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Category: Business

  • MIL-OSI Africa: Top Renewable Energy Projects Powering African Mining

    Source: Africa Press Organisation – English (2) – Report:

    CAPE TOWN, South Africa, January 28, 2025/APO Group/ —

    As Africa’s mining industry faces increasing pressure to decarbonize, companies are turning to renewable energy solutions to meet environmental targets while ensuring reliable and affordable energy supplies. This shift is driven by the need to reduce operational costs, achieve sustainability goals and comply with evolving global regulations. From solar and wind to hydropower, renewables are becoming integral to mining operations across the continent. Initiatives across Angola, Zambia, South Africa and the Democratic Republic of Congo (DRC) are setting a precedent for how renewables can transform the mining sector and contribute to Africa’s broader energy transition.

    Trafigura’s 2,000 MW Green Energy Initiative

    Global commodities trader Trafigura, engineering firm ProMarks and the Angolan government agreed to develop a 2,000 MW high-voltage electricity interconnector in July 2024. The project will transport renewable energy, primarily from hydropower projects in northern Angola, to meet growing demand from mining companies in Zambia and the DRC. The project will also supply the Southern Africa Power Pool regional grid.

    First Quantum’s 430 MW Renewables Project in Zambia

    Canadian mining firm First Quantum Minerals is investing $500 million in a 430 MW renewable energy project to power its Kansanshi and Sentinel mines in Zambia. Developed in partnership with Total Eren and Chariot, the project includes a 230 MW solar PV plant and a 200 MW wind farm. The facilities, set for completion in 2026 and 2027, respectively, aim to reduce First Quantum’s carbon footprint by 30% by 2025.

    Tronox Holdings’ 400 MW Portfolio in South Africa

    Mining and chemicals firm Tronox Holdings has signed agreements with clean energy firms NOA Group and Sola Group to secure over 400 MW of renewable energy for its mining and smelting operations in South Africa. Once commissioned from 2027, the projects will provide 70% of Tronox Holdings’ energy needs, reducing the firm’s carbon footprint by 25% compared to 2019 levels. The combined capacity includes a 200 MW solar power plant from Sola Group and additional capacity from NOA Group, delivering 497 GWh of electricity annually.

    CMOC’s 200 MW Project in the DRC

    Chinese mining firm CMOC closed a deal with green energy firm Lualaba Power in July 2024 to accelerate development of the 200 MW Nzilo II hydropower and floating solar project in the DRC. The project will provide CMOC with base load and peak power, supporting the firm’s target to produce 800,000 to 1 million tons of copper annually by 2028.

    Northam’s 180 MW Solar Farm in South Africa

    In August 2024, mining firm Northam Platinum Group Metals signed a power purchase agreement for a 180 MW solar farm to power its Zondereinde mine in South Africa. The solar plant will generate 220 GWh annually, meeting 15% of the mine’s energy needs while reducing carbon emissions.

    MIL OSI Africa –

  • MIL-OSI China: People stick to their posts on China’s Lunar New Year’s eve

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

    People stick to their posts on China’s Lunar New Year’s eve

    Updated: January 28, 2025 21:40 Xinhua
    Workers sort express deliveries at a branch of China Post in Luancheng District of Shijiazhuang City, north China’s Hebei Province, Jan. 28, 2025. Tuesday marks China’s Lunar New Year’s eve, with many people from all walks of life still sticking to their posts. [Photo/Xinhua]
    Cleaners sweep a street in Xinhua District of Shijiazhuang City, north China’s Hebei Province, Jan. 28, 2025. [Photo/Xinhua]
    Policemen have meal during a break at Furong police station of Hefei public security bureau in Hefei, east China’s Anhui Province, Jan. 28, 2025. [Photo/Xinhua]
    Rangers patrol on Qilian Mountain in Qilian Mountain national park in Menyuan County, northwest China’s Qinghai Province, Jan. 28, 2025. [Photo/Xinhua]
    An attendant works on a train at Harbin Railway Station in Harbin, northeast China’s Heilongjiang Province, Jan. 28, 2025. [Photo/Xinhua]
    Staff members of the Sus Environment Co., Ltd. check the operation of equipment at a factory in Jiaxing City, east China’s Zhejiang Province, Jan. 28, 2025. [Photo/Xinhua]
    A staff member works on a train platform at the Yangzhou Railway Station in Yangzhou, east China’s Jiangsu Province, Jan. 28, 2025. [Photo/Xinhua]
    A worker is seen at a steel studio of Masteel (Group) Holding Co., Ltd. in Ma’anshan City, east China’s Anhui Province, Jan. 28, 2025. [Photo/Xinhua]
    Workers clean a train at a high-speed train maintenance base in Nanjing, east China’s Jiangsu Province, Jan. 28, 2025. [Photo/Xinhua]
    Workers of Hai’an branch of State Grid measure the temperature of equipment at a transformer substation in Hai’an City, east China’s Jiangsu Province, Jan. 28, 2025. [Photo/Xinhua]
    A staff member of an electronic technology company patrols to check the operation of equipment at a production line in Jiaxing City, east China’s Zhejiang Province, Jan. 28, 2025. [Photo/Xinhua]
    Rangers patrol on Qilian Mountain in Qilian Mountain national park in Menyuan County, northwest China’s Qinghai Province, Jan. 28, 2025. [Photo/Xinhua]
    A worker of an electronic technology company checks data at a laboratory in Jiaxing City, east China’s Zhejiang Province, Jan. 28, 2025. [Photo/Xinhua]
    A ranger pastes the Chinese character “Fu” meaning good luck on the window of her office at the Laohugou station of Qilian Mountain national park in Menyuan County, northwest China’s Qinghai Province, Jan. 28, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI United Kingdom: Mayor delighted to launch Feel the Beat: An Afro-Inspired Bank Holiday Celebration

    Source: Northern Ireland – City of Derry

    Mayor delighted to launch Feel the Beat: An Afro-Inspired Bank Holiday Celebration

    28 January 2025

    The amazing sound and incredible energy of Afrobeats is set to vibrate around St Columb’s Hall at a special fundraising night planned by the Mayor of Derry City and Strabane District Council for Spring this year.

    Feel the Beat: An Afro-Inspired Bank Holiday Celebration will feature top DJs Renzo Rose, DJ Rob and DJ Lui who will play a mix of Afrobeats, amapiano, dancehall, hip-hop, R’n’B and commercial music guaranteed to have you on the dancefloor all night long.  

    Revealing her plans for Feel the Beat, which will take place on 25th May 2025, Mayor Lilian Seenoi Barr said: “I am so excited to bring this night of Afrobeats to St Columb’s Hall. I would encourage everyone to come along and enjoy a night of incredible energy and top tunes. It doesn’t matter if you’ve never been to an Afrobeats event before, if you love music you’ll love this night.”

    The event is planned as a fundraiser for the Bud Club, the charity the Mayor has chosen to support during her year in office. BUD is an inclusive provision for young people with disabilities and specific/complex needs.

    Tickets are now on sale and the Mayor is encouraging people to get theirs early to avoid disappointment. She explained: “This night is perfect for anyone who loves energetic music and would enjoy a night full of friendship and positivity. And remember, by buying a ticket you will also be supporting the awesome Bud Club and all the work that they do.  This is all possible because of the sponsorship support given by the Garvan O’Doherty group.

    “So get your tickets now and get ready to dance like you have never danced before at Feel the Beat in St Columb’s Hall. I can’t wait to see you all on the dancefloor.”

    Tickets for the Feel the Beat: An Afro-Inspired Bank Holiday Celebration are now on sale and can be purchased at https://AfroBeatCelebration.eventbrite.co.uk

    MIL OSI United Kingdom –

  • MIL-OSI Russia: GUU presented the “Course on Business and Entrepreneurship” at the conference of thematic partners of “Artek”

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    The IX International Conference of Thematic Partners “Artek at 100%” was held in the International Children’s Center “Artek”, in which representatives of the State University of Management with the program “Course for Business and Entrepreneurship” took part.

    The International Children’s Center “Artek” annually holds a competition for additional general development programs, and in the year of the 100th anniversary of “Artek”, which will be celebrated in 2025, this conference becomes a particularly important milestone in the history of the center, demonstrating its openness to cooperation.

    This year, the center plans to implement more than 170 programs with the participation of 130 partners, in all areas that exist in the Russian Federation. Within the framework of partner programs, Artek will be visited by more than 17 thousand children from 89 regions of our vast homeland, as well as from foreign countries. The “red thread” of the anniversary year will be the 80th anniversary of the Great Victory and the Year of the Defender of the Fatherland. Patriotic events will also be implemented jointly with partner organizations.

    It should be noted that for the second year in a row, the State University of Management has become the winner of the competition of additional general development programs. This time, on behalf of the State University of Management, the conference was attended by first-year master’s students in the Project Management program, Maria Larshina and Polina Ponikarovskaya, who are members of the project team of the Business and Entrepreneurship Course program. This program was developed on the initiative of the Ministry of Economic Development of the Russian Federation, and a large team of the best specialists from the State University of Management took part in its development.

    The International Conference of Thematic Partners “Artek at 100” was held from January 19 to 22. On the first day of the conference, plenary sessions were held dedicated to the activities of Artek, key events of 2025 and the role of partner organizations in creating meaningful programs and the educational environment of the Artek Information Technology Center.

    On the second day of the conference, the participants visited the Korsun Children’s Center, a branch of Artek in Sevastopol. Round tables were held there, as well as a ceremony to award certificates to the winners of the competition for additional general development programs. The winner’s certificate was presented to representatives of the State University of Management by the First Deputy Director of the Artek International Children’s Center, Elena Zhivoglyad. For the 100th anniversary of the International Children’s Center, a documentary film, Artek. 100 Years of Happy Childhood, was created together with the Media Glob team. The first viewers were thematic partners – participants of the IX International Conference.

    On the last day of the conference “Artek at 100%” a festival of creativity was held, where participants were able to exchange experiences, ideas and their skills. The event featured more than 40 platforms from thematic partners of “Artek”. The State University of Management organized a point “Entrepreneurial Puzzle”, where participants could test their ingenuity and knowledge, as well as learn more about the additional general development program “Course on Business and Entrepreneurship”.

    Let us add that the additional general development program “Course on Business and Entrepreneurship” is aimed at training qualified personnel for medium and small businesses by involving teenagers and young people. Its goal: to develop entrepreneurship competencies in students by means of interactive forms of training, project and game technologies. The main events of the program include: practical classes, conversations, discussions, project work in groups, business and role-playing games, quizzes.

    Over the course of three days, representatives of partner organizations, together with Artek employees, developed mechanisms for integrating thematic programs into the educational process of the children’s center, discussed the regulatory framework for the partners’ activities, information and methodological support for the educational process, and much more.

    Subscribe to the TG channel “Our GUU” Date of publication: 01/28/2025

    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.

    MIL OSI Russia News –

  • MIL-OSI: 89% of IT Leaders Worry GenAI Flaws Could Negatively Impact Their Organization’s Cybersecurity Strategies, Sophos Survey Finds

    Source: GlobeNewswire (MIL-OSI)

    OXFORD, United Kingdom, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sophos, a global leader of innovative security solutions for defeating cyberattacks today released a new report, “Beyond the Hype: The Businesses Reality of AI for Cybersecurity,” which surveyed 400 IT leaders on their use of AI in security. The survey found that, despite 65% having adopted generative artificial intelligence (GenAI capabilities) 89% of IT leaders are concerned that flaws in GenAI cybersecurity tools could put their organization at risk.

    Additionally, according to new Sophos X-Ops research, “Cybercriminals Still Not Getting on Board the AI Train (Yet),” also released today, there has been a slight but noteworthy shift in the way cybercriminals use AI. After investigating several underground forums, Sophos X-Ops found that, while there’s still skepticism about GenAI, some criminals are using it to automate mundane tasks, such as crafting bulk emails and analyzing data. Others are incorporating it into spam and social engineering toolkits.

    “As with many other things in life, the mantra should be ‘trust but verify’ regarding generative AI tools. We have not actually taught the machines to think; we have simply provided them the context to speed up the processing of large quantities of data,” said Chester Wisniewski, director, global field CTO, Sophos. “The potential of these tools to accelerate security workloads is amazing, but it still requires the context and comprehension of their human overseers for this benefit to be realized.”

    With some form of AI embedded in the cybersecurity infrastructure of 98% of organizations surveyed, IT leaders expressed concern about potential over-reliance on AI, with 87% of respondents stating they were concerned about a resulting lack of cybersecurity accountability.

    GenAI and Reducing Burnout

    Different-sized organizations expressed different priorities for utilizing GenAI. While large organizations (those with more than 1,000 employees) are prioritizing improved protection, respondents with 50-99 employees rated reducing burnout as their top desired benefit from GenAI tools. However, complicating matters, across all sizes of organizations, 84% of leaders surveyed said they were concerned about pressure to reduce cybersecurity professional headcount due to unrealistic expectations about AI’s abilities to replace human operators.

    Other Key Findings from the “Beyond the Hype” Report:

    • Costs of GenAI Are Hard to Quantify: 75% of IT leaders agree that the costs of GenAI in cybersecurity products are hard to quantify.
    • Companies Are Counting on Savings from GenAI: While 80% of IT leaders believe that GenAI will significantly increase the cost of cybersecurity tools, most organizations believe GenAI offers a path to lowering overall cybersecurity expenditure with 87% of respondents believing the savings of GenAI will offset the costs.

    To learn more about IT leaders utilizing AI, read the report, “Beyond the Hype: The Businesses Reality of AI for Cybersecurity,” on Sophos.com.

    To learn more about cybercriminal attitudes towards GenAI, read the report, “Cybercriminals Still Not Getting on Board the AI Train (Yet),” on Sophos.com.

    Learn More About

    About Sophos
    Sophos is a global leader and innovator of advanced security solutions for defeating cyberattacks, including Managed Detection and Response (MDR) and incident response services and a broad portfolio of endpoint, network, email, and cloud security technologies. As one of the largest pure-play cybersecurity providers, Sophos defends more than 600,000 organizations and more than 100 million users worldwide from active adversaries, ransomware, phishing, malware, and more. Sophos’ services and products connect through the Sophos Central management console and are powered by Sophos X-Ops, the company’s cross-domain threat intelligence unit. Sophos X-Ops intelligence optimizes the entire Sophos Adaptive Cybersecurity Ecosystem, which includes a centralized data lake that leverages a rich set of open APIs available to customers, partners, developers, and other cybersecurity and information technology vendors. Sophos provides cybersecurity-as-a-service to organizations needing fully managed security solutions. Customers can also manage their cybersecurity directly with Sophos’ security operations platform or use a hybrid approach by supplementing their in-house teams with Sophos’ services, including threat hunting and remediation. Sophos sells through reseller partners and managed service providers (MSPs) worldwide. Sophos is headquartered in Oxford, U.K. More information is available at www.sophos.com.

    The MIL Network –

  • MIL-OSI: QXO Comments on Beacon Roofing Supply’s Adoption of Shareholder-Unfriendly Poison Pill

    Source: GlobeNewswire (MIL-OSI)

    Reaffirms Commitment to Acquiring Beacon for $124.25 per Share in Cash

    All-Cash Offer Provides Significant and Immediate Value to Beacon Shareholders

    GREENWICH, Conn., Jan. 28, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) today commented on Beacon Roofing Supply, Inc.’s (Nasdaq: BECN) adoption of a shareholder rights plan, which takes immediate effect and is aimed at blocking QXO’s all-cash tender offer to acquire all outstanding shares of Beacon for $124.25 per share.

    “We launched our all-cash tender offer to ensure that Beacon’s shareholders can take advantage of our compelling offer and get paid quickly. We have committed financing, have no due diligence condition and anticipate a smooth regulatory approval process to close,” said Brad Jacobs, chairman and chief executive officer of QXO. “The only thing stopping shareholders from acting to get cash expeditiously is the decision by Beacon’s Board to adopt a poison pill. We are prepared to take all necessary steps to complete this transaction promptly and deliver significant and immediate value to Beacon shareholders.”

    QXO’s $124.25 per share offer represents a 37% premium to Beacon’s 90-day unaffected volume-weighted average price of $91.02 per share as of November 15, 2024, and a 26% premium to the $98.75 price before its proposal became public.

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

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

    About QXO

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

    Forward-Looking Statements

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

    Important Additional Information and Where to Find It

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

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

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon.  As of the issuance of this communication, other than QXO, which beneficially owns 100 shares of Beacon common stock, none of the participants that have been identified beneficially own any shares of Beacon common stock.

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

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

    Investor Contacts ‍

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

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

    The MIL Network –

  • MIL-Evening Report: ‘Turn it into a retirement village’: Inside the war of words over Eden Park

    After lengthy, torrid and emotional debate a critical decision for the future of Auckland Tāmaki Makaurau is being made in March. One party will celebrate; the other will slink back to the drawing board. But will it really settle the great Auckland stadium debate?

    SPECIAL REPORT: By Chris Schulz

    It resembles a building from Blade Runner. It looks like somewhere the Avengers might assemble. It is, believes Paul Nisbet, the future.

    “It’s innovative, it’s groundbreaking, it’s something different,” says the driving force behind Te Tōangaroa, a new stadium mooted for downtown Auckland.

    He has spent 13 years dreaming up this moon shot, and it shows. “We have an opportunity here to deliver something special for the country.”

    Located behind Spark Arena, Te Tōangaroa — also called “Quay Park” — is Nisbet’s big gamble, the stadium he believes Tāmaki Makaurau needs to sustain the city’s live sport and entertainment demands for the next 100 years.

    His is a concept as grand as it gets, a U-shaped dream with winged rooftops that will sweep around fans sitting in the stands, each getting unimpeded views out over the Waitematā Harbour and Rangitoto Island.

    Located behind Spark Arena, Te Tōangaroa is also called “Quay Park”. Image: Te Tōangaroa

    Nisbet calls his vision a “gateway for the world,” a structure so grand he believes it would attract the biggest sports teams, stars and sponsors to Aotearoa while offering visitors a must-see tourist destination. Nestled alongside residential areas, commercial zones and an All Blacks-themed hotel, designs show a retractable roof protecting 55,000 punters from the elements and a sky turret towering over neighbouring buildings.

    He’s gone all in on this. Nisbet’s quit his job, assembled a consortium of experts — called Cenfield MXD — and attracted financial backers to turn his vision into a reality. It is, Nisbet believes, the culmination of his 30-year career working in major stadiums, including 11 years as director of Auckland Stadiums.

    “I’ve had the chance to travel extensively,” he says. “I’ve been to over 50 stadiums around the world.”

    Tāmaki Makaurau, he says, needs Te Tōangaroa — urgently. If approved, it will be built over an ageing commercial space and an unused railway yard sitting behind Spark Arena, what Nisbet calls “a dirty old brownfields location that’s sapping the economic viability out of the city”.

    He calls it a “regeneration” project. “You couldn’t mistake you’re in Auckland, or New Zealand, when you see images of it,” he says.

    The All Blacks are on board, says Nisbet, and they want Te Tōangaroa built by 2029 in time for a Lions tour. (The All Blacks didn’t respond to a request for comment, but former players John Kirwan and Sean Fitzpatrick have backed the team moving to Te Tōangaroa.)

    Concert promoters are on board too, says Nisbet. He believes Te Tōangaroa would end the Taylor Swift debacle that’s seen her and many major acts skip us in favour of touring Australian stadiums.

    “It will be one of those special places that international acts just have to play,” he says.

    The problem? Nisbet’s made a gamble that may not pay off. In March, a decision is due to be made about the city’s stadium future. Building Te Tōangaroa, with an estimated construction time of six years and a budget of $1 billion, is just one option.

    The other, Eden Park, has 125 years of history, a long-standing All Blacks record and a huge number of supporters behind it — as well as a CEO willing to do anything to win.

    The stadium standing in Te Tōangaroa’s way
     Stand in Eden Park’s foyer for a few minutes and history will smack you in the face. It’s there in the photos framed on the wall from a 1937 All Blacks test match. It’s sitting in Anton Oliver’s rugby boots from 2001, presumably fumigated and placed inside a glass case.

    More recent history is on display too, with floor-to-ceiling photographs showing off concerts headlined by by Ed Sheeran and Six60, a pivot only possible since 2021.

    Soon, the man in charge of all of this arrives. “Very few people have seen this space,” says Nick Sautner, the Eden Park CEO who shakes my hand, pulls me down a hallway and invites me into a secret room in the bowels of Eden Park. With gleaming wood panels, leather couches and top-shelf liquor, Sautner’s proud of his hidden bar.

    “It’s invite-only . . . a VIP experience,” says Sautner, whose Australian accent remains easily identifiable despite seven years at the helm of Eden Park.

    The future of Eden Park if a refurb is granted. Image: YouTube

    This bar, he says, is just one of the many innovations Eden Park has undertaken in recent years. Built in 1900, the Mt Eden stadium remains the home of the All Blacks — but Eden Park is no longer considered a specialty sports venue.

    Up to 70 percent of the stadium’s revenue now comes from non-sporting activities, Sautner confirms. You can golf, abseil onto the rooftops and stay the night in dedicated glamping venues. It’s also become promoters’ choice for major concerts, with Coldplay and Luke Combs recently hosting multiple shows there. “We will consider any innovation you can imagine,” Sautner tells me. “We’re a blank canvas.”

    Throughout our interview, Sautner refers to Eden Park as the “national stadium”. He’s upbeat and on form, rattling off statistics and renovations from memory. His social media feeds — especially LinkedIn — are full of posts promoting the stadium’s achievements. He’ll pick up the phone to anyone who will talk to him.

    “Whatsapp is the best way of contacting me,” he says. Residents have his number and can call directly with complaints. After our interview, Sautner passes me his business card then follows it up with an email making sure I have everything I need. “My phone’s always on,” he assures me.

    He may not admit it, but Sautner’s doing all of this in an attempt to get ahead of what’s shaping up as the biggest crisis of Eden Park’s 125 years. If Te Tōangaroa is chosen in March, Eden Park — as well as Albany’s North Harbour Stadium and Onehunga’s Go Media Stadium – will all take a back seat.

    If Eden Park loses the All Blacks and their 31-year unbeaten record, then there’s no other word for it: the threat is existential.

    Called Eden Park 2.1, Sautner is promoting a three-stage renovation plan. Image: YouTube

    Ask Sautner if he’s losing sleep over his stadium’s future and he shakes his head. To him, Te Tōangaroa’s numbers don’t stack up. “If someone can make the business model work for an alternative stadium in Auckland, I’m all for activating the waterfront,” he says.

    Then he poses a series of questions: “How many events a year would a downtown stadium hold? Forty-five?” he asks. “So 320 other days a year, what’s going to be in that stadium?”

    He is, of course, biased. But Sautner believes upgrading Eden Park is the right move. Called Eden Park 2.1, Sautner is promoting a three-stage renovation plan that includes building a $100 million retractable rooftop. A new North Stand would lift Eden Park’s capacity to 70,000, and improved function facilities and a pedestrian bridge would turn the venue into “a fortress . . . capable of hosting every event”.

    He’s veering into corporate speak, but Sautner sees the vision clearly. With his annual concert consent recently raised from six to 12 shows, he already thinks he’s got it in the bag, “Eden Park has the land, it has the consent, it has the community, it has the infrastructure,” he says. “I’m very confident Eden Park is going to be here for another 100 years.”

    Instead of a drink, Sautner offers RNZ a personal stadium tour that takes us through the exact same doors that open when the All Blacks emerge onto the hallowed turf. There, blinking in the sunlight, Sautner sweeps his arms around the stadium and grins. “I get up every day and I think of my family,” he says. “Then I think, ‘How can I make Eden Park better?”

    The stadium debate: ‘It began when the dinosaurs died out’
     It is, says Shane Henderson, an argument for the ages. It never seems to quit. How long have Aucklanders been feuding about stadiums? “It began when the dinosaurs died out,” jokes Henderson.

    For the past year, he’s been chairing a working group that will make the decision on Auckland’s stadium future. That group whittled four options down to the current two, eliminating a sunken waterfront stadium, and another based in Silo Park.

    He’s doing this because Wayne Brown asked him to. “The mayor said, ‘We need to say to the public, ‘This is our preferred option for a stadium for the city.’” It’s taken over Henderson’s life. Every summer barbecue has turned into a forum for people to share their views.

    “People say, “Why don’t you do this?’” he says. Henderson won’t be drawn on which way he’s leaning ahead of March’s decision, but he’s well aware of the stakes. “We’re talking about the future of our city for generations to come,” he says. “It’s natural feelings are going to run high.”

    That’s true. As I researched this story, the main parties engaged in a back-and-forth discussion that became increasingly heated. Jim Doyle, from Te Tōangaroa’s Cenfield MXD team, described Eden Park’s situation as desperate.

    “Eden Park can’t fund itself . . . it’s got no money, it’s costing ratepayers,” he said. Doyle alleged the stadium “wouldn’t be fit for purpose”. “You’re going to have to spend probably close to $1 billion to upgrade it.” Asked what should happen to Eden Park should the decision go Te Tōangaroa’s way, Doyle shrugged his shoulders. “Turn it into a retirement village.”

    Eden Park’s Sautner immediately struck back. Yes, he admits Eden Park owes $40 million to Auckland Council, calling that debt a “legacy left over from the Rugby World Cup 2011”. But he denied most of the consortium’s claims.

    “Eden Park does not receive any funding or subsidies from Auckland ratepayers,” Sautner said in a written statement. He confirmed renovations had already begun. “Over the past three years, the Trust has invested more than $30 million to enhance infrastructure and upgrade facilities . . . creating flexible spaces to meet evolving market demands.”

    Sautner said Doyle’s statement was evidence of his team’s inexperience. “We are extremely disappointed that comments of this nature have been made,” he said. “They are factually incorrect and highlight Quay Park consortium’s lack of understanding of stadium economics.”

    Do we even need to do this?
     As the stadium debate turns into a showdown, major stars continue to skip Aotearoa in favour of huge Australian shows, with Katy Perry, Kylie Minogue and Oasis all giving us a miss this year. New Zealand music fans are reluctantly spending large sums on flights and accommodation if they want to see them. Until Metallica arrives in November, there are no stadium shows booked; just three of Eden Park’s 12 allotted concert slots are taken this year.

    Yet, Auckland City councillors will soon study feasibility reports being submitted by both stadium options.

    On March 24, Henderson, the working group chair, says councillors will come together to “thrash it out” and vote for their preferred option. There will only be one winner, and The New Zealand Herald reports either building Te Tōangaroa or Eden Park 2.1 is likely to cost more than $1 billion. Either we’re spending that on a brand new waterfront stadium, or we’re upgrading an old one.

    “Is that the best use of that money?” asks David Benge. The managing director for events company TEG Live doesn’t believe Tāmaki Makaurau needs another stadium because it’s barely using those it already has. He has questions.

    “I understand the excitement around a shiny new toy, but to what end?” he asks. “Can Auckland sustain a show at Go Media Stadium, a show at Western Springs, a show at Eden Park, and a show at this new stadium on the same night — or even in the same week?”

    Benge doesn’t believe Te Tōangaroa would entice more artists to play here either. “I’m yet to meet an artist who’s going to be swayed by how iconic a venue is,” he says. Bigger problems include the size of our population and the strength of our dollar.

    No matter the venue, “you’re still incurring the same expenses to produce the show,” he says. Instead, he suggests Pōneke as the next city needing a new venue. “If you could wave a magic wand and invest in a 10,000-12,000-capacity indoor arena in Wellington, that would be fantastic,” he says.

    Would a new stadium really lure big artists to NZ? Image: Te Tōangaroa

    Live Nation, the touring juggernaut that hosts most of the country’s stadium shows, didn’t respond to a request for comment. Other promoters canvassed by RNZ offered mixed views. Some wanted a new stadium, while others wanted a refurbished one. Every single one of them said that any new stadium needed to be built with concerts — not sport — in mind.

    “We’re fitting a square peg in a round hole,” one said about the production costs involved in trucking temporary stages into Eden Park or Go Media Stadium. “Turf replacement can add hundreds of thousands — if not $1 million — to your bottom line,” said another.

    Some wanted something else entirely. Veteran promoter Campbell Smith pointed out Auckland Council is seeking input for a potential redevelopment of Western Springs. One mooted option is turning it into a home ground for the rapidly rising football club Auckland FC. Smith doesn’t agree with that. “I think it’s a really attractive option for music and festivals,” he says. “It’s got a large footprint, it’s easily accessible, it’s close to the city … It would be a travesty if it was developed entirely for sport.”

    One thing is for certain: a decision on this lengthy, torrid and emotional topic is being made in March. One party will celebrate; the other will slink back to the drawing board. Will it finally end the great Auckland stadium debate? That’s a question that seems easier to answer than any of the others.

    Chris Schulz is a freelance entertainment journalist and author of the industry newsletter, Boiler Room. This article was first published by RNZ and is republished with the author’s permission. Asia Pacific Report has a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: UConn Researchers Partner with Bioplastics Company to Examine Biodegradable Plastics

    Source: US State of Connecticut

    Plastic pollution has become a global crisis, with the United Nations Environment Programme estimating between 19 and 23 million tons of plastic waste leak into aquatic ecosystems each year. A partnership between UConn marine sciences researchers and a leading bioplastics manufacturer is showing promise in addressing this issue.   

    A recent study published in the Journal of Polymers and the Environment found that Mater-Bi, a starch-based polymer produced by Italian company Novamont, degraded by as much as nearly 50% over nine months in a marine environment—significantly more than traditional plastics. 

    Novamont, which has a U.S. office in Shelton, collaborated with the UConn team to evaluate the product’s biodegradation. 

    The study was led by Hannah Collins, a marine sciences Ph.D. candidate. Collins and her co-author, Larissa Tabb ’22 (CLAS), highlighted research done as part of the Marine Environmental Physiology Laboratory under the guidance of her advisor, professor and head of marine sciences Evan Ward. 

    “I’ve always been interested in how marine animals interact with their environment,” Collins says. “When our lab started looking at microplastics, it was clear how pervasive and damaging this problem is.” 

    Collins says the findings could have meaningful implications for reducing plastic pollution in aquatic environments. For example, products like Mater-Bi could replace traditional plastics used in aquatic structures, such as kelp farm lines, to reduce the possibility of plastic pollution.  

    The tank set up for the experiment at John S. Rankin Laboratory on the Avery Point campus. (Contributed by Hannah Collins.)

    “We’ve seen the pictures of sea turtles with plastic around their heads,” she says. “We have a lot of evidence of the negative effects of plastic pollution.” 

    Collins, who grew up visiting Cape Cod and the beaches of Long Island Sound, has long been fascinated by marine life. After earning a degree in biology from Gettysburg College and working in Alaska’s salmon fisheries, she decided to combine her passion for marine organisms and the environment, first in her master’s program and now for her Ph.D. 

    She says the collaboration with Novamont has helped her feel like she is making a difference in addressing marine pollution. It also provided her with hands-on experience examining real-world product applications. 

    Biodegradable plastics like Mater-Bi degrade much faster than traditional plastics, reducing risks to aquatic environments. However, Collins notes that many of these products are often tested under controlled conditions, not in real-world marine environments. 

    Students spent nine months monitoring degradation of Mater-Bi 

    Collins’ research on Mater-Bi was conducted in a semi-controlled environment at the John S. Rankin Laboratory on the Avery Point campus. The lab filters seawater from the surrounding area to keep large organisms, like crabs, out. This allowed Collins and her team to test how much the product degraded in natural conditions while ruling out the impact of interference from those large organisms.  

    Samples of the bags used in the experiment. (Contributed by Hannah Collins).

    Her team tested samples of a Mater-Bi compostable bag, a traditional plastic bag, and a known biodegradable plastic in the lab. Every two weeks, they checked and measured how much each sample degraded by either mass or area. After nine months, they found that the Mater-Bi samples lost between 25% and 47% of their mass or area. Additionally, they found that the rate of degradation increased during warmer months. 

    “Microbial activity tends to increase in warmer conditions, which likely contributed to the faster degradation rates we observed,” Collins says.

    A Mater-Bi sample at the end of the experiment. (Contributed by Hannah Collins).

    Collins says she is hopeful that these findings could lead to future uses of Mater-Bi in aquaculture, especially for products where temporary or disposable materials are often used, such as oyster grow-out bags or kelp farming lines. 

    “If something breaks loose, it won’t persist in the water for decades,” she says. 

    Collins and Tabb have maintained connections with Novamont. Collins will attend the World Aquaculture Conference in New Orleans this March, where she hopes to connect industry leaders with biodegradable products like those produced by Novamont. 

    “Addressing plastic pollution requires a range of solutions,” she says. “Biodegradable plastics are just one piece of the puzzle.” 

    MIL OSI USA News –

  • MIL-OSI USA: Innovation Quest Turns Students into Entrepreneurs 

    Source: US State of Connecticut

    If there is one thing that Gaofei Zhang learned from a night-time equestrian class at UConn on a bitter cold evening is that a warm, comfortable pair of boots is one of life’s necessities.

    “After that night, I tried a lot of brands of boots,’’ says Zhang, a Ph.D. student in the Department of Allied Health Sciences in the College of Agriculture, Health and Natural History (CAHNR). “They either weren’t warm or weren’t waterproof, or they were slippery or stiff or hard to clean. I didn’t understand why you’d call them ‘snow boots’ if they aren’t good in the snow!’’

    Zhang has a home in Mongolia where the temperature drops as low as minus-30 degrees. The locals create warm and comfortable work boots, but they aren’t stylish. Zhang thought she could adopt their footwear expertise and merge it with something fashionable, including multi-colored fur and beads.

    “As an international student, I didn’t know anything about how to start a company and I was not brave enough to create it on my own,’’ she says. Last year she brought her idea to Innovation Quest (iQ), a UConn entrepreneurship program and competition that helps students develop their ideas into thriving startups. IQ provides workshops, mentoring, and startup funding for the most promising ideas.

    Today, Zhang’s unique, handcrafted boots, marketed under the name MOGSki, are ready to go to market, and the 15 styles of boots and apres-ski accessories are drawing interest from many boutiques. Elegant and chic, they are made of sheep, mink, or cow hide and lined with shearling for added warmth.

    Innovation Quest Workshops Begin on Feb. 4; Students Vie for $30,000 in Funding 

    Zhang is one of more than 2,500 UConn students who have participated in iQ since its inception 14 years ago.  The program is open to UConn graduate and undergraduate students from any field of study.

    IQ is run by Kevin Gardiner ’06 MBA, an adjunct professor in business and engineering. He has held management positions at both startups and long-established companies, including Macy’s, Oracle, and Welcome Commerce.

    “We’re definitely looking for someone who has grit, someone who isn’t going to give up,’’ he says. “As an entrepreneur, you get far more ‘no’s’ than ‘yeses,’ and that’s something that you have to accept. I also look for someone with a passion for the problem they are tackling. When the iQ judges see that, they know they’ve got an entrepreneur whom they can bet on.”

    This year’s event will begin with a kickoff workshop at 6:30 p.m. on Tuesday, Feb, 4, followed by workshops on Feb. 12, Feb. 26, and March 5. All the workshops are virtual for the convenience of students. Participants may sign up at innovationquest.uconn.edu.

    IQ had a 22% increase in participation last year, over 2023, and that’s a trend that Gardiner hopes to see continue.

    Previous participants have created everything from stuffed animals to clothing to personal care items to businesses engaged in environmental cleanup. Gardiner says that in recent years, students seem particularly interested in health tech, mobile apps, and AI-related companies, but all good idea are welcome.

    Last year’s first-place award went to Ph.D. candidate John Toribio, whose company Zemi Labs is creating wearable garments that provide biomechanical data, including heart and muscle performance.

    “UConn continues to provide more and more opportunities for student entrepreneurs, and we continue to evolve this program,’’ Gardiner says. “We welcome students who just want to dip a toe in the water, as well as those who are fully committed to creating a business.’’

    The iQ program has more than 50 expert mentors and more than half of them have been associated with the program since the beginning. Every year, iQ adds new advisers, all passionate about working with students.

    “I want all students to feel welcome,’’ Gardiner says. “We have four virtual workshops to help students understand entrepreneurship. Are you ready to launch a business? If not, what do you need to get ready? We want anyone, even those with a more remote interest, to attend and learn.’’

    After the workshops are completed, students can submit a formal application to enter the competition and compete for a share of $30,000 in funding. Final presentations are April 14 in Storrs and the top three startup companies will be announced. Many of the previous participants have gone on to start their companies or to pursue an entrepreneurial career.

    Zhang Developed Business Expertise, Confidence

    For Zhang, the last year has been enormously gratifying, both personally and professionally.

    “IQ has been an incredible journey for me. It’s not only helped sharpen my presentation skills but also expanded my knowledge across so many areas—product positioning, sales, marketing, tax, finance, IP, law, storytelling, and more,’’ she says.

    “The competition broadened my perspectives, strengthened my courage and determination, and provided invaluable mentorship and networking opportunities,’’ she says. “It’s truly been one of the most impactful milestones in my entrepreneurial journey, directly pushing forward the progress of my startup.’’

    She says she would tell anyone considering entrepreneurship to give it a try.

    “I would tell other entrepreneurs to be fearless in exploring new ideas and to use your own experiences to solve problems,’’ she says. “Be adaptable, build a network, find mentors, be persistent, and be open to both failures and successes.’’

    MIL OSI USA News –

  • MIL-OSI: Fengate and eMAX Health announce partnership to drive innovation in healthcare technology 

    Source: GlobeNewswire (MIL-OSI)

    DELRAY BEACH, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) — Fengate Private Equity, a division of Fengate Asset Management (“Fengate”), is pleased to announce a new platform investment through its partnership with eMAX Health (“eMAX” or “the Company”). Fengate is managing this investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC).

    The existing management team, led by Founder and President, Julian Casciano, will continue to lead eMAX and remain significant investors in the Company alongside Fengate. Terms of the transaction were not disclosed.

    Founded in 2004 by Julian Casciano, eMAX has grown into a recognized leader in the fields of real-world evidence development research, market access, and patient services. The Company features an experienced team of research scientists, healthcare experts, and key opinion leaders, supported by advanced data management and technology-enabled solutions. The Company’s proprietary platforms— MAVA, EMRClaims+, and HealthPACER— are at the forefront of tech-enabled pharmaceutical commercialization.

    “We are delighted to support Julian, a dynamic founder with an ambitious vision for eMAX, and help fuel the Company’s continued growth,” said Maxim Tcherner, Principal at Fengate Private Equity. “eMAX has rapidly scaled, establishing a leading position in a fragmented industry, all while staying true to its client-centric culture. The investment is strongly aligned with our strategy of partnering with exceptional management teams and providing differentiated services in high-growth sectors. eMAX will be a valuable addition to Fengate’s healthcare portfolio.”

    “eMAX is excited to partner with Fengate as the Company enters its next phase of growth. We will be able to accelerate new product development across high-demand tech-enabled services, enhance our portfolio of innovative capabilities, and significantly expand customer account management,” said Julian Casciano, Founder and President of eMAX Health. “With our aligned values and ambition, I believe the Fengate partnership will help our customers improve the lives of patients around the world.”

    North Point Mergers and Acquisitions served as financial advisors and Coviello Weber & Dahill LLP served as legal advisors to eMAX. Torys LLP served as legal advisor to Fengate.

    MEDIA CONTACT:

    Gea Koleva
    Marketing and Communications Manager
    Fengate Asset Management
    Gea.Koleva@fengate.com
    289-834-3728

    About eMAX Health 

    eMAX Health, founded in 2004 and headquartered in Delray Beach, Florida, is a leader in market access innovation, real-world evidence development research, and digitally connected patient access and outcomes monitoring solutions. eMAX Health serves as a partner of choice to the largest global pharmaceutical and biotechnology companies. Learn more at www.emaxhealth.net/.

    About Fengate Asset Management 

    Fengate is a leading alternative investment manager, with more than $10 billion of capital commitments under management, focused on private equity, infrastructure, and real estate strategies. With offices and team members across Canada and the United States, Fengate leverages 50 years of entrepreneurial experience to deliver excellent investment results on behalf of its clients. Fengate Private Equity, a division of Fengate Asset Management, is a differentiated investment platform supporting the growth ambitions of entrepreneurs through transformative capital. Learn more at www.fengate.com.

    About the LiUNA Pension Fund of Central and Eastern Canada
    Established in 1972, the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC) is one of the fastest growing multi-employer pension funds across Canada, voted top 10 pension funds by Benefits Canada. With a diverse investment portfolio and over $12 billion in assets, LPFCEC has yielded positive returns for the plan, great work opportunities for LiUNA members, and has created many needed institutions across North America through a broad range of investments. Learn more at www.lpfcec.org. 

    The MIL Network –

  • MIL-OSI: Rapsodo Partners with MLB All-Star Jeff McNeil

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Jan. 28, 2025 (GLOBE NEWSWIRE) — Rapsodo, the company known for giving athletes the tools they need to play like never before, announces its partnership with Jeff McNeil, a two-time Major League Baseball All-Star and second baseman for the New York Mets. Also known as the “Flying Squirrel” for diving after balls on the diamond, McNeil has been training with Rapsodo for the last few years.

    “Rapsodo and technology in sports is great. It has helped improve my game, like the last few weeks I used Rapsodo golf to help me choose between my old Callaway driver versus a new one to prepare for this tournament,” McNeil said. “The best part is that I’ve been able to use Rapsodo for golf and baseball. I use it before every game in the batting cage looking at the numbers. It helps me understand which pitches I can do the most damage on – hit the hardest or furthest, so it has been a big part of my game.”

    McNeil’s passions lie beyond baseball; he’s also an avid golf player. Not only does he train with Rapsodo’s diamond sports ball flight monitors to perfect his swing, but he also uses Rapsodo’s Mobile Launch Monitor 2 Pro (MLM2PRO) to level up his golf game. With the MLM2PRO, McNeil practices his skills and improves his game anytime, anywhere, by tracking key performance metrics on golf courses as well as simulated courses and ranges.

    He will put his golf skills to the test at the LPGA Hilton Grand Vacations Tournament of Champions from January 30 to February 2, 2025. Here, the top amateur golfers are invited to participate in the main Pro-Am tournament. McNeil made his debut during this tournament last year, where he won the celebrity field after scoring 138 points using a modified Stableford format.

    “We’re thrilled to partner with Jeff McNeil, a multi-sport athlete who constantly pushes the boundaries of performance,” said Katrina Hartwell, Rapsodo U.S. general manager. “Jeff exemplifies how our technology can drive success across different sports, and we’re proud to support athletes like him in reaching their full potential, whether on the diamond or the golf course.”

    Click here for high-resolution photos and videos.

    For more information on Rapsodo’s technology, visit Rapsodo.com.

    About Rapsodo
    Rapsodo defies limits with affordable, professional-grade technology to enhance the way athletes play across the world. Used by MLB teams, NCAA Division I Champions, and elite PGA coaches, Rapsodo technology has earned multiple MyGolfSpy’s Best Of Golf Awards and the Official Player Development Partner of USA Baseball, affirming Rapsodo’s leadership in golf, baseball, and softball tech. Do what you didn’t think was possible. Play Without Limits. Play with Rapsodo. Discover more at Rapsodo.com.

    Media Contact:
    Matt Greenfield
    Uproar by Moburst for Rapsodo
    matthew.greenfield@moburst.com

    The MIL Network –

  • MIL-OSI: HomeTrust Announces the Sale of Knoxville Branches to Apex Bank

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C. and CAMDEN, Tenn., Jan. 28, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company”), the holding company of HomeTrust Bank (“HomeTrust”), and Apex Bank (“Apex”) today announced that HomeTrust and Apex have entered into a definitive purchase and assumption agreement (the “agreement”) under which Apex will acquire HomeTrust’s two branches in Knoxville, Tennessee. Under the terms of the agreement, Apex will acquire the physical locations, related fixed assets, and substantially all the customer deposit accounts which are currently estimated at $42 million. HomeTrust will retain the loan accounts associated with the branches.

    “This transaction aligns with our strategic plan to tighten our geographic footprint, improve our branch efficiencies, and allocate our capital to support our long-term growth in other core markets,” said Hunter Westbrook, HomeTrust’s President and Chief Executive Officer.

    Matt Daniels, President and CEO of Apex Bank said, “Being locally owned and operated, we are excited to expand our footprint in Knoxville. This investment will allow us to better serve customers and support the community. We will continue to look for opportunities to expand our presence in the area and remain committed to providing personalized financial solutions that help individuals and businesses thrive.”

    The proposed transaction, which is subject to customary closing conditions, including approval by applicable regulatory authorities, is currently anticipated to close in the second quarter of 2025.

    Piper Sandler & Co. served as HomeTrust’s financial advisor for the transaction, while Silver, Freedman Taff & Tiernan LLP provided legal counsel. Baker Donelson provided legal counsel for Apex.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank. As of December 31, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte, and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (Roanoke Valley) and Georgia (Greater Atlanta).

    About Apex Bank
    Apex Bank was founded in 1931 and is headquartered in Knoxville, Tennessee. Apex Bank has experienced tremendous growth since 2008, increasing total assets from $157 million to over $1.35 billion in 2025. The bank currently has 20 retail locations and a Knoxville-based national mortgage servicing center. Apex Bank has consistently been ranked as one of the best-performing community banks in the nation for the past 16 years, including the award of Tennessee’s Top Community Bank from Independent Community Bankers of America and other leading rankings in the financial industry.

    Forward-Looking Statements
    This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    www.htb.com
    www.apexbank.com

    The MIL Network –

  • MIL-OSI: Auburn National Bancorporation, Inc. Reports Fourth Quarter and Full Year Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Highlights:

    • Net interest margin (tax-equivalent) improved 44 basis points to 3.09%, compared to 4Q 2023
    • Net interest income (tax-equivalent) increased 14% compared to 4Q 2023
    • Average loans increased 3% compared to 4Q 2023
    • Nonperforming assets were $0.5 million or 0.05% of total assets at December 31, 2024

    AUBURN, Ala., Jan. 28, 2025 (GLOBE NEWSWIRE) — Auburn National Bancorporation (Nasdaq: AUBN) reported net income of $1.6 million, or $0.45 per share, for the fourth quarter of 2024, compared to $1.7 million, or $0.50 per share, for the third quarter of 2024, and a net loss of $(4.0) million, or $(1.14) per share, for the fourth quarter of 2023. The net loss for the fourth quarter of 2023 reflected the sale of $117.6 million of available-for-sale securities for an after-tax loss of $(4.7) million, or $(1.35) per share related to the Company’s balance sheet repositioning strategy. Excluding this non-routine item, net earnings for the fourth quarter of 2023 would have been $0.7 million, or $0.21 per share.

    For the full year 2024, the Company reported net earnings of $6.4 million, or $1.83 per share, compared to $1.4 million, or $0.40 per share, for 2023. Excluding the loss on sale of securities related to the balance sheet repositioning strategy during 2023, described above, net earnings for the full year 2023 would have been $6.1 million, or $1.75 per share.

    “Our fourth quarter and full year results reflect solid revenue growth, strong asset quality, and controlled expenses,” said David A. Hedges, President and CEO. “Except for the first quarter of 2024, following the balance sheet repositioning, our quarterly cost of deposits decreased for the first time since the third quarter of 2022. We remain optimistic that our net interest margin will continue to improve in 2025 as recent cuts in the federal funds rate should reduce our cost of deposits and still allow our earning asset yields to improve as loans and securities re-price. While the interest rate environment remains challenging for the banking industry, our capital and liquidity are strong and we are well positioned to meet the needs of our customers,” said Mr. Hedges.

    Net interest income (tax-equivalent) was $7.0 million for the fourth quarter of 2024, compared to $6.8 million in the third quarter of 2024, and $6.2 million for the fourth quarter of 2023. The increase in net interest income was primarily due to improved net interest margin.

    Net interest margin (tax-equivalent) was 3.09% in the fourth quarter of 2024, compared to 3.05% in the third quarter of 2024, and 2.65% in the fourth quarter of 2023. The increase in net interest margin compared to the fourth quarter of 2023 was primarily due to loan growth and the balance sheet repositioning strategy mentioned above, which resulted in a more favorable asset mix and higher yields on interest-earning assets in 2024. Average loans for the fourth quarter of 2024 were $567.6 million, a 3% increase from the fourth quarter of 2023.

    Nonperforming assets were $0.5 million, or 0.05% of total assets, at December 31, 2024, compared to $0.8 million, or 0.08% of total assets at September 30, 2024, and $0.9 million, or 0.09% of total assets, at December 31, 2023.

    The Company recorded a negative provision for credit losses of $(48) thousand in the fourth quarter of 2024, compared to a negative provision for credit losses of $(127) thousand in the third quarter of 2024, and a provision for credit losses of $326 thousand in the fourth quarter of 2023.

    At December 31, 2024 and September 30, 2024, the Company’s allowance for credit losses was $6.9 million, or 1.22% of total loans, compared to $6.9 million, or 1.23% of total loans at December 31, 2023. Although the balance of the allowance for credit losses was largely unchanged, the decrease in the allowance for credit losses as a percentage of total loans was primarily due to improved economic forecasts.

    Noninterest income was $0.8 million for both the fourth and third quarters of 2024, compared to a loss of $5.4 million in the fourth quarter of 2023. Excluding the pre-tax securities loss of $6.3 million related to the balance sheet repositioning strategy in 2023, noninterest income would have been $0.9 million for the fourth quarter of 2023.

    Noninterest expense was $5.5 million in both the fourth and third quarters of 2024, compared to $5.8 million for the fourth quarter of 2023. The decrease in noninterest expense compared to the fourth quarter of 2023 was primarily related to decreases in salaries and benefits expense, net occupancy and equipment expense, and professional fees expense.

    The provision for income tax expense was $0.8 million for the fourth quarter of 2024, compared to income tax expense of $0.5 million for the third quarter of 2024, and an income tax benefit of $(1.5) million for the fourth quarter of 2023.

    The effective tax rate for the fourth quarter of 2024 was 34.73%, compared to 23.46% for the third quarter of 2024, and an effective tax rate of (27.53)% for the fourth quarter of 2023. The increase in the effective tax rate compared to the fourth quarter of 2023 was primarily due to an increase in pre-tax earnings in 2024 resulting from our balance sheet repositioning and the pre-tax loss incurred in the fourth quarter of 2023 from selling securities in such balance sheet repositioning. Also, the provision for income tax expense and the effective tax rates for the fourth and third quarters of 2024 included discrete tax items associated with provision to return adjustments in conjunction with the final 2023 tax return filing and the resolution of state examination activities, which resulted in additional tax expense. Excluding these discrete items, the effective tax rate for the fourth and third quarters of 2024, would have been 21.55% and 18.96%, respectively. The Company’s effective income tax rate otherwise is principally affected by tax-exempt earnings from the Company’s investments in municipal securities, bank-owned life insurance, and New Markets Tax Credits.

    Total assets were $977.3 million at December 31, 2024, compared to $990.1 million at September 30, 2024 and $975.3 million at December 31, 2023. Loans, net of unearned income were $564.0 million at December 31, 2024, compared to $565.7 million at September 30, 2024 and $557.3 million at December 31, 2023. Growth in construction and land development loans since December 31, 2023 was partially offset by paydowns in commercial and industrial loans. Total deposits were $895.8 million at December 31, 2024, compared to $901.7 million at September 30, 2024 and $896.2 million at December 31, 2023. At December 31, 2024, the Company had $74.1 million of reciprocal deposits sold off-balance sheet, compared to $37.8 million at September 30, 2024, and $59.0 million at December 31, 2023. The Company had no brokered deposits, FHLB advances or other wholesale borrowings outstanding at December 31, 2024, September 30, 2024, or December 31, 2023.

    At December 31, 2024, the Company’s consolidated stockholders’ equity (book value) was $78.3 million, or $22.41 per share, compared to $84.3 million, or $24.14 per share, and $76.5 million, or $21.90 per share, at December 31, 2023. The decrease from September 30, 2024 was primarily driven by other comprehensive losses of $6.7 million due to higher market interest rates that led to an increase in unrealized losses on securities available-for-sale, net of tax, and cash dividends paid of $1.0 million, partially offset by net earnings of $1.6 million during the fourth quarter of 2024. The increase from December 31, 2023 was primarily driven by net earnings of $6.4 million, which was partially offset by cash dividends paid of $3.8 million, other comprehensive losses of $0.6 million related to unrealized gains/losses on securities available-for-sale, net of tax, and a $0.3 million one-time charge for the cumulative effect to adopt a new accounting standard on January 1, 2024. Unrealized losses on securities do not affect the Bank’s capital for regulatory capital purposes.

    The Company’s tangible common equity (“TCE”) ratio or total equity to total assets ratio was 8.01% at December 31, 2024, compared to 8.52% at September 30, 2024, and 7.84% at December 31, 2023. All of the Company’s marketable securities are classified as available-for-sale. Therefore, any changes in the fair value of the Company’s securities portfolio are reflected in total equity, net of tax, under generally accepted accounting principles.

    The Company paid cash dividends of $0.27 per share in the fourth quarter of 2024. At December 31, 2024, the Bank’s regulatory capital ratios were well above the minimum amounts required to be “well capitalized” under current regulatory standards.

    About Auburn National Bancorporation, Inc.

    Auburn National Bancorporation, Inc. (the “Company”) is the parent company of AuburnBank (the “Bank”), with total assets of approximately $977 million. The Bank is an Alabama state-chartered bank that is a member of the Federal Reserve System, which has operated continuously since 1907. Both the Company and the Bank are headquartered in Auburn, Alabama. The Bank conducts its business in East Alabama, including Lee County and surrounding areas. The Bank operates seven full-service branches in Auburn, Opelika, Valley, and Notasulga, Alabama. The Bank also operates a loan production office in Phenix City, Alabama. Additional information about the Company and the Bank may be found by visiting www.auburnbank.com.

    Cautionary Notice Regarding Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, costs and revenues, the continuing effects of the COVID-19 pandemic and related government, Federal Reserve monetary and regulatory actions, including the remaining effects of pandemic-related economic stimulus and economic conditions generally and in our markets, loan demand, mortgage lending activity, changes in the mix of our earning assets (including those generating tax exempt income or tax credits) and our mix and cost of deposits and wholesale liabilities, net interest income and margin, yields on earning assets, the market values and performance of securities held, effects of inflation, including Federal Reserve monetary policies which were tightened in response to inflation beginning in 2022 through increases in the target federal funds rate and reductions in the Federal Reserve’s Treasury and mortgage-backed securities (MBS) holdings, and more recent monetary loosening through increased reinvestment of maturing Treasury securities and reinvestment in agency debt and MBS in Treasury securities beginning in June 2024 and beginning September 17, 2024, three reductions in the target federal funds rate totaling 100 basis points to a current target of 4.25-4.50%, changes in the shape of the yield curve, interest rates (generally and those applicable to our assets and liabilities) and changes in our asset values, especially investment securities, as a result of monetary policies and interest rate changes, noninterest income, loan performance, loan deferrals and modifications, nonperforming assets, other real estate owned, provision for credit losses, including the continuing effects of the application of the new CECL accounting standard adopted on January 1, 2023 and our CECL models, including possible adjustments to the fair values of securities available for sale in lieu of other-than-temporary impairments, charge-offs, collateral values, credit quality, asset sales, insurance claims, and market trends, as well as statements with respect to our objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

    Forward-looking statements, with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, achievements, or financial condition of the Company or the Bank to be materially different from future results, performance, achievements, or financial condition expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.

    All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, together with those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2023 and otherwise in our other SEC reports and filings.

    Explanation of Certain Unaudited Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than U.S. generally accepted accounting principles (“GAAP”). The attached financial highlights include certain designated net interest income amounts presented on a tax-equivalent basis, a non-GAAP financial measure, and the presentation and calculation of the efficiency ratio, a non-GAAP measure. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes the presentation of net interest income on a tax-equivalent basis provides comparability of net interest income from both taxable and tax-exempt sources and facilitates comparability within the industry. Similarly, the efficiency ratio is a common measure that facilitates comparability with other financial institutions. Although the Company believes these non-GAAP financial measures enhance investors’ understanding of its business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. Along with the attached financial highlights, the Company provides reconciliations between the GAAP financial measures and these non-GAAP financial measures.

    For additional information, contact:
    David A. Hedges
    President and CEO
    (334) 821-9200

    Financial Highlights (unaudited)                                      
            Quarter ended     Year ended December 31,  
    (Dollars in thousands, except per share amounts)   December 31, 2024       September 30, 2024       December 31, 2023       2024         2023    
    Results of Operations                                      
    Net interest income (a) $ 6,988       $ 6,811       $ 6,154       $ 27,204       $ 26,745    
    Less: tax-equivalent adjustment   19         21         95         79         417    
      Net interest income (GAAP)   6,969         6,790         6,059         27,125         26,328    
    Noninterest income   845         846         (5,429 )       3,474         (2,981 )  
      Total revenue   7,814         7,636         630         30,599         23,347    
    Provision for credit losses   (48 )       (127 )       326         36         135    
    Noninterest expense   5,472         5,500         5,803         22,166         22,594    
    Income tax expense (benefit)   830         531         (1,514 )       2,000         (777 )  
    Net earnings (loss) $ 1,560       $ 1,732       $ (3,985 )     $ 6,397       $ 1,395    
                                                 
    Per share data:                                      
    Basic and diluted net earnings (loss): $ 0.45       $ 0.50       $ (1.14 )     $ 1.83       $ 0.40    
    Cash dividends declared $ 0.27       $ 0.27       $ 0.27       $ 1.08       $ 1.08    
    Weighted average shares outstanding:   3,493,699         3,493,699         3,493,614         3,493,690         3,498,030    
    Shares outstanding, at period end   3,493,699         3,493,699         3,493,614         3,493,699         3,493,614    
    Book value $ 22.41       $ 24.14       $ 21.90       $ 22.41       $ 21.90    
    Common stock price:                                      
      High $ 24.57       $ 24.35       $ 21.99       $ 24.57       $ 24.50    
      Low   20.06         17.50         19.72         16.63         18.80    
      Period-end $ 23.49       $ 22.90       $ 21.28       $ 23.49       $ 21.28    
        To earnings ratio (c)   12.77   x     91.60   x     53.20   x     12.84   x     53.20   x
        To book value   105   %     95   %     97   %     105   %     97   %
    Performance ratios:                                      
    Return on average equity (annualized):   7.49   %     9.10   %     (26.40 ) %     8.21   %     2.05   %
    Return on average assets (annualized):   0.63   %     0.71   %     (1.56 ) %     0.65   %     0.14   %
    Dividend payout ratio   60.00   %     54.00   %     (23.68 ) %     59.02   %     270.00   %
    Other financial data:                                      
    Net interest margin (a)   3.09   %     3.05   %     2.65   %     3.06   %     2.89   %
    Effective income tax rate   34.73   %     23.46   %     (27.53 ) %     23.82   %     (125.73 ) %
    Efficiency ratio (b)   69.86   %     71.83   %     800.41   %     72.25   %     95.08   %
    Asset Quality:                                      
    Nonperforming assets:                                      
      Nonperforming (nonaccrual) loans $ 503       $ 775       $ 911       $ 503       $ 911    
        Total nonperforming assets $ 503       $ 775       $ 911       $ 503       $ 911    
                                                 
    Net (recoveries) charge-offs $ (16 )     $ 60       $ 173       $ (14 )     $ 46    
    Allowance for credit losses as a % of:                                      
      Loans   1.22   %     1.22   %     1.23   %     1.22   %     1.23   %
      Nonperforming loans   1,366   %     887   %     753   %     1,366   %     753   %
    Nonperforming assets as a % of:                                      
      Loans and other real estate owned   0.09   %     0.14   %     0.16   %     0.09   %     0.16   %
      Total assets   0.05   %     0.08   %     0.09   %     0.05   %     0.09   %
    Nonperforming loans as a % of total loans   0.09   %     0.14   %     0.16   %     0.09   %     0.16   %
    Net (recoveries) charge-offs                                      
    as a % of average loans   (0.01 ) %     0.04   %     0.13   %     —   %     0.01   %
                                                 
    Selected average balances:                                      
    Securities $ 255,168       $ 251,723       $ 354,065       $ 258,155       $ 387,488    
    Loans, net of unearned income   567,634         571,651         550,938         568,378         523,838    
    Total assets   991,275         982,656         1,020,476         982,268         1,021,808    
    Total deposits   904,605         904,860         953,674         902,429         946,791    
    Total stockholders’ equity   83,325         76,113         60,372         77,921         68,066    
    Selected period end balances:                                      
    Securities $ 243,012       $ 258,285       $ 270,910       $ 243,012       $ 270,910    
    Loans, net of unearned income   564,017         565,699         557,294         564,017         557,294    
    Allowance for credit losses   6,871         6,876         6,863         6,871         6,863    
    Total assets   977,324         990,143         975,255         977,324         975,255    
    Total deposits   895,824         901,724         896,243         895,824         896,243    
    Total stockholders’ equity   78,292         84,336         76,507         78,292         76,507    
                                                 
    (a) Tax equivalent. See “Explanation of Certain Unaudited Non-GAAP Financial Measures” and “Reconciliation of  
      GAAP to non-GAAP Measures (unaudited).”  
    (b) Efficiency ratio is the result of noninterest expense divided by the sum of noninterest income and tax-equivalent  
      net interest income. See “Reconciliation of GAAP to non-GAAP Measures (unaudited)” below.  
    (c) Calculated by dividing period end share price by earnings per share for the previous four quarters.  
    Reconciliation of GAAP to non-GAAP Measures (unaudited):  
                               
          Quarter ended December 31,     Years ended December 31,  
    (Dollars in thousands, except per share amounts)   2023     2022     2023     2022  
    Net interest income, as reported (GAAP) $ 6,059   $ 7,471   $ 26,328   $ 27,166  
    Tax-equivalent adjustment   95     117     417     456  
    Net interest income (tax-equivalent) $ 6,154   $ 7,588   $ 26,745   $ 27,622  
                               

    The MIL Network –

  • MIL-OSI: GCM Grosvenor to Present at the UBS Financial Services Conference on February 11, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, will present at the UBS Financial Services Conference on Tuesday, February 11, 2025, at 2:40 p.m. ET.

    A link to the live audio webcast of the presentation is available on GCM Grosvenor’s public shareholders website and the event website. For those unable to listen to the live audio webcast, a replay will be available for 180 days following the presentation. 

    About GCM Grosvenor 

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform. GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com. 

    Public Shareholders Contact 
    Stacie Selinger 
    sselinger@gcmlp.com 
    312-506-6583 

    Media Contact 
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy 
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global 
    212-371-5999 

    The MIL Network –

  • MIL-OSI: Dave Cantin Group Positions for Growth in 2025 with New Leadership Appointments and Promotions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) — Dave Cantin Group (DCG), a leading mergers and acquisitions advisory company to retail automotive groups and their owners, has announced several strategic leadership advancements and new hires to support its growth in 2025 being fueled by an accelerating M&A environment as part of its ambitious growth strategy for 2025.

    The industry’s largest and most experienced executive leadership team realigns roles in preparation for a milestone year. Brian Traugott has been promoted to Chief of Staff to President and CEO Dave Cantin and Chief Business and Strategy Officer Brian Gordon. Other executive appointments included Tony Karabon as Executive Vice President, Head of Acquisition Management, and Stephen Jones as Executive Vice President, Head of Acquisition Strategy.

    Within the DCG central support team, Brandon Werley has been promoted to Vice President of M&A Advisory Services, bolstering DCG’s client service group, which utilizes the company’s proprietary AI tool, Jump IQ. Denise Salzstein has moved to Director of CRM, and Cameron Markeson to Associate, Business Analysis. The company also welcomed Zach Orr as Marketing Coordinator.

    All these moves follow a robust year in 2024 for DCG and foreshadow what is shaping up to be the company’s busiest year in history in 2025. “The number of large, quality deals we already have scheduled for closing in the first half of 2025, combined with the current level of client activity indicated that we needed to staff up across the organization to meet our clients’ needs,” said Dave Cantin, President and CEO of Dave Cantin Group. “We’re excited to see our team growing and to maximize the exceptional talent of our Executive Leadership Team, delivering unparalleled service, innovation, and results for our clients.”

    About Dave Cantin Group

    The Dave Cantin Group is a leading automotive M&A 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/f162c27f-9bab-4734-b906-64b9644192bc

    The MIL Network –

  • MIL-OSI: Zscaler Now Offers Natively Integrated Zero Trust Solution for RISE with SAP

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (NASDAQ: ZS), the leader in cloud security and an SAP partner, is now offering customers its Zero Trust Network Access (ZTNA) service, natively integrated within RISE with SAP. Zscaler Private Access™ (ZPA™) for SAP, delivered through the Zscaler Zero Trust Exchange™ platform, helps enable SAP customers with on-prem ERP workloads to simplify and de-risk their cloud migration, without the complexity and risk associated with traditional VPNs.

    As per Zscaler’s 2024 VPN Risk report, 56% of organizations have been targets of cyberattacks exploiting VPN security vulnerabilities in the last year. These incidents underscore the growing imperative to move away from traditional perimeter-based defenses towards a more robust Zero Trust architecture to enable secure access to an organization’s most critical ERP infrastructure.

    By running ZPA within customers’ containerized RISE with SAP cloud environments, Zscaler can deliver native zero trust connectivity to SAP S/4HANA Cloud applications across deployment models, including multi-cloud or hybrid cloud. With this foundation, Zscaler also empowers customers with Zscaler Data Protection for compliance and Digital Experience Monitoring (DEM) with Zscaler Digital Experience™ (ZDX™) for an improved user experience.

    Businesses that use RISE with SAP can leverage ZPA to benefit from:

    • Secure, Agile Cloud Access: RISE with SAP combines all the components that businesses need to pursue their business transformation strategies securely. With the integration of ZPA within RISE with SAP, customers can eliminate traditional firewalls and VPNs which unlocks cloud agility and improves security and compliance.
    • Natively supported Zero Trust protection: By provisioning Zscaler connectors natively, Zero Trust access is enabled within the RISE with SAP environment, without the need for traditional VPNs. This ensures that customers can run their technology operations in a managed, secure cloud infrastructure with built-in security and data protection.
    • Secure access for workforce and business partners: ZPA delivers seamless client-based and client-less Zero Trust connectivity, ensuring secure, direct access for employees and third parties from anywhere to RISE with SAP applications and resources.

    Corporate, Customer and GSI Quotes

    “Customers have been using the Zscaler Zero Trust Exchange to protect their SAP workloads across a large range of SAP applications for years,” said Punit Minocha, EVP, Business Development & Corporate Strategy at Zscaler. “Now, we are launching a solution that natively integrates within RISE with SAP to facilitate the secure migration of workloads to a managed service and provides improved user-friendliness by eliminating the burden of traditional firewalls and VPNs. Customers achieve application modernization while also securing remote access to business-critical applications and therefore facilitating the ‘working from anywhere’ culture that is so important to today’s workforce.”

    “The integration of Zscaler Private Access with RISE with SAP enables streamlined Zero Trust security across SAP applications, providing secure access for users and partners while supporting compliance and performance, no matter where their workforce, apps or data resides,” said Roland Costea, Chief Information Security Office, SAP Enterprise Cloud Services.

    “Using Zscaler Private Access platform, we can confidently enable secure, remote access to SAP resources while maintaining the flexibility and scalability needed,” said Tobias Thörmann, Network Security Architect, Volkswagen AG. “This new integrated solution that Zscaler and SAP have created is an important capability to support our digital transformation with secure cloud services.”

    “Zscaler’s ZPA integration with RISE with SAP marks a significant step forward in securing and optimizing enterprise applications in the cloud,” said Georgios Billios, Group Service Manager, Siemens AG. “By seamlessly connecting users to SAP services while maintaining the highest standards of security and performance, this partnership empowers organizations to innovate and scale with confidence in today’s digital landscape, which we will evaluate in our own RISE with SAP implementations.”

    “This innovative solution will enable organizations like ours to enhance the security and reliability of our SAP applications,” said Nataliia Iskra, Head of IT Security Operations, Deutsche Börse. “By enabling secure, zero-trust access to critical systems without the need for traditional VPNs, Zscaler empowers our teams to work with confidence, no matter where they are. This innovative approach reduces risk, ensures regulatory compliance, and ultimately strengthens the foundation of our IT security strategy.”

    “Using Zscaler’s ZPA solution to securely access SAP applications is a strategic move for organizations aiming to fortify their enterprise security,” said Britta Simms, Managing Director, Accenture. “Moving beyond traditional perimeter defenses like VPNs allows organizations to ensure that every access request is validated based on identity, context, and risk. This continuous authentication model is essential for protecting SAP applications in the cloud, enabling organizations to embrace digital transformation while maintaining a robust security posture.”

    “Modern organizations operate SAP systems across a hybrid landscape and today’s distributed workers need access to these systems from different locations,” said Sachin Singh, Managing Director, Deloitte & Touche LLP. “This new solution offered jointly by Zscaler and SAP simplifies migration of SAP applications to the cloud by allowing users to have a consistent, secure experience, no matter where these applications are hosted. With our deep technical cybersecurity knowledge and this new solution from Zscaler and SAP, we can help clients navigate data protection compliance while utilizing digital experience monitoring for optimizing user experience during the migration.”

    Join us for our exclusive virtual event featuring leaders from SAP, Siemens, Volkswagen, Deutsche Börse, Deloitte, Accenture, and Capgemini, in which they will discuss the partnership in detail. Register here.

    For more information on the latest Zscaler and SAP integration, please visit – https://www.zscaler.com/partners/sap.

    About Zscaler

    Zscaler (NASDAQ: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SSE-based Zero Trust Exchange™ is the world’s largest in-line cloud security platform.

    SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.

    Media Contacts
    Nick Gonzalez
    press@zscaler.com

    The MIL Network –

  • MIL-OSI: Bannix and VisionWave Announce filing of a registration statement on Form S-4

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., Jan. 28, 2025 (GLOBE NEWSWIRE) — Bannix Acquisition Corp. (“Bannix”) (NASDAQ: BNIX), a publicly traded special purpose acquisition company, and VisionWave Technologies, Inc. (“VisionWave”), a company specializes in the development, testing, and commercialization of advanced technologies for defense, surveillance, and homeland security applications., today announced that VisionWave Holdings, Inc., a wholly owned subsidiary of Bannix (“VisionWave Holdings”), filed with the U.S. Securities and Exchange Commission (“SEC”) of a registration statement on Form S-4 (the “Registration Statement”). 

    The Registration Statement contains a preliminary proxy statement/prospectus in connection with the proposed business combination between VisionWave and Bannix. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about VisionWave, VisionWave Holdings, Bannix, and the proposed business combination. 

    CEO and Chairman of Bannix Douglas Davis, commented, “We are thrilled to reach this milestone with VisionWave as we continue the partnership. The potential of in the defense sector is immense, and this partnership positions the combined company for success. We are confident VisionWave is poised to be a leading player and are eager to continue on the path ahead.” 

    Transaction Overview 

    Under the terms of the merger agreement entered into by Bannix and VisionWave, among others, with respect to the proposed business combination, Bannix and VisionWave will merge with subsidiaries of VisionWave Holdings, a wholly owned subsidiary of Bannix that was formed for the proposed transaction (the “Merger”), with Bannix and VisionWave becoming direct wholly owned subsidiaries of VisionWave Holdings. At the effective time of the Merger, stockholders of Bannix and VisionWave immediately prior to the effective time of the Merger will receive shares of VisionWave Holdings common stock. 

    About Bannix Acquisition Corp. 

    Bannix Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.

    About VisionWave Technologies Inc.

     VisionWave Technologies Inc. is at the forefront of revolutionizing defense capabilities by integrating advanced artificial intelligence (AI) and autonomous solutions across air, ground, and sea domains. Its state-of-the-art innovations— ranging from high-resolution radars and advanced vision systems to radio frequency (RF) sensing technologies are seeking to redefine operational efficiency and precision for military and homeland security applications worldwide. From tactical ground vehicles to precision weapon control systems, VisionWave leads the development of reliable, high-performance technologies that transform defense strategies and deliver superior results, even in the most challenging environments. With headquarters in the U.S. and strategic partnerships in Canada and the United Arab Emigrants, VisionWave is uniquely positioned to serve global markets, offering cutting-edge defense solutions that address the evolving needs of security forces across the world.

    Cautionary Statement Regarding Forward Looking Statements 

    This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are based on beliefs and assumptions and on information currently available to Bannix and VisionWave, including statements regarding VisionWave’s business plans and growth strategies, market opportunities, and financial prospects. In some cases, you can identify forward looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to:

    (i) the risk that the previously disclosed proposed business combination (the “proposed transaction”) may not be completed in a timely manner or at all, which may adversely affect the price of Bannix’s securities; (ii) the risk that the proposed transaction may not be completed by Bannix’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Bannix; (iii) the failure to satisfy the conditions to the consummation of the proposed transaction, including the approval of the proposed transaction by Bannix’s stockholders and the receipt of certain governmental and regulatory approvals; (iv) the failure to obtain adequate financing to support the future working capital needs of VisionWave and the combined company; (v) the outcome of any legal proceedings that may be instituted against Bannix or VisionWave related to the merger agreement and the proposed transaction; (vi) changes to the proposed structure of the proposed transaction that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed transaction; (vii) the ability to maintain the listing of Bannix’s securities on Nasdaq; (viii) the price of Bannix’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which VisionWave operates, variations in performance across competitors, changes in laws and regulations affecting VisionWave’s business and changes in the combined capital structure; and (viii) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Bannix’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that are available on the website of the Securities and Exchange Commission (the “SEC”) at www.sec.gov and other documents filed, or to be filed with the SEC by Bannix and that may be found in the Registration Statement. The foregoing list of factors is not exhaustive. There may be additional risks that neither Bannix nor VisionWave presently know or that Bannix or VisionWave currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the definitive proxy statement to be filed by VisionWave Holdigns with the SEC, including those under “Risk Factors” therein, and other documents filed by Bannix and VisionWave Holdings from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and Bannix, VisionWave and VisionWave Holdings assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Bannix, VisionWave Holdings nor VisionWave gives any assurance that either Bannix or VisionWave will achieve its expectations. 

    Additional Information and Where to Find It 

    In connection with the proposed transaction, VisionWave Holdings filed with the SEC the Registration Statement on Form S-4, and after the Registration Statement is declared effective, VisionWave Holdings will mail a definitive proxy statement/prospectus relating to the proposed transaction to its stockholders. This press release does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. VisionWave Holdings and Bannix may file other documents regarding the proposed transaction with the SEC, and Bannix’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto, the definitive proxy statement/prospectus and the other documents filed in connection with the proposed transaction, as these materials will contain important information about VisionWave, VisionWave Holdings, Bannix and the proposed transaction. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed transaction will be mailed to stockholders of Bannix as of a record date to be established for voting on the proposed transaction and the other matters to be voted upon at a meeting of Bannix’s stockholders to be held to approve the proposed transaction and such other matters. Such stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Bannix Acquisition Corp., 300 Delaware Avenue, Suite 210#301, Wilmington, Delaware 19801 or via email at doug.davis@bannixacquisition.com. 

    Participants in Solicitation 

    Bannix, VisionWave Holdings and VisionWave, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from Bannix’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Bannix’s stockholders in connection with the proposed transaction, including the names of such persons and a description of their respective interests, is set forth in Bannix’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the Registration Statement regarding the proposed transaction when it becomes available. Stockholders will be able to obtain copies of the documents described in this paragraph that are filed with the SEC, once available, without charge at the SEC’s website at www.sec.gov, or by directing a request to Bannix Acquisition Corp., 300 Delaware Avenue, Suite 210#301, Wilmington, Delaware 19801 or via email at doug.davis@bannixacquisition.com. 

    No Offer or Solicitation 

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Bannix, VisionWave Holdings or VisionWave, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. 

    Contacts 

    Bannix Acquisition Corp.
    Douglas Davis, CEO
    (302) 305-479

    The MIL Network –

  • MIL-OSI: New Research Reveals Massive Surge in AI Adoption for Talent Acquisition in 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Today, GoodTime released its fourth annual Hiring Insights Report, a comprehensive analysis based on an independent study of over 500 U.S. talent acquisition (TA) leaders, revealing the most pressing challenges and emerging trends shaping the hiring landscape in 2025.

    The report uncovers a challenging talent market where TA teams met just 47.9% of their hiring goals in 2024 on average, marking the lowest success rate recorded in the past four years​. Persistent bottlenecks, increasing time-to-hire, and rising candidate expectations have strained hiring efficiency across industries.

    At the same time, the report reveals key opportunities for 2025, including greater use of AI and automation, streamlined hiring tools, and a renewed focus on candidate experience — strategies that top-performing teams are already embracing to stay competitive.

    Key findings from the 2025 Hiring Insights Report:

    • Time-to-hire challenges: 60% of organizations reported longer time-to-hire in 2024, with interview cancellations and scheduling delays identified as the top bottlenecks​.
    • Surging AI adoption: 99% of talent acquisition teams now use AI and automation to streamline hiring processes, with 93% planning additional technology investments in 2025​.
    • Candidate experience focus: Top-performing teams were 55% more likely to focus on candidate experience improvements.
    • Sector-specific insights: Healthcare was the only sector to show year-over-year improvement in hiring goal attainment (56%), while retail, manufacturing, financial services, and technology all lagged further behind.

    Talent leaders eye bold moves in 2025

    “The data makes it clear — talent teams can’t afford to stay stuck in the hiring struggles of 2024,” said Ahryun Moon, CEO and Co-Founder of GoodTime. “The path forward demands bold investments in automation and AI to eliminate bottlenecks and meet hiring goals faster. But efficiency alone isn’t enough. The teams that will win in 2025 are those that balance speed with exceptional, human-centric hiring experiences.”

    The 2025 Hiring Insights Report shows that talent acquisition leaders are taking decisive action to improve hiring efficiency and outcomes in the year ahead, and focusing on five key areas to overcome hiring challenges:

    Driving operational efficiency with AI and automation

    AI and automation are now essential tools for modern talent acquisition. 99% of teams reported the use of these technologies and nearly all leaders are planning additional investments in 2025. Streamlined and automated workflows reduce administrative burdens, allowing recruiters to focus on strategic hiring efforts and improving overall operational efficiency.

    Eliminating bottlenecks in the hiring process

    Time-to-hire remains a critical challenge, with 60% of organizations reporting delays, largely due to interview cancellations and scheduling issues. Addressing these bottlenecks requires proactive strategies such as AI-powered analytics for identifying recurring issues, intelligent interviewer selection tools, and automated reminders and rescheduling workflows. These efforts help reduce scheduling conflicts and improve hiring speed.

    Enhancing the candidate experience to stay competitive

    Top-performing TA teams set themselves apart by prioritizing the candidate experience. Personalized experiences, such as branded candidate portals with real-time updates and anonymous feedback collection, keep candidates informed and engaged throughout the hiring process. Additionally, AI-driven insights help interviewers come better prepared for conversations, ensuring a smoother and more effective interview that creates a more engaging candidate experience.

    Leveraging data-driven insights for better decision-making

    Data and analytics have transformed hiring strategies, and nearly half of teams reported using AI-powered insights for better decision-making. Leading organizations are using these tools to detect inefficiencies, benchmark performance against industry standards, and implement real-time analytics for continuous process improvement, to make more informed decisions faster.

    Committing to continuous process improvement

    TA leaders emphasize the need for continuous refinement of hiring processes to stay competitive. This includes regular process audits using hiring data and feedback, ongoing interviewer training, and aligning hiring strategies with broader business goals. A culture of continuous improvement ensures hiring teams remain agile and capable of adapting to evolving market conditions.

    How challenges differed across sectors

    The 2025 Hiring Insights Report revealed that hiring challenges varied significantly across sectors. For example, healthcare was the only sector to report year-over-year improvements in hiring goal attainment, reaching 56%. Conversely, the retail and manufacturing sectors faced some of the highest struggles, with hiring goal attainment dipping to 36% — its lowest in three years.

    The financial services and technology sectors cited interview scheduling delays and capacity issues as primary barriers to success. Companies in these sectors have increasingly adopted automated interview scheduling tools and leverage AI to manage interviewer capacity more effectively. Meanwhile, the retail sector reported a surge in candidate drop-offs due to prolonged hiring timelines, highlighting the critical need for faster, more efficient hiring processes.

    The 2025 Hiring Insights Report offers further analysis and detailed recommendations for talent leaders seeking to improve hiring outcomes. The full report is available at goodtime.io.

    About GoodTime

    GoodTime elevates the entire hiring experience with human-centric AI, all while automating 90% of interview management tasks. Trusted by global talent teams at companies like Hubspot, Spotify, Priceline, and Lyft, our platform not only automates interview scheduling but also keeps candidates and interviewers deeply engaged throughout the hiring journey. Gain access to powerful insights and AI-driven recommendations to streamline processes and ensure every interviewer is always well-prepared. The result? Exceptional hiring experiences that consistently land you top talent.

    Learn more at goodtime.io.

    Media Contact

    For more information or to arrange an interview with Ahryun Moon, please contact:
    Jake Link
    press@goodtime.io

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9acc85bf-54e5-4ade-9d49-7e9ea67071df

    The MIL Network –

  • MIL-OSI Economics: AuraSwiss: BaFin also warns consumers about the website auraswiss.co

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) again warns consumers about the company AuraSwiss and the services it is offering. BaFin has already issued a warning, on 3 January 2025, about AuraSwiss and its website auraswiss.net, which has since been deactivated. The unknown operators are now using the nearly identical website auraswiss.co. BaFin suspects the operators of the websites of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The content of the websites is identical to other platforms that BaFin has previously warned consumers about and that display the same opening sentence: “Invest in Success Prosper with Confidence!”

    Anyone conducting banking business or providing financial, investment or cryptoasset services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomaerkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Global: You don’t have to be a net zero hero – how focus on personal climate action can distract from systemic problems

    Source: The Conversation – UK – By Sam Illingworth, Professor of Creative Pedagogies, Edinburgh Napier University

    Tint Media/Shutterstock

    Campaigns and social media often encourage people to make eco-friendly choices like using less plastic or driving less. While these actions are important, focusing so much on what people do can distract from the much larger role that businesses and governments play in causing and solving environmental problems.

    For example, some campaigns promote a “net zero hero” narrative that implies that people should take the lead in fighting climate change by changing their behaviour, recycling more, taking fewer flights or eating less meat.

    While personal actions can help, there’s a danger this way of thinking can put too much responsibility on consumers. These individual actions are not enough to solve the problem.

    By focusing so much on personal responsibility, we risk ignoring the systemic changes needed to address the climate crisis. These include switching to renewable energy on a large scale, enforcing strict industrial regulations and redesigning cities to reduce dependence on fossil fuels.

    Without these bigger steps, taken by governments and large organisations, we can’t make real progress in tackling climate change.



    Read more:
    Quick climate dictionary: what actually is a carbon footprint?

    Energy companies and trade groups have been particularly good at shifting blame to consumers. They promote products and habits that claim to lower personal carbon footprints while lobbying against strong environmental laws that would require real emission cuts from industries.

    Fossil fuel companies have known about climate change science since the 1950s but funded misinformation campaigns to delay action and shift blame to individuals.

    Indeed, the carbon footprint calculator itself was developed in 2004 by a public relations firm working for BP. The tool encouraged individuals to calculate their personal impact on the environment, focusing on activities like driving, energy use, and diet.

    According to reports on the campaign’s origins, this approach was part of a deliberate strategy to shift public attention away from the significant environmental harm caused by corporations, particularly the fossil fuel industry.

    Despite this narrative, many corporations have failed to address their own emissions. A recent study found that only 60% of companies met their 2020 emissions targets, and 31% failed to report any outcomes.

    This lack of accountability highlights how many major companies neglect their responsibilities, raising serious concerns about their commitment to 2030 climate goals.

    These tactics maintain the status quo and creates a cycle of guilt and failure for consumers. Many people feel overwhelmed, leading to demotivation and even climate anxiety.

    Similar strategies have been used in other industries. For instance, the tobacco industry blamed smokers for health issues, focusing on personal choice while downplaying nicotine addiction and resisting health regulations.

    The real meaning of a carbon footprint.

    Shifting the focus

    In my research into climate communication, I see how stories of guilt resonate with communities already facing misplaced blame. For example, in workshops with groups affected by austerity, people often felt guilty for not helping others more.

    Over time, they realised this was due to failures in governance, not personal shortcomings. They saw a similar pattern in the climate crisis, learning to separate personal guilt from the larger roles of corporations and governments.

    Collective action will drive systemic change.
    John Gomez/Shutterstock

    As a climate researcher and communicator, my job is to help move the conversation from personal guilt to shared responsibility and accountability. This shift empowers people as citizens, not just consumers, to demand action from leaders and industries.

    Understanding that while personal responsibility is meaningful, the real power to create change lies with corporations and governments is vital. We need systemic change, not consumer guilt.

    To tackle the climate crisis, we must make personal choices that reflect care for the environment. But we must also work together to demand that companies and governments adopt sustainable practices, for example through voting for leaders who prioritise environmental reform. The path to a sustainable future is collective action – not carrying the weight of guilt alone.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Sam Illingworth 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. You don’t have to be a net zero hero – how focus on personal climate action can distract from systemic problems – https://theconversation.com/you-dont-have-to-be-a-net-zero-hero-how-focus-on-personal-climate-action-can-distract-from-systemic-problems-248073

    MIL OSI – Global Reports –

  • MIL-OSI Global: Patrick Doyle’s five best film scores – including his pick of an undiscovered gem

    Source: The Conversation – UK – By David Scott, Head of Division, School of Business and Creative Industries, University of the West of Scotland

    Scottish musician Patrick Doyle is an acclaimed composer of over 60 feature film scores with many attendant accolades, honours and awards. I first met him in 2001 while making a now long-vanished series on movie music called Silverscreen Beats for BBC Radio.

    I visited him at his office on the Shepperton lot in Surrey. There, I watched, enchanted, as he flitted between desk and piano bringing his creativity to life with his incredible musicality and riotous humour illustrating scores like Carlito’s Way (1993), Sense and Sensibility (1995) and Gosford Park (2001).

    So years later, when the University of the West of Scotland (UWS) presented Doyle with an honorary doctorate, I wasted no time in asking him to visit and talk to our students. The film of that event is finally available online and is a treat for all fans of film music.

    I could pick 20 favourite Patrick Doyle soundtracks for this “best of” list. In the end, I selected these four and asked him to pick a fifth.

    1. Henry V (1989)

    Back in 2001, Doyle told me he loves to get the opportunity to compose a song for a movie soundtrack. Henry V, his first full-length feature score, includes one of the greatest examples, Non-Nobis Domine, sung after the key battle scene of Kenneth Branagh’s 1989 film.

    It builds from a plain opening verse, sung in the film by young Doyle himself who remembers, with a humorous twinkle, trying to sing it slightly “off key” to enhance its authenticity.

    Non-Nobis Domine in Henry V.

    From that simple introduction, the composer gradually adds choral, orchestral and complex harmonic elements, skilfully balancing the elation and darkness of triumph. And for all its harmonic counterpoint and rich orchestration, he never lets you forget that lonely central melody, doubling it down the octave on bowed double basses as it reaches the climax.

    The soundtrack recording, conducted by Simon Rattle with the Birmingham Symphony Orchestra, is a thing of wonder. But to truly understand the perfect marriage of story and music – even if orchestras and choirs did not typically boom across 15th-century battlefields – experience Non-Nobis Domine in the original movie.

    2. Brave (2012)

    The Scottish tradition is never far from Patrick’s music. Indeed, O! For a Muse of Fire, the opening theme from Henry V, uses a recognisably Scottish sound, two notes played quickly across a five note interval, as a key motif, expanding this in a melodic phrase that recalls the cries of seagulls.

    In Disney Pixar’s Brave (2012), Doyle brings an authentic voice to the imaginary Scotland of its central character, the indefatigable Merida. Her defiant exuberance is mirrored in the rhythm of pieces like The Games and Remember to Smile where the composer uses a traditional hand-held drum (the bodhran), bagpipes and fiddles, with the harmony instruments often playing in tight unison to rousing effect.

    Remember to Smile from the Brave score.

    If a key role of the movie soundtrack is to extend narrative or visual language, the effect wrought here is almost physical – to the extent that my own embarrassed grandchildren have had to restrain me from dancing on the couch during screenings of Brave.

    Elsewhere though, the slow mystery of a beautifully animated landscape is matched by atmospheric, languid passages that call on deep reserves of the tradition and its melancholy.

    3. Sense and Sensibility (1995)

    Patrick’s Catholic upbringing is another constant presence in his music. He was greatly influenced by the beautiful Irish melodic hymns which were imported to the west of Scotland. His soundtrack for Ang Lee’s Sense and Sensibility was nominated for a raft of music awards including the Baftas, the Oscars and Golden Globes.

    It has marvellous passages of yearning and almost devotional melody and harmony, but I include it selfishly for the hymnal Weep No More You Sad Fountains alone. It’s one of my very favourite melodies, and one I was privileged to hear him play at close quarters at UWS.

    The Dreame from Sense and Sensibility.

    This majestic piece can be heard on the original soundtrack, sung by English soprano Jane Eaglen, on Patrick’s 2015 album of solo piano pieces and, of course, during my interview with him. Perhaps less well known from the same film is The Dreame, another devotional piece, again sung by Eaglen and set to a Ben Johnson poem. Complex in conception and virtuosic in execution, the piece is nevertheless understated, underplayed, and more devastating for it.

    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.

    4. Carlito’s Way (1993)

    Doyle’s hilarious and hugely affectionate account of working with one of cinema’s greats, the director Brian DePalma, is a highlight of the conversation I had with him at UWS. His insights range from the creation of the music, the larger-than-life DePalma himself and descriptions of giant cranes chucking down fake rain onto a Biblical-scale location shoot in New York.

    The music created for Carlito’s Way, DePalma’s crime classic starring Al Pacino, is dramatic and rangy, with passages of glacial orchestrated strings – the title theme is a highlight – sitting alongside solo piano, small jazz ensemble and interesting sonic juxtapositions.

    The Elevator from Carlitto’s Way.

    One piece, The Elevator, combines marimba, piano and plucked strings in unison against guiro and woodblocks. It establishes a theme that builds intensely, adding different instrumental colour towards the famous climax in Grand Central Station in New York. It is recognisably “movie music”, but tells its own melodic story.

    5. Doyle’s choice – Indochine (1993)

    When I asked Patrick to choose an “undiscovered gem for a new generation”, he quickly picked Indochine, the 1993 drama starring Catherine Deneuve. The movie won the Oscar for best foreign film in that year and the music is classic Doyle, melodic, rich in harmony and grand enough in orchestral scale to match the sumptuous visual language of the film.

    Premier Rendez-Vous from Indochine.

    That devotional, romantic sound is in full flow too. Pieces like Premier Rendez-Vous and Journey’s End are almost heady in conception and execution. Among the most distinctive themes in this hugely expansive work are also among the most distinctive pieces in Doyle’s own canon: two sure-footed tango and rumba pieces and the title theme itself with its unusual and atmospheric combination of ethereal wordless vocal, eastern bass drum, gong and finger bells. Essential.

    David Scott 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. Patrick Doyle’s five best film scores – including his pick of an undiscovered gem – https://theconversation.com/patrick-doyles-five-best-film-scores-including-his-pick-of-an-undiscovered-gem-247132

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump pulls out of WHO and Paris – how did international bodies get through deglobalisation last time around?

    Source: The Conversation – UK – By Perri 6, Emeritus Professor of Public Management, Queen Mary University of London

    Donald Trump has ordered the US to leave the World Health Organization. Skorzewiak / Shutterstock

    Following Donald Trump’s return to the White House, much attention has been given to his plans for tariffs on imported goods, deportations of illegal migrants, and cuts to federal government spending. Fewer column inches have addressed the implications of his presidency for global regulatory bodies.

    Just as he did during his first term, Trump has announced the withdrawal of the US from the World Health Organization (WHO) and from the Paris climate accords.

    And because his tariffs programme will challenge World Trade Organization (WTO) rules, Trump is likely to continue the US policy of stymieing the WTO’s appellate body, which adjudicates on trade disputes between states. US withdrawals from other international regulatory bodies are also possible.

    Each of the bodies from which Trump withdrew last time around survived. However, threats to global regulatory bodies today could be greater than they were during Trump’s first term.

    In the US and beyond, deglobalisation has so far been evident only in state policies, and not in trade flows. China, for example, has set up and now dominates several regional investment and trade organisations to provide alternatives to the International Monetary Fund and World Bank.

    However, tariff retaliation and bloc-based regulatory standards could soon turn “slowbalisation” – a trend whereby political support for open trade has gradually weakened and the rate of growth in world trade has slowed – into trade deglobalisation.

    We have been here before. The 1930s were characterised by high tariffs, breakup of trade into blocs, and withdrawals and expulsions of major powers from global bodies. In the 1940s, which saw the breakout of the second world war, trade was conducted almost exclusively among allies.

    Yet almost all international regulatory bodies survived during this period, albeit they were bruised and were able to achieve less as a result.

    Our study, which was published in 2021, distinguished pathways through which three distinct groups of global regulatory bodies either survived or else handed over their archives, networks and organisational capacity to their UN-era successors.

    Preserving rule sets

    One inter-war group of industry-specific global regulators oversaw capital-intensive and infrastructure-heavy international industries such as telecommunications and railways. This group included the International Telecommunications Union and a modest alphabet soup of closely cooperating railway bodies.

    In these fields, interconnection depended on common but frequently updated and adjusted rule sets for technology, accounting and routing management. They also required continuous statistical collections by international bureaus.

    Unable to agree major regulatory innovation after the global economic crisis began in 1931, these bodies reduced their focus to managing and maintaining their existing rule sets and information services.

    On the outbreak of war in Europe, their bureaus went into a phase of severely reduced activity, with many of their activities suspended. However, they continued to collect and publish statistics, maintained their networks within member states, and developed ambitious plans for peacetime.

    The International Telecommunications Union and the railway authorities resumed operations shortly after the end of hostilities with their rule sets intact.

    Individual brokering work

    A second cluster were generic bodies, responsible for the oversight of labour relations and aspects of capital flows. These are faster-moving fields than infrastructure-heavy industries. These bodies included the International Labour Organization (ILO) and the Economic and Financial Organisation of the League of Nations (EFO).

    They provided expertise for negotiating agreements on particular problems. In the case of the ILO, this included conventions on working time, women’s working conditions, and forced labour. The EFO brokered financial support with strict conditions for Austria and Hungary, then new and struggling states which faced acute financial crises in the early 1920s.

    These organisations faced increasing difficulties during the deglobalisation of the 1930s. But they continued to provide bilaterally negotiated support for many countries. The ILO, for example, provided technical assistance to some south American governments on the design of social insurance schemes, while the EFO’s financial committee worked with central banks.

    Survival or bequest was secured by the brokering work of key individual leaders who were able to exploit fluid networks among states, firms and unions in global labour and capital debates.

    The EFO secured the transfer of key staff, networks and traditions to post-war bodies including the UN Economic and Social Council and the UN Food and Agriculture Organization. And the ILO’s director-general, Edward Phelan, was crucial in negotiating with the US to relaunch the organisation with a new programme for the post-war era.

    New international clubs

    A third group of regulatory bodies was created precisely in response to the 1930s global economic crisis. These were international commodity unions for goods such as tin, rubber, tea and sugar.

    Most were publicly run cartels, often backed by the imperial blocs that dominated the fragmenting world trade system. Like many cartels, their cohesion was fragile. But many of those that were successfully established managed to survive the 1930s and the war that followed.

    Their survival depended less on the formal administrative organisation of the infrastructure bodies or the individual brokering work that sustained the capital and labour bodies. It was dependent more on their ability to draw upon club-like collective bonds both among major producing and exporting firms and among officials across key producer states and imperial authorities.

    Within the tightly bonded International Tin Committee, for example, a succession of agreements on prices, quotas and voting rights were settled. Despite initial US reluctance to see these international commodity unions continue into peacetime, President Harry Truman was persuaded of their temporary value for economic order during reconstruction.

    Some even continued until the 1970s, when they collapsed in that decade’s global economic turmoil. Freer markets then superseded intergovernmental cartels.

    Trump’s policies, as well as those of China, Russia and other major powers, may again endanger the roles of global regulatory bodies. But some will survive by focusing on the routine maintenance services provided by their bureaus, and some will empower individual leaders to negotiate their way to reinvention and survival.

    Others will pass their capacity to new agencies when deglobalisation eventually abates. And some new international bodies may emerge in response to conditions in industries most adversely affected by the changing terms of trade.

    Our work has led us to conclude that which strategy is chosen depends on two things. First, on the features of the field being regulated. And second on the informal social organisation within the international bodies and member states, which shapes how people can act and the skills they can sustain.

    It remains to be seen how informal social organisation in the WHO and climate treaty system will now evolve after US withdrawal.

    Eva Heims has received funding from the ESRC.

    Martha Prevezer and Perri 6 do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump pulls out of WHO and Paris – how did international bodies get through deglobalisation last time around? – https://theconversation.com/trump-pulls-out-of-who-and-paris-how-did-international-bodies-get-through-deglobalisation-last-time-around-247919

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Budget agreements secured

    Source: Scottish Government

    New funding for bus fares, drug services and free school meals.

    Agreements have been reached separately with the Scottish Liberal Democrats and Scottish Green Party to support the 2025-26 Budget.

    Finance Secretary Shona Robison has announced she will table amendments to the 2025-26 Budget Bill to allocate £16.7 million funding to:
    • Bolster drug and alcohol services, including £1 million for specialist support for babies born addicted to drugs
    • Begin a £2 bus fare cap pilot in one regional transport area
    • Further strengthen support for hospices from £4 million to £5 million
    • Increase Nature Restoration by £3 million to its highest ever level
    • Invest in targeted support for the College sector and protect Corseford College
    • Extend free school meal eligibility in S1-S3 in eight local authority areas for pupils in receipt of Scottish Child Payment
    • Offer flexibility for Orkney Island Council in terms of capital and resource funding

    Ms Robison said:

    “We are determined to deliver on the issues that matter most to the people of Scotland – and that is why this Budget invests in public services and in eradicating child poverty, acts in the face of the climate emergency, and supports jobs.

    “The First Minister was clear that we would bring forward a budget by Scotland for Scotland, and the negotiations we have taken forward have been in that spirit. These additional initiatives demonstrate the value of a progressive approach and dialogue.

    “During every stage of this process the Liberal Democrats and the Greens have engaged in our discussions in a positive and constructive manner.

    “Through seeking compromise I believe we are delivering a budget that will strengthen services and support our communities. With the agreements with these two parties now in place this will secure a majority in parliament in support of the Budget Bill.”

    Background

    Finance Secretary letter to Finance and Public Administration Committee

    Budget (Scotland) Bill

    The new initiatives will be funded through reallocation of funding for debt servicing in 2025-26, given that debt servicing costs will be lower than expected when the draft Budget was published; and an additional drawdown of £3 million from revenues raised from Scotwind, to support nature restoration.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Money available to businesses to display support for Spectra

    Source: Scotland – City of Aberdeen

    Aberdeen City Council is offering a one-time grant of £500 to individual local businesses that want to show their support for Spectra – Scotland’s Festival of Light – when it returns to the city next week.

    Spectra, runs from Thursday 6 to Sunday 9 February and will see Aberdeen city centre filled with artwork, light installations, projections and thousands of visitors.

    The Council is interested in hearing from businesses on how they might ‘Spectra-fy’ their business but also how, they could incorporate light-based displays, decorations and adornments to their premises for the duration of the festival.

    Councillor Martin Greig, culture spokesperson for Aberdeen City Council, said: “Our one-off grants to local businesses are intended to make the city and the city centre even more vibrant during the period of the Spectra displays. This has become a very popular annual event and we want the business community to benefit as much as possible from the increased footfall.

    “Last year there were over 100,000 visitors to the festival over the four days. Businesses are invited to consider how they can use the Council’s special grant scheme to take advantage of the increased footfall, for example, they could apply to extend opening hours or find other ways of attracting customers. It will be a splendid celebration hence it is important to take the interests of traders into account.”

    Applicants are advised to read the Application Guidance in full. Any questions should be emailed to the project team at BusinessSupport@aberdeencity.gov.uk

    The application form can be found here.

    Applications will be accepted until 28 February 2025 or until such time as funding has been fully allocated. Retrospective bids will be considered providing they are able to provide evidence that money spent was explicitly tied to the Spectra festival.

    All complete applications received will be assessed and verified against the eligibility criteria by Aberdeen City Council. Incomplete applications may not be reviewed.

    Successful applicants will be informed by offer letter. All decisions will be made at the discretion of Aberdeen City Council and are subject to the availability of funds.

    This scheme has been funded by the UK Shared Prosperity Fund.

    For more information on Spectra 2025 and to sign up for the latest news and offers go to www.spectraaberdeen.com

    Information about grants available to businesses to host and support other events in the city is available here. 

    ENESS – Sky Castle – a dreamy, interactive sound and light installation, featuring a cluster of inflatable arches that span in colourful symphony across public space.  It will be located in Union Terrace Gardens during Spectra 2025. Image by Gavin Jowitt photography. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council motion supports extension to lifespan of power stations Lancaster City Council has welcomed the recent decision to extend the operating lifespan of Heysham’s two nuclear power stations.

    Source: City of Lancaster

    Lancaster City Council has welcomed the recent decision to extend the operating lifespan of Heysham’s two nuclear power stations.

    Heysham One

    At a recent meeting of Full Council, the following motion was passed:

    This Council welcomes last month’s announcement that following a detailed technical review of the power stations, EDF’s licensee board has decided to extend generation dates for Heysham 1 by one year to 2027 and Heysham 2 by two years to 2030.

    This decision is great news for Heysham and the wider local community. The power stations are a provider of high skill, high wage jobs, and the extension of the generating life of the power stations secures employment for more than 1,500 staff and contractors. The power stations are anchor institutions, with supply chains and spending power boosting the local economy. They are also a major source of business rate revenue for the Council, whose significant contributions help secure a higher standard of local services and protect more Council jobs than would otherwise be possible.

    This decision is also excellent news nationally. Extending the generating lives of the Heysham stations will bolster the UK’s security of supply and support plans for the rapid expansion of renewables by helping to maintain grid stability. Nuclear power is a low carbon source of energy, and a key element of the Government’s strategy to provide clean power by 2030.   Ensuring the baseload with nuclear power also helps limit the UK’s dependence on imported gas, a regrettable situation which has caused an energy crisis and led to inflated household bills.

    Council has confidence in the safety considerations underpinning this decision. We note that ongoing generation from the stations will ultimately depend not on decisions by EDF, but on the outcome of future inspections, the results of which are reviewed by the independent regulator, the Office for Nuclear Regulation.  

    Looking to the future, Council notes that Heysham is a location earmarked by the Government for the potential siting of one or more Small Modular Reactors (SMR), that EDF is an approved development partner for these new technologies, and that the first reactors of this type are intended to be delivered by 2029. Council supports bringing ‘New Nuclear’ to Heysham and welcomes the continuation of the benefits this would bring to both our residents and the rest of the UK.

    Council resolves that:

    1. The Chief Executive will write to the Secretary” of State for Energy and Climate Change, Cat Smith MP and Lizzi Collinge MP, welcoming the generating life extensions to Heysham 1 & 2, and conveying our support for bringing New Nuclear to Heysham and a timeline for this project to achieve, so we can plan for the future engineers and the stability of the Council.
       
    2. That we publicise these views via our various communications channels.
       
    3. That a full response to any consultation on New Nuclear is prepared on behalf of the Council by Business Committee at the appropriate time.

    Last updated: 28 January 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Angus Gold Extends New High-Gold Zone at Dorset West, Intersects 3.2 g/t Au over 13.7 metres including 16.2 g/t Au over 2.0 metres, Golden Sky Project, Wawa

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Angus Gold Inc. (TSX-V: GUS | OTC: ANGVF) (“Angus” or the “Company”) is pleased to announce assay results from eleven (11) exploration holes that were completed on the Dorset Zone as part of its 2024 Fall drilling program at the Golden Sky Project in Wawa, Ontario. The new high-grade gold zone on Dorset’s west end, where Angus previously intersected 7.0 g/t Au over 12.4 metres in Hole GS-24-136, approximately 500 metres to the west of the historical Dorset resource (see News Release of May 7, 2024), is now defined over 100 metres of strike length. In addition, with these drilling results, the Dorset Gold Zone has now been intersected along 2 kilometres of strike length.

    Highlights:

    • High-Grade Dorset West gold mineralization is now defined over 100m of strike length:
      • 13.7 metres of mineralization grading 3.2 g/t Au, including 2.0 metres of 16.2 g/t Au in Hole GS24-171;
      • 8.0 metres of mineralization grading 1.6 g/t Au, including 2.9 metres of 3.9 g/t Au in Hole GS24-172;
      • 2.1 metres of mineralization grading 5.3 g/t Au, in Hole GS24-173;
      • 9.1 metres of mineralization grading 4.3 g/t Au, including 3.7 metres of 7.2 g/t Au in Hole GS24-179
    • Dorset Gold Trend now defined for 2 kilometres of strike length of continuous mineralization.
    • 15,000 metres of drilling planned for the Golden Sky Project in 2025.
    • Fully funded 2025 exploration budget.

    Breanne Beh, Chief Executive Officer of Angus, states: “We are extremely pleased with the continued delivery of step-out results from our new high-grade Dorset West Zone. We have now defined this new zone over 100m of strike-length and are excited to be returning to the area to begin our 2025 drilling campaign, announced on January 14, 2025. The Dorset Gold Trend has grown from 750 metres of strike length to 2 kilometres since Angus acquired the project in 2020. We continue to be encouraged with the consistency of the mineralization and look forward to expanding the zone as we continue to explore the entirety of the 7.0 kilometres of potential strike length of the shear zone that hosts the Dorset Deposit.”

    The goal of the Dorset West fall drill program was to complete step-out holes to the east and west of the high-grade intercept of 7.0 g/t Au over 12.4 metres in Hole GS-24-136. Eleven (11) holes were completed, eight (8) of which returned gold intersections and three (3) of which hosted visible gold. The most notable intercepts were in GS-24-171 and GS-24-179. GS-24-171, a 50-metre step-out to the west of GS-24-136, returned 13.7 metres grading 3.2 g/t Au including 2.0 metres of 16.2 g/t Au. GS-24-179, a 75m step-out west of GS-24-136, returned 9.1 metres grading 4.3 g/t Au including 3.7 metres grading 7.2 g/t Au.   The gold mineralization in both of these holes was hosted in quartz veins within a metasedimentary rock package, the same geologic setting as the mineralization in GS-24-136. These results begin to show consistency in this new high-grade zone that is completely open to the west with minimal historic drilling completed along the structural corridor for 2 kilometres.

    Selected drill results from the 11 holes at the Golden Sky drilling program are, as follows:  

    Hole Number From (m) To (m) Length (m) Au g/t Area
    GS-24-171 121.9 122.7 0.8 2.2 Dorset West
    GS-24-171 209.2 222.9 13.7 3.2
    including 220.9 222.9 2.0 16.2
    GS-24-171 252.7 255.0 2.3 1.7
    GS-24-172 86.1 90.1 4.0 1.1 Dorset West
    including 87.10 87.60 0.5 2.3
    GS-24-172 244.0 252.0 8.0 1.6
    including 247.7 250.6 2.9 3.9
    GS-24-173 221.9 224.0 2.1 5.3 Dorset West
    GS-24-176 187.7 188.6 0.9 5.3 Dorset West
    GS-24-176 200.5 201.5 1.0 8.2
    GS-24-179 105.9 106.4 0.5 2.2 Dorset West
    GS-24-179 204.0 213.1 9.1 4.3
    including 208.0 211.7 3.7 7.2

    (1) Assay results presented over core length. Additional drilling will be necessary to constrain the true width of the mineralized envelope of the gold system.

    The 2025 drilling campaign at the Golden Sky project is planned to be 15,000 metres and will test targets along the Dorset Zone mineralized structural corridor in addition to the BIF Gold Zone and the Eagle River Splay exploration area.

    Figure 1: Dorset West Fall 2024 Drill Results Map

    Figure 2: Dorset Structural Corridor Map

    The Golden Sky Project
    The 100%-owned Golden Sky Project is located within the Mishibishu Lake Greenstone Belt of Northern Ontario, which is host to Wesdome’s high-grade Eagle River and the Mishi open-pit gold mines. The Company’s 290-square-kilometres land package is located approximately 50 kilometres west of the town of Wawa and is situated immediately between the two Wesdome mines.

    The ongoing drill program on the Golden Sky Project is focused on the Dorset Gold Zone, which hosts a historic gold resource; the BIF Zone, a new gold zone discovery in a large banded iron formation; as well as the Eagle River Splay deformation zone, which shows potential for another extensive gold system. Angus’ drill programs on the near-surface Dorset Gold Zone have been successful at extending the strike length of the previously modelled zone from 750 metres to 1.7 kilometres. The Dorset Gold Zone historic estimated resource (using a 0.50 g/t Au cut-off) consists of an indicated resource of 40,000 ounces of gold (780,000 tonnes grading 1.4 g/t Au), and an inferred resource of 180,000 ounces of gold (4,760,000 tonnes grading 1.2 g/t Au). For greater details on the Golden Sky Project, please refer to the NI 43-101 technical report for the Golden Sky Project entitled, ’NI 43-101 Technical Report Wawa Property Ontario, Canada’ dated February 18, 2020, and available on the Company’s SEDAR profile.

    Qualified Person
    The scientific and technical content of this press release has been reviewed and approved by Breanne Beh, P.Geo, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and Chief Geologist for the Company.

    Quality Control
    During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assay with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more.

    About Angus Gold:
    Angus Gold Inc. is a Canadian mineral exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company’s flagship project is the Golden Sky Project in Wawa, Ontario. The Project is immediately adjacent to the Eagle River Mine of Wesdome Gold Mines Ltd. 

    On behalf of Angus Gold Inc.,

    Breanne Beh
    President and Chief Executive Officer

    INQUIRIES:
    Lindsay Dunlop, Vice President Investor Relations
    Email: info@angusgold.com
    Phone: 647-259-1790
    Company Website: www.angusgold.com

    TSXV: GUS | USOTC: ANGVF

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

    Forward-Looking Statements

    This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the transactions contemplated by the Agreement, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

    Figures accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/5f6f7570-eb7e-4755-9872-9285c63d2fac
    https://www.globenewswire.com/NewsRoom/AttachmentNg/db616132-c341-48ef-b341-7bc6280b6078

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces Final January 2025 Distribution Rate for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final January 2025 distribution rates for Purpose High Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    The following table reflects the final distribution amounts for the month of December. Ex-distribution date is January 29, 2025.

    Open-End Fund Ticker Symbol Final distribution per unit Record Date Payable Date Distribution Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.3689 01/29/2025 02/04/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.3003 01/29/2025 02/04/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1286 01/29/2025 02/04/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.3464 01/29/2025 02/04/2025 Monthly

    About Purpose Investments Inc.

    Purpose Investments Inc. is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed; their values change frequently, and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: CareCloud to Present at The Microcap Conference 2025

    Source: GlobeNewswire (MIL-OSI)

    Somerset, NJ, Jan. 28, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leading provider of healthcare technology and generative AI solutions for medical practices and health systems nationwide, is pleased to announce its participation in The Microcap Conference 2025, the premier event for growth-focused companies and investors. The conference will take place January 28-30, 2025 at the Borgata Hotel Spa & Casino in Atlantic City, NJ.

    CareCloud’s management team will deliver a corporate presentation highlighting the Company’s recent developments, innovative solutions, and strategic growth initiatives. Additionally, the team will participate in one-on-one meetings with institutional and individual investors to explore opportunities and discuss CareCloud’s roadmap for continued growth and value creation.

    “We are excited to discuss CareCloud’s many recent milestones, including the imminent resumption of our Preferred Stock dividends in February 2025, the overwhelming support we received from shareholders in our most recent proxy to increase our authorized common shares, and our strong profitability growth during 2024,” said Stephen Snyder, Co-CEO of CareCloud. “These achievements, together with our stock performance over the last year, reflect investor confidence in our strategy and execution.”

    About The Microcap Conference 2025

    The Microcap Conference is the largest independent microcap event in the U.S., bringing together top-tier investors and executives from growth-oriented companies. The event provides an unparalleled platform for companies to showcase their value propositions through corporate presentations, expert panels, and networking opportunities.

    The 2025 conference highlights include:

    • Keynote Speakers: Renowned industry leaders, including Jon Ledecky, Co-Owner of the New York Islanders, and Tom Gardner, CEO of Motley Fool, will share their insights on investing and market trends.
    • Expert Panels and Presentations: Financial commentators Ron Insana (CNBC) and Charlie Gasparino (FOX Business) will cover pressing topics, including capital formation, regulatory updates, and equity market trends.
    • Entertainment Headliner: Comedian and Netflix star Tom Papa will headline an evening performance, adding a touch of entertainment to the event.

    Hosted by DealFlow Events, The Microcap Conference is celebrated for combining high-quality financial insights with engaging networking and entertainment experiences. For more information, visit The Microcap Conference.

    About CareCloud

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

    To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit ir.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

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

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

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

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

    SOURCE CareCloud

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

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

    The MIL Network –

  • MIL-OSI: Capital City Bank Group, Inc. Reports Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., Jan. 28, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024 compared to $13.1 million, or $0.77 per diluted share, for the third quarter of 2024, and $11.7 million, or $0.70 per diluted share, for the fourth quarter of 2023.

    For the full year of 2024, net income attributable to common shareowners totaled $52.9 million, or $3.12 per diluted share, compared to net income of $52.3 million, or $3.07 per diluted share, for the same period of 2023.

    QUARTER HIGHLIGHTS (4thQuarter 2024 versus 3rdQuarter 2024)

    Income Statement

    • Tax-equivalent net interest income totaled $41.2 million compared to $40.3 million for the prior quarter
      • Net interest margin increased 5 basis points to 4.17% (total deposit costs down 6 basis points partially offset by a 1 basis point decrease in earning asset yield).
    • Stable credit quality metrics and credit loss provision – net loan charge-offs were 25 basis points (annualized) of average loans – allowance coverage ratio was 1.10% at December 31, 2024
    • Noninterest income decreased $0.8 million, or 3.9%, driven by lower mortgage banking revenues
    • Noninterest expense decreased $1.1 million, or 2.7%, primarily due to lower other expense which included a gain from the sale of a banking office

    Balance Sheet

    • Loan balances decreased $16.1 million, or 0.6% (average), and $31.5 million, or 1.2% (end of period)
    • Deposit balances increased $28.4 million, or 0.8% (average), and increased $92.9 million, or 2.6% (end of period), reflective of the seasonal increase in public fund balances
    • Tangible book value per share increased $1.05, or 4.6%, due in part to a favorable year-end re-measurement adjustment for the pension plan ($0.60 per diluted share)

    FULL YEAR 2024 HIGHLIGHTS

    Income Statement

    • Tax-equivalent net interest income totaled $159.2 million for 2024 compared to $159.4 million for 2023 driven by higher yields across our earning assets, partially offset by higher deposit cost which was well controlled at 89 basis points for the year – net interest margin was 4.08% for 2024 compared to 4.05% for 2023
    • Credit quality metrics remained strong throughout the year – allowance coverage ratio remained stable at 1.10% – net loan charge-offs were 21 basis points of average loans for 2024 versus 18 basis points for 2023
    • Noninterest income increased $4.4 million, or 6.1%, driven by higher mortgage banking revenues and wealth management fees
    • Noninterest expense increased $8.3 million, or 5.3%, primarily due to higher compensation expense reflective of higher incentive compensation, merit raises, and higher health insurance costs

    Balance Sheet

    • Loan balances increased $50.1 million, or 1.9% (average), and decreased $82.4 million, or 3.0% (end of period)
    • Deposit balances decreased $72.2 million, or 2.0% (average), and decreased $29.8 million, or 0.8% (end of period)
    • Tangible book value per share increased $3.20, or 15.6%, driven by strong earnings and favorable investment security and pension plan accumulated other comprehensive loss adjustments

    “In 2024, we delivered record earnings and advanced our commitment to creating shareholder value, which is demonstrated by a 15.6% increase in tangible book value per share, a 15.8% increase in the dividend, and the repurchase of 83,000 shares,” said William G. Smith, Jr., President, Chairman and CEO of Capital City Bank Group. “Our associates also earned us recognition for the 12th consecutive year as one of the best banks to work for—an achievement that underscores the strength of our organization and the core values we embrace. We remain focused on soundness, profitability, growth, and making strategic investments that add long-term value. Our fortress balance sheet, diversified revenues, and growth markets together position us well for 2025 and beyond.”

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the fourth quarter of 2024 totaled $41.2 million, compared to $40.3 million for the third quarter of 2024, and $39.3 million for the fourth quarter of 2023. For 2024, tax-equivalent net interest income totaled $159.2 million compared to $159.4 million for 2023. Compared to the third quarter of 2024, the increase reflected higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower balances. Compared to 2023, the slight decrease reflected an increase in deposit interest expense and a decrease in investment securities interest that was offset by increases in loan interest and overnight funds interest.

    Our net interest margin for the fourth quarter of 2024 was 4.17%, an increase of five basis points over the third quarter of 2024 and an increase of 10 basis points over the fourth quarter of 2023. For the month of December 2024, our net interest margin was 4.18%. For 2024, our net interest margin was 4.08%, an increase of three basis points over 2023. Compared to the third quarter of 2024, the increase reflected higher yield in the investment portfolio driven by new purchases during the quarter, in addition to lower deposit interest expense. The increase over 2023 reflected a combination of earning assets re-pricing at higher interest rates and higher average loan balances, partially offset by a higher cost of deposits. For the fourth quarter of 2024, our cost of funds was 88 basis points, a decrease of five basis points from the third quarter of 2024 and an increase of 15 basis points over the fourth quarter of 2023. Our total cost of deposits (including noninterest bearing accounts) was 86 basis points, 92 basis points, and 66 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.7 million for the fourth quarter of 2024 compared to $1.2 million for the third quarter of 2024 and $2.0 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the provision expense reflected a $0.8 million decrease in the provision for loans held for investment (“HFI”) and a $0.3 million decrease in the provision benefit for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower loan balances and slightly lower loss rates.

    For 2024, we recorded a provision expense for credit losses of $4.0 million compared to $9.7 million for 2023. The decrease reflected a $4.5 million decrease in the provision for loans HFI and a $1.2 million decrease in the provision for unfunded loan commitments. The decrease in the provision for loans HFI was primarily due to lower new loan volume and loan balances in 2024 and favorable loan grade migration. The decrease in the provision for unfunded loan commitments reflected a lower level of loan commitments. We discuss the allowance for credit losses further below.

    Noninterest Income and Noninterest Expense

    Noninterest income for the fourth quarter of 2024 totaled $18.8 million compared to $19.5 million for the third quarter of 2024 and $17.2 million for the fourth quarter of 2023. Compared to the third quarter of 2024, the $0.7 million decrease from the third quarter of 2024 reflected a $0.8 million decrease in mortgage banking revenues attributable to lower production volume and a $0.3 million decrease in deposit fees that was partially offset by a $0.4 million increase in wealth management fees, primarily from retail brokerage. The $1.6 million increase over the fourth quarter of 2023 was driven by higher mortgage banking revenues of $0.8 million driven by a higher gain on sale margin and wealth management fees of $0.9 million, primarily from retail brokerage and to a lesser extent trust.

    For 2024, noninterest income totaled $76.0 million compared to $71.6 million for 2023, primarily attributable to a $3.9 million increase in mortgage banking revenues and a $2.8 million increase in wealth management fees, partially offset by a $2.2 million decrease in other income. The increase in mortgage banking revenues was due to a higher gain on sale margin. The increase in wealth management fees was primarily driven by higher retail brokerage fees and to a lesser extent trust fees, primarily attributable to both new account growth and higher account values driven by higher market returns. The decrease in other income was primarily attributable to a $1.4 million gain from the sale of mortgage servicing rights in 2023, and to a lesser extent a decrease in vendor bonus income and miscellaneous income.

    Noninterest expense for the fourth quarter of 2024 totaled $41.8 million compared to $42.9 million for the third quarter of 2024 and $40.0 million for the fourth quarter of 2023. The $1.1 million decrease from the third quarter of 2024 was primarily attributable to lower other expense of $1.2 million and occupancy expense of $0.2 million that was partially offset by a $0.3 million increase in compensation expense. The decrease in other expense was primarily attributable to a $1.0 million decrease in other real estate expense driven by the sale of a banking office and lower miscellaneous expense of $0.5 million which reflected a non-routine VISA Class B swap payment in the third quarter of 2024. The decrease in occupancy expense reflected lower property tax and software license expense. The increase in compensation was driven by higher incentive plan compensation. Compared to the fourth quarter of 2023, the $1.8 million increase was driven by a $2.3 million increase in compensation expense that was partially offset by a $0.2 million decrease in occupancy expense and a $0.3 million decrease in other expense. The unfavorable variance in compensation expense reflected a $1.4 million increase in salary expense and a $0.9 million increase in other benefit expense with the salary expense driven by higher incentive compensation and merit adjustments and the associate benefit expense reflective of higher health insurance cost.

    For 2024, noninterest expense totaled $165.3 million compared to $157.0 million for 2023, primarily attributable to increases in compensation expense of $6.9 million, occupancy expense of $0.3 million, and other expense of $1.1 million. The increase in compensation reflected a $5.4 million increase in salary expense and a $1.6 million increase in other associate benefit expense. The increase in salary expense was primarily due to a lower level of realized loan cost (credit offset to salary expense) of $3.1 million (lower new loan volume), higher base salary expense of $2.2 million (primarily annual merit raises), and a $1.2 million increase in cash incentive compensation that was partially offset by lower commission expense of $1.4 million (lower residential mortgage volume). The unfavorable variance in other associate benefit expense was due to a $0.9 million increase in associate insurance cost and a $0.6 million increase in stock compensation expense. The increase in occupancy expense was attributable to increases in software license and maintenance agreement expenses. The increase in other expense was driven by a $1.1 million increase in other real estate expense and a $1.4 million increase in processing expense that was partially offset by a $1.4 million decrease in miscellaneous expense. The increase in other real estate expense reflected a lower level of gains from the sale of banking offices in 2024. The increase in processing expense reflected both inflationary increases on contract renewals and the outsourcing of our core processing system. The decrease in miscellaneous expense was attributable to lower pension plan expense for the non-service related component of the plan.

    Income Taxes

    We realized income tax expense of $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 compared to $3.0 million (effective rate of 19.1%) for the third quarter of 2024 and $2.9 million (effective rate of 20.3%) for the fourth quarter of 2023. Compared to the third quarter of 2024, the increase in our effective tax rate was attributable to a lower than projected level of pre-tax income from Capital City Home Loans (“CCHL”) in relation to our consolidated income as the non-controlling interest adjustment for CCHL is accounted for as a permanent tax adjustment. Further, we realized a higher than projected Internal Revenue Code (“IRC”) Section 162(m) limitation related to current and future compensation. For 2024, we realized income tax expense of $13.9 million (effective rate of 21.2%) compared to $13.0 million (effective rate of 20.4%) for 2023 with the increase in the effective tax rate primarily attributable to a higher IRC Section 162(m) limitation and lower tax-exempt interest income. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.922 billion for the fourth quarter of 2024, an increase of $38.5 million, or 1.0 %, over the third quarter of 2024, and an increase of $97.9 million, or 2.6%, over the fourth quarter of 2023. The increase over both prior periods was primarily driven by higher deposit balances (see below – Deposits). Compared to the third quarter of 2024, the change in earning asset mix was primarily attributable to a $41.4 million increase in short term investments (overnight funds sold), a $6.7 million increase in investment securities, and $6.5 million increase in loans held for sale, partially offset by a $16.1 million decrease in loans HFI. Compared to the fourth quarter of 2023, the change in earning asset mix reflected a $198.4 million increase in short term investments (overnight funds sold) that was partially offset by a $48.0 million decrease in investment securities, a $33.8 million decrease in loans HFI, and a $18.7 million decrease in loans held for sale.

    Average loans HFI for the fourth quarter of 2024 decreased $16.1 million, or 0.6%, from the third quarter of 2024 and decreased $33.8 million, or 1.3%, from the fourth quarter of 2023. Compared to the third quarter of 2024, the decline was primarily attributable to decreases in consumer loans (primarily indirect auto) of $18.3 million and commercial mortgage real estate loans of $24.1 million, partially offset by increases in construction real estate loans of $13.1 million, and residential real estate loans of $11.6 million. Compared to the fourth quarter of 2023, the decrease was driven by decreases in consumer loans (primarily indirect auto) of $72.8 million, commercial loans of $30.2 million, and commercial mortgage real estate loans of $25.3 million, partially offset by increases in residential real estate loans of $70.8 million, construction real estate loans of $16.6 million, and home equity loans of $10.2 million.

    Loans HFI at December 31, 2024 decreased $31.5 million, or 1.2%, from September 30, 2024 and decreased $82.4 million, or 3.0%, from December 31, 2023. Compared to September 30, 2024, the decrease was driven by decreases in commercial mortgage real estate loans of $40.9 million, consumer loans (primarily indirect auto) of $13.8 million, and commercial loans of $5.4 million, partially offset by increases in home equity loans of $9.1 million, other loans of $13.5 million, and residential real estate loans of $5.0 million. Compared to December 31, 2023, the decrease was primarily attributable to decreases in consumer loans (primarily indirect auto) of $71.5 million, commercial mortgage real estate loans of $46.4 million, and commercial loans of $36.0 million, partially offset by increases in residential real estate loans of $27.2 million, construction real estate loans of $23.9 million, and home equity loans of $9.1 million.

    Allowance for Credit Losses

    At December 31, 2024, the allowance for credit losses for loans HFI totaled $29.3 million compared to $29.8 million at September 30, 2024 and $29.9 million at December 31, 2023. Activity within the allowance is provided on Page 9. The decreases in the allowance from September 30, 2024 and December 31, 2023 were primarily attributable to lower loan balances and favorable loan migration. Net loan charge-offs were 25 basis points of average loans for the fourth quarter of 2024 versus 19 basis points for the third quarter of 2024. For 2024, net loan charge-offs were 21 basis points of average loans compared to 18 basis points in 2023. At December 31, 2024, the allowance represented 1.10% of loans HFI compared to 1.11% at September 30, 2024, and 1.10% at December 31, 2023.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $6.7 million at December 31, 2024 compared to $7.2 million at September 30, 2024 and $6.2 million at December 31, 2023. At December 31, 2024, nonperforming assets as a percent of total assets equaled 0.15%, compared to 0.17% at September 30, 2024 and 0.15% at December 31, 2023. Nonaccrual loans totaled $6.3 million at December 31, 2024, a $0.3 million decrease from September 30, 2024 and a $0.1 million increase over December 31, 2023. Further, classified loans totaled $19.9 million at December 31, 2024, a $5.6 million decrease from September 30, 2024 and a $2.3 million decrease from December 31, 2023.

    Deposits

    Average total deposits were $3.600 billion for the fourth quarter of 2024, an increase of $28.4 million, or 0.8%, over the third quarter of 2024 and an increase of $51.9 million, or 1.5%, over the fourth quarter of 2023. Compared to the third quarter of 2024, the increase was primarily attributable to higher NOW account balances which reflected the seasonal inflow of public funds from municipal clients as they receive their tax receipts beginning in late November. The increase over the fourth quarter of 2023 reflected higher NOW, MMA, and certificates of deposit (“CD”) balances that were partially offset by decreases in noninterest bearing and savings balances. During 2024, we realized a re-mix in deposits as rate sensitive clients sought higher yield deposit products. Average core deposit balances (total deposits less public funds) increased $20.3 million over the third quarter of 2024 and $28.4 million over the fourth quarter of 2023.

    At December 31, 2024, total deposits were $3.672 billion, an increase of $92.9 million, or 2.6%, over September 30, 2024 and a decrease of $29.8 million, or 0.8%, from December 31, 2023. Compared to the third quarter of 2024, the increase was primarily due to a $110.7 million increase in NOW account balances which reflected the aforementioned seasonal inflow of public funds balances. The decrease from the fourth quarter of 2023 was driven by lower noninterest bearing, NOW, and savings account balances that were partially offset by higher MMA and CD balances which reflected the aforementioned re-mix in balances during 2024. Core deposit balances (total deposits less public funds) decreased $50.3 million from the third quarter of 2024 and increased $21.9 million over the fourth quarter of 2023.

    Liquidity

    The Bank maintained an average net overnight funds (deposits with banks plus FED funds sold less FED funds purchased) sold position of $298.3 million in the fourth quarter of 2024 compared to $256.9 million in the third quarter of 2024 and $99.8 million in the fourth quarter of 2023. Compared to both prior periods, the increases reflected growth in average core and public fund deposit balances.

    At December 31, 2024, we had the ability to generate approximately $1.535 billion (excludes overnight funds position of $321 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

    We also view our investment portfolio as a liquidity source and have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At December 31, 2024, the weighted-average maturity and duration of our portfolio were 2.54 years and 2.19 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $19.2 million.

    Capital

    Shareowners’ equity was $495.3 million at December 31, 2024 compared to $476.5 million at September 30, 2024 and $440.6 million at December 31, 2023. For the fourth quarter of 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $13.1 million, a net $7.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $0.9 million, stock compensation accretion of $0.7 million, and a $0.4 million reclassification from temporary equity (concurrent with the agreement to assign the minority membership interest (49%) in Capital City Home Loans, LLC, temporary equity was reclassified to other liabilities and included a $0.4 million net credit to retained earnings to account for the difference between the fair value and the book value of the minority interest). The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $0.7 million increase in the fair value of the interest rate swap related to subordinated debt, that was partially offset by a $3.2 million increase in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $3.9 million ($0.23 per share).

    For the full year 2024, shareowners’ equity was positively impacted by net income attributable to common shareowners of $52.9 million, a net $15.7 million decrease in the accumulated other comprehensive loss, the issuance of stock of $3.1 million, and stock compensation accretion of $1.9 million. The net favorable change in accumulated other comprehensive loss reflected a $10.1 million decrease in the pension plan loss from the year-end re-measurement of the plan and a $5.6 million decrease in the investment securities loss. Shareowners’ equity was reduced by common stock dividends of $14.9 million ($0.88 per share), the repurchase of stock of $2.3 million (82,540 shares), net adjustments totaling $1.4 million related to transactions under our stock compensation plans, and a $0.3 million reclassification from temporary equity.

    At December 31, 2024, our total risk-based capital ratio was 18.77% compared to 17.97% at September 30, 2024 and 16.57% at December 31, 2023. Our common equity tier 1 capital ratio was 15.64%, 14.88%, and 13.52%, respectively, on these dates. Our leverage ratio was 11.05%, 10.89%, and 10.30%, respectively, on these dates. At December 31, 2024, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio was 9.55% at December 31, 2024 compared to 9.28% and 8.26% at September 30, 2024 and December 31, 2023, respectively. If our unrealized held-to-maturity securities losses of $16.0 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.17%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.3 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 63 banking offices and 104 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: our ability to successfully manage credit risk, interest rate risk, liquidity risk, and other risks inherent to our industry; the effects of changes in the level of checking or savings account deposits and the competition for deposits on our funding costs, net interest margin and ability to replace maturing deposits and advances; legislative or regulatory changes; adverse developments in the financial services industry generally; inflation, interest rate, market and monetary fluctuations; uncertainty in the pricing of residential mortgage loans that we sell, as well as competition for the mortgage servicing rights related to these loans; interest rate risk and price risk resulting from retaining mortgage servicing rights and the effects of higher interest rates on our loan origination volumes; changes in monetary and fiscal policies of the U.S. Government; the cost and effects of cybersecurity incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; the effects of fraud related to debit card products; the accuracy of our financial statement estimates and assumptions; changes in accounting principles, policies, practices or guidelines; the frequency and magnitude of foreclosure of our loans; the effects of our lack of a diversified loan portfolio; the strength of the local economies in which we operate; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; our ability to retain key personnel; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest or other geopolitical events; our ability to comply with the extensive laws and regulations to which we are subject; the impact of the restatement of our previously issued consolidated statements of cash flows and any deficiencies in the processes undertaken to effect such restatements; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control or inability to remediate our existing material weaknesses in our internal controls deemed ineffective; the willingness of clients to accept third-party products and services rather than our products and services; technological changes; the outcomes of litigation or regulatory proceedings; negative publicity and the impact on our reputation; changes in consumer spending and saving habits; growth and profitability of our noninterest income; the limited trading activity of our common stock; the concentration of ownership of our common stock; anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws; other risks described from time to time in our filings with the Securities and Exchange Commission; and our ability to manage the risks involved in the foregoing. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as amended, and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
    Shareowners’ Equity (GAAP)   $ 495,317   $ 476,499   $ 460,999   $ 448,314   $ 440,625  
    Less: Goodwill and Other Intangibles (GAAP)     92,773     92,813     92,853     92,893     92,933  
    Tangible Shareowners’ Equity (non-GAAP) A   402,544     383,686     368,146     355,421     347,692  
    Total Assets (GAAP)     4,307,142     4,225,316     4,225,695     4,259,922     4,304,477  
    Less: Goodwill and Other Intangibles (GAAP)     92,773     92,813     92,853     92,893     92,933  
    Tangible Assets (non-GAAP) B $ 4,214,369   $ 4,132,503   $ 4,132,842   $ 4,167,029   $ 4,211,544  
    Tangible Common Equity Ratio (non-GAAP) A/B   9.55 %   9.28 %   8.91 %   8.53 %   8.26 %
    Actual Diluted Shares Outstanding (GAAP) C   17,018,122     16,980,686     16,970,228     16,947,204     17,000,758  
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 23.65   $ 22.60   $ 21.69   $ 20.97   $ 20.45  
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Twelve Months Ended  
    (Dollars in thousands, except per share data)   Dec 31, 2024   Sep 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 13,090 $ 13,118 $ 11,720   52,915 $ 52,258  
    Diluted Net Income Per Share $ 0.77 $ 0.77 $ 0.70   3.12 $ 3.07  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.22 % 1.24 % 1.12 % 1.25 % 1.22 %
    Return on Average Equity (annualized)   10.60   10.87   10.69   11.18   12.40  
    Net Interest Margin   4.17   4.12   4.07   4.08   4.05  
    Noninterest Income as % of Operating Revenue   31.34   32.67   30.46   32.34   31.05  
    Efficiency Ratio   69.74 % 71.81 % 70.82 % 70.30 % 67.99 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   17.58 % 16.77 % 15.37 % 17.58 % 15.37 %
    Total Capital   18.77   17.97   16.57   18.77   16.57  
    Leverage   11.05   10.89   10.30   11.05   10.30  
    Common Equity Tier 1   15.64   14.88   13.52   15.64   13.52  
    Tangible Common Equity (1)   9.55   9.28   8.26   9.55   8.26  
    Equity to Assets   11.50 % 11.28 % 10.24 % 11.50 % 10.24 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   464.14 % 452.64 % 479.70 % 464.14 % 479.70 %
    Allowance as a % of Loans HFI   1.10   1.11   1.10   1.10   1.10  
    Net Charge-Offs as % of Average Loans HFI   0.25   0.19   0.23   0.21   0.18  
    Nonperforming Assets as % of Loans HFI and OREO   0.25   0.27   0.23   0.25   0.23  
    Nonperforming Assets as % of Total Assets   0.15 % 0.17 % 0.15 % 0.15 % 0.15 %
    STOCK PERFORMANCE                      
    High $ 40.86 $ 36.67 $ 32.56   40.86 $ 36.86  
    Low   33.00   26.72   26.12   25.45   26.12  
    Close $ 36.65 $ 35.29 $ 29.43   36.65 $ 29.43  
    Average Daily Trading Volume   27,484   37,151   33,297   31,390   33,775  
                           
    (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.        
                           
    CAPITAL CITY BANK GROUP, INC.                    
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION            
    Unaudited                    
                         
      2024
    		 2023
    (Dollars in thousands) Fourth Quarter   Third Quarter   Second Quarter   First Quarter   Fourth Quarter
    ASSETS                    
    Cash and Due From Banks $ 70,543   $ 83,431   $ 75,304   $ 73,642   $ 83,118  
    Funds Sold and Interest Bearing Deposits   321,311     261,779     272,675     231,047     228,949  
    Total Cash and Cash Equivalents   391,854     345,210     347,979     304,689     312,067  
                         
    Investment Securities Available for Sale   403,345     336,187     310,941     327,338     337,902  
    Investment Securities Held to Maturity   567,155     561,480     582,984     603,386     625,022  
    Other Equity Securities   2,399     6,976     2,537     3,445     3,450  
    Total Investment Securities   972,899     904,643     896,462     934,169     966,374  
                         
    Loans Held for Sale   28,672     31,251     24,022     24,705     28,211  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   189,208     194,625     204,990     218,298     225,190  
    Real Estate – Construction   219,994     218,899     200,754     202,692     196,091  
    Real Estate – Commercial   779,095     819,955     823,122     823,690     825,456  
    Real Estate – Residential   1,028,498     1,023,485     1,012,541     1,012,791     1,001,257  
    Real Estate – Home Equity   220,064     210,988     211,126     214,617     210,920  
    Consumer   199,479     213,305     234,212     254,168     270,994  
    Other Loans   14,006     461     2,286     3,789     2,962  
    Overdrafts   1,206     1,378     1,192     1,127     1,048  
    Total Loans Held for Investment   2,651,550     2,683,096     2,690,223     2,731,172     2,733,918  
    Allowance for Credit Losses   (29,251 )   (29,836 )   (29,219 )   (29,329 )   (29,941 )
    Loans Held for Investment, Net   2,622,299     2,653,260     2,661,004     2,701,843     2,703,977  
                         
    Premises and Equipment, Net   81,952     81,876     81,414     81,452     81,266  
    Goodwill and Other Intangibles   92,773     92,813     92,853     92,893     92,933  
    Other Real Estate Owned   367     650     650     1     1  
    Other Assets   116,326     115,613     121,311     120,170     119,648  
    Total Other Assets   291,418     290,952     296,228     294,516     293,848  
    Total Assets $ 4,307,142   $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,306,254   $ 1,330,715   $ 1,343,606   $ 1,361,939   $ 1,377,934  
    NOW Accounts   1,285,281     1,174,585     1,177,180     1,212,452     1,327,420  
    Money Market Accounts   404,396     401,272     413,594     398,308     319,319  
    Savings Accounts   506,766     507,604     514,560     530,782     547,634  
    Certificates of Deposit   169,280     164,901     159,624     151,320     129,515  
    Total Deposits   3,671,977     3,579,077     3,608,564     3,654,801     3,701,822  
                         
    Repurchase Agreements   26,240     29,339     22,463     23,477     26,957  
    Other Short-Term Borrowings   2,064     7,929     3,307     8,409     8,384  
    Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   794     794     1,009     265     315  
    Other Liabilities   57,863     71,974     69,987     65,181     66,080  
    Total Liabilities   3,811,825     3,742,000     3,758,217     3,805,020     3,856,445  
                         
    Temporary Equity   –     6,817     6,479     6,588     7,407  
    SHAREOWNERS’ EQUITY                    
    Common Stock   170     169     169     169     170  
    Additional Paid-In Capital   37,684     36,070     35,547     34,861     36,326  
    Retained Earnings   463,949     454,342     445,959     435,364     426,275  
    Accumulated Other Comprehensive Loss, Net of Tax   (6,486 )   (14,082 )   (20,676 )   (22,080 )   (22,146 )
    Total Shareowners’ Equity   495,317     476,499     460,999     448,314     440,625  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,307,142   $ 4,225,316   $ 4,225,695   $ 4,259,922   $ 4,304,477  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 3,974,431   $ 3,880,769   $ 3,883,382   $ 3,921,093   $ 3,957,452  
    Interest Bearing Liabilities   2,447,708     2,339,311     2,344,624     2,377,900     2,412,431  
    Book Value Per Diluted Share $ 29.11   $ 28.06   $ 27.17   $ 26.45   $ 25.92  
    Tangible Book Value Per Diluted Share(1)   23.65     22.60     21.69     20.97     20.45  
    Actual Basic Shares Outstanding   16,975     16,944     16,942     16,929     16,950  
    Actual Diluted Shares Outstanding   17,018     16,981     16,970     16,947     17,001  
    (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 7.
                                 
    CAPITAL CITY BANK GROUP, INC.                            
    CONSOLIDATED STATEMENT OF OPERATIONS                      
    Unaudited                            
                                 
        2024   2023   Twelve Months Ended December 31,
    (Dollars in thousands, except per share data)   Fourth Quarter   Third Quarter   Second Quarter   First Quarter   Fourth Quarter   2024   2023
    INTEREST INCOME                            
    Loans, including Fees $ 41,453   $ 41,659 $ 41,138 $ 40,683 $ 40,407 $ 164,933 $ 152,250
    Investment Securities   4,694     4,155   4,004   4,244   4,392   17,097   18,692
    Federal Funds Sold and Interest Bearing Deposits   3,596     3,514   3,624   1,893   1,385   12,627   10,126
    Total Interest Income   49,743     49,328   48,766   46,820   46,184   194,657   181,068
    INTEREST EXPENSE                            
    Deposits   7,766     8,223   8,579   7,594   5,872   32,162   17,582
    Repurchase Agreements   199     221   217   201   199   838   513
    Other Short-Term Borrowings   83     52   68   39   310   242   1,538
    Subordinated Notes Payable   581     610   630   628   627   2,449   2,427
    Other Long-Term Borrowings   11     11   3   3   5   28   20
    Total Interest Expense   8,640     9,117   9,497   8,465   7,013   35,719   22,080
    Net Interest Income   41,103     40,211   39,269   38,355   39,171   158,938   158,988
    Provision for Credit Losses   701     1,206   1,204   920   2,025   4,031   9,714
    Net Interest Income after Provision for Credit Losses   40,402     39,005   38,065   37,435   37,146   154,907   149,274
    NONINTEREST INCOME                            
    Deposit Fees   5,207     5,512   5,377   5,250   5,304   21,346   21,325
    Bank Card Fees   3,697     3,624   3,766   3,620   3,713   14,707   14,918
    Wealth Management Fees   5,222     4,770   4,439   4,682   4,276   19,113   16,337
    Mortgage Banking Revenues   3,118     3,966   4,381   2,878   2,327   14,343   10,400
    Other   1,516     1,641   1,643   1,667   1,537   6,467   8,630
    Total Noninterest Income   18,760     19,513   19,606   18,097   17,157   75,976   71,610
    NONINTEREST EXPENSE                            
    Compensation   26,108     25,800   24,406   24,407   23,822   100,721   93,787
    Occupancy, Net   6,893     7,098   6,997   6,994   7,098   27,982   27,660
    Other   8,781     10,023   9,038   8,770   9,038   36,612   35,576
    Total Noninterest Expense   41,782     42,921   40,441   40,171   39,958   165,315   157,023
    OPERATING PROFIT   17,380     15,597   17,230   15,361   14,345   65,568   63,861
    Income Tax Expense   4,219     2,980   3,189   3,536   2,909   13,924   13,040
    Net Income   13,161     12,617   14,041   11,825   11,436   51,644   50,821
    Pre-Tax Loss (Income) Attributable to Noncontrolling Interest   (71 )   501   109   732   284   1,271   1,437
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 13,090   $ 13,118 $ 14,150 $ 12,557 $ 11,720 $ 52,915 $ 52,258
    PER COMMON SHARE                            
    Basic Net Income $ 0.77   $ 0.77 $ 0.84 $ 0.74 $ 0.69 $ 3.12 $ 3.08
    Diluted Net Income   0.77     0.77   0.83   0.74   0.70   3.12   3.07
    Cash Dividend $ 0.23   $ 0.23 $ 0.21 $ 0.21 $ 0.20 $ 0.88 $ 0.76
    AVERAGE SHARES                            
    Basic   16,946     16,943   16,931   16,951   16,947   16,943   16,987
    Diluted   16,990     16,979   16,960   16,969   16,997   16,969   17,023
    CAPITAL CITY BANK GROUP, INC.                            
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)                        
    AND CREDIT QUALITY                            
    Unaudited                            
                                 
        2024
    		   2023   Twelve Months Ended December 31,
    (Dollars in thousands, except per share data)   Fourth Quarter   Third Quarter   Second Quarter   First Quarter   Fourth Quarter   2024   2023
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,836   $ 29,219   $ 29,329   $ 29,941   $ 29,083   $ 29,941   $ 25,068  
    Transfer from Other Liabilities   –     –     –     (50 )   66     (50 )   66  
    Provision for Credit Losses   1,085     1,879     1,129     932     2,354     5,025     9,529  
    Net Charge-Offs (Recoveries)   1,670     1,262     1,239     1,494     1,562     5,665     4,722  
    Balance at End of Period $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,941   $ 29,251   $ 29,941  
    As a % of Loans HFI   1.10 %   1.11 %   1.09 %   1.07 %   1.10 %   1.10 %   1.10 %
    As a % of Nonperforming Loans   464.14 %   452.64 %   529.79 %   431.46 %   479.70 %   464.14 %   479.70 %
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   2,522   $ 3,139   $ 3,121   $ 3,191   $ 3,502   $ 3,191   $ 2,989  
    Provision for Credit Losses   (367 )   (617 )   18     (70 )   (311 )   (1,036 )   202  
    Balance at End of Period(1)   2,155     2,522     3,139     3,121     3,191     2,155     3,191  
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (17 ) $ (56 ) $ 57   $ 58   $ (18 ) $ 42   $ (17 )
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 499   $ 331   $ 400   $ 282   $ 217   $ 1,512   $ 511  
    Real Estate – Construction   47     –     –     –     –     47     –  
    Real Estate – Commercial   –     3     –     –     –     3     120  
    Real Estate – Residential   44     –     –     17     79     61     79  
    Real Estate – Home Equity   33     23     –     76     –     132     39  
    Consumer   1,307     1,315     1,061     1,550     1,689     5,233     5,754  
    Overdrafts   574     611     571     638     602     2,394     2,789  
    Total Charge-Offs $ 2,504   $ 2,283   $ 2,032   $ 2,563   $ 2,587   $ 9,382   $ 9,292  
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 103   $ 176   $ 59   $ 41   $ 83   $ 379   $ 277  
    Real Estate – Construction   3     –     –     –     –     3     2  
    Real Estate – Commercial   33     5     19     204     16     261     52  
    Real Estate – Residential   28     88     23     37     34     176     253  
    Real Estate – Home Equity   17     59     37     24     17     137     226  
    Consumer   352     405     313     410     433     1,480     1,936  
    Overdrafts   298     288     342     353     442     1,281     1,824  
    Total Recoveries $ 834   $ 1,021   $ 793   $ 1,069   $ 1,025   $ 3,717   $ 4,570  
    NET CHARGE-OFFS (RECOVERIES) $ 1,670   $ 1,262   $ 1,239   $ 1,494   $ 1,562   $ 5,665   $ 4,722  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.25 %   0.19 %   0.18 %   0.22 %   0.23 %   0.21 %   0.18 %
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,302   $ 6,592   $ 5,515   $ 6,798   $ 6,242          
    Other Real Estate Owned   367     650     650     1     1          
    Total Nonperforming Assets (“NPAs”) $ 6,669   $ 7,242   $ 6,165   $ 6,799   $ 6,243          
                                 
    Past Due Loans 30-89 Days $ 4,311   $ 9,388   $ 5,672   $ 5,392   $ 6,855          
    Classified Loans   19,896     25,501     25,566     22,305     22,203          
                                 
    Nonperforming Loans as a % of Loans HFI   0.24 %   0.25 %   0.21 %   0.25 %   0.23 %        
    NPAs as a % of Loans HFI and Other Real Estate   0.25 %   0.27 %   0.23 %   0.25 %   0.23 %        
    NPAs as a % of Total Assets   0.15 %   0.17 %   0.15 %   0.16 %   0.15 %        
                                 
    (1)Recorded in other liabilities                            
    (2)Annualized                            
    CAPITAL CITY BANK GROUP, INC.                                                                                        
    AVERAGE BALANCE AND INTEREST RATES                                                                                        
    Unaudited                                                                                                    
                                                                                                         
        Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024     First Quarter 2024     Fourth Quarter 2023       Full Year 2024     Full Year 2023  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		       Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                                                    
    Loans Held for Sale $ 31,047   $ 976   7.89 % $ 24,570   $ 720   7.49 % $ 26,281   $ 517   5.26 % $ 27,314     563   5.99 % $ 49,790   $ 817   6.50 %   $ 27,306   $ 2,776   6.72 % $ 55,510   $ 3,232   5.82 %
    Loans Held for Investment(1)   2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03     2,728,629     40,196   5.95     2,711,243     39,679   5.81       2,706,461     162,385   6.03     2,656,394     149,366   5.62  
                                                                                                         
    Investment Securities                                                                                                    
    Taxable Investment Securities   914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74     952,328     4,239   1.78     962,322     4,389   1.81       923,253     17,073   1.85     1,016,550     18,652   1.83  
    Tax-Exempt Investment Securities(1)   849     9   4.31     846     10   4.33     843     9   4.36     856     9   4.34     862     7   4.32       848     37   4.34     2,199     59   2.68  
                                                                                                         
    Total Investment Securities   915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74     953,184     4,248   1.78     963,184     4,396   1.82       924,101     17,110   1.85     1,018,749     18,711   1.83  
                                                                                                         
    Federal Funds Sold and Interest Bearing Deposits   298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56     140,488     1,893   5.42     99,763     1,385   5.51       239,712     12,627   5.27     203,147     10,126   4.98  
                                                                                                         
    Total Earning Assets   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %   3,849,615   $ 46,900   4.90 %   3,823,980   $ 46,277   4.80 %     3,897,580   $ 194,898   5.00 %   3,933,800   $ 181,435   4.61 %
                                                                                                         
    Cash and Due From Banks   73,992               70,994               74,803               75,763               76,681                 73,881               75,786            
    Allowance for Credit Losses   (30,107 )             (29,905 )             (29,564 )             (30,030 )             (29,998 )               (29,902 )             (28,190 )          
    Other Assets   293,884               291,359               291,669               295,275               296,114                 293,044               297,290            
                                                                                                         
    Total Assets $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777               $ 4,234,603             $ 4,278,686            
                                                                                                         
    LIABILITIES:                                                                                                    
    Noninterest Bearing Deposits $ 1,323,556             $ 1,332,305             $ 1,346,546             $ 1,344,188             $ 1,416,825               $ 1,336,601             $ 1,507,657            
    NOW Accounts   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %   1,201,032   $ 4,497   1.51 %   1,138,461   $ 3,696   1.29 %     1,183,962   $ 16,835   1.42 %   1,172,861   $ 12,375   1.06 %
    Money Market Accounts   422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72     353,591     1,985   2.26     318,844     1,421   1.77       400,664     9,957   2.49     299,581     3,670   1.22  
    Savings Accounts   504,859     179   0.14     512,098     180   0.14     519,374     176   0.14     539,374     188   0.14     557,579     202   0.14       518,869     723   0.14     592,033     598   0.10  
    Time Deposits   167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08     138,328     924   2.69     116,797     553   1.88       157,342     4,647   2.95     97,480     939   0.96  
    Total Interest Bearing Deposits   2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50     2,232,325     7,594   1.37     2,131,681     5,872   1.09       2,260,837     32,162   1.42     2,161,955     17,582   0.81  
    Total Deposits   3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95     3,576,513     7,594   0.85     3,548,506     5,872   0.66       3,597,438     32,162   0.89     3,669,612     17,582   0.48  
    Repurchase Agreements   28,018     199   2.82     27,126     221   3.24     26,999     217   3.24     25,725     201   3.14     26,831     199   2.94       26,970     838   3.11     19,917     513   2.57  
    Other Short-Term Borrowings   6,510     83   5.06     2,673     52   7.63     6,592     68   4.16     3,758     39   4.16     16,906     310   7.29       4,882     242   4.94     24,146     1,538   6.37  
    Subordinated Notes Payable   52,887     581   4.30     52,887     610   4.52     52,887     630   4.71     52,887     628   4.70     52,887     627   4.64       52,887     2,449   4.56     52,887     2,427   4.53  
    Other Long-Term Borrowings   794     11   5.57     795     11   5.55     258     3   4.31     281     3   4.80     336     5   4.72       534     28   5.31     408     20   4.77  
    Total Interest Bearing Liabilities   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %   2,314,976   $ 8,465   1.47 %   2,228,641   $ 7,013   1.25 %     2,346,110   $ 35,719   1.52 %   2,259,313   $ 22,080   0.98 %
                                                                                                         
    Other Liabilities   73,130               73,767               72,634               68,295               78,772                 71,964               81,842            
                                                                                                         
    Total Liabilities   3,761,763               3,729,282               3,800,398               3,727,459               3,724,238                 3,754,675               3,848,812            
    Temporary Equity   6,763               6,443               6,493               7,150               7,423                 6,712               8,392            
                                                                                                         
    SHAREOWNERS’ EQUITY:   491,143               480,137               465,297               456,014               435,116                 473,216               421,482            
                                                                                                         
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623             $ 4,166,777               $ 4,234,603             $ 4,278,686            
                                                                                                         
    Interest Rate Spread     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %     $ 38,435   3.43 %     $ 39,264   3.55 %       $ 159,179   3.47 %     $ 159,355   3.63 %
                                                                                                         
    Interest Income and Rate Earned(1)       49,790   5.05         49,377   5.06         48,831   4.99         46,900   4.90         46,277   4.80           194,898   5.00         181,435   4.61  
    Interest Expense and Rate Paid(2)       8,640   0.88         9,117   0.93         9,497   0.97         8,465   0.88         7,013   0.73           35,719   0.92         22,080   0.56  
                                                                                                         
    Net Interest Margin     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %     $ 38,435   4.01 %     $ 39,264   4.07 %       $ 159,179   4.08 %     $ 159,355   4.05 %
                                                                                                         
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                                                  
    (2)Rate calculated based on average earning assets.                                                                                            

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402. 8450

    The MIL Network –

  • MIL-OSI: Amplify ETFs Aligns Global and U.S. Cannabis Exposure Across MJ and CNBS

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Amplify ETFs announces the realignment of its cannabis ETFs to provide investors with dynamic exposure to the cannabis industry. On January 28, 2025, the Amplify Seymour Cannabis ETF (CNBS) will change its investment policy to invest in securities of U.S. companies engaged in cannabis and hemp-related activities. In addition, the Amplify Alternative Harvest ETF (MJ) will allocate to CNBS to gain exposure to U.S. cannabis companies following an index methodology change.

    The move reflects Amplify ETFs’ commitment to refining its product suite for investors. Through the changes, MJ will continue to offer access to the global cannabis industry, now gaining its U.S. exposure through an allocation to CNBS within the index.

    “The cannabis industry is an evolving market, and we recognized an exceptional opportunity to leverage the expertise of one of its foremost authorities, Tim Seymour. By doing so, we’ve positioned ourselves to enhance offerings and create what we believe is a competitive advantage,” said Christian Magoon, CEO of Amplify ETFs.

    By utilizing CNBS for its U.S. exposure, MJ provides a seamless and diversified investment strategy, representing global and domestic cannabis opportunities in one ETF.

    CNBS is an actively managed cannabis ETF, which launched in July 2019. Tim Seymour, CIO of Seymour Asset Management and portfolio manager for CNBS, will refine CNBS’ focus primarily on U.S. companies principally engaged in the emerging cannabis and hemp ecosystem. CNBS targets three classifications: cannabis/hemp plant operations, support cultivation and retail, and ancillary companies providing services and products to the cannabis market. At least 80% of its portfolio companies derive more than 50% of their revenue from cannabis and hemp-related activities.

    Seymour employs a rigorous blend of top-down and bottom-up analysis to identify opportunities, utilizing macroeconomic data, regulatory filings, third-party research, and ESG scoring. He added, “CNBS is uniquely positioned to capitalize on opportunities in the U.S. cannabis market through our active management strategy, and we view the US cannabis industry as the largest addressable market for sourcing cannabis investments. We seek exposure to the companies that are executing today and are well positioned for tomorrow’s growth. We believe the integration of CNBS into MJ’s methodology enhances investor access to a dynamic and growing sector and look forward to working closely with Prime Indexes, who founded the MJ reference index.”

    Additionally, MJ and CNBS will each participate in a reverse share split ratio of 1 for 12. The reverse splits will be effective on February 21, 2025, and the funds will then begin trading at their post-split prices. The respective ticker symbols will not change, but each fund will be issued with new CUSIP numbers as listed below.

    Fund name Old CUSIP New CUSIP Reverse Split Ratio
    Amplify Seymour Cannabis ETF (CNBS) 032108854 032108482 1:12
    Amplify Alternative Harvest ETF (MJ) 032108631 032108474 1:12

    The reverse splits will increase the price per share of each fund, with a proportionate decrease in the number of shares outstanding. For a one-for-twelve reverse split, every twelve pre-split shares will result in the receipt of one post-split share, which will be priced twelve times higher than the NAV of a pre-split share.

    About Amplify ETFs
    Amplify ETFs, sponsored by Amplify Investments, has over $10.4 billion in assets across its suite of ETFs (as of 01/21/2025). Amplify ETFs delivers expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. To learn more visit AmplifyETFs.com.

    Sales Contact: Media Contacts:
    Amplify ETFs
    855-267-3837
    info@amplifyetfs.com    		 Gregory FCA for Amplify ETFs
    Kerry Davis
    610-228-2098
    amplifyetfs@gregoryfca.com
       

    Carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information can be found in the Fund’s statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectus carefully before investing.

    Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

    Narrowly focused investments typically exhibit higher volatility. Companies involved in the cannabis industry face competition, may have limited access to the services of banks, may have substantial burdens on company resources due to litigation, complaints or enforcement actions, and are heavily dependent on receiving necessary permits and authorizations to engage in medical cannabis research or to otherwise cultivate, possess or distribute cannabis. The possession and use of cannabis, even for medical purposes, is illegal under federal and certain states’ laws, which may negatively impact the value of the Fund’s investments. Securities issued by non-U.S. companies present risks beyond those of securities of U.S. issuers. Small and/or mid-capitalization companies may be more vulnerable to adverse general market or economic developments, and their securities may be less liquid and may experience greater price volatility than large-cap companies. The Fund is non-diversified, which can cause greater share price fluctuation.

    CNBS is actively managed and subject to management risk. MJ is a passive ETF that seeks to replicate the performance of a designated index by holding the assets listed on the index. Passive ETFs are subject to total market risk and lack flexibility.

    Amplify Investments LLC is the Investment Adviser to the Funds. Seymour Asset Management LLC and Tidal Investments, LLC serves as the Investment Sub-Advisers for the Funds.

    Amplify ETFs are distributed by Foreside Fund Services, LLC.

    The MIL Network –