NewzIntel.com

Category: Business

  • MIL-OSI United Kingdom: Northumbrian manufacturer wins data-centre work with UKEF backing

    Source: United Kingdom – Executive Government & Departments

    Salem Tube is moving into the rapidly-growing sector thanks in part to support from the government’s export credit agency.

    • Based in Prudhoe, County Durham, Salem Tube has traded for over 30 years and makes industrial tubing.

    • It has traditionally served the energy sector but is taking on more and more orders from developers of data-centres.

    • Data-centres have high energy requirements and cannot function without cooling equipment provided by Salem Tube.

    A manufacturer from Northumberland is taking on new business with data-centre developers after securing the support of UK Export Finance (UKEF) and Santander UK.

    Salem Tube has traded since 1992 and supplies tubes for heat-transfer and heat-exchange – something essential to industrial cooling systems. It exports to over 40 countries a year, typically in the energy sector.

    As the market for AI and cloud data storage grows rapidly, Salem has been taking on more and more contracts in this area.

    Salem has now agreed a financing package worth £3.5 million which is provided by Santander UK and backed by the government through UKEF. This gives the business the capital which it needs to take on larger data-centre contracts and establish itself as a supplier to this emerging sector.

    UKEF offers its General Export Facility (GEF) scheme through all the major UK banks and a range of non-bank lenders. This allows exporters to access working capital facilities up to around £25 million.

    Pat Kendell, Senior Export Finance Manager (North East England), UKEF:

    Salem Tube is a perfect example of how businesses in the north are adapting and thriving in emerging sectors. This deal shows how government backing can help established manufacturers to seize new opportunities in the industries of the future. By supporting Salem Tube’s move into the data-centre market, UKEF is helping to safeguard jobs and boost exports in the North-East.

    Mark Ling, Head of Trade & Supplier Finance, Santander UK:

    We are delighted to provide further support for Salem Tube’s growth. Our partnership and collaboration with both Salem Tube and UKEF demonstrates our commitment to the international growth of businesses in the UK.

    This also helps Salem to complete its rebound from COVID-19 and grow larger than ever. It secured a range of overseas contracts in the USA and Middle East last year and is now considering taking on more employees.

    This is the latest phase of Salem’s partnership with UKEF, which has supported the business for over 5 years and previously helped it win new contracts in Africa.

    Contact

    Media enquiries:

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Vacancy for IT Manager at MAIB, Southampton

    Source: United Kingdom – Executive Government & Departments

    We have an exciting opportunity to join the technical department at MAIB.

    Your responsibilities will include but not be limited to:

    • Service owner and system administrator of the branch’s local network, MADNet and its associated peripherals:

      • Network administrator
      • Network architect
      • Cybersecurity lead
      • First-line IT support
      • System administrator for Microsoft applications and licensing
      • Branch case management system
      • Building and issuing of staff laptops using Microsoft Intune
      • Set-up and problem-solving
      • Managing IT contractors
    • IT procurement lead
    • DfT IT Focal Point

    Applicants will have a robust technical background and strong leadership abilities, along with a deep understanding of network architecture and cybersecurity. Proven experience in managing and optimizing a range of IT systems and infrastructure is also desirable.

    This critical role requires candidates with a proven relevant technical background, combined with excellent communication, leadership, and people skills. You will have extensive experience of:

    • Windows-based PCs and server operating systems
    • Group Policy, Active Directory
    • Antivirus configuration and management
    • Firewall configuration and management
    • Managing network infrastructure, including UPS, switches and router configuration
    • VPN configuration and management
    • Cyber Security
    • Microsoft applications including Intune, O365 including Admin Centre, Teams, SharePoint, Power BI, Dynamics and Azure

    Applicants must have A level/BTEC National Level 3 equivalent or higher qualification, in an information technology subject, or certification from reputable IT companies such as Microsoft, Cisco, Dell, HP, Juniper, etc.

    For further information about the post and how to apply, go to Civil Service Jobs: IT Manager, Ref: 389736

    Closing date: Thursday 27th February 2025.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: With No Competing Offers, Beacon Roofing’s Board Stalls and Misleads

    Source: GlobeNewswire (MIL-OSI)

    Beacon Insiders Recently Sold Shares Well Below Offer Price, Undermining Beacon’s Case Against QXO
    QXO Calls on Beacon Roofing to Let Shareholders Decide on QXO’s $124.25 All-Cash Offer

    GREENWICH, Conn., Feb. 10, 2025 (GLOBE NEWSWIRE) —  QXO, Inc. (NYSE: QXO) today released a letter to Beacon Roofing Supply, Inc. shareholders regarding its $124.25 per share all-cash offer, addressing misrepresentations in Beacon’s recent 14D-9 filing.

    Dear Beacon Shareholders,

    We seek to set the record straight on some of the numerous misleading statements in Beacon’s recent communications.

    1.   QXO’s Offer to Acquire Beacon Roofing Supply is Highly Compelling and at a Significant Premium to Beacon’s Unaffected Share Price

    In evaluating QXO’s offer, Beacon conveniently ignores that its share price reflects our acquisition interest following the Wall Street Journal’s November 18, 2024 report. That day, Beacon’s stock rose 9.9%, compared to a 0.4% increase in the S&P 500. Yet, Beacon compares QXO’s offer to share price metrics as of January 14, 2025—a misleading approach that distorts expectations of Beacon’s standalone value.

    A more appropriate analysis shows that QXO’s offer represents:

    • A 37% premium to Beacon’s 90-day unaffected VWAP of $91.02 per share as of November 15, 2024;
    • A 26% premium to Beacon’s unaffected spot price of $98.75 per share as of November 15, 2024; and
    • A higher price than Beacon’s stock has ever traded.

    Indeed, Beacon acknowledges that November 15, 2024 is a significant date, referencing stock performance “from January 2, 2020 to November 15, 2024 (the last trading day before rumors surfaced).”

    Moreover, since November 15, 2024, Beacon’s Building Products Proxy Peers have lost 10.5% in value1, making QXO’s offer even more compelling:

    • A 41% premium to an implied spot share price of $88.42; and
    • A 52% premium to the peer-adjusted 90-day VWAP of $81.502.    

    2.   Data Indicates that Beacon Will Miss its Margin Targets. The Board’s Claim of Strong Performance is Flawed

    Beacon’s Board touts cherry-picked historical performance, painting a misleading picture of its track record. Consensus analysts’ estimates indicate that Beacon will miss all margin targets under its “Ambition 2025” plan. Further, Beacon’s revenue growth largely stems from extraordinary inflation and inorganic growth between 2022 and 2024. From 2019 through LTM September 2024, Beacon’s 7.7% revenue CAGR is the lowest of its peer group and well below the peer median of 12.1%3.

    Despite setting unambitious “Ambition 2025” targets, consensus analysts’ estimates indicate that Beacon will:

    • Miss its 2025 Gross Margin target by 130 basis points;
    • Miss its 2025 EBITDA Margin target by 114 basis points; and
    • Deliver EBITDA margins 20bps lower in 2025 than when the “Ambition 2025” plan was introduced4.

    Furthermore, Beacon’s claims of superior stock performance are easily debunked. Over the past five years, Beacon’s total shareholder return has trailed its Building Products Proxy Peers by 86% and trailed those peers by 140% since CEO Julian Francis took over as CEO in August 20195.

    3.   QXO’s Offer Represents a 3.0x Premium to Beacon’s Historical Multiple

    Beacon’s lackluster operational performance and relative share price underperformance are reflected in its enterprise value to next-twelve-months EBITDA multiple, which has remained rangebound at an average of 8.1x over the past three years. Meanwhile, its valuation gap relative to its Building Products Proxy Peers widened by 1.3x6 over the same period.

    Since Beacon has not closed the valuation multiple gap despite implementing “Ambition 2025,” reporting supposedly strong results and stock markets nearing all-time highs, we urge shareholders to decide if the current management and Board are the right team to create value for shareholders. QXO’s proposal provides a 3.0x premium to Beacon’s average historical next-twelve-months EBITDA multiple7, providing substantial immediate cash-certain value to shareholders.

    4.   If Beacon is Truly Confident in its Future, it Should Release its Projections Today

    Beacon’s upcoming financial projections for its March Investor Day warrant skepticism. Management itself acknowledged in its filings that its upcoming 2028 targets are “ambitious,” implying they may not be realistic. Beacon has already fallen short of some “Ambition 2025” goals. Adding to the skepticism, its decision to announce the Investor Day came only days after QXO disclosed its plan to go directly to shareholders.

    Further, these newly constructed projections will not be revealed for another month—more than three months after Beacon’s Board first rejected QXO‘s offer. Why the delay? What is Beacon formulating in the interim? If the company had strong, credible projections, there would be no reason for such a drawn-out disclosure process.

    5.   Actions Speak Louder than Words: Beacon Insiders Recently Sold Shares at Prices Far Below QXO’s Offer

    Since early 2024, Beacon’s Chairman and CEO have sold a significant percentage of their shares at prices well below QXO’s $124.25 per share offer:

    • Chairman Stuart Randle sold 20.9% of his shares at $94.808;
    • CEO Julian Francis sold 9.8% of his shares at $97.919;
    • CD&R, arguably the most sophisticated financial sponsor in the distribution space, exited its position in Beacon at $83.16 per share.

    If Beacon’s future is so bright under current management, why are insiders selling shares sharply below QXO’s offer price?

    Additionally, Beacon’s Board and management collectively own only 1.3% of outstanding10 shares, signaling a lack of alignment with shareholder interests and demonstrating their lack of confidence in Beacon’s standalone prospects.

    6.   Beacon’s Own Filings Suggest that No Actionable Competing Offer Exists

    Beacon’s recent filings indicate no viable third-party alternative to QXO’s premium offer. Beacon’s 14D-9 filing has not disclosed any competing offers, or even a single NDA being signed.

    Interestingly, on December 2, 2024, representatives of J.P. Morgan explicitly informed representatives of Morgan Stanley that they had been authorized to approach other potential suitors for Beacon. QXO’s letter to Beacon sent on the following day stated this clearly, yet Beacon made no effort to dispute this until two months later, on February 6, 2025.

    QXO’s offer is clear, compelling and in shareholders’ best interest. It is time for Beacon’s Board to stop obstructing shareholders and let them decide their own financial future.

    QXO’s tender offer for all of Beacon’s outstanding common stock will be effective until 12:00 midnight (New York City time) at the end of February 24, 2025, and QXO is prepared to complete the acquisition shortly after the tender expires, subject to the terms of the offer. The transaction is not subject to any financing conditions or due diligence conditions, and QXO expects that the waiting periods under the Hart-Scott-Rodino Act and the Canadian Competition Act will have expired or been waived by the time the tender offer expires.

    Advisors

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s board of directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement, as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.

    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants who have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts
    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts
    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    1 Market data as of February 7, 2025. Average of building products subset of the peer list presented in Beacon’s April 2024 Proxy Statement; includes: Builders FirstSource, Boise Cascade, GMS, Pool Corp, SiteOne, WATSCO, Wesco (“Building Products Proxy Peers”)
    2 Based on Beacon’s unaffected share price as of November 15, 2024 and the average share price performance since November 15, 2024 for the Building Products Proxy Peers
    3 Reported revenues for Beacon and Building Products Proxy Peers
    4 Based on median 2025E Wall Street research estimates, sourced from Capital IQ as of February 7, 2025
    5 Market data as of November 15, 2024. Total shareholder return reflects stock price performance adjusted for cash dividends paid, stock splits, rights offerings and spin-offs during the period
    6 As per Capital IQ as of November 15, 2024
    7 As of November 15, 2024; next-twelve-months EBITDA calculated using calendarized annual broker EBITDA estimates for Beacon
    8 As per Mr. Randle’s Form 4 filed with the SEC on May 28, 2024. According to Mr. Randle’s Form 4, this sale was not made pursuant to a Rule 10b5-1 plan or to pay any exercise price or tax liability incident to the receipt, exercise or vesting of equity awards.
    9 As per Mr. Francis’s Form 4 filed with the SEC on May 22, 2024. According to Mr. Francis’s Form 4, this sale was not made pursuant to a Rule 10b5-1 plan or to pay any exercise price or tax liability incident to the receipt, exercise or vesting of equity awards.
    10 As per Schedule 14D-9 filed with the SEC on February 6, 2025

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5854092c-16b2-41c5-918c-3c0e68bd5705

    The MIL Network –

  • MIL-OSI: Up to 70% Time Savings Achieved with Fully Integrated Advanced Referral Module of CareCloud’s AI-Enabled EHR

    Source: GlobeNewswire (MIL-OSI)

    Streamlining the Referral Process to Enhance Efficiency and Patient Experience

    SOMERSET, N.J., Feb. 10, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and AI-driven solutions, is proud to announce the launch of its new advanced referral module. This innovative solution is designed to simplify the referral process for medical providers and enhance the patient experience through advanced automation and location-based guidance. By optimizing referrals to specialists, the module reduces administrative time and effort, enabling a more streamlined, patient-focused approach. With its automated workflow, healthcare providers can save up to 70% of the time typically spent on generating and managing referrals, allowing them to prioritize patient care.

    92% of surveyed users rated the CareCloud’s advanced referral module as “exceptional”, praising its ease of use, efficiency, and ability to enhance patient satisfaction with one user explaining, “CareCloud’s advanced referral module has transformed how we handle patient referrals in our practice.” Asad Ullah of Mir Neurology & Spine Center continued, “Completing the referral process in real-time during patient visits ensures a seamless experience and faster access to specialty care. With the intuitive interface and location-based specialist recommendations, I can provide personalized options for my patients instantly. What’s even more valuable is that patients no longer have to call back or visit our office to complete or collect their referral forms. This not only improves efficiency but also enhances patient satisfaction by making the referral process more convenient and hassle-free.”

    The key features of CareCloud’s advanced referral module:

    1. Real-Time Referral Completion
      • Medical providers can complete referral forms while the patient is still in the office, ensuring accuracy and efficiency during the visit.
    2. Specialist Recommendations with Location Guidance
      • Integrated maps and location-based tools help doctors recommend specialists near the patient’s home or workplace, ensuring convenience and accessibility.
    3. Secure Patient Notifications
      • Patients receive text messages with a curated list of specialists, including secure links to detailed information such as the specialist’s name, contact details, and more.
    4. Seamless Appointment Booking
      • Patients can contact their chosen specialist and book appointments directly through secure links. Once confirmed, the system automatically forwards the referral form to the specialist.
    5. Patient Access to Referral Documentation
      • Patients can securely download, print, or access their referral forms through their Personal Health Record (PHR), ensuring ease of use and transparency.

    “With 92% of surveyed users rating it as exceptional and the ability to save up to 70% of referral processing time, the Advanced Referral Module is transforming care coordination,” said Hadi Chaudhry, Co-CEO of CareCloud. “By automating workflows and providing real-time specialist recommendations, it enhances efficiency for providers and accessibility for patients, improving the overall healthcare experience. This launch reinforces CareCloud’s commitment to reducing administrative burdens and driving innovation in healthcare technology.”

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:

    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:

    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com 

    The MIL Network –

  • MIL-OSI: Beamr CEO will Present a Keynote Speech at the ACM Mile-High-Video 2025

    Source: GlobeNewswire (MIL-OSI)

    The Keynote Titled ״Is the future of video processing destined for GPU?״ Describes First Hand The Evolution of Video Encoding in the Past Decades

    Herzliya Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today announced that Beamr CEO, Sharon Carmel, will present a keynote speech titled ״Is the future of video processing destined for GPU?״ at the ACM Mile-High-Video 2025 conference, being held in Denver, Colorado from February 18-20, 2025. The keynote speech will be held on February 18, 2025 at 11:15 AM MST (1:15 PM EST).

    To meet with the Beamr video experts team at the ACM Mile-High-Video 2025 conference, please use this link.

    “Video compression processes have evolved in the last decades, to meet the growing demands for higher image quality, increased resolutions, and diverse viewing devices – from 8K screens to smartphones, while overcoming networking challenges”, said Carmel. He added: “Today, GPU-accelerated solutions, like those delivered by Beamr, emerge as the leading approach, enabling fast, highly efficient video processing, while enhancing the video with AI capabilities during the same workflow”.

    Carmel has 30 years of experience in the video and media industry, starting as the co-founder of Emblaze, which developed the first video chips for Samsung Mobile. The company went public in 1996 on the London Stock Exchange, and in 2000 reached a peak market cap of ~$7B. In 2002, Carmel founded his second start-up, BeInSync, which developed P2P synchronization and online backup technologies, and was acquired in 2008 by Phoenix Technologies.

    The ACM Mile-High-Video conference is a flagship video formats and streaming event that is geared towards practicing engineers in areas related to media compression and streaming. This event, held annually in Denver, is organized by engineers and researchers from both industry and academia.

    To meet with the Beamr video experts team at the ACM Mile-High-Video 2025 conference, please use this link.

    About Beamr

    Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization and modernization. The company serves top media companies like Netflix and Paramount. Beamr’s inventive perceptual optimization technology (CABR) is backed by 53 patents and won the Emmy® award for Technology and Engineering. The innovative technology reduces video file size by up to 50% while guaranteeing quality.

    Beamr Cloud is a high-performance, GPU-based video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables video modernization to advanced formats such as AV1 and HEVC, and is ready for video AI workflows. For more details, please visit www.beamr.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2024 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contact:

    investorrelations@beamr.com

    The MIL Network –

  • MIL-OSI: Pando Launches Pi – AI Teams for Logistics, Enabling Autonomous Freight Procurement, Planning, and Payments for Global Brands

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 10, 2025 (GLOBE NEWSWIRE) — Pando, the leading Logistics AI company, today announced the launch of its AI Teams for Logistics, a groundbreaking suite of AI Agents designed to automate freight procurement, dispatch planning, and freight audit and payment processes for global brands. Purpose-built to transform logistics operations, its new ‘Logistics Services as Software’ model enables manufacturers, distributors, and retailers to replace manual, error-prone tasks with intelligent automation to unlock unprecedented efficiency and cost savings by replacing the need for hiring additional staff or more software with AI agents. Pi redefines both logistics and talent strategies, accelerating the shift toward a world where Human Intelligence and Artificial Intelligence work together to drive complex business processes. Pando’s AI Agents act as a team of smart analysts, empowering logistics managers to delegate important yet repetitive decisions to these agents, who execute them with unmatched accuracy.

    Pando’s CEO Nitin Jayakrishnan and global technology executive, public and private company board director Suja Chandra will showcase Pando’s AI Teams through a live demonstration at Manifest 2025 in Las Vegas from February 10-12 at booth #1408, giving industry leaders an exclusive look at how AI is reshaping global transportation management.

    Automating Routine Decisions with AI Teams

    For decades, logistics teams have been weighed down by time-consuming processes —coordinating with carriers, negotiating rates, verifying invoices, tracking shipment delays, and ensuring contract compliance and service delivery. These tasks, while critical, are cumbersome, and distract teams from focusing on strategic initiatives that drive top and bottom line for the brands they serve. Teams can now break this cycle by hiring AI Teams that can automate routine tasks such as invoice audits, payments processing, carrier collaboration, and freight spend analysis and reporting.

    Pando’s AI Teams are already deployed at some of the world’s largest brands. Seamlessly integrated with business systems, third-party tools, and market data Pando creates an enterprise-specific supply chain knowledge graph. This dynamic, real-time representation of the logistics network continuously trains enterprise-specific Logistics Language Models® (LLMs) that not only understand multi-modal global logistics but precisely understand the context of individual businesses and their networks. This allows Pando’s AI Teams to execute repetitive tasks and decisions in freight and transportation management with high precision.

    “At Accuride, on-time delivery to our global commercial vehicle customers is paramount. This in turn demands seamless collaboration with our global suppliers in Asia,” said Skotti Fietsam, SVP Global Supply Chain. “Pando’s AI agents have transformed our supplier collaboration in this context of inbound logistics. What once took days of painstaking manual review of booking reports and packing lists from suppliers now happens in minutes. Pi, Pando’s AI agent, automatically extracts critical data from supplier emails, generating shipment records ready for review. This frees our team from tedious tasks, allowing us to focus on strategic priorities and ensure we meet our customers’ demands. Pando is a true game-changer with its cutting-edge AI capabilities, dramatically boosting our team productivity and ensure we maintain our competitive edge.”

    From Automation to Intelligence: AI Teams That Execute Complex Logistics Decisions

    With more data and continuous learning, AI Teams take on increasingly complex and high-value logistics decisions. For example, Pando’s AI Teams now procure freight across multiple modes and geographies, ensuring optimal pricing and carrier selection for both spot and long-term contracts autonomously. It determines the best modal mix, optimizes carrier allocations, bundles lanes, negotiates rates, and finalizes contracts, all while ensuring alignment with broader service level expectations. AI Teams can also audit, validate invoices, execute claims processes, and pay freight invoices across all modes, services, and currencies, identifying discrepancies and even resolving disputes by collaborating directly with carriers to resolve invoice disputes.

    The Future of Logistics: AI Teams Partnering with Human Teams

    Pando represents a fundamental shift in how logistics teams operate. Moving beyond simple automation, it creates a model where human intelligence and artificial intelligence collaborate seamlessly. Instead of spending their time on routine decisions, logistics professionals can now focus on strategy, innovation, and higher-value problem-solving, supported by AI Agents that execute with precision and reliability.

    “Logistics teams are burdened with too many ‘keep-the-lights-on’ tasks—chasing carriers, negotiating spot rates, validating invoices—leaving little room for strategic initiatives. With Pando, we are bringing the power of AI to logistics decision-making, freeing teams to focus on what truly matters. This isn’t about automation for automation’s sake; it’s about super-powering logistics to be true revenue partners to the business,” said Nitin Jayakrishnan, CEO of Pando.

    Experience Pi at Manifest 2025

    As AI continues to reshape global supply chains, AI is set to become an indispensable tool for logistics teams worldwide, accelerating the industry’s shift toward autonomous operations.

    Pando will be showcasing Pi at Manifest 2025 in Las Vegas (Booth #1408, February 10-12), where attendees can experience firsthand how AI Teams can drive efficiency, accuracy, and autonomy in logistics management.

    About Pando

    Pando is a global leader in AI-powered logistics technology, helping manufacturers, distributors, and retailers automate the procure-to-pay lifecycle of freight to build agility, control freight spend, and reduce carbon footprint. Trusted by Fortune 500 enterprises with global customers across North America, Europe and Asia Pacific regions, Pando is pioneering the future of autonomous logistics with cutting-edge AI.

    Pando is recognized by Gartner for its transportation management capabilities, by World Economic Forum (WEF) as a Technology Pioneer, by G2 as a Market Leader in Freight Management, and named one of the fastest-growing technology companies by Deloitte. For more information, visit www.pando.ai.

    Media Contact
    Courtney Meints
    Skyya PR for Pando
    +1 651-329-9098
    pando@skyya.com

    The MIL Network –

  • MIL-OSI: Churchill Resources Confirms Ni-Co Potential of Large Tonnage Seahorse Lake Intrusive at Florence Lake

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 10, 2025 (GLOBE NEWSWIRE) — Churchill Resources Inc. (“Churchill” or the “Company”) (TSXV: CRI) is pleased to provide an update on its 2024 fieldwork results at the Florence Lake nickel project located in Labrador. Highlights include:

    Seahorse Lake Intrusive

    • CRI 2024 sampling confirms Ni-Co potential and ~7.5km strike length to the variably exposed Seahorse Intrusion with consistent historical surface grab samples grading 0.2-0.4% nickel and Company 2024 results confirm historical and new exposures with grades or 0.2-0.32% Ni and 100-756ppm Cobalt. The high cobalt value is much improved over the best historical result of 361ppm Co.
    • 13 of 27 CRI samples at Seahorse returned high-interest aluminum undepleted komatiite geochemical signatures, suggesting more primitive, potentially Ni-enriched units may also be present in the volcanic assemblage. This is a very encouraging early sign for Seahorse.
    • The lone short historical drillhole, TSH96-04, into the eastern margin of the intrusive, also returned nickel values in the 0.2-0.3% range with 0.01%Co from selected short samples between 30-100m downhole. The entire core is available for sampling to the end of hole at 102m.

    Baikie Belt

    • The northern licenses’ Baikie Sub-belt high-grade targets have been sampled with prioritization based on prospective komatiite geochemistry/VTEM conductors/high nickel-in-soil sampling highlighting numerous areas for detailed follow-up.

    Paul Sobie, CEO, commented:

    “Our 2024 fieldwork has confirmed that the Seahorse Lake Ultramafic Intrusive spans some 7.5km x 1km as suggested by its magnetic signature, and found it to outcrop over several impressively large areas. Historical grab sampling by Falconbridge returned pervasive surface nickel assays in the 0.2 to 0.4%Ni range, consistent with similar ultramafic intrusions being evaluated in Ontario, Quebec, BC, and Alaska.  

    Our 2024 sampling confirmed Seahorse’s Ni-Co potential per Table 1 and Figure 1, including a grab sample grading 756ppm Co (0.076%). We plan to cut long channel samples through these large outcrop exposures during fieldwork in 2025 to define nickel content over significant strike lengths and widths, as an important part of our first full “boots on the ground” season based out of the Florence Lake camp.

    On our northern licenses covering the high-grade target Baikie Sub-belt ~5km northwest of Seahorse, we’ve now sampled most of the 43 priority targets identified from VTEM survey and follow-up soil sampling, allowing for prioritization for detailed prospecting, geology and geophysical surveys this summer.

    Florence Lake lies ~70km west of the deep-water port of Postville, an all-weather road proposed along the Labrador coast would pass within 15km, and nearby waterfalls offer hydro-electric power potential, all greatly enhancing project economics.”

    Figure 1 – Seahorse Lake Total Magnetic Intensity with 2024 and Falconbridge Surface Sampling

    Figure 2 – Outcropping serpentinized peridotite southern Seahorse Lake Intrusion (note helicopter in distance for scale)

    Figure 3 – Outcropping serpentinized peridotite central Seahorse Lake Intrusion

    Table 1 – 2024 Lithogeochemical Sample Selected Analytical Results

    Baikie Belt High-Grade Targets

    The Baikie-Sub-belt volcanic package is highly encouraging for nickel discoveries throughout the volcanic stratigraphy, rather than just the Baikie Showing horizon, the primary target of Falconbridge, where a small deposit was delineated. CRI is continuing to sample the ultramafic lavas in the area of priority targets, following the recognition of numerous Al2O3-undepleted ultramafic volcanic areas (i.e., more primitive lavas, associated with nickel mineralization), as stacked targets located throughout the upper Eastern Volcanic areas of the greenstone belt, and importantly also within the more basal Western Volcanics. Kambalda-style nickel sulphide deposits occur primarily in the basal portions of ultramafic volcanic sequences.

    Figure 4 following shows the location of 2024 lithogeochemical samples detailed in Table 1, as well as the location of all other CRI surface samples collected since 2021. As well Dr. Derek Wilton has sampled numerous historical drill holes, and NL Government Geological Survey geologists have sampled the rest of the historical drillholes, which data will be available in the near-term to further our compilations of geochemical data and follow-up plans. CRI is in close contact with the Geological Survey team, who are actively assessing the Baikie and Seahorse Lake areas through mapping, lithogeochemistry and age-dating of surface and core samples and who completed their first field season in the Florence Lake area in 2024. The Geological Survey is planning to be active again this summer on our property and the collaboration will be extremely helpful to Churchill.

    2024 soil sampling was modest in sample numbers and targeted to assess VTEM conductors lower in the stratigraphy in the Western Volcanics per Figure 5. Moderate nickel anomalies were generated in several areas for follow-up this summer.

    The technical and scientific information in this news release has been reviewed and approved by Dr. Derek H.C Wilton, P.Geo., FGC, who is a “qualified person” as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Wilton is an honourary research professor of Economic Geology at Memorial University and is independent of the Company for the purposes of NI 43-101.

    The lithogeochemical samples reported here were whole rock pieces, collected from outcrop and historical drill core by Dr. Wilton during fieldwork in September/October 2024. These samples were sealed in labelled plastic bags in the field. All sample bags were photographed and transported to Thunder Bay, ON, by secure courier. The samples were analysed by ALS Geochemistry Ltd. in Thunder Bay using ME-ICP06 whole rock and ME-MS61L analytical protocols. Samples with over limit Ni contents were re-assayed using OG-46 Aqua-Regia overlimit method. Quality control results, including the laboratory’s own control samples, were evaluated immediately.1

    The soil samples were placed in labelled, sealed kraft paper bags and delivered to Eastern Analytical of Springdale, NL, an ISO/IEC 17025 certified facility. The samples were analysed using ICP 34 (inductively coupled plasma) analytical protocols. Samples with over limit Ni contents were re-assayed using Eastern’s Ore Grade Assay (multi acid digestion) overlimit method. Quality control results, including the laboratory’s control samples, were evaluated immediately.

    Figure 4 – CRI Lithogeochemical Samples 2021-2024 in Baikie Sub-belt

    Figure 5 – CRI Soil Samples 2022-2024 in Baikie Sub-belt on detailed CRI magnetics

    About Churchill Resources Inc.

    Churchill Resources Inc. is a Canadian exploration company focused on high grade, magmatic nickel sulphides in Canada, principally at its prospective Taylor Brook and Florence Lake properties in Newfoundland & Labrador. The Churchill management team, board and its advisors have decades of combined management experience in mineral exploration and in the establishment of successful publicly listed mining companies, both in Canada and around the world. Churchill’s Taylor Brook and Florence Lake projects have the potential to benefit from the province’s large and diversified minerals industry, which includes world class nickel mines and processing facilities, and a well-developed mineral exploration sector with locally based drilling and geological expertise.

    Further Information

    For further information regarding Churchill, please contact:

    Churchill Resources Inc.
    Paul Sobie, Chief Executive Officer
    Tel.   +1 416.365.0930 (o)
        +1 647.988.0930 (m)
    Email   psobie@churchillresources.com
         
    Alec Rowlands, Corporate Consultant
    Tel.   +1 416.721.4732 (m)
    Email   arowlands@churchillresources.com
         

    Cautionary Note Regarding Forward Looking Information

    This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “proposed”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, the Company’s objectives, goals and exploration activities conducted and proposed to be conducted at the Company’s properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company’s properties will be successful; exploration results; and future exploration plans and costs and financing availability.

    These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the Company’s properties; failure to identify any mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company’s properties; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; and those factors described in the most recently filed management’s discussion and analysis of the Company. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

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

    1 The Company reminds investors that surface rock samples are select samples and may not be representative of all mineralization on the Florence Lake property.

    Photos accompanying this announcement are available at: 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a4a7348e-6b56-4bb1-8fed-cb6009e554be

    https://www.globenewswire.com/NewsRoom/AttachmentNg/63543e74-a8d5-455e-a5b4-539e2bc771fd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/1640a47f-264a-4f11-962f-d3cb179b030c

    https://www.globenewswire.com/NewsRoom/AttachmentNg/584d7791-09ee-45bc-ab69-c6a7e7332132

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d275b392-66dd-4a1a-937a-2488d04f4555

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4ad8cf7b-9b04-44ed-871c-34ec8a2d094b

    The MIL Network –

  • MIL-OSI: Helium Evolution Provides Encouraging Preliminary Update on 10-36 Well

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 10, 2025 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to announce preliminary test results from its 10-36-3-9W3 helium discovery well (the “10-36 Well”) along the Mankota helium fairway. HEVI holds a 20% working interest in the 10-36 Well, in partnership with the operator, North American Helium Inc. (“NAH”).

    10-36 Well Preliminary Test Results

    Completion, perforation and initial production testing of the 10-36 Well are ongoing. After an extended 5-day flow testing period, the 10-36 Well was producing approximately 11.5 million standard cubic feet per day (“MMscf/d”) at 13,100 kiloPascal (“kPa”) flowing tubing pressure. The preliminary test results also confirmed a helium content of 0.81%, significantly higher than the commercially viable threshold of 0.3%. Furthermore, the 10-36 Well produced negligible water, signaling strong potential for efficient helium recovery and processing.

    Following the extended production flow period, the 10-36 Well will be shut in for 14 days to gather reservoir pressure data. This data will be analyzed to further evaluate the resource potential and optimize future development.

    Flow Test Results from Select HEVI Wells:

    Well Bottom
    Hole
    Pressure
    (kPa)    		 Bottom Hole
    Temperature
    (°C)    		 Helium
    Content    		 Rate
    (MMscf/d)    		 Tubing
    Pressure
    (kPa)    		 Water
    10-36 Well (Preliminary)1 23,600 78 0.81% 11.5 13,100 Negligible
    10-1 Well2 24,069 78 0.75% 9.5 10,800 Negligible
    9-35 Well3 23,928 81 0.64% 7.0 9,000 Negligible
    2-31 Well4 24,189 81 0.95% 4.0 5,500 Negligible

    1The 10-36 Well preliminary results are subject to further analysis.
    2Well located at 10-1–4-9W3 (the “10-1 Well”)
    3Well located at 9-35-3-9W3 (the “9-35 Well”)
    4Well located at 2-31-2-8W3 (the “2-31 Well”)

    Looking Ahead

    HEVI continues to work closely with NAH to plan the next phase of development. With three helium discovery wells in close proximity to one another, NAH is evaluating the feasibility of installing processing facilities in the area, pending the results of well at 5-30-3-8W3 (the “5-30 Well”). HEVI fully supports this initiative, as the establishment of processing facilities is a crucial step in HEVI’s strategy to transition toward commercial helium production.

    Stay Connected to Helium Evolution

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

    About Helium Evolution Incorporated

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

    For further information, please contact:

    Statement Regarding Forward-Looking Information

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

    Forward-looking statements in this document include statements regarding the Company’s expectations regarding future production from the 2-31 Well, the 9-35 Well the 10-36 Well and the 10-1 Well, results of the 5-30 Well, the decision on processing facilities being made after the 5-30 Well, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans with respect to shutting in the 10-36 Well for a 14-day period and the interpretation of results, the Company and/or NAH’s plans with respect to constructing a facility, the Company’s intention to provide further updates regarding significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, the Company’s beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may abandon or defer plans for continuing the completion, testing and evaluation of the 10-36 Well; the Company and/or NAH may choose to defer, accelerate or abandon its exploration, development and production facility plans; the Company and/or NAH may determine not to bring the 9-35 Well, the 10-1 Well, the 10-36 Well or the 2-31 Well onto production; the Company and/or NAH may defer the decision on installing a production facility; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f5d50f3-d10d-42aa-8c54-ae68c1780a99

    The MIL Network –

  • MIL-OSI: Tower Semiconductor Reports 2024 Fourth Quarter and Full Year Financial Results

    Source: GlobeNewswire (MIL-OSI)

    MIGDAL HAEMEK, Israel, Feb. 10, 2025 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ: TSEM & TASE: TSEM) reports today its results for the fourth quarter of 2024 and for the year ended December 31, 2024.

    Fourth Quarter of 2024 Results Overview
    Revenues for the fourth quarter of 2024 were $387 million as compared to $371 million for the third quarter of 2024 and $352 million for the fourth quarter of 2023, representing 5% quarter over quarter growth and 10% year over year growth. The Company met its expressed target of sequential quarter over quarter revenue growth within 2024, resulting in 18% growth fourth quarter over first quarter.

    Gross profit for the fourth quarter of 2024 was $87 million, compared to $84 million for the fourth quarter of 2023. During the fourth quarter of 2024, the Company took on for the first time its portion of incremental costs of the greenfield Agrate facility.

    Operating profit for the fourth quarter of 2024 was $46 million as compared to $45 million for the fourth quarter of 2023.

    Net profit for the fourth quarter of 2024 was $55 million, reflecting $0.49 basic and diluted earnings per share. Net profit for the fourth quarter of 2023 was $54 million, or $0.49 basic and $0.48 diluted earnings per share.

    Cash flow generated from operating activities in the fourth quarter of 2024 was $101 million and investments in property and equipment, net were $93 million.

    Full year 2024 Results Overview
    Revenues for the full year of 2024 were $1.44 billion, gross profit was $339 million, operating profit was $191 million. Net profit for the full year of 2024 was $208 million, or $1.87 basic and $1.85 diluted earnings per share. For the full year of 2023, revenues were $1.42 billion, gross profit was $354 million, operating profit was $547 million and included $314 million, net, from the Intel merger contract termination and $33 million of restructuring income, net, from the previously disclosed reorganization and restructure of our Japan operations during 2022. Net profit for the full year of 2023 was $518 million, or $4.70 basic and $4.66 diluted earnings per share and included $290 million, net, due to the merger contract termination payment by Intel and $11 million restructuring income, net.

    Cash flow generated from operating activities for the year ended December 31, 2024, was $449 million. Investments in property and equipment, net for the year ended December 31, 2024, were $432 million and debt payments, net totaled $32 million.

    6” Fab Consolidation Update
    During the fourth quarter of 2024, the lower margin legacy of 150mm flows were discontinued in Fab1, with last Fab outs occurring in January 2025. The forward-looking strategic flows have been transferred into the Fab2 200mm factory. This strategic integration enables the Company to streamline its production processes, enhancing overall efficiency.

    Business Outlook
    Tower Semiconductor guides revenues for the first quarter of 2025 to be $358 million, with an upward or downward range of 5%. First quarter mid-range guidance reflects about 10% year-over-year growth.

    Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, stated:
    “With the close of 2024, we are pleased with our progress, in having brought to market highly differentiated end application advancing platforms, hence strengthening our position for sustainable growth. Our 2025 revenue target is year-over-year growth, with sequential quarter-over-quarter revenue growth, and an acceleration in the second half of the year. This momentum is fueled by increasing production shipments as our previously announced capacity investments progress through the final stages of customer qualifications.”

    Ellwanger further added: “Our commitment to customer partnered innovation and streamlined execution continues to drive our ability to meet the growing and evolving needs of our customers in a quickly changing business environment, whilst expanding our available market size and share. We look forward to the year ahead with confidence and enthusiasm.”

    Teleconference and Webcast
    Tower Semiconductor will host an investor conference call today, Monday, February 10, 2025, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the fourth quarter and full year of 2024 and its business outlook.

    The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

    Non-GAAP Financial Measures
    The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information included in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses, (iii) merger contract termination fees received from Intel, net of associated cost and taxes following the previously announced Intel contract termination as included in net profit in 2023 and (iv) restructuring income, net, which includes income, net of cost and taxes associated with the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, which occurred during 2022, as included in net profit. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenues and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, (iii) amortization of acquired intangible assets, (iv) merger contract termination fees received from Intel, net of associated cost following the previously announced Intel contract termination, as included in operating profit and (v) restructuring income, net in relation to the reorganization and restructure of our operations in Japan including the cessation of operations of the Arai facility, as included in operating profit. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents, short-term deposits, and marketable securities less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of $101 million, $125 million and $126 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $449 million and $677 million for the years ended December 31, 2024 and December 31, 2023, respectively (less cash used for investments in property and equipment, net (in the amounts of $93 million, $128 million and $136 million for the three months periods ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively and in the amounts of $432 million and $432 million for the years ended December 31, 2024 and December 31, 2023, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

    About Tower Semiconductor
    Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM), the leading foundry of high-value analog semiconductor solutions, provides technology, development, and process platforms for its customers in growing markets such as consumer, industrial, automotive, mobile, infrastructure, medical and aerospace and defense. Tower Semiconductor focuses on creating a positive and sustainable impact on the world through long-term partnerships and its advanced and innovative analog technology offering, comprised of a broad range of customizable process platforms such as SiGe, BiCMOS, mixed-signal/CMOS, RF CMOS, CMOS image sensor, non-imaging sensors, displays, integrated power management (BCD and 700V), photonics, and MEMS. Tower Semiconductor also provides world-class design enablement for a quick and accurate design cycle as well as process transfer services including development, transfer, and optimization, to IDMs and fabless companies. To provide multi-fab sourcing and extended capacity for its customers, Tower Semiconductor owns one operating facility in Israel (200mm), two in the U.S. (200mm), two in Japan (200mm and 300mm) which it owns through its 51% holdings in TPSCo, shares a 300mm facility in Agrate, Italy with STMicroelectronics as well as has access to a 300mm capacity corridor in Intel’s New Mexico factory. For more information, please visit: www.towersemi.com.

    CONTACT:
    Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

    Forward-Looking Statements
    This release, as well as other statements and reports filed, stated and published in relation to this quarter’s results, includes certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “intends”, “committed to”, “tracking”, or words of similar import, identifies a statement as “forward-looking.” Actual results may vary from those projected or implied by such forward-looking statements and you should not place any undue reliance on such forward-looking statements, which describe information known to us only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) demand in our customers’ end markets, (ii) reliance on acquisitions and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices in the future as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services resulting in high utilization and its effect on cycle time, yield and on schedule delivery, as well as customers potentially being placed on allocation, which may cause customers to transfer their business to other vendors, (vii) financial results that may fluctuate from quarter to quarter, making it difficult to forecast future performance, (viii) our debt and other liabilities that may impact our financial position and operations, (ix) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (x) fluctuations in cash flow, (xi) our ability to satisfy the covenants stipulated in our agreements with our debt holders, (xii) pending litigation, (xiii) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xiv) receipt of orders that are lower than the customer purchase commitments and/or failure to receive customer orders currently expected, (xv) possible incurrence of additional indebtedness, (xvi) the effects of global recession, unfavorable economic conditions and/or credit crisis, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles, (xviii) possible situations of obsolete inventory if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) financing capacity acquisition related transactions, strategic and/or other growth or M&A opportunities, including funding Agrate fab’s significant 300mm capacity investments and acquisition or funding of equipment and other fixed assets associated with the capacity corridor transaction with Intel as announced in September 2023, in addition to other capacity and capability expansion plans, and the possible unavailability of such financing and/or the availability of such financing on unfavorable terms, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases beyond our needs), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) the use of outsourced foundry services by both fabless semiconductor companies and integrated device manufacturers, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, (xxviii) the Fab 3 landlord’s alleged claims that the noise abatement efforts made thus far are not adequate under the terms of the amended lease that caused him to request a judicial declaration that there was a material non-curable breach of the lease and that he would be entitled to terminate the lease, as well the ability to extend such lease or acquire the real estate and obtain the required local state and/or approvals required to be able to continue operations beyond the current lease term, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel, the Japanese Yen and the Euro) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) potential engagement for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab and the capacity corridor transaction with Intel as announced in September 2023, such as their qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover their significant capacity investment needs and other payments, the availability of which funding cannot be assured on favorable terms, if at all, (xxxiii) potential liabilities, cost and other impacts that may be incurred or occur due to reorganization and consolidation of fabrication facilities, including the impact of cessation of operations of our facilities, including with regard to our 6 inch facility, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employee stock options and/or restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares and in addition may impair our ability to raise future capital, and (xxxvii) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel, global trade “war” and the current war in Israel, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, power interruptions, chemicals or other leaks or damages as a result of the war, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions if hostilities in Israel or political instability in the region continue or exacerbate, and other events beyond our control. With respect to the current war in Israel, if instability in neighboring states occurs, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

    A more complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update, and expressly disclaims any obligation to update, the information contained in this release.

    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)  
    (dollars in thousands)  
      December 31,   December 31,  
      2024   2023  
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents $ 271,894   $ 260,664  
    Short-term deposits 946,351   790,823  
    Marketable securities —   184,960  
    Trade accounts receivable 211,932   154,067  
    Inventories 268,295   282,688  
    Other current assets 61,817   35,956  
    Total current assets 1,760,289   1,709,158  
    PROPERTY AND EQUIPMENT, NET 1,286,622   1,155,929  
    GOODWILL AND OTHER INTANGIBLE ASSETS, NET 10,196   12,115  
    OTHER LONG-TERM ASSETS 23,378   41,315  
    TOTAL ASSETS $ 3,080,485   $ 2,918,517  
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    CURRENT LIABILITIES        
    Short-term debt $ 48,376   $ 58,952  
    Trade accounts payable 130,624   139,128  
    Deferred revenue and customers’ advances 21,655   18,418  
    Other current liabilities 84,409   60,340  
    Total current liabilities 285,064   276,838  
    LONG-TERM DEBT 132,437   172,611  
    LONG-TERM CUSTOMERS’ ADVANCES 7,690   25,710  
    OTHER LONG-TERM LIABILITIES 15,114   16,319  
    TOTAL LIABILITIES 440,305   491,478  
    TOTAL SHAREHOLDERS’ EQUITY 2,640,180   2,427,039  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 3,080,485   $ 2,918,517  
             
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
    (dollars and share count in thousands, except per share data)  
      Three months ended  
      December 31,   September 30,   December 31,  
      2024   2024   2023  
    REVENUES $ 387,191   $ 370,512   $ 351,711  
    COST OF REVENUES 300,338   277,451   267,294  
    GROSS PROFIT 86,853   93,061   84,417  
    OPERATING COSTS AND EXPENSES:            
    Research and development 20,622   19,867   20,849  
    Marketing, general and administrative 19,812   17,432   18,401  
      40,434   37,299   39,250  
                 
    OPERATING PROFIT 46,419   55,762   45,167  
    FINANCING AND OTHER INCOME, NET 8,315   6,104   16,682  
    PROFIT BEFORE INCOME TAX 54,734   61,866   61,849  
    INCOME TAX EXPENSE, NET (2,149)   (7,026)   (10,130)  
    NET PROFIT 52,585   54,840   51,719  
    Net loss (profit) attributable to non-controlling interest 2,553   (193)   2,128  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 55,138   $ 54,647   $ 53,847  
    BASIC EARNINGS PER SHARE $ 0.49   $ 0.49   $ 0.49  
    Weighted average number of shares 111,493   111,237   110,796  
    DILUTED EARNINGS PER SHARE $ 0.49   $ 0.49   $ 0.48  
    Weighted average number of shares 112,967   112,474   111,308  
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 55,138   $ 54,647   $ 53,847  
    Stock based compensation 10,684   8,611   6,662  
    Amortization of acquired intangible assets 574   448   442  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 66,396   $ 63,706   $ 60,951  
    ADJUSTED EARNINGS PER SHARE:            
    Basic $ 0.60   $ 0.57   $ 0.55  
    Diluted $ 0.59   $ 0.57   $ 0.55  
                 
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)  
    (dollars and share count in thousands, except per share data)  
      Year ended  
      December 31,  
      2024   2023  
    REVENUES $ 1,436,122   $ 1,422,680  
    COST OF REVENUES 1,096,680   1,069,161  
    GROSS PROFIT 339,442   353,519  
    OPERATING COSTS AND EXPENSES:        
    Research and development 79,434   79,808  
    Marketing, general and administrative 74,964   72,454  
    Restructuring income, net * (6,270)   (32,506)  
    Merger-contract termination fee, net ** —   (313,501)  
      148,128   (193,745)  
             
    OPERATING PROFIT 191,314   547,264  
    FINANCING AND OTHER INCOME, NET 26,113   37,578  
    PROFIT BEFORE INCOME TAX 217,427   584,842  
    INCOME TAX EXPENSE, NET (10,205)   (65,312)  
    NET PROFIT 207,222   519,530  
    Net loss (profit) attributable to non-controlling interest 642   (1,036)  
    NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 207,864   $ 518,494  
    BASIC EARNINGS PER SHARE $ 1.87   $ 4.70  
    Weighted average number of shares 111,153   110,289  
    DILUTED EARNINGS PER SHARE $ 1.85   $ 4.66  
    Weighted average number of shares 112,343   111,216  
    * Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022.  
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost.  
             
    RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
    GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 207,864   $ 518,494  
    Stock based compensation 33,837   27,931  
    Amortization of acquired intangible assets 1,918   1,923  
    Restructuring income, net *** (2,634)   (11,224)  
    Merger-contract termination fee, net **** —   (289,988)  
    ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY $ 240,985   $ 247,136  
    ADJUSTED EARNINGS PER SHARE:        
    Basic $ 2.17   $ 2.24  
    Diluted $ 2.15   $ 2.22  
    *** Restructuring income, net resulted from the previously disclosed reorganization and restructure of our Japan operations during 2022, net of tax.
    **** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost and tax.
    TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)  
    (dollars in thousands)  
      Three months ended  
      December 31,   September 30,   December 31,  
      2024   2024   2023  
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 270,979   $ 265,313   $ 314,816  
    Net cash provided by operating activities 100,816   124,743   126,098  
    Investments in property and equipment, net (93,396)   (127,624)   (136,426)  
    Debt received (repaid), net 2,795   (16,402)   (8,950)  
    Effect of Japanese Yen exchange rate change over cash balance (4,972)   5,537   2,101  
    Proceeds from (investment in) deposits, marketable securities and other assets, net (4,328)   19,412   (36,975)  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 270,979   $ 260,664  
      Year ended      
      December 31,   December 31,      
      2024   2023      
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD $ 260,664   $ 340,759      
    Net cash provided by operating activities 448,682   676,561 *    
    Investments in property and equipment, net (431,653)   (432,184)      
    Debt repaid, net (32,455)   (32,346)      
    Proceeds from investment in subsidiary —   1,932      
    Effect of Japanese Yen exchange rate change over cash balance (4,758)   (5,395)      
    Proceeds from (investment in) deposits, marketable securities and other assets, net 31,414   (288,663)      
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 260,664      
    * Merger-contract termination fee received from Intel during 2023, net of associated cost, in the amount of $313,501  
    was included within the net cash provided by operating activities for the year ended December 31, 2023.  
     TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES  
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)  
    (dollars in thousands)  
      Year ended  
      December 31,   December 31,  
      2024   2023  
    CASH FLOWS – OPERATING ACTIVITIES        
    Net profit for the period $ 207,222   $ 519,530  
    Adjustments to reconcile net profit for the period        
    to net cash provided by operating activities:        
    Income and expense items not involving cash flows:        
    Depreciation and amortization * 266,279   258,021  
    Effect of exchange rate differences and fair value adjustment 133   (1,632)  
    Other expense (income), net 24,721   (7,047)  
    Changes in assets and liabilities:        
    Trade accounts receivable (60,169)   (3,160)  
    Other current assets (33,992)   (9,541)  
    Inventories 4,778   8,682  
    Trade accounts payable 35,784   (8,254)  
    Deferred revenue and customers’ advances (14,783)   (35,676)  
    Other current liabilities 22,021   (70,163)  
    Other long-term liabilities (3,312)   25,801  
    Net cash provided by operating activities 448,682   676,561 **
    CASH FLOWS – INVESTING ACTIVITIES        
    Investments in property and equipment, net (431,653)   (432,184)  
    Proceeds from (investments in) deposits, marketable securities and other assets, net 31,414   (288,663)  
    Net cash used in investing activities (400,239)   (720,847)  
    CASH FLOWS – FINANCING ACTIVITIES        
    Debt repaid, net (32,455)   (32,346)  
    Proceeds from investment in subsidiary —   1,932  
    Net cash used in financing activities (32,455)   (30,414)  
    EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE (4,758)   (5,395)  
             
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 11,230   (80,095)  
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 260,664   340,759  
    CASH AND CASH EQUIVALENTS – END OF PERIOD $ 271,894   $ 260,664  
    * Includes amortization of acquired intangible assets and stock based compensation in the amounts of $35,755  
    and $29,854 for the years ended December 31, 2024, and December 31, 2023, respectively.      
    ** Merger-contract termination fee received from Intel during the third quarter of 2023, net of associated cost, in the amount
    of $313,501 was included within the net cash provided by operating activities for the year ended December 31, 2023.
             

    The MIL Network –

  • MIL-OSI Economics: RBI announces OMO Purchase of Government of India Securities – Revised amount

    Source: Reserve Bank of India

    The Reserve Bank has announced OMO purchase of Government securities for an aggregate amount of ₹20,000 crore on February 13, 2025 vide Press Release 2024-2025/2106 dated February 07, 2025.

    2. On a review of current and evolving liquidity conditions, the aggregate amount of OMO purchase has now been revised to ₹40,000 crore.

    3. The terms and conditions of the auction along with the various Government securities to be purchased remain the same as announced in the aforementioned Press Release.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2122

    MIL OSI Economics –

  • MIL-OSI Economics: Space Norway orders THOR 8 telecom satellite from Thales Alenia Space

    Source: Thales Group

    Headline: Space Norway orders THOR 8 telecom satellite from Thales Alenia Space

    Cannes, February 10th, 2025 – Space Norway, Northern Europe’s leading satellite operator, and Thales Alenia Space, a joint venture between Thales (67%) and Leonardo (33%), today announced they have signed a contract for the supply of a new communications satellite, THOR 8.

    THOR 8 © Thales Alenia Space/Briot

    From its orbital slot at 1° west, the THOR 8 communications satellite will meet the growing demand for connectivity and ensure continuity of Space Norway’s broadcasting service over a geographic coverage area from the Nordics to Central and Eastern Europe. THOR 8 will provide top-tier satellite connectivity for broadcasters and high-speed internet access for fixed and mobile infrastructure (maritime, terrestrial and aeronautical services) in Europe, the Middle East and Africa. With a launch mass of 4 metric tons, the satellite will be built on Thales Alenia Space’s Spacebus 4000B2 platform and will operate in the Ka and Ku frequency bands.

    As prime contractor, Thales Alenia Space is responsible for the design, manufacture, testing and delivery of the satellite. THOR 8 will be launched in 2027 and will have an in-orbit service life of over 15 years.

    Morten Tengs, CEO of Space Norway & Hervé Derrey, CEO of Thales Alenia Space © Thales Alenia Space/Briot

    “I would like to thank Space Norway for its continued trust in Thales Alenia Space,” said Hervé Derrey, CEO of Thales Alenia Space. “THOR 8 is our second satellite built for Space Norway, after THOR 6, which was launched in 2009. This new contract further underscores the success of our robust and proven Spacebus 4000 product line, which has represented a total of 41 satellite programs, including 15 based on Spacebus 4000B2 product.”

    Morten Tengs, CEO of Space Norway, stated: “The deployment of the THOR 8 satellite is a significant milestone in our mission to deliver advanced and reliable connectivity solutions. This strategic addition will enhance our capabilities, providing critical services to safeguard the interests of both national and international governments while meeting the demands of our commercial partners. We extend our gratitude to Thales Alenia Space for their long-standing partnership and commitment towards this transformational project.”

    About THALES ALENIA SPACE

    Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung TV Plus India Launches Five Exclusive FAST Channels from Warner Bros. Television

    Source: Samsung

     
    Samsung TV Plus, Samsung’s free ad-supported streaming TV (FAST) service, has collaborated with Warner Bros. to launch five new FAST channels exclusively on Samsung TV Plus India. These WBTV channels deliver premium storytelling to streaming audiences, meeting the demand for high quality, free entertainment. With a strong focus on Hindi programming, these new FAST channels are designed to engage both regional and urban audiences.
     
    Samsung TV Plus is a free streaming service that comes pre-installed on Samsung Smart TVs, offering a wide range of channels, including news, sports, entertainment, and more.
     
    Kunal Mehta, Head Partnerships and Business Development, Samsung TV Plus India, said “We are thrilled to welcome Warner Bros. Television to Samsung TV Plus. As a leader in FAST, we are committed to bringing top-tier content to our audiences. This partnership expands entertainment choices while delivering even more value and access to our viewers—and opportunities for advertisers.”
     
    Offering a diverse range of premium programming, the channels mentioned below are curated to captivate viewers on Samsung Smart TVs and mobile devices:
     
    House of Crime: A gripping destination for crime enthusiasts, offering a mix of intense dramas and intriguing investigative series in Hindi.
    Foodie Hub: A haven for culinary adventurers, featuring popular food shows, recipes, and gastronomic journeys, presented in Hindi.
    Wild Flix: A heart-warming gateway to the wonders of the animal kingdom, showcasing captivating insights into zoo life, and awe-inspiring animal rescue stories in Hindi.
    Wheel World: A high-octane destination for automobile enthusiasts, featuring exhilarating car and bike shows, and restoration stories from the best garages, presented in English.
    XXtreme Jobs: An adrenaline-pumping exploration of the world’s most daring professions, unearthing extraordinary workplaces and fearless individuals behind them, presented in Hindi.
    Ruchir Jain, Head of Distribution, Warner Bros. Discovery, South Asia, said: “At Warner Bros. Discovery, we are passionate about curating diverse and high-quality entertainment for our audiences. With connected TVs on the rise, we are excited to expand our presence on Samsung TV Plus through these new channels. Our partnership with Samsung TV Plus will enable us to bring our viewers the very best of WBTV.”

    MIL OSI Economics –

  • MIL-OSI Economics: Samsung Galaxy S25 Series Off to a Flying Start in India as Customers Queue Up to Take Deliveries

    Source: Samsung

     
    Samsung, India’s biggest electronics company, today said that it received a record response for its flagship Galaxy S25 series in India, resulting in over 430,000 pre-orders. The pre-orders for Galaxy S25 series are 20% higher as compared to Galaxy S24 series in India.
     
    “Galaxy S25 Ultra, Galaxy S25+ and Galaxy S25 smartphones set a new standard as true AI companions with Samsung’s most natural and context-aware mobile experiences ever created. We have seen strong demand for the Galaxy S25 series among young tech-savvy consumers, who are at the forefront of Galaxy AI usage. This year, we widened our flagship distribution network to 17,000 outlets, which has helped us tap demand in smaller cities,” said Raju Pullan, Senior Vice President, MX Division, Samsung India.
     
    Samsung is manufacturing Galaxy S25 series at its Noida factory for consumers in India. The success of Galaxy S25 series reinforces Samsung’s belief that consumers will increasingly adopt seamless and intuitive AI solutions that impact their daily lives. For Galaxy S25 consumers in India, Google’s Gemini Live will be available in Hindi since the start, underscoring the importance of India for Samsung.
     
    On the Galaxy S25 series, AI agents with multimodal capabilities are integrated within the One UI 7 platform to perform complex tasks seamlessly across apps and enable natural user interactions through speech, text, videos and images. Now Brief provides tailored suggestions to guide through the day and Now Bar offers a new hub for ongoing activities. From enhanced productivity with Writing Assist to limitless creativity unleashed by Drawing Assist, the expanded capabilities of Galaxy AI continue to empower users in every aspect of their daily lives.
     
    Interactions with the Galaxy S25 series are also more intuitive. With just a single command, Gemini can effortlessly find a user’s favorite sports team’s schedule and add it to Samsung Calendar. Additionally, Google’s enhanced Circle to Search now gives users more helpful information with AI Overviews and one-tap actions.
     
    The Galaxy S25 series further refines and enhances the core capabilities that define the Galaxy experience. Powering the Galaxy S25 series globally, the Snapdragon® 8 Elite Mobile Platform for Galaxy fuels on-device processing for more responsive AI experiences. With unique customizations for Galaxy, including ProScaler9 and Samsung’s mobile Digital Natural Image engine (mDNIe), the Galaxy S25 series boasts enhanced AI image processing and display power efficiency. The newly introduced 50MP ultrawide camera sensor for the Galaxy S25 Ultra delivers epic shots from every range in exceptional clarity, while professional grade controls like Virtual Aperture and Samsung Log turn any photo or video into the ultimate visual experience.
     
    Starting February 7, the Galaxy S25 series will be available across retail stores and on Samsung.com as well as other online platforms. Galaxy S25 Ultra is available in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ come in Navy, Silver Shadow, Icyblue and Mint.

    MIL OSI Economics –

  • MIL-OSI Economics: Thales at the AI Action Summit: Trusted AI can change society

    Source: Thales Group

    Headline: Thales at the AI Action Summit: Trusted AI can change society

    At a time when much is expected of AI and its contribution to the security and sovereignty of nations, Thales offers a hybrid, explainable, cybersafe and frugal AI, which is already incorporated into more than 100 of its products. This technology is already delivering significant advances in the protection of infrastructure, optimisation of energy consumption and defence systems.

    “Thales is a key player in the field of trusted AI: our experts have developed a hybrid AI, which offers transparency, cybersecurity, energy efficiency and an ethical approach — unlike many AI systems that rely exclusively on large amounts of data and are particularly energy-intensive. Thales offers an augmented intelligence, which is capable of changing society,” said Patrice Caine, Chairman and CEO of Thales.

    Patrice Caine, Chairman and CEO of Thales, will take part in the dialogue between heads of state and government and business leaders at two roundtable sessions on AI and national security and on Europe’s AI champions.

    • On Tuesday 11th February, experts from cortAIx, Thales’s AI accelerator, will conduct exclusive demonstrations of the practical impacts of AI in 15 critical fields for official French and international delegations at the Thales Digital Factory. These AI-enabled solutions are designed to boost the performance of the most advanced systems and help humans make better decisions in crisis situations and high-stakes environments where data security and sovereignty are critical.

    These solutions are already available and show how AI can reduce the environmental footprint of air traffic, protect airports and major events, protect maritime traffic and infrastructure, and, in the defence sector, increase the effectiveness of operational assets/resources and accelerate the OODA loop (observe, orient, decide, act).

    Other events

    • On Tuesday 11th February, Thales’s Friendly Hackers team will take part in the Cyber Crisis Management Exercise organised by ANSSI, France’s national agency for information system security, at the Cyber Campus in Paris.
    • On Tuesday11th February, Thales will take part in two events:
      • Empowering AI Ecosystems through Strategic Autonomy: Lessons from Finland and France at Finnish Embassy in Paris.
      • Building Trust: Anticipating and Managing AI Risks, organised by the HEC Hub Digital and Axys in Paris.
    • On Monday 10th February, Thales will take part in Military Talks, organised by the French Ministry of the Armed Forces and the Ministerial Agency for Defence AI (AMIAD), dedicated to AI for defence applications.
    • As part of the Confiance.ai consortium, Thales is contributing to actions to expand the programme’s role internationally.
    • On Sunday 8th February, Thales took part in the AI Luminate conference: Evolving AI Safety for Economic Growth in Uncertain Times, ML Commons, AI Verify, LNE and Prism, in Paris.
    • On Thursday 6th February, Thales took part in the Presentation of AI Deliverables for Major French Groups, organised by French Tech Grand Paris and Wavestone in Paris.
    • On Friday 24th January, Thales took part in the French-German AI Industry Executives Dialogue, organised by the French Embassy in Berlin. This event resulted in a Call for Action, which will be presented at the AI Action Summit.
    • On Tuesday 21st January, ahead of the AI Action Summit, Thales organised a visit to its cortAIx research laboratory in Palaiseau with a presentation of its latest innovations for institutional stakeholders.

    Thales and AI

    Thales is a major player in trusted, cybersafe, transparent, explainable and ethical AI for armed forces, aircraft manufacturers and critical infrastructure providers. The Group files more patents than any other company in Europe in the field of AI for critical systems. It employs more than 600 engineers and 100 doctoral candidates specialising in AI. It is rganised within cortAIx, the Group’s accelerator for AI R&D and the integration of AI into sensors (sonars, radars, optronics, etc.) and complex systems. Over 100 of Thales’s products and services already incorporate AI components for defence, aerospace, cybersecurity and digital identity. Trusted, secure, sovereign AI from Thales is designed to ensure more efficient data analysis and decision support and speeds up the detection, identification and classification of objects and scenes of interest while taking account of the specific constraints of critical environments such as cybersecurity, embeddability and frugality.

    Thales is an active member of the AI ecosystem. It has strategic partnerships with academic research institutes and with other industry players, in particular as part of the Confiance.ai programme, and has put in place an ambitious charter on the ethical development and use of AI technologies.

    • In 2023, Thales’s Friendly Hackers Unit demonstrated its credentials at the CAID challenge (Conference on Artificial Intelligence for Defence) organised by the French defence procurement agency (DGA), which involved finding AI training data even when it had been deleted from the system to preserve confidentiality.
    • For the French defence procurement agency’s 2024 challenge, the Group’s Friendly Hackers Unit invented a new model to detect AI-generated deepfake images.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialising in three business domains: Defence & Security, Aerospace and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.Thales has 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    LEARN MORE

    Ahead of France’s AI Action Summit, Thales unveils its latest innovations in trusted AI for critical systems | Thales Group

    Without proper cybersecurity protections, AI is a gamble we cannot afford (The Engineer)

    Developing AI systems we can all trust | Thales Group

    Thales speeds up its development of AI for defence | Thales Group

    Thales Group

    Consult related resources and documents in the Media Library

    Thales ​

    MIL OSI Economics –

  • MIL-OSI NGOs: Global: Nigerian residents take Shell to UK High court following 10-year fight for justice

    Source: Amnesty International –

    After a decade-long fight for justice, the Preliminary Issues Trial of Nigerian Law for Shell vs Ogale and Bille communities is set to take place at the UK High Court from 13 February to 10 March 2025.

    Ten years ago, residents from the Bille and Ogale communities in Nigeria claimed their livelihoods had been destroyed and homes damaged by hundreds of oil spills caused by Shell. The pollution caused widespread devastation to the local environment, killing fish and plant life, leaving thousands of people without access to clean drinking water.

    The communities brought their claims in the UK courts however Shell repeatedly delayed the case arguing it had no legal responsibility for any of the pollution. The delay has had a devastating effect on people’s lives.

    On 6 December 2024, the UK Court of Appeal gave the green light for the case finally to go ahead. Isa Sanusi, Amnesty International’s Country Director for Nigeria, said:

    “The Bille and Ogale communities of Nigeria’s Niger Delta oil-producing region have been living with the devastating impact of oil pollution for so long. Oil companies, particularly Shell, exposed them to multiple oil spills that have done permanent damage to farmlands, waterways, and drinking water – leaving them unable to farm or fish.

    “Water contamination and other impacts affect even babies that are in some cases born with deformities. These communities have been deprived of a good standard of living. They deserve justice and effective remediation, and I hope this long-overdue trial goes someway to providing it.”

    Amnesty International has published numerous reports, documenting the detrimental impact Shell’s operations are having on Nigerian communities. Going forward, Amnesty International is calling for Shell to conduct meaningful consultation with affected communities about its plans for disengagement. Shell must also provide a full remediation plan including details of all completed and ongoing clean-ups across its areas of operation, as well as adequate compensation for the severe and sustained harm affected communities have faced as a result of Shell’s operations in the Niger Delta.

    Background

    The two communities from Nigeria will be represented by Leigh Day. The Shell Preliminary Issues Trial of Nigerian Law will aim to resolve a number of Nigerian private and constitutional law questions, with a view to confirming the legal framework to be applied to the subsequent trial between Shell and the Ogale and Bille communities.

    The Court of Appeal heard the Shell Nigeria oil spill appeal on 8 October 2024. On 11 October 2024, the Court of Appeal ruled in favour of Nigerian communities over alleged pollution by oil giant Shell. On 6 December 2024, a full trial of Nigerian communities’ claims against Shell was given the go ahead.

    Over the past 20 years, Amnesty International has conducted extensive research and documented the human rights and environmental impact of Shell’s operations in the Niger Delta. In Amnesty’s 2023 report, Nigeria: Tainted Sale?, the organization recommended a series of safeguards to protect the rights of people potentially affected by Shell’s planned disposal of its oil interests in Nigeria.

    MIL OSI NGO –

  • MIL-OSI NGOs: Global/France: AI Action Summit must meaningfully center binding and enforceable regulation to curb AI-driven harms  

    Source: Amnesty International –

    Ahead of the AI Action Summit, which begins on February 10, Amnesty International’s Director of the technology and human rights programme, Damini Satija, said: 

    “With global leaders and tech executives gathering to attend the Artificial Intelligence (AI) Action Summit in Paris, the French government must not miss a crucial opportunity to make meaningful progress towards achieving human rights respecting AI regulation globally. Governments at the summit must not be swayed by corporate interests at the expense of those experiencing the sharpest human rights impacts of AI systems today.  

    “While France undertook a significant task in hosting the summit, the participation of civil society and human rights activists in the main summit agenda is wholly inadequate. The allocation of resources necessary to ensure a collaborative dialogue with representatives from the global majority, impacted communities, and human rights activists has not been prioritized.  

    “Lack of support by the summit organizers for human right advocates and community representatives in need of visas to enter France, exemplifies a lack of true commitment to engage in an equal dialogue with civil society particularly from Global Majority countries.  

    “If states are serious about an open, multi-stakeholder and inclusive approach around development, deployment and regulation of AI technologies, they must elevate and centre voices and priorities of impacted communities. 

    We are now living in a world that feels increasingly terrifying. The omnipresence of predictive algorithms, coupled with rising global backlash against civil liberties risks giving a carte blanche to tech companies, to operate without rules or guidelines. 

    Damini Satija, Programme Director, Amnesty Tech

    “State actors must also not be swayed by false ‘innovation vs regulation dichotomy’ parroted by tech companies and their executives to stifle human rights centric regulatory efforts. Governments must not ignore underlying systemic human rights issues heightened due to automation of our lives and roll-out of AI technologies. 

    “We are now living in a world that feels increasingly terrifying. The omnipresence of predictive algorithms, coupled with rising global backlash against civil liberties risks giving a carte blanche to tech companies, to operate without rules or guidelines. 

    “While governments present these announcements as ‘efficiency solutions’, they increasingly go hand in hand with austerity policies and the deployment of data-intensive AI technologies. Additionally, these systems also amplify pre-existing discrimination in society, ultimately leading to exclusion, inequalities, and the entrenchment of corporate power. 

    “There is ample evidence, along with investigations by civil society and journalists, exposing the grave consequences of AI technologies operating unchecked. From lethal autonomous weapons systems to facial recognition used for mass surveillance, and risk-scoring algorithms being used in the context of migration and the public sector for welfare distribution, it has become abundantly clear that the deployment and use of such technologies are incompatible with our rights and disregard human dignity.   

    “We must also acknowledge that the harms perpetuated by AI technologies have far-reaching consequences beyond the technologies themselves. The exploitative supply chains that fuel them, relying on inhumane labor practices and causing serious environmental damage, have created a disproportionate impact on people, particularly in the Global Majority. Given such devastating lasting effects of AI technologies, it is essential the impact of technologies is not just tackled within state boundaries, but also beyond. 

    “All AI regulation must also be free of loopholes and exemptions which risk violation of human rights. All public and private actors, including law enforcement, border management and national security bodies, must adhere to human rights standards throughout the whole lifecycle of AI technologies, including during research, development and testing phases of AI technologies.   

    “More importantly, people and communities impacted by AI must be empowered to seek redress and remedy. As prerequisite to effective remedy, impacted people should be guaranteed the right to information and explanation of AI-supported decision-making, including about the use and functioning of AI in the system.” 

    Damini Satija will be attending the AI Action Summit in Paris throughout its duration from 10 February to 11 February. She will be available for interviews on range of tech issues including: 

    a) Artificial Intelligence and algorithmic accountability 

    b) Artificial Intelligence regulation 

    c) Big Tech and policy 

    d) Spyware and surveillance 

    e) Children and Young people’s digital rights 

    Information for journalists: 

    Damini Satija is a technology, human rights and public policy expert. She is the Director of Amnesty Tech, the global human rights movement’s technology and human right’s programme which she originally joined to set up the Algorithmic Accountability Lab (an interdisciplinary unit investigating the impact of Artificial Intelligence technologies on human rights). Amnesty Tech works across a range of areas, most notably spyware and cyberattacks, surveillance, state use of AI and automation, big tech and social media accountability and children and young people’s rights in digital environments. Prior to her time at Amnesty International, Damini worked in a number of tech policy roles. She was most recently Senior Policy Advisor in the Center for Date Ethics & Innovation, the UK government’s independent expert body on data and AI policy and the UK’s policy expert at the Council of Europe’s committee on Artificial Intelligence and Human Rights.  

    For more information or to arrange an interview please contact Amnesty International’s press office: [email protected] 

    MIL OSI NGO –

  • MIL-OSI United Kingdom: Ministerial appointments: 10 February 2025

    Source: United Kingdom – Executive Government & Departments

    The King has been pleased to approve the following appointments.

    The King has been pleased to approve the following appointments:

    • Ashley Dalton MP as a Parliamentary Under-Secretary of State in the Department of Health and Social Care. 

    • The Rt Hon. Douglas Alexander MP jointly as a Minister of State in the Cabinet Office, in addition to his role as Minister of State in the Department for Business and Trade.

    • Lord Moraes OBE as a Lord in Waiting (Government Whip).

    • Lord Wilson of Sedgefield as a Lord in Waiting (Government Whip).

     Andrew Gwynne MP has left the government.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Ministerial appointments: 10 February 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The King has been pleased to approve the following appointments.

    The King has been pleased to approve the following appointments:

    • Ashley Dalton MP as a Parliamentary Under-Secretary of State in the Department of Health and Social Care. 

    • The Rt Hon. Douglas Alexander MP jointly as a Minister of State in the Cabinet Office, in addition to his role as Minister of State in the Department for Business and Trade.

    • Lord Moraes OBE as a Lord in Waiting (Government Whip).

    • Lord Wilson of Sedgefield as a Lord in Waiting (Government Whip).

     Andrew Gwynne MP has left the government.

    Updates to this page

    Published 10 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Raksha Mantri Shri Rajnath Singh inaugurates India, iDEX & Karnataka Pavilions at Aero India 2025 in Bengaluru

    Source: Government of India (2)

    Posted On: 10 FEB 2025 4:18PM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh inaugurated the India, iDEX and Karnataka Pavilions at Aero India 2025 in Bengaluru, Karnataka on February 10, 2025. The India Pavilion is showcasing the design, development, innovation and manufacturing capabilities of the domestic defence industries through state-of-the-art products and technologies. It signifies the ‘Flight of Self-Reliance’ which encapsulates synergy among the three Services and the space sector and India’s journey towards becoming a global aerospace and defence powerhouse. After the inauguration, Raksha Mantri visited  various stalls set-up in the pavilion and interacted with the representatives of the companies, inspecting their products.

    At the India Pavilion, more than 275 exhibits are being displayed through various mediums, represented by complete defence ecosystem of the country including Defence PSUs, design houses and private companies including MSMEs and start-ups. The exhibits at the Central Area include a striking display of marquee platforms including Advanced Medium Combat Aircraft, Combat Air Teaming System and Twin-Engine Deck-Based Fighter. 

    At the iDEX Pavilion, leading innovators are displaying indigenously-developed products spanning a wide range of advanced domains including Aerospace, DefSpace, Aero Structures, Anti-drone systems, Autonomous Systems, Robotics, Communication, Cybersecurity, Surveillance & Tracking, Unmanned Ground Vehicles etc. The Pavilion will also feature a dedicated section highlighting the winners of the ADITI (Acing Development of Innovative Technologies with iDEX) scheme, showcasing their ground-breaking works in critical and niche technologies.

    Raksha Mantri unveiled three publications – iDEX Report 2024, iDEX Coffee Table Book and iDEX Finance Manual on the occasion. The iDEX Report and Coffee Table Book highlight the key milestones of the defence innovation ecosystem, celebrating the contributions of innovators & stakeholders. The iDEX Finance Manual simplifies the existing finance procedures to enhance the pace of projects, and facilitate ease of doing innovation for the iDEX winners.

    The Karnataka Pavilion is showcasing cutting-edge technologies from the defence and aerospace industries from the state. These innovations highlight Karnataka’s robust ecosystem in defence and aerospace, supported by over 2,000 SMEs. Deputy Chief Minister of Karnataka Shri DK Shiva Kumar was present on the occasion.

    ****

    VK/SPS/MJS/Savvy

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India’s Coal Boom

    Source: Government of India

    India’s Coal Boom

    Policies, Production, and Investments

    Posted On: 10 FEB 2025 3:49PM by PIB Delhi

     Introduction

    With the fifth-largest geological coal reserves globally and as the second-largest consumer, coal continues to be an indispensable energy source, contributing to 55% of the national energy mix. Over the past decade, thermal power, predominantly fueled by coal, has consistently accounted for more than 74% of our total power generation. Despite commendable strides in promoting renewable energy sources, the sheer growth in electricity demand necessitates a continued reliance on thermal power, with projections indicating its share to be 55% by 2030 and 27% by 2047. It is anticipated through comprehensive studies that coal demand in 2030 will likely reach 1462 MT and 1755 MT by 2047.

     

    Growth of the Coal Sector in December 2024

     

    As per the Index of Eight Core Industries (ICI), the coal sector registered the highest growth of 5.3% in December 2024, reaching 215.1 points compared to 204.3 points in December 2023. During April-December 2024, the coal industry index increased to 177.6 points from 167.2 points in the previous year, marking a 6.2% growth—the highest among all core industries.

    The Combined Index of Eight Core Industries showed an overall growth of 4.0% in December 2024 compared to the previous year. The index for April-December 2024 increased by 4.2% over the same period in FY 2023-24, emphasizing coal’s significant contribution to industrial expansion. Additionally, the coal sector accounts for about 50% of freight revenue for Indian Railways and provides direct employment to nearly 4.78 lakh individuals.

    India’s coal production has reached an all-time high of 997.82 million tonnes (MT) in FY 2023-24, marking a significant rise from 609.18 MT in FY 2014-15, with a Compound Annual Growth Rate (CAGR) of 5.64% over the past decade. In FY 2023-24 alone, production has surged by 11.71% compared to the previous year. Coal India Limited (CIL) remains the dominant producer, while SCCL and Others/Captive sources have also shown consistent growth, particularly in the last three years.

     

    State Governments also benefit significantly from coal revenues, with royalty, District Mineral Foundation (DMF) contributions, and State GST collections amounting to ₹31,281.7 crore in the fiscal year 2023-24.

     

    Dispatch of Coal

     

    The cumulative coal dispatch April 2024 to January 2025 has risen to 843.75 MT, marking 5.73% increase from 798.02 MT recorded during the corresponding period of the previous year. Mine opening permissions were granted for three new mines—Bhaskarpara, Utkal E, and Rajhara North (Central and Eastern). The Ministry of Coal remains committed to augmenting domestic production, reducing import dependence, and ensuring energy security for India.

     

    Indian Coal Sector Achieves Significant Import Reduction in FY 2023-24

     

    The Indian coal sector significantly reduced its import dependency in FY 2023-24, with only 110 MT classified as non-substitutable imports, by increasing domestic coal production. Between April and November 2024, coal imports declined by 5.35%, saving approximately $3.91 billion (₹30,007.26 crore). Notably, coal imports for domestic power plant blending fell by 23.56%. Supply from CIL and SCCL, along with captive sources, rose from 734 MT (2018-19) to 1149 MT (2023-24), while demand reached 1273 MT. Additionally, private sector coal production increased from 58 MT to 184 MT, further strengthening India’s energy self-sufficiency.

     

                    

    This decrease in imports and increase in domestic supply is enabled by various efforts of the government. The Ministry’s ‘Mission Coking Coal’ launched in 2022, aims to increase domestic coking coal production to 140 MT by FY 2029-30, thereby reducing dependency on imports in the steel sector. Other key strategies such as promoting commercial mining, expediting production from allocated blocks, and enhancing regional exploration (2525 sq. km by 2024) also play a crucial role. The introduction of the National Coal Mine Safety Report Portal and the Mine Closure Portal ensures responsible and transparent mining practices. The Ministry is considering the establishment of a Coal Trading Exchange to create a competitive and transparent market, further modernizing the sector.

     

    As of January 2025, the Ministry of Coal has allotted 184 mines, with 65 blocks receiving Mine Opening Permissions. Total production from these blocks has reached 136.59 MT, registering a 34.20% year-on-year increase. This is expected to exceed 170 MT target in FY 2024-25.

     

    Financial Incentive Scheme for Coal Gasification

     

    The Cabinet approved the scheme for promotion of Coal/Lignite Gasification Projects of Government PSUs and Private Sector, in January 2024. With a financial outlay of ₹8,500 crore, the scheme will provide Financial Assistance for coal gasification projects under three categories and aims to accelerate coal gasification, reduce carbon emissions, enhance energy security, and promote sustainable development.

     

    The scheme encourages both private companies and government PSUs to undertake coal gasification projects. For Category I, three applicants, Namely Bharat Coal Gasification and Chemicals Limited, CIL – GAIL Consortium and Coal India Limited were selected to be given Financial Incentives. New Era Cleantech Solution Private Limited was selected under Category III to be provided with Financial Incentive. The Request for Proposals (RFP) for Category-II was issued on May 15, 2024, and technical bids were opened on January 10, 2025. The selected applicants for financial incentives under Category-II are Jindal Steel and Power Limited, New Era Cleantech Solution Pvt. Ltd. and Greta Energy Limited.

     

    This initiative is a crucial part of India’s target to achieve 100 million tonnes of coal gasification by 2030, reflecting a shift towards advanced coal utilization technologies.

     

    Strengthening Coal Supply Chains

     

    To ensure uninterrupted coal supply, robust institutional mechanisms have been put in place, including an Inter-Ministerial Committee and coordination meetings with Railways and power sector stakeholders. As a result, coal stock at Thermal Power Plants now stands at 49 MT—sufficient for nearly 21 days, even amidst logistical restrictions during the Maha Kumbh period.

     

    To further enhance supply efficiency, the Ministry has launched the First Mile Connectivity (FMC) initiative, commissioning 39 projects with a total capacity of 386 MTPA. Additionally, the Rail-Sea-Rail (RSR) mode has successfully doubled coal movement from 28 MT in FY 2022 to 54 MT in FY 2024.

     

    Vesting Orders for Commercial Coal Mines

     

    A landmark policy reform came with the introduction of commercial coal mine auctions in 2020, encouraging private sector participation and modern technological adoption. The Ministry of Coal has recently issued vesting orders for seven coal mines under commercial coal mine auctions. The Coal Mine Development and Production Agreements (CMDPA) for these mines were signed on December 5, 2024.

    With the vesting of these mines, a total of 107 coal mines have been auctioned under commercial coal mine auctions, with a cumulative PRC of approximately 246.60 MTPA, generating estimated annual revenue of ₹34,000 crore and employment for about 3,33,000 people.

     

    Chintan Shivir 2.0: Deliberations on Energy Transition and Safety

     

    The Ministry of Coal organized Chintan Shivir 2.0 on January 7, 2025, focusing on coal sector reforms, energy transition, and safety measures. The forum underscored the importance of aligning coal mining with global sustainability goals and prioritizing worker safety. The discussions held emphasized on:

    • Enhancing production while integrating cleaner technologies
    • Reducing carbon emissions through coal gasification
    • Adoption of best practices for sustainability
    • Strengthening safety standards in mining operations

     

     

    The coal sector is embracing sustainability with large-scale afforestation efforts, with over 54.06 lakh saplings planted across 2,372 hectares in 2024. Under the ‘Ek Ped Maa Ke Naam’ campaign, over 1 million saplings were planted at 332 locations in 11 states. Additionally, 4,695 hectares of land have been identified for Accredited Compensatory Afforestation, and a total of 18,513 LKL of treated mine water has been provided to over 18.63 lakh people across 1,055 villages over the past five years.

     

    Workforce in the Coal Industry

     

    The total workforce in major coal companies under the Ministry of Coal is:

     

    • Coal India Limited (CIL): 3,30,318 employees
    • Singareni Collieries Company Limited (SCCL): 40,893 employees
    • NLC India Limited (NLCIL): 20,811 employees

     

    Mining operations follow stringent safety regulations under the Mines Act, 1952, including risk assessment, safety training, and medical screenings. Extensive healthcare services are provided to workers, with regular health check-ups to prevent occupational diseases.

     

    Central Sector Schemes of the Ministry of Coal

     

    The Ministry of Coal administers three key schemes:

     

    1. Exploration of Coal and Lignite – Identifies and categorizes coal/lignite resources, generating geological reports for auction/allocation. Promising areas undergo detailed exploration to upgrade resources to the ‘Proved’ category.
    2. Research & Development (R&D) – Overseen by the Standing Scientific Research Committee (SSRC), focusing on planning, budgeting, and implementing research projects for sector advancements.
    3. Conservation, Safety & Infrastructure Development – Under the Conservation and Development Act (CCDA), funds are provided for sand stowing, protective works, transport infrastructure, and mining safety improvements.

     

    The table below highlights the budget allocation and expenditure for Central Sector Schemes in the coal sector for 2023-24, with a total outlay of ₹843.5 crores and an expenditure of ₹299.09 crores.

     

     

    Conclusion

     

    The coal sector’s remarkable growth highlights its ability to meet the increasing demand from the energy and manufacturing industries. With initiatives like coal gasification, the sector is advancing toward India’s goal of achieving 100 MT of coal gasification by 2030, promoting cleaner and more efficient energy use.

     

    The Ministry of Coal remains steadfast in its commitment to boosting domestic coal production, reducing import dependency, and ensuring national energy security. As a key driver of economic progress, the sector continues to play a crucial role in the realization of Viksit Bharat, contributing to a self-reliant and developed India.

     

    References

    https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2009196

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099183

    https://coal.gov.in/sites/default/files/2021-01/productiondata_tenyear.pdf

    https://coaldashboard.cmpdi.co.in/dashboard.php#

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099549

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099889

    https://pib.gov.in/PressReleasePage.aspx?PRID=2099037

    https://coal.gov.in/sites/default/files/2024-09/05-09-2024qurt.pdf

    https://coal.nic.in/en/central-sector-schemes

    https://pib.gov.in/PressReleasePage.aspx?PRID=2100763

    Click here to download PDF

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    Santosh Kumar | Sarla Meena | Anchal Patiyal

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: NHRC, India in collaboration with the Hidayatullah National Law University, Raipur organised a National conference on combating human trafficking in the digital era

    Source: Government of India (2)

    NHRC, India in collaboration with the Hidayatullah National Law University, Raipur organised a National conference on combating human trafficking in the digital era

    In his inaugural address, NHRC, India Chairperson, Justice Shri V Ramasubramanian emphasised the need for building awareness among people about the pitfalls while engaging with digital spaces to ensure their safety

    Highlighted strengthening of the regulatory and institutional frameworks as well as technological solutions to check effectively the misuse of digital space

    Among various suggestions, the conference stressed on amending the ITP Act to provide clearer distinctions between child and adult trafficking with specific provisions to include cyber trafficking within its scope

    Formal linkage between the ITPA and the IT Act also stressed filling existing legal gaps and addressing trafficking in the digital realm

    Posted On: 10 FEB 2025 1:13PM by PIB Delhi

    Justice Shri V Ramasubramanian, Chairperson, National Human Rights Commission (NHRC), India inaugurated a day-long National Conference on ‘Combating human trafficking in the digital era’ organised on 7th Februray, 2025 by the Commission in collaboration with the Hidayatullah National Law University, Raipur, Chhattisgarh. With digital technologies increasingly being exploited for human trafficking, this conference examined the role of the internet, social media, cryptocurrency, and various online tools in facilitating trafficking crimes and the role of technology, law enforcement agencies, and the community in preventing them.

     

    Addressing virtually, the experts, law enforcement officials, academicians, and activists gathered to deliberate upon the growing menace of cyber-enabled trafficking, Justice Ramasubramanian highlighted various forms of digital trafficking such as sexual exploitation, labour exploitation, organ trafficking, and forced marriage. He also highlighted “Active Recruitment,” known as Hook Fishing, and “Passive Recruitment,” known as Net Fishing using digital technology to lure in gullible people.

     

    The NHRC, India Chairperson emphasised the need for building awareness among people about the pitfalls while engaging with digital spaces to ensure their safety besides strengthening the regulatory and institutional frameworks as well as technological solutions to check effectively the misuse of digital space.

    The conference was divided into two thematic sessions. The first session focused on the role of the Internet in facilitating human trafficking and migrant smuggling: A legal, administrative, and regulatory perspective’. It was chaired by Smt Bhamathi Balasubramanian, IAS (Retd.), co-chaired by Dr Sanjeev Shukla, Inspector General of Police, Bilaspur. Other resource persons included Dr K.V.K. Santhy, Professor of Law, NALSAR Hyderabad; Shri Kirtan Rathore, Additional SP, Raipur; and Smt Pratibha Tiwari, Additional SP, Mahasamund.

    The session provided a comprehensive discussion on the various factors contributing to human trafficking, with a strong emphasis on its gendered dimensions and the growing role of digital anonymity in facilitating such crimes. A significant portion of the discussion focused on the issue of migrant smuggling in different parts of India, particularly examining recruitment strategies, coordination networks, and the smuggling of victims.

    Experts highlighted trafficking cases from Chhattisgarh, shedding light on the persistent problem of non-reporting and the critical role played by Anti-Human Trafficking Units (AHTUs) in addressing these challenges. The session also explored the regulatory mechanisms in place to combat trafficking, emphasizing the need for capacity building and the development of a Standard Operating Procedure (SOP) tailored to the digital era. Additionally, the speakers underscored the role of the internet, artificial intelligence, and digital forensics in tracking and preventing trafficking cases, particularly those involving social media and missing children.

    The second session was focused on the theme “Preventive Strategies against Human Trafficking: Role of Technology, Law Enforcement Agencies, Victim Support, and Community Engagement.” It was chaired by Dr Manish Mishra, Joint Director, Chhattisgarh Human Rights Commission, and co-chaired by Dr Purushotam Chandrakar, Member, Child Welfare Committee (Raipur). The panellists also included Ms Pallabi Ghosh, Founder & Director, Impact and Dialogue Foundation (Kolkata); Ms Chetna Desai; Shri Ritesh Kumar, Child Protection Officer, UNICEF, Chhattisgarh; and Prof. (Dr) Vishnu Konoorayar, Professor of Law, HNLU.

     

    Shri Joginder Singh, Registrar (Law), NHRC, India in his concluding remarks said that combating human trafficking is a global effort requiring collaboration between governments, NGOs, technology companies, and individuals.

    The conference brought forward several key suggestions to address the growing challenge of human trafficking some of which are as follows:

    • Amend The Immoral Traffic (Prevention) Act (ITPA) to provide clearer distinctions between child and adult trafficking, with specific provisions to include cyber trafficking within its scope;
    • Formal linkage is needed between the ITPA and the IT Act to fill existing legal gaps and address trafficking in the digital realm;

    • Increase awareness regarding self-reporting portals such as the Centralized Complaint and Prevention of Women and Children (CCPWC), which could serve as an effective tool for public participation in reporting trafficking cases;

    • Equip and train Anti-Human Trafficking Units (AHTUs) to combat trafficking in the digital era;
    • Authentic data on human trafficking needs to be systematically collected across different categories to better inform policies and interventions;

    • There is a need for community engagement as a critical component in combating trafficking in all its forms by encouraging local communities to take an active role in preventing and reporting such crimes.

     

    ****

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Boosting Food Processing & Storage Infrastructure in India

    Source: Government of India (2)

    Posted On: 10 FEB 2025 1:02PM by PIB Delhi

    Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) was envisaged as a comprehensive package which will result in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet. It will not only provide a big boost to the growth of food processing sector in the country but also improve the capacity of food processing units which help in providing better returns to farmers and creating employment opportunities especially in the rural areas, reducing wastage of agricultural produce, increasing the processing level and enhancing the export of the processed foods.

    However, standalone cold storages are not supported under PMKSY. The state-wise number of storages approved for captive use under PMKSY since inception in 2017 are at Annexue-1. Further, under the Scheme for Integrated Cold Chain & Value Addition Infrastructure a sub-scheme of PMKSY, 06 projects are approved in the state of Telangana in the last five years. The details district –wise are at Annexure-2.

    As informed by Food Corporation of India, Ministry of Consumer Affairs, Food and Public Distribution, in order to upgrade and modernize the storage facilities, Government of India approved Action Plan for construction of steel silos on PPP (Public Private Partnership) mode in the country.  Under this plan, Silos with capacity of 24.25LMT at various locations throughout country are under implementation. Out of which silos with a capacity of 17.75LMT have been completed and remaining 6.5LMT are under various stages of development. In addition to above, silos of 5.5LMT capacity at 7 locations have already been constructed and put to in use in 2007-09 under circuit base model. Further, under phase –I of Hub & Spoke model Silos of 10.125 LMT at 14 locations on FCI owned land awarded and 24.75 LMT at 66 locations on private land have been awarded and are in development stage. As per the data of Food Corporation of India (FCI), the status of Grain Silos construction as on 30.11.2024 is placed at Annexure-3

    MoFPI has been implementing Central Sector Umbrella Scheme – PMKSY since 2016-17 to create post-harvest infrastructure and processing facilities to boost the overall development of the food processing sector including reduction in post-harvest losses. The component schemes under PMKSY provide credit linked financial assistance (capital subsidy) in the form of grants-in-aid to entrepreneurs for setting up of food processing/preservation infrastructure which, inter-alia, includes cold storages and refrigerated vehicles to minimize post-harvest losses.

    As per the Evaluation Study conducted and submitted by NABARD Consultancy Services Pvt. Ltd. (NABCONS) in 2020 on “Impact of Units Implemented under Scheme for Integrated Cold Chain and Value Addition Infrastructure assisted by Ministry of Food Processing Industries (MoFPI)”, it was highlighted that due to interventions of the Integrated Cold Chain and Value Addition Infrastructure Scheme of Ministry of Food Processing Industries, while all sectors had shown some decrease in wastages, but Fruits & Vegetables, Dairy and Fisheries sector had shown significant reduction in wastages.

    Apart from MoFPI, Ministry of Agriculture and Farmers Welfare has also launched the Agriculture Infrastructure Fund (AIF) Scheme in July 2020 under the Atmanirbhar Bharat package in order to improve post-harvest infrastructure and create community farming assets. The AIF Scheme facilitates sanction of medium to long term loans by Banks and other lending institutions for the setting up of cold storage facilities, warehouses and processing units, aimed at reducing crop wastage and enhancing value addition.

    This information was provided by the minister of state for food processing industries Shri Ravneet Singh in a written reply to rajysabha.

    *****

     

    ANNEXURE-1

    ANNEXURE REFERRED TO IN REPLY TO PART (a) OF RAJYA SABHA UNSTARRED QUESTION NO. 578 FOR ANSWER ON 07TH FEBRUARY, 2025 REGARDING “STORAGE FACILITIES UNDER PRADHAN MANTRI KISAN SAMPADA YOJNA”

     

    Ministry is implementing Pradhan Mantri Kisan Sampada Yojna (PMKSY). Under PMKSY standalone Cold storages/ frozen storage/ CA/ MA are not supported. The number of storages approved for captive use under PMKSY since inception in 2017 are as follows:

     

    S.No

    State

    No of Cold storages/ frozen storage/ CA/ MA

    Capacity

    (LMT/Annum)

    1

    Andaman & Nicobar

    2

    0.29

    2

    Andhra Pradesh

    31

    7.88

    3

    Arunachal Pradesh

    1

    0.14

    4

    Assam

    8

    6.97

    5

    Bihar

    1

    7.44

    6

    Chandigarh

    0

    0.0

    7

    Chhattisgarh

    6

    2.61

    8

    Dadar & Nagar Haveli and Daman & Diu

    0

    0.05

    9

    Delhi

    0

    0.0

    10

    Goa

    0

    0.06

    11

    Gujarat

    35

    20.28

    12

    Haryana

    30

    8.89

    13

    Himachal Pradesh

    28

    4.34

    14

    Jammu & Kashmir

    16

    1.99

    15

    Jharkhand

    0

    0.0

    16

    Karnataka

    35

    12.17

    17

    Kerala

    12

    4

    18

    Ladakh

    0

    0.0

    19

    Lakshadweep

    0

    0.0

    20

    Madhya Pradesh

    17

    8.17

    21

    Maharashtra

    93

    72.71

    22

    Manipur

    5

    0.09

    23

    Meghalaya

    0

    0.12

    24

    Mizoram

    9

    0.58

    25

    Nagaland

    3

    0.35

    26

    Orissa

    8

    2.54

    27

    Puduchery

    0

    0.0

    28

    Punjab

    61

    14.69

    29

    Rajasthan

    29

    7.18

    30

    Sikkim

    0

    0.0

    31

    Tamil Nadu

    59

    10.6

    32

    Telangana

    16

    9.49

    33

    Tripura

    1

    1.11

    34

    Uttar Pradesh

    38

    16.92

    35

    Uttarakhand

    64

    11.61

    36

    West Bengal

    35

    8.06

     

    TOTAL

    643

    241.33

     

    ANNEXURE-2

    ANNEXURE REFERRED TO IN REPLY TO PART (a) OF RAJYA SABHA UNSTARRED QUESTION NO. 578 FOR ANSWER ON 07TH FEBRUARY, 2025 REGARDING “STORAGE FACILITIES UNDER PRADHAN MANTRI KISAN SAMPADA YOJNA”

     

     

    Details of sanctioned projects in the state of Telangana under the scheme of Integrated Cold Chain & Value Addition Infrastructure, a component of Pradhan Mantri Kisan Sampada Yojna (PMKSY) in the last five years  (as on 31.12.2024)

     

    Sr.No.

    Project

    Sector

    District

    State

    Total project cost
     (₹ in crore)

    Approved grant   (₹ in crore)

    Amount of grant released          (₹ in crore)

    Status

    1

    Sri Krupa RGR Agrogatros

    F&V

    Nalgonda

    Telangana

    36.22

    9.36

    2.22

    Under Implementation

    2

    VNR Dairy Products

    Dairy

    Nalagonda

    Telangana

    26.20

    6.84

    4.56

    Under Implementation

    3

    Dadus

    Dairy

    Malkajgiri

    Telangana

    77.31

    7.35

    2.45

    Under Implementation

    4

    Almond House Private Limited

    Dairy

    Hyderabad

    Telangana

    56.81

    7.62

    2.54

    Under Implementation

    5

    Manjeera Dairy Products

    Dairy

    Sangareddy

    Telangana

    22.71

    6.51

    0

    Under Implementation

    6

    AL QAWI Frozen Foods Pvt Ltd

    Meat

    Sangareddy

    Telangana

    32.71

    8.68

    0

    Under Implementation

     

    TOTAL

     

     

     

    251.96

    46.36

    11.77

     

     

    ANNEXURE-3

     

    ANNEXURE REFERRED TO IN REPLY TO PART (b) OF RAJYA SABHA UNSTARRED QUESTION NO. 578 FOR ANSWER ON 07TH FEBRUARY, 2025 REGARDING “STORAGE FACILITIES UNDER PRADHAN MANTRI KISAN SAMPADA YOJNA”

                                                 (Position as on 30.11.2024)

     

    STATEMENT SHOWING AGENCY-WISE STATE-WISE STATUS OF SILO CONSTRUCTION

    (Fig. In LMT)

     

    Agency

     

    State

    Target as per Action Plan

     

    Completed

    Under Construction

     

    Grand Total

     

     

     

     

     

     

    FCI

    Assam

    0.5

    0.5

    0

    0.5

    Bihar

    4.5

    1.5

    2.0

    3.5

    Chattisgarh

    1

    0

    0

    0

    Delhi

    1

    0

    0

    0

    Gujarat

    1

    1.50

    0

    1.5

    Karnataka

    0.25

    0

    0

    0

    Haryana

    3

    2.50

    0

    2.5

    Maharashtra

    1

    0

    0

    0

    Punjab

    4.25

    3.75

    0

    3.75

    Rajasthan

    1.5

    0

    0

    0

    Uttar Pradesh

    7

    1.50

    2.0

    3.5

    West Bengal

    4

    0

    1.0

    1

    Total

     

    29

    11.25

    5.00

    16.25

    CWC

    Punjab

    2.5

    0

    0

    0

     

     

     

     

     

     

    State Govt.

    Andhra Pradesh

    3.5

    0

    0

    0

    Bihar

    5

    0

    0

    0

    Gujrat

    2

    0

    0

    0

    Haryana

    6.5

    0

    0

    0

    Madhya

    Pradesh

    10

    4.5

    0

    4.5

    Maharashtra

    0.5

    0

    0

    0

    Orrisa

    2

    0

    0

    0

    Punjab

    24.25

    2.0

    0

    2.0

    Rajasthan

    4.75

    0

    0

    0

    Telangana

    1.5

    0

    0

    0

    Uttar Pradesh

    5

    0

    1.5

    1.5

    West Bengal

    3.5

    0

    0

    0

    Total

     

    68.5

    6.50

    1.50

    8.00

    Grand Total

    100

    17.75

    6.50

    24.25

    Note: In addition the silos under process, it has been decided to construct further silos under Hub & Spoke model.

     

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  • MIL-OSI Asia-Pac: Aero India 2025 takes flight; Raksha Mantri inaugurates 15th edition of Asia’s biggest aerospace & defence exhibition in Bengaluru

    Source: Government of India (2)

    Aero India 2025 takes flight; Raksha Mantri inaugurates 15th edition of Asia’s biggest aerospace & defence exhibition in Bengaluru

    Aero India 2025 will further strengthen relations among like-minded countries to deal with today’s uncertainties: Shri Rajnath Singh

    “There is no Indian security or Indian peace in isolation; Security, stability & peace are shared constructs that transcend national borders”

    Today, the defence sector is powering the growth engine of Indian economy, says RM

    Posted On: 10 FEB 2025 11:57AM by PIB Delhi

    “Aero India 2025, a confluence of critical & frontier technologies, will provide a platform to further strengthen relations among like-minded countries based on mutual respect, mutual interest and mutual benefit to deal with today’s uncertainties,” said Raksha Mantri Shri Rajnath Singh while inaugurating the 15th edition of Aero India at the Yelahanka Air Force Station in Bengaluru, Karnataka on February 10, 2025. He exuded confidence that Aero India 2025 will showcase the country’s industrial capability and technological advancements to the world, while further strengthening symbiotic relations with friendly countries. Lasting peace can only be achieved if nations become stronger together and work for a Better World Order, he said. 

    Raksha Mantri stated that the five-day event will witness the participation of Government Representatives, Industry Leaders, Air Force Officers, Scientists, Defence Sector Experts, Start-ups, Academia & other stakeholders from all across the globe, and this confluence would bring India’s partners closer to the benefit of all. 

    “We often interact as buyers and sellers, where our relations are at a transactional level. However, at another level, we forge our partnership beyond the buyer-seller relationship to the level of Industrial Collaboration. We have many successful examples of co-production and co-development with like-minded countries. For us, there is no Indian security or Indian peace in isolation. Security, stability and peace are shared constructs that transcend national borders. The presence of our foreign friends is a testimony to the fact that our partners share our vision of One earth, One family, One future,” added Shri Rajnath Singh. 

    Raksha Mantri pointed out that in the present environment of global uncertainty, India is one such big country which is witnessing peace and prosperity. “India has never attacked any country nor has it been involved in any great power rivalry. We have always been an advocate of peace and stability. It is part of our fundamental ideals,” he said. Shri Rajnath Singh told the Defence Ministers, senior officials and representatives of foreign Original Equipment Manufacturers present on the occasion that their cooperation with India is crucial for global peace, prosperity and stability.  

    Shri Rajnath Singh asserted that India is going through a transformational phase, rapidly moving from a developing to a developed nation. He added that a vibrant and thriving defence industry ecosystem has been created in the country due to a concerted, sustained and well thought out roadmap by the Government under the leadership of Prime Minister Shri Narendra Modi. He stressed that the defence industrial sector, which was earlier not viewed as a component of national economy, has today been fully integrated with the overall economy. The sector is now a motor, powering the growth engine of the Indian economy, he said. 

    Raksha Mantri stated that the record allocation of Rs 6.81 lakh crore to Ministry of Defence in Union Budget 2025-26, including Rs 1.80 lakh crore for capital acquisition, is a proof that the Government considers defence as a top-priority sector. He added that like the previous budget, 75% of modernisation budget has been reserved for procurement through domestic sources with an aim to widen and deepen the capabilities of India’s Defence Industrial Complex.  

    Shri Rajnath Singh reiterated the Government’s commitment towards enhancing the participation of private players in this overall growth story. “The private sector is going to play a big role in the economic mainstreaming. Due to its drive, resilience and entrepreneurship, the sector is capable of bringing a new wave of prosperity in the country. In many advanced countries, private industry has led defence production. The time has come that, here as well, the sector becomes an equal partner in the defence industry,” he said. 

    Raksha Mantri added that the defence manufacturers are working with a collaborative approach to strengthen the defence sector, terming the joint venture between Tata Advanced Systems Limited and Airbus for the production of C-295 transport aircraft in Gujarat as a shining example of this cooperation. He added that today India has become a Globally Preferred Destination for Aerospace Components & Complex System Assembly and the public sector & private industries are playing an important role in this transformation. 

    Shedding light on the accomplishments achieved from the last Aero India, Shri Rajnath Singh stated that a number of high-tech products such as Astra Missile, New Generation Akash Missile, Autonomous Underwater Vehicle, Unmanned Surface Vessel, Pinaka Guided Rocket are being manufactured within the country. He voiced the Government’s unwavering resolve to surpass the Rs 1.27 lakh crore defence production and Rs 21,000 crore defence exports figures in the coming times, and ensure that the defence sector moves ahead at an unprecedented pace. It may be recalled that during the curtain raiser press conference of Aero India 2025 last evening, Raksha Mantri had expressed confidence that defence production will exceed Rs 1.60 lakh crore by the end of 2025-26 and defence exports will surpass Rs 30,000 crore. 

    On 2025 being declared as the ‘Year of Reforms’ in the Ministry of Defence, Raksha Mantri termed it as not just a government slogan, but the Government’s commitment towards reforms. He said the decisions for reforms are not being taken only at the Ministry level, but Armed Forces and DPSUs are also participating in this endeavour. “To take this drive of reforms forward more rapidly, there should be participation of all stakeholders in the defence sector. Suggestions from all stakeholders associated with the Ministry are welcome,” he said. 

    Earlier, Shri Rajnath Singh welcomed the distinguished guests from across the world by enlightening them about the Indian tradition of Atithi Devo Bhava, which means ‘A Guest is Equivalent to God’ which, he said, can be witnessed clearly at the Maha Kumbh underway in the holy city of Prayagraj. “While Maha Kumbh is the Kumbh of introspection, Aero India is the Kumbh of research. While Maha Kumbh is focusing on internal strength, Aero India will centre on external strength. While Maha Kumbh showcases the culture of India, Aero India will display the power of India,” he added. 

     The 15th edition of Asia’s biggest aerospace and defence exhibition, inaugurated by Raksha Mantri, will showcase, over the next five days, India’s aerial prowess and indigenous cutting-edge innovations alongside state-of-the-art products of global aerospace companies. In line with ‘Aatmanirbhar Bharat’ and ‘Make in India, Make for the World’ vision, the event will also provide a stage to forge international collaborations to fast-track the indigenisation process, thereby providing a thrust to Prime Minister Shri Narendra Modi-led Government’s resolve of making the country Viksit Bharat by 2047. 

    February 10th to 12th have been reserved as business days, with 13th & 14th set as public days for people to witness the show. The event comprises Defence Ministers’ Conclave; CEOs Roundtable; inauguration of India & iDEX Pavilions; Manthan iDEX event; Samarthya Indigenisation event; Valedictory function; seminars; breath-taking airshows and an exhibition of aerospace companies. 

    Raksha Rajya Mantri Shri Sanjay Seth, Chief Minister of Nagaland Shri Neiphiu Rio, Deputy Chief Minister of Karnataka Shri DK Shiva Kumar, Chief of Defence Staff General Anil Chauhan, Chief of the Naval Staff Admiral Dinesh K Tripathi, Chief of the Army Staff General Upendra Dwivedi, Chief Secretary, Government of Karnataka Dr Shalini Rajneesh, Defence Secretary Shri Rajesh Kumar Singh, Secretary (Defence Production) Shri Sanjeev Kumar and Vice Chief of the Air Staff Air Marshal SP Dharkhar were among the dignitaries present on the occasion.

                ****

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  • MIL-OSI Asia-Pac: India to Inaugurate EFTA Desk to Enhance Trade and Investment under TEPA

    Source: Government of India (2)

    India to Inaugurate EFTA Desk to Enhance Trade and Investment under TEPA

    Business Roundtable to Witness Participation from Over 100 Companies from India and EFTA Nations

    Posted On: 10 FEB 2025 10:19AM by PIB Delhi

    In a significant step towards deepening economic ties with the European Free Trade Association (EFTA), Union Minister for Commerce and Industry Shri Piyush Goyal along with the EFTA bloc represented by H.E. Mrs. Helene Budliger Artieda, Swiss State Secretary, H.E. Mr. Tomas Norvoll, State Secretary of Trade and Industry, Norway, H.E. Martin Eyjolfsson, Permanent Secretary of State, Iceland, H.E. Dominique Hasler, Minister of External Affairs, Education, and Sport, Liechtenstein, Mr. Markus Schlagenhof, Deputy Secretary General, EFTA Secretariat and Mr. David Sveinbhornsson, Senior Officer, EFTA Secretariat, will inaugurate the EFTA Desk at Bharat Mandapam, New Delhi, on February 10, 2025.

    The initiative, in line with Chapter 7 of the India-EFTA Trade and Economic Partnership Agreement (TEPA), which was signed on March 10, 2024, aims to serve as a dedicated platform to promote trade, investment, and business facilitation between India and the four EFTA nations—Switzerland, Norway, Iceland, and Liechtenstein. The inauguration ceremony will be attended by senior officials from the Government of India and high-ranking dignitaries from EFTA member states.

    Senior officials from Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Commerce (DOC) will also address the gathering, outlining India’s vision for stronger economic engagement with EFTA nations.

    The India-EFTA Dedicated Desk will act as a centralized support mechanism for EFTA companies looking to expand in India. It will provide market insights and regulatory guidance, business matchmaking, and assistance in navigating India’s policy and investment landscape.

    Post-inauguration, a high-level EFTA-India Business Roundtable will convene, featuring over 100 leading businesses from India and EFTA nations, aimed at fostering collaboration across key sectors, including Pharmaceuticals & Life Sciences, Financial Services & Fintech, Mechanical & Electrical Engineering, Energy & Sustainability, Seafood & Maritime, Food Processing & Agritech. The roundtable will provide a structured forum for companies to explore joint ventures, investment opportunities, and technology partnerships under the framework of TEPA.

    ***

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  • MIL-OSI Asia-Pac: EMSD announces test results of LPG quality in January 2025

    Source: Hong Kong Government special administrative region

         The Electrical and Mechanical Services Department (EMSD) today (February 10) announced that the department collected 10 liquefied petroleum gas (LPG) samples from auto-LPG filling stations and LPG terminals on a random basis in January 2025 for laboratory tests. The results show that the LPG quality of all these samples complied with auto-LPG specifications.
          
         The detailed test results are available on the EMSD’s website (www.emsd.gov.hk/en/gas_safety/lpg_vehicle_scheme/publications/general/results_of_lpg_sample_analysis/index.html). Enquiries can also be made to the EMSD’s hotline on 2333 3762.
          
         In addition, the EMSD has been vetting independent third-party test reports submitted by LPG supply companies for each shipment to ensure that the quality of imported LPG complies with the specified requirements.

    MIL OSI Asia Pacific News –

  • MIL-OSI: CLEAR is Under Construction in Epic Toolbox to Streamline Patient Experiences in Healthcare

    Source: GlobeNewswire (MIL-OSI)

    Out-of-the-box integration will unlock a reusable, connected health identity that simplifies patient identity verification and enhances security of sensitive health information

    Integration launches alongside new “Identity Verification for MyChart” Toolbox category under construction

    NEW YORK, Feb. 10, 2025 (GLOBE NEWSWIRE) — CLEAR (NYSE: YOU), the secure identity company, announced today that its identity verification integration is now under construction in Epic Toolbox. By integrating with Epic, CLEAR joins Epic’s new “Identity Verification for MyChart” category, empowering both patients and providers with a trusted identity solution.

    When this integration is available, health systems unlock a turnkey solution to enable patient identity verification processes that are accurate, seamless and secure. Using CLEAR, health systems can offer patients a secure, self-service process to both create and recover their accounts — reducing administrative burdens on call center staff while enhancing cybersecurity practices to safeguard sensitive health information.

    This integration will be natively embedded, making it easier than ever for health providers in Epic’s ecosystem to effortlessly leverage CLEAR for the 290 million+ patients with current electronic records in Epic. “CLEAR Identity Verification for MyChart” enables patient account creation and account recovery workflows with automated verification – simplifying access and reducing administrative overhead.

    Health systems can customize their verification flows by selecting from over 60 verification checks, including support for IAL2 standards and document-based identity verification, while relying on CLEAR’s adaptive technology to apply a more consumer-centric experience to the healthcare journey.

    Once enabled, more than 27 million existing CLEAR users can already verify instantly with a selfie, while new users enjoy the same experience after completing a one-time setup. Verifying with CLEAR offers health systems a number of operational benefits:

    • Secure health data: Strengthen security at key touchpoints like account creation and recovery, keeping patient data safe from cyber threats.
    • Maximize efficiency: Implement quickly without disrupting existing workflows with this out-of-the-box integration.
    • Advance trust: CLEAR meets the highest standards for data protection – and 89% of people agree that CLEAR represents security and trust.

    “By integrating CLEAR’s identity verification platform with Epic, we’re making it easier for health systems across the country to deliver patient experiences that maximize security and minimize friction,” said CLEAR CEO Caryn Seidman Becker. “This collaboration marks a significant step forward in our effort to replace the clipboard and streamline every touchpoint of the healthcare journey.”

    More than 600 healthcare data breaches occurred in the U.S. in 2024, with the average cost of each reaching $5 million. CLEAR’s identity verification solution unlocks a “digital front door” that future-proofs against future cyberattacks, transforms an organization’s ability to defend patient information, and fosters a stronger healthcare security infrastructure.

    “CLEAR’s approach to safeguarding sensitive health information is a gamechanger,” said Dr. Patrick McGill, Executive Vice President and Chief Transformation Officer at Community Health Network. “Our patients and providers alike are already benefiting from innovations that simplify the experience without sacrificing security. This integration will only uplevel our efforts to make our health services easier to use for everyone.”

    “At Rush, we have ambitious goals to enhance security and remove friction on our more than 196,000 annual password resets,” said Jeff Gautney, Chief Information Officer at Rush. “We’re equally excited to welcome new patients into our system with a streamlined account creation verification process that allows for more equitable, accurate patient identification. With these real-time identity verification results from CLEAR, we can minimize errors from manual checks and stop identity theft attempts before they happen.”

    “In healthcare settings, seconds and minutes matter,” said Dr. Hank Capps, Chief Information and Digital Officer at Wellstar Health System. “Wellstar clinicians are committed to providing innovative world-class care, and CLEAR’s trusted technology will help us deliver the experience patients expect.”

    For more details on CLEAR Under Construction in Epic Toolbox, go to the Epic Showroom.

    Epic and MyChart are registered trademarks of Epic Systems Corporation.

    About CLEAR
    CLEAR’s mission is to create frictionless experiences. With over 27 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    Forward-Looking Statements
    This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

    Contact
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: FactSet Acquires LiquidityBook

    Source: GlobeNewswire (MIL-OSI)

    Integrating adjacent workflows across the front office to connect the full portfolio life cycle

    Adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities

    NORWALK, Conn., Feb. 10, 2025 (GLOBE NEWSWIRE) — FactSet (NYSE: FDS | NASDAQ: FDS), a global financial digital platform and enterprise solutions provider, today announced the acquisition of LiquidityBook for a gross purchase price of $246.5 million in cash.

    LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients and operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally.  

    Over the past year, the two companies partnered to enable a turnkey integration of LiquidityBook’s flagship order management system (OMS) into the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow, from security research and portfolio construction to order creation and trade execution. The acquisition takes this successful partnership one step further to accelerate FactSet’s mission to connect the front office with the middle office. FactSet’s ability to serve the integrated workflow needs of clients across the portfolio life cycle will be enhanced by combining LiquidityBook’s modern and scalable order management, pre-trade compliance, and investment book of record (IBOR) capabilities with FactSet’s industry-leading investment research, execution management, performance, reporting, and portfolio analytics solutions.

    “This acquisition is further evidence of FactSet’s commitment to streamlining workflows across the entire portfolio life cycle to reduce our clients’ total cost of ownership,” said Rob Robie, Executive Vice President, Head of Institutional Buy Side, FactSet. “Clients want to spend their time on actionable investment decisions, not jumping between disparate research, portfolio management, and trading platforms. Deeper integration of LiquidityBook’s OMS and IBOR into the FactSet Workstation will enable a consolidated front office solution that meets the increasingly sophisticated needs of our clients.”

    Founded in 2005 and headquartered in New York with approximately 70 employees worldwide, LiquidityBook offers a modular platform for the full trading life cycle, enabling multi-asset class portfolio, order, and execution management capabilities. Architected to scale on a cloud-native, multi-tenant foundation, its solutions enable clients to track intraday portfolio holdings, initiate and monitor trade orders, ensure pre-trade and regulatory compliance, manage client/broker commissions, and process post-trade reconciliations through a single code base for every use case.

    “Since inception, LiquidityBook has focused on developing a modular solution on scalable architecture purpose-built to support the most sophisticated multi-asset trading workflows with a distinct advantage over inflexible, refactored legacy systems,” said Kevin Samuel, CEO, LiquidityBook. “We look forward to continuing this mission as part of FactSet to meet the growing workflow needs of clients across the trade life cycle without compromising on functionality.”

    “We are excited to bring two talented teams together to expand on the existing partnership in place,” said Shawn Samuel, CTO, LiquidityBook. “The value proposition of combining our complementary solutions is already client-validated and market-tested. Joining forces now to capitalize on this opportunity is the natural next step to delivering increased value and flexibility to clients.”

    The acquisition closed on February 7, 2025 and was funded by borrowings under FactSet’s existing revolving credit facility. The transaction is expected to be modestly dilutive to FactSet’s fiscal 2025 GAAP and adjusted diluted EPS.

    FactSet’s advisors on the transaction include Citi as financial advisor and Cravath, Swaine & Moore as legal advisor. LiquidityBook’s advisors include IA Global Capital as financial advisor and Curtis, Mallet-Prevost, Colt & Mosle as legal advisor.

    Forward-Looking Statements

    This news release contains forward-looking statements based on management’s current expectations, projections, beliefs and assumptions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,200 global clients, including over 218,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

    About Liquidity Book

    LiquidityBook is a leading provider of cloud-native buy- and sell-side trading solutions and is trusted by many of the industry’s largest and most sophisticated firms. The LiquidityBook platform is easily configurable and enhanced daily with client requests, giving these firms peace of mind that their trading platform will adapt and scale as they grow. A disruptive force in the market for nearly 20 years, the founder-led LiquidityBook backs their platform with unparalleled support and employs a client-centric business model with no hidden fees. For more information, please visit www.liquiditybook.com or contact sales@liquiditybook.com.

    FactSet
    Investor Relations:
    investor_relations@factset.com

    Media Relations:
    Megan Kovach
    +1.512.736.2795
    megan.kovach@factset.com

    The MIL Network –

  • MIL-OSI Economics: Asian Development Blog: Cooling the Heat Crisis with Energy and Health Solutions

    Source: Asia Development Bank

    Asia and the Pacific faces record heatwaves, straining energy systems and endangering public health. Investing in climate science, resilient technologies, and people-centered solutions can help mitigate these risks.

    The year 2024 was the hottest on record and the first time the world reached 1.6oC above preindustrial levels. Such extreme heat events are only expected to rise, with countries in Asia and the Pacific particularly at risk. 

    Energy systems face dual challenges that make them particularly vulnerable to extreme heat events. On the demand side, the heightened use of air conditioners during heatwaves can strain already stretched electricity networks and lead to power cuts and blackouts. 

    Asia and the Pacific’s rapid socio-economic and urban development has seen a surge in air conditioning usage and a notable increase in electricity consumption during days when temperatures reach 30oC (86oF) and above. 

    Less acknowledged are the negative impacts that higher temperatures can have on the supply side of energy systems. For example, solar photovoltaic cells become less efficient in producing electricity under temperatures above 25oC (77oF), while the efficiency of thermal power plants – using coal, gas or nuclear energy – decreases when the cooling water they use becomes warmer. 

    High temperatures also put additional stress on electronic components such as battery cells and power inverters. Power lines, transformers and substations can overheat during heatwaves, resulting in lower rates of electricity transmission and distribution efficiency or, in the worst case, power failures. 

    We have seen such impacts in the region this last year. The Lao People’s Democratic Republic experienced frequent power outages due to high electricity demand during April’s heatwave. The Philippines suffered brownouts across various regions due to shutdowns and reduced power plant and grid capacities during the same month. Bangladesh had to carry out power cuts in 2024, affecting millions of people. In Pakistan, frequent and prolonged power outages in Karachi during scorching heat in June contributed to the spread of heat-related deaths.

    The record-breaking heat of 2024 exposed the vulnerabilities of energy and health systems across Asia and the Pacific, underscoring the urgent need for climate-resilient investments in infrastructure, technology, and policy coordination.

    Such energy disruptions can impact the functioning of health systems severely. Energy is crucial for protecting public health by enabling the operation of medical devices and telemedicine, as well as regulating indoor temperatures, refrigerating food and medicine, and ensuring the supply of clean drinking water. 

    Power outages can curtail the basic functioning of hospitals and health clinics and shut down IT and communication systems.

    This includes limiting access to medical record systems and vital laboratory testing data needed to make critical decisions about patients. Added to this, heatwaves create a surge in demand for health care services, including emergency visits and ambulance call outs, which simultaneously increases energy demand.   

    The consequences for human health can be deadly. People with chronic health problems are more predisposed to the impacts of extreme heat, such as those with cardiovascular and upper respiratory disease, communicable disease, diabetes, kidney disease and mental illness. 

    Specific groups of people are also more vulnerable to the negative impacts of heat stress, including the elderly, pregnant women, infants, children, outdoor workers and those from lower socio-economic groups who often lack access to air conditioning systems in their homes. 

    Weak health surveillance systems in many Pacific Islands countries and lower middle-income countries in Asia unfortunately mean that heat-related deaths and illnesses are being underestimated. Where data exists, the impacts are alarming. A report in People’s Republic of China for example, showed a fourfold increase in heat-related mortality between the years 1990 and 2019. 

    With the frequency of extreme heat being the new reality, there are a number of immediate investments that can be considered across systems in Asia and the Pacific, spanning science, technology and people-centered approaches.

    Firstly, converging state-of-the-art science and data with people-centered approaches can help improve the design of systems-level investments that benefit the health and energy sectors. The use of advanced climate modeling techniques allows governments and companies to better understand the impacts of heat stress on these systems and to explore solutions that address these challenges. 

    More heat data allows insurance providers to design and offer more heat insurance products that better protect companies and workers. Upgrading early warning systems with the latest science in forecasting extreme heat allows more accurate and timely warnings. 

    Combining such upgrades with collaboration – such as with energy providers, health institutions and communities – also means more meaningful warnings that allow a multisectoral response to heat action planning, setting up local cooling centers, and preparing community outreach to vulnerable groups. 

    Secondly, investments in climate-resilient energy technologies can strengthen the reliability of energy systems against extreme heat. Currently, many Asian and Pacific countries rely on the use of fossil fuels and power conservation measures during higher power demands. Strengthening electricity networks and storage technology are longer-term solutions that can match the region’s growing electricity needs with the increasing frequency of heatwaves. 

    Implementing innovative cooling solutions and heat-resilient designs for power plants and grids can reduce efficiency losses during extreme heat events. Smart grid technologies can provide energy suppliers with real-time visibility that reduces the likelihood of large-scale outages. Promoting energy-efficient cooling appliances and energy-saving building designs – such as cool roofs – can also help reduce demands on electricity networks during heatwaves. 

    These investments will reduce energy disruptions to health systems during extreme heat events, but there is a third set of solutions within the health sector that should also be considered. This includes ensuring heat-resilient back-up energy options for health facilities during power failures, and the installation of energy-efficient smart air conditioning systems. 

    Wider investments to decarbonize and green health care facilities also lowers their energy demand. Equally crucial are the “softer” investments in strengthening health-heat surveillance systems, tailoring early warning systems and data sharing for the health sector, and developing business continuity plans that ensure health service delivery and surge capacity management during heatwaves. 

    The experience of 2024 as the hottest year on the planet highlights how urgent it is to address extreme heat. Sadly, it also heralds the implications ahead.  Asia and the Pacific sweltered under multiple heatwaves in 2024, seeing power outages and disruptions to people’s lives and livelihoods across the region. 

    There’s still hope. Countries and the international community need to continue to reduce greenhouse gases as part of their climate mitigation pledges to the Paris Agreement. But equally, we have climate adaptation opportunities to embrace science, technology and people-centered approaches. 

    Applying such measures to systems-level investments in Asia and the Pacific will produce more climate-resilient energy and health outcomes under the growing severity of a warmer future.

    MIL OSI Economics –

  • MIL-OSI Europe: Spain: EIB finances with €15 million Amadix to develop innovative diagnostic tests for early cancer detection

    Source: European Investment Bank

    Amadix

    • Amadix is a Spanish biotech company developing non-invasive blood tests for early detection of several types of cancer before the symptoms appear.
    • The financing is part of the support the EIB is providing to European medtech startups developing cutting-edge medical solutions and contributes to the EIB Group strategic priority of accelerating digitalisation and technological innovation.
    • The operation is supported by InvestEU, an EU programme that aims to unlock over €372 billion in investment by 2027.

    The European Investment Bank (EIB) has signed a €15 million loan with Spanish company Amadix to support development and commercialization of innovative blood tests for early detection of several types of cancer before the appearance of symptoms. The survival rate of certain cancers such as colorectal cancer, can increase significantly if detected at an early stage.

    The EIB financing will support the research, development, and manufacture of Amadix’ products from its leading test, PreveCol, for colorectal cancer diagnosis, to the development of other pipeline products: PancreaDix and DiagnoLung, for pancreatic and lung cancer detection. The loan will also support Amadix´s international expansion plan, the clinical validation of PreveCol in the United States, and stablishing a strong presence of the company in both the European and U.S. markets.

    The Valladolid-based startup is a pioneer in applying Artificial Intelligence (AI) to early cancer detection tests. Their technology is based on an algorithm that combines clinical features identified by AI with the analysis of proteins and miRNAs in plasma for early detection of premalignant lesions. The detection and removal of these lesions can effectively prevent cancer from developing.

    “This loan shows the EIB’s commitment to support innovative European startups developing breakthrough medical solutions. We are delighted to join forces with research intense stratups like Amadix to expand the range of solutions for early detection of cancer, advance Europe’s plan to beat that illness and support the European medtech industry”. said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo. 

    The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027. The project contributes to Europe’s Beating Cancer Plan and the EIB Group strategic priority of accelerating digitalisation and technological innovation.

    “It is very encouraging to see organizations like the EIB supporting companies like ours contributing to the Europe’s Beating Cancer Plan and supporting our international expansion. It will enable us to bring to the European and US market our disruptive blood tests for early cancer detection. Thanks to the EIB support, more people will have access to innovative solutions such as liquid biopsy to prevent cancer, a leading cause of death worldwide, to live longer and better”, added Rocío Arroyo, Amadix’s founder and CEO.

    The investments associated to the project will generate cutting edge scientific knowledge and retaining European scientific acumen. The project will also contribute to Europe’s competitiveness, boosting the innovative capacity of European based life science industries and businesses.

    Background information

    EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    InvestEU

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.”

    Amadix

    Amadix is a leading molecular diagnostics company focused on liquid biopsy, developing innovative blood tests for early cancer detection. The company´s mission is to extend people´s lives by developing disruptive technologies that can detect tumours years in advance before the symptoms appear.  Amadix´s approach combines molecular data from blood samples with patient’s clinical information, extracted from diagnostic images and electronic medical records. Their technology, based on machine learning algorithms, is designed for use in screening and health prevention programmes, positioning itself as a complementary tool to promote precision medicine and cancer prevention.

    AMADIX (IEU TI)
    EIB finances with €15 million Amadix to develop innovative diagnostic tests for early cancer detection
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    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Obstacle to competition in France’s outlying territories: upholding EU law in the face of the high cost of living – P-000461/2025

    Source: European Parliament

    Priority question for written answer  P-000461/2025
    to the Commission
    Rule 144
    Marie Toussaint (Verts/ALE), Rasmus Andresen (Verts/ALE), David Cormand (Verts/ALE), Mounir Satouri (Verts/ALE), Younous Omarjee (The Left), Nora Mebarek (S&D), Anthony Smith (The Left), Arash Saeidi (The Left), Emma Rafowicz (S&D), Pierre Jouvet (S&D), Emma Fourreau (The Left), Thomas Pellerin-Carlin (S&D), Claire Fita (S&D), Manon Aubry (The Left), Damien Carême (The Left), Murielle Laurent (S&D), Jean-Marc Germain (S&D), Raphaël Glucksmann (S&D), Leila Chaibi (The Left), Rima Hassan (The Left)

    France’s overseas territories suffer from an economic and social situation which is unacceptable: prices of basic necessities are considerably higher than in mainland France (+ 40% in Martinique, + 39% in French Guyana and + 78% in New Caledonia) and are reaching excessive levels. A number of official reports and independent investigations have uncovered quasi-monopolies and oligopolies, suggesting the existence of cartel and anti-competitive practices detrimental to the people living there.

    It is therefore likely that in these territories EU legislation on the transparency of company accounts and the functioning of the internal market is being infringed. The French authorities have so far been unable to resolve these difficulties alone so as to enforce European law and protect citizens effectively.

    • 1.Does the Commission intend to verify France’s application of Regulation (EC) No 250/2009 and, if necessary, open infringement proceedings?
    • 2.Does it intend to launch an antitrust investigation against the Bernard Hayot Group and the groups that dominate the outermost regions’ markets in the distribution, transport, automotive, agriculture and banking sectors?
    • 3.How can the concept of abuse of a dominant position be assessed differently in these sectors?

    Submitted: 3.2.2025

    Last updated: 10 February 2025

    MIL OSI Europe News –