and IndustryCommissioner for Innovation and TechnologyCommissioner for Digital Policy * Joined through the MSSY

     
    Ends/Friday, February 28, 2025Issued at HKT 15:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Answer to a written question – Grão-Pará Maranhão project and financing decision under the EU Global Gateway – E-000012/2025(ASW)

    Source: European Parliament

    The Commission has not taken such decisions. In relation to other financial institutions such as the European Investment Bank (EIB), the Commission invites the Honourable Member to address those entities, the Commission is in any case not aware of any EIB decisions to finance the project.

    The Grão-Pará Maranhão project is at a very early stage of proposal development, the Commission has not received requests for financial support and as such it has not taken any financing decision regarding this project.

    Last updated: 28 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Italy: EIB and INWIT sign €350 million agreement to develop digital telecommunications infrastructure

    Source: European Investment Bank

    • EIB financing to support the deployment and dissemination of digital telecommunications infrastructure and improve mobile coverage and connectivity.

    The European Investment Bank (EIB) has granted INWIT €350 million in funding to boost digitalisation and connectivity in Italy, so improving mobile coverage even in the most rural areas. The agreement was signed today in Rome by EIB Vice-President Gelsomina Vigliotti and INWIT General Manager Diego Galli.

    The funding aims to support the development and implementation of macro-grid telecommunications infrastructure (raw land and rooftop towers), dedicated to enabling the connectivity of mobile network operators, including 5G and fixed wireless access (FWA) connections. Investments are also planned for micro-grid infrastructure, both outdoors (small cells) and indoors with multi-operator DAS (Distributed Antenna Systems) coverage, to improve mobile connectivity in locations such as hospitals, museums, shopping centres, underground lines and motorway tunnels.

    “This financing confirms the EIB’s commitment to supporting the development of digital infrastructure in Italy, fostering technological growth and the transition to increasingly advanced and efficient connectivity. The agreement further strengthens the partnership between the EIB and INWIT, validating the Bank’s strategic role in supporting telecommunications and promoting digital innovation in Italy,” said EIB Vice-President Gelsomina Vigliotti.

    “This partnership represents further recognition of our business model and the strategic value of our investment plan in digital and shared infrastructure, which drives economic and industrial efficiency across the value chain for the benefit of our customers. This agreement further strengthens the already solid and long-standing cooperation between INWIT and the EIB,” commented Diego Galli, General Manager of INWIT.

    Background information

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security. The EIB Group signed 99 operations totalling €10.98 billion in Italy in 2024, helping to unlock almost €37 billion of investment in the real economy. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    INWIT

    INWIT, Italy’s first tower company and one of the country’s digital infrastructure leaders, builds and manages digital shared infrastructure enabling mobile telecommunication connectivity. Its assets form part of an integrated ecosystem of macro-grids (around 25 000 towers) and micro-grids (some 600 dedicated indoor DAS roofs), including 4G and 5G of the main mobile operators, FWAs and IoT sensors. INWIT contributes to more efficient development of the telco ecosystem, which is key for the digital transition and 5G, and is also committed to reducing the digital divide via the implementation of the 5G national recovery and resilience plan. INWIT is listed on the Italian Stock Exchange (FTSE MIB – benchmark stock market index)

    MIL OSI Europe News –

  • MIL-OSI Europe: Spain: EIB Group and Santander provide €163 million to support energy efficiency projects

    Source: European Investment Bank

    • The EIB Group has invested €121 million in an asset-backed securitisation operation by Santander.
    • This EIB Group investment will enable Santander to mobilise some €163 million to promote green loans for real estate.
    • The operation will support energy efficiency and sustainability projects in Spain’s residential real estate market.

    The EIB Group – made up of the European Investment Bank (EIB) and the European Investment Fund (EIF) – signed a new synthetic securitisation operation with Santander to provide financing for energy efficiency investments in the Spanish real estate sector, including the construction of new near zero-emission buildings and the renovation of existing residential properties to meet sustainability standards.

    The operation will allow new green and sustainable mortgages to be granted to individuals investing in the renovation or construction of buildings with high energy efficiency standards that meet the eligibility conditions set by the EIB.

    The projects financed by this operation will improve energy efficiency, reduce CO2 emissions and help mitigate climate change. The operation contributes to EIB Group priorities such as climate action, cohesion and developing the securitisation market in Europe.

    The EIB’s commitment amounts to around €76 million, while the EIF has committed €45 million. The full EIB Group investment is being executed in a single securitisation, optimally structured to give Santander capital relief on a portfolio of residential mortgages. Under the transaction, the EIB Group will provide a €121 million unfunded guarantee in a mezzanine tranche with the goal of enabling Santander to finance new energy efficiency investments for an amount equal to 1.34 times the size of the EIB Group guarantee.

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    About Santander

    Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.

    MIL OSI Europe News –

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – January 2025

    Source: European Central Bank

    28 February 2025

    Compared with December 2024:

    • median consumer perceptions of inflation over the previous 12 months decreased, as did median inflation expectations for the next 12 months, while median inflation expectations for three years ahead remained unchanged;
    • expectations for nominal income growth over the next 12 months decreased, while expectations for spending growth over the next 12 months increased;
    • expectations for economic growth over the next 12 months became less negative, while the expected unemployment rate in 12 months’ time decreased;
    • expectations for growth in the price of homes over the next 12 months increased, while expectations for mortgage interest rates 12 months ahead declined.

    Inflation

    The median rate of perceived inflation over the previous 12 months decreased slightly in January to 3.4%, from 3.5% in December. Median expectations for inflation over the next 12 months also decreased, to 2.6% from 2.8%. In both instances, these decreases reversed the increases observed in the December 2024 data. Median expectations for inflation three years ahead were unchanged at 2.4% in January 2025. Inflation expectations at the one-year and three-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged, for the sixth month in a row, at its lowest level since February 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, expectations for lower income quintiles were slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months decreased to 0.9% in January from 1.1% in December. The drop in income growth expectations was mainly driven by the lowest income quintile, while the income growth expectations of the two highest quintiles remained unchanged. Perceived nominal spending growth over the previous 12 months decreased to 5.1% in January, from 5.2% in December, while expected nominal spending growth over the next 12 months increased to 3.6%, from 3.5% in December. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were less negative, standing at -1.1%, compared with -1.3% in December. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in December. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (9.9%), implying a broadly stable labour market. Quarterly data showed that unemployed respondents reported a decrease in their expected probability of finding a job over the next three months, which declined to 25.1% in January, from 29.3% in October. Employed respondents, by contrast, reported that their expected probability of job loss over the next three months decreased to 8.6% in January, from 9.0% in October. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.0% over the next 12 months, which was slightly higher compared than in December (2.9%). Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.4% and 2.8% respectively), although the difference narrowed compared with earlier months. Expectations for mortgage interest rates 12 months ahead declined slightly to 4.5%, their lowest level since July 2022. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.1%), while the highest income households expected the lowest rates (3.9%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months increased, as did the net percentage of those expecting a tightening over the next 12 months. The share of consumers who reported having applied for credit during the past three months, which is measured on a quarterly basis, declined to 15.0% in January from 15.9% in October. (Housing and credit access results)

    The release of the Consumer Expectations Survey (CES) results for February is scheduled for 28 March 2025.

    For media queries, please contact: Nicos Keranis, Tel: +49 172 758 7237

    Notes

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – STMicroelectronics’ plans to lay off 2 500 workers at its Catania facility and the effectiveness of state aid for employment in the semiconductor sector – P-000759/2025

    Source: European Parliament

    Priority question for written answer  P-000759/2025
    to the Commission
    Rule 144
    Giuseppe Antoci (The Left)

    In May 2024, the Commission approved, under EU state aid rules, a EUR 2 billion Italian measure to support STMicroelectronics (STM) in the construction and operation of an integrated chip production plant for silicon carbide electrical devices in Catania.

    Recently, STM applied for wage support measures for 2 500 of its 5 400 Catania-based employees[1].

    The company’s reorganisation could lead to the closure of the Catania facility’s oldest production plant (known as CT6) and raises concerns about the prospects of the sectors linked to Europe’s automotive and semiconductor industries.

    In the light of the Commission’s Communication[2] concerning a chips act for Europe, of its package of measures on semiconductors and of Regulation (EU) 2023/1781 – which established a framework of measures for strengthening Europe’s semiconductor ecosystem – could the Commission answer the following questions:

    • 1.Given the plight of STM’s Catania facility, how effective does the Commission think that Italy’s state aid measures have been?
    • 2.How will the funds allocated to STM’s Catania project support stability and growth in employment and long-term strategic investments within the framework of the EU’s semiconductor strategy?

    Submitted: 19.2.2025

    • [1] https://www.lasicilia.it/economia/la-crisi-di-stmicroelectronics-a-catania-2-500-dipendenti-in-cassa-integrazione-per-due-settimane-2406167/.
    • [2] COM(2022) 45 final.
    Last updated: 28 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Is EU funding under the Recovery and Resilience Facility deliberately opaque? – E-000747/2025

    Source: European Parliament

    Question for written answer  E-000747/2025
    to the Commission
    Rule 144
    Julien Sanchez (PfE)

    The NextGenerationEU recovery plan was set up in the wake of the COVID-19 pandemic, with a budget of over EUR 800 billion. Its key instrument is the temporary Recovery and Resilience Facility (RRF), which has been allocated funding of EUR 723 billion: EUR 338 billion in grants and EUR 385 billion in loans[1] (2022 prices). It is used to finance the Member States’ reforms and investments.

    The 2023 Annual Report on the protection of the European Union’s financial interests refers to cases of suspected fraud and 13 audits. The European Public Prosecutor’s Office reports 233 ongoing RRF investigations, with estimated damages of EUR 1.86 billion to date, involving criminal networks using shell companies, straw buyers and falsified documents.

    • 1.Will the Commission publish detailed information on the fraud identified in the RRF? What obstacles does it face in this regard?
    • 2.Could it demonstrate that it is not seeking to make the RRF less transparent by making it impossible for MEPs to monitor it, which many people believe to be the case?

    Submitted: 19.2.2025

    • [1] European Court of Auditors Special report 26/2023 on the Recovery and Resilience Facility’s performance monitoring framework, p. 4.
    Last updated: 28 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Granting EU funds to media outlets during the European election campaign – E-000804/2025

    Source: European Parliament

    Question for written answer  E-000804/2025
    to the Commission
    Rule 144
    Friedrich Pürner (NI)

    According to several media reports, the EU awarded approximately EUR 132 million to media companies for use during campaigning for the 2024 European elections.

    Instead of public invitations to tender, this funding was granted under a ‘framework contract’, which transferred it to the advertising agency Havas Media France, a member of the Vivendi group. The agency then decided on how to allocate the funds in consultation with the EU’s leadership – but without transparency and public scrutiny.

    • 1.Under which criteria – listed according to importance – were funds to be distributed under the contract with this advertising agency?
    • 2.Were the articles, reports, contributions or similar items that appeared in the media under the framework contract during the European election campaign labelled as such – for example as ‘paid content’ or as ‘advertising’? If not, why not?
    • 3.Were German media outlets also funded under the framework contract with Havas Media France and, if so, which outlets received funding and in what amounts?

    Submitted: 21.2.2025

    Last updated: 28 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Piero Cipollone: The role of the digital euro in digital payments and finance

    Source: European Central Bank

    Contribution to Bancaria by Piero Cipollone, Member of the Executive Board of the ECB, based on remarks at the Crypto Asset Lab Conference on 17 January 2025

    28 February 2025

    Being a key player in digital payments and digital finance should be a priority for Europe.

    As Mario Draghi pointed out in his recent report, the productivity gap between the United States and the European Union is mostly explained by technology and finance.[1] If we take the information and communications technology (ICT) and financial sectors out, the gap disappears.

    If we want to close the productivity gap with the United States, we need to focus on these areas. Digital payments and digital finance stand at the intersection of these two sectors. And they are developing fast, driven by changes in habits and technology. This is both an opportunity and a risk for Europe. It is an opportunity to close the gap by developing innovative and competitive European solutions. But if we do not seize that opportunity, we run the risk of weakening our competitiveness, resilience and strategic autonomy.

    At the European Central Bank (ECB), as guardians of our single currency, the euro, we consider this a matter of crucial importance. Ultimately, it is about the future of our currency. Today, the euro is the second most important currency in the international monetary system. Its share across a range of indicators stands at around 20%, and the euro area accounts for around 12% of global GDP.[2] If we want to prevent the euro from losing importance on the global stage, transacting and investing in euro needs to be seen as safe, easy and efficient, even as digitalisation transforms payments and finance.[3]

    Central bank money – the central pillar of the payments and financial system – has a key role to play in connecting the different parts of the financial system in a safe and risk-free way. This is particularly relevant in Europe, where payments and finance often remain fragmented along national lines, preventing us from fully reaping the benefits of the single European market. This is true for both retail and wholesale transactions.

    For retail transactions – payments made on a daily basis by consumers and businesses – our reliance on non-European solutions weakens our strategic autonomy and is a drag on productivity growth. We should ask, for example, why we don’t have a European VISA or Mastercard. A digital euro – that is, central bank money in digital form for retail transactions – would give us the chance to increase efficiency, competition, innovation and resilience while allowing European private payment solutions to scale up and protect our monetary sovereignty.[4]

    For wholesale transactions – transactions between financial institutions – we need to avoid repeating the mistake we made in the retail sector and ensure that we provide the conditions for European actors to stay ahead of their competitors. New technologies offer us the opportunity to create an integrated European market for digital assets from the outset, in other words a European capital markets union.[5]

    A digital euro for everyday payments

    For firms and households, central bank money is currently only available in the form of cash; there is currently no equivalent in digital form, which is becoming increasingly problematic because the use and acceptance of cash are declining. In the euro area, cash transactions have fallen below card transactions in value.[6] The share of companies reporting that they do not accept cash has tripled over the last three years to 12%.[7] The European Commission has put forward a legislative proposal to ensure the acceptance of cash[8], and the ECB is committed to ensuring that cash remains as widely available and accessible as possible[9]. Still, the trend towards cash being used less for daily transactions is likely to continue owing to the digitalisation of the economy in line with what has been observed in many advanced economies.

    Day-to-day payments in the euro area by payment instrument, in value terms

    (percentage of the value of all non-recurring day-to-day payments)

    Source: ECB (2024), Study on the payment attitudes of consumers in the euro area (SPACE).

    Note: The “Other” category includes bank cheques, credit transfers, direct debit, instant payments, loyalty points, vouchers and gift cards, crypto-assets, buy-now-pay-later services and other payment instruments.

    Current European digital payment solutions, such as cards issued by European payment schemes, mainly cater to national markets and specific use cases. To pay across European countries, consumers have to rely on a few non-European providers. More than two-thirds of card transactions in the euro area were settled through international payment schemes in the second half of 2023.[10] And 13 out of 20 euro area countries rely entirely on non-European solutions in the absence of their own domestic payment scheme. But even those international payment solutions are not accepted everywhere and do not cover all key use cases.

    National card schemes in the euro area

    Source: ECB.

    As a result, one of the key objectives of central bank money – to offer the public a means of payment backed by the sovereign authority that can be used for retail transactions across the entire currency area – is not being fulfilled in the digital space.

    In addition, European payments have become a prime example of the situation that Enrico Letta and Mario Draghi described in their recent reports.[11] The fragmentation of the market along national lines, the lack of European payment solutions available on a European scale and the difficulty faced by European payment service providers in keeping pace with technological advances mean that Europe is not competitive within its own market, let alone on a global scale.

    Moreover, in an unstable geopolitical environment, we are being left to rely on companies based in other countries. In future, this dependency could extend beyond traditional payment service providers. Platforms like Ant Group’s Alipay have shown they know how to bridge geographical gaps: during major events like UEFA EURO 2024 they were able to boost their payment app usage among customers in Europe.

    Merchants – and consumers, who bear the costs – are left to deal with the consequences of the international card schemes’ market dominance. To give just one example, the average net merchant service charges in the EU almost doubled between 2018 and 2022.[12] This increase occurred despite regulatory efforts to contain it. And the cost falls disproportionately on smaller retailers, who face charges that are three to four times higher than those paid by their larger counterparts.[13]

    We must move swiftly to counter the risks stemming from Europe’s current inability to secure the integration and autonomy of its retail payment system. This is one of the key reasons behind the digital euro project: to bring central bank money into the digital age. Doing so would provide firms and households with a digital equivalent to banknotes and would strengthen our monetary sovereignty.

    Benefits for consumers and merchants

    Complementing banknotes, the digital euro would give all European citizens and firms the freedom to make and receive digital payments seamlessly.[14]

    The digital euro would provide a single, easy, secure and universally accepted public solution for digital payments in stores, online and from person to person. It would be available both online and offline, and would be free for basic use.

    For merchants, the digital euro would provide seamless access to all European consumers. Moreover, it would offer an alternative that would increase competition, thereby lowering transaction costs in a more direct way than is possible through regulations and competition authorities.[15]

    Fostering competition and innovation in an integrated payments ecosystem

    The digital euro would strengthen the euro area economy by fostering competition and innovation.

    European payment service providers are finding it increasingly difficult to compete with international card schemes and mobile payment solutions. As the latter grow in popularity, banks risk falling behind not only in terms of interchange fees, but also in terms of client relationships and user data.

    By contrast, the digital euro would ensure that payment service providers would continue to play a central role, thus enabling them to maintain customer relationships and be compensated for their services, as is currently the case.[16] It would also offer an alternative to co-badging with international card schemes for cross-border payments in – and potentially beyond – the euro area, thus promoting competition.

    The digital euro would also expand the opportunities available to payment service providers while reducing the cost of offering their own services on a European scale. In addition, it would foster an environment conducive to the widespread adoption of payment innovations throughout the euro area.

    Currently, several innovations aimed at simplifying payments are emerging within specific national markets or across a few countries, driven by European payment service providers. Although these innovations are highly commendable and would enhance people’s lives, existing structural barriers are hampering their efforts to achieve pan-European scale.

    These solutions are struggling to achieve the scale needed to provide a service to everyone in the euro area. This limits their ability to compete effectively with the large international players who can fully leverage economies of scale, even on a global level.

    The European Commission’s legislative proposal[17] foresees that the digital euro would have legal tender status; this implies that it would be accepted by all merchants who currently accept electronic payments. In reality this would equate to the creation of a pan-European network which could also be used by private solutions, thus overcoming the obstacles limiting their growth.

    This would foster a more integrated European payments market. As private providers expand their geographical reach and diversify their product portfolios, they will benefit from cost efficiencies and be better positioned to compete internationally.

    In essence, the network effects generated by a digital euro would function as a public good, benefiting both public and private initiatives. This approach would be akin to creating a unified European railway network or European energy grid, where various companies could competitively operate their own services and deliver added value to customers.

    Instead of requiring significant investment to expand existing services across the euro area, the open digital euro standards would facilitate cost-effective standardisation, making it possible for private retail payment solution providers to launch new products and functionalities on a broader scale.

    Ultimately, whether through the digital euro or private solutions, this framework would unlock innovation, create new business opportunities and improve consumer access to a diverse range of goods and services.

    Making this vision a shared reality

    The design of the digital euro, as well as the key provision in the regulation proposed by the European Commission, contains all the key elements required to make this vision a reality.

    Over the past years, we have extensively engaged with a multitude of market stakeholders to establish the digital euro’s features. We have collected and discussed the input of representatives of consumers, merchants, banks and payment service providers. Furthermore, we are now looking at how the digital euro could be used to provide services currently not available on the market. To this end, we launched a call for expressions of interest, asking for collaboration from stakeholders, and we received a very strong response. Through this inclusive approach, we want to take everyone’s needs and perspectives into consideration to produce a robust payments solution.

    The role of central bank money in developing a European market for digital assets

    Currently, the ECB and the national central banks of those EU Member States whose currency is the euro (which we collectively refer to as the Eurosystem) offer central bank money in digital form to financial institutions through our TARGET Services: T2 settles more than 90% of the value of large payments between financial institutions, and T2S settles securities transactions. These services have been crucial in increasing the efficiency and integration of post-trade platforms in Europe.

    We are committed to continuing to provide state-of-the-art settlement services in central bank money, even as new technologies emerge.

    The potential of new technologies

    In this respect, we recognise the potential of new technologies, such as distributed ledger technology (DLT), to transform and improve wholesale financial markets by enabling assets to be issued or represented in digital token form.

    DLT allows market participants to handle trading, settlement and custody on the same platform, reducing credit risk, transaction failures and reconciliation needs. It can enhance efficiency by operating on a 24/7, 365 days a year basis and settling transactions instantly, which could potentially reduce annual infrastructure operational costs. A shared DLT platform could lower market entry barriers, enable small and medium-sized enterprises and new players to access capital markets and facilitate the efficient trading of financial instruments currently not covered on regulated markets.

    We have an opportunity to create an integrated European capital market for digital assets from the outset – in other words, a digital capital markets union.[18]

    In fact, we have recently seen an upsurge in DLT initiatives in Europe. Over 60% of EU banks are exploring or using DLT, with 22% already implementing DLT applications. Furthermore, on the securities side, there has been an increasing number of issuances on DLT.

    The role of central bank money and the Eurosystem’s exploratory work

    The ECB is aware that it has a role to play in this work from the very beginning.

    The availability of central bank money to settle transactions using these new technologies is important for two reasons. First, if we don’t use central bank money, other settlement assets – such as stablecoins or tokenised deposits – will be used, which would reintroduce credit risks and fragmentation in the financial system. And second, the possibility to settle in central bank money is seen by the market as a key factor in the adoption of new technologies.

    The Eurosystem has already worked with the market to test settling wholesale transactions in central bank money using DLT. In exploratory work we carried out in 2024, for example, we offered three different solutions to link our TARGET services to market DLT platforms. This allowed industry participants to either settle real transactions in central bank money or conduct experiments with mock transactions.[19]

    This exploratory work stands out at the global level in terms of its scale and scope. Overall, 60 industry participants took part, including incumbents and new entrants. More than 40 experiments and trials covered a wide range of securities and payments use cases, including the first issuance of an EU sovereign bond using DLT. A total value of €1.6 billion was settled via trials over a six-month period, exceeding values settled in comparable initiatives in other jurisdictions.

    Next steps

    In the short term, the Eurosystem will aim to make it possible to settle DLT transactions in central bank money, with a view to enabling the further development of DLT on the market.[20] The technological solution will be based on interoperability between market DLTs and the Eurosystem, but also – and this is crucial – between market platforms, based on strong and enforceable standards.

    Looking further ahead, we will investigate how DLT can be used to create a more integrated financial market. With new technology, there is the opportunity to create a new ecosystem from scratch in a more integrated and harmonised manner. One way to achieve this integrated ecosystem in the longer term would be to move towards a European shared ledger. This would bring together token versions of central bank money, commercial bank money and other digital assets on a shared, programmable platform, on which market participants could provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable legacy and new solutions to coexist.

    The trade-offs between the benefits of such flexibility and those of bringing everyone together on one platform need further analysis. We will reflect on these trade-offs and refine this long-term vision together with private and public sector stakeholders.

    Conclusion

    In the current fast-moving environment, Europe cannot stand still. If we do not bring central bank money into the digital age, we will hamper Europe’s competitiveness, resilience and strategic autonomy. And we will miss out on the opportunities that digital payments and digital finance offer. Others would reap the benefits instead.

    By ensuring that central bank money keeps pace with digitalisation and new technologies, we would safeguard our monetary sovereignty. We would overcome fragmentation by offering money that can be used for any digital transactions in the euro area. We would foster competition and innovation. And we would strengthen our autonomy and resilience.

    MIL OSI Europe News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    About SIMPPLE LTD.

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

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

    Safe Harbor Statement

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

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

    For investor and media queries, please contact:

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

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

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

    The MIL Network –

  • MIL-OSI NGOs: New EU Commission proposal turns supply chain law into empty shell

    Source: Oxfam –

    The EU Commission has just presented its plans for the European Corporate Sustainability Due Diligence Directive (CSDDD) as part of the omnibus legislation.

    In response, Franziska Humbert, lawyer and Policy Advisor at Oxfam Germany, said:

    “The removal of civil liability equates to a loss of hard-fought legal recourse for survivors, who would finally have been able to litigate for years of human rights violations. For instance, they could have taken companies to court over health damage caused by pesticide use on banana plantations.

    “With the omnibus package, Commission President Von der Leyen is taking a chainsaw to environmental and human rights protections. The Directive is a milestone. Without binding due diligence obligations, companies will not take responsibility – something the disasters of recent years have made painfully clear: collapsing textile factories, dam failures in mining, and pesticide poisoning on banana plantations.

    “A retreat from responsibility would be disastrous. The CSDDD is a response to decades of turning a blind eye and sends a clear message: those who profit from international markets must also protect people and the environment. Undermining the law’s core obligations would harm not only the people in producing countries but also the EU’s credibility as an economic partner.”

    The proposal includes catastrophic changes to civil liability provisions and a shift away from climate protection legislations – ultimately dismantling the core of the EU’s Supply Chain Directive. The proposal put forward by EU Commission President Ursula von der Leyen significantly weakens existing European supply chain regulations, affecting both environmental standards and human right obligations that companies must uphold along their global supply chains.

    Joint NGO statement: “Omnibus proposal will create costly confusion and lower protection for people and the planet.”

    Giulia Melchionda  | Brussels, Belgium | giulia.melchionda@oxfam.org

    Jade Tenwick | Brussels, Belgium | jade.tenwick@oxfam.org | mobile +32 473 56 22 60 | WhatsApp only +32 484 81 22 94  (currently on leave)       

    For more information on our work and to see our latest press releases, please visit oxfam.org/eu.      
     
    For updates, follow us on Twitter, BlueSky and LinkedIn.       

    MIL OSI NGO –