NewzIntel.com

Category: Business

  • MIL-OSI: Byrna Expands Retail Footprint with Nashville Store Opening

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Feb. 06, 2025 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced the opening of its second company-owned retail store, located in Franklin, Tennessee, part of the Greater Nashville Area. This new location advances Byrna’s vision of normalizing less-lethal solutions as a mainstream personal safety choice, establishing a broader physical presence, and amplifying brand recognition in key markets.

    The Nashville store builds on the success of Byrna’s Las Vegas location, which validated the potential of company-owned retail with an annual run rate exceeding $1 million and gross profit margins over 60%. The Nashville store features an in-store shooting range where customers can experience Byrna’s less-lethal launchers firsthand. In the Las Vegas store, conversion rates are approximately 80%, compared to approximately 1% online. Byrna expects the hands-on and interactive experience of its new stores to deliver similarly high conversion rates, foster deeper customer trust, and reinforce the company’s reputation as a leader in the less-lethal market.

    “The Nashville store represents an important step in Byrna’s strategic retail expansion,” said Byrna CEO Bryan Ganz. “Our retail store rollout is designed to strengthen customer connections, provide unique hands-on experiences, and expand overall brand awareness. Positioned in a vibrant retail hub, the Nashville store is well-suited to drive strong demand and further the adoption of Byrna’s less-lethal solutions. While we recognize new stores take time to reach their optimal performance, we are confident in the potential of our brick-and-mortar strategy and look forward to tracking the impact of our future locations.”

    Byrna’s retail strategy reflects a deliberate, phased approach to scaling its store model. The Nashville store is one of four new locations planned in the first part of 2025, with additional stores in Fort Wayne, Indiana, Scottsdale, Arizona, and Salem, New Hampshire set to open in coming weeks. These initial locations will provide valuable insights to refine store operations, finalize employee training programs, and optimize marketing strategies ahead of a potential broader rollout.

    Luan Pham, Byrna Chief Revenue Marketing Officer, added: “Our retail expansion is a transformational step in making less-lethal solutions accessible and mainstream. These new stores enable us to build stronger, more personal connections with our customers through workshops and in-store events, ensuring they are confident in using our products when it matters most.”

    The grand opening of the Nashville store featured local officials, law enforcement representatives, and media. Byrna will continue prioritizing community engagement and education as it expands its physical footprint across the United States.

    Byrna Nashville
    330 Mayfield Dr.
    D-3
    Franklin, TN 37067

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company’s products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company’s supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5feb5941-b01f-4175-941b-5c3ad99702ee

    The MIL Network –

  • MIL-OSI: Live Ventures Reports Fiscal First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 06, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal first quarter 2025 ended December 31, 2024. 

    Fiscal First Quarter 2025 Key Highlights:

    • Revenue was $111.5 million, compared to $117.6 million in the prior year period
    • Net income was $0.5 million and diluted earnings per share (“EPS”) was $0.16, compared to the prior year period net loss of $0.7 million and loss per share of $0.22. Net income for the first quarter 2025 includes a $2.8 million gain on the settlement of the earnout liability related to the Precision Metal Works, Inc. (“PMW”) acquisition and a $0.7 million gain on the settlement of PMW seller notes
    • Adjusted EBITDA¹ was $5.7 million, compared to $8.7 million in the prior year period
    • Total assets of $395.5 million and stockholders’ equity of $73.3 million as of December 31, 2024
    • Approximately $31.1 million of cash and availability under the Company’s credit facilities as of December 31, 2024

    “Both our Retail-Entertainment and Steel Manufacturing segments delivered improved operating performance in the first quarter, with increases in operating income and operating margins as compared to the prior year period. However, high interest rates and a slowdown in the housing market continued to impact our Retail-Flooring and Flooring Manufacturing segments, as reduced consumer demand weighed on performance,” commented David Verret, Chief Financial Officer of Live Ventures.

    “We are pleased with the operating improvements achieved in our Retail-Entertainment and Steel Manufacturing segments during the first quarter. That said, industry-specific headwinds are impacting our Retail-Flooring and Flooring Manufacturing segments. To address this, we are implementing additional measures to enhance the efficiency of our flooring businesses,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “Despite these challenges, we remain confident in the long-term strength of our businesses.”

    First Quarter FY 2025 Financial Summary (in thousands except per share amounts)
      For the three months ended December 31,
        2024     2023     % Change
    Revenue $ 111,508   $ 117,593     -5.2 %
    Operating income $ 762   $ 3,541     -78.5 %
    Net income (loss) $ 492   $ (682 )   172.1 %
    Diluted earnings (loss) per share $ 0.16   $ (0.22 )   172.7 %
    Adjusted EBITDA¹ $ 5,744   $ 8,696     -33.9 %
                       

    Revenue decreased approximately $6.1 million, or 5.2%, to approximately $111.5 million for the quarter ended December 31, 2024, compared to revenue of approximately $117.6 million in the prior year period. The decrease is attributable to the Flooring Manufacturing, Retail-Flooring, and Steel Manufacturing segments, which decreased by approximately $6.7 million in the aggregate.

    Operating income was approximately $0.8 million for the quarter ended December 31, 2024, compared with operating income of approximately $3.5 million in the prior year period. The decrease in operating income is primarily attributable to the decrease in revenue and increased general and administrative expenses in the Retail-Flooring segment. The decrease in operating income was partially offset by increased operating income in the Retail-Entertainment and Steel Manufacturing segments.

    For the quarter ended December 31, 2024, net income was approximately $0.5 million, and diluted EPS was $0.16, compared with net loss of approximately $0.7 million and loss per share of $0.22 in the prior year period. The increase in net income is primarily attributable to a $2.8 million gain on the settlement of the earnout liability related to the PMW acquisition and a $0.7 million gain on the settlement of PMW seller notes.

    Adjusted EBITDA¹ for the quarter ended December 31, 2024 was approximately $5.7 million, a decrease of approximately $3.0 million, or 33.9%, compared to the prior year period. The decrease in adjusted EBITDA is primarily due to an overall decrease in operating income.

    As of December 31, 2024, the Company had total cash availability of $31.1 million, consisting of cash on hand of $7.4 million and availability under its various lines of credit of $23.7 million.

    First Quarter FY 2025 Segment Results (in thousands)

      For the three months ended December 31,
        2024       2023     % Change
    Revenue          
    Retail – Entertainment $ 21,273     $ 20,586     3.3 %
    Retail – Flooring   31,747       34,319     -7.5 %
    Flooring Manufacturing   25,996       29,245     -11.1 %
    Steel Manufacturing   32,435       33,354     -2.8 %
    Corporate & Other   57       89     -36.0 %
    Total Revenue $ 111,508     $ 117,593     -5.2 %
               
      For the three months ended December 31,
        2024       2023     % Change
    Operating Income (loss)          
    Retail – Entertainment $ 3,408     $ 3,143     8.4 %
    Retail – Flooring   (2,174 )     90     N/A
    Flooring Manufacturing   (81 )     945     -108.6 %
    Steel Manufacturing   1,166       982     18.7 %
    Corporate & Other   (1,557 )     (1,619 )   3.8 %
    Total Operating Income $ 762     $ 3,541     -78.5 %
               
      For the three months ended December 31,
        2024       2023     % Change
    Adjusted EBITDA¹          
    Retail – Entertainment $ 3,810     $ 3,667     3.9 %
    Retail – Flooring   (971 )   $ 1,303     -174.5 %
    Flooring Manufacturing   750       1,877     -60.0 %
    Steel Manufacturing   2,801       2,802     0.0 %
    Corporate & Other   (646 )     (953 )   32.2 %
    Total Adjusted EBITDA¹ $ 5,744     $ 8,696     -33.9 %
               
    Adjusted EBITDA¹ as a percentage of revenue        
    Retail – Entertainment   17.9 %     17.8 %    
    Retail – Flooring   -3.1 %     3.8 %    
    Flooring Manufacturing   2.9 %     6.4 %    
    Steel Manufacturing   8.6 %     8.4 %    
    Corporate & Other N/A   N/A    
    Total Adjusted EBITDA¹   5.2 %     7.4 %    
    as a percentage of revenue          
               

    Retail – Entertainment

    Retail-Entertainment segment revenue for the quarter ended December 31, 2024 was approximately $21.3 million, an increase of approximately $0.7 million, or 3.3%, compared to prior year period revenue of approximately $20.6 million. Revenue increased primarily due to increased consumer demand for used products. The increase in used products contributed to the increase in gross margin to 56.6% for the quarter ended December 31, 2024, compared to 56.0% for the prior year period. Operating income for the quarter ended December 31, 2024 was approximately $3.4 million, compared to operating income of approximately $3.1 million for the prior year period.

    Retail – Flooring

    The Retail-Flooring segment revenue for the quarter ended December 31, 2024, was approximately $31.7 million, a decrease of approximately $2.6 million, or 7.5%, compared to the prior year period revenue of approximately $34.3 million. The decrease was primarily due to reduced demand. Gross margin for the quarter ended December 31, 2024 was 37.2%, compared to 38.0% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $2.2 million, compared to operating income of approximately $0.1 million for the prior year period. The increase in operating loss was primarily due to additional wages and other general and administrative costs during the quarter ended December 31, 2024.

    Flooring Manufacturing

    Revenue for the quarter ended December 31, 2024 was approximately $26.0 million, a decrease of approximately $3.2 million, or 11.1%, compared to prior year period revenue of approximately $29.2 million. The decrease in revenue was primarily due to reduced consumer demand. Gross margin was 21.2% for the quarter ended December 31, 2024, compared to 22.0% for the prior year period. The decrease in gross margin was primarily due to changes in product mix. Operating loss for the quarter ended December 31, 2024 was approximately $0.1 million, compared to operating income of approximately $0.9 million for the prior year period.

    Steel Manufacturing

    Revenue for the quarter ended December 31, 2024 was approximately $32.4 million, a decrease of approximately $0.9 million or 2.8%, compared to prior year period revenue of approximately $33.4 million. The decrease was primarily due to reduced customer demand, partially offset by incremental revenue of $3.1 million at Central Steel Fabricators, LLC (“Central Steel”), which was acquired in May 2024. Gross margin was 18.3% for the quarter ended December 31, 2024, compared to 15.8% for the prior year period. The increase in gross margin was primarily due to strategic price increases, as well as the acquisition of Central Steel. Operating income for the quarter ended December 31, 2024 was approximately $1.2 million, compared to operating income of approximately $1.0 million in the prior year period.

    Corporate and Other

    Revenue for the quarter ended December 31, 2024 was approximately $57,000, a decrease of approximately $32,000, or 36.0%, compared to prior year period revenue of approximately $89,000. Operating loss for the quarters ended December 31, 2024 and 2023 were approximately $1.6 million.

    Non-GAAP Financial Information

    Adjusted EBITDA

    We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.

    Forward-Looking and Cautionary Statements

    The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

    About Live Ventures Incorporated

    Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011, Jon Isaac, Chief Executive Officer and strategic investor, joined the Company’s Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

    Contact:
    Live Ventures Incorporated
    Greg Powell, Director of Investor Relations
    725.500.5597
    gpowell@liveventures.com 
    www.liveventures.com 

    Source: Live Ventures Incorporated

    CONSOLIDATED BALANCE SHEETS
    (UNAUDITED)
    (dollars in thousands, except per share amounts)

      December 31, 2024   September 30, 2024
      (Unaudited)    
    Assets      
    Cash $ 7,407     $ 4,601  
    Trade receivables, net of allowance for doubtful accounts of $1.4 million at December 31, 2024 and $1.5 million at September 30, 2024   38,040       46,861  
    Inventories, net   123,389       126,350  
    Prepaid expenses and other current assets   3,594       4,123  
    Total current assets   172,430       181,935  
    Property and equipment, net   81,527       82,869  
    Right of use asset – operating leases   55,113       55,701  
    Deposits and other assets   1,455       787  
    Intangible assets, net   23,847       25,103  
    Goodwill   61,152       61,152  
    Total assets $ 395,524     $ 407,547  
    Liabilities and Stockholders’ Equity      
    Liabilities:      
    Accounts payable $ 28,478     $ 31,002  
    Accrued liabilities   30,548       31,740  
    Income taxes payable   1,483       948  
    Current portion of lease obligations – operating leases   13,219       12,885  
    Current portion of lease obligations – finance leases   467       368  
    Current portion of long-term debt   39,595       43,816  
    Current portion of notes payable related parties   7,670       6,400  
    Seller notes – related parties   —       2,500  
    Total current liabilities   121,460       129,659  
    Long-term debt, net of current portion   54,339       54,994  
    Lease obligation long term – operating leases   46,566       50,111  
    Lease obligation long term – finance leases   42,200       41,677  
    Notes payable related parties, net of current portion   6,871       4,934  
    Seller notes – related parties   41,119       40,361  
    Deferred tax liability, net   5,812       6,267  
    Other non-current obligations   3,882       6,655  
    Total liabilities   322,249       334,658  
    Commitments and contingencies      
    Stockholders’ equity:      
    Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at December 31, 2024 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding   —       —  
    Common stock, $0.001 par value, 10,000,000 shares authorized, 3,115,674 and 3,131,360 shares issued and outstanding at December 31, 2024 and September 30, 2024, respectively   2       2  
    Paid in capital   69,743       69,692  
    Treasury stock common 710,373 and 694,687 shares as of December 31, 2024 and September 30, 2024, respectively   (9,229 )     (9,072 )
    Treasury stock Series E preferred 80,000 shares as of December 31, 2024 and September 30, 2024   (7 )     (7 )
    Retained earnings   12,766       12,274  
      Total stockholders’ equity   73,275       72,889  
        Total liabilities and stockholders’ equity $ 395,524     $ 407,547  
                   

    LIVE VENTURES, INCORPORATED
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands, except per share)

      For the Three Months Ended December 31,
        2024       2023  
    Revenue $ 111,508     $ 117,593  
    Cost of revenue   76,146       81,266  
    Gross profit   35,362       36,327  
           
    Operating expenses:      
    General and administrative expenses   30,071       27,679  
    Sales and marketing expenses   4,529       5,107  
    Total operating expenses   34,600       32,786  
    Operating income   762       3,541  
    Other expense:      
    Interest expense, net   (4,162 )     (4,163 )
    Gain on settlement of seller notes   713       —  
    Gain on settlement of earnout liability   2,840       —  
    Other income (expense)   420       (284 )
    Total other expense, net   (189 )     (4,447 )
    Income (loss) before provision for income taxes   573       (906 )
    Provision (benefit) for income taxes   81       (224 )
    Net Income (loss) $ 492     $ (682 )
           
    Income (loss) per share:      
    Basic and diluted $ 0.16     $ (0.22 )
           
    Weighted average common shares outstanding:      
    Basic   3,124,581       3,163,541  
    Diluted   3,124,820       3,163,541  
                   

    LIVE VENTURES INCORPORATED
    NON-GAAP MEASURES RECONCILIATION

    Adjusted EBITDA

    The following table provides a reconciliation of Net (loss) income to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):

      For the Three Months Ended
      December 31, 2024   December 31, 2023
    Net income (loss) $ 492     $ (682 )
    Depreciation and amortization   4,415       4,295  
    Stock-based compensation   50       50  
    Interest expense, net   4,162       4,163  
    Income tax expense (benefit)   81       (224 )
    Debt refinancing costs   —       183  
    Gain on extinguishment of debt   (713 )     —  
    Gain on write-off of earnout   (2,840 )     —  
    Acquisition costs   97       406  
    Adjusted EBITDA $ 5,744     $ 8,696  

    The MIL Network –

  • MIL-OSI: Zscaler to Host Second Quarter Fiscal Year 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security, will release second quarter fiscal year 2025 earnings after the market closes on Wednesday, March 5, 2025. The company will host an investor conference call that day at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss the results.

    Date: Wednesday, March 5, 2025
    Time: 1:30 p.m. PT
    Webcast: https://ir.zscaler.com
    Dial-in: To join by phone, register at the following link:Click Here. After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.

    Please dial in at least 10 minutes prior to the 1:30 p.m. PT start time. A live webcast of the conference call will be accessible from the Zscaler website at ir.zscaler.com. Listeners may log on to the call under the “Events & Presentations” section and select “Q2 2025 Zscaler Earnings Conference Call” to participate.

    About Zscaler

    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 150 data centers globally, the SSE-based Zero Trust Exchange™ is the world’s largest in-line cloud security platform.

    Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

    Media Relations Contact:
    Natalia Wodecki
    press@zscaler.com

    Investor Relations Contact:
    Ashwin Kesireddy
    ir@zscaler.com

    The MIL Network –

  • MIL-OSI: Enphase Energy Expands its Support for Grid Services Programs Across North America

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today that it is expanding its support for grid services programs – or virtual power plants (VPPs) – in Puerto Rico, Colorado, and Nova Scotia, Canada, powered by the IQ® Battery 5P.

    Grid services programs are offered by electric utilities and often use energy stored in home batteries to help reduce load on the electric grid when it is needed most, like during periods of peak electricity demand. This reduces reliance on costly and polluting power plants for electricity and, in return, can provide incentives to homeowners from their utility company. Incentives may be provided as a discount on the purchase of an Enphase® Energy System with IQ® Batteries or as ongoing payments to participating homeowners. Homeowners are most recently eligible to enroll in the following programs:

    LUMA Energy Puerto Rico Customer Battery Energy Sharing Program: Participants in Puerto Rico enrolled in this program with three IQ Battery 5Ps are eligible to receive approximately $1,000 per year if the batteries deliver up to 80% of their energy capacity during each demand response event. Learn more about the details of the program on the Enphase website or by registering for the upcoming homeowner informational webinar (in Spanish).

    “We are thrilled that the IQ Batteries we deploy in our communities can go towards making the grid more reliable for everyone,” said Carlos Martínez Muñoz, CEO of Solar Roots, an installer of Enphase products in Puerto Rico. “Grid services programs will help home solar and storage systems contribute to a greater good.”

    Xcel Colorado Renewable Battery Connect Program: Homeowners who decide to install an Enphase IQ Battery and are Xcel Energy customers in Colorado are eligible to receive an upfront incentive of $350/kW, capped at $5,000 per site. Customers who decide to install three IQ Battery 5Ps could earn $4,032 upfront plus an annual payment of $100 over the five-year participation period. Learn more about the details of this program on the Xcel Energy Colorado webpage.

    “This program is a fantastic opportunity for Colorado homeowners to maximize the value of their Enphase IQ Batteries,” said Kevin Love, co-owner of Atlasta Solar Center, an installer of Enphase products based in Colorado. “Participants can earn meaningful incentives while supporting a more resilient and sustainable energy grid. It’s a win for both customers and our clean energy transition.”

    Efficiency Nova Scotia Eco Shift Pilot: Participants enrolled in this pilot are rewarded with $500 upfront, plus an average performance incentive of $300 per kW delivered per season. A typical 15 kWh Enphase IQ Battery system consisting of three IQ Battery 5Ps are eligible to receive up to $1,500 per year in performance incentives if the batteries deliver up to 80% of their energy capacity during each demand response event. Learn more about the details of the program on the Eco Shift Nova Scotia program website.

    “The Eco Shift program is a fantastic opportunity for Canadian homeowners to make the most of their Enphase home solar and battery systems while contributing to grid stability and efficiency,” said Tom Rendle, managing director at Watts Up Solar, an installer of Enphase products based in Nova Scotia. “As electrification increases and demand on the grid grows, we’re excited to expand deployments of IQ Batteries to support powering homes and a more resilient energy future for the community at large.”

    “Our cutting-edge solutions make it easy for homeowners to engage in grid services programs while maximizing the benefits of their Enphase systems,” said Ken Fong, senior vice president and general manager of the Americas and APAC Sales at Enphase Energy. “The IQ Battery 5P’s reliability and performance are key to providing homeowners with long-term value, and we’re excited to expand our efforts to support virtual power plants, offering a cleaner, more resilient energy future across North America.”

    For more information about grid services, please visit the Enphase website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power—and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 80.0 million microinverters, and approximately 4.7 million Enphase-based systems have been deployed in more than 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the U.S. and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality and reliability; and expectations regarding the various incentive programs in Puerto Rico, Colorado, and Nova Scotia, Canada. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

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

    The MIL Network –

  • MIL-OSI: Monarch Private Capital Announces Successful $275 Million Bond Issuance Led by HSBC

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 06, 2025 (GLOBE NEWSWIRE) — Monarch Private Capital, a nationally recognized tax-advantaged investment firm, proudly announces a $275 million bond issuance to finance affordable housing projects, reinforcing its commitment to narrowing the affordable housing gap in the United States.

    HSBC served as the Sole Placement Agent for the Monarch Issuer 2024-2, LLC private asset-backed securities (ABS) transaction. On December 11, 2024, HSBC priced the $275 million issuance, with $220 million funded on December 18, 2024. The remaining $55 million will be funded through a Delay Draw mechanism over the next 12 months, supporting additional projects currently under construction.

    The bond proceeds will finance 58 low-income housing projects across Georgia, South Carolina, and Oklahoma, generating quality affordable housing units while stimulating local economies. Monarch will repay principal and interest on the Notes through its syndication of Low Income Housing Tax Credits (LIHTCs) to institutional investors, including insurance companies, corporate clients, and high-net-worth individuals.

    A Collaborative Effort for Positive Impact

    HSBC’s collaboration extended beyond placement services, contributing structuring, ratings advisory, and trustee services to ensure seamless execution.

    “This bond issuance reflects our unwavering commitment to addressing the nation’s urgent housing needs,” said Ian Chomat, Partner and Chief Financial Officer at Monarch Private Capital. “By leveraging our extensive experience in affordable housing, we aim to deliver more high-quality homes and create opportunities that strengthen communities and local economies.”

    Monarch’s Continued Leadership in Impact Investing

    Since its inception, Monarch has paired tax equity investing with a focus on community impact, while mitigating federal and state tax liabilities for investors. Monarch has managed tax equity impact investments in 945 projects generating $7.2 billion of tax credits, including more than $2.2 billion in LIHTCs, as of December 2024. Those projects have enabled nearly $18 billion in project capital, and over $37 billion in economic impact in 42 states, plus Washington D.C.

    For more information about Monarch’s programs and services, please contact Ian Chomat at ichomat@monarchprivate.com.

    About Monarch Private Capital

    Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

    About HSBC

    HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organizations.

    CONTACT

    Jane Rafeedie

    Monarch Private Capital

    Jrafeedie@monarchprivate.com

    470-283-8431

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3952c63a-5dd4-4db2-bbf2-221fd808bad1

    The MIL Network –

  • MIL-OSI: AT&T and TransUnion Launch In-Network Branded Call Display with Reason for Call

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 06, 2025 (GLOBE NEWSWIRE) — AT&T and TransUnion (NYSE: TRU) are now offering outgoing calls for businesses that display a reason for the call in addition to showing their brand name and logo. This capability is made possible through TransUnion’s Branded Call Display, and it gives AT&T wireless subscribers more confidence in who’s calling and why. Reason for the call will appear for most Android users on incoming calls from participating businesses and organizations, and in the call details page after a call is missed. 1

    No app is needed to receive these branded calls. They are verified with end-to-end industry standard STIR/SHAKEN call authentication to help ensure that the call is legitimate and not spoofed. Displaying the reason for the call is the latest evolution from TransUnion and AT&T. It builds on momentum from January 2024 when the companies announced the ability to add a business’s name and brand logo to the mobile display.

    “We’re excited to announce the ability for businesses to add the reason for their call to the mobile display,” said Erin Scarborough, AT&T senior vice president, Mass Markets Product Management. “Research shows consumers still prefer calling for communicating with businesses – especially for urgent, personal, or high-value issues. Now they can safely answer verified branded calls, knowing who’s calling and why.”

    Reasons for the call can include a wide range of options, including: “Appointment Reminder,” “Customer Inquiry,” “Customer Service,” “Refill Reminder,” “Delivery Service,” “Patient Callback,” “Upcoming Visit,” and more. No action is required from AT&T wireless customers to see reasons for calls.

    “Businesses have a tremendous opportunity to improve customer experiences and business outcomes with this iteration of branded calling,” said James Garvert, senior vice president of TruContact Communications Solutions at TransUnion. “Adopting these capabilities shows a good faith effort by the business to protect consumers from fraud and address their most pressing concerns.”

    Consumers have made it clear they want more protection against unwanted calls and fraud. According to a recent TransUnion survey, 73% of consumers said they’d be likely to answer calls if name and logo were shown.

    In addition, consumers indicated they highly value phone calls for their most important issues. The situations consumers most prefer to handle with businesses by phone are:

    • Personal, e.g., health issues (64%)
    • High-value decisions, e.g., home or auto purchases (55%)
    • Urgent circumstances, e.g., natural disasters (55%)
    • Complex decisions, e.g., estate planning (40%)

    Learn more about TransUnion Branded Call Display here.

    1 Branded logo and reason for the call appear when the phone rings, and in the call details page after a call is missed, on most Android devices. On other operating systems, branded logo appears on the mobile display.

    About AT&T
    We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

    About TransUnion (NYSE: TRU)
    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/066f2591-116d-4919-8f36-2c545538aa65

    Contact          

    E-mail   

    Telephone

    		 Dave Blumberg
    TransUnion

    david.blumberg@transunion.com

    312-972-6646

    The MIL Network –

  • MIL-OSI: LVT Bolsters Executive Leadership Amid Rapid Company Growth And Surging Demand for Advanced Security Tech

    Source: GlobeNewswire (MIL-OSI)

    AMERICAN FORK, Utah, Feb. 06, 2025 (GLOBE NEWSWIRE) — LVT (LiveView Technologies, Inc.), the leader of customizable mobile security solutions, today announced four executive hires to support the company’s rapid growth and customer expansion as it enters its 20th year in business:

    • Chief Human Resources Officer Will Clive will manage LVT’s people team and drive the development of innovative initiatives aimed at enhancing the employee experience and productivity. Will was previously the Chief People Officer at Pluralsight, where he helped transform its HR function into a competitive differentiator.
    • Chief Information Security Officer Ryan Gurney will lead the information security team to continually strengthen the company’s data security practices and maintain compliance with evolving industry regulations. Ryan was previously Chief Security Officer with Looker, which joined Google Cloud in 2020, where he built the company’s information security and compliance program.
    • Chief Revenue Officer Spencer Steed will oversee LVT’s go-to-market strategy and operations to help accelerate the company’s growth as it unveils new features and industry-first capabilities. Spencer was previously Senior Vice President of Sales, Public Sector, at Qualtrics, where he led company growth across federal, state, local, and education customers.
    • Chief Customer Officer Taylor Wetzel will develop a comprehensive customer-centric strategy and define key performance indicators to optimize customer outcomes, loyalty, and growth. Taylor was previously Senior Vice President of Customer Success at Qualtrics, where he guided efforts to improve the experience, retention, and ROI for more than 20,000 global customers.    

    “LVT has sustained remarkable growth for more than a decade, and we will soon scale even further by introducing unprecedented security capabilities to improve safety and efficiency for companies across the nation,” said Ryan Porter, LVT co-founder and CEO. “We are excited to have Will, Ryan, Spencer, and Taylor on board to support our mission, and we welcome their breadth of experience and insights to keep moving LVT forward.”

    These four new executives will be pivotal in supporting LVT’s expanding employee base and providing diverse perspectives to preserve its position as a leading innovator in mobile security technology. Growth milestones include the following:

    • In 2024, LVT was recognized for its 226% revenue growth on the Deloitte Technology Fast 500™ and 227% revenue growth on the Inc. 5000.
    • Utah Valley BusinessQ honored LVT as a UV50 fastest-growing company and economic engine.
    • LVT experienced a 25% increase in year-over-year headcount between January 2024 and January 2025.

    LVT provides customizable mobile security units (MSUs) that have driven measurable safety improvements and security operation efficiencies across retail, government, construction, education, and other industries. In January, LVT revealed SafeNow, a first-of-its-kind feature that empowers LVT customer employees to access MSU features directly from their phones.

    Learn more about LVT and how its MSUs can help you discover, deter, and defend against threats at https://www.lvt.com/.

    About LVT
    LVT (LiveView Technologies, Inc.) is a leader in life safety and security and the premier developer and manufacturer of mobile, solar-powered and cellular/satellite-connected surveillance solutions and software. Headquartered in American Fork, Utah, LVT’s enterprise software-as-a-service (SaaS) solution is used by retailers, critical infrastructure and utilities, construction projects, warehouse and distribution centers, police, municipalities, and more. LVT is proud to be made in the USA and manufactured in Utah. For more information, visit www.lvt.com.

    Media Contacts:
    Matthew Deighton
    LiveView Technologies
    media@lvt.com

    The MIL Network –

  • MIL-OSI: Duck Creek Technologies Receives Insurance Business America’s 2025 5-Star Diversity, Equity, and Inclusion Award for Third Straight Year 

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Feb. 06, 2025 (GLOBE NEWSWIRE) — Duck Creek Technologies, the global intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announced it received for a third consecutive year the prestigious 2025 5-Star Diversity, Equity, and Inclusion Award by Insurance Business America. This recognition underscores Duck Creek’s steadfast commitment to cultivating a culture of diversity, equity, and inclusion (DE&I) through impactful programs and deeply ingrained values.

    Duck Creek’s success is driven by its people-first philosophy, carried out by a diverse, globally collaborative workforce that demonstrates both high-performance and deep industry and technology skills. Duck Creek’s talent initiatives prioritize attracting and developing individuals from varied backgrounds, strengthening the insurance and technology sectors with creative solutions and unique experiences. Collectively, these efforts foster a workplace where individuality is celebrated, teamwork thrives, and DE&I principles are actively advanced.

    “We are honored that Duck Creek has been selected for the third consecutive year as a leader in the insurance industry for our dedication to diversity, equity, and inclusion,” said Michael Jackowski, Chief Executive Officer, Duck Creek Technologies. “Our globally diverse teams, recognized for their high performance and deep expertise, are key to driving our customers’ success and powering the innovations that are shaping the future of insurance alongside our partners.”

    Insurance Business America’s 5-Star DE&I winners of 2025 are recognized for the effectiveness of their programs. Those on the prestigious list were named after IBA surveyed thousands of employees across the sector, with 55 percent of respondents from a diverse or underrepresented group.

    “Guided by our core values—respect, listening, caring, and leading—Duck Creek is unwavering in its commitment to ensuring diverse voices and perspectives are represented, empowered, and celebrated,” said Amy Bayer, Global Director of DE&I, Engagement, and Culture at Duck Creek Technologies. “Through our robust employee programs, we aim to create a culture where every employee feels a sense of belonging and has access to continuous opportunities for growth and development. Our efforts to expand DE&I initiatives reflect our dedication to strengthening our winning culture and fostering a thriving, inclusive community.”

    About Duck Creek Technologies  
    Duck Creek Technologies is the global intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

    Media Contacts:  
    Marianne Dempsey/Tara Stred  
    duckcreek@threeringsinc.com  

    The MIL Network –

  • MIL-OSI Economics: Browne Craine & Co Limited

    Source: Isle of Man

    Notice is hereby given that Browne Craine & Co Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 06/02/2025.

    MIL OSI Economics –

  • MIL-OSI Video: ARMY ASMR | U.S. Army

    Source: US Army (video statements)

    About the U.S. Army:
    The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.
    Interested in joining the U.S. Army?
    Visit: spr.ly/6001igl5L
    Connect with the U.S. Army online:
    Web: https://www.army.mil
    Facebook: https://www.facebook.com/USarmy/
    X: https://www.twitter.com/USArmy
    Instagram: https://www.instagram.com/usarmy/
    LinkedIn: https://www.linkedin.com/company/us-army
    #USArmy #Soldiers #Military #ASMR #HOOAH

    https://www.youtube.com/watch?v=7PrumDBck-o

    MIL OSI Video –

  • MIL-OSI China: Ice, snow fervor invigorates host city of Asian Winter Games

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

    HARBIN, Feb. 6 — Inside a sprawling souvenir shop in the northeastern Chinese city of Harbin, the tiger mascots of the upcoming Asian Winter Games — “Binbin” and “Nini” — are demonstrating the changing images of the heavily industrial city.

    One toy series puts the tigers on board China’s first helicopter and satellite, a reference to Harbin’s glorious status as an industrialization forerunner in the 20th century, while others feature the two as skaters, skiers and ice sculptures to showcase the city’s more recent boom in winter sports and tourism.

    Dubbed China’s Winterfell by netizens, Harbin, the capital city of Heilongjiang Province, has long been seen as an industrial city with frigid, harsh winters. Today, the city buzzes with winter tourists, many of whom have traveled all the way from the tropical south.

    Lin Wenxin, a tourist from the southeastern province of Fujian, was awestruck by the glittering structures made of ice blocks in Harbin Ice-Snow World. The otherworldly landscape, filled with towering ice sculptures, has led netizens to compare Harbin to the fictional city of Winterfell from the fantasy novel series A Song of Ice and Fire.

    “It’s the first time I’ve seen such a massive amount of ice and snow, and it’s stunning,” Lin exclaimed in the theme park. Despite her cold hands, she took off her gloves to share photos with her friends on her mobile phone.

    As the city’s iconic tourist magnet, Harbin Ice-Snow World draws hundreds of thousands of visitors every day. During the eight-day Spring Festival holiday that ended Tuesday, over 610,000 trips were made to the park. Trips on Saturday alone exceeded 100,000, setting a new record for single-day attendance.

    The success of the Harbin Ice-Snow World is believed to have been due to the city’s profound heritage of ice lantern artistry.

    Harbin is located at 45 degrees north latitude, where winter temperatures can drop below minus 30 degrees Celsius. More than 60 years ago, to brighten the frigid winter nights, people filled buckets with water and allowed them to freeze into ice blocks. They then removed the unfrozen water to create a hollow space and placed lamps inside. This is how the first ice lanterns were made.

    Since the latter half of the 20th century, the city has become more significant in its heavy industries, contributing to China’s development of helicopters, satellites, and carrier rockets. In recent years, the city, like others in northeast China, has been striving to upgrade its industries and find new growth engines in the service sector.

    Against this backdrop, tapping into its ice culture to attract tourists becomes Harbin’s one answer to its economic transition. The city shot to nationwide prominence around the start of 2024 for going the extra mile to welcome tourists from South China. Its hosting of the upcoming 9th Asian Winter Games has further cemented its allure as a winter destination.

    In Harbin’s touristy Central Street, the two tiger mascots and winter sports-themed lights are omnipresent, impressing Thai tourist Shiv Dechasakphan, who was shopping in a retail store featuring official merchandise for Harbin 2025.

    “The vibe is amazing — we can see Games-themed decorations all over the city. I know Harbin is a fantastic place for ice and snow activities,” said Shiv Dechasakphan, who previously traveled to ski at the Yabuli ski resort, located 200 kilometers from downtown Harbin. The resort, which will also host the snow events of the Asian Winter Games, welcomed over 1.17 million visitors in 2024.

    As the event approached, domestic and international tourists visited the official merchandise store in droves, raising its sales, according to Su Zhe, manager of the store.

    The surge in popularity of winter sports in recent years has created business opportunities for not just the tourism industry. Since the start of this snow season, Zhuang Yu, deputy manager of a Harbin-based cableway engineering company, has traveled extensively with co-workers to various cities to install, maintain, and repair cable systems.

    As ski resorts proliferate across the country, the company’s ski conveyor belts and cableways are experiencing strong sales, with revenue in 2024 projected to increase by about 20 percent compared to the previous year, Zhuang noted. He emphasized that the ongoing enthusiasm for winter sports drives the growth of both upstream and downstream industries and encourages businesses to innovate.

    Across the country, China is seeking to leverage its vast ice and snow resources to drive economic growth, with the government integrating winter sports and tourism into its national development plans.

    The sector has already reached a trillion yuan (one yuan equals about 0.14 U.S. dollars) scale, and the country aims to grow it to 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030, according to an official guideline released in 2024.

    MIL OSI China News –

  • MIL-OSI United Kingdom: ‘It Starts in Wolverhampton’ event showcases city’s innovation and green credentials

    Source: City of Wolverhampton

    Aligned with the West Midlands Growth Company’s ‘It Starts Here’ campaign, the ‘It Starts in Wolverhampton: Innovating for Sustainable Growth’ event demonstrated why there has never been a better time to invest, grow and succeed in the city.

    More than 200 delegates attended the showcase supported by headline sponsors University of Wolverhampton and WLV Business Link, and reception sponsor Turner & Townsend.

    They heard how City of Wolverhampton Council in partnership with University of Wolverhampton is developing the Green Innovation Corridor (GIC) in the city, to create a world class eco, green innovation district delivering in excess of 20,000sqm of new R&D, laboratory and commercial floorspace and 1,200 new jobs.

    The early phases of the GIC programme focusing on bringing forward demand led business space on 4 underutilised land parcels of land at Wolverhampton Science Park will be supported by £7million of Investment Zone funding and £20million of funding secured by the council from the Government.

    As well as this capital funding, GIC and the wider city will benefit from the IZ Regional Business Support, Skills and R&D programmes and Delivery Capacity Funding programmes, being developed with local and regional partners.

    This builds on pioneering facilities and businesses already in place in the city such as the National Brownfield Institute, School of Architecture and Built Environment, Elite Centre for Manufacturing Skills, University of Wolverhampton Science Park, including the SPARK Incubator, Composite & Additive Layer Materials Engineering Research & Innovation Centre, Centre for Green Electricals Materials Manufacturing and global companies like JLR, Collins, Moog, and leaders in 3D printing, EOS UK.

    Industry leaders and visionaries shaping the future of clean and green industries also highlighted why Wolverhampton is the place to be for innovation and sustainable growth.

    This included Craig Osman, Operations Director for EPMC i54, JLR, who focused on vehicle electrification, investment and cutting edge innovation at the Electric Propulsion Manufacturing Centre at i54, jobs, supply chain, the wider overview of the footprint in the West Midlands and the JLR Reimagine strategy.

    Olivia Simpson, Chief Operations Officer, FlexSea, also explained why her business relocated from London to Wolverhampton and is redefining bioplastics with a revolutionary product made from seaweed – certified plastic free and home compostable.

    Davide lacovelli, Regional Director EMEA, EOS UK highlighted his company’s work in partnership with the University of Wolverhampton at the new UK Centre of Excellence for Additive Manufacturing based in the Elite Centre for Manufacturing Skills at the university’s Springfield Campus. It specialises in the development of advanced materials and processes for demanding applications within industries such as space, automotive, aerospace, electronics, and quantum computing.

    Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “The event showed the level of innovation, the groundbreaking designs, partnerships and research and development happening right here in our city.

    “It is truly remarkable and testament to the skilled people that have been attracted here and been nurtured by our businesses and organisations.

    “Building on some of our local strengths, and particularly those of the university and businesses, we will make the Green Innovation Corridor a success.

    “Our ambition for the Green Innovation Corridor is for it to be a world leading research led cluster in green technologies with a focus on green construction, green computing and green engineering. The GIC will support businesses and the wider economy in its transition to net zero and aim to create more productive, sustainable, highly skilled and innovative industry.

    “It is also about taking the economy of Wolverhampton forward, building on the expertise, research and development and skills that Wolverhampton has to offer and deliver jobs growth, a higher wage economy, a more inclusive economy, a more sustainable economy and place, the development of brownfield sites – some that have been vacant for years- and a vibrant corridor that is well connected and renowned for its research led clusters in engineering, computing and construction.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Financial news: The Bank of Russia has excluded information about the Microcredit Company “Entertaining Finances” from the state register (06.02.2025)

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The Bank of Russia has excluded information about the Limited Liability Company Microcredit Company “Entertaining Finances” (hereinafter referred to as LLC MCC “Entertaining Finances”, MCC, microcredit company) from the state register of microfinance organizations (register entry number No. 2203045009908).

    The Bank of Russia adopted this solution in accordance with paragraph 1 of part 1.1 of article 7 and paragraph 8 of part 4 of article 14 of Federal Law No. 151-FZ1, based on the fact that the microcredit company violated federal laws, including in the field of consumer lending, as well as regulatory acts of the Bank of Russia, in connection with which the regulator has repeatedly applied supervisory measures to the MCC over the past 12 months.

    During 2024, LLC MCC “Entertaining Finances” submitted false reporting data to the Bank of Russia, in particular, it understated the calculated value of the maximum debt burden (MDB) for borrowers. In addition, the MCC provided consumer loans to borrowers at rates exceeding the maximum permissible amount, charged increased penalties (fines, penalties) on overdue loans, and also imposed additional services when issuing loans.

    The understatement of the DTI allowed the microcredit company to issue loans to over-indebted citizens. The share of such loans issued was one of the highest in OOO MCC “Entertaining Finances” among the participants of the microfinance market.

     

    1 Federal Law of 02.07.2010 No. 151-FZ “On microfinance activities and microfinance organizations”.

    When using the material, a link to the Press Service of the Bank of Russia is required.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV.KBR.ru/Press/PR/? File = 638744311296666060MICROFINANCE. CHTM

    MIL OSI Russia News –

  • MIL-OSI: NB Private Equity: Holding(s) in Company

    Source: GlobeNewswire (MIL-OSI)

    TR-1: Standard form for notification of major holdings

    1. Issuer Details
    ISIN
    GG00B1ZBD492
    Issuer Name
    NB PRIVATE EQUITY PARTNERS LIMITED
    UK or Non-UK Issuer
    Non-UK
    2. Reason for Notification
    An acquisition or disposal of voting rights
    3. Details of person subject to the notification obligation
    Name
    Quilter Plc
    City of registered office (if applicable)
    London
    Country of registered office (if applicable)
    United Kingdom
    4. Details of the shareholder
    Full name of shareholder(s) if different from the person(s) subject to the notification obligation, above

    City of registered office (if applicable)

    Country of registered office (if applicable)

    5. Date on which the threshold was crossed or reached
    31-Jan-2025
    6. Date on which Issuer notified
    06-Feb-2025
    7. Total positions of person(s) subject to the notification obligation

    . % of voting rights attached to shares (total of 8.A) % of voting rights through financial instruments (total of 8.B 1 + 8.B 2) Total of both in % (8.A + 8.B) Total number of voting rights held in issuer
    Resulting situation on the date on which threshold was crossed or reached 10.298234 0.000000 10.298234 4759831
    Position of previous notification (if applicable) 14.987802 0.000000 14.987802  

    8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
    8A. Voting rights attached to shares

    Class/Type of shares ISIN code(if possible) Number of direct voting rights (DTR5.1) Number of indirect voting rights (DTR5.2.1) % of direct voting rights (DTR5.1) % of indirect voting rights (DTR5.2.1)
    GG00B1ZBD492   4759831   10.298234
    Sub Total 8.A 4759831 10.298234%

    8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))

    Type of financial instrument Expiration date Exercise/conversion period Number of voting rights that may be acquired if the instrument is exercised/converted % of voting rights
             
    Sub Total 8.B1      

    8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))

    Type of financial instrument Expiration date Exercise/conversion period Physical or cash settlement Number of voting rights % of voting rights
               
    Sub Total 8.B2      

    9. Information in relation to the person subject to the notification obligation
    2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)

    Ultimate controlling person Name of controlled undertaking % of voting rights if it equals or is higher than the notifiable threshold % of voting rights through financial instruments if it equals or is higher than the notifiable threshold Total of both if it equals or is higher than the notifiable threshold
    Quilter Plc Quilter Investors Limited 0.305208   0.305208%
    Quilter Plc Quilter Cheviot Europe Limited 0.324496   0.324496%
    Quilter Plc Quilter Cheviot Limited 8.241279   8.241279%
    Quilter Plc Quilter Cheviot International Limited 1.427249   1.427249%

    10. In case of proxy voting
    Name of the proxy holder

    The number and % of voting rights held

    The date until which the voting rights will be held

    11. Additional Information

    12. Date of Completion
    06-Feb-2025
    13. Place Of Completion
    London,UK

    The MIL Network –

  • MIL-OSI USA: Natural gas-fired power plants have different owner types

    Source: US Energy Information Administration

    In-depth analysis

    February 6, 2025

    Natural gas-fired generating plants in the United States can be categorized by different ownership type, which can influence where individual plants are located, as well as how they operate and even the way fuel is purchased. Those different owners, through the investments they have made, have been instrumental in making natural gas the single-largest source used to generate electricity in the United States, with a 43% share of both capacity and energy output. EIA collects data for the different ownership types of natural gas-fired power plants.

    Electric utility companies currently own 53% of the U.S. natural gas generation fleet. These companies primarily operate natural gas-fired plants to generate power that serves customers on their own distribution systems. Because natural gas-fired plants are dispatchable, or readily able to turn on and off, they are instrumental with helping electric utilities meet instantaneous demand from customers.

    Independent power producers (IPPs) own 39% of the U.S. natural gas generation fleet. An IPP is an entity that owns and operates facilities that generate power for bulk sale and use by others. Also known as merchant plants, facilities owned by IPPs mostly have been built in regions that support competitive wholesale markets.

    Industrial and commercial firms operate natural gas-fired power plants mostly to meet energy requirements at their manufacturing facilities. This group of plants is much smaller, making up only about 8% of the U.S. natural gas generation fleet. Plants that provide excess energy to the power grid, also known as combined-heat-and-power (CHP) plants, make up a share of these facilities.

    Changing ownership patterns

    The share of generation by different types of owners of natural gas-fired power plants has changed over time. When natural gas-fired generation began its growth spurt in the late 1990s, plants owned by IPPs accounted for most annual generation, or around 60%. IPPs were early entrants in the natural gas power sector because few of them owned other types of generating capacity, such as coal-fired or nuclear facilities. They were the leading investors for installing the new natural gas turbine technology that had become available at this time.

    By the middle of the next decade, the split in ownership type began to shift more to electric utility companies, which began using more natural gas to replace coal-fired generating plants that were being retired. The shift was driven by electric utilities deciding to build their own natural gas-fired power plants, accompanied by purchasing existing facilities owned by IPPs.

    Even though electric utilities took the lead in natural gas-fired generation by 2017, both sectors have registered steady growth in natural gas-fired power generation through 2023. The increases were the result of increasing domestic supply of natural gas and relatively low prices associated with the fuel. In addition, the dispatchable nature of natural gas-fired power plants has become more valuable because they are needed to support system reliability given the rising amounts of intermittent sources of power on the grid from wind and solar projects.

    Changes in electric utility regulations have also driven changes in ownership of natural gas-fired generating plants. Most IPP-owned natural gas-fired plants were located in regions where the grid is managed by an Independent Service Operator (ISOs) or a Regional Transmission Organization (RTOs). Natural gas-fired plants owned by IPPs are also mostly located in states that at one time or another had retail choice. Under retail choice, most customers can select an electric provider other than their local electric utility. Natural gas-fired power plants owned by electric utilities are spread evenly across the country.

    Natural gas-fired plants owned by IPPs are mostly in the northeastern United States, as well as in parts of Texas and California. Most states in the rest of the country have some form of rate regulation, where electric utilities operate their own fleet of natural gas-fired plants.

    Price differences for natural gas by owner type

    IPPs historically have paid lower prices for natural gas than plants owned by electric utilities, largely because of their geographic distribution. Data from Form EIA-923, Power Plant Operations Report, show that IPP-owned plants paid an average of $2.80 per million British thermal units (MMBtu) for their natural gas in 2023 compared with $3.85/MMBtu for plants owned by electric utilities. Electric utilities generally have been paying more for natural gas delivered to their plants for at least a decade. Only during periods when market prices for natural gas spiked did IPP-owned plants pay more.

    Geography likely accounts for most of the difference in prices. Most of the IPP-owned natural gas-fired plants are situated in the northeast United States and in Texas, where there is immediate access to substantial natural gas production. In the Northeast, increasing gas production has been coming from the Marcellus and Utica shale formations, while in Texas multiple areas such as the Permian Basin have been boosting output. Another driver is that most IPPs largely operate in grids managed by ISOs and RTOs where competition among generating sources can be greater. In these instances, there is a desire to secure natural gas at lower prices to remain competitive. Actions to mitigate costs may include procuring a certain amount of natural gas under long-term contracts versus the spot market.

    Principal contributors: Scott Jell, Mark Morey

    MIL OSI USA News –

  • MIL-OSI: Calian Signs over $50M in Defence Contracts in Q1

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, Feb. 06, 2025 (GLOBE NEWSWIRE) — Calian Group Ltd. (TSX: CGY), announced today that it signed over $50 million in new and renewed multi-year defence contracts in the first quarter of fiscal year 2025 highlighting the continued need for mission-critical defence solutions and the value Calian provides to Canada’s defence, NATO and our allies.  

    Of the almost 30 contracts, half will provide operational readiness training, including one for NATO’s Joint Warfare Centre (JWC). Under the terms of the agreement, Calian will serve as the prime contractor, providing the majority of JWC’s critical defence training in the form of military and civilian subject matter experts to support JWC in delivering on its mission to train NATO forces at the strategic and operational levels. This support will include helping ensure forces can work together efficiently in a crisis and increasing the effectiveness and readiness of NATO’s multinational forces.

    “The surge in global defence budgets underscores the demands of modern warfare and continued geopolitical instability,” said Kevin Ford, CEO of Calian. “As we look ahead, Calian recognizes our militaries need trusted, dependable partners to deliver mission-critical solutions. With capabilities that support personnel readiness, equipment reliability and secure, scalable operations, our goal is to ensure military forces are operation-ready so they can perform optimally in the most demanding, high-stakes environments.”

    With over 40 years of experience, Calian delivers defence readiness solutions supporting national and international security. Leveraging our innovative technologies and expertise, Calian drives operational excellence through military training, healthcare, cybersecurity, communications and systems integration—helping military forces stay prepared and resilient in today’s rapidly evolving security and technology landscape.

    Learn more about how Calian delivers confidence for military customers, no matter their needs: https://www.calian.com/defence/. 

    About Calian

    www.calian.com

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

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

    Media inquiries:

    media@calian.com

    613-599-8600

    Investor Relations inquiries:

    ir@calian.com

    DISCLAIMER

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

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

    The MIL Network –

  • MIL-OSI: AGF Management Limited – Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 06, 2025 (GLOBE NEWSWIRE) — AGF Management Limited (“AGF”) announced today that the Toronto Stock Exchange (“TSX”) has approved AGF’s notice of intention to renew its normal course issuer bid in respect of its Class B Non-Voting Shares (AGF.B).

    As at January 27, 2025, there were 65,291,5571 Class B Non-Voting Shares issued and outstanding and the public float consisted of 47,507,917 Class B Non-Voting Shares.

    Under the announced normal course issuer bid, AGF is permitted to purchase up to 4,750,792 Class B Non-Voting Shares, representing approximately 10% of the public float for such shares as of January 27, 2025. Purchases under the normal course issuer bid may commence on February 10, 2025 and continue until February 9, 2026, when the bid expires. Pursuant to the Articles of AGF, the Class B Non-Voting Shares may not be purchased by AGF at a price which exceeds more than 15% of the weighted average price at which the Class B Shares traded on the TSX during the ten trading days immediately preceding the date of any such purchase.

    AGF announced that it will be entering into an automatic purchase plan (the “Plan”) with a broker during the normal course issuer bid. The Plan is effective as of February 10, 2025 and should terminate together with the normal course issuer bid. The Plan allows for purchases by AGF of its Class B Non-Voting Shares, subject to certain parameters.

    Under the announced normal course issuer bid, purchases may be made through the facilities of TSX, alternative Canadian trading systems /other designated exchanges, or as otherwise permitted by the Canadian Securities Administrators or Ontario Securities Commission. The average daily trading volume (“ADTV”) of the Class B Non-Voting Shares (for the six-month period ended January 31, 2025) on the TSX was 93,109. Under the rules of the TSX, AGF is entitled to repurchase during the same trading day on the TSX up to 25% of the ADTV of its Class B Non-Voting Shares, being 23,277 except where reliance is placed on the TSX’s block purchase exemption.

    Class B Non-Voting Shares purchased under the NCIB will be canceled or purchased and held by the AGF Employee Benefit Trust for the settlement of equity settled incentive plans by AGF. The directors believe that the purchase for cancellation of Class B Non-Voting Shares represents a desirable use of capital when, if in the opinion of management, the value of the Class B Non-Voting shares is attractive relative to the trading price of said shares. Purchase for cancellation by AGF of outstanding Class B Non-Voting Shares may also be used to offset the dilutive effect of treasury stock released for the employee benefit trust and of shares issued through AGF’s stock option plans and dividend reinvestment plan.

    Under its existing normal course issuer bid, which expires on February 8, 2025, AGF sought and received approval from the TSX to purchase 4,735,269 Class B Non-Voting Shares. During the period from February 8, 2024 to February 5, 2025, AGF acquired 871,800 Class B Non-Voting Shares at a weighted average price of $8.12.

    About AGF Management Limited

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

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

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

    Media Contact

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

    1 Includes treasury stock in the amount of 96,458

    The MIL Network –

  • MIL-OSI: First National Corporation Reports Fourth Quarter and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Feb. 06, 2025 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported an unaudited consolidated net loss of $933 thousand and basic and diluted loss per common share of $0.10 for the fourth quarter of 2024, and adjusted operating earnings(1) of $6.0 million and adjusted operating basic and diluted earnings(1) per common share of $0.66 for the fourth quarter of 2024.

    For the year ended December 31, 2024, the Company reported unaudited consolidated earnings of $7.0 million and basic and diluted earnings per common share of $1.00 and adjusted operating earnings(1) of $14.6 million and adjusted basic and diluted earnings per common share(1) of $2.10 for the year ended December 31, 2024.

    “2024 was a transformational year for First National as we consummated our largest acquisition to date and resulting partnership with Touchstone Bankshares. Our results for the quarter reflected solid operating metrics adjusting for merger costs, and is the first quarter to include the combined financial results of First National and Touchstone,” said Scott Harvard, President and Chief Executive Officer of First National. “I am proud of all the work from our teammates to get us to this point. We are completing system conversions in several weeks which will allow us to operate as one bank across our footprint. We believe the fourth quarter financial operating performance is indicative of the benefits of the acquisition and look forward to fully completing the integration of our two companies.”

    FOURTH QUARTER HIGHLIGHTS

    • Completed acquisition of Touchstone Bankshares, Inc. on October 1
    • Total assets of $2.0 billion with 33 branch offices
    • Net interest margin increased 40 basis points to 3.83%
    • Noninterest bearing deposits comprised 29% of total deposits
    • Efficiency ratio of 63.97%(1)

    Merger with Touchstone Bankshares, Inc. (“Touchstone”)

    On October 1, 2024, the Company completed its acquisition of Touchstone. Touchstone’s results of operations are included in the Company’s consolidated results since the date of acquisition, and, therefore, the Company’s fourth quarter and full year 2024 results reflect increased levels of average balances, net interest income, and expense compared to its prior quarter and full year 2023 results. After purchase accounting fair value adjustments, the acquisition added $664.3 million of total assets, including $479.3 million of loans held for investment (“LHFI”), and $614.6 million of total liabilities, including $555.4 million in total deposits. The Company recorded a preliminary bargain purchase gain of $2.9 million during the quarter associated with the acquisition.

    In connection with the acquisition, the Company recorded an allowance for credit losses on acquired loans that experienced a more than insignificant amount of credit deterioration since origination (“PCD” loans) of $385 thousand. In addition, the Company recorded a provision for credit losses of $3.8 million on non-PCD loans and $100 thousand provision on unfunded commitments for the fourth quarter of 2024.

    The Company incurred pre-tax merger costs of approximately $7.3 million during the fourth quarter of 2024 related to the Touchstone acquisition.

    NET INTEREST INCOME

    For the fourth quarter of 2024, net interest income was $18.4 million, an increase of $6.6 million from $11.7 million in the third quarter of 2024. The increases in net interest income was primarily the result of a $545.3 million increase in average interest earning assets, partially offset by a $415.0 million increase in average interest bearing liabilities, in each case primarily related to the acquisition of Touchstone. For the fourth quarter of 2024, the Company’s net interest margin increased 40 basis points to 3.83% primarily due to the impacts associated with the Touchstone acquisition. Earning asset yields for the fourth quarter of 2024 increased 22 basis points to 5.30% compared to the third quarter of 2024, and the cost of funds decreased by 21 basis points to 1.51%, due to changes in deposit mix following the acquisition of Touchstone and federal funds rate cuts in late 2024.

    The Company’s net interest margin (FTE)(1) for the fourth quarter of 2024 includes the impact of acquisition accounting fair value adjustments. Net accretion income related to acquisition accounting was $408 thousand, or a nine basis point incremental increase to the net interest margin for the fourth quarter ended December 31, 2024, and none for the comparative prior quarter and same quarter in 2023, respectively, due to the Touchstone acquisition. 

    NONINTEREST INCOME

    Noninterest income increased $3.4 million to $6.4 million for the fourth quarter of 2024 from $3.2 million in the prior quarter, primarily driven by $2.9 million of pre-tax bargain purchase gain and other increases in noninterest income associated with the full quarter impact of the Touchstone acquisition that closed on October 1, 2024.

    NONINTEREST EXPENSE

    Noninterest expense increased $11.5 million to $21.9 million for the fourth quarter of 2024 from $10.5 million in the prior quarter, primarily driven by a $7.3 million increase in pre-tax merger-related expenses, as well as other increases in noninterest expense due to the full quarter impact of the Touchstone acquisition. The full quarter impact of Touchstone and related merger expenses drove the majority of the $4.5 million increase in salaries and benefits, the $3.9 million increase in data processing, and the $351 thousand increase in occupancy expenses compared to the prior quarter. In addition, legal and professional services increased $618 thousand, primarily due to fees associated with the merger.

    Adjusted operating noninterest expense, which excludes merger-related costs ($219 thousand in the third quarter and $7.3 million in the fourth quarter) and amortization of intangible assets ($4 thousand in the third quarter and $448 thousand in the fourth quarter), increased $3.9 million to $14.2 million for the fourth quarter of 2024 from $10.2 million in the prior quarter, primarily due to the impact of the Touchstone acquisition.

    ASSET QUALITY

    Overview

    Loans past due greater than 30 days and still accruing interest as a percentage of total loans amounted to 0.24% on December 31, 2024, compared to 0.24% on September 30, 2024, and 0.31% on December 31, 2023. Of the total past due loans still accruing interest, $365 thousand were past due 90 days or more on December 31, 2024, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023. Management classifies non-performing assets (“NPAs”) as non-accrual loans and OREO. Nonperforming assets (“NPAs”) as a percentage of total assets decreased to 0.35% on December 31, 2024, compared to 0.41% on September 30, 2024, and 0.48% one year ago on December 31, 2023. The decrease in the NPA ratio was primarily due to the effects of the Touchstone acquisition, which added LHFI of $479.3 million acquired in the transaction. Net charge-offs totaled $1.3 million in the fourth quarter of 2024, compared to net charge-offs of $1.6 million in the third quarter of 2024, and net charge-offs of $2.7 million in the fourth quarter of 2023. The net charge-offs for the fourth quarter of 2024 included $883 thousand of commercial and industrial loans, with $774 thousand of that specific to our pool of loans originated to health care professionals through a third-party lender. The allowance for credit losses on loans totaled $16.4 million, or 1.12% of total loans on December 31, 2024, compared to $12.7 million, or 1.28% of total loans on September 30, 2024, and $12.0 million, or 1.24% of total loans on December 31, 2023.

    Nonperforming Assets

    NPAs increased to $7.1 million on December 31, 2024, compared to $6.0 million on September 30, 2024, and $6.8 million on December 31, 2023, which represented 0.35%, 0.41%, and 0.48% of total assets, respectively. The increase in NPAs during the fourth quarter of 2024 resulted from the acquisition of Touchstone’s portfolio, including $1 million of additional non-accrual loans.

    Past Due Loans

    Loans past due 30-89 days and still accruing interest increased to $3.1 million, or 0.21% of total loans on December 31, 2024, compared to $2.4 million, or 0.24% of total loans on September 30, 2024, and $2.5 million, or 0.26%, of total loans on December 31, 2023. Loans past due over 90 days or more and still accruing interest on December 31, 2024, increased to $365 thousand, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023.

    Allowance for Credit Losses on Loans

    For the fourth quarter of 2024, the Company recorded a provision for credit losses of $4.8 million, compared to a provision for credit losses of $1.7 million in the prior quarter, and a provision for credit losses of $6.0 million in the fourth quarter of 2023. Included in the provision for credit losses for the fourth quarter of 2024 was a $3.8 million initial provision expense on non-PCD loans and $100 thousand on unfunded commitments, each acquired from Touchstone. As compared to the prior quarter, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, primarily reflects the impact of lower net charge-offs in the fourth quarter of 2024 and lower outstanding legacy loan balances. As compared to the same period in the prior year, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, is primarily due to higher reserves booked during the fourth quarter of 2023 due to qualitative factor adjustments related to the commercial and industrial loan pool, as well as specific reserves from identified individually evaluated loans.

    BALANCE SHEET

    At December 31, 2024, the Company’s consolidated balance sheet includes the impact of the Touchstone acquisition, which closed October 1, 2024, as discussed above. ASC 805, Business Combinations, allows for a measurement period of 12 months beyond the acquisition date to finalize the fair value measurements of the acquired Company’s net assets as additional information not existing as of the acquisition date becomes available. Any future measurement period adjustments will be recorded through an adjustment to the bargain purchase gain upon identification. Below is a summary of the related impact of the acquisition on the Company’s consolidated balance sheet as of the acquisition date.

    • The fair value of assets acquired totaled $664.3 million and included total loans of $479.3 million with an initial loan discount of $13.5 million.
    • The fair value of the liabilities assumed totaled $614.6 million and included total deposits of $555.4 million with an initial deposit mark related to time deposits of $1.1 million.
    • Core deposit intangibles and other intangibles acquired totaled $15.6 million.
    • No goodwill was recorded in the transaction, and the preliminary bargain purchase gain (included in other income) totaled $2.9 million.

    At December 31, 2024, total assets were $2.0 billion, an increase of $559.6 million or 38.6% from September 30, 2024 and $591.0 million or approximately 41.6% from December 31, 2023. The increases in total assets from the prior quarter and prior year were primarily driven by growth in loans held for investment (LHFI) (net of deferred fees and costs) and the securities portfolio, primarily due to the Touchstone acquisition.

    At December 31, 2024, LHFI net of allowance totaled $1.5 billion, an increase of $468.6 million from $982.0 million at September 30, 2024, and an increase of $493.1 million or 51.5% from December 31, 2023. LHFI increased from the prior quarter and prior year primarily due to the Touchstone acquisition, as well as organic loan growth compared to prior year.

    At December 31, 2024, total investments were $277.3 million, an increase of $7.8 million from September 30, 2024, and a decrease of $25.9 million or 8.5% from December 31, 2023. Available for sale (AFS) securities totaled $163.8 million at December 31, 2024 and $146.0 million at September 30, 2024 and $152.9 million at December 31, 2023. The increases compared to the prior quarter and prior year were primarily due to the acquisition of Touchstone. Total net unrealized losses on the AFS securities portfolio were $22.1 million at December 31, 2024, compared to $17.2 million at September 30, 2024, and $20.6 million at December 31, 2023. Held to maturity securities are carried at cost and totaled $109.7 million at December 31, 2024, $121.4 million at September 30, 2024, and $148.2 million at December 31, 2023.

    At December 31, 2024, total deposits were $1.80 billion, an increase of $550.5 million from the prior quarter, and an increase of $570.1 million or 46.2% from December 31, 2023. The increases in deposit balances from the prior quarter and prior year are primarily due to increases in interest bearing customer deposits and demand deposits, primarily related to the addition of the Touchstone acquired deposits.

    Other borrowings decreased $50.0 million during the fourth quarter as the Bank repaid borrowed funds from the Federal Reserve Bank through their Bank Term Funding Program.

    Shareholders’ equity totaled $166.5 million on December 31, 2024, which was an increase of $41.4 million from September 30, 2024. The increase in total shareholders’ equity was primarily attributable to the issuance of 2.67 million shares associated with the Touchstone acquisition. The Company declared and paid cash dividends of $0.155 per common share during the fourth quarter of 2024, up from $0.15 paid during the first three quarterly periods of 2024.

    The following table provides capital ratios at the periods ended:

        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023  
    Total capital ratio (2)     12.35 %     14.29 %     14.13 %
    Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Common equity Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Leverage ratio (2)     7.95 %     9.23 %     9.17 %
    Common equity to total assets (3)     8.29 %     8.62 %     8.23 %
    Tangible common equity to tangible assets (1) (3)     7.46 %     8.43 %     8.03 %
       
    (1) These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, see the “Non-GAAP Reconciliation” sections of the Performance Summary tables included in this release.
       
    (2) All ratios at December 31, 2024 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.
       
    (3) Capital ratios presented are for First National Corporation.
       

    NON-GAAP FINANCIAL MEASURES

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include adjusted operating net income, adjusted basic and diluted earnings (loss) per share, adjusted return on average assets, adjusted return on average equity, pre-provision pre-tax earnings, adjusted pre-provision pre-tax earnings, fully taxable equivalent interest income, the net interest margin, the efficiency ratio, tangible book value per share, and tangible common equity to tangible assets.

    The Company believes certain non-GAAP financial measures enhance the understanding of its business and performance. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release.

    ABOUT FIRST NATIONAL CORPORATION

    First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and thirty-three bank branch office locations located throughout the Shenandoah Valley, the south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.

    FORWARD-LOOKING STATEMENTS

    Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expression. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties. For details on factors that could affect expectations, future events, or results, see the risk factors and other cautionary language included in First National’s Annual Report on Form 10-K for the year ended December 31, 2023, and most recent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (the “SEC”).

    Additional risks and uncertainties may include, but are not limited to: (1) the risk that the cost savings and any revenue synergies from the Touchstone merger may not be realized or take longer than anticipated to be realized, including due to the state of the economy or other competitive factors in the areas in which the parties operate, (2) disruption from the merger of customer, supplier, employee or other business partner relationships, including diversion of management’s attention from ongoing business operations and opportunities due to the merger, (3) the possibility that the costs, fees, expenses and charges related to the merger may be greater than anticipated, (4) reputational risk and the reaction of each of the parties’ customers, suppliers, employees or other business partners to the merger, (5) the risks relating to the integration of Touchstone’s operations into the operations of First National, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (6) the risk of expansion into new geographic or product markets, (7) the dilution caused by First National’s issuance of additional shares of its common stock in the merger, and (8) general competitive, economic, political and market conditions. All subsequent written and oral forward-looking statements concerning First National or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. First National does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    CONTACTS

    Scott C. Harvard   Bruce E. Thomas
    President and CEO   Senior Vice President and Interim CFO
    (540) 465-9121   (540) 465-9121
    sharvard@fbvirginia.com   bthomas@fbvirginia.com
         

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Income Statement                                        
    Interest and dividend income                                        
    Interest and fees on loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest on deposits in banks     2,085       1,538       368       6,490       1,809  
    Interest on federal funds sold     189       —       —       189       —  
    Interest on securities                                        
    Taxable interest on securities     1,284       1,091       1,318       4,733       5,286  
    Tax-exempt interest on securities     308       303       303       1,222       1,220  
    Dividends     104       33       30       202       111  
    Total interest and dividend income   $ 25,486     $ 17,444     $ 15,274     $ 76,319     $ 57,719  
    Interest expense                                        
    Interest on deposits   $ 6,415     $ 4,958     $ 4,232     $ 20,964     $ 13,660  
    Interest on federal funds purchased     1       —       1       1       1  
    Interest on subordinated debt     396       69       70       603       277  
    Interest on junior subordinated debt     68       68       68       270       271  
    Interest on other borrowings     247       600       94       2,029       97  
    Total interest expense   $ 7,127     $ 5,695     $ 4,465     $ 23,867     $ 14,306  
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Provision for credit losses     4,750       1,700       5,950       7,850       6,150  
    Net interest income after provision for credit losses   $ 13,609     $ 10,049     $ 4,859     $ 44,602     $ 37,263  
    Noninterest income                                        
    Service charges on deposit accounts   $ 1,181     $ 675     $ 718     $ 3,122     $ 2,780  
    ATM and check card fees     792       934       825       3,305       3,449  
    Wealth management fees     903       952       784       3,617       3,120  
    Fees for other customer services     317       276       232       966       770  
    Brokered mortgage fees     90       92       46       252       119  
    Income from bank owned life insurance     264       191       168       755       627  
    Net gains (losses) on securities available for sale     (154 )     39       —       (115 )     —  
    Gain on sale of other investment     —       —       186       —       186  
    Net gains on disposal of premises and equipment     —       —       —       —       47  
    Bargain purchase gain     2,920       —       —       2,920       —  
    Other operating income     131       44       110       1,558       686  
    Total noninterest income   $ 6,444     $ 3,203     $ 3,069     $ 16,380     $ 11,784  
    Noninterest expense                                        
    Salaries and employee benefits   $ 10,439     $ 5,927     $ 4,999     $ 28,076     $ 21,039  
    Occupancy     936       585       568       2,604       2,154  
    Equipment     1,123       726       621       3,131       2,377  
    Marketing     371       262       190       1,101       910  
    Supplies     264       123       153       618       576  
    Legal and professional fees     1,214       596       443       3,386       1,647  
    ATM and check card expense     385       394       313       1,508       1,578  
    FDIC assessment     285       195       154       860       633  
    Bank franchise tax     262       262       262       1,047       1,040  
    Data processing expense     4,142       290       327       4,841       1,047  
    Amortization expense     448       4       4       461       18  
    Other real estate owned expense (income), net     5       10       2       15       (199 )
    Net losses on disposal of premises and equipment     (4 )     2       —       47       —  
    Other operating expense     2,059       1,083       1,064       5,239       4,422  
    Total noninterest expense   $ 21,929     $ 10,459     $ 9,100     $ 52,934     $ 37,242  
    Income (loss) before income taxes   $ (1,876 )   $ 2,793     $ (1,172 )   $ 8,048     $ 11,805  
    Income tax expense (benefit)     (943 )     545       (321 )     1,082       2,181  
    Net income (loss)   $ (933 )   $ 2,248     $ (851 )   $ 6,966     $ 9,624  
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        As of or For the Three Months Ended     As of or For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Common Share and Per Common Share Data                                        
    Earnings (loss) per common share, basic   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.54  
    Adjusted earnings (loss) per common share, basic(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.54  
    Weighted average shares, basic     8,971,649       6,287,997       6,261,500       6,955,592       6,265,394  
    Earnings (loss) per common share, diluted   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.53  
    Adjusted earnings (loss) per common share, diluted(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.53  
    Weighted average shares, diluted     8,994,315       6,303,282       6,282,815       6,971,089       6,279,106  
    Shares outstanding at period end     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share at period end (1)   $ 16.55     $ 19.37     $ 18.06     $ 16.55     $ 18.06  
    Cash dividends   $ 0.155     $ 0.150     $ 0.150     $ 0.605     $ 0.600  
                                             
    Key Performance Ratios                                        
    Return on average assets     (0.18 %)     0.62 %     (0.25 %)     0.44 %     0.71 %
    Adjusted return on average assets (1)     1.15 %     0.67 %     (0.25 %)     0.92 %     0.71 %
    Return on average equity     (2.35 %)     7.28 %     (2.97 %)     5.33 %     8.59 %
    Adjusted return on average equity (1)     15.01 %     7.93 %     (2.97 %)     11.19 %     8.59 %
    Net interest margin (1)     3.83 %     3.43 %     3.35 %     3.51 %     3.41 %
    Efficiency ratio (1)     63.97 %     68.13 %     66.26 %     66.73 %     67.69 %
                                             
    Average Balances                                        
    Average assets   $ 2,051,578     $ 1,449,185     $ 1,372,365     $ 1,597,150     $ 1,363,339  
    Average earning assets     1,919,864       1,374,566       1,290,231       1,504,946       1,280,980  
    Average shareholders’ equity     157,844       122,802       113,614       130,715       112,083  
                                             
    Asset Quality                                        
    Loan charge-offs   $ 1,432     $ 1,667     $ 2,765     $ 4,033     $ 3,993  
    Loan recoveries     98       95       92       283       418  
    Net charge-offs     1,334       1,572       2,673       3,750       3,575  
    Non-accrual loans     7,058       5,929       6,763       7,058       6,763  
    Other real estate owned, net     53       56       —       53       —  
    Nonperforming assets (3)     7,111       5,985       6,763       7,111       6,763  
    Loans 30 to 89 days past due, accruing     3,085       2,358       2,484       3,085       2,484  
    Loans over 90 days past due, accruing     365       —       524       365       524  
    Special mention loans     7,043       516       —       7,043       —  
    Substandard loans, accruing     2,030       1,713       287       2,030       287  
                                             
    Capital Ratios (2)                                        
    Total capital   $ 181,449     $ 148,477     $ 142,333     $ 181,449     $ 142,333  
    Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Common equity Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Total capital to risk-weighted assets     12.35 %     14.29 %     14.05 %     12.35 %     14.05 %
    Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Common equity Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Leverage ratio     7.95 %     9.23 %     9.31 %     7.95 %     9.31 %
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Period Ended  
        Dec 31, 2024     Sept 30, 2024     Jun 30, 2024     Mar 31, 2024     Dec 31, 2023  
    Balance Sheet                                        
    Cash and due from banks   $ 24,916     $ 18,197     $ 16,729     $ 14,476     $ 17,194  
    Interest-bearing deposits in banks     137,958       108,319       118,906       124,232       69,967  
    Cash and cash equivalents   $ 162,874     $ 126,516     $ 135,635     $ 138,708     $ 87,161  
    Securities available for sale, at fair value     163,847       146,013       144,816       147,675       152,857  
    Securities held to maturity, at amortized cost (net of allowance for credit losses)     109,741       121,425       123,497       125,825       148,244  
    Restricted securities, at cost     3,741       2,112       2,112       2,112       2,078  
    Loans, net of allowance for credit losses     1,450,604       982,016       977,423       960,371       957,456  
    Other real estate owned, net     53       56       —       —       —  
    Premises and equipment, net     34,824       22,960       22,205       21,993       22,142  
    Accrued interest receivable     6,020       4,794       4,916       4,978       4,655  
    Bank owned life insurance     37,873       24,992       24,802       24,652       24,902  
    Goodwill     3,030       3,030       3,030       3,030       3,030  
    Core deposit intangibles, net     14,986       104       108       113       117  
    Other assets     22,688       16,698       18,984       17,738       16,653  
    Total assets   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Noninterest-bearing demand deposits   $ 520,153     $ 383,400     $ 397,770     $ 384,092     $ 379,208  
    Savings and interest-bearing demand deposits     924,880       663,925       665,208       677,458       662,169  
    Time deposits     358,745       205,930       202,818       197,587       192,349  
    Total deposits   $ 1,803,778     $ 1,253,255     $ 1,265,796     $ 1,259,137     $ 1,233,726  
    Other borrowings     —       50,000       50,000       50,000       50,000  
    Subordinated debt, net     21,176       4,999       4,998       4,998       4,997  
    Junior subordinated debt     9,279       9,279       9,279       9,279       9,279  
    Accrued interest payable and other liabilities     9,517       8,068       7,564       5,965       5,022  
    Total liabilities   $ 1,843,750     $ 1,325,601     $ 1,337,637     $ 1,329,379     $ 1,303,024  
                                             
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     11,218       7,871       7,851       7,847       7,829  
    Surplus     77,058       33,409       33,116       33,021       32,950  
    Retained earnings     96,947       99,270       97,966       96,465       94,198  
    Accumulated other comprehensive (loss), net     (18,692 )     (15,435 )     (19,042 )     (19,517 )     (18,706 )
    Total shareholders’ equity   $ 166,531     $ 125,115     $ 119,891     $ 117,816     $ 116,271  
    Total liabilities and shareholders’ equity   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Loan Data                                        
    Mortgage real estate loans:                                        
    Construction and land development   $ 84,480     $ 61,446     $ 60,919     $ 53,364     $ 52,680  
    Secured by farmland     14,133       9,099       8,911       9,079       9,154  
    Secured by 1-4 family residential     547,576       351,004       346,976       347,014       344,369  
    Other real estate loans     658,029       440,648       440,857       436,006       438,118  
    Loans to farmers (except those secured by real estate)     940       633       349       332       455  
    Commercial and industrial loans (except those secured by real estate)     140,393       114,190       115,951       113,230       112,619  
    Consumer installment loans     7,582       5,396       5,068       4,808       4,753  
    Deposit overdrafts     450       253       365       251       222  
    All other loans     13,421       12,051       10,580       8,890       7,060  
    Total loans   $ 1,467,004     $ 994,720     $ 989,976     $ 972,974     $ 969,430  
    Allowance for credit losses     (16,400 )     (12,704 )     (12,553 )     (12,603 )     (11,974 )
    Loans, net   $ 1,450,604     $ 982,016     $ 977,423     $ 960,371     $ 957,456  
                                             

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                              
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Operating Net Income                              
    Net income (GAAP) $ (933 ) $ 2,248   $ (851 ) $ 6,966   $ 9,624  
    Add: Merger-related expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Subtract: Tax effect of adjustment (4)   (1,439 )   (19 )   —     (1,463 )   —  
    Adjusted operating net income (non-GAAP) $ 5,955   $ 2,448   $ (851 ) $ 14,621   $ 9,624  
                                   
    Adjusted Earnings Per Share, Basic                              
    Weighted average shares, basic   8,971,649     6,287,997     6,261,500     6,955,592     6,265,394  
    Basic earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.54  
    Adjusted earnings (loss) per share, basic (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.54  
                                   
    Adjusted Earnings Per Share, Diluted                              
    Weighted average shares, diluted   8,994,315     6,303,282     6,282,815     6,971,089     6,279,106  
    Diluted earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.53  
    Adjusted diluted earnings (loss) per share (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.53  
                                   
    Adjusted Pre-Provision, Pre-Tax Earnings                              
    Net interest income $ 18,359   $ 11,749   $ 10,809   $ 52,452   $ 43,413  
    Total noninterest income   6,444     3,203     3,069     16,380     11,784  
    Net revenue $ 24,803   $ 14,952   $ 13,878   $ 68,832   $ 55,197  
    Total noninterest expense   21,929     10,459     9,100     52,934     37,242  
    Pre-provision, pre-tax earnings $ 2,874   $ 4,493   $ 4,778   $ 15,898   $ 17,955  
    Add: Merger expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Adjusted pre-provision, pre-tax, earnings $ 7,270   $ 4,712   $ 4,778   $ 21,085   $ 17,955  
                                   
    Adjusted Performance Ratios                              
    Average assets $ 2,051,578   $ 1,449,185   $ 1,372,365   $ 1,597,150   $ 1,363,339  
    Return on average assets (GAAP)   (0.18 %)   0.62 %   (0.25 %)   0.44 %   0.71 %
    Adjusted return on average assets (non-GAAP)   1.15 %   0.67 %   (0.25 %)   0.92 %   0.71 %
                                   
    Average shareholders’ equity $ 157,844   $ 122,802     113,614   $ 130,715   $ 112,083  
    Return on average equity (GAAP)   (2.35 %)   7.28 %   (2.97 %)   5.33 %   8.59 %
    Adjusted return on average equity (non-GAAP)   15.01 %   7.93 %   (2.97 %)   11.19 %   8.59 %
                                   
    Pre-provision, pre-tax return on average assets (non-GAAP)   0.56 %   1.24 %   1.39 %   1.00 %   1.32 %
    Adjusted pre-provision, pre-tax return on average assets (non-GAAP)   1.42 %   1.30 %   1.39 %   1.32 %   1.32 %
                                   
    Net Interest Margin                              
    Tax-equivalent net interest income $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Average earning assets   1,919,864     1,374,566     1,290,231     1,504,946     1,280,980  
    Net interest margin (non-GAAP)   3.83 %   3.43 %   3.35 %   3.51 %   3.41 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)
    (unaudited)              

    		  
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Efficiency Ratio                              
    Total noninterest expense (GAAP) $ 21,929   $ 10,459   $ 9,100   $ 52,934   $ 37,242  
    Add: other real estate owned income, net   (5 )   (10 )   (2 )   (15 )   199  
    Subtract: amortization of intangibles   (448 )   (4 )   (4 )   (461 )   (18 )
    Subtract: loss on disposal of premises and equipment, net   3     (2 )   —     (47 )   —  
    Subtract: merger expenses   (7,316 )   (219 )   —     (8,107 )   —  
    Adjusted non-interest expense (non-GAAP) $ 14,163   $ 10,224   $ 9,094   $ 44,304   $ 37,423  
    Tax-equivalent net interest income (non-GAAP) $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Total noninterest income (GAAP)   6,444     3,203     3,069     16,380     11,784  
    (Gain) loss on disposal of premises and equipment   —     —     (47 )   —     (47 )
    Gain on sale of other investment   —     —     (186 )   —     (186 )
    Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Securities losses (gains), net   154     (39 )   —     115     —  
    Adjusted income for efficiency ratio (non-GAAP) $ 22,139   $ 15,006   $ 13,725   $ 66,396   $ 55,289  
                                   
    Efficiency ratio (non-GAAP)   63.97 %   68.13 %   66.26 %   66.73 %   67.69 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Tax-Equivalent Net Interest Income                                        
    GAAP measures:                                        
    Interest income – loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest income – investments and other     3,970       2,965       2,019       12,836       8,426  
    Interest expense – deposits     (6,415 )     (4,958 )     (4,232 )     (20,964 )     (13,660 )
    Interest expense – federal funds purchased     (1 )     –       –       (1 )     –  
    Interest expense – subordinated debt     (396 )     (69 )     (70 )     (603 )     (277 )
    Interest expense – junior subordinated debt     (68 )     (68 )     (68 )     (270 )     (271 )
    Interest expense – other borrowings     (247 )     (600 )     (95 )     (2,029 )     (98 )
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Non-GAAP measures:                                        
    Add: Tax benefit realized on non-taxable interest income – loans (4)   $ 18     $ 13     $ —     $ 43     $ —  
    Add: Tax benefit realized on non-taxable interest income – municipal securities (4)     84       80       80       326       325  
    Tax benefit realized on non-taxable interest income   $ 102     $ 93     $ 80     $ 369     $ 325  
    Tax-equivalent net interest income   $ 18,461     $ 11,842     $ 10,889     $ 52,821     $ 43,738  
                                             
                                             
    Tangible Common Equity and Tangible Assets                                        
    Total assets (GAAP)   $ 2,010,281     $ 1,450,716     $ 1,419,295     $ 2,010,281     $ 1,419,295  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible assets (Non-GAAP)   $ 1,992,265     $ 1,447,582     $ 1,416,148     $ 1,992,265     $ 1,416,148  
                                             
    Total shareholders’ equity (GAAP)   $ 166,531     $ 125,115     $ 116,271     $ 166,531     $ 116,271  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible common equity (Non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
                                             
    Tangible common equity to tangible assets ratio     7.45 %     8.43 %     7.99 %     7.45 %     7.99 %
                                             
                                             
    Tangible Book Value Per Share                                        
    Tangible common equity (non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
    Common shares outstanding, ending     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share   $ 16.48     $ 19.37     $ 18.06     $ 16.48     $ 18.06  
       
    (1) Non-GAAP financial measure.  See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.
       
    (2) Capital ratios are for First Bank.
       
    (3) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.
       
    (4) The tax rate utilized in calculating the tax benefit is 21%. Certain merger-related expenses were non-deductible.

    The MIL Network –

  • MIL-OSI: Dragonfly Energy Appoints AdvisIRy Partners as its Investor Relations Firm

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Feb. 06, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and battery technology, today announced it has appointed AdvisIRy Partners as its new investor relations firm.

    Chief Executive Officer, Dr. Denis Phares, stated, “Dragonfly Energy is an industry leader in providing innovative lithium-ion battery solutions across the RV, trucking, and industrial sectors. The Company is also working to revolutionize next generation battery cell manufacturing with our proprietary dry electrode technology. With Dragonfly Energy at a pivotal point in our evolution, we are pleased to partner with AdvisIRy Partners to help strengthen our investor relations program and communicate our vision and future prospects.”

    AdvisIRy Partners was established as the successor to one of the largest investor relations firms in the U.S., Morgen-Walke Associates. With many years of sell-side, buy-side, and investor relations experience, the firm is unique in its commitment to senior level account management. The team representing Dragonfly Energy will be led by Eric Prouty, Partner, who will be working with the Company’s executive leadership team on investor relations strategies, messaging and outreach.

    About Dragonfly Energy
    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.investors.dragonflyenergy.com.

    About AdvisIRy Partners
    Headquartered in New York City, AdvisIRy Partners is an investor relations and corporate communications firm that was purpose-built to deliver tangible results for its corporate clients. The Firm brings together sell-side, buy-side and investor relations experience to provide senior level advisory work and implements customized programs for a growing roster of domestic and international clients. For further information on the firm’s approach, services and leadership team, please visit the AdvisIRy Partners website at www.advisiry.com.

    Contact:
    Eric Prouty
    Szymon Serowiecki
    DragonflyIR@advisiry.com

    The MIL Network –

  • MIL-OSI: CoreCard Corporation Schedules Fourth Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NORCROSS, Ga., Feb. 06, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, intends to hold an investor conference call on February 20, 2025, at 11:00 A.M. Eastern Time in conjunction with the company’s earnings release for the quarter ended December 31, 2024. The company plans to issue a press release with the financial results for the period before the market opens on February 20, 2025.

    Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecard022025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

    About CoreCard Corporation

    CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    Forward-Looking Statements

    The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Contact:   CoreCard Corporation
        Matthew A. White, Chief Financial Officer
        770-564-5504
        matt@corecard.com 

    The MIL Network –

  • MIL-OSI Banking: Secretary-General of ASEAN has bilateral meeting with Ambassador of Chile to ASEAN

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Ambassador of Chile to ASEAN, H.E. Mario Ignacio Artaza, at the ASEAN Headquarters/ASEAN Secretariat. They exchanged views on the ASEAN-Chile Development Partnership and ways to further substantiate cooperation, including the implementation of the ASEAN-Chile Development Partnership: Practical Cooperation Areas and Chile’s interest to accede to the Regional Comprehensive Economic Partnership Agreement (RCEP) Agreement.

    The post Secretary-General of ASEAN has bilateral meeting with Ambassador of Chile to ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Secretary-General of ASEAN receives visit by EU–ASEAN Business Council delegation

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received a visit by a delegation from the EU-ASEAN Business Council, who are on a business mission to Indonesia, at the ASEAN Headquarters/ASEAN Secretariat. The meeting exchanged perspectives and discussed the role of private sectors in fostering the digital economy and accelerating sustainability within the ASEAN region. They underscored the critical role of private sector innovation and investment in driving these agendas, while exploring actionable pathways to deepen cooperation between ASEAN and European stakeholders.

    The post Secretary-General of ASEAN receives visit by EU–ASEAN Business Council delegation appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI: Inter&Co Inc. Reports Highest Ever Net Income of R$973M in 2024

    Source: GlobeNewswire (MIL-OSI)

    BELO HORIZONTE, Brazil, Feb. 06, 2025 (GLOBE NEWSWIRE) — Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the leading financial super app providing financial and digital commerce services to over 36 million customers, today reported financial results for the fourth quarter of 2024.

    2024 Highlights:

    • Record Net Income of R$ 973 million in 2024, 3 times greater than 2023.
    • Total Net Revenue of R$ 6.4 billion, up 35% YoY, while Total Gross Revenues surpassed the mark of R$ 10 billion in 2024.
    • Net Interest Margin of 9.7% in 4Q24, up from 9.0% in the same period of 2023.
    • Net fee revenues of over R$ 2.0 billion, a 31% YoY growth, representing the strength of the platform effect.
    • Total clients grew to 36 million, with 20.6 million active clients and an activation rate of 57%.

    João Vitor Menin, Global CEO of Inter&Co commented:

    “Our story has been about innovation, delivering a superior financial super app with low-cost products, disrupting a traditional and inefficient industry. As a result, we have acquired over 36 million clients that are simplifying their financial lives by using our platform.”

    “In 2024, engagement continued to rise as we attracted a record 4.2 million active clients to our platform. This increased engagement fosters cross-selling among our seven verticals, generating a powerful network effect and enabling us to achieve remarkable results across all of them.”

    “As a result, we delivered a growing ROE of 11.7% in 2024 and finished the year with R$973 million in net income, greater than our entire historical profitability combined.”

    He added, “We entered 2025 with a strong balance sheet, one of the lowest costs of funding in the industry, a diversified credit portfolio, and asset quality metrics that continue to improve despite a more challenging scenario. I’m confident that our platform is exceptionally well positioned to continue succeeding in the years ahead.”

    Conference Call
    Inter&Co will discuss its 4Q2024 financial results on February 6th, 2024, at 11 a.m. ET (1 p.m. BRT). The webcast details, along with the earnings materials can be accessed on the company’s Investor Relations website at https://investors.inter.co/en/.

    About Inter&Co
    Inter&Co (NASDAQ: INTR) is the pioneer financial super app serving over 36 million consumers across the Americas. The Inter&Co ecosystem offers a broad array of services, including banking, investments, mortgages, credit, gift cards, and cross-border tools. The super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. The company is expanding rapidly in the United States, as evidenced by its naming rights sponsorship of the Inter&Co Stadium that hosts soccer teams “Orlando City” and “Orlando Pride”. Focused on innovation and captivating member experiences, Inter&Co delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers. For more information, visit: https://inter.co/en/us/.

    Investor Relations:
    Rafaela de Oliveira Vitória
    ir@inter.co

    Media Relations:
    Kaio Philipe
    kaio.philipe@inter.co

    Chemistry Agency
    interco@chemistryagency.com

    Disclaimer
    This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they involve known and unknown risks and uncertainties that could cause the company’s results or accrued results to differ materially from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to, our ability to realize the number of projected synergies and the projected schedule, in addition to economic, competitive, governmental and technological factors affecting Inter, the markets, products and prices and other factors. In addition, this presentation contains managerial figures that may differ from those presented in our financial statements. The calculation methodology for these managerial numbers is presented in Inter’s quarterly earnings release. Statements contained in this report that are not facts or historical information may be forward looking statements under the terms of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may, among other things, beliefs related to the creation of value and any other statements regarding Inter. In some cases, terms such as “estimate”, “project”, “predict”, “plan”, “believe”, “can”, “expectation”, “anticipate”, “intend”, “aimed”, “potential”, “may”, “will/shall” and similar terms, or the negative of these expressions, may identify forward looking statements.

    These forward-looking statements are based on Inter’s expectations and beliefs about future events and involve risks and uncertainties that could cause actual results to differ materially from current ones. Any forward-looking statement made by us in this document is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise. The definition of each such operational metric is included in the earnings release available on our Investor Relations website.

    For additional information that about factors that may lead to results that are different from our estimates, please refer to sections “Cautionary Statement Concerning Forward Looking Statements” and “Risk Factors” of Inter&Co Annual Report on Form 20-F. The numbers for our key metrics (Unit Economics), which include, among other, active clients and average revenue per active client (ARPAC), are calculated using Inter’s internal data. Although we believe these metrics are based on reasonable estimates, there are challenges inherent in measuring the use of our business. In addition, we continually seek to improve our estimates, which may change due to improvements or changes in methodology, in processes for calculating these metrics and, from time to time, we may discover inaccuracies and adjust to improve accuracy, including adjustments that may result in recalculating our historical metrics.

    About Non-IFRS Financial Measures
    To supplement the financial measures presented in this press release and related conference call, presentation, or webcast in accordance with IFRS, Inter&Co also presents non-IFRS measures of financial performance, as highlighted throughout the documents. The non-IFRS Financial Measures include, among others: Adjusted Net Income, Cost of Funding, Efficiency Ratio, Cost of Risk, Cards+PIX TPV, Gross ARPAC, Global Clients, Total Gross Revenues, and Return on average equity (ROE).

    A “non-IFRS financial measure” refers to a numerical measure of Inter&Co’s historical or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS in Inter&Co’s financial statements. Inter&Co provides certain non-IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS. The non-IFRS financial information presented herein should be considered together with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS. There are significant limitations associated with the use of non-IFRS financial measures. Further, these measures may differ from the non-IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare Inter&Co’s performance to that of other companies.

    The MIL Network –

  • MIL-OSI: AMG Reports Financial and Operating Results for the Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Company reports EPS of $4.92, Economic EPS of $6.53 in the fourth quarter of 2024
    EPS of $15.13, Economic EPS of $21.36 for the full year 2024

    • New partnership with NorthBridge Partners, a private markets manager specializing in industrial logistics real estate assets
    • Net income (controlling interest) of $512 million, Economic Net Income (controlling interest) of $702 million
    • 10% full-year Economic Earnings per share growth reflects AMG’s ongoing strategic evolution and disciplined capital allocation strategy
    • Repurchased $700 million in common stock or approximately 13% of shares outstanding in 2024

    WEST PALM BEACH, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the fourth quarter and year ended December 31, 2024.

    Jay C. Horgen, President and Chief Executive Officer of AMG, said:
    “AMG delivered record Economic Earnings per share in 2024; growth of 10% relative to the prior year reflected the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy.

    “In 2024, we continued to strategically evolve our business, increasing our exposure to alternatives, which further enhances our long-term growth prospects. AMG’s private markets Affiliates raised approximately $24 billion during the year, reflecting the ongoing demand for our Affiliates’ specialized strategies. Throughout the year we continued to invest our capital and resources alongside our Affiliates to develop new products for the U.S. wealth marketplace, including additional innovative alternative solutions across private markets and liquid alternatives.

    “This morning, we announced our investment in NorthBridge Partners, a leading vertically integrated real estate manager with excellent forward prospects, given its deep expertise and targeted investment strategy in last-mile logistics, a high-growth sector benefiting from the expanding digital economy and evolving supply chain dynamics. Our partnership with NorthBridge broadens AMG’s participation in private markets and underscores our focus on investing in areas of secular growth. AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate AMG’s partnership model and is highly valued by prospective Affiliates.

    “Our execution across each element of our growth strategy, including investing in new Affiliate partnerships, investing in our existing Affiliates, and investing in AMG’s capabilities to magnify our Affiliates’ success, is driving the evolution of our distinctive business profile. Given AMG’s proven strategic capabilities and 30-year track record of successful partnerships, our opportunities to invest in growth are expanding. With our ample financial flexibility and disciplined capital allocation framework, we enter 2025 in an excellent position to continue executing on our strategy, and create meaningful incremental shareholder value over time.”

    FINANCIAL HIGHLIGHTS Three Months Ended   Years Ended
    (in millions, except as noted and per share data) 12/31/2023   12/31/2024   12/31/2023   12/31/2024
    Operating Performance Measures              
    AUM (at period end, in billions) $ 672.7     $ 707.9     $ 672.7     $ 707.9  
    Average AUM (in billions)   648.1       717.3       660.3       700.5  
    Net client cash flows (in billions)   (6.1 )     (8.3 )     (29.2 )     (13.9 )
    Aggregate fees   1,560.9       1,509.2       5,066.6       5,236.0  
    Financial Performance Measures              
    Net income (controlling interest) $ 196.2     $ 162.1     $ 672.9     $ 511.6  
    Earnings per share (diluted)(1)   5.15       4.92       17.42       15.13  
    Supplemental Performance Measures(2)              
    Adjusted EBITDA (controlling interest) $ 296.2     $ 281.7     $ 935.7     $ 973.1  
    Economic net income (controlling interest)   242.9       205.8       717.8       701.6  
    Economic earnings per share   6.86       6.53       19.48       21.36  
                                   

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the fourth quarter of 2024, the Company repurchased approximately $120 million in common stock, bringing full-year share repurchases to approximately $700 million. The Company also announced a fourth-quarter cash dividend of $0.01 per share of common stock, payable March 4, 2025 to stockholders of record as of the close of business on February 18, 2025.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of December 31, 2024, AMG’s aggregate assets under management were approximately $708 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

             

    Conference Call, Replay and Presentation Information
    A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13750674. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions)
     
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – QUARTER TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, September 30, 2024 $ 131.2   $ 135.3     $ 345.9   $ 116.0   $ 728.4  
    Client cash inflows and commitments   5.6     8.9       10.2     5.2     29.9  
    Client cash outflows   (0.1 )   (7.3 )     (25.8 )   (5.0 )   (38.2 )
    Net client cash flows   5.5     1.6       (15.6 )   0.2     (8.3 )
    Market changes   (0.2 )   3.5       (2.5 )   0.4     1.2  
    Foreign exchange   (0.5 )   (3.1 )     (6.3 )   (1.3 )   (11.2 )
    Realizations and distributions (net)   (0.7 )   (0.2 )     (1.3 )   (0.1 )   (2.3 )
    Other   0.1     3.6       (4.0 )   0.4     0.1  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – YEAR TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, December 31, 2023 $ 114.8   $ 124.0     $ 329.4   $ 104.5   $ 672.7  
    Client cash inflows and commitments   23.7     27.5       38.1     22.1     111.4  
    Client cash outflows   (0.2 )   (25.6 )     (80.2 )   (19.3 )   (125.3 )
    Net client cash flows   23.5     1.9       (42.1 )   2.8     (13.9 )
    New investments   0.7     —       —     0.7     1.4  
    Market changes   0.4     10.6       41.4     8.7     61.1  
    Foreign exchange   (0.3 )   (0.8 )     (4.6 )   (1.2 )   (6.9 )
    Realizations and distributions (net)   (4.4 )   (0.5 )     (1.4 )   (0.3 )   (6.6 )
    Other   0.7     5.5       (6.5 )   0.4     0.1  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
     
    CONSOLIDATED STATEMENTS OF INCOME
     
        Three Months Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Consolidated revenue   $ 502.7     $ 524.2  
             
    Consolidated expenses:        
    Compensation and related expenses     244.5       238.8  
    Selling, general and administrative     84.8       98.4  
    Intangible amortization and impairments     10.8       7.3  
    Interest expense     31.4       35.2  
    Depreciation and other amortization     3.0       4.0  
    Other expenses (net)     9.6       8.8  
    Total consolidated expenses     384.1       392.5  
             
    Equity method income (net)(3)     125.7       124.5  
    Affiliate Transaction gains(4)     —       —  
    Investment and other income     29.8       17.5  
    Income before income taxes     274.1       273.7  
             
    Income tax expense     29.8       52.6  
    Net income     244.3       221.1  
             
    Net income (non-controlling interests)     (48.1 )     (59.0 )
    Net income (controlling interest)   $ 196.2     $ 162.1  
             
    Average shares outstanding (basic)     33.7       30.1  
    Average shares outstanding (diluted)     41.3       36.0  
             
    Earnings per share (basic)   $ 5.83     $ 5.39  
    Earnings per share (diluted)(1)   $ 5.15     $ 4.92  
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
     
        Three Months Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Net income (controlling interest)   $ 196.2     $ 162.1  
    Intangible amortization and impairments     39.9       30.5  
    Intangible-related deferred taxes     12.8       15.3  
    Affiliate Transactions(4)     —       —  
    Other economic items     (6.0 )     (2.1 )
    Economic net income (controlling interest)   $ 242.9     $ 205.8  
             
    Average shares outstanding (adjusted diluted)     35.4       31.5  
    Economic earnings per share   $ 6.86     $ 6.53  
             
    Net income (controlling interest)   $ 196.2     $ 162.1  
    Interest expense     31.4       35.2  
    Income taxes     34.5       54.9  
    Intangible amortization and impairments     39.9       30.5  
    Affiliate Transactions(4)     —       —  
    Other items     (5.8 )     (1.0 )
    Adjusted EBITDA (controlling interest)   $ 296.2     $ 281.7  
     
    See Notes for additional information.
    CONSOLIDATED STATEMENTS OF INCOME
     
        Years Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Consolidated revenue   $ 2,057.8     $ 2,040.9  
             
    Consolidated expenses:        
    Compensation and related expenses     907.5       915.3  
    Selling, general and administrative     358.2       376.5  
    Intangible amortization and impairments     48.3       29.0  
    Interest expense     123.8       133.3  
    Depreciation and other amortization     13.0       13.4  
    Other expenses (net)     45.8       40.3  
    Total consolidated expenses     1,496.6       1,507.8  
             
    Equity method income (net)(3)     280.0       312.7  
    Affiliate Transaction gains(4)     133.1       —  
    Investment and other income     117.1       77.4  
    Income before income taxes     1,091.4       923.2  
             
    Income tax expense     185.3       182.6  
    Net income     906.1       740.6  
             
    Net income (non-controlling interests)     (233.2 )     (229.0 )
    Net income (controlling interest)   $ 672.9     $ 511.6  
             
    Average shares outstanding (basic)     35.1       31.1  
    Average shares outstanding (diluted)     42.2       36.1  
             
    Earnings per share (basic)   $ 19.18     $ 16.45  
    Earnings per share (diluted)(1)   $ 17.42     $ 15.13  
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
     
        Years Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Net income (controlling interest)   $ 672.9     $ 511.6  
    Intangible amortization and impairments     128.5       149.2  
    Intangible-related deferred taxes     57.3       61.9  
    Affiliate Transactions(4)     (122.1 )     —  
    Other economic items     (18.8 )     (21.1 )
    Economic net income (controlling interest)   $ 717.8     $ 701.6  
             
    Average shares outstanding (adjusted diluted)     36.8       32.8  
    Economic earnings per share   $ 19.48     $ 21.36  
             
    Net income (controlling interest)   $ 672.9     $ 511.6  
    Interest expense     123.8       133.3  
    Income taxes     185.2       187.9  
    Intangible amortization and impairments     128.5       149.2  
    Affiliate Transactions(4)     (162.7 )     —  
    Other items     (12.0 )     (8.9 )
    Adjusted EBITDA (controlling interest)   $ 935.7     $ 973.1  
     
    See Notes for additional information.
    CONSOLIDATED BALANCE SHEETS
     
        Years Ended
    (in millions)   12/31/2023   12/31/2024
    Assets        
    Cash and cash equivalents   $ 813.6     $ 950.0  
    Receivables     368.4       409.7  
    Investments     941.9       595.6  
    Goodwill     2,523.6       2,504.9  
    Acquired client relationships (net)     1,812.4       1,777.8  
    Equity method investments in Affiliates (net)     2,288.5       2,246.6  
    Fixed assets (net)     67.3       57.6  
    Other assets     243.9       288.7  
    Total assets   $ 9,059.6     $ 8,830.9  
             
    Liabilities and Equity        
    Payables and accrued liabilities   $ 628.5     $ 639.1  
    Debt     2,537.5       2,620.2  
    Deferred tax liability (net)     463.8       520.5  
    Other liabilities     466.3       402.4  
    Total liabilities     4,096.1       4,182.2  
             
    Redeemable non-controlling interests     393.4       350.5  
    Equity:        
    Common stock     0.6       0.6  
    Additional paid-in capital     741.4       733.1  
    Accumulated other comprehensive loss     (167.6 )     (163.6 )
    Retained earnings     6,389.6       6,899.8  
          6,964.0       7,469.9  
    Less: treasury stock, at cost     (3,376.1 )     (4,124.6 )
    Total stockholders’ equity     3,587.9       3,345.3  
    Non-controlling interests     982.2       952.9  
    Total equity     4,570.1       4,298.2  
    Total liabilities and equity   $ 9,059.6     $ 8,830.9  
    Notes
       
    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
       
      We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
       
      We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
       
      The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024
      Numerator                
      Net income (controlling interest)   $ 196.2   $ 162.1   $ 672.9   $ 511.6
      Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes     12.9     11.7     49.0     20.5
      Interest expense on junior convertible securities, net of taxes     3.4     3.4     13.4     13.4
      Net income (controlling interest), as adjusted   $ 212.5   $ 177.2   $ 735.3   $ 545.5
      Denominator                
      Average shares outstanding (basic)     33.7     30.1     35.1     31.1
      Effect of dilutive instruments:                
      Stock options and restricted stock units     1.7     1.4     1.7     1.7
      Hypothetical issuance of shares to settle Redeemable non-controlling interests     4.2     2.8     3.7     1.6
      Junior convertible securities     1.7     1.7     1.7     1.7
      Average shares outstanding (diluted)     41.3     36.0     42.2     36.1
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.
       
      Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
       
      The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
          Three Months Ended   Years Ended
      (in millions)   12/31/2023     12/31/2024     12/31/2023     12/31/2024  
      Average shares outstanding (diluted)   41.3     36.0     42.2     36.1  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   (4.2 )   (2.8 )   (3.7 )   (1.6 )
      Junior convertible securities   (1.7 )   (1.7 )   (1.7 )   (1.7 )
      Average shares outstanding (adjusted diluted)   35.4     31.5     36.8     32.8  
    (3) The following table presents equity method earnings and equity method intangible amortization and impairments, which in aggregate form Equity method income (net):
       
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024
      Equity method earnings   $ 158.3     $ 150.1     $ 375.6     $ 442.7  
      Equity method intangible amortization and impairments     (32.6 )     (25.6 )     (95.6 )     (130.0 )
      Equity method income (net)   $ 125.7     $ 124.5     $ 280.0     $ 312.7  
    (4) The following table presents the impact of the completion of our previously announced sales of our equity interests in Veritable, LP to a third party in the third quarter of 2023, and Baring Private Equity Asia to EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT ST), in the fourth quarter of 2022, pursuant to which we received ordinary shares of EQT:
     
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024  
      Affiliate Transaction gain   $ —     $ —     $ 133.1     $ —  
      Investment and other income – Realized gains on EQT shares     —       —       29.6       —  
      Affiliate Transactions, pre-tax     —       —       162.7       —  
      Income taxes     —       —       (40.6 )     —  
      Affiliate Transactions, after-tax   $ —     $ —     $ 122.1     $ —  
     

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    Investor and Media Relations
    Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    The MIL Network –

  • MIL-OSI: Descartes Showcases Global Trade Intelligence Technology Innovations

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 06, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, is scheduled to showcase numerous technology innovations to its global trade intelligence software suite at Descartes’ Innovation Forum event, which takes place in Washington, DC from February 11-12, 2025. Innovations to Descartes’ solution suite help companies in diverse industries manage the cross-border trade of merchandise, commodities and services more securely and efficiently in the face of expanding compliance requirements, geopolitical volatility, and evolving tariffs and trade barriers.

    “The current environment of ever-changing and complex trade regulations is challenging to manage. Our solutions and trade data help simplify how our customers’ teams conduct business while helping them mitigate risk,” said Brian Hodgson, General Manager, Trade Intelligence at Descartes. “Our technology innovations are focused on helping companies build more agile, intelligent and resilient supply chain networks that allow them to keep pace with frequent and complex tariff and regulatory changes, secure better sources of supply, and acquire high quality competitive intelligence.”

    Descartes’ global trade intelligence innovation and enhancements include:

    • Artificial Intelligence (AI)-enabled screening and classification to scale compliance operations. AI-driven screening for restricted, sanctioned and denied parties quarantines low-quality false positives and identifies when additional due diligence is required. AI-driven import/export classification accelerates product lookup capabilities in combination with other features such as regulations cross-referencing and landed cost calculations. Both innovations help companies more efficiently access and manage high volume, repetitive tasks without overloading existing compliance resources or adding new staff.
    • AI-based agent to speed complex global trade intelligence queries. Converse in multiple languages with an AI-based agent to answer common questions; quickly identify historical trade patterns, emerging trends, or specific data needs (e.g., commodities, companies, products); and receive text- and/or graph-based responses. This helps users define searches more precisely, ensuring they extract the most relevant global trade data and that it’s presented effectively. It makes global trade data content more accessible and actionable, while minimizing the training time required to build proficiency in developing optimal queries.
    • Expanded global trade content offerings to simplify more wholistic risk assessments. Combining traditional Harmonized System (HS)-based trade data content with both optional experience-based content, such as previously classified products, and timely innovative-based content, such as legislation and/or regulations, provides companies with a broader content ecosystem to facilitate efficient and effective risk assessment associated with product, party or shipment compliance.
    • Enhanced analytics to generate insights and inform strategic, evidence-based decision making. Advanced Microsoft Power BI-based analytics aggregates data from screening applications and other sources (e.g., visitor management, license management, other operational systems) to provide a single reporting view. Companies no longer need to rely on complicated integrations between applications to access sophisticated analytics that provide useful insight into their compliance activities, particularly in large enterprises.
    • Expanded capabilities to manage increasing export controls and complexities around export license management. Expanded set of East Asian countries for compliance checks and license determinations, in addition to enhanced workflows and data sharing capabilities for very complex controlled goods businesses (e.g., aerospace and defense), which help companies better manage compliance with local laws, international agreements and security protocols.

    Learn more about Descartes’ Global Trade Intelligence solutions.

    Descartes’ Innovation Forum events offer a unique opportunity for Descartes customers and United by Design partners worldwide to connect with the Descartes team. These forums aim to share best practices in using Descartes’ technologies, explore ways to enhance operations with Descartes’ expanding solutions, and gather valuable feedback on product development. More information on the Global Trade Intelligence event is available here.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: 226-750-8050                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ global trade intelligence solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI: YieldMax™ Launches Its First 0DTE ETF YieldMax™ S&P 500 0DTE Covered Call Strategy ETF (SDTY)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of its first YieldMax™ 0DTE Covered Call Strategy ETF:

    YieldMax™ S&P 500 0DTE Covered Call Strategy ETF (Nasdaq: SDTY)

    SDTY Overview

    SDTY is an actively managed ETF that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of the S&P 500 (“the Index”). SDTY generates income primarily by utilizing zero days to expiry (“0DTE”) options on an Index and/or passively managed ETFs (“Index ETFs”) that tracks the Index’s performance.

    SDTY’s Option Strategy

    SDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. SDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

    SDTY’S Return Profile and Index Performance

    SDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

    SDTY Distribution Schedule

    SDTY is the first member of the YieldMax™ ETF 0DTE family and like all YieldMax™ ETFs, SDTY aims to generate income to investors. With respect to distributions, SDTY aims to make distributions on a weekly basis and its first weekly distribution is expected to be announced on February 19, 2025.

    Why Invest in SDTY?

    • SDTY seeks to generate weekly income which is not dependent on the value of its Index (or ETFs that track the Index’s performance).
    • SDTY aims to participate in a portion of the Index gains which may be capped.

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Index (or ETFs that track the Index’s performance) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or ETFs that track the Index’s performance) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Bitmaster Revolutionizes Crypto Trading with AI and MCS Token Integration

    Source: GlobeNewswire (MIL-OSI)

    SEOUL, South Korea, Feb. 06, 2025 (GLOBE NEWSWIRE) — Bitmaster, an advanced cryptocurrency trading platform, is transforming digital asset trading through AI-driven automation and MCS token integration. By combining real-time analytics with automated trading strategies, Bitmaster provides a more efficient, secure, and accessible trading environment for both beginners and professional traders.

    Bitmaster leverages AI-based trading signals to analyze the market and execute automated trades, allowing users to seize real-time opportunities while minimizing risks. Additionally, MCS tokens offer benefits such as reduced transaction fees, automated trading functionality, staking rewards, and access to premium trading tools, enhancing the overall user experience.

    New users can enjoy a 3-day free premium membership trial and receive 10 MCS tokens, allowing them to explore the platform’s various features. Premium features include Signal Master and Auto Master, which enhance trading precision. Signal Master provides trading signals for Bitcoin futures, supporting users with accurate trading strategies. Auto Master, which is currently under development, will enable automated trading based on Signal Master’s insights. Additionally, within the app, users can participate in the Up & Down Prediction Game, where they predict Bitcoin futures price movements (UP or DOWN). Successful predictions reward users with 1.9 times the MCS amount wagered. The 10 MCS tokens received can also be sent to LBank for trading or converted to USDT for withdrawal.

    Bitmaster is focusing on enhancing liquidity, improving market accessibility, and strengthening its presence in the global cryptocurrency ecosystem. To achieve this, the company is expanding strategic partnerships and collaborating with leading global exchanges to provide diverse fiat on-ramp options and region-specific trading solutions. Additionally, Bitmaster is increasing accessibility by offering multi-language support and localized customer service to better serve its global user base. These initiatives ensure that users can trade in a seamless and secure environment through trusted exchange partnerships.

    Bitmaster operates various user-centric incentive programs to encourage active participation and trading. MCS airdrops provide additional benefits to both new and existing users, driving engagement within the platform. This encourages continuous trading activity, allowing users to earn more rewards within the Bitmaster ecosystem. Additionally, promotional campaigns offer extra benefits, ensuring long-term user retention. Incentives such as MCS airdrops, referral programs with up to 30% commission, and ICO bonuses of up to 40% play a crucial role in increasing user engagement and supporting the platform’s sustained growth.

    Bitmaster continues to set new standards in AI-driven innovation and blockchain technology, driving automation and data-driven trading. As the platform evolves, it aims to deliver an intuitive, efficient, and rewarding trading experience for global users, solidifying its leadership in the cryptocurrency trading industry.

    For more details: https://buly.kr/Ezi4D52

    Contact Information

    Company Name: Bitmaster
    Contact Person: Evelyn
    Contact Person Title: Contents Manager
    Email: mr.mcs@bitmaster.pro
    Phone Number: +82 1039824189
    Company Website: https://bitmaster.pro/

    Disclaimer: This press release is provided by Bitmaster. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

    Photos accompanying this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/efe81893-9e0b-4e13-8c27-8d4e63bce156

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3288772b-ccfb-4ab2-aff0-17d97f476168

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5f212ffe-9120-4f2e-aa45-9eed813dcb99

    The MIL Network –

  • MIL-OSI: Nokia Bell Labs celebrates 100 years of pioneering innovations, shaping the past, present and future

    Source: GlobeNewswire (MIL-OSI)

    Press Release 

    Nokia Bell Labs celebrates 100 years of pioneering innovations, shaping the past, present and future

    • Over the last century, Nokia’s award-winning industrial research arm whose inventions of the transistor, solar cell and laser laid the groundwork for the digital age and paved a path to the internet.
    • Today, it continues to chart new paths in space communications, quantum, artificial intelligence, foundational technologies and sensing to address humanity’s most pressing challenges.

    6 February 2025
    Murray Hill, New Jersey – Nokia’s renowned industrial research arm behind the invention of the transistor, the solar cell, the laser and countless more, Nokia Bell Labs, is celebrating its centennial in 2025, marking 100 years of groundbreaking discoveries and innovations that blazed the trail for the digital age and pushed the boundaries of what’s possible.

    Nishant Batra, Chief Strategy and Technology Officer at Nokia, said: “The last century would be unrecognizable without Nokia Bell Labs. We established the foundations for modern communications, computing and the internet, setting the standard for the telecommunications industry, with a profound impact on people and communities worldwide. Our legacy is embedded in every bit within the billions of terabytes that flow through global networks each year and our dedicated researchers are tirelessly working on the groundbreaking innovations that will shape the future.”

    Over the past 100 years, Nokia Bell Labs researchers have made revolutionary discoveries in radio astronomy, semiconductors, Information Theory and cellular communications that have driven U.S. and global innovation and laid the groundwork for the digital age​. These breakthroughs and many others have resulted in 10 Nobel Prizes and five Turing Awards, as well as three Emmys, two Grammys and an Academy Award.

    Today, its legacy lives on in wavelengths, wires and bits as it charts new paths in space communications, quantum, artificial intelligence, foundational technologies and sensing that address humanity’s most pressing challenges. Nokia Bell Labs is setting world-record optical speeds to meet the insatiable global demand for high-speed communication, deploying cellular networks that will underpin sustained human presence on the Moon and beyond, and conducting industry-leading 6G research that will fuse the physical, digital and human worlds.

    Peter Vetter, President of Bell Labs Core Research at Nokia, said: “At Nokia Bell Labs, we don’t just follow trends, we create them. Our researchers focus on solving hard problems that have a real human need in order to come up with the next big thing. From pioneering concepts for 6G and world-firsts in fiber technology to innovations in sensing and understanding that fuses the physical, digital and human worlds, we are redefining how we perceive the world around us and augmenting our capabilities.”​

    Thierry E. Klein, President of Bell Labs Solutions Research at Nokia, said: “For the last 100 years, Nokia Bell Labs has been​ harnessing the extraordinary imaginations ​of our researchers​ to push the boundaries of what is possible and create transformative real-world solutions. In our next century, we are delivering the communication building blocks here on Earth as well as for a rapidly growing space economy that underpins sustained human presence on the Moon – and beyond.”

    Leveraging Nokia Bell Labs’ pioneering technology, Nokia helps propel society, industry and the environment toward a more sustainable future — expanding possibilities and redefining how we live, work and care for our planet.

    ​ 
    Nokia Bell Labs will be hosting celebrations and events at its locations around the world in 2025, follow the latest at https://www.nokia.com/bell-labs/100/.

    Resources and additional information
    Webpage: Nokia
    Webpage: 100 years of Bell Labs
    Blog: Nokia Bell Labs celebrates 100 years of innovation and looks ahead to another century of discovery
    Image Library: Nokia Bell Labs Centennial
    Video: Nokia Bell Labs Centennial

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

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

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

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    Attachments

    The MIL Network –

  • MIL-OSI: Sylogist Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 06, 2025 (GLOBE NEWSWIRE) — Sylogist Ltd. (TSX:SYZ) (“Sylogist” or the “Company”), a leading public sector SaaS company, is pleased to announce that its Board of Directors has declared a dividend of $0.01 per share on Sylogist’s common shares to shareholders of record on February 28th, 2025, payable on March 12th, 2025.

    All dividends paid by Sylogist to holders of common shares in the capital of the Company will be treated as eligible dividends pursuant to the Income Tax Act (Canada).

    About Sylogist
    Sylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals. The Company’s stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management’s Discussion and Analysis, can be found at www.sylogist.com or at www.sedarplus.ca.

    For further information contact:

    Sujeet Kini, Chief Financial Officer
    Sylogist Ltd.

    (416) 491-8004
    ir@sylogist.com

    The MIL Network –

  • MIL-OSI: Manhattan Bridge Capital, Inc. Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    GREAT NECK, N.Y., Feb. 06, 2025 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that its board of directors has declared a quarterly dividend of $0.115 per share to be paid to all shareholders of record on April 8, 2025. The dividend will be paid on April 15, 2025.

    The MIL Network –