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  • MIL-OSI: Portman Ridge Finance Corporation and Logan Ridge Finance Corporation Enter into Merger Agreement

    Source: GlobeNewswire (MIL-OSI)

    Combined Entity Will be Managed by Sierra Crest Investment Management, LLC, an Affiliate of BC Partners Advisors L.P.

    Companies to Host a Joint Conference Call on January 30, 2025, at 4:00 PM ET to Discuss the Proposed Merger

    NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”) and Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”) (together, the “Companies”), business development companies (“BDCs”) managed by affiliates of BC Partners Advisors L.P. (“BC Partners”), announced today that they have entered into an agreement under which LRFC will merge with and into PTMN (the “Proposed Merger”), subject to the receipt of certain shareholder approvals and the satisfaction of other closing conditions. Pursuant to the Proposed Merger agreement, Portman Ridge will be the surviving public entity and will continue to trade on the Nasdaq under the symbol “PTMN.”

    The Boards of Directors of both PTMN and LRFC, on the recommendation of their respective Special Committees consisting solely of certain independent directors, have unanimously approved the Proposed Merger. In addition, the Board of Directors of LRFC will recommend that shareholders of LRFC vote in favor of the Proposed Merger, and the Board of Directors of PTMN will recommend that shareholders of PTMN vote in favor of the issuance of PTMN common stock in connection with the Proposed Merger, in each case, subject to certain conditions.

    Transaction Highlights

    • Size & Scale: The Proposed Merger will significantly increase the size and scale of Portman Ridge, which is expected to translate into increased trading volume and improved secondary liquidity, lower operating expenses and potentially greater access to more diverse sources of financing at a lower cost. The combined company will be externally managed by Sierra Crest Investment Management LLC (“Sierra Crest”), the current investment adviser to Portman Ridge, and is expected to have total assets in excess of $600 million, and a net asset value (“NAV”) of approximately $270 million, each based on the Companies’ September 30, 2024 balance sheets, adjusted for estimated transaction expenses, but excluding the impact of the Tax Distribution (as defined below).
    • Portfolio Overlap: The Proposed Merger will result in the acquisition of a known, diversified portfolio with significant portfolio overlap between the two Companies. PTMN and LRFC employ the same investment strategy, and the BC Partners Credit Platform has been allocating substantially similar or the same investments to both Companies since Mount Logan Management, LLC (“Mount Logan”) became LRFC’s external investment adviser on July 1, 2021. As a result, more than 70% of the investments in LRFC’s portfolio at fair value are expected to be BC Partners-originated assets at the time of closing, with over 60% of the portfolio overlapping with PTMN. The combination of two known, complementary portfolios, originated and managed by the BC Partners Credit Platform, is expected to substantially mitigate integration risk.
    • Accretive to NAV: Expected to be immediately accretive to PTMN’s NAV by 1.3% upon closing, based on the Companies’ September 30, 2024, NAVs and adjusted for estimated transaction expenses but excluding the impact of the Tax Distribution.
    • Accretive to Core Net Investment Income (“NII”): Expected to be immediately accretive to the Companies’ NII as result of an expected $2.8 million of annual operating expense efficiencies and the Incentive Fee Waiver (as defined below). Over the longer term, management of the Companies expects the Proposed Merger to provide further NII accretion through a lower cost of debt and improved financing terms as well as further rotation out of LRFC’s legacy non-yielding equity portfolio into interest-earning assets originated by the BC Partners Credit Platform.
    • Increased Borrowing Capacity & Optimized Debt Capital Structure: As a result of the recent refinancing of LRFC’s credit facility with KeyBank National Association (“KeyBank”), LRFC currently has additional available borrowing base that can be used for future deployment at the combined company. With LRFC’s refinanced credit facility with KeyBank and PTMN’s existing senior secured revolving credit facility with JPMorgan Chase Bank, National Association in place, the combined company is expected to be able to further optimize its debt capital structure based on differing eligibility requirements and advance rates.
    • Research Coverage: The increase in Portman Ridge’s market capitalization is expected to facilitate additional research coverage.

    Fixed Exchange Ratio

    In connection with the Proposed Merger, shareholders of LRFC will receive 1.50 newly issued shares of PTMN common stock in exchange for each share of common stock of LRFC (the “Fixed Exchange Ratio”). Based on the Fixed Exchange Ratio, using PTMN’s closing price of $16.68 per share on January 24, 2025 and excluding the impact of the Tax Distribution, the merger consideration values LRFC’s shares at $25.02 per share, which represents a 4% premium to LRFC’s January 24, 2025, closing price of $24.00 per share and a 17% premium to LRFC’s closing price of $21.43 per share on September 11, 2024 (which was the date immediately prior to the announcement of LRFC’s successful exit of its investment in Nth Degree Investment Group, LLC, an important catalyst for this transaction).

    In addition to approval by shareholders of both PTMN and LRFC, the closing of the Proposed Merger is subject to customary conditions. Further, the merger agreement provides each Special Committee a termination right that allows for either Special Committee to terminate the Proposed Merger if it has determined, reasonably and in good faith, as a result of events or other circumstances occurring or arising after the date of the signing of the Proposed Merger agreement that were not known to the applicable Board of Directors, that the interests of their respective shareholders would be diluted within the meaning of Rule 17a-8 under the Investment Company Act of 1940, as amended (the “1940 Act”), as a result of the Proposed Merger.

    The parties currently expect the Proposed Merger to be completed in the second calendar quarter of 2025.

    Additional Transaction Details

    In connection with and in support of the transaction, only if the Proposed Merger is consummated, PTMN’s external investment adviser, Sierra Crest, has agreed to waive up to $1.5 million of incentive fees over eight consecutive quarters following the closing of the Proposed Merger, subject to the satisfaction of certain conditions set forth in the definitive documentation executed between Sierra Crest and PTMN (the “Incentive Fee Waiver”).

    Prior to the anticipated closing of the Proposed Merger, PTMN and LRFC intend to declare and pay ordinary course quarterly dividends.

    Subject to the approval of LRFC’s Board of Directors and contingent upon the satisfaction of the closing conditions to the Proposed Merger, LRFC will declare a dividend to LRFC’s shareholders in an amount totaling no less than $1.0 million, but otherwise equal to any undistributed 2024 NII of LRFC estimated to be remaining as of the closing of the Proposed Merger, which management of LRFC currently expects to be between approximately $1.0 million and $1.5 million (the “Tax Distribution”).

    Management Commentary

    Ted Goldthorpe, President and Chief Executive Officer of PTMN and LRFC and Head of the BC Partners Credit Platform, stated, “I am incredibly proud to announce the proposed combination of PTMN and LRFC. Based on the September 30, 2024 net assets value of each company and inclusive of an estimated Tax Distribution, LRFC shareholders will receive merger consideration equal to approximately 98% of its September 30, 2024 net asset value. This combination is the culmination of a journey we embarked upon over three and half years ago, when shareholders of Logan Ridge placed their trust and confidence in the management team and the BC Partners Credit Platform by appointing Mount Logan to serve as the investment adviser to Logan Ridge. During this time, we have transformed LRFC’s investment portfolio by substantially reducing the non-income producing legacy equity exposure, reducing non-accruals, significantly increasing the portfolio’s diversification and growing LRFC’s exposure to credits originated by the BC Partners Credit Platform. Importantly, by the time this transaction closes and barring any unexpected repayments, we expect that more than 70% of Logan Ridge’s portfolio at fair value to be in portfolio companies financed by the BC Partners Credit Platform. Further, we have materially lowered Logan Ridge’s cost of debt capital and lowered operating expenses. The collective result of these efforts has been the stable and growing operating earnings LRFC has generated over this time, which in turn has been used to reward shareholders with a stable and growing dividend. More importantly, LRFC’s management did all of this against the backdrop of particularly challenging and uncertain market conditions. The combination of these Companies is a marquee transaction for the platform and a significant milestone for the BC Partners Credit Platform. I couldn’t be more excited for the future of the combined company.

    We believe now is the right time to combine the Companies, as we can finally do so in a manner that is expected to be accretive to both sets of shareholders. The merger will significantly increase the size and scale of Portman Ridge, which we believe will translate into increased trading volume and improved secondary liquidity, lower operating expenses and potentially greater access to more diverse sources of financing at a lower cost.

    Looking ahead, we will continue to execute our strategy of targeting inorganic growth opportunities that we believe have the potential to be earnings accretive for shareholders of both PTMN and LRFC. I look forward to updating our shareholders on the work management will be doing on this front over the course of 2025.”

    Transaction Advisors

    Keefe, Bruyette & Woods, A Stifel Company, is serving as financial advisor to the Special Committee of PTMN in connection with the transaction. Stradley Ronon Stevens & Young, LLP is acting as the legal counsel to the Special Committee of PTMN.

    Houlihan Lokey is serving as financial advisor to the Special Committee of LRFC in connection with the transaction. Skadden, Arps, Slate, Meagher & Flom LLP is acting as the legal counsel to the Special Committee of LRFC.

    Simpson Thacher & Bartlett LLP is serving as legal counsel to PTMN and LRFC with respect to the transaction. Dechert LLP serves as legal counsel to PTMN and LRFC.

    Conference Call Details

    PTMN and LRFC will host a joint conference call on Thursday, January 30, 2025, at 4:00 PM ET to discuss the transaction. All interested persons are invited to attend the call and should dial (646) 307-1963 approximately 10 minutes prior to the start of the conference call and use the conference ID 4584554. A live audio webcast of the conference call can be accessed via the Internet, on a listen-only basis on both Company’s websites, www.portmanridge.com, and www.loganridge.com, in the Investor Relations sections under Events and Presentations. The webcast can also be accessed by clicking the following link: https://edge.media-server.com/mmc/p/sx9vwkih. The online archive of the webcast will be available on the Company’s websites shortly after the call.

    The Companies will be utilizing an investor presentation as an accompaniment to the live call, which will be available on LRFC’s website at www.loganridgefinance.com and PTMN’s website at www.portmanridge.com.

    About Logan Ridge Finance Corporation

    Logan Ridge Finance Corporation (NASDAQ: LRFC) is a BDC that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

    About Portman Ridge Finance Corporation

    Portman Ridge Finance Corporation (NASDAQ: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. Portman Ridge’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. Portman Ridge’s investment activities are managed by its investment adviser, Sierra Crest.
    Portman Ridge’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    Forward-Looking Statements

    Some of the statements in this document constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this document involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Joint Proxy Statement and Registration Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This document relates to the proposed merger and certain related matters (the “Proposals”). In connection with the Proposals, PTMN will file with the SEC and mail to its and LRFC’s respective shareholders a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Registration Statement”). The Registration Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    PTMN, its directors, certain of its executive officers and certain employees and officers of Sierra Crest and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2024. LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2024. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Portman Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022
    info@portmanridge.com

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Dave Cantin Group Signs PGA Tour Professional Quade Cummins as Its First Athlete Ambassador

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — The Dave Cantin Group (DCG), a leading advisor to retail automotive groups and their owners, today announced its partnership with PGA Tour professional Quade Cummins, marking the company’s first venture into athlete sponsorship. Cummins, born into the automotive industry as the son of a dealership family, embodies the drive, preparation and determination that DCG champions in its mission to serve its retail automotive clients.

    Quade is a native of Weatherford, Oklahoma, and the son of Chad and Stacy Cummins, owners of the Cummins Auto Group, a trio of domestic automotive dealerships in Oklahoma. Growing up, Quade spent his early years splitting time between the dealership and the golf course, but quickly realized he had a future in the sport his grandfather taught him. Quade attended the University of Oklahoma, where he was the first four-time All American in the program’s history.

    “Quade’s background makes him a perfect fit for Dave Cantin Group’s first athlete ambassador,” said Dave Cantin, President and CEO of Dave Cantin Group. “Quade’s journey from his family’s dealership to the PGA Tour reflects the same commitment and vision that we bring to our clients in the automotive industry. His story resonates deeply with us, and we are honored to support him on his journey as a Tour professional.”

    Quade transitions this year from the Korn Ferry Tour to the PGA Tour after finishing with enough points in 2024 to earn his Tour card. That achievement is a testament to his tenacity and determined pursuit of excellence, a quality mirrored in DCG’s approach to its M&A advisory services.

    “Being part of the DCG team is an incredible opportunity,” Cummins said. “The automotive industry has been a big part of my life, and it’s exciting to partner with a company that understands where I came from and shares my values. I’m looking forward to representing DCG on and off the course as I continue my PGA Tour journey.”

    “The entire automotive industry should be rooting for Quade and we’re just happy to help raise awareness of who he is, and how special his story is,” DCG Chief Business and Strategy Officer Brian Gordon said. “He is one of us and should feel his whole extended automotive family behind him on every shot.”

    About Dave Cantin Group

    The Dave Cantin Group is a leading automotive mergers and acquisitions advisory company specializing in acquisitions, divestitures, intelligence, and other advisory services. The company is the M&A services provider of choice for North America’s top automotive dealership groups, advising on approximately 40 transactions annually, DCG is differentiated by its advisory approach, long-term lens on client relationships, and commitment to market intelligence tools that inform DCG and client strategies. In 2023, DCG became the only retail automotive M&A company with a significant strategic investor, welcoming Kaltroco to the DCG family.

    Through its M&A intelligence division, DCG produces automotive content and delivers relevant, timely marketing intelligence, including the automotive industry Market Outlook Report (MOR). Together with CBT News, DCG produces the Inside M&A studio show and podcast to share stories, news and trends impacting the retail automotive industry. DCG’s proprietary AI-enabled software, Jump IQ, anchors its advisory services that support retail automotive dealers in developing informed M&A strategies and making smarter M&A decisions.

    The company’s nonprofit initiative, DCG Giving, funds child and adolescent cancer research and treatment in communities nationwide and other worthy charitable initiatives. DCG team members regularly feature on the industry speaking circuit and are regularly cited by top national and global news outlets. For more information, please visit davecantingroup.com.

    Media Contact:

    Katie Merx
    katiemerx@gmail.com
    313.510.5090

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/141f7b76-fb6a-4a10-bd7e-65c61fc77d53

    A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/23a49777-1b1a-44ac-9734-ae8529cfc450

    The MIL Network –

  • MIL-OSI: New Report Finds that Work-From-Anywhere Employees Work Longer Hours

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — A new report from Cloudbrink, a leader in high-performance secure connectivity, reveals that work-from-anywhere (WFA) employees are starting earlier and logging off later than the typical eight-hour workday. In the report, “2025 Trends in Hybrid Work Report: The Facts Behind Balancing Security and Performance” usage data shows heavy transfer of data on Fridays, an indication that ‘work from anywhere’ employees actually put in longer hours than their ‘9 to 5’ counterparts — with heavy usage starting at 7:00 am and continuing to 7:00 pm. Despite employer fears about worker focus, the report concludes that employees are working quite a bit outside the office, but could be even more productive if technical challenges could be reduced. The report points to the impact on network performance by security measures such as VPNs and traditional ZTNA approaches as an issue impacting hybrid work.

    “Employers shouldn’t worry that remote workers are slacking off. It’s simply not true. Our data shows they actually work longer hours,” said Prakash Mana, CEO of Cloudbrink. “What’s really impacting productivity is when users waste hours trying to get work done because of network connectivity issues caused by VPNs and other outdated security. There’s no question security is a requirement, but it doesn’t have to slow down productivity outside the office.”

    Remote Work is Now Just Work  
    Cloudbrink analyzed its usage data pulled from thousands of users for more detail into how and when these workers are logging in when using Cloudbrink’s Personal SASE service. Perhaps not surprisingly, the heaviest work-from-anywhere day is Friday. In addition to weekdays, data transfer trends suggest many workers are also logging in on Saturdays and Sundays.

    According to a survey also commissioned for the report, more than half of all respondents say 40 percent or more of their employees work remotely at least one day each week. These workers need to securely connect to company resources yet often face a number of challenges in getting their work done. According to survey respondents, the number one challenge for remote workers is the inability to maintain a steady connection. This is followed by poor quality audio and video, hindering important conference calls that keep teams connected. Other top challenges include slow performance for file transfer, and the inability to access apps and systems. Each of these issues impacts more than 45 percent of remote workers according to the survey.

    Security vs Performance
    A primary cause of remote access challenges is the need to keep connections secure. Balancing security with access is a challenge for every employer with remote workers. Survey results say 70 percent of companies believe that their security negatively impacts performance and user experience. However, findings suggest professionals don’t understand the full impact or how to fix it.

    The hidden culprit: Packet Loss
    Diving more deeply into the issue, the report highlights one technical culprit of poor performance that is often overlooked: packet loss. Legacy and even some modern security approaches add latency which combined with packet loss can reduce a 100Mbps or 1Gbps connection to just a few Mbps. According to the report, “Adding just 0.5% packet loss on top of just 10 milliseconds of latency can cause throughput to plummet by 90%.” According to Cloudbrink, 60 percent of end users struggle with packet loss above 0.5 percent, enough to greatly exacerbate the impact of normal network latency.

    Mana added, “Unfortunately you can’t solve all connectivity issues with a bigger pipe. Frustrated workers paying for high-speed connections still experience maddening upload speeds that get slower instead of faster. Packet loss is the ten-ton gorilla hiding in the shadows, and it’s a more prevalent problem than most people think.”

    The Cloudbrink report is based on a combination of real usage data from millions of sessions a day from hybrid workers and a survey of 251 IT/network (57.8%) and cybersecurity (42.2%) professionals from a broad range of industry sectors. More than half of all participants in the survey work at companies with 5,000 employees or more. For more detail or to download a copy of the report go to: https://cloudbrink.com/trends-in-work-from-anywhere/

    About Cloudbrink
    Cloudbrink delivers a high-performance secure connectivity solution that significantly enhances productivity for the work-from-anywhere generation. The Personal SASE service offers up to a 30-fold increase in network performance and ensures a secure, seamless, in-office experience for employees, no matter where they are. With a focus on speed, simplicity, security, and savings, Cloudbrink streamlines management and support while providing edge-native zero-trust access for users and devices for simplified operations, reduced complexity, and fewer support calls. For more information go to www.cloudbrink.com.

    Media contact:
    Chris Fucanan
    AquaLab PR for Cloudbrink
    chris@aqualabpr.com
    916-345-3475

    The MIL Network –

  • MIL-OSI: Gabelli Funds to Host Pump, Valve & Water Systems Symposium at the Harvard Club, New York City

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Gabelli Funds is hosting its 35th annual Pump, Valve & Water Systems Symposium at the Harvard Club in New York City on Thursday, February 27, 2025. The symposium focuses on themes crucial to this industry, including infrastructure spending, resource security, conservation, and mergers and acquisitions (M&A). Attendees will have the opportunity to engage in one-on-one sessions with management, providing an opportunity to delve into the strategies and growth prospects of these companies.

    This symposium underscores the pivotal role of the pump, valve, and water systems industry in addressing global challenges. It highlights the sector’s significance in infrastructure development, resource management, and environmental sustainability. With a focus on key themes and direct interactions with management, the event aims to offer investors valuable insights into industry trends and potential investment opportunities within this dynamic and vital sector.

    Registration Link: CLICK HERE
    The Harvard Club, New York, NY
    Thursday, February 27th, 2025

    Company presentations, fireside chats, panel discussions, and one-on-one meetings

    Gabelli Funds 35th Annual Pump, Valve & Water Systems Symposium
    Thursday, February 27
    The Harvard Club, New York City
    8:20 AM Gabelli Team Intro
    8:30 Graco Inc. (NYSE: GGG)
    David Lowe, CFO & Treasurer; John Bower, Director of Investor Relations, Finance & FP&A
    9:00 Watts Water Technologies, Inc. (NYSE: WTS)*
    Robert Pagano, Chairperson, President & CEO
    9:30 Enerpac Tool Group Corp. (NYSE: EPAC)
    Paul Sternlieb, President & CEO; Darren Kozik, Executive VP & CFO
    10:00 ITT Inc. (NYSE: ITT)
    Emmanuel Caprais, Senior VP & CFO; Mark Macaluso, Vice President of Investor Relations & Global Communications
    10:30 Franklin Electric Co., Inc. (NASDAQ: FELE)
    Jeffery Taylor, Vice President & CFO
    11:00 Landis+Gyr Group AG (XSWX: LAND)*
    Peter Mainz, CEO
    11:30 Flowserve Corporation (NYSE: FLS)
    Amy Schwetz, Senior VP & CFO; Brian Ezzell, Vice President, Treasurer, Investor Relations & Corporate Finance
    12:00 PM Lunch
    12:15 EnPro Inc. (NYSE: NPO)*
    Eric Vaillancourt, President & CEO; Joe Bruderek, Executive VP & CFO; James Gentile, Vice President, Investor Relations
    12:45 Mueller Water Products Inc. (NYSE: MWA)
    Paul McAndrew, President & COO; Whit Kincaid, Vice President, Investor Relations & Communications
    1:15 Graham Corporation (NYSE: GHM)
    Dan Thoren, President & CEO; Christopher Thome, VP Finance, CFO & CAO; Matt Malone, Vice President & GM Barber-Nichols for Graham Corporation
    1:45 AMETEK, Inc. (NYSE: AME)*
    Kevin Coleman, Vice President, Investor Relations & Treasurer
    2:15 The Gorman-Rupp Company (NYSE: GRC)
    Scott A. King, President & CEO; James C. Kerr, Executive VP & CFO
    2:45 Badger Meter, Inc. (NYSE: BMI)*
    Bob Wrocklage, Senior VP & CFO; Karen Bauer, Vice President, Investor Relations, Strategy & Treasurer; Barb Noverini, Senior Director, Investor Relations
    3:15 Crane Company (NYSE: CR)
    Alex Alcala, COO; Shangaza Dasent, Senior VP, Process Flow Technologies; Allison Poliniak-Cusic, Vice President, Investor Relations
    3:45 Gibraltar Industries (NASDAQ: ROCK)*
    William Bosway, CEO; Joseph Lovechio, CFO

    *Indicates Virtual Attendance

    Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    Contact
    General Inquiries

    Isabella DeLuca
    Client Relations
    P: 914-921-5101
    E : ideluca@gabelli.com

    Portfolio Management / Research Team

    Kevin Dreyer
    Co-CIO, Value
    P: 914-921-7791
    E: kdreyer@gabelli.com

    Tony Bancroft
    Portfolio Manager
    P: 914-921-5083
    E: tbancroft@gabelli.com

    Justin Bergner
    Portfolio Manager
    P: 914-921-8326
    E: jbergner@gabelli.com

    Sarah Donnelly
    Portfolio Manager
    P: 914-921-5197
    E: sdonnelly@gabelli.com

    Simon Wong, CFA
    Portfolio Manager
    P: 914-921-5125
    E: swong@gabelli.com

    The MIL Network –

  • MIL-OSI: Element Launches Risk Solutions Offering with Insurance

    Source: GlobeNewswire (MIL-OSI)

    Element Risk Solutions, which will be available in the United States and Canada, combines insurance coverage placement with industry-leading claims management and advisory services.

    TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announces the launch of Element Risk Solutions – a fully integrated risk management offering. This new service, which Element is launching in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. This new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

    “Commercial auto insurance market placement has been a persistent challenge for our clients in North America for over 15 years,” shares Angelique Magi, Head of Insurance at Element. “In 2024 alone, commercial auto rates in North America have surged to an on average increase of 20 per cent. This has left our clients with a lack of certainty on securing coverage or increased premiums, impacting their projected cash flow and balance sheet. Element Risk Solutions simplifies the process by providing an automated end-to-end solution that saves time, reduces complexity, and leverages Element’s data capabilities.”

    Leveraging a simplified transaction process, clients can access customized insurance products powered by HUB Drive Online, based on their specific needs and vehicle. This new service offering will be available in Q1 of 2025.

    “HUB is excited to partner with Element to provide their clients with an all-in-one digital resource that streamlines the process of securing insurance and better managing the costs for doing business,” said Lisa Paul of HUB Transportation Specialty.

    “As a purpose-driven organization committed to Move the World Through Intelligent Mobility, we’re always looking for ways to create lasting value for our clients,” says David Madrigal, Element’s Executive Vice President and Chief Commercial Officer. “Element Risk Solutions’ partnership with HUB is a client-focused solution that takes the friction out of insurance placement and reduces fleet risks to help our clients manage their Total Cost of Risk and ensure they can focus on growing their businesses.”

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com/insurance

    This press release contains certain forward-looking statements and forward-looking information regarding Element, its business and the fleet industry, which are based upon Element’s current expectations, estimates, projections, assumptions and beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “could”, “predict”, “project”, “model”, “forecast”, “will”, “potential”, “target,” “by”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this news release may include, but are not limited to, statements with respect to, among other things, the Company’s expectations regarding new product offerings, including the benefits of the products, client demand and profitability, the Company’s ability to execute on its product plans, and the Company’s expectations regarding the risk and insurance industries. By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct. External factors outside of Element’s reasonable control may impact our ability to achieve our goals and expectations, including industry dynamics, legislation and regulatory actions, the failure of third parties to comply with their obligations to us and our affiliates or associates, client decisions and preferences. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require Element to adjust its initiatives and activities. The forward-looking statements in this news release speak only as of the date hereof and are presented for the purpose of assisting our stakeholders and others in understanding our objectives and strategic priorities and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law. In addition, a discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the twelve-month period ended December 31, 2023 and the three and nine-month period ended September 30, 2024, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2023, as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.com.

    The MIL Network –

  • MIL-OSI: CIRA unveils new Internet Performance Test to help Canadians better understand broadband speeds

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, Jan. 30, 2025 (GLOBE NEWSWIRE) — Today, CIRA is proud to unveil a completely redesigned version of its popular Internet Performance Test (IPT) as part of its Net Good program. First launched in 2015, CIRA’s Internet Performance Test enables Canadians to test their mobile and home broadband performance across dozens of data points while gathering comprehensive and accurate data on broadband coverage and quality nationwide. The latest version of IPT provides users with an enhanced test-results dashboard, to ensure users understand critical aspects of their internet performance including how their connection supports common online activities like streaming services or video calls.

    While Canada has made great strides to bridge the digital divide in the past few years, there is still work to be done to ensure the speeds that are being promised are actually attained. The new IPT will allow Canadians to verify whether they are receiving the speeds and quality of service advertised. CIRA will then leverage Canadians’ anonymous broadband data and real-world daily experience to help municipalities, local and federal governments and consumers create a heat map of where connectivity upgrades are most urgently needed.

    Key features

    • The new user interface guides participants intuitively through the testing process, improving accessibility for users of all technical backgrounds.
    • Enhanced user interface makes running a test faster and easier on smartphones, tablets and desktops.
    • Through a new, interactive dashboard, users can now explore trends and performance data from previous tests, gaining a deeper understanding of internet performance changes. These insights empower individuals, researchers and policymakers to track progress and identify gaps.
    • More accurate user location estimation improves the quality of location-specific internet performance data, which is vital in analyzing broadband access across regions or within a community or neighbourhood.

    Executive quote

    “With this upgrade, CIRA is taking a significant step forward in our mission to empower Canadians with insights into their internet connectivity. We encourage everyone to use the new Internet Performance Test regularly to understand their speeds under real-world conditions and contribute to the heat map of Canada’s connectivity so we can work together to build a stronger, reliable internet across the country.”

    — Charles Noir, vice-president, Community Investment, Policy and Advocacy

    Resource

    About CIRA 

    CIRA is the national not-for-profit best known for managing the .CA domain on behalf of all Canadians. As a leader in Canada’s internet ecosystem, CIRA offers a wide range of products, programs and services designed to make the internet a secure and accessible space for all. CIRA advocates for Canada on both national and international stages to support its goal of building a trusted internet for Canadians by helping shape the future of the internet.

    Media contact
    Delphine Avomo Evouna
    613.315.1458
    delphine.avomoevouna@cira.ca

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4970dd9d-e2c1-4bbb-af1b-631cad2352a1

    The MIL Network –

  • MIL-OSI: Enphase Energy Expands in Southeast Asia with Market Entry in Vietnam and Malaysia

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., Jan. 30, 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, today announced that it is expanding in Southeast Asia by entering the solar markets in Vietnam and Malaysia. Enphase is now shipping IQ8P™ Microinverters, with peak output AC power of 480 W, for residential and commercial applications in Vietnam and Malaysia to support newer high-powered solar modules. Enphase announced first shipments of IQ8P Microinverters in Thailand and the Philippines last year.

    IQ8™ Microinverters are designed to maximize energy production and can manage a continuous DC current of 14 amperes, supporting higher-powered solar modules through increased energy harvesting. The IQ8P Microinverters are the most powerful microinverters available to date from Enphase. The product features a peak output power of 480 W and is built to seamlessly pair with a full range of solar modules up to 640 W DC. All IQ8P Microinverters activated in Vietnam, Malaysia, Thailand, and the Philippines come with an industry-leading 25-year limited warranty.

    “The Vietnamese solar market is poised for explosive growth thanks to the new Decree 135/2024/ND-CP on October 22, 2024,” said Phan Ngoc Anh, CEO of Alena Energy, a distributor of Enphase products in Vietnam. “This will be a major boost to the government’s ambitious 2050 net-zero carbon goal. Enphase IQ8P Microinverters are a game-changer, delivering unparalleled performance and safety – perfect for our solar installations.”

    “In Malaysia, the demand for energy savings and reliable, clean power solutions is driving solar adoption,” said Bernard Fok, general manager of MYSOLARPOWER SDN BHD, a distributor of Enphase products in Malaysia. “As the global leader in microinverter technology, Enphase offers the IQ8P Microinverters, which provide an ideal blend of efficiency and reliability. This empowers our customers to enjoy consistent energy production while reducing both their carbon footprint and utility costs.”

    The Enphase IQ8P Microinverter is built to use low-voltage alternating current (AC) power instead of high-voltage direct current (DC) power used by central (“string”) inverter-based solar systems. Additionally, Enphase IQ® Microinverters include built-in rapid shutdown to help keep first responders and utility workers safe. In an emergency, solar power can be turned off instantly and easily.

    “At KG Solar, we prioritize safety and reliability in every project, whether it’s a simple installation or a sensitive site like a gas station,” said Gunn Teeraniti, engineering director of KG Solar, an Enphase installer in Thailand. “That’s why we choose Enphase. The Enphase IQ8P Microinverters, backed by their impressive 25-year warranty, provide unmatched peace of mind for us and our customers. Their advanced safety features and consistent energy savings make them the ideal choice for all types of installations, from straightforward setups to the most demanding environments.”

    “As homeowners, our homes are likely to be one of the most expensive investments we’ll ever make in our entire lives,” said Hsin Yao Cheng, CEO at Helios, an installer of Enphase products in the Philippines. “We care a lot about our homes and the loved ones we nurture in them. Therefore, it’s a no brainer to put in the absolute safest and highest quality equipment to protect your investment and your family. Enphase IQ8P Microinverters stand out for their safety, durability, and exceptional performance. The 25-year limited warranty reassures us of their long-term reliability, while the system’s efficiency helps our clients achieve significant energy savings.”

    “At Enphase, our focus remains on expanding access to leading-edge, reliable energy technology across Southeast Asia,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “We deeply value our partnerships with regional solar installers and are committed to supporting their work as we drive the adoption of resilient, renewable energy solutions.” 

    For more information about IQ8P Microinverters, please visit the Enphase websites for Vietnam, Malaysia, Thailand, and the Philippines.

    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 78.0 million microinverters, and over 4.5 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 United States 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 the availability and market adoption of Enphase’s products in Vietnam, Malaysia, Thailand, and the Philippines. 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: Dotz Nano to Present at the Small Cap Growth Virtual Investor Conference February 6th

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, Jan. 30, 2025 (GLOBE NEWSWIRE) — Dotz Nano Limited (ASX: DTZ, OTC: DTZZF/DTZNY, “Dotz” or “Company”), a leading developer of innovative climate and industrial nanotechnologies, today announced that Sharon Malka, CEO, will present live at the Small Cap Growth Virtual Investor Conference hosted by VirtualInvestorConferences.com, on February 6th, 2025.

    DATE: February 6th   
    TIME: 10:30 a.m. ET
    LINK: https://bit.ly/4gkzOdq 
    Available for 1×1 meetings: Monday, February 10th, 9:00 a.m. to 1:00 p.m. ET

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • Received the first commercial order for the Company’s proprietary in-product tagging solution, DotzShield, from a leading provider of energy solutions to the Oil & Gas industries worldwide;
    • Dotz’s newly developed modified sorbent demonstrates high adsorption capacity and low energy usage for Direct Air Capture (DAC);
    • Successful lab-scale pilot demonstration of DotzEarth CO2 capture technology, showing the sorbents’ high adsorption capacity, selectivity, and robustness;
    • Signed a strategic collaboration agreement with Bar-Ilan University to pilot an innovative electrochemical DAC technology;
    • U.S. institutional shareholder invests a further A$2.0 million to support the development of the DotzEarth carbon capture technology.

    About Dotz Nano Limited

    Dotz Nano Limited (ASX: DTZ, OTC: DTZZF/DTZNY) is a technology company developing innovative climate and industrial nano-technologies. The Company’s primary focus is centered on ground-breaking carbon dioxide (CO2) management technologies, leading towards a carbon-neutral future. The Company’s proprietary carbon-based solid sorbents offer an efficient and sustainable approach to facilitate industrial deep decarbonization.

    To learn more about Dotz, please visit the website via the following link www.dotz.tech

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:

    Investor & Media Enquiries
    John Hurst
    E: info@dotz.tech
    P: +61 (0)418 798 663
    		 US IR
    Robert Meyers
    E: bob@fnkir.com
    P: +1-646-878-9204
       
    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com 
    		  

    The MIL Network –

  • MIL-OSI: Oxyle raises $16m to lead the fight against the “forever chemicals” contaminating our water

    Source: GlobeNewswire (MIL-OSI)

    Zurich, Jan. 30, 2025 (GLOBE NEWSWIRE) — When Fajer Mushtaq turned on the tap as a child in Delhi, one question always loomed: was the water safe? Today, that same question haunts communities worldwide as PFAS — toxic “forever chemicals” used in everything from non-stick pans to firefighting foam — contaminate water supplies at an alarming rate. Today, Swiss startup Oxyle announced a $16m funding round to scale its breakthrough solution to destroy, not just relocate, PFAS from wastewater. This builds on its $3M pre-seed round in 2022, growing support for its mission. 

    The seed round was led by 360 Capital, with participation from Axeleo Capital and returning investors Founderful and SOSV. 

    Oxyle founders: Dr. Silvan Staufert and Dr. Fajer Musthaq (CREDIT: Daniel Kunz, daniekunzphoto, Adliswil, Switzerland)

    Industries have long struggled with PFAS treatment. Current methods like filtration and adsorption merely move PFAS from water to other waste streams, requiring expensive incineration or landfilling that risks these chemicals leaching back into the environment through air or soil – creating an endless cycle of contamination. While some technologies can destroy PFAS, their massive energy requirements make them financially impractical for most organizations to implement at scale.

    Oxyle’s breakthrough technology represents the world’s first economical and permanent solution to PFAS contamination. Unlike traditional methods that merely filter or concentrate these chemicals, Oxyle’s system destroys PFAS molecules, achieving over 99% elimination rates while consuming at least 15 times less energy than alternative destruction methods. The system’s three-stage process combines foam fractionation, catalytic destruction, and real-time monitoring powered by machine learning – all housed in a modular system that eliminates the need for secondary waste disposal through incineration or landfilling. Whereas traditional solutions require weeks-long lab analysis, Oxyle’s proprietary monitoring system provides instant feedback and continuous treatment optimization.

    Oxyle pilot unit on a customer site (CREDIT: Oxyle). 

    “Five years ago, Oxyle was two of us founders and one big idea: get rid of forever chemicals from our water. Today, that idea is proven, implemented, and ready to scale. This funding is a game-changer. It gives us what we need to take our technology to the industries and communities that need it most. To our investors, old and new, thank you for joining us on this mission to make clean water a reality for all.” commented Dr. Fajer Mushtaq, CEO & Co-Founder, Oxyle.

    The company was co-founded by Fajer Mushtaq and Silvan Staufert at ETH Zurich, where Mushtaq earned her PhD in Micro- and Nanosystems focused on water remediation – inspired by her experiences with water scarcity in Delhi – while Staufert completed his PhD in Mechanical and Process Engineering. Understanding that water treatment innovations couldn’t come soon enough, they developed a technology to degrade Forever Chemicals in minutes. They knew their breakthrough could change the world, but only if it moved from lab to reality.

    Oxyle Team (CREDIT Daniel Kunz, daniekunzphoto, Adliswil, Switzerland).

    In just four years, the duo have transformed Oxyle from innovation to implementation. The company has grown to a team of 26, completed over 20 customer projects, and secured prestigious recognition including the Swiss Technology Award, SEIF, and WEF’s Uplink Top Innovators. This round brings Oxyle’s total funding to $26m, including additional non-dilutive funding from grants and awards. With revenue-generating customer pilots under its belt and its first commercial installation operational, Oxyle is now securing multiple-year treatment contracts for 2025 and beyond.

    The technology’s effectiveness has been proven across multiple applications. In groundwater treatment, it reduces PFAS concentrations from 8,700 ng/l to below 14 ng/l. For soil wash water, it achieves 99.8% removal of 11 different PFAS species. It eliminated 98% of short-chain PFAS and reduced trifluoracetic acid (TFA) concentrations by 96% in trials with an industrial customer. Most significantly, in November 2024, Oxyle deployed its first full-scale system in Switzerland, treating 10 cubic meters of contaminated groundwater per hour at less than 1 kWh/m³.

    “We are proud to lead the investment in Oxyle, whose pioneering technology addresses the massive global challenge of PFAS pollution,” says Thomas Nivard, Partner at 360 Capital. “Unlike traditional methods that merely contain these harmful chemicals, Oxyle’s solution destroys them permanently, setting a new standard for tackling this urgent environmental crisis. This is a game changer. The team’s exceptional commercial and technical momentum has laid a strong foundation for establishing a true technology leader in the coming years.”

    The timing for Oxyle’s solution is critical. Rising waves of PFAS-related lawsuits and multi-billion-dollar settlements in the U.S. are pushing companies to adopt preventative solutions. Stricter regulations in both the EU and U.S. are increasing demand for advanced treatment technologies that can ensure compliance and minimize liability. New data from the Forever Lobbying Project shows the cost of inaction is staggering—cleaning up Europe’s soil and water from PFAS contamination could cost €100 billion per year, totaling €2 trillion over the next 20 years.

    Looking ahead, Oxyle aims to treat 100 million cubic meters of contaminated water in the next five years. The company plans to expand its solution across industries, from chemical and consumer goods manufacturing to semiconductor production and municipal water treatment – ultimately restoring and protecting our waters from Forever Chemicals, down to the very last drop.

    Ends 

    Notes to the editor
    Media images can be found here.

    About Oxyle
    Oxyle is the world’s first economical, sustainable, and permanent answer to PFAS contamination. Our breakthrough PFAS catalytic destruction technology empowers industrial and environmental remediation companies in their fight against PFAS. We don’t just filter or adsorb PFAS, we eliminate it entirely to below detection limits. With 15x lower average energy consumption than other destructive treatments, it is the most energy efficient, cost effective treatment on the market. Established in 2020, we’re on a mission to protect our water from PFAS – down to the last drop.

    About 360 Capital
    360 Capital is a leading European venture capital firm specializing in early-stage investments across Deep Tech, Climate Tech, and Digital-First solutions. Since 1997, it has partnered with visionary entrepreneurs across Europe, supporting over 160 startups. With €500 million in assets under management, a portfolio of more than 60 active companies, and offices in Paris and Milan, 360 Capital is a prominent force in Europe’s venture ecosystem

    Founderful
    Founderful is Switzerland’s leading pre-seed fund, backing founder teams building tech companies with the potential to become global market leaders. Founderful has a track record of supporting exceptional founders in creating breakthrough companies and has the passionate conviction that the Swiss startup ecosystem is just starting to write its best success stories.

    SOSV
    SOSV is a multi-stage, deep tech venture investor committed  to “human and planetary health,” and invests beginning at a startup’s inception, the “First Check in Deep Tech®.”  Headquartered in Princeton, NJ, SOSV operates the deeply resourced startup development programs in New York City and San Francisco (IndieBio) and Newark, NJ (HAX) equipped with labs for bio-safety, chem, food, EE, analytics and mechatronics.  The SOSV ecosystem spans the globe, with 800+ startups operating in 40 countries.

    Axeleo Capital 
    Axeleo Capital (AXC) is an Emerging independent early-stage VC, trusted and backed by seasoned entrepreneurs and industry experts across Europe, focusing on B2B software and Greentech startups. With €300 million in assets under management, 4 successful fund raises so far and 13 employees, the firm has made over 70 investments across the EU, and has achieved 18 successful exits within the past 36 months. AXC provides a unique framework for European early-stage startups. It offers a comprehensive range of support, including equity investments from seed to Series B stages, operational guidance and strategic assistance. The firm boasts an active ecosystem of more than 150 high-level partners, sector experts and mentors who have been instrumental in numerous success stories across Europe and the US. Axeleo Greentech Industry I aims to foster green innovation and sustainable development in Europe, with a focus on energy, chemicals, agriculture, and mobility sectors

    The MIL Network –

  • MIL-OSI: Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG

    Source: GlobeNewswire (MIL-OSI)

    • Baker Hughes to supply power island and liquefaction train systems, and signs multi-year services frame agreement to support phases 1 and 2 of Plaquemines LNG project
    • As a strategic LNG solutions supplier, Baker Hughes to help Venture Global deliver 100+ MTPA of production capacity

    HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday that it has been awarded a major contract to provide a modularized liquefied natural gas (LNG) system and power island to support Venture Global (VG) LNG projects in the United States. In addition, Baker Hughes signed a multi-year services frame agreement, including maintenance, inspection, repairs and engineering services, to support phases 1 and 2 of VG’s Plaquemines LNG project in Louisiana. The equipment order and services agreement were both secured in the fourth quarter of 2024.

    “As power demand surges, LNG has a critical role to play in providing a reliable, flexible fuel source that can be quickly scaled to meet rising demand,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “We have been a trusted partner in natural gas operations for more than 30 years, and our collaboration with Venture Global is a key example of what our industry needs more of today: businesses coming together to leverage best-in-class technologies and services that can deliver reliable and efficient natural gas operations to support sustainable energy development.”

    “Baker Hughes continues to be a trusted partner for Venture Global in delivering a secure, reliable energy supply to the world and we are thrilled to add another significant milestone on our partnership,” said Mike Sabel, CEO of Venture Global.

    Baker Hughes, as a strategic LNG technology supplier to Venture Global for more than 100 million tons per annum (MTPA) of production capacity, has already provided comprehensive LNG solutions to the Calcasieu Pass and Plaquemines LNG facilities.

    Recently, Venture Global announced the successful loading and departure of the first liquefied natural gas (LNG) cargo produced from its Plaquemines LNG facility, after reaching first LNG production.

    About Baker Hughes
    Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Media Relations

    Chiara Toniato
    +39 3463823419
    chiara.toniato@bakerhughes.com

    Investor Relations

    Chase Mulvehill
    +1 281-809-9088
    investor.relations@bakerhughes.com

    The MIL Network –

  • MIL-OSI: FlexShopper Updates Status of Rights Offering

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced an update to its previously disclosed rights offering. FlexShopper shareholders who participated in the unit subscription that closed on January 10, 2025, are now eligible to participate in the Series A, B, and C rights. Details of which can be found in the body of this press release.

    As a result of the initial unit subscription, FlexShopper raised approximately $12 million of proceeds, consisting of $9.4 million in gross proceeds from the subscription and the conversion of $2.5 million of the Company’s subordinated debt with NRNS Capital Holdings LLC. The $9.4 million in gross proceeds was used to pay down borrowings under FlexShopper’s credit agreement with Waterfall Asset Management, LLC. As a result of these actions, FlexShopper estimates that the initial unit subscription would have been approximately 15% accretive to pro-forma earnings per share for the 2024 third quarter.

    “The outcome of the initial unit subscription demonstrates the accretive nature of our efforts to equitize our balance sheet,” said Russ Heiser, CEO of FlexShopper. “We are approaching the Series A, B, and C rights offerings from a position of strength and I am excited to provide investors with an update on our financial performance.”

    Overview of Upcoming Rights

    Rights: Expiration Dates: Exercise Pricing of Rights:
    Series A February 15, 2025 Exercise price equal to the higher of:
          1)   $1.70 or
          2)   90.0% of the VWAP of our common stock over the last three trading days prior to the expiration date of the Series A Rights, but in any event not to exceed $2.55.
    Series B March 17, 2025 Exercise price equal to the higher of:
          1)   $1.70 or
          2)   87.5% of the VWAP of our common stock over the last three trading days prior to the expiration date of the Series A Rights, but in any event not to exceed $3.40.
    Series C April 16, 2025 Exercise price equal to the higher of:
          1)   $1.70 or
          2)   85.0% of the VWAP of our common stock over the last three trading days prior to the expiration date of the Series A Rights, but in any event not to exceed $4.25.
         

    It is important to note that many broker-dealers ask for rights subscription submissions prior to the expiration dates of the respective rights. As a result, FlexShopper encourages rightsholders to submit their submissions by February 13, 2025, March 14, 2025, and April 14, 2025.

    FlexShopper encourages holders of the Series A, B, and C Rights to contact their broker or financial advisor’s Corporate Actions Department to participate in these subsequent rights. Rights offering information can be found at https://www.sec.gov and https://investors.flexshopper.com, or by calling the rights offer information agent, MacKenzie Partners at 800-322-2885.

    Moody Capital Solutions, Inc. (Moody Capital) is acting as dealer-manager for the rights offering and can be contacted at info@moodycapital.com.

    The offering was made pursuant to the Corporation’s registration statement on Form S-1 (File No. 333-282857), which was declared effective by the U.S. Securities and Exchange Commission on November 29, 2024. The prospectus relating to and describing the terms of the rights offering has been filed with the SEC on December 2, 2024, and is available on the SEC’s website at www.sec.gov. This announcement shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

    About FlexShopper, Inc.:
    FlexShopper, Inc. (Nasdaq: FPAY) is a leading national financial technology company that provides payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its online direct to consumer marketplace at flexshopper.com and in partnership with partner merchants both online as well as at brick and mortar locations. FlexShopper’s solutions are designed to meet the needs of a wide range of consumer segments via lease-to-own and lending products.

    Forward-Looking Statements
    All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

    Company Contact:
    FlexShopper, Inc.
    Investor Relations
    ir@flexshopper.com

    Investor and Media Contact
    Andrew Berger
    Managing Director
    SM Berger & Company, Inc.
    Tel (216) 464-6400
    andrew@smberger.com

    The MIL Network –

  • MIL-OSI: Standard Lithium, Equinor announce Smackover Lithium as new joint venture name

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., Jan. 30, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium”) (TSXV:SLI) (NYSE:A:SLI), a leading near-commercial lithium developer, and Equinor, a global energy leader, today announced Smackover Lithium as the new name for their joint venture developing direct lithium extraction (“DLE”) projects in Southwest Arkansas and East Texas.

    Smackover Lithium was announced yesterday at a community meeting in Lewisville, Arkansas, home of a planned field office and nearby the joint venture’s South West Arkansas (“SWA”) project. The SWA project, located in Lafayette and Columbia counties, is expected to be one of the world’s first commercial-scale DLE facilities.

    “Smackover Lithium is a natural fit for the joint venture given the Smackover formation’s prolific resource and our joint venture’s commitment to adding to the incredible legacy of American energy production from this region,” said David Park, CEO of Standard Lithium.

    In May 2024, Equinor formed a joint venture with Standard Lithium to advance DLE projects in the Smackover basin, focused on Southwest Arkansas and East Texas. Smackover Lithium is now the external brand for the joint venture and will continue building on Standard Lithium’s work with local communities to enhance economic development and grow educational and workforce opportunities.

    “We are excited to be a part of Smackover Lithium, developing critical mineral projects in the Smackover basin and building the next generation of lithium development,” said Allie Kennedy Thurmond, Vice President of US Lithium at Equinor.

    For more information on Smackover Lithium, please visit: www.smackoverlithium.com.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the SWA project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange (the “TSXV”) and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Media Contacts:

    Chris Lang
    Standard Lithium Ltd.
    investors@standardithium.com

    Ola Morten Aanestad
    Equinor
    oaan@equinor.com

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued existence and success of the joint venture, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements and information represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information. The Company does not intend, and does not assume any obligation to, update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information other than as required by applicable laws, rules and regulations.

    The MIL Network –

  • MIL-OSI: First Merchants Corporation Announces Fourth Quarter 2024 Earnings Per Share

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., Jan. 30, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

    Fourth Quarter 2024 Highlights:

    • Net income available to common stockholders was $63.9 million and diluted earnings per common share totaled $1.10, compared to $48.7 million and $0.84 in the third quarter of 2024, and $42.0 million and $0.71 in the fourth quarter of 2023. Excluding the impact of the branch sale and repositioning of the available for sale securities portfolio, adjusted net income available to common stockholders1was $58.1 million or $1.00 per share for the fourth quarter of 2024.
    • Strong capital position with Common Equity Tier 1 Capital Ratio of 11.43% and Tangible Common Equity to Tangible Assets Ratio of 8.81%.
    • Net interest margin was 3.28% compared to 3.23% on a linked quarter basis and 3.16% in the fourth quarter of 2023.
    • Total loans grew $185.6 million, or 5.9% annualized, on a linked quarter basis, and $368.1 million, or 2.9% during the last twelve months.
    • Total deposits increased $156.5 million, or 4.4% annualized, on a linked quarter basis, and declined $32.4 million, or 0.2%, during the last twelve months after normalizing for deposits sold during the fourth quarter.
    • Nonperforming assets to total assets were 43 basis points compared to 35 basis points on a linked quarter basis.
    • Adjusted efficiency ratio totaled 53.60%1for the quarter.
    • Completed the sale of five Illinois branches and certain loans and deposits to Old Second National Bank on December 6, 2024.

    “The fourth quarter was a strong finish to the year and showed the momentum we have built with healthy increases in core earnings, NIM and ROA,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “We restructured a portion of our securities portfolio and completed the Illinois branch sale to help prioritize our core markets. These actions and the completion of multiple technology initiatives in 2024 have positioned First Merchants to deliver strong results in 2025.”

    Fourth Quarter Financial Results:

    First Merchants Corporation (the “Corporation”) reported fourth quarter 2024 net income available to common stockholders of $63.9 million compared to $42.0 million during the same period in 2023. Diluted earnings per common share for the period totaled $1.10 compared to the fourth quarter of 2023 result of $0.71. Excluding non-core income and expenses incurred in each period, adjusted net income available to common stockholders1 for the fourth quarter 2024 was $58.1 million, or $1.00 diluted earnings per common share compared to $53.4 million, or $0.90 in the same period in 2023.

    During the quarter, the Corporation completed the sale of five Illinois branches along with loans of $7.4 million and deposits of $267.4 million, generating a gain of $20.0 million recorded in non-interest income. The sale of these branches represents the Corporation’s exit from suburban Chicago markets.

    Total assets equaled $18.3 billion and loans totaled $12.9 billion as of quarter-end. During the past twelve months, total loans grew by $368.1 million, or 2.9%. On a linked quarter basis, loans grew $185.6 million, or 5.9% annualized, with growth primarily in commercial loans.

    Investments totaling $3.5 billion decreased $350.7 million, or 9.2%, during the last twelve months and decreased $201.5 million on a linked quarter basis. The decline during the quarter was partially due to the sale of $109.6 million of available for sale securities with a weighted average tax-equivalent yield of 2.31%, which resulted in a loss of $11.6 million. The remaining decline for the quarter was due to security paydowns and maturities, as well as a decline in valuation of securities reflecting the movement of interest rates. Sales of available for sale securities in 2024 totaled $268.5 million and resulted in a loss of $20.8 million.

    Total deposits were $14.5 billion as of quarter-end and decreased by $299.8 million, or 2.0%, over the past twelve months. The decline was primarily due to the sale of the Illinois branches during the fourth quarter which included $267.4 million of deposits. Excluding this impact, deposits declined by $32.4 million in 2024. On a linked quarter basis, deposits grew by $156.5 million, or 4.4% annualized. The loan to deposit ratio increased slightly to 88.5% at period end from 88.0% in the prior quarter.

    The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $192.8 million as of quarter-end, or 1.50% of total loans, an increase of $4.9 million from prior quarter. Loan charge-offs, net of recoveries totaled $0.8 million and provision for loans of $5.7 million was recorded during the quarter. Reserves for unfunded commitments totaled $18.0 million declining during the quarter due to reserve release of $1.5 million. Net provision for the quarter totaled $4.2 million. Non-performing assets to total assets were 43 basis points for the fourth quarter of 2024, an increase of eight basis points compared to 35 basis points in the prior quarter.

    Net interest income totaled $134.4 million for the quarter, an increase of $3.3 million, or 2.5%, compared to the prior quarter and an increase of $4.3 million, or 3.3%, compared to the fourth quarter of 2023. Fully taxable equivalent net interest margin was 3.28%, an increase of five basis points compared to the third quarter of 2024, and an increase of 12 basis points compared to the fourth quarter of 2023. The increase in net interest margin compared to the third quarter was due to lower funding costs and a more favorable earning asset and funding mix.

    Noninterest income totaled $42.7 million for the quarter, an increase of $17.9 million compared to the third quarter of 2024 and an increase of $16.3 million compared to the fourth quarter of 2023. When excluding non-core income from each period, noninterest income totaled $34.4 million for the quarter, an increase of $0.4 million compared to third quarter of 2024, and an increase of $5.6 million compared to the fourth quarter of 2023. The increase in core noninterest income over the fourth quarter of 2023 was primarily due to an increase in gains on sales of loans and CRA investment income.

    Noninterest expense totaled $96.3 million for the quarter, an increase of $1.7 million from the third quarter of 2024 and a decrease of $11.8 million from the fourth quarter of 2023. The increase in the linked quarter was from higher marketing costs and other one-time operating expenses. The decrease from the fourth quarter of 2023 was due to one-time charges incurred in the prior year which included an FDIC special assessment, early retirement and severance costs, and a lease termination.

    The Corporation’s total risk-based capital ratio totaled 13.31%, common equity tier 1 capital ratio totaled 11.43%, and the tangible common equity ratio totaled 8.81%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

    1 See “Non-GAAP Financial Information” for reconciliation

    CONFERENCE CALL

    First Merchants Corporation will conduct a fourth quarter earnings conference call and webcast at 11:30 a.m. (ET) on Thursday, January 30, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register.vevent.com/register/BIc49ad0293a7844dca2e7171f51e600dd95f36e86b6)

    To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/9t5v76m2) during the time of the call. A replay of the webcast will be available until January 30, 2026.

    Detailed financial results are reported on the attached pages.

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    Forward-Looking Statements

    This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.

    CONSOLIDATED BALANCE SHEETS      
    (Dollars In Thousands) December 31,
        2024       2023  
    ASSETS      
    Cash and due from banks $ 87,616     $ 112,649  
    Interest-bearing deposits   298,891       436,080  
    Investment securities, net of allowance for credit losses of $245,000 and $245,000   3,460,695       3,811,364  
    Loans held for sale   18,663       18,934  
    Loans   12,854,359       12,486,027  
    Less: Allowance for credit losses – loans   (192,757 )     (204,934 )
    Net loans   12,661,602       12,281,093  
    Premises and equipment   129,743       133,896  
    Federal Home Loan Bank stock   41,690       41,769  
    Interest receivable   91,829       97,664  
    Goodwill and other intangibles   731,830       739,101  
    Cash surrender value of life insurance   304,906       306,301  
    Other real estate owned   4,948       4,831  
    Tax asset, deferred and receivable   92,387       99,883  
    Other assets   387,169       322,322  
    TOTAL ASSETS $ 18,311,969     $ 18,405,887  
    LIABILITIES      
    Deposits:      
    Noninterest-bearing $ 2,325,579     $ 2,500,062  
    Interest-bearing   12,196,047       12,321,391  
    Total Deposits   14,521,626       14,821,453  
    Borrowings:      
    Federal funds purchased   99,226       —  
    Securities sold under repurchase agreements   142,876       157,280  
    Federal Home Loan Bank advances   822,554       712,852  
    Subordinated debentures and other borrowings   93,529       158,644  
    Total Borrowings   1,158,185       1,028,776  
    Interest payable   16,102       18,912  
    Other liabilities   311,073       289,033  
    Total Liabilities   16,006,986       16,158,174  
    STOCKHOLDERS’ EQUITY      
    Preferred Stock, $1,000 par value, $1,000 liquidation value:      
    Authorized — 600 cumulative shares      
    Issued and outstanding – 125 cumulative shares   125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:      
    Authorized — 10,000 non-cumulative perpetual shares      
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000  
    Common Stock, $.125 stated value:      
    Authorized — 100,000,000 shares      
    Issued and outstanding – 57,974,535 and 59,424,122 shares   7,247       7,428  
    Additional paid-in capital   1,188,768       1,236,506  
    Retained earnings   1,272,528       1,154,624  
    Accumulated other comprehensive loss   (188,685 )     (175,970 )
    Total Stockholders’ Equity   2,304,983       2,247,713  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,311,969     $ 18,405,887  
     
    CONSOLIDATED STATEMENTS OF INCOME Three Months Ended   Twelve Months Ended
    (Dollars In Thousands, Except Per Share Amounts) December 31,   December 31,
        2024       2023       2024       2023  
    INTEREST INCOME              
    Loans:              
    Taxable $ 197,536     $ 197,523     $ 803,652     $ 747,837  
    Tax-exempt   9,020       8,197       34,262       31,954  
    Investment securities:              
    Taxable   9,024       8,644       36,086       35,207  
    Tax-exempt   12,754       13,821       53,487       58,117  
    Deposits with financial institutions   5,350       8,034       16,992       17,719  
    Federal Home Loan Bank stock   958       771       3,527       3,052  
    Total Interest Income   234,642       236,990       948,006       893,886  
    INTEREST EXPENSE              
    Deposits   89,835       96,655       386,127       306,092  
    Federal funds purchased   26       1       481       1,421  
    Securities sold under repurchase agreements   680       827       3,057       3,451  
    Federal Home Loan Bank advances   8,171       6,431       29,886       27,206  
    Subordinated debentures and other borrowings   1,560       3,013       7,341       10,316  
    Total Interest Expense   100,272       106,927       426,892       348,486  
    NET INTEREST INCOME   134,370       130,063       521,114       545,400  
    Provision for credit losses   4,200       1,500       35,700       3,500  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   130,170       128,563       485,414       541,900  
    NONINTEREST INCOME              
    Service charges on deposit accounts   8,124       7,690       32,606       30,837  
    Fiduciary and wealth management fees   8,665       8,187       34,215       30,840  
    Card payment fees   4,957       4,437       19,317       18,862  
    Net gains and fees on sales of loans   5,681       4,111       20,840       15,659  
    Derivative hedge fees   1,594       1,049       3,082       3,385  
    Other customer fees   316       237       1,547       1,880  
    Earnings on cash surrender value of life insurance   2,188       3,202       8,464       8,347  
    Net realized losses on sales of available for sale securities   (11,592 )     (2,317 )     (20,757 )     (6,930 )
    Gain on branch sale   19,983       —       19,983       —  
    Other income (loss)   2,826       (152 )     6,283       2,722  
    Total Noninterest Income   42,742       26,444       125,580       105,602  
    NONINTEREST EXPENSES              
    Salaries and employee benefits   55,437       60,967       221,167       228,745  
    Net occupancy   7,335       9,089       28,387       29,859  
    Equipment   7,028       6,108       26,802       24,113  
    Marketing   2,582       2,647       7,389       7,427  
    Outside data processing fees   6,029       5,875       27,140       25,165  
    Printing and office supplies   377       402       1,462       1,552  
    Intangible asset amortization   1,771       2,182       7,271       8,743  
    FDIC assessments   3,744       7,557       15,029       14,674  
    Other real estate owned and foreclosure expenses   227       1,743       2,076       3,318  
    Professional and other outside services   3,777       3,981       14,586       16,172  
    Other expenses   7,982       7,552       27,957       28,502  
    Total Noninterest Expenses   96,289       108,103       379,266       388,270  
    INCOME BEFORE INCOME TAX   76,623       46,904       231,728       259,232  
    Income tax expense   12,274       4,425       30,326       35,446  
    NET INCOME   64,349       42,479       201,402       223,786  
    Preferred stock dividends   469       469       1,875       1,875  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 63,880     $ 42,010     $ 199,527     $ 221,911  
    Per Share Data:              
    Basic Net Income Available to Common Stockholders $ 1.10     $ 0.71     $ 3.42     $ 3.74  
    Diluted Net Income Available to Common Stockholders $ 1.10     $ 0.71     $ 3.41     $ 3.73  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.34     $ 1.39     $ 1.34  
    Average Diluted Common Shares Outstanding (in thousands)   58,247       59,556       58,533       59,489  
     
    FINANCIAL HIGHLIGHTS              
    (Dollars in thousands) Three Months Ended   Twelve Months Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    NET CHARGE-OFFS $ 771     $ 3,148     $ 49,377     $ 25,643  
                   
    AVERAGE BALANCES:              
    Total Assets $ 18,478,303     $ 18,397,200     $ 18,400,495     $ 18,186,507  
    Total Loans   12,757,676       12,396,451       12,634,324       12,297,974  
    Total Earning Assets   17,089,198       17,222,714       17,054,267       16,991,787  
    Total Deposits   14,788,294       15,000,580       14,816,564       14,721,498  
    Total Stockholders’ Equity   2,312,270       2,130,993       2,252,491       2,127,262  
                   
    FINANCIAL RATIOS:              
    Return on Average Assets   1.39 %     0.92 %     1.09 %     1.23 %
    Return on Average Stockholders’ Equity   11.05       7.89       8.86       10.43  
    Return on Tangible Common Stockholders’ Equity   16.75       12.75       13.71       16.76  
    Average Earning Assets to Average Assets   92.48       93.62       92.68       93.43  
    Allowance for Credit Losses – Loans as % of Total Loans   1.50       1.64       1.50       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.02       0.10       0.39       0.21  
    Average Stockholders’ Equity to Average Assets   12.51       11.58       12.24       11.70  
    Tax Equivalent Yield on Average Earning Assets   5.63       5.64       5.69       5.40  
    Interest Expense/Average Earning Assets   2.35       2.48       2.50       2.05  
    Net Interest Margin (FTE) on Average Earning Assets   3.28       3.16       3.19       3.35  
    Efficiency Ratio   48.48       63.26       53.55       55.17  
    Tangible Common Book Value Per Share $ 26.78     $ 25.06     $ 26.78     $ 25.06  
     
    NONPERFORMING ASSETS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    Nonaccrual Loans $ 73,773     $ 59,088     $ 61,906     $ 62,478     $ 53,580  
    Other Real Estate Owned and Repossessions   4,948       5,247       4,824       4,886       4,831  
    Nonperforming Assets (NPA)   78,721       64,335       66,730       67,364       58,411  
    90+ Days Delinquent   5,902       14,105       1,686       2,838       172  
    NPAs & 90 Day Delinquent $ 84,623     $ 78,440     $ 68,416     $ 70,202     $ 58,583  
                       
    Allowance for Credit Losses – Loans $ 192,757     $ 187,828     $ 189,537     $ 204,681     $ 204,934  
    Quarterly Net Charge-offs   771       6,709       39,644       2,253       3,148  
    NPAs / Actual Assets %   0.43 %     0.35 %     0.36 %     0.37 %     0.32 %
    NPAs & 90 Day / Actual Assets %   0.46 %     0.43 %     0.37 %     0.38 %     0.32 %
    NPAs / Actual Loans and OREO %   0.61 %     0.51 %     0.53 %     0.54 %     0.47 %
    Allowance for Credit Losses – Loans / Actual Loans (%)   1.50 %     1.48 %     1.50 %     1.64 %     1.64 %
    Net Charge-offs as % of Average Loans (Annualized)   0.02 %     0.21 %     1.26 %     0.07 %     0.10 %
     
    CONSOLIDATED BALANCE SHEETS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    ASSETS                  
    Cash and due from banks $ 87,616     $ 84,719     $ 105,372     $ 100,514     $ 112,649  
    Interest-bearing deposits   298,891       359,126       168,528       410,497       436,080  
    Investment securities, net of allowance for credit losses   3,460,695       3,662,145       3,753,088       3,783,574       3,811,364  
    Loans held for sale   18,663       40,652       32,292       15,118       18,934  
    Loans   12,854,359       12,646,808       12,639,650       12,465,582       12,486,027  
    Less: Allowance for credit losses – loans   (192,757 )     (187,828 )     (189,537 )     (204,681 )     (204,934 )
    Net loans   12,661,602       12,458,980       12,450,113       12,260,901       12,281,093  
    Premises and equipment   129,743       129,582       133,245       132,706       133,896  
    Federal Home Loan Bank stock   41,690       41,716       41,738       41,758       41,769  
    Interest receivable   91,829       92,055       97,546       92,550       97,664  
    Goodwill and other intangibles   731,830       733,601       735,373       737,144       739,101  
    Cash surrender value of life insurance   304,906       304,613       306,379       306,028       306,301  
    Other real estate owned   4,948       5,247       4,824       4,886       4,831  
    Tax asset, deferred and receivable   92,387       86,732       107,080       101,121       99,883  
    Other assets   387,169       348,384       367,845       331,006       322,322  
    TOTAL ASSETS $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803     $ 18,405,887  
    LIABILITIES                  
    Deposits:                  
    Noninterest-bearing $ 2,325,579     $ 2,334,197     $ 2,303,313     $ 2,338,364     $ 2,500,062  
    Interest-bearing   12,196,047       12,030,903       12,265,757       12,546,220       12,321,391  
    Total Deposits   14,521,626       14,365,100       14,569,070       14,884,584       14,821,453  
    Borrowings:                  
    Federal funds purchased   99,226       30,000       147,229       —       —  
    Securities sold under repurchase agreements   142,876       124,894       100,451       130,264       157,280  
    Federal Home Loan Bank advances   822,554       832,629       832,703       612,778       712,852  
    Subordinated debentures and other borrowings   93,529       93,562       93,589       118,612       158,644  
    Total Borrowings   1,158,185       1,081,085       1,173,972       861,654       1,028,776  
    Deposits and other liabilities held for sale   —       288,476       —       —       —  
    Interest payable   16,102       18,089       18,554       19,262       18,912  
    Other liabilities   311,073       292,429       329,302       327,500       289,033  
    Total Liabilities   16,006,986       16,045,179       16,090,898       16,093,000       16,158,174  
    STOCKHOLDERS’ EQUITY                  
    Preferred Stock, $1,000 par value, $1,000 liquidation value:                  
    Authorized — 600 cumulative shares                  
    Issued and outstanding – 125 cumulative shares   125       125       125       125       125  
    Preferred Stock, Series A, no par value, $2,500 liquidation preference:                  
    Authorized — 10,000 non-cumulative perpetual shares                  
    Issued and outstanding – 10,000 non-cumulative perpetual shares   25,000       25,000       25,000       25,000       25,000  
    Common Stock, $.125 stated value:                  
    Authorized — 100,000,000 shares                  
    Issued and outstanding   7,247       7,265       7,256       7,321       7,428  
    Additional paid-in capital   1,188,768       1,192,683       1,191,193       1,208,447       1,236,506  
    Retained earnings   1,272,528       1,229,125       1,200,930       1,181,939       1,154,624  
    Accumulated other comprehensive loss   (188,685 )     (151,825 )     (211,979 )     (198,029 )     (175,970 )
    Total Stockholders’ Equity   2,304,983       2,302,373       2,212,525       2,224,803       2,247,713  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,311,969     $ 18,347,552     $ 18,303,423     $ 18,317,803     $ 18,405,887  
                       
    CONSOLIDATED STATEMENTS OF INCOME                  
    (Dollars In Thousands, Except Per Share Amounts) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    INTEREST INCOME                  
    Loans:                  
    Taxable $ 197,536     $ 206,680     $ 201,413     $ 198,023     $ 197,523  
    Tax-exempt   9,020       8,622       8,430       8,190       8,197  
    Investment securities:                  
    Taxable   9,024       9,263       9,051       8,748       8,644  
    Tax-exempt   12,754       13,509       13,613       13,611       13,821  
    Deposits with financial institutions   5,350       2,154       2,995       6,493       8,034  
    Federal Home Loan Bank stock   958       855       879       835       771  
    Total Interest Income   234,642       241,083       236,381       235,900       236,990  
    INTEREST EXPENSE                  
    Deposits   89,835       98,856       99,151       98,285       96,655  
    Federal funds purchased   26       329       126       —       1  
    Securities sold under repurchase agreements   680       700       645       1,032       827  
    Federal Home Loan Bank advances   8,171       8,544       6,398       6,773       6,431  
    Subordinated debentures and other borrowings   1,560       1,544       1,490       2,747       3,013  
    Total Interest Expense   100,272       109,973       107,810       108,837       106,927  
    NET INTEREST INCOME   134,370       131,110       128,571       127,063       130,063  
    Provision for credit losses   4,200       5,000       24,500       2,000       1,500  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   130,170       126,110       104,071       125,063       128,563  
    NONINTEREST INCOME                  
    Service charges on deposit accounts   8,124       8,361       8,214       7,907       7,690  
    Fiduciary and wealth management fees   8,665       8,525       8,825       8,200       8,187  
    Card payment fees   4,957       5,121       4,739       4,500       4,437  
    Net gains and fees on sales of loans   5,681       6,764       5,141       3,254       4,111  
    Derivative hedge fees   1,594       736       489       263       1,049  
    Other customer fees   316       344       460       427       237  
    Earnings on cash surrender value of life insurance   2,188       2,755       1,929       1,592       3,202  
    Net realized losses on sales of available for sale securities   (11,592 )     (9,114 )     (49 )     (2 )     (2,317 )
    Gain on branch sale   19,983       —       —       —       —  
    Other income (loss)   2,826       1,374       1,586       497       (152 )
    Total Noninterest Income   42,742       24,866       31,334       26,638       26,444  
    NONINTEREST EXPENSES                  
    Salaries and employee benefits   55,437       55,223       52,214       58,293       60,967  
    Net occupancy   7,335       6,994       6,746       7,312       9,089  
    Equipment   7,028       6,949       6,599       6,226       6,108  
    Marketing   2,582       1,836       1,773       1,198       2,647  
    Outside data processing fees   6,029       7,150       7,072       6,889       5,875  
    Printing and office supplies   377       378       354       353       402  
    Intangible asset amortization   1,771       1,772       1,771       1,957       2,182  
    FDIC assessments   3,744       3,720       3,278       4,287       7,557  
    Other real estate owned and foreclosure expenses   227       942       373       534       1,743  
    Professional and other outside services   3,777       3,035       3,822       3,952       3,981  
    Other expenses   7,982       6,630       7,411       5,934       7,552  
    Total Noninterest Expenses   96,289       94,629       91,413       96,935       108,103  
    INCOME BEFORE INCOME TAX   76,623       56,347       43,992       54,766       46,904  
    Income tax expense   12,274       7,160       4,067       6,825       4,425  
    NET INCOME   64,349       49,187       39,925       47,941       42,479  
    Preferred stock dividends   469       468       469       469       469  
    NET INCOME AVAILABLE TO COMMON STOCKHOLDERS $ 63,880     $ 48,719     $ 39,456     $ 47,472     $ 42,010  
    Per Share Data:                  
    Basic Net Income Available to Common Stockholders $ 1.10     $ 0.84     $ 0.68     $ 0.80     $ 0.71  
    Diluted Net Income Available to Common Stockholders $ 1.10     $ 0.84     $ 0.68     $ 0.80     $ 0.71  
    Cash Dividends Paid to Common Stockholders $ 0.35     $ 0.35     $ 0.35     $ 0.34     $ 0.34  
    Average Diluted Common Shares Outstanding (in thousands)   58,247       58,289       58,328       59,273       59,556  
    FINANCIAL RATIOS:                  
    Return on Average Assets   1.39 %     1.07 %     0.87 %     1.04 %     0.92 %
    Return on Average Stockholders’ Equity   11.05       8.66       7.16       8.47       7.89  
    Return on Tangible Common Stockholders’ Equity   16.75       13.39       11.29       13.21       12.75  
    Average Earning Assets to Average Assets   92.48       92.54       92.81       92.91       93.62  
    Allowance for Credit Losses – Loans as % of Total Loans   1.50       1.48       1.50       1.64       1.64  
    Net Charge-offs as % of Average Loans (Annualized)   0.02       0.21       1.26       0.07       0.10  
    Average Stockholders’ Equity to Average Assets   12.51       12.26       12.02       12.17       11.58  
    Tax Equivalent Yield on Average Earning Assets   5.63       5.82       5.69       5.65       5.64  
    Interest Expense/Average Earning Assets   2.35       2.59       2.53       2.55       2.48  
    Net Interest Margin (FTE) on Average Earning Assets   3.28       3.23       3.16       3.10       3.16  
    Efficiency Ratio   48.48       53.76       53.84       59.21       63.26  
    Tangible Common Book Value Per Share $ 26.78     $ 26.64     $ 25.10     $ 25.07     $ 25.06  
    LOANS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
        2024       2024       2024       2024       2023  
    Commercial and industrial loans $ 4,114,292     $ 4,041,217     $ 3,949,817     $ 3,722,365     $ 3,670,948  
    Agricultural land, production and other loans to farmers   256,312       238,743       239,926       234,431       263,414  
    Real estate loans:                  
    Construction   792,144       814,704       823,267       941,726       957,545  
    Commercial real estate, non-owner occupied   2,274,016       2,251,351       2,323,533       2,368,360       2,400,839  
    Commercial real estate, owner occupied   1,157,944       1,152,751       1,174,195       1,137,894       1,162,083  
    Residential   2,374,729       2,366,943       2,370,905       2,316,490       2,288,921  
    Home equity   659,811       641,188       631,104       618,258       617,571  
    Individuals’ loans for household and other personal expenditures   166,028       158,480       162,089       161,459       168,388  
    Public finance and other commercial loans   1,059,083       981,431       964,814       964,599       956,318  
    Loans   12,854,359       12,646,808       12,639,650       12,465,582       12,486,027  
    Allowance for credit losses – loans   (192,757 )     (187,828 )     (189,537 )     (204,681 )     (204,934 )
    NET LOANS $ 12,661,602     $ 12,458,980     $ 12,450,113     $ 12,260,901     $ 12,281,093  
     
    DEPOSITS                  
    (Dollars In Thousands) December 31,   September 30,   June 30,   March 31,   December 31,
      2024   2024   2024   2024   2023
    Demand deposits $ 7,980,061   $ 7,678,510   $ 7,757,679   $ 7,771,976   $ 7,965,862
    Savings deposits   4,522,758     4,302,236     4,339,161     4,679,593     4,516,433
    Certificates and other time deposits of $100,000 or more   1,043,068     1,277,833     1,415,131     1,451,443     1,408,985
    Other certificates and time deposits   692,068     802,949     889,949     901,280     849,906
    Brokered certificates of deposits1   283,671     303,572     167,150     80,292     80,267
    TOTAL DEPOSITS2 $ 14,521,626   $ 14,365,100   $ 14,569,070   $ 14,884,584   $ 14,821,453

    1 – Total brokered deposits of $955.7 million, which includes brokered CD’s of $283.7 million at December 31, 2024.
    2 – Total deposits at September 30, 2024 excluded $287.7 million of deposits reclassified to Deposits and other liabilities held for sale related to the Illinois branch sale. The sale of $267.4 million of deposits associated with the Illinois branch sale was subsequently completed on December 6, 2024.

    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Three Months Ended
      December 31, 2024   December 31, 2023
      Average Balance   Interest
    Income /
    Expense    		   Average
    Rate    		   Average Balance   Interest
    Income /
    Expense    		   Average
    Rate
    ASSETS                      
    Interest-bearing deposits $ 522,868   $ 5,350   4.09 %   $ 700,705   $ 8,034   4.59 %
    Federal Home Loan Bank stock   41,703     958   9.19       41,792     771   7.38  
    Investment Securities:(1)                      
    Taxable   1,677,554     9,024   2.15       1,801,533     8,644   1.92  
    Tax-exempt(2)   2,089,397     16,144   3.09       2,282,233     17,495   3.07  
    Total Investment Securities   3,766,951     25,168   2.67       4,083,766     26,139   2.56  
    Loans held for sale   36,219     550   6.07       16,355     246   6.02  
    Loans:(3)                      
    Commercial   8,753,723     156,414   7.15       8,533,233     159,190   7.46  
    Real estate mortgage   2,177,351     24,401   4.48       2,118,060     21,829   4.12  
    HELOC and installment   841,537     16,171   7.69       820,728     16,258   7.92  
    Tax-exempt(2)   948,846     11,418   4.81       908,075     10,376   4.57  
    Total Loans   12,757,676     208,954   6.55       12,396,451     207,899   6.71  
    Total Earning Assets   17,089,198     240,430   5.63 %     17,222,714     242,843   5.64 %
    Total Non-Earning Assets   1,389,105             1,174,486        
    TOTAL ASSETS $ 18,478,303           $ 18,397,200        
    LIABILITIES                      
    Interest-Bearing Deposits:                      
    Interest-bearing deposits $ 5,564,228   $ 37,049   2.66 %   $ 5,504,725   $ 40,996   2.98 %
    Money market deposits   3,189,334     25,463   3.19       3,096,085     27,909   3.61  
    Savings deposits   1,362,705     3,102   0.91       1,587,758     3,913   0.99  
    Certificates and other time deposits   2,313,284     24,221   4.19       2,225,528     23,837   4.28  
    Total Interest-Bearing Deposits   12,429,551     89,835   2.89       12,414,096     96,655   3.11  
    Borrowings   1,049,677     10,437   3.98       1,013,856     10,272   4.05  
    Total Interest-Bearing Liabilities   13,479,228     100,272   2.98       13,427,952     106,927   3.19  
    Noninterest-bearing deposits   2,358,743             2,586,484        
    Other liabilities   328,062             251,771        
    Total Liabilities   16,166,033             16,266,207        
    STOCKHOLDERS’ EQUITY   2,312,270             2,130,993        
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 18,478,303     100,272       $ 18,397,200     106,927    
    Net Interest Income (FTE)     $ 140,158           $ 135,916    
    Net Interest Spread (FTE)(4)         2.65 %           2.45 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.63 %           5.64 %
    Interest Expense / Average Earning Assets         2.35 %           2.48 %
    Net Interest Margin (FTE)(5)         3.28 %           3.16 %
                           
    (1)Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2)Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $5,788 and $5,853 for the three months ended December 31, 2024 and 2023, respectively.
    (3)Non accruing loans have been included in the average balances.
    (4)Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5)Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
                           
    CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS            
    (Dollars in Thousands)                      
      For the Twelve Months Ended
      December 31, 2024   December 31, 2023
      Average Balance   Interest
    Income /
    Expense    		   Average
    Rate    		   Average Balance   Interest
    Income /
    Expense    		   Average
    Rate
    Assets:                      
    Interest-bearing deposits $ 418,163   $ 16,992   4.06 %   $ 431,581   $ 17,719   4.11 %
    Federal Home Loan Bank stock   41,736     3,527   8.45       41,319     3,052   7.39  
    Investment Securities:(1)                      
    Taxable   1,759,578     36,086   2.05       1,854,438     35,207   1.90  
    Tax-exempt(2)   2,200,466     67,705   3.08       2,366,475     73,566   3.11  
    Total Investment Securities   3,960,044     103,791   2.62       4,220,913     108,773   2.58  
    Loans held for sale   29,650     1,792   6.04       21,766     1,292   5.94  
    Loans:(3)                      
    Commercial   8,687,638     641,393   7.38       8,519,706     603,611   7.08  
    Real estate mortgage   2,158,743     94,890   4.40       2,035,488     82,183   4.04  
    HELOC and installment   830,079     65,577   7.90       830,006     60,751   7.32  
    Tax-exempt(2)   928,214     43,370   4.67       891,008     40,448   4.54  
    Total Loans   12,634,324     847,022   6.70       12,297,974     788,285   6.41  
    Total Earning Assets   17,054,267     971,332   5.69 %     16,991,787     917,829   5.40 %
    Total Non-Earning Assets   1,346,228             1,194,720        
    Total Assets $ 18,400,495           $ 18,186,507        
    Liabilities:                      
    Interest-Bearing deposits:                      
    Interest-bearing deposits $ 5,506,492   $ 157,984   2.87 %   $ 5,435,733   $ 138,012   2.54 %
    Money market deposits   3,061,461     106,026   3.46       2,884,271     83,777   2.90  
    Savings deposits   1,463,707     14,587   1.00       1,694,230     14,606   0.86  
    Certificates and other time deposits   2,413,900     107,530   4.45       1,923,268     69,697   3.62  
    Total Interest-Bearing Deposits   12,445,560     386,127   3.10       11,937,502     306,092   2.56  
    Borrowings   1,005,017     40,765   4.06       1,111,472     42,394   3.81  
    Total Interest-Bearing Liabilities   13,450,577     426,892   3.17       13,048,974     348,486   2.67  
    Noninterest-bearing deposits   2,371,004             2,783,996        
    Other liabilities   326,423             226,275        
    Total Liabilities   16,148,004             16,059,245        
    Stockholders’ Equity   2,252,491             2,127,262        
    Total Liabilities and Stockholders’ Equity $ 18,400,495     426,892       $ 18,186,507     348,486    
    Net Interest Income (FTE)     $ 544,440           $ 569,343    
    Net Interest Spread (FTE)(4)         2.52 %           2.73 %
                           
    Net Interest Margin (FTE):                      
    Interest Income (FTE) / Average Earning Assets         5.69 %           5.40 %
    Interest Expense / Average Earning Assets         2.50 %           2.05 %
    Net Interest Margin (FTE)(5)         3.19 %           3.35 %
                           
    (1)Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
    (2)Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2024 and 2023. These totals equal $23,326 and $23,943 for the years ended December 31, 2024 and 2023, respectively.
    (3)Non accruing loans have been included in the average balances.           
    (4)Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
    (5)Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.
     
    ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
    (Dollars In Thousands, Except Per Share Amounts) Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Net Income Available to Common Stockholders – GAAP $ 63,880     $ 48,719     $ 39,456     $ 47,472     $ 42,010     $ 199,527     $ 221,911  
    Adjustments:                          
    PPP loan income   —       —       —       —       (7 )     —       (49 )
    Net realized losses on sales of available for sale securities   11,592       9,114       49       2       2,317       20,757       6,930  
    Gain on branch sale   (19,983 )     —       —       —       —       (19,983 )     —  
    Non-core expenses1,2,3   762       —       —       3,481       12,682       4,243       12,682  
    Tax on adjustments   1,851       (2,220 )     (12 )     (848 )     (3,652 )     (1,229 )     (4,767 )
    Adjusted Net Income Available to Common Stockholders – Non-GAAP $ 58,102     $ 55,613     $ 39,493     $ 50,107     $ 53,350     $ 203,315     $ 236,707  
                               
    Average Diluted Common Shares Outstanding (in thousands)   58,247       58,289       58,328       59,273       59,556       58,533       59,489  
                               
    Diluted Earnings Per Common Share – GAAP $ 1.10     $ 0.84     $ 0.68     $ 0.80     $ 0.71     $ 3.41     $ 3.73  
    Adjustments:                          
    PPP loan income   —       —       —       —       —       —       —  
    Net realized losses on sales of available for sale securities   0.20       0.15       —       —       0.04       0.35       0.12  
    Gain on branch sale   (0.34 )     —       —       —       —       (0.34 )     —  
    Non-core expenses1,2,3   0.01       —       —       0.06       0.21       0.07       0.21  
    Tax on adjustments   0.03       (0.04 )     —       (0.01 )     (0.06 )     (0.02 )     (0.08 )
    Adjusted Diluted Earnings Per Common Share – Non-GAAP $ 1.00     $ 0.95     $ 0.68     $ 0.85     $ 0.90     $ 3.47     $ 3.98  

    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
    3 – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.

    NET INTEREST MARGIN (“NIM”), ADJUSTED                
    (Dollars in Thousands)                
      Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Net Interest Income (GAAP) $ 134,370     $ 131,110     $ 128,571     $ 127,063     $ 130,063     $ 521,114     $ 545,400  
    Fully Taxable Equivalent (“FTE”) Adjustment   5,788       5,883       5,859       5,795       5,853       23,326       23,943  
    Net Interest Income (FTE) (non-GAAP) $ 140,158     $ 136,993     $ 134,430     $ 132,858     $ 135,916     $ 544,440     $ 569,343  
                               
    Average Earning Assets (GAAP) $ 17,089,198     $ 16,990,358     $ 17,013,984     $ 17,123,851     $ 17,222,714     $ 17,054,267     $ 16,991,787  
    Net Interest Margin (GAAP)   3.15 %     3.09 %     3.02 %     2.97 %     3.02 %     3.06 %     3.21 %
    Net Interest Margin (FTE) (non-GAAP)   3.28 %     3.23 %     3.16 %     3.10 %     3.16 %     3.19 %     3.35 %
     
    RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
    (Dollars In Thousands) Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Total Average Stockholders’ Equity (GAAP) $ 2,312,270     $ 2,251,547     $ 2,203,361     $ 2,242,139     $ 2,130,993     $ 2,252,491     $ 2,127,262  
    Less: Average Preferred Stock   (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )     (25,125 )
    Less: Average Intangible Assets, Net of Tax   (728,218 )     (729,581 )     (730,980 )     (732,432 )     (734,007 )     (730,295 )     (736,601 )
    Average Tangible Common Equity, Net of Tax (Non-GAAP) $ 1,558,927     $ 1,496,841     $ 1,447,256     $ 1,484,582     $ 1,371,861     $ 1,497,071     $ 1,365,536  
                               
    Net Income Available to Common Stockholders (GAAP) $ 63,880     $ 48,719     $ 39,456     $ 47,472     $ 42,010     $ 199,527     $ 221,911  
    Plus: Intangible Asset Amortization, Net of Tax   1,399       1,399       1,399       1,546       1,724       5,744       6,906  
    Tangible Net Income (Non-GAAP) $ 65,279     $ 50,118     $ 40,855     $ 49,018     $ 43,734     $ 205,271     $ 228,817  
                               
    Return on Tangible Common Equity (Non-GAAP)   16.75 %     13.39 %     11.29 %     13.21 %     12.75 %     13.71 %     16.76 %
     
    EFFICIENCY RATIO – NON-GAAP                          
    (Dollars In Thousands) Three Months Ended   Twelve Months Ended
      December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024       2024       2024       2024       2023       2024       2023  
    Non Interest Expense (GAAP) $ 96,289     $ 94,629     $ 91,413     $ 96,935     $ 108,103     $ 379,266     $ 388,270  
    Less: Intangible Asset Amortization   (1,771 )     (1,772 )     (1,771 )     (1,957 )     (2,182 )     (7,271 )     (8,743 )
    Less: OREO and Foreclosure Expenses   (227 )     (942 )     (373 )     (534 )     (1,743 )     (2,076 )     (3,318 )
    Adjusted Non Interest Expense (Non-GAAP) $ 94,291     $ 91,915     $ 89,269     $ 94,444     $ 104,178     $ 369,919     $ 376,209  
                               
    Net Interest Income (GAAP) $ 134,370     $ 131,110     $ 128,571     $ 127,063     $ 130,063     $ 521,114     $ 545,400  
    Plus: Fully Taxable Equivalent Adjustment   5,788       5,883       5,859       5,795       5,853       23,326       23,943  
    Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP) $ 140,158     $ 136,993     $ 134,430     $ 132,858     $ 135,916     $ 544,440     $ 569,343  
                               
    Non Interest Income (GAAP) $ 42,742     $ 24,866     $ 31,334     $ 26,638     $ 26,444     $ 125,580     $ 105,602  
    Less: Investment Securities (Gains) Losses   11,592       9,114       49       2       2,317       20,757       6,930  
    Adjusted Non Interest Income (Non-GAAP) $ 54,334     $ 33,980     $ 31,383     $ 26,640     $ 28,761     $ 146,337     $ 112,532  
    Adjusted Revenue (Non-GAAP) $ 194,492     $ 170,973     $ 165,813     $ 159,498     $ 164,677     $ 690,777     $ 681,875  
    Efficiency Ratio (Non-GAAP)   48.48 %     53.76 %     53.84 %     59.21 %     63.26 %     53.55 %     55.17 %
                               
    Adjusted Non Interest Expense (Non-GAAP) $ 94,291     $ 91,915     $ 89,269     $ 94,444     $ 104,178     $ 369,919     $ 376,209  
    Less: Acquisition-related Expenses   —       —       —       —       —       —       —  
    Less: Non-core Expenses1,2,3   (762 )     —       —       (3,481 )     (12,682 )     (4,243 )     (12,682 )
    Adjusted Non Interest Expense Excluding Non-core Expenses (Non-GAAP) $ 93,529     $ 91,915     $ 89,269     $ 90,963     $ 91,496     $ 365,676     $ 363,527  
                               
    Adjusted Revenue (Non-GAAP) $ 194,492     $ 170,973     $ 165,813     $ 159,498     $ 164,677     $ 690,777     $ 681,875  
    Less: Gain on Branch Sale   (19,983 )     —       —       —       —       (19,983 )     —  
    Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP) $ 174,509     $ 170,973     $ 165,813     $ 159,498     $ 164,677     $ 670,794     $ 681,875  
    Adjusted Efficiency Ratio (Non-GAAP)   53.60 %     53.76 %     53.84 %     57.03 %     55.56 %     54.51 %     53.31 %

    1 – Non-core expenses in 4Q24 included $0.8 million of costs directly related to the branch sale.
    2 – Non-core expenses in 1Q24 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.
    3 – Non-core expenses in 4Q23 included $6.3 million from early retirement and severance costs, $4.3 million from the FDIC special assessment, and $2.1 million from a lease termination.

    For more information, contact:
    Nicole M. Weaver, Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    SOURCE: First Merchants Corporation, Muncie, Indiana

    The MIL Network –

  • MIL-OSI: Flex Pricing Releases First Ever User Level Dynamic Pricing Software

    Source: GlobeNewswire (MIL-OSI)

    CHEYENNE, Wyo., Jan. 30, 2025 (GLOBE NEWSWIRE) — Flex Pricing is announcing the release of the world’s first user level dynamic pricing software for e-commerce. The software enables merchants to set pricing rules based on user attributes including shoppers estimated income, type of device they’re browsing on and their geographic location. Unique prices display to each shopper, in real-time, without any perception that the prices rendered are unique to them.

    FlexPricing Logo

    This technology has previously only been developed and used internally, by large multinational companies. Flex Pricing will not bring this advanced technology to small and medium sized merchants in the e-commerce industry.

    Flex Pricing has released it’s software as a Woo Commerce plugin, supporting merchants that sell goods on WordPress sites through Woo Commerce. Additionally Flex Pricing plans the release of a Shopify compatible application by March 1st. With the release of the Shopify app, Flex Pricing’s patent pending software will become available to nearly 90% of all U.S. based ecommerce businesses.

    Merchants using the Flex Pricing application can expect benefits in both conversion rate and margin, which is a unique benefit of a user level dynamic pricing system. Shoppers with greater price sensitivities, determined by a variety of user attributes can be rendered a lower, more competitive price to increase the likelihood of a conversion. Whereas shoppers who are less price sensitive, often determined by attributes indicative of high affluence can be rendered a higher price to increase margins.

    Learn more about Flex Pricing at FlexPricing.com and follow us on Twitter https://twitter.com/FlexPricing or YouTube https://www.youtube.com/@FlexPricing

    Media Contact:

    Brendon Fields
    Flex Pricing LLC
    press@flexpricing.com
    914-384-7611

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c5211a66-0600-4fcb-b8ec-7fa4b086a476

    The MIL Network –

  • MIL-OSI Russia: Financial News: Exports in Q4 Declined on Lower Oil Prices

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    In the fourth quarter of 2024, the value of exports decreased due to lower world oil prices and a decrease in oil production in Russia based on OPEC agreements. At the same time, the value of imports increased compared to the same period in 2023 amid expanding domestic demand.

    As a result of the reduction in exports and the increase in imports, the positive balance of the current account decreased in the fourth quarter.

    Read more in the quarterly issue of the information and analytical commentary “Balance of Payments of the Russian Federation”.

    Preview photo: Egor Aleev / TASS

    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/Event/? ID = 23325

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: December saw an expected cooling in corporate and consumer lending

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The corporate loan portfolio decreased by 0.2% in December due to the repayment of a number of large foreign currency loans. Overall, for 2024, growth was 17.9%, which is comparable to 2023. More than half of the growth came from segments that are less sensitive to rate increases – lending for investment programs that have already begun and housing construction.

    The effect of macroprudential restrictions and the increase in rates led to a reduction in unsecured consumer lending by 1.9%. However, given the high rates of lending dynamics observed in the spring and summer, by the end of 2024 the portfolio grew by 11.2%.

    Mortgages increased by a modest 0.4% over the month, with more than 80% of new loans coming from mortgages with state support. The annual growth slowed to 13.4%, which is significantly lower than the 2023 level, when the market was overheated due to massive state support. At the same time, the volume of loans issued in 2024 was comparable to 2020 and 2022.

    The population’s funds in banks grew by a significant 7.2%, which is due to the traditional advance payment of January social payments (including pensions and child benefits) and the payment of annual bonuses. At the end of the year, the growth was 26.1%, including due to an increase in the population’s income and high interest rates on deposits.

    In December, banks’ net profit fell sharply to 187 billion rubles due to losses from currency revaluation and increased operating expenses. In 2024, the sector earned 3.8 trillion rubles (excluding receipts from subsidiary banks). The total financial result, taking into account the negative revaluation of securities reflected directly in capital, was lower and amounted to 3.4 trillion rubles.

    Read more in the information and analytical material “On the development of the banking sector of the Russian Federation in December 2024”.

    Preview photo: liliya Vantsura / Shutterstock / Fotodom

    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: //vv. KBR.ru/Press/Event/? ID = 23324

    MIL OSI Russia News –

  • MIL-OSI United Nations: World Food Programme warns that efforts to ramp up food aid to famine-impacted Sudan being impeded

    Source: World Food Programme

    WFP/Abubakar Garelnabei WFP trucks refuelling before departing Port Sudan for Khartoum in December 2024

    As WFP teams work around the clock to reach key locations for first time, fighting and arbitrary obstructions by local authorities hinder consistent flow of vital aid.

    ROME/NAIROBI/PORT SUDAN – The United Nations World Food Programme (WFP) is working tirelessly to expand food and nutrition assistance to millions more people across Sudan – aiming to triple the number of people it supports to 7 million. WFP’s top priority is to deliver life-saving assistance to locations facing famine or teetering on its brink.

    Today, intensified fighting and the arbitrary obstruction of humanitarian convoys are hindering the fast and consistent movement of desperately needed aid.

    Since launching a large-scale surge of food aid in late 2024, WFP has pushed into hard-to-reach areas, including Zamzam Camp in North Darfur, south Khartoum, and Gebaish in West Kordofan. In January, WFP even reached Wad Madani in Gezira State after the city became safe enough to get trucks of food and nutrition supplies through. Over 2.5 million people per month received much-needed food and nutrition assistance in the last quarter of 2024, including many for the first time, since the conflict began. 

    “We have made significant breakthroughs in getting aid deliveries to hard-to-reach areas in the last three months, but these cannot be one-off events,” said Alex Marianelli, acting Country Director for Sudan. “We urgently need to get a constant flow of aid to families in the hardest hit locations, which have also been the most difficult to reach.” 

    A convoy headed to areas already in famine, or at-risk of famine, in Darfur, took three times longer to reach its destination due to interferences. After crossing the Adre border in mid-December, local officials from the Rapid Support Forces (RSF) held-back some 40 humanitarian trucks for nearly three weeks, requiring new clearances and inspections. As a result, the WFP-led convoy had to be redirected to another famine-risk area in the Darfur region. On arrival, the RSF held the trucks again and made additional demands. Finally, the convoy finally reached its destination earlier this week, a full six weeks after its departure, for a journey that would normally take a maximum of two weeks.

    Meanwhile, a national liquidity crisis has led to widespread cash shortages. WFP cash and in-kind food distributions for over 4 million people have been delayed for over one month due to a lack of sufficient bank notes to help pay porters to load trucks. Recent efforts by Sudan’s Central Bank and Ministry of Finance to ease the crisis, and increase cash availability, has meant that WFP’s operations can gradually resume.

    WFP calls on all parties on the ground in Sudan to remove all unnecessary barriers and obstacles that are preventing a full-scale humanitarian response to Sudan’s growing hunger crisis. The neutrality and independence of aid workers and humanitarian work must be respected. The safe passage of humanitarian assistance to hard-to-reach, famine-struck areas must be guaranteed.

    Sudan continues to face a catastrophic humanitarian situation with approximately 24.6 million people – nearly half of Sudan’s population – facing acute food insecurity (IPC Phase 3+). Twenty-seven locations across Sudan are either in famine or at risk of famine, while more than one-third of children in the hardest hit regions are acutely malnourished, well above the threshold for a famine declaration.

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

    Follow us on Twitter @wfp_media @wfp_sudan 

    MIL OSI United Nations News –

  • MIL-OSI Europe: AFRICA/DR CONGO – “Foreigners leave Bukavu: fears of advance of the M23 rebel movement on the capital of South Kivu province”

    Source: Agenzia Fides – MIL OSI

    Thursday, 30 January 2025 war  

    Kinshasa (Agenzia Fides) – “In Bukavu, foreigners are fleeing,” missionaries from the capital of the Congolese province of South Kivu tell Fides. “The various embassies in Kinshasa have ordered their compatriots to leave the city because they fear that the M23 rebels could conquer it after taking control of Goma and the province of North Kivu,” the observers say. “Important departments of international organizations of the United Nations and various international non-governmental organizations are based in Bukavu. Now the foreign staff of these organizations are being evacuated via Rwanda.” “Currently, the rebel troops are already in Nyabibwe, in the Kalehe area of South Kivu,” the observers say. “It is a mountainous peak and if you go down to the south you are 25 km from the shores of Lake Kivu; from there you can easily reach Bukavu.” “The movements of the M23 units are facilitated by the means made available to them by the Rwandan army, which transported new off-road vehicles to Goma by barge, which were handed over to the rebels,” the observers added. Nyabibwe is home to a mine that extracts coltan and cassiterite, two of the strategic minerals that are the subject of the ongoing war involving local and regional actors backed by world powers and multinational mining companies.Meanwhile, the situation in Goma, which was captured by Rwandan troops and the M23 rebels they support, is stabilizing. The M23 rebels have organized the first patrols in the city to reassure the population and fight pockets of resistance from the Congolese army and the pro-government “Wazalendo” militiamen.”The rebels are trying to portray themselves as ‘liberators’ against what they call ‘the repressive regime in Kinshasa’: they are therefore trying to ensure a minimum of order and services for the population of the city they have conquered,” the observers report. As Corneille Nangaa, the leader of the Congo River Alliance, explained, the guerrillas’ goal is to march on the capital Kinshasa (about 1,600 km as the crow flies from Goma, but the road distance is more than 2,500 km) to overthrow President Félix Tshisekedi. “It seems like we have gone back about thirty years, when the guerrillas began their triumphal march at the end of 1996, which began in the east of the country and overthrew Mobutu in Kinshasa in the spring of 1997. But at that time the guerrillas, supported by Rwanda and Uganda, were also supported by other foreign powers. Now we must see what international interests are at work today,” commented the observers. To counter the rebels’ advance, President Tshisekedi has meanwhile ordered general mobilization and called on former soldiers and young people to join the army. (L.M.) (Agenzia Fides, 30/1/2025)
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    MIL OSI Europe News –

  • MIL-OSI Security: Appeal to trace two teenagers from Morocco missing in London

    Source: United Kingdom London Metropolitan Police

    Police are appealing for the public’s help to find two teenage girls from Morocco who have been reported missing.

    Douae, 14, and Houda, 15, were last seen leaving the hostel they were staying at in Tavistock Place, WC1 at around 20:30hrs on Tuesday, 28 January.

    Both girls had arrived in London on Saturday, 25 January for a week-long stay as part of a student exchange programme run by an independent company. They were due to return to Morocco on 1 February.

    The programme the girls are on is not attached to a specific school and is run by a private company.

    Detective Chief Inspector Sarb Kaur from the Central North Command Unit said: “We are appealing for any information about Douae and Houda’s whereabouts. They have travelled from Morocco and are in a city and country that is not familiar to them, so the longer they remain missing then the greater our concern for their welfare is.

    “A team of detectives is working tirelessly to locate them and we are liaising with the Moroccan embassy and the company who organised the visit to ensure their families in Morocco are kept updated with any developments.”

    Anyone with information that could assist police is asked to call 101 or ‘X’ @MetCC and quote ref 01/7101825/25. For an immediate sighting of Douae and Houda please call 999 immediately.

    MIL Security OSI –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Vadali Nagarik Sahakari Bank Ltd., Dist. Sabarkantha, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances to directors, relatives and firms/concerns in which they are Interested’; ‘Placement of deposits with other banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. sanctioned a loan wherein relative of its director stood as guarantor;

    2. failed to adhere to the prudential inter-bank (gross) and counterparty exposure limits; and

    3. failed to carry out periodic review of risk categorisation of certain accounts at least once in six months.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2043

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹2.00 lakh (Rupees Two Lakh only) on The Kosamba Mercantile Co-operative Bank Ltd., Dist. Surat, Gujarat (the bank) for non-compliance with certain directions issued by RBI on ‘Placement of Deposits with Other Banks by Primary (Urban) Co-operative Banks’ and ‘Know Your Customer (KYC)’. This penalty has been imposed in exercise of powers conferred in RBI under Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had failed to:

    1. adhere to the prudential inter-bank (gross) and counterparty exposure limits;

    2. upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed time; and

    3. carry out periodic review of risk categorisation of accounts at least once in six months.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2044

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 27, 2025, imposed a monetary penalty of ₹2.10 lakh (Rupees Two Lakh Ten Thousand only) on Shree Savli Nagrik Sahakari Bank Ltd., Dist. Vadodara, Gujarat (the bank) for contravention of provisions of Section 26A read with Section 56 of the Banking Regulation Act, 1949 (BR Act) and for non-compliance with certain directions issued by RBI on ‘Investment by Primary (Urban) Co-operative Banks’, ‘Know Your Customer (KYC)’ and ‘Membership of Credit Information Companies (CICs) by Co-operative Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act and Section 25 of the Credit Information Companies (Regulation) Act, 2005.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions/non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions and directions. After considering the bank’s reply to the notice, oral submissions made during the personal hearing and examination of additional submissions made by it, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time;

    2. breached the ceiling of total investments held under Held to Maturity (HTM) category;

    3. failed to upload the KYC records of customers onto Central KYC Records Registry (CKYCR) within the prescribed time; and

    4. failed to submit credit information of its borrowers to three CICs.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2045

    MIL OSI Economics –

  • MIL-OSI Economics: Thales Alenia Space signs contract with ESA to develop the Argonaut Lunar Lander for cargo delivery

    Source: Thales Group

    Headline: Thales Alenia Space signs contract with ESA to develop the Argonaut Lunar Lander for cargo delivery

    The lander will fly to the Moon and land on its surface assuring the European autonomous access to the Moon

    • Thales Alenia Space plays a pioneering role to enable the European autonomous access to the Moon
    • The Argonaut lunar lander is designed to offer versatility in the frame of the Artemis program to deliver cargo, rovers and more, or as stand-alone scientific missions.
    • Thales Alenia Space’s consolidated legacy, advanced technology and long-standing expertise in space exploration puts the company at the cutting-edge of space and human exploration.

    Cannes, January 30th, 2025 – Thales Alenia Space, joint venture between Thales (67%) and Leonardo (33%), has signed a contract with the European Space Agency (ESA), worth € 862 Million, related to the design, the development and the delivery of the Lunar Descent Element (LDE) for ESA’s Argonaut Mission, including responsibility for mission design and integration.

    Planned to be launched from the 2030s, Argonaut will deliver cargo, infrastructure and scientific instruments to the Moon’s surface.

    The first mission is envisioned to deal with delivery of dedicated navigation and telecommunication payloads as well as energy generation and storage system, as European enterprises to explore the Lunar southern area.

    About Argonaut

    © Thales Alenia Space/Briot

    The Argonaut spacecraft consists of three main elements: the lunar descent element (LDE) for flying to the Moon and landing on the target, the cargo platform one, which is the interface between the lander and its payload, and finally, the element that the mission designers want to send to the Moon.

    Adaptability is a key element of Argonaut’s design, which is why the cargo platform is designed to accept any mission profile: cargo for astronauts near the landing site, a rover, technology demonstration packages, production facilities using lunar resources, a lunar telescope or even a power station. The project will strengthen Thales Alenia Space’s skills in several technological areas essential to space exploration beyond the Moon.

    The future space ecosystem requires new solutions dedicated to the transport and return of cargo from low Earth orbit and lunar orbit, as well as crew transport to low Earth orbit. Thales Alenia Space is ready to put in place what is needed to prepare for humanity’s future life and presence in Space, laying the foundations for the post-ISS era and meeting new economic needs for research and science.

    Argonaut consortium: who does what?

    Thales Alenia Space is the prime contractor for the development of the Lunar Descent Element. The overall mission responsibility, ie the use of the LDE and integration with payload, will be the subject of a separate procurement in the future. The Lunar Descent Element is an independent architecture block of the international lunar exploration activities, namely a versatile system to support a variety of missions.

    As prime contractor and system integrator of the Lunar Descent Element, Thales Alenia Space in Italy will lead the industrial consortium that will be responsible for the system, the entry descent and landing aspects, as well as the general and specific architectures of the thermomechanical, avionics and software chains. Thales Alenia Space in France and in the UK will respectively focus on data handling systems and propulsion. OHB System AG as additional core team member of the Thales Alenia Space consortium will be responsible for guidance, navigation and control (GNC), electrical power systems (EPS) and telecommunications (TT&C) aspects.

    “Argonaut lunar lander means a lot to our company” said Hervé Derrey, Thales Alenia Space CEO. “Thanks to this astonishing space vehicle, tons of cargo will be delivered to the Moon’s surface, including rovers, scientific missions and many more. This new element of the Artemis program will serve at facilitating long-duration manned lunar exploration missions and will be crucial to increase European autonomy in lunar exploration. The Moon will also serve as a stepping stone for crewed missions into deep space, with Mars being the next stage of the journey. I wanted to express my gratitude to ESA for awarding this new contract to our company. Today’s major achievement strengthens more than ever Thales Alenia Space’s leading positions in the fields of space transportation systems, orbital infrastructures and space exploration”.

    “We are truly honored that ESA has renewed its trust in our company by awarding Thales Alenia Space this major contract to develop the European lunar lander that will enable Europe to access autonomously to the Moon’s surface”, said Giampiero Di Paolo, Deputy CEO and Senior Vice President, Observation, Exploration and Navigation at Thales Alenia Space. “Today, with its longstanding expertise in space exploration infrastructure and vehicles, our company, in line with ESA’s and ASI’s visions, has decided to enhance its competitiveness by investing in the development of technological solutions to help Europe achieve its goals. Supplying a significant proportion of the International Space Station’s pressurized volume, playing a major role on board Artemis, manufacturing the backbone of Orion’s European service module and leading flagship transportation programs such as IXV or Space Rider, Thales Alenia Space is more than ever at the forefront of exploration and space transportation systems”.

     

    About Thales Alenia Space

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

    MIL OSI Economics –

  • MIL-OSI Global: From YMCA to MAGA: why Trump plays Village People at his rallies

    Source: The Conversation – UK – By William Rees, University of Exeter

    It was a bizarre sight watching a huge gay 1970s disco hit being performed at Donald Trump’s 2025 pre-inauguration rally. Many prominent artists from Beyoncé to Bruce Springsteen prohibit Trump from using their music. So why do Village People – a band synonymous with the 1970s gay liberation movement – allow their music to be associated with a political movement that has fixed and repressive ideas about sexual identity and morality?

    Village People’s recent incarnation has had a complicated relationship with the “make America great again” movement (Maga). In 2020, their song YMCA began featuring at Maga anti-lockdown rallies and soon became a prominent song in Trump’s re-election campaign.

    At the time, the band asked Trump not to use its music and later supported Kamala Harris for the presidency in 2024. Since then Village People have dramatically changed tack.

    To be clear, of the group that performed at Trump’s pre-inauguration rally, only one of the original Village People remains. The band, put together by the gay producers Jacques Morali and Henri Belolo in 1978, was named after New York’s Greenwich Village gay scene.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    In the 1970s, the group was mostly gay-fronted except the first recruit, lead singer and co-songwriter Victor Willis (sometimes the policeman, sometimes the admiral figure). Willis took control of the name and the hits in 2017 after an out-of-court settlement with co-owner Henri Belolo.

    Willis is now the only member of the original line up still performing under the official band name. Perhaps to ensure mainstream popularity, he has tried to move Village People away from its gay associations – the biography on the band’s website makes no mention of the act’s significance to queer audiences. He recently wrote on Facebook that he will sue every news organisation that suggests “YMCA is somehow a gay anthem”.

    Victor Willis, the last remaining original member of Village People in a 1978 video for Just A Gigolo.

    But it’s difficult to untangle Village People from queer history as it was the trendsetting gay community of underground disco culture that made them famous. Record companies selected the songs and artists to promote based on how DJs reported their popularity in the hottest clubs. Many of these clubs were gay dominated, and disco itself was tied up with the growing confidence of the gay liberation movement in America and the era of sexual liberalisation that followed the 1960s.

    Jacques Morali put together Village People knowing the band could offer influential gay clubbers something they had always been denied: cultural representation, and with it, acknowledgement of their existence.

    It worked. One self-proclaimed “disco doll” writing to LGBTQ+ newspaper The Advocate in 1978 recalled first hearing Village People: “The music was very hot … and the words were about us, about our scene. I couldn’t believe it.”

    Village People’s innuendos and knowing references to gay culture often went over the heads of many straight listeners. Songs like Macho Man and the group’s hypermasculine image epitomised the “clone” movement in 1970s gay culture.

    Queer men, long derided for being effeminate, would bulk up at the gym and dress in leathers like bikers, effectively becoming more of an embodiment of masculinity than straight men. Go West was a reference to San Francisco’s more liberal environment for gay men. The YMCA was a place to “hang out with all the boys”.

    But skyrocketing into the mainstream made Village People an awkward fit for gay disco culture. This vibrant community wanted their own scene that was not part of the mainstream. They felt betrayed by a band publicly denying their gayness as they juggled the hardcore homosexual audience that had made them famous alongside a family-friendly audience.

    The backlash was fierce. A 1978 letter to gay lib magazine The Body Politic declared: “The commercial exploiters are disguising it to gain the commercially lucrative straight audience”, describing Village People as “traitors of the worst kind”.

    But even if they became momentarily unpopular in the hottest gay clubs, for many LGBTQ+ people, Village People’s hits have endured as anthems played at queer nights and Pride events. In their sound, appearance and sheer 1970-ness, they are undeniably camp icons.

    Which of course leads many to question why people attending Trump’s rallies – hardly famous for their inclusivity – would embrace their music. One explanation is that Maga audiences simply do not care about past gay associations as the music is simple, catchy and positive.

    Another is that just like the 1970s, the queer messaging of Village People’s music still goes over the heads of straight Maga audiences. Perhaps despite its past gay associations, they are consciously trying to culturally repurpose disco for their own movement. Or they’re trying to be ironic.

    Most likely, though, the music might have a particular meaning to LGBTQ+ audiences, it has other meanings depending on the context in which it is played. To many, Village People are the epitome of a novelty, apolitical pop group. Their hits are associated with weddings, children’s parties and good-time disco. The prosaic truth may be that Trump fans just enjoy a really catchy tune.

    But for Trump’s team, the use of these songs is politically calculated toward their core supporters who have changed the lyrics of YMCA to “MAGA”. And don’t forget Village People were joined at the pre-inauguration rally by WWE wrestling’s Hulk Hogan. Both are nostalgic late 20th-century acts that revel in blatant performances of muscled masculinity.

    They seem to be the embodiment of that imagined past of American virility that Trump vaguely refers to when he promises to make the nation “great again”. It’s not difficult to work out what Trump’s message is, especially when he dances along to Macho Man at rallies.

    Both these acts are carnivalesque, like Trump himself. They indicate an era of politics as spectacle, but beneath the surface messages, we must carefully pay attention to what is actually being said and done.

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

    – ref. From YMCA to MAGA: why Trump plays Village People at his rallies – https://theconversation.com/from-ymca-to-maga-why-trump-plays-village-people-at-his-rallies-248457

    MIL OSI – Global Reports –

  • MIL-OSI: Form 8.5 (EPT/RI) – Dowlais Group Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader: Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Dowlais Group Plc        
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Broker to Dowlais Group Plc
    (d)        Date dealing undertaken: 29th January 2025
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

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

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary shares

    Purchases

    6,380,313

    76.55

    71.4481

    Ordinary shares

    Sales

    6,630,313

    76.65

    71.4481

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

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

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

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

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

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    None

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

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 30thJanuary 2025
    Contact name: Abhishek Gawde
    Telephone number: +91 9923757332

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

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

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

    The MIL Network –

  • MIL-OSI: Form 8.3 – [LEARNING TECHNOLOGIES GROUP PLC – 29 01 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 LEARNING TECHNOLOGIES GROUP PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 29 JANUARY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 0.375p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 9,668,896 1.2201    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 9,668,896 1.2201    

    All interests and all short positions should be disclosed.

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

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

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

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.375p ORDINARY SALE 6,500 86.5895p

    (b)        Cash-settled derivative transactions

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

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

    (i)        Writing, selling, purchasing or varying

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

    (ii)        Exercise

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

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

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

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 30 JANUARY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

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

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

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

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy to Work with Thermal Engineering International to Fabricate Primary and Secondary Heat Exchangers for its Portable ODIN Microreactor

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Jan. 30, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has contracted with Thermal Engineering International (TEi), a Babcock Power Inc.® company, to advance the design and fabrication of several heat exchangers for use in NANO Nuclear’s proprietary, portable ODIN nuclear microreactor in development.

    TEi is a leading supplier of heat transfer technology to the electric power generation industry, designing and fabricating surface condensers, feedwater heaters, power plant heat exchangers and moisture separator reheaters for the world’s power generation industry continuously for over 100 years.

    “We are proud to support innovative SMR developers like NANO Nuclear with their heat exchange needs,” said Ken Murakoshi, President and CEO of Thermal Engineering International Inc. “TEi is excited to contribute to the successful deployment of NANO Nuclear’s ODIN transportable reactor and help advance clean, portable energy solutions for the future.”

    Under the terms of the contract, TEi will develop detailed designs for key heat exchanger technology integral to the ODIN microreactor. This includes the eventual fabrication of both primary and secondary heat exchangers. TEi will lead a broad, cross-functional initiative, drawing on its expertise to design practical heat transfer systems in collaboration with NANO Nuclear’s world-class technical team, from procurement to the eventual fabrication of the exchangers.

    “We are very pleased to take the next step in the development of the ODIN microreactor in tandem with TEi, who we believe have valuable expertise in this sector,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “The design and fabrication of heat exchangers will mark a critical milestone in ODIN’s development roadmap, and TEi is well-equipped to oversee this essential phase. By designing and fabricating these heat transfer technologies, we can advance our testing and demonstration efforts that will support our prototype construction, while equipping our world-class technical teams with data that can be broadly applied to our other reactors in development.”

    Figure 1 – NANO Nuclear Energy Inc. to Work with Thermal Engineering International to Design and Fabricate Key Enabling Heat Transfer Technology for Use in its ODIN Microreactor.

    “Collaborating with an industry-leading manufacturer on the design of our heat exchangers marks a major stride in advancing the plans for our portable ODIN microreactor,” said Prof. Eugene Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear Energy. “By having such a reputable industry partner for both primary and secondary exchanger designs, we can optimize performance while maintaining the highest safety standards and ensure that the reactor functions at the highest achievable efficiency. We believe this collaboration will help minimize developments risks going forward and ensure we meet performance benchmarks before advancing to full demonstration.”

    The heat transfer systems are essential components within NANO Nuclear’s innovative portable ODIN microreactor and their integration marks a significant milestone in advancing NANO Nuclear’s proprietary microreactor toward demonstration, regulatory licensing and eventual market introduction. This agreement builds on the work done by NANO Nuclear’s world-class technical team and follows last year’s external technical audit of the ODIN reactor by the Idaho National Laboratory, during which crucial design solutions and the system components were examined, reassuring the design development strategy.

    “Incorporating the heat exchangers into a compact system like ODIN marks a significant milestone in advancing our proprietary microreactor design” said Prof. Ian Farnan, Lead for Nuclear Fuel Cycle, Radiation and Materials at NANO Nuclear Energy. “TEi’s expertise is well known in designing these critical heat transfer solutions. Accelerating this aspect of the compact reactor design is vital for meeting our milestones and ensuring that the microreactor meets our operational requirements.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:
    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. In this press release, forward-looking statements relate to, among other things, the anticipated benefits to NANO Nuclear of its relationship with Tei as described herein (including the potential for progressing the development, demonstration, regulatory licensing and commercial deployment of the ODIN microreactor). Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Easy Metrics Launches Profit Management Solution to Enhance 3PL Operating Margins up to 3%

    Source: GlobeNewswire (MIL-OSI)

    BELLEVUE, Wash., Jan. 30, 2025 (GLOBE NEWSWIRE) — Despite the third-party logistics (3PL) industry reaching $194B in revenue last year, 40% of 3PLs struggled to increase profits*. Easy Metrics addresses this profitability gap with Easy Metrics Profit Management, a new SaaS solution that provides real-time profitability insights by customer, process, and site. With instant access to profitability data, 3PLs can now optimize operating margins and boost their bottom line while eliminating weeks of manual reporting.

    “This real-time profitability data is a game-changer for 3PLs,” commented Dan Keto, President and CTO of Easy Metrics. “Knowing each customer’s operating margin enables 3PLs to price competitively, negotiate pricing based on objective data, and boost operating margins by up to 3%. For 3PLs with typical operating margins of 20-30%, that’s a significant impact because it goes straight to the bottom line.”

    Enhanced pricing transparency, supported by objective data, strengthens customer relationships for 3PLs. Since 3PL customers often value service over price, sharing operational data simplifies pricing discussions and builds trust. This transparency helps 3PLs retain key customers and attract new ones by showcasing their value. National Logistics Services, which piloted Easy Metrics Profit Management, demonstrated this impact. Val Ramoop, Vice President of Operations at NLS, said, “Ultimately, the data speaks for itself. If there are deviations, we can show our clients, ‘This is what’s driving your cost per unit.’”

    Multi-tenant 3PLs, especially those with multiple sites, gain the most from Easy Metrics’ Profit Management. The innovative technology delivers daily profit analysis for a 3PL’s entire network, breaking down costs by site, customer, process, or timeframe—monthly, weekly, or daily. This level of detail allows 3PLs to pinpoint unprofitable processes or activities for precise troubleshooting and improvement. “With significant bottom-line gains through better pricing and the ability to identify and address unprofitable activities, 3PLs using our solution will have a clear edge in today’s ultra-competitive environment,” stated Keto.

    Easy Metrics Profit Management integrates with Easy Metrics ProTrack™ or any Labor Management System (LMS) that allocates time spent on a process as employees perform work. For 3PLs without an LMS, Easy Metrics offers OpsFM™ alongside Profit Management, allowing them to get up and running quickly.

    “We founded Easy Metrics to help warehouse executives address cost challenges by providing data that empowers them to make daily business decisions. Profit Management builds on this vision by connecting activity-based costing to revenue, allowing executives to view their operational cost structure as a profit center and maximize daily value for customers and shareholders,” concluded Dean Dorcas, Co-Founder and CEO of Easy Metrics.

    *Source: https://www.inboundlogistics.com/articles/2024-perspectives-3pl-market-research-report/

    About Easy Metrics
    Operations and finance leaders use Easy Metrics’ cloud platform to analyze, forecast, and manage the cost and performance of their warehouse operations. Easy Metrics empowers leaders to drive operational speed and efficiency, cut waste, prioritize investments, and adopt labor and automation strategies that fuel their business growth. Easy Metrics is based in Bellevue, Washington and is backed by Nexa Equity, a private equity firm based in San Francisco, CA. For more information, please visit https://easymetrics.com.

    About Nexa Equity
    Nexa Equity is a San Francisco, California-based private equity firm that partners with founder-led, rapidly scaling SaaS companies that address markets underserved by technology to create enduring value for the benefit of its investors and portfolio companies. The firm has more than $350 million in private equity capital under management and is focused on continuing to grow its portfolio of companies. The Nexa Equity team brings substantial investing and operational experience and helps management teams professionalize and scale their businesses while driving long-term sustainable growth. For more information, please visit www.nexaequity.com.

    Contact:

    Easy Metrics
    Ronda Broughton
    650-400-8940
    ronda@easymetrics.com

    A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/395656b7-159e-4d2c-af6b-cd40faded991

    The MIL Network –

  • MIL-OSI: Parker Reports Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    CLEVELAND, Jan. 30, 2025 (GLOBE NEWSWIRE) — Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today reported results for the quarter ended December 31, 2024, that included the following highlights (compared with the prior year quarter):

    Fiscal 2025 Second Quarter Highlights:

    • Sales were $4.7 billion; organic sales growth was 1%
    • Net income was $949 million, an increase of 39%, or $853 million adjusted, an increase of 6%
    • EPS were $7.25, an increase of 39%, or $6.53 adjusted, an increase of 6%
    • Segment operating margin was 22.1%, an increase of 100 bps, or 25.6% adjusted, an increase of 110 bps
    • YTD cash flow from operations increased 24% to $1.7 billion, or 17.4% of sales

    “Our performance this quarter reflects our focus on operational excellence and the strength of our balanced portfolio,” said Jenny Parmentier, Chairman and Chief Executive Officer. “We delivered record segment operating margin across all businesses, record earnings per share and year-to-date cash flow from operations. Strong cash flow from operations coupled with proceeds from previously announced divestitures allowed us to substantially reduce debt by $1.1 billion this quarter. We are encouraged to see industrial orders turn positive mainly in our longer-cycle businesses. Looking ahead, we have updated our outlook for fiscal year 2025 to reflect stronger Aerospace growth, currency headwinds and a continued delay in the expected industrial recovery. Our strong cash generation creates capital deployment optionality, and we remain committed to our strategy of actively deploying capital to drive shareholder value.”

    This news release contains non-GAAP financial measures. Reconciliations of adjusted numbers and certain non-GAAP financial measures are included in the financial tables of this press release.

    Outlook

    Guidance for the fiscal year ending June 30, 2025 has been updated. The company expects:

    • Sales growth in fiscal 2025 of (2%) to 1%, with organic sales growth of approximately 2%; divestitures of (1.5%) and unfavorable currency of (1.0%)
    • Total segment operating margin of approximately 22.7%, or approximately 25.8% on an adjusted basis
    • EPS of $24.46 to $25.06, or $26.40 to $27.00 on an adjusted basis

    Segment Results

    Diversified Industrial Segment

    North America Businesses              
    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,928     $ 2,110       -8.6 %     -5.0 %
    Segment Operating Income $ 427     $ 462       -7.6 %    
    Segment Operating Margin   22.1 %     21.9 %   20 bps    
    Adjusted Segment Operating Income $ 473     $ 510       -7.2 %    
    Adjusted Segment Operating Margin   24.6 %     24.2 %   40 bps    
    • Achieved record adjusted segment operating margin
    • Continued softness in transportation and off-highway markets
    • Delayed industrial recovery
    International Businesses      
    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,325     $ 1,404       -5.7 %     -3.0 %
    Segment Operating Income $ 284     $ 290       -2.2 %        
    Segment Operating Margin   21.4 %     20.7 %   70 bps        
    Adjusted Segment Operating Income $ 320     $ 323       -1.2 %        
    Adjusted Segment Operating Margin   24.1 %     23.0 %   110 bps        
    • Achieved record adjusted segment operating margin
    • Broad-based softness continued in Europe
    • Gradual recovery continued in Asia

    Aerospace Systems Segment

    $ in mm FY25 Q2   FY24 Q2   Change   Organic Growth
    Sales $ 1,490     $ 1,306       14.0 %     14.0 %
    Segment Operating Income $ 338     $ 263       28.5 %    
    Segment Operating Margin   22.7 %     20.1 %   260 bps    
    Adjusted Segment Operating Income $ 420     $ 347       21.2 %    
    Adjusted Segment Operating Margin   28.2 %     26.5 %   170 bps    
    • Achieved record sales and adjusted segment operating margin
    • Achieved 14% organic sales growth
    • 20%+ aftermarket and mid-single digit OEM sales growth

    Order Rates

      FY25 Q2
    Parker +5 %
    Diversified Industrial Segment – North America Businesses +3 %
    Diversified Industrial Segment – International Businesses +4 %
    Aerospace Systems Segment +9 %
    • Company order rates increased across all reported businesses
    • North America orders turned positive on long-cycle strength
    • International order growth continued, led by Asia
    • Aerospace orders accelerated against a tough prior year comparison

    About Parker Hannifin
    Parker Hannifin is a Fortune 250 global leader in motion and control technologies. For more than a century the company has been enabling engineering breakthroughs that lead to a better tomorrow. Learn more at www.parker.com or @parkerhannifin.

    Contacts:  
    Media: Financial Analysts:
    Aidan Gormley Jeff Miller
    216-896-3258 216-896-2708
    aidan.gormley@parker.com jeffrey.miller@parker.com
       

    Notice of Webcast
    Parker Hannifin’s conference call and slide presentation to discuss its fiscal 2025 second quarter results are available to all interested parties via live webcast today at 11:00 a.m. ET, at investors.parker.com. A replay of the webcast will be available on the site approximately one hour after the completion of the call and will remain available for one year. To register for e-mail notification of future events please visit investors.parker.com.

    Note on Orders The company reported orders for the quarter ending December 31, 2024, compared with the same quarter a year ago. All comparisons are at constant currency exchange rates, with the prior year quarter restated to the current-year rates, and exclude divestitures. Diversified Industrial comparisons are on 3-month average computations and Aerospace Systems comparisons are on rolling 12-month average computations.

    Note on Non-GAAP Financial Measures
    This press release contains references to non-GAAP financial information including (a) adjusted net income; (b) adjusted earnings per share; (c) adjusted operating margin and segment operating margins; (d) adjusted operating income and segment operating income and (e) organic sales growth. The adjusted net income, adjusted earnings per share, adjusted operating margin, adjusted segment operating margin, adjusted operating income, adjusted segment operating income and organic sales measures are presented to allow investors and the company to meaningfully evaluate changes in net income, earnings per share and segment operating margins on a comparable basis from period to period. Although adjusted net income, adjusted earnings per share, adjusted operating margin and segment operating margins, adjusted operating income and segment operating income, and organic sales growth are not measures of performance calculated in accordance with GAAP, we believe that they are useful to an investor in evaluating the results of this quarter versus the prior period. Comparable descriptions of record adjusted results in this release refer only to the period from the first quarter of FY2011 to the periods presented in this release. This period coincides with recast historical financial results provided in association with our FY2014 change in segment reporting. A reconciliation of non-GAAP measures is included in the financial tables of this press release.

    Forward-Looking Statements
    Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks. Often but not always, these statements may be identified from the use of forward-looking terminology such as “anticipates,” “believes,” “may,” “should,” “could,” “expects,” “targets,” “is likely,” “will,” or the negative of these terms and similar expressions, and may also include statements regarding future performance, orders, earnings projections, events or developments. Parker cautions readers not to place undue reliance on these statements. It is possible that the future performance may differ materially from expectations, including those based on past performance.

    Among other factors that may affect future performance are: changes in business relationships with and orders by or from major customers, suppliers or distributors, including delays or cancellations in shipments; disputes regarding contract terms, changes in contract costs and revenue estimates for new development programs; changes in product mix; ability to identify acceptable strategic acquisition targets; uncertainties surrounding timing, successful completion or integration of acquisitions and similar transactions; ability to successfully divest businesses planned for divestiture and realize the anticipated benefits of such divestitures; the determination and ability to successfully undertake business realignment activities and the expected costs, including cost savings, thereof; ability to implement successfully business and operating initiatives, including the timing, price and execution of share repurchases and other capital initiatives; availability, cost increases of or other limitations on our access to raw materials, component products and/or commodities if associated costs cannot be recovered in product pricing; ability to manage costs related to insurance and employee retirement and health care benefits; legal and regulatory developments and other government actions, including related to environmental protection, and associated compliance costs; supply chain and labor disruptions, including as a result of tariffs and labor shortages; threats associated with international conflicts and cybersecurity risks and risks associated with protecting our intellectual property; uncertainties surrounding the ultimate resolution of outstanding legal proceedings, including the outcome of any appeals; effects on market conditions, including sales and pricing, resulting from global reactions to U.S. trade policies; manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and economic conditions such as inflation, deflation, interest rates and credit availability; inability to obtain, or meet conditions imposed for, required governmental and regulatory approvals; changes in the tax laws in the United States and foreign jurisdictions and judicial or regulatory interpretations thereof; and large scale disasters, such as floods, earthquakes, hurricanes, industrial accidents and pandemics. Readers should also consider forward-looking statements in light of risk factors discussed in Parker’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and other periodic filings made with the SEC.

    CONSOLIDATED STATEMENT OF INCOME
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands, except per share amounts)   2024       2023       2024       2023  
    Net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
    Cost of sales   3,022,229       3,101,962       6,119,948       6,199,311  
    Selling, general and administrative expenses   782,421       806,802       1,631,210       1,680,493  
    Interest expense   100,802       129,029       213,893       263,497  
    Other income, net   (328,716 )     (85,011 )     (359,517 )     (163,466 )
    Income before income taxes   1,165,857       868,165       2,041,043       1,688,600  
    Income taxes   217,208       186,108       393,866       355,471  
    Net income   948,649       682,057       1,647,177       1,333,129  
    Less: Noncontrolling interests   107       206       215       451  
    Net income attributable to common shareholders $ 948,542     $ 681,851     $ 1,646,962     $ 1,332,678  
                   
    Earnings per share attributable to common shareholders:              
    Basic earnings per share $ 7.37     $ 5.31     $ 12.80     $ 10.38  
    Diluted earnings per share $ 7.25     $ 5.23     $ 12.60     $ 10.23  
                   
    Average shares outstanding during period – Basic   128,752,836       128,426,247       128,707,962       128,449,398  
    Average shares outstanding during period – Diluted   130,758,808       130,367,351       130,716,482       130,314,326  
                   
                   
    CASH DIVIDENDS PER COMMON SHARE              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Amounts in dollars)   2024       2023       2024       2023  
    Cash dividends per common share $ 1.63     $ 1.48     $ 3.26     $ 2.96  
                   
    RECONCILIATION OF ORGANIC GROWTH
    (Unaudited) Three Months Ended
      As Reported           Adjusted
      December 31, 2024   Currency   Divestitures   December 31, 2024
    Diversified Industrial Segment   (7.4 )%     (1.3 )%     (1.9 )%     (4.2 )%
    Aerospace Systems Segment   14.0 %     — %     — %     14.0 %
    Total   (1.6 )%     (0.9 )%     (1.4 )%     0.7 %
                   
    (Unaudited) Six Months Ended
      As Reported           Adjusted
      December 31, 2024   Currency   Divestitures   December 31, 2024
    Diversified Industrial Segment   (5.9 )%     (0.8 )%     (1.0 )%     (4.1 )%
    Aerospace Systems Segment   15.9 %     0.3 %     — %     15.6 %
    Total   (0.2 )%     (0.5 )%     (0.8 )%     1.1 %
    RECONCILIATION OF NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net income attributable to common shareholders $ 948,542     $ 681,851     $ 1,646,962     $ 1,332,678  
    Adjustments:              
    Acquired intangible asset amortization expense   138,126       142,027       278,247       297,547  
    Business realignment charges   20,855       14,354       30,361       27,446  
    Integration costs to achieve   6,893       10,014       13,304       16,420  
    Gain on sale of building   —       —       (10,461 )     —  
    Gain on divestitures   (249,748 )     (12,391 )     (249,748 )     (25,651 )
    Tax effect of adjustments1   (11,437 )     (33,476 )     (45,648 )     (69,624 )
    Adjusted net income attributable to common shareholders $ 853,231     $ 802,379     $ 1,663,017     $ 1,578,816  
                   
    RECONCILIATION OF EARNINGS PER DILUTED SHARE TO ADJUSTED EARNINGS PER DILUTED SHARE
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Amounts in dollars)   2024       2023       2024       2023  
    Earnings per diluted share $ 7.25     $ 5.23     $ 12.60     $ 10.23  
    Adjustments:              
    Acquired intangible asset amortization expense   1.06       1.09       2.13       2.28  
    Business realignment charges   0.16       0.11       0.23       0.21  
    Integration costs to achieve   0.05       0.08       0.10       0.13  
    Gain on sale of building   —       —       (0.08 )     —  
    Gain on divestitures   (1.91 )     (0.10 )     (1.91 )     (0.20 )
    Tax effect of adjustments1   (0.08 )     (0.26 )     (0.33 )     (0.53 )
    Adjusted earnings per diluted share $ 6.53     $ 6.15     $ 12.74     $ 12.12  
                   
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
    BUSINESS SEGMENT INFORMATION              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net sales              
    Diversified Industrial $ 3,252,806     $ 3,514,473     $ 6,708,964     $ 7,133,001  
    Aerospace Systems   1,489,787       1,306,474       2,937,613       2,535,434  
    Total net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
    Segment operating income              
    Diversified Industrial $ 710,562     $ 752,334     $ 1,494,108     $ 1,559,088  
    Aerospace Systems   338,184       263,112       661,170       489,372  
    Total segment operating income   1,048,746       1,015,446       2,155,278       2,048,460  
    Corporate general and administrative expenses   56,264       49,902       105,058       105,558  
    Income before interest expense and other income, net   992,482       965,544       2,050,220       1,942,902  
    Interest expense   100,802       129,029       213,893       263,497  
    Other income, net   (274,177 )     (31,650 )     (204,716 )     (9,195 )
    Income before income taxes $ 1,165,857     $ 868,165     $ 2,041,043     $ 1,688,600  
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment sales $ 3,252,806     $ 3,514,473     $ 6,708,964     $ 7,133,001  
                   
    Diversified Industrial Segment operating income $ 710,562     $ 752,334     $ 1,494,108     $ 1,559,088  
    Adjustments:              
    Acquired intangible asset amortization   62,570       67,309       127,834       135,260  
    Business realignment charges   19,343       13,285       28,243       25,924  
    Integration costs to achieve   627       871       1,405       2,010  
    Adjusted Diversified Industrial Segment operating income $ 793,102     $ 833,799     $ 1,651,590     $ 1,722,282  
                   
    Diversified Industrial Segment operating margin   21.8 %     21.4 %     22.3 %     21.9 %
    Adjusted Diversified Industrial Segment operating margin   24.4 %     23.7 %     24.6 %     24.1 %
                   
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Aerospace Systems Segment sales $ 1,489,787     $ 1,306,474     $ 2,937,613     $ 2,535,434  
                   
    Aerospace Systems Segment operating income $ 338,184     $ 263,112     $ 661,170     $ 489,372  
    Adjustments:              
    Acquired intangible asset amortization   75,556       74,718       150,413       162,287  
    Business realignment charges   386       (123 )     394       330  
    Integration costs to achieve   6,266       9,143       11,899       14,410  
    Adjusted Aerospace Systems Segment operating income $ 420,392     $ 346,850     $ 823,876     $ 666,399  
                   
    Aerospace Systems Segment operating margin   22.7 %     20.1 %     22.5 %     19.3 %
    Adjusted Aerospace Systems Segment operating margin   28.2 %     26.5 %     28.0 %     26.3 %
                   
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Total net sales $ 4,742,593     $ 4,820,947     $ 9,646,577     $ 9,668,435  
                   
    Total segment operating income $ 1,048,746     $ 1,015,446     $ 2,155,278     $ 2,048,460  
    Adjustments:              
    Acquired intangible asset amortization   138,126       142,027       278,247       297,547  
    Business realignment charges   19,729       13,162       28,637       26,254  
    Integration costs to achieve   6,893       10,014       13,304       16,420  
    Adjusted total segment operating income $ 1,213,494     $ 1,180,649     $ 2,475,466     $ 2,388,681  
                   
    Total segment operating margin   22.1 %     21.1 %     22.3 %     21.2 %
    Adjusted total segment operating margin   25.6 %     24.5 %     25.7 %     24.7 %
    CONSOLIDATED BALANCE SHEET      
    (Unaudited) December 31,   June 30,
    (Dollars in thousands)   2024       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 395,507     $ 422,027  
    Trade accounts receivable, net   2,445,845       2,865,546  
    Non-trade and notes receivable   304,829       331,429  
    Inventories   2,806,983       2,786,800  
    Prepaid expenses   246,467       252,618  
    Other current assets   148,831       140,204  
    Total current assets   6,348,462       6,798,624  
    Property, plant and equipment, net   2,800,992       2,875,668  
    Deferred income taxes   87,400       92,704  
    Investments and other assets   1,232,636       1,207,232  
    Intangible assets, net   7,444,670       7,816,181  
    Goodwill   10,357,303       10,507,433  
    Total assets $ 28,271,463     $ 29,297,842  
           
    Liabilities and equity      
    Current liabilities:      
    Notes payable and long-term debt payable within one year $ 2,373,286     $ 3,403,065  
    Accounts payable, trade   1,794,884       1,991,639  
    Accrued payrolls and other compensation   420,477       581,251  
    Accrued domestic and foreign taxes   364,143       354,659  
    Other accrued liabilities   1,034,501       982,695  
    Total current liabilities   5,987,291       7,313,309  
    Long-term debt   6,667,955       7,157,034  
    Pensions and other postretirement benefits   409,873       437,490  
    Deferred income taxes   1,394,882       1,583,923  
    Other liabilities   684,401       725,193  
    Shareholders’ equity   13,118,553       12,071,972  
    Noncontrolling interests   8,508       8,921  
    Total liabilities and equity $ 28,271,463     $ 29,297,842  
    CONSOLIDATED STATEMENT OF CASH FLOWS      
      Six Months Ended
    (Unaudited) December 31,
    (Dollars in thousands)   2024       2023  
    Cash flows from operating activities:      
    Net income $ 1,647,177     $ 1,333,129  
    Depreciation and amortization   454,869       468,165  
    Stock incentive plan compensation   106,472       108,061  
    Gain on sale of businesses   (250,373 )     (25,964 )
    (Gain) loss on property, plant and equipment and intangible assets   (6,975 )     5,097  
    Net change in receivables, inventories and trade payables   70,981       (42,804 )
    Net change in other assets and liabilities   (405,002 )     (407,366 )
    Other, net   61,584       (86,331 )
    Net cash provided by operating activities   1,678,733       1,351,987  
    Cash flows from investing activities:      
    Capital expenditures   (216,493 )     (204,117 )
    Proceeds from sale of property, plant and equipment   13,259       1,360  
    Proceeds from sale of businesses   622,182       74,595  
    Other, net   (6,941 )     (2,954 )
    Net cash provided by (used in) investing activities   412,007       (131,116 )
    Cash flows from financing activities:      
    Net payments for common stock activity   (189,681 )     (136,394 )
    Acquisition of noncontrolling interests   —       (2,883 )
    Net payments for debt   (1,494,484 )     (784,847 )
    Dividends paid   (420,061 )     (381,115 )
    Net cash used in financing activities   (2,104,226 )     (1,305,239 )
    Effect of exchange rate changes on cash   (13,034 )     (7,999 )
    Net decrease in cash and cash equivalents   (26,520 )     (92,367 )
    Cash and cash equivalents at beginning of year   422,027       475,182  
    Cash and cash equivalents at end of period $ 395,507     $ 382,815  
           
    RECONCILIATION OF FORECASTED ORGANIC GROWTH  
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted net sales (2%) to 1%
    Adjustments:  
    Currency 1.0%
    Divestitures 1.5%
    Adjusted forecasted net sales 0.5% to 3.5%
       
    RECONCILIATION OF FORECASTED SEGMENT OPERATING MARGIN TO ADJUSTED FORECASTED SEGMENT OPERATING MARGIN
       
    (Unaudited)  
    (Amounts in percentages) Fiscal Year 2025
    Forecasted segment operating margin ~ 22.7%
    Adjustments:  
    Business realignment charges 0.2%
    Costs to achieve 0.1%
    Acquisition-related intangible asset amortization expense 2.8%
    Adjusted forecasted segment operating margin ~ 25.8%
       
     
    RECONCILIATION OF FORECASTED EARNINGS PER DILUTED SHARE TO ADJUSTED FORECASTED EARNINGS PER DILUTED SHARE
       
    (Unaudited)  
    (Amounts in dollars) Fiscal Year 2025
    Forecasted earnings per diluted share $24.46 to $25.06
    Adjustments:  
    Business realignment charges 0.39
    Costs to achieve 0.15
    Acquisition-related intangible asset amortization expense 4.22
    Net gain on divestitures (1.91)
    Gain on sale of building (0.08)
    Tax effect of adjustments1 (0.83)
    Adjusted forecasted earnings per diluted share $26.40 to $27.00
       
       
    1This line item reflects the aggregate tax effect of all non-tax adjustments reflected in the preceding line items of the table. We estimate the tax effect of each adjustment item by applying our overall effective tax rate for continuing operations to the pre-tax amount, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
       
    Note: Totals may not foot due to rounding
    SUPPLEMENTAL INFORMATION
                   
    BUSINESS SEGMENT INFORMATION              
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Net sales              
    Diversified Industrial:              
    North America businesses $ 1,928,008     $ 2,110,203     $ 4,028,332     $ 4,340,109  
    International businesses   1,324,798       1,404,270       2,680,632       2,792,892  
                   
    Segment operating income              
    Diversified Industrial:              
    North America businesses $ 426,567     $ 461,850     $ 911,130     $ 967,903  
    International businesses   283,995       290,484       582,978       591,185  
    RECONCILIATION OF ORGANIC GROWTH            
    (Unaudited) Three Months Ended
      As Reported               Adjusted
      December 31, 2024     Currency     Divestitures   December 31, 2024
    Diversified Industrial Segment:                          
    North America businesses   (8.6 )%     (0.4 )%     (3.2 )%     (5.0 )%
    International businesses   (5.7 )%     (2.7 )%     — %     (3.0 )%
                               
    (Unaudited) Six Months Ended
        As Reported                   Adjusted  
        December 31, 2024       Currency     Divestitures     December 31, 2024  
    Diversified Industrial Segment:                          
    North America businesses   (7.2 )%     (0.5 )%     (1.7 )%     (5.0 )%
    International businesses   (4.0 )%     (1.3 )%     — %     (2.7 )%
    RECONCILIATION OF SEGMENT OPERATING MARGINS TO ADJUSTED SEGMENT OPERATING MARGINS
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment:              
    North America businesses sales $ 1,928,008     $ 2,110,203     $ 4,028,332     $ 4,340,109  
                   
    North America businesses operating income $ 426,567     $ 461,850     $ 911,130     $ 967,903  
    Adjustments:              
    Acquired intangible asset amortization   40,985       44,699       83,960       89,382  
    Business realignment charges   5,444       3,250       8,888       5,834  
    Integration costs to achieve   445       562       1,050       1,507  
    Adjusted North America businesses operating income $ 473,441     $ 510,361     $ 1,005,028     $ 1,064,626  
                   
    North America businesses operating margin   22.1 %     21.9 %     22.6 %     22.3 %
    Adjusted North America businesses operating margin   24.6 %     24.2 %     24.9 %     24.5 %
                   
      Three Months Ended   Six Months Ended
    (Unaudited) December 31,   December 31,
    (Dollars in thousands)   2024       2023       2024       2023  
    Diversified Industrial Segment:              
    International businesses sales $ 1,324,798     $ 1,404,270     $ 2,680,632     $ 2,792,892  
                   
    International businesses operating income $ 283,995     $ 290,484     $ 582,978     $ 591,185  
    Adjustments:              
    Acquired intangible asset amortization   21,585       22,610       43,874       45,878  
    Business realignment charges   13,899       10,035       19,355       20,090  
    Integration costs to achieve   182       309       355       503  
    Adjusted International businesses operating income $ 319,661     $ 323,438     $ 646,562     $ 657,656  
                   
    International businesses operating margin   21.4 %     20.7 %     21.7 %     21.2 %
    Adjusted International businesses operating margin   24.1 %     23.0 %     24.1 %     23.5 %

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Odisha State Co-operative Bank Ltd

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 28, 2025, imposed a monetary penalty of ₹4.00 lakh (Rupees Four Lakh only) on The Odisha State Co-operative Bank Ltd., (the bank) for non-compliance with the provisions of Section 9 and Section 26A of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) and 56 of BR Act.

    The statutory inspection of the bank was conducted by the National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of contravention of statutory provisions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for contravention of provisions of the BR Act. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had:

    1. failed to dispose of certain Non-Banking Assets within the prescribed period; and

    2. failed to transfer eligible unclaimed amounts to the Depositor Education and Awareness Fund within the prescribed time.

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2042

    MIL OSI Economics –