Business – Page 1739 – NewzIntel.com

MIL-OSI Asia-Pac: New York ETO promotes Hong Kong’s startup ecosystem in North Carolina (with photos)

Source: Hong Kong Government special administrative region

â€‹The Director of the Hong Kong Economic and Trade Office, New York, Ms Maisie Ho, visited Raleigh, North Carolina from October 28 to 29 (Raleigh time) to strengthen ties with interlocutors in business, technology, and education sectors.

Ms Ho attended the Raleigh Internet of Things (RIoT) Demo Night, an annual demonstration and networking event hosted by the RIoT initiative which fosters collaboration among start-ups, established companies, entrepreneurs and industry professionals. Before the event, she met with the Executive Director of RIoT, Mr Thomas Snyder and discussed potential partnership and exchange activities between start-ups and incubators in the Research Triangle Park of North Carolina and Hong Kong.

On the same day, Ms Ho visited Innovate Carolina, the central team for innovation, entrepreneurship and economic development at the University of North Carolina at Chapel Hill (UNC Chapel Hill). She met with the Director of New Ventures and Partnerships, Dr Bryant Moore, and the Director of Economic Development and Innovation Hubs, Ms Sheryl Waddell, to learn more about Innovate Carolina and explore possible collaborations in the future. During the meeting, Ms Ho introduced Hong Kong’s growing start-up ecosystem and strategic focuses, as well as the various talent attraction schemes available to entrepreneurs and young professionals graduating from the UNC Chapel Hill. The UNC Chapel Hill is on the list of eligible universities under Hong Kong’s Top Talent Pass Scheme.

Ms Ho also met with the Chief Executive Officer and President of First Flight Venture Centre, Ms Krista Covey. The centre is one of the most prominent incubators in the Research Triangle Park. During the meeting, Ms Ho introduced the latest measure in the 2024 Policy Address in attracting international start-up accelerators to establish a presence in Hong Kong through the I&T Accelerator Pilot Scheme.

In addition, she discussed areas of mutual interests during her meeting with the Vice President for Advocacy of business organisation of the Chamber for Greater Chapel Hill-Carrboro, Mr Ian Scott.

Ms Ho was accompanied by the Head of Business and Talent Attraction / Invest Promotion of Invest Hong Kong in New York, Mr Ranjit Unnithan, during her visit to Raleigh.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI USA: Senator Peters Announces Nearly $119 Million in Federal Funding to Improve Rail Infrastructure Across Michigan

US Senate News:

Source: United States Senator for Michigan Gary Peters
Published: 10.29.2024

WASHINGTON, DC – U.S. Senator Gary Peters (MI) announced that the Federal Railroad Administration (FRA) is investing $119 million to support five major commercial and passenger rail improvement projects across Michigan. These projects are funded by the FRA’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which was funded through the bipartisan infrastructure law Peters helped enact.
“Michigan communities and businesses depend on rail infrastructure for safe and efficient transportation of essential goods across the state, as well as to regional and global partners,” said Senator Peters. “These five projects will strengthen our railways and expand shipping capacity while creating jobs and spurring economic growth.”
Below are descriptions of each project:
Detroit RECHARGED – Realizing Environmental Changes Happening Around Railroads Generating Equitable Development: The Michigan Department of Transportation will receive $67,440,000 to improve and expand capacity of the Livernois Intermodal Facility by installing 17,200 feet of new rail track. The project will also make important site enhancements on at the Livernois Intermodal Facility, including new pavement and replacing aging diesel gantry cranes with new hybrid and fully electric models.
Huron Subdivision Track & Service Improvement Program: The Lake State Railway Company will receive $27,130,810 to install approximately 52 miles of continuous welded rail between Pinconning and Alpena. Funding will also improve 34 highway-rail crossings and upgrade train signal devices at 13 locations along the route.
Leveraging Ludington: The City of Ludington will receive $16,400,000 to make improvements along a key rail route between Ludington and Grand Rapids, and enhance the Ludington Rail yard to improve efficiency and reliability of safe movement of goods throughout the area.
Wolverine and Blue Water Capacity Enhancement: The National Railroad Passenger Corporation (Amtrak) will receive $8,384,000 to restore functionality of the historic double-track on Amtrak’s Michigan Line between Glenwood Road and Niles in Wayne Township. This project will maximize performance and improve service speed.
Enhancing Grade Crossing Safety in Rural Areas through FRA’s LiDAR Data, Machine Learning, and Collaborative Risk Assessment for Railroads and Highway Agencies: Michigan State University will receive $428,133 to conduct research aimed at improving the safety of rural rail crossings. Researchers will utilize Light Detection and Ranging (LiDAR) data provided by the Federal Railroad Administration to analyze rural crossings and develop new approaches for identifying roadway hazards.
The CRISI grant program invests in railroad infrastructure projects that improve safety, efficiency and support economic development in communities across the country. Peters has consistently advocated for the CRISI program and fought for Michigan applicants. Last year, he announced a $20 million CRISI grant awarded to MDOT for replacement of the Manistee River Bridge in Manton. As Chairman of the Commerce Subcommittee on Surface Transportation, Maritime, Freight, and Ports, Peters held a field hearing in Lansing earlier this year to highlight the importance of the bipartisan infrastructure law and grant programs like CRISI for improving Michigan’s transportation infrastructure across the state. More information about the CRISI program can be found here.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

Financial Highlights

Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
Adjusted EBITDA⁽¹⁾ was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

Operational Highlights

Canada’s activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

MANAGEMENT COMMENTARY

“Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio⁽¹⁾ of less than one time.

“Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

“In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

“Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

“I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SELECT FINANCIAL AND OPERATING INFORMATION

Financial Highlights

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)		2024		2023		% Change				2024		2023		% Change
Revenue		477,155		446,754			6.8			1,434,157		1,430,983			0.2
Adjusted EBITDA⁽¹⁾		142,425		114,575			24.3			400,695		459,887			(12.9	)
Net earnings		39,183		19,792			98.0			96,400		142,522			(32.4	)
Cash provided by operations		79,674		88,500			(10.0	)		319,292		330,316			(3.3	)
Funds provided by operations⁽¹⁾		113,322		91,608			23.7			342,837		388,220			(11.7	)

Cash used in investing activities		38,852		34,278			13.3			141,032		157,157			(10.3	)
Capital spending by spend category⁽¹⁾
Expansion and upgrade		7,709		13,479			(42.8	)		30,501		39,439			(22.7	)
Maintenance and infrastructure		56,139		38,914			44.3			127,297		108,463			17.4
Proceeds on sale		(5,647	)	(6,698	)		(15.7	)		(21,825	)	(20,724	)		5.3
Net capital spending⁽¹⁾		58,201		45,695			27.4			135,973		127,178			6.9

Net earnings per share:
Basic		2.77		1.45			91.0			6.74		10.45			(35.5	)
Diluted		2.31		1.45			59.3			6.73		9.84			(31.6	)
Weighted average shares outstanding:
Basic		14,142		13,607			3.9			14,312		13,643			4.9
Diluted		14,890		13,610			9.4			14,317		14,858			(3.6	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

Operating Highlights

	For the three months ended September 30,							For the nine months ended September 30,
	2024		2023		% Change			2024		2023		% Change
Contract drilling rig fleet		214		224		(4.5	)		214		224		(4.5	)
Drilling rig utilization days:
U.S.		3,196		3,815		(16.2	)		9,885		13,823		(28.5	)
Canada		6,586		5,284		24.6			17,667		15,247		15.9
International		736		554		32.9			2,192		1,439		52.3
Revenue per utilization day:
U.S. (US$)		32,949		35,135		(6.2	)		33,011		35,216		(6.3	)
Canada (Cdn$)		32,325		32,224		0.3			34,497		32,583		5.9
International (US$)		47,223		51,570		(8.4	)		51,761		51,306		0.9
Operating costs per utilization day:
U.S. (US$)		22,207		21,655		2.5			22,113		20,217		9.4
Canada (Cdn$)		19,448		18,311		6.2			20,196		19,239		5.0

Service rig fleet		165		121		36.4			165		121		36.4
Service rig operating hours		62,835		46,894		34.0			194,390		144,944		34.1

Drilling Activity

	Average for the quarter ended 2023								Average for the quarter ended 2024
	Mar. 31		June 30		Sept. 30		Dec. 31			Mar. 31		June 30		Sept. 30
Average Precision active rig count⁽¹⁾:
U.S.		60		51		41		45			38		36		35
Canada		69		42		57		64			73		49		72
International		5		5		6		8			8		8		8
Total		134		98		104		117			119		93		115

^{(1) Average number of drilling rigs working or moving.}

Financial Position

(Stated in thousands of Canadian dollars, except ratios)	September 30, 2024		December 31, 2023⁽²⁾
Working capital⁽¹⁾		166,473		136,872
Cash		24,304		54,182
Long-term debt		787,008		914,830
Total long-term financial liabilities⁽¹⁾		858,765		995,849
Total assets		2,887,996		3,019,035
Long-term debt to long-term debt plus equity ratio ⁽¹⁾		0.32		0.37

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}^{(2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

Summary for the three months ended September 30, 2024:

Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

Summary for the nine months ended September 30, 2024:

Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
Repurchased $50 million of common shares under our NCIB.

STRATEGY

Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

Concentrate organizational efforts on leveraging our scale and generating free cash flow.
- Generated cash from operations of $80 million, bringing our year to date total to $319 million.
- Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
- Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
- Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
- Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
- Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
- Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
- Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
- Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
- Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

OUTLOOK

The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

Contracts

The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

As at October 29, 2024	Average for the quarter ended 2023								Average		Average for the quarter ended 2024								Average
	Mar. 31		June 30		Sept. 30		Dec. 31		2023		Mar. 31		June 30		Sept. 30		Dec. 31		2024
Average rigs under term contract:
U.S.		40		37		32		28		34		20		17		17		16		18
Canada		19		23		23		23		22		24		22		23		24		23
International		4		5		7		7		6		8		8		8		8		8
Total		63		65		62		58		62		52		47		48		48		49

SEGMENTED FINANCIAL RESULTS

Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

	For the three months ended September 30,									For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			% Change				2024		2023			% Change
Revenue:
Contract Drilling Services		406,155			390,728			3.9			1,215,125			1,257,762			(3.4	)
Completion and Production Services		73,074			57,573			26.9			225,987			178,257			26.8
Inter-segment eliminations		(2,074	)		(1,547	)		34.1			(6,955	)		(5,036	)		38.1
		477,155			446,754			6.8			1,434,157			1,430,983			0.2
Adjusted EBITDA:⁽¹⁾
Contract Drilling Services		133,235			131,701			1.2			406,662			468,302			(13.2	)
Completion and Production Services		19,741			14,118			39.8			50,786			39,031			30.1
Corporate and Other		(10,551	)		(31,244	)		(66.2	)		(56,753	)		(47,446	)		19.6
		142,425			114,575			24.3			400,695			459,887			(12.9	)

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

	For the three months ended September 30,								For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change				2024		2023		% Change
Revenue		406,155		390,728			3.9			1,215,125		1,257,762			(3.4	)
Expenses:
Operating		262,933		247,937			6.0			776,210		759,750			2.2
General and administrative		9,987		11,090			(9.9	)		32,253		29,710			8.6
Adjusted EBITDA⁽¹⁾		133,235		131,701			1.2			406,662		468,302			(13.2	)
Adjusted EBITDA as a percentage of revenue⁽¹⁾		32.8	%	33.7	%					33.5	%	37.2	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

United States onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		38		602		60		744
June 30		36		583		51		700
September 30		35		565		41		631
Year to date average		36		583		51		692

^{(1) United States lower 48 operations only.}
^{(2) Baker Hughes rig counts.}

Canadian onshore drilling statistics:⁽¹⁾	2024				2023
	Precision		Industry⁽²⁾		Precision		Industry⁽²⁾
Average number of active land rigs for quarters ended:
March 31		73		208		69		221
June 30		49		134		42		117
September 30		72		207		57		188
Year to date average		65		183		56		175

^{(1) Canadian operations only.}
^{(2) Baker Hughes rig counts.}

SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

	For the three months ended September 30,							For the nine months ended September 30,
(Stated in thousands of Canadian dollars, except where noted)		2024		2023		% Change			2024		2023
Revenue		73,074		57,573			26.9		225,987		178,257		26.8
Expenses:
Operating		50,608		41,612			21.6		167,128		133,325		25.4
General and administrative		2,725		1,843			47.9		8,073		5,901		36.8
Adjusted EBITDA⁽¹⁾		19,741		14,118			39.8		50,786		39,031		30.1
Adjusted EBITDA as a percentage of revenue⁽¹⁾		27.0	%	24.5	%				22.5	%	21.9	%
Well servicing statistics:
Number of service rigs (end of period)		165		121			36.4		165		121		36.4
Service rig operating hours		62,835		46,894			34.0		194,390		144,944		34.1
Service rig operating hour utilization		41	%	42	%				43	%	44	%

^{(1) See “FINANCIAL MEASURES AND RATIOS.”}

OTHER ITEMS

Share-based Incentive Compensation Plans

We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

A summary of expense amounts under these plans during the reporting periods are as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023		2024		2023
Cash settled share-based incentive plans		(1,626	)		30,105		28,810		20,091
Equity settled share-based incentive plans		1,440			701		3,517		1,834
Total share-based incentive compensation plan expense		(186	)		30,806		32,327		21,925

Allocated:
Operating		221			7,692		8,159		6,732
General and Administrative		(407	)		23,114		24,168		15,193
		(186	)		30,806		32,327		21,925

CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

EVALUATION OF CONTROLS AND PROCEDURES

Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

FINANCIAL MEASURES AND RATIOS

Non-GAAP Financial Measures

We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.

Adjusted EBITDA

We believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

The most directly comparable financial measure is net earnings.

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Adjusted EBITDA by segment:
Contract Drilling Services		133,235		131,701			406,662		468,302
Completion and Production Services		19,741		14,118			50,786		39,031
Corporate and Other		(10,551	)	(31,244	)		(56,753	)	(47,446	)
Adjusted EBITDA		142,425		114,575			400,695		459,887
Depreciation and amortization		75,073		73,192			227,104		218,823
Gain on asset disposals		(3,323	)	(2,438	)		(14,235	)	(15,586	)
Foreign exchange		849		363			772		(894	)
Finance charges		16,914		19,618			53,472		63,946
Gain on repurchase of unsecured notes		—		(37	)		—		(137	)
Loss (gain) on investments and other assets		(150	)	(3,813	)		(330	)	6,075
Incomes taxes		13,879		7,898			37,512		45,138
Net earnings		39,183		19,792			96,400		142,522

Funds Provided by (Used in) Operations

We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

The most directly comparable financial measure is cash provided by (used in) operations.

Net Capital Spending

We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

The most directly comparable financial measure is cash provided by (used in) investing activities.

Net capital spending is calculated as follows:

	For the three months ended September 30,					For the nine months ended September 30,
(Stated in thousands of Canadian dollars)		2024		2023			2024		2023
Capital spending by spend category
Expansion and upgrade		7,709		13,479			30,501		39,439
Maintenance, infrastructure and intangibles		56,139		38,914			127,297		108,463
		63,848		52,393			157,798		147,902
Proceeds on sale of property, plant and equipment		(5,647	)	(6,698	)		(21,825	)	(20,724	)
Net capital spending		58,201		45,695			135,973		127,178
Business acquisitions		—		—			—		28,000
Proceeds from sale of investments and other assets		—		(10,013	)		(3,623	)	(10,013	)
Purchase of investments and other assets		7		3,211			7		5,282
Receipt of finance lease payments		(207	)	(64	)		(591	)	(64	)
Changes in non-cash working capital balances		(19,149	)	(4,551	)		9,266		6,774
Cash used in investing activities		38,852		34,278			141,032		157,157

Working Capital

We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Working capital is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Current assets		472,557		510,881
Current liabilities		306,084		374,009
Working capital		166,473		136,872

Total Long-term Financial Liabilities

We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

Total long-term financial liabilities is calculated as follows:

	September 30,		December 31,
(Stated in thousands of Canadian dollars)		2024		2023
Total non-current liabilities		920,812		1,069,364
Deferred tax liabilities		62,047		73,515
Total long-term financial liabilities		858,765		995,849

Non-GAAP Ratios
We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Adjusted EBITDA % of Revenue*	We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
*Long-term debt to long-term debt plus equity*	We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
*Net Debt to Adjusted EBITDA*	We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
Supplementary Financial Measures
We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
*Capital Spending by Spend Category*	We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.

CHANGE IN ACCOUNTING POLICY

Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

JOINT PARTNERSHIP

On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

In particular, forward-looking information and statements include, but are not limited to, the following:

our strategic priorities for 2024;
our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
the average number of term contracts in place for 2024;
customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
timing and amount of synergies realized from acquired drilling and well servicing assets;
potential commercial opportunities and rig contract renewals; and
our future debt reduction plans.

These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
the status of current negotiations with our customers and vendors;
customer focus on safety performance;
existing term contracts are neither renewed nor terminated prematurely;
our ability to deliver rigs to customers on a timely basis;
the impact of an increase/decrease in capital spending; and
the general stability of the economic and political environments in the jurisdictions where we operate.

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

volatility in the price and demand for oil and natural gas;
fluctuations in the level of oil and natural gas exploration and development activities;
fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
liquidity of the capital markets to fund customer drilling programs;
availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
the impact of weather and seasonal conditions on operations and facilities;
competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
ability to improve our rig technology to improve drilling efficiency;
general economic, market or business conditions;
the availability of qualified personnel and management;
a decline in our safety performance which could result in lower demand for our services;
changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
fluctuations in foreign exchange, interest rates and tax rates; and
other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

(Stated in thousands of Canadian dollars)	September 30, 2024			December 31, 2023⁽¹⁾			January 1, 2023⁽¹⁾
ASSETS
Current assets:
Cash	$	24,304		$	54,182		$	21,587
Accounts receivable		401,652			421,427			413,925
Inventory		41,398			35,272			35,158
Assets held for sale		5,203			—			—
Total current assets		472,557			510,881			470,670
Non-current assets:
Income tax recoverable		696			682			1,602
Deferred tax assets		27,767			73,662			455
Property, plant and equipment		2,296,079			2,338,088			2,303,338
Intangibles		15,566			17,310			19,575
Right-of-use assets		63,708			63,438			60,032
Finance lease receivables		4,938			5,003			—
Investments and other assets		6,685			9,971			20,451
Total non-current assets		2,415,439			2,508,154			2,405,453
Total assets	$	2,887,996		$	3,019,035		$	2,876,123

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	282,810		$	350,749		$	404,350
Income taxes payable		3,059			3,026			2,991
Current portion of lease obligations		19,263			17,386			12,698
Current portion of long-term debt		952			2,848			2,287
Total current liabilities		306,084			374,009			422,326

Non-current liabilities:
Share-based compensation		10,339			16,755			47,836
Provisions and other		7,408			7,140			7,538
Lease obligations		54,010			57,124			52,978
Long-term debt		787,008			914,830			1,085,970
Deferred tax liabilities		62,047			73,515			28,946
Total non-current liabilities		920,812			1,069,364			1,223,268
Equity:
Shareholders’ capital		2,337,079			2,365,129			2,299,533
Contributed surplus		76,656			75,086			72,555
Deficit		(915,629	)		(1,012,029	)		(1,301,273	)
Accumulated other comprehensive income		158,602			147,476			159,714
Total equity attributable to shareholders		1,656,708			1,575,662			1,230,529
Non-controlling interest		4,392			—			—
Total equity		1,661,100			1,575,662			1,230,529
Total liabilities and equity	$	2,887,996		$	3,019,035		$	2,876,123

^{(1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”}

^{(2) See “JOINT PARTNERSHIP” for additional information.}

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars, except per share amounts)	2024			2023			2024			2023


Revenue	$	477,155		$	446,754		$	1,434,157		$	1,430,983
Expenses:
Operating		311,467			288,002			936,383			888,039
General and administrative		23,263			44,177			97,079			83,057
Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization		142,425			114,575			400,695			459,887
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		849			363			772			(894	)
Finance charges		16,914			19,618			53,472			63,946
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Earnings before income taxes		53,062			27,690			133,912			187,660
Income taxes:
Current		2,297			2,047			4,659			4,008
Deferred		11,582			5,851			32,853			41,130
		13,879			7,898			37,512			45,138
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Net earnings per share attributable to shareholders:
Basic	$	2.77		$	1.45		$	6.74		$	10.45
Diluted	$	2.31		$	1.45		$	6.73		$	9.84

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency		(16,104	)		39,180			30,409			3,322
Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt		9,536			(24,616	)		(19,283	)		(1,484	)
Comprehensive income	$	32,615		$	34,356		$	107,526		$	144,360

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended September 30,						Nine Months Ended September 30,
(Stated in thousands of Canadian dollars)	2024			2023			2024			2023
Cash provided by (used in):
Operations:
Net earnings	$	39,183		$	19,792		$	96,400		$	142,522
Adjustments for:
Long-term compensation plans		2,620			11,577			14,490			9,200
Depreciation and amortization		75,073			73,192			227,104			218,823
Gain on asset disposals		(3,323	)		(2,438	)		(14,235	)		(15,586	)
Foreign exchange		815			1,275			965			(13	)
Finance charges		16,914			19,618			53,472			63,946
Income taxes		13,879			7,898			37,512			45,138
Other		27			—			120			(220	)
Loss (gain) on investments and other assets		(150	)		(3,813	)		(330	)		6,075
Gain on repurchase of unsecured senior notes		—			(37	)		—			(137	)
Income taxes paid		(508	)		(187	)		(4,842	)		(2,395	)
Income taxes recovered		58			4			58			7
Interest paid		(31,692	)		(35,500	)		(69,435	)		(79,702	)
Interest received		426			227			1,558			562
Funds provided by operations		113,322			91,608			342,837			388,220
Changes in non-cash working capital balances		(33,648	)		(3,108	)		(23,545	)		(57,904	)
Cash provided by operations		79,674			88,500			319,292			330,316

Investments:
Purchase of property, plant and equipment		(63,797	)		(51,546	)		(157,747	)		(146,378	)
Purchase of intangibles		(51	)		(847	)		(51	)		(1,524	)
Proceeds on sale of property, plant and equipment		5,647			6,698			21,825			20,724
Proceeds from sale of investments and other assets		—			10,013			3,623			10,013
Business acquisitions		—			—			—			(28,000	)
Purchase of investments and other assets		(7	)		(3,211	)		(7	)		(5,282	)
Receipt of finance lease payments		207			64			591			64
Changes in non-cash working capital balances		19,149			4,551			(9,266	)		(6,774	)
Cash used in investing activities		(38,852	)		(34,278	)		(141,032	)		(157,157	)

Financing:
Issuance of long-term debt		10,900			23,600			10,900			162,649
Repayments of long-term debt		(59,658	)		(49,517	)		(162,506	)		(288,538	)
Repurchase of share capital		(16,891	)		—			(50,465	)		(12,951	)
Issuance of common shares from the exercise of options		495			—			686			—
Debt amendment fees		—			—			(1,317	)		—
Lease payments		(3,586	)		(2,410	)		(10,005	)		(6,413	)
Funding from non-controlling interest		4,392			—			4,392			—
Cash used in financing activities		(64,348	)		(28,327	)		(208,315	)		(145,253	)
Effect of exchange rate changes on cash		(403	)		251			177			(428	)
Increase (decrease) in cash		(23,929	)		26,146			(29,878	)		27,478
Cash, beginning of period		48,233			22,919			54,182			21,587
Cash, end of period	$	24,304		$	49,065		$	24,304		$	49,065

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus			Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2024	$	2,365,129		$	75,086		$	147,476	$	(1,012,029	)	$	1,575,662		$	—	$	1,575,662
Net earnings for the period		—			—			—		96,400			96,400			—		96,400
Other comprehensive income for the period		—			—			11,126		—			11,126			—		11,126
Share options exercised		978			(292	)		—		—			686			—		686
Settlement of Executive Performance and Restricted Share Units		21,846			(1,479	)		—		—			20,367			—		20,367
Share repurchases		(51,050	)		—			—		—			(51,050	)		—		(51,050	)
Redemption of non-management directors share units		176			(176	)		—		—			—			—		–
Share-based compensation expense		—			3,517			—		—			3,517			—		3,517
Funding from non-controlling interest		—			—			—		—			—			4,392		4,392
Balance at September 30, 2024	$	2,337,079		$	76,656		$	158,602	$	(915,629	)	$	1,656,708		$	4,392	$	1,661,100

	Attributable to shareholders of the Corporation
(Stated in thousands of Canadian dollars)	Shareholders’ Capital			Contributed Surplus		Accumulated Other Comprehensive Income		Deficit			Total			Non- controlling interest		Total Equity
Balance at January 1, 2023	$	2,299,533		$	72,555	$	159,714	$	(1,301,273	)	$	1,230,529		$	—	$	1,230,529
Net earnings for the period		—			—		—		142,522			142,522			—		142,522
Other comprehensive income for the period		—			—		1,838		—			1,838			—		1,838
Settlement of Executive Performance and Restricted Share Units		19,206			—		—		—			19,206			—		19,206
Share repurchases		(12,951	)		—		—		—			(12,951	)		—		(12,951	)
Redemption of non-management directors share units		757			—		—		—			757			—		757
Share-based compensation expense		—			1,834		—		—			1,834			—		1,834
Balance at September 30, 2023	$	2,306,545		$	74,389	$	161,552	$	(1,158,751	)	$	1,383,735		$	—	$	1,383,735

2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

https://edge.media-server.com/mmc/p/mov2xb4k

About Precision

Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

Additional Information

For further information, please contact:

Lavonne Zdunich, CPA, CA
Vice President, Investor Relations
403.716.4500

800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Senators Peters and Stabenow Announce Michigan Will Receive Nearly $134 Million to Upgrade Water Infrastructure

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senators Gary Peters (MI) and Debbie Stabenow (MI) announced Michigan will receive $133,663,000 in federal funding to upgrade Michigan’s outdated water infrastructure and keep communities safe. This funding will support local projects to improve wastewater management systems, protect freshwater resources, and deliver safe drinking water to homes, schools, and businesses. This investment comes from the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, that the senators helped enact. The Bipartisan Infrastructure Law made the largest investment in water infrastructure in American history.
“This robust investment will help our state make great strides in upgrading Michigan’s outdated water infrastructure, addressing emerging contaminants like PFAS, and safeguarding our state’s unmatched freshwater resources,” said Senator Peters. “I was proud to play a role in passing the Bipartisan Infrastructure Law, which made these upgrades possible, and I’m glad that this support will go to the communities in our state who need it most. We must continue working to ensure that every Michigander has access to safe drinking water.”
“The Infrastructure Investment and Jobs Act continues to deliver for Michigan,” said Senator Stabenow. “This new investment will improve our water systems, clean up pollution, keep our drinking water safe, fix old pipes, and more. Step-by-step, this law is making our state a safer, better place for families to live.”
“Water keeps us healthy, sustains vibrant communities and dynamic ecosystems, and supports economic opportunity. When our water infrastructure fails, it threatens people’s health, peace of mind, and the environment,” said EPA Administrator Michael S. Regan. “With the Bipartisan Infrastructure Law’s historic investment in water, EPA is working with states and local partners to upgrade infrastructure and address local challenges—from lead in drinking water, to PFAS, to water main breaks, to sewer overflows and climate resilience. Together, we are creating good-paying jobs while ensuring that all people can rely on clean and safe water.
These Bipartisan Infrastructure Law funds for Michigan – specifically $106,994,000 in Clean Water General Supplemental funding, $9,236,000 in Clean Water Emerging Contaminant funding, and $17,433,000 in Drinking Water Emerging Contaminant funding – will flow through the Clean Water and Drinking Water State Revolving Funds (CWSRF and DWSRF). The State Revolving Fund (SRF) programs have been the foundation of water infrastructure investments for more than 30 years, providing low-cost financing for local projects across America. These critical programs help communities minimize pollution, invest in clean infrastructure projects, address emerging contaminants like PFAS, and implement systems to provide clean drinking water to residents.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Nine Months Ended September 30, 2024

Source: GlobeNewswire (MIL-OSI)

MUNSTER, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $10.0 million, or $2.35 per diluted share, for the nine months ended September 30, 2024, as compared to $6.9 million, or $1.60 per diluted share, for the corresponding prior year period. For the quarter ended September 30, 2024, the Bancorp’s net income totaled $606 thousand, or $0.14 per diluted share, as compared to $143 thousand, or $0.03 per diluted share, for the three months ended June 30, 2024, and as compared to $2.2 million, or $0.51 per diluted share, for the three months ended September 30, 2023. Selected performance metrics are as follows for the periods presented:


Performance Ratios	Quarter ended,															Nine months ended,
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Return on equity		1.60	%		0.39	%		24.97	%		4.92	%		6.55	%		4.50	%		6.68	%
Return on assets		0.12	%		0.03	%		1.77	%		0.29	%		0.42	%		0.64	%		0.44	%
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%
Noninterest income / average assets		0.55	%		0.50	%		2.57	%		0.53	%		0.46	%		1.21	%		0.51	%
Noninterest expense / average assets		2.80	%		2.79	%		2.86	%		2.60	%		2.59	%		2.82	%		2.67	%
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		83.68	%

“The Bank’s position continued to improve in the third quarter while we prepared for the Fed to begin their easing cycle. Margin and expenses were stable, with minimal benefit from the Fed’s late-quarter rate cut. We believe the Bank is poised to see margin expansion as lower rates work their way through the liability side of the balance sheet,” said Benjamin Bochnowski, chief executive officer. “We remain vigilant on credit, and we continued to build capital during the quarter. We also fully exited the Bank Term Funding Program well in advance of its March 2025 maturity.”

Highlights of the current period include:

Net Interest Margin – The net interest margin was 2.53% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) was 2.67% for both the three months ended September 30, 2024 and the three months ended June 30, 2024. The net interest margin for the nine months ended September 30, 2024, was 2.50%, compared to 2.89% for the nine months ended September 30, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the nine months ended September 30, 2024, was 2.64%, compared to 3.04% for the nine months ended September 30, 2023. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.

Funding – As of September 30, 2024, deposits totaled $1.7 billion, a decrease of $7.9 million or 0.5%, compared to June 30, 2024. Core deposits totaled $1.2 billion at both September 30, 2024 and June 30, 2024. Core deposits include checking, savings, and money market accounts and represented 67.9% of the Bancorp’s total deposits at September 30, 2024. As of September 30, 2024, balances for certificates of deposit totaled $562.2 million, compared to $541.2 million on June 30, 2024, an increase of $21.0 million or 3.9%. The decrease in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. In addition, as of September 30, 2024, borrowings and repurchase agreements totaled $128.0 million, an increase of $65 thousand or 0.2%, compared to June 30, 2024. The increase in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities. During the quarter, the Bancorp terminated its involvement in the Bank Term Funding Program (the “BTFP”) and paid off its outstanding balance of $60 million, in full, through a utilization of excess liquidity and FHLB advances. As of September 30, 2024, 72% of our deposits are fully FDIC insured, and another 7% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. As of September 30, 2024, the Bancorp had available liquidity of $686 million including borrowing capacity from the FHLB and Federal Reserve facilities.

Securities Portfolio – Securities available for sale balances increased by $10.4 million to $350.0 million as of September 30, 2024, compared to $339.6 million as of June 30, 2024. The increase in securities available for sale was due to a combination of portfolio runoff and a decrease of accumulated other comprehensive loss (“AOCL”). AOCL was $48.2 million as of September 30, 2024, compared to $58.9 million on June 30, 2024, an improvement of $10.7 million, or 18.2%. The yield on the securities portfolio decreased to 2.37% for the three months ended September 30, 2024, down from 2.43% for the three months ended June 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.

Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both September 30, 2024 and June 30, 2024. During the three months ended September 30, 2024, the Bank originated $70.4 million in new commercial loans, compared to $48.7 million during the three months ended June 30, 2024 and $73.2 million during the three months ended September 30, 2023. The loan portfolio represents 78.7% of earning assets and is comprised of 62.6% commercial-related credits. At September 30, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $236.9 million or 15.7% of total loan balances and commercial real estate non-owner occupied properties totaled $302.8 million or 20.1% of total loan balances. Of the $302.8 million in commercial real estate non-owner occupied properties balances, loans collateralized by office buildings represented $42.4 million or 2.8% of total loan balances.

Gain on Sale of Loans – Gains from the sale of loans for the nine months ended September 30, 2024 totaled $810 thousand, an increase from $729 thousand for the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $22.5 million in new fixed rate mortgage loans for sale, compared to $30.4 million during the nine months ended September 30, 2023. During the nine months ended September 30, 2024, the Bank originated $17.6 million in new 1-4 family loans retained in its portfolio, compared to $31.8 million during the nine months ended September 30, 2023. Total 1-4 family originations for the quarter ended September 30, 2024, totaled $20.1 million, an increase of $1.3 million compared to $18.8 million for the quarter ended June 30, 2024. These retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.

Asset Quality – At September 30, 2024, non-performing loans totaled $13.8 million, compared to $11.4 million at June 30, 2024, an increase of $2.4 million or 21.4%. The Bank’s ratio of non-performing loans to total loans was 0.92% at September 30, 2024, compared to 0.75% at June 30, 2024. The Bank’s ratio of non-performing assets to total assets increased from 0.61% at June 30, 2024 to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management. The allowance for credit losses (ACL) totaled $18.5 million at September 30, 2024, compared to $18.3 million at June 30, 2024, an increase of $186 thousand or 1.0% and is considered adequate by management. For the quarter ended September 30, 2024, recoveries, net of charge-offs, totaled $186 thousand. The allowance for credit losses as a percentage of total loans was 1.23% at September 30, 2024, and the allowance for credit losses as a percentage of non-performing loans, or coverage ratio, was 134.1% at September 30, 2024.

Operating Expenses – Non-interest expense as a percentage of average assets was 2.80% for the quarter ended September 30, 2024, as compared to 2.79% for the quarter ended June 30, 2024. Increases in non-interest expenses quarter over quarter were primarily attributable to slightly higher federal deposit insurance premium and higher occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions through the remainder of this year and beyond. Compensation and benefits expense is down 1.2% for the nine months ended September 30, 2024, compared to September 30, 2023.

Capital Adequacy – As of September 30, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.38%, an improvement of 0.06% compared to 8.32% at June 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $31.28 at September 30, 2024, up from $28.67 as of June 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.51% at September 30, 2024, up from 5.95% as of June 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.47 as of September 30, 2024, from $42.33 as of June 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

Disclosures Regarding Non-GAAP Financial Measures
Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.

About Finward Bancorp
Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; inflation; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

Finward Bancorp
Quarterly Financial Report

Performance Ratios	Quarter ended,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Return on equity		1.60%		0.39%		24.97%		4.92%		6.55%		4.50%		6.68%
Return on assets		0.12%		0.03%		1.77%		0.29%		0.42%		0.64%		0.44%
Yield on loans		5.22%		5.11%		5.02%		5.09%		5.02%		5.12%		4.87%
Yield on security investments		2.37%		2.43%		2.37%		2.57%		2.41%		2.39%		2.39%
Total yield on earning assets		4.73%		4.64%		4.52%		4.64%		4.51%		4.64%		4.39%
Cost of interest-bearing deposits		2.47%		2.37%		2.36%		2.22%		1.95%		2.40%		1.58%
Cost of repurchase agreements		4.04%		3.86%		3.88%		3.78%		3.83%		3.93%		3.59%
Cost of borrowed funds		4.56%		4.95%		4.62%		4.41%		4.48%		4.70%		4.58%
Total cost of interest-bearing liabilities		2.63%		2.55%		2.53%		2.38%		2.16%		2.57%		1.82%
Tax adjusted net interest margin (1)		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Noninterest income / average assets		0.55%		0.50%		2.57%		0.53%		0.46%		1.21%		0.51%
Noninterest expense / average assets		2.80%		2.79%		2.86%		2.60%		2.59%		2.82%		2.67%
Net noninterest margin / average assets		-2.24%		-2.29%		-0.29%		-2.08%		-2.13%		-1.60%		-2.16%
Efficiency ratio		97.32%		98.56%		59.41%		87.49%		86.88%		80.16%		83.68%
Effective tax rate		-51.88%		-6.72%		9.48%		-30.85%		-22.20%		7.01%		0.30%

Non-performing assets to total assets		0.73%		0.61%		0.64%		0.61%		0.54%		0.73%		0.54%
Non-performing loans to total loans		0.92%		0.75%		0.78%		0.76%		0.66%		0.92%		0.66%
Allowance for credit losses to non-performing loans		134.12%		161.17%		159.12%		163.90%		192.89%		134.12%		192.89%
Allowance for credit losses to loans receivable		1.23%		1.22%		1.25%		1.24%		1.27%		1.23%		1.27%
Foreclosed real estate to total assets		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%		0.00%

Basic earnings per share	$	0.14	$	0.03	$	2.18	$	0.36	$	0.52	$	2.35	$	1.60
Diluted earnings per share	$	0.14	$	0.03	$	2.17	$	0.35	$	0.51	$	2.35	$	1.60
Stockholders’ equity / total assets		7.69%		7.16%		7.32%		6.99%		5.70%		7.69%		5.70%
Book value per share	$	36.99	$	34.45	$	35.17	$	34.28	$	27.68	$	36.99	$	27.68
Closing stock price	$	31.98	$	24.52	$	24.60	$	25.24	$	22.00	$	31.98	$	22.00
Price to earnings per share ratio		56.21		182.60		2.82		17.77		10.67		10.19		10.28
Dividends declared per common share	$	0.12	$	0.12	$	0.12	$	0.12	$	0.31	$	0.36	$	0.93

Common equity tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Tier 1 capital to risk-weighted assets		11.10%		10.94%		10.89%		10.43%		10.17%		11.10%		10.17%
Total capital to risk-weighted assets		12.14%		11.95%		11.92%		11.36%		11.12%		12.14%		11.12%
Tier 1 capital to adjusted average assets		8.38%		8.32%		8.24%		7.78%		7.81%		8.38%		7.81%


Non-GAAP Performance Ratios	Quarter ended,										Nine months ended,
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,		September 30,
		2024		2024		2024		2023		2023		2024		2023
Net interest margin – tax equivalent		2.67%		2.67%		2.57%		2.80%		2.87%		2.64%		3.04%
Tangible book value per diluted share	$	31.28	$	28.67	$	29.30	$	28.31	$	21.63	$	31.28	$	21.63
Tangible book value per diluted share adjusted for AOCL	$	42.47	$	42.33	$	42.36	$	40.31	$	39.96	$	42.47	$	39.96
Tangible common equity to total assets		6.51%		5.95%		6.09%		5.77%		4.46%		6.51%		4.46%
Tangible common equity to total assets adjusted for AOCL		8.83%		8.79%		8.81%		8.22%		8.23%		8.83%		8.23%

(1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures

Quarter Ended
(Dollars in thousands)	Average Balances, Interest, and Rates
(unaudited)	September 30, 2024						June 30, 2024
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS
Interest bearing deposits in other financial institutions	$	44,365		$	665	6.00	$	60,378		$	800	5.30
Federal funds sold		682			9	5.28		1,263			10	3.17
Securities available-for-sale		342,451			2,031	2.37		337,226			2,047	2.43
Loans receivable		1,506,967			19,660	5.22		1,501,584			19,174	5.11
Federal Home Loan Bank stock		6,547			107	6.54		6,547			96	5.87
Total interest earning assets		1,901,012		$	22,472	4.73		1,906,998		$	22,127	4.64
Cash and non-interest bearing deposits in other financial institutions		32,198						18,054
Allowance for credit losses		(18,482	)					(18,788	)
Other noninterest bearing assets		155,996						158,358
Total assets	$	2,070,724					$	2,064,622

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,451,414		$	8,946	2.47	$	1,455,007		$	8,610	2.37
Repurchase agreements		43,074			435	4.04		41,388			399	3.86
Borrowed funds		95,224			1,085	4.56		85,940			1,064	4.95
Total interest bearing liabilities		1,589,712		$	10,466	2.63		1,582,335		$	10,073	2.55
Non-interest bearing deposits		287,507						291,618
Other noninterest bearing liabilities		41,696						45,029
Total liabilities		1,918,915						1,918,982
Total stockholders’ equity		151,809						145,640
Total liabilities and stockholders’ equity	$	2,070,724					$	2,064,622


Return on average assets		0.12	%					0.03	%
Return on average equity		1.60	%					0.39	%
Net interest margin (average earning assets)		2.53	%					2.53	%
Net interest margin (average earning assets) – tax equivalent		2.67	%					2.67	%
Net interest spread		2.10	%					2.09	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Year-to-Date
(Dollars in thousands)	Average Balances, Interest, and Rates
(unaudited)	September 30, 2024						September 30, 2023
	Average Balance			Interest		Rate (%)	Average Balance			Interest		Rate (%)
ASSETS				`
Interest bearing deposits in other financial institutions	$	51,522		$	2,317	6.00	$	31,171		$	1,112	4.76
Federal funds sold		919			29	4.21		1,158			38	4.38
Certificates of deposit in other financial institutions		–			–	–		1,169			44	5.02
Securities available-for-sale		348,269			6,239	2.39		369,897			6,631	2.39
Loans receivable		1,504,197			57,713	5.12		1,519,981			55,481	4.87
Federal Home Loan Bank stock		6,547			285	5.80		6,547			221	4.50
Total interest earning assets		1,911,454		$	66,583	4.64		1,929,923		$	63,527	4.39
Cash and non-interest bearing deposits in other financial institutions		29,183						18,723
Allowance for credit losses		(18,670	)					(17,619	)
Other noninterest bearing assets		155,433						154,227
Total assets	$	2,077,400					$	2,085,254

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits	$	1,464,682		$	26,350	2.40	$	1,455,410		$	17,258	1.58
Repurchase agreements		40,879			1,204	3.93		33,170			892	3.59
Borrowed funds		90,423			3,189	4.70		102,864			3,537	4.58
Total interest bearing liabilities		1,595,984		$	30,743	2.57		1,591,444		$	21,687	1.82
Non-interest bearing deposits		291,161						326,431
Other noninterest bearing liabilities		41,540						30,178
Total liabilities		1,928,685						1,948,053
Total stockholders’ equity		148,715						137,201
Total liabilities and stockholders’ equity	$	2,077,400					$	2,085,254


Return on average assets		0.64	%					0.44	%
Return on average equity		4.50	%					6.68	%
Net interest margin (average earning assets)		2.50	%					2.89	%
Net interest margin (average earning assets) – tax equivalent		2.64	%					3.04	%
Net interest spread		2.07	%					2.57	%
Ratio of interest-earning assets to interest-bearing liabilities		1.20x						1.21x

Finward Bancorp
Quarterly Financial Report

Balance Sheet Data
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,
		2024			2024			2024			2023			2023
ASSETS

Cash and non-interest bearing deposits in other financial institutions	$	23,071		$	19,061		$	16,418		$	17,942		$	17,922
Interest bearing deposits in other financial institutions		48,025			63,439			54,755			67,647			52,875

Total cash and cash equivalents		71,649			83,207			71,780			86,008			71,648

Securities available-for-sale		350,027			339,585			346,233			371,374			339,280
Loans held-for-sale		2,567			1,185			667			340			2,057
Loans receivable, net of deferred fees and costs		1,508,242			1,506,398			1,508,251			1,512,595			1,525,660
Less: allowance for credit losses		(18,516	)		(18,330	)		(18,805	)		(18,768	)		(19,430	)
Net loans receivable		1,489,726			1,488,068			1,489,446			1,493,827			1,506,230
Federal Home Loan Bank stock		6,547			6,547			6,547			6,547			6,547
Accrued interest receivable		7,442			7,695			7,583			8,045			7,864
Premises and equipment		47,912			48,696			47,795			38,436			38,810
Foreclosed real estate		–			–			71			71			71
Cash value of bank owned life insurance		33,312			33,107			32,895			32,702			32,509
Goodwill		22,395			22,395			22,395			22,395			22,395
Other intangible assets		2,203			2,555			2,911			3,272			3,636
Other assets		40,882			44,027			43,459			45,262			56,423

Total assets	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:
Non-interest bearing	$	285,157		$	286,784		$	296,959		$	295,594		$	312,635
Interest bearing		1,463,653			1,469,970			1,450,519			1,517,827			1,471,402
Total		1,748,810			1,756,754			1,747,478			1,813,421			1,784,037
Repurchase agreements		43,038			42,973			41,137			38,124			48,310
Borrowed funds		85,000			85,000			90,000			80,000			100,000
Accrued expenses and other liabilities		38,259			43,709			41,586			29,389			36,080

Total liabilities		1,915,107			1,928,436			1,920,201			1,960,934			1,968,427

Commitments and contingencies

Stockholders’ Equity:

Preferred stock, no par or stated value;
10,000,000 shares authorized, none outstanding		–			–			–			–			–
Common stock, no par or stated value; 10,000,000 shares authorized;		–			–			–			–			–
shares issued and outstanding: September 30, 2024 – 4,313,940
December 31, 2023 – 4,298,773
Additional paid-in capital		69,916			69,778			69,727			69,555			69,482
Accumulated other comprehensive loss		(48,241	)		(58,939	)		(56,313	)		(51,613	)		(78,848	)
Retained earnings		137,880			137,792			138,167			129,403			128,409

Total stockholders’ equity		159,555			148,631			151,581			147,345			119,043

Total liabilities and stockholders’ equity	$	2,074,662		$	2,077,067		$	2,071,782		$	2,108,279		$	2,087,470

Finward Bancorp
Quarterly Financial Report

Consolidated Statements of Income	Quarter Ended,															Nine months ended,
(Dollars in thousands)	(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,			September 30,
		2024			2024			2024			2023			2023			2024			2023
Interest income:
Loans	$	19,660		$	19,174		$	18,879		$	19,281		$	19,161		$	57,713		$	55,481
Securities & short-term investments		2,812			2,953			3,105			2,975			2,617			8,870			8,046
Total interest income		22,472			22,127			21,984			22,256			21,778			66,583			63,527
Interest expense:
Deposits		8,946			8,610			8,794			8,180			7,066			26,350			17,258
Borrowings		1,520			1,463			1,410			1,361			1,579			4,393			4,429
Total interest expense		10,466			10,073			10,204			9,541			8,645			30,743			21,687
Net interest income		12,006			12,054			11,780			12,715			13,133			35,840			41,840
Provision for credit losses		–			76			–			779			244			76			1,246
Net interest income after provision for credit losses		12,006			11,978			11,780			11,936			12,889			35,764			40,594
Noninterest income:
Fees and service charges		1,463			1,257			1,153			1,507			1,374			3,873			4,517
Wealth management operations		731			763			633			672			572			2,127			1,812
Gain on sale of loans held-for-sale, net		338			320			152			352			192			810			729
Increase in cash value of bank owned life insurance		205			212			193			193			193			610			573
Gain (loss) on sale of real estate		–			15			11,858			–			2			11,873			(13	)
Loss on sale of securities, net		–			–			(531	)		–			–			(531	)		(48	)
Other		130			6			17			11			64			154			441
Total noninterest income		2,867			2,573			13,475			2,735			2,397			18,916			8,011
Noninterest expense:
Compensation and benefits		6,963			7,037			7,109			6,290			6,729			21,109			21,365
Occupancy and equipment		2,181			2,120			1,915			1,520			1,711			6,205			4,898
Data processing		1,165			1,135			1,170			1,269			1,085			3,470			3,465
Federal deposit insurance premiums		435			397			501			492			474			1,333			1,511
Marketing		209			212			158			191			235			579			649
Other		3,521			3,516			4,151			3,755			3,259			9,465			8,547
Total noninterest expense		14,474			14,417			15,004			13,517			13,493			43,895			41,715
Income before income taxes		399			134			10,251			1,154			1,793			10,785			6,890
Income tax expenses (benefit)		(207	)		(9	)		972			(356	)		(398	)		756			21
Net income	$	606		$	143		$	9,279		$	1,510		$	2,191		$	10,029		$	6,869

Earnings per common share:
Basic	$	0.14		$	0.03		$	2.18		$	0.36		$	0.52		$	2.35		$	1.60
Diluted	$	0.14		$	0.03		$	2.17		$	0.35		$	0.51		$	2.35		$	1.60

Finward Bancorp
Quarterly Financial Report

Asset Quality			(Unaudited)		(Unaudited)		(Unaudited)				(Unaudited)
(Dollars in thousands)			September 30,		June 30,		March 31,		December 31,		September 30,
				2024		2024		2024		2023		2023
Nonaccruing loans			$	13,806	$	11,079	$	11,603	$	9,608	$	9,840
Accruing loans delinquent more than 90 days				–		294		215		1,843		233
Securities in non-accrual				1,440		1,371		1,442		1,357		1,155
Foreclosed real estate				–		–		71		71		71
	Total nonperforming assets		$	15,246	$	12,744	$	13,331	$	12,879	$	11,299

Allowance for credit losses (ACL):
	ACL specific allowances for collateral dependent loans		$	1,821	$	1,327	$	1,455	$	906	$	554
	ACL general allowances for loan portfolio			16,695		17,003		17,351		17,862		18,876
		Total ACL	$	18,516	$	18,330	$	18,806	$	18,768	$	19,430

(Dollars in millions)									Minimum Required To Be
					Minimum Required For				Well Capitalized Under Prompt
	Actual				Capital Adequacy Purposes				Corrective Action Regulations
September 30, 2024	Amount		Ratio		Amount		Ratio		Amount		Ratio
Common equity tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	71.9	4.50	%	$	103.9	6.50	%
Tier 1 capital to risk-weighted assets	$	176.3	11.10	%	$	95.9	6.00	%	$	127.9	8.00	%
Total capital to risk-weighted assets	$	194.0	12.14	%	$	127.9	8.00	%	$	159.8	10.00	%
Tier 1 capital to adjusted average assets	$	176.3	8.38	%	$	84.7	4.00	%	$	105.8	5.00	%

Table 1 – Reconciliation of the Non-GAAP Performance Measures

(Dollars in thousands)	Quarter Ended,															Nine months ended,
(unaudited)	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Calculation of tangible common equity
Total stockholder’s equity	$	159,555		$	148,631		$	151,581		$	147,345		$	119,043		$	159,555		$	119,043
Goodwill		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)		(22,395	)
Other intangibles		(2,203	)		(2,555	)		(2,911	)		(3,272	)		(3,636	)		(2,203	)		(3,636	)
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012

Calculation of tangible common equity adjusted for accumulated other comprehensive loss
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Accumulated other comprehensive loss		48,241			58,939			56,313			51,613			78,848			48,241			78,848
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860

Calculation of tangible book value per share
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share	$	31.28		$	28.67		$	29.30		$	28.31		$	21.63		$	31.28		$	21.63

Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Diluted average common shares outstanding		4,313,940			4,313,940			4,310,251			4,298,773			4,300,881			4,313,940			4,300,881
Tangible book value per diluted share adjusted for accumulated other comprehensive loss	$	42.47		$	42.33		$	42.36		$	40.31		$	39.96		$	42.47		$	39.96

Calculation of tangible common equity to total assets
Tangible common equity	$	134,957		$	123,681		$	126,275		$	121,678		$	93,012		$	134,957		$	93,012
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets		6.51	%		5.95	%		6.09	%		5.77	%		4.46	%		6.51	%		4.46	%

Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
Tangible common equity adjusted for accumulated other comprehensive loss	$	183,198		$	182,620		$	182,588		$	173,291		$	171,860		$	183,198		$	171,860
Total assets		2,074,662			2,077,067			2,071,782			2,108,279			2,087,470			2,074,662			2,087,470
Tangible common equity to total assets adjusted for accumulated other comprehensive loss		8.83	%		8.79	%		8.81	%		8.22	%		8.23	%		8.83	%		8.23	%

Calculation of tax adjusted net interest margin
Net interest income	$	12,006		$	12,054		$	11,780		$	12,715		$	13,133		$	35,840		$	41,840
Tax adjusted interest on securities and loans		678			677			699			722			730			2,054			2,234
Adjusted net interest income		12,684			12,731			12,749			13,437			13,863			37,894			44,074
Total average earning assets		1,901,012			1,906,998			1,945,501			1,920,127			1,930,118			1,911,454			1,929,923
Tax adjusted net interest margin		2.67	%		2.67	%		2.57	%		2.80	%		2.87	%		2.64	%		3.04	%

Efficiency ratio
Total non-interest expense	$	14,474		$	14,417		$	15,004		$	13,517		$	13,493		$	43,895		$	13,493
Total revenue		14,873			14,627			25,255			15,450			15,530			54,756			15,530
Efficiency ratio		97.32	%		98.56	%		59.41	%		87.49	%		86.88	%		80.16	%		86.88	%

FOR FURTHER INFORMATION
CONTACT SHAREHOLDER SERVICES
(219) 853-7575

The MIL Network –

January 25, 2025

MIL-OSI: Blackwells Capital Calls on Brancous to End its Alarmist Attacks on Braemar

Source: GlobeNewswire (MIL-OSI)

Brancous’ misleading accusations are not constructive and could negatively impact the Company’s business

Blackwells encourages all Braemar shareholders to support the enhanced Board and management team

NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — Blackwells Capital LLC (“Blackwells”), a shareholder of Braemar Hotels & Resorts Inc. (“Braemar” or the “Company”) (NYSE: BHR), today released a letter to its fellow Braemar shareholders:

The full text of the letter follows:

Dear Fellow Braemar Shareholders,

Over the past months, Blackwells Capital, in its capacity as an engaged shareholder of Braemar Hotels & Resorts (“Braemar” or the “Company”), exchanged views with the board of directors (the “Board”) and management of Braemar. Blackwells’ concerns were heard by Braemar, and Blackwells was pleased to enter into a constructive agreement with the Company, reflective of its confidence in the Board and management team to drive value for all shareholders.

Recently, another shareholder, Brancous LP1 (“Brancous”) has issued several public letters to Braemar. While Brancous is free to have its say as a shareholder of the Company, we believe its accusations and inferences are increasingly alarmist in nature, and without merit. Left uncorrected, Blackwells is concerned these accusations could have a negative impact on Braemar’s business.

Brancous’ latest letter dated October 22, 2024 appears to be a regurgitation of false claims made by a disgruntled hotel union. We believe it is irresponsible to peddle such misinformation, and, in particular, highlight the recklessness of stating that a lawsuit was filed against Braemar when no such thing happened.

Contrary to Brancous’ misstatements, Ashford Inc has stated publicly that Braemar has received an official private letter ruling from the Internal Revenue Service regarding its structure and operating relationship with Remington Hospitality, providing assurance of its proper REIT compliance. We question Brancous’ claim that “No other REIT operates in this manner,” and believe that it demonstrates a lack of knowledge of the REIT space.

Further, Brancous’ missives about the Braemar Board ignore the recent appointment of Jay Shah. Mr. Shah is a seasoned hospitality and real estate executive and joined the Board as an independent director. Blackwells believes that Mr. Shah brings an infusion of skills, experience and fresh expertise to Braemar. Blackwells strenuously objects to Brancous’ attacks which oddly single out Braemar independent director, Stefani Carter. Blackwells has had the opportunity to meet with Ms. Carter and believes she is an effective and independent fiduciary for shareholders, with an esteemed professional background.

Brancous closes its October 22, 2024 letter noting that “BHR has incredible potential…” Blackwells agrees with that assessment wholeheartedly. Brancous’ hyperbolic attacks, however, are not constructive, and could unjustly hurt the Company and its prospects.

Blackwells calls on Brancous and all shareholders to join us in voting in favor of the enhanced Board and management team as they unlock value for all shareholders.

Sincerely,

Jason Aintabi
Chief Investment Officer
Blackwells Capital

About Blackwells Capital

Blackwells is a multi-strategy alternative asset management firm that invests in public and private markets globally. Our public markets portfolio focuses on currencies, equities, credit and commodities. When necessary, we engage with public company boards to drive value for all stakeholders. Our private markets portfolio includes investments in space, clean energy, infrastructure, real estate and technology. Further information is available at www.blackwellscap.com.

Media
Gagnier Communications
Dan Gagnier & Riyaz Lalani
646-569-5897
blackwells@gagnierfc.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Cassidy, Tillis, Colleagues Introduce Legislation to Replenish the SBA Disaster Loan Program Following Hurricanes Francine, Helene, Milton

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Thom Tillis (R-NC), Ted Budd (R-NC), Tim Scott (R-SC), and Rick Scott (R-FL) announced plans to introduce the Restoring an Economic Lifeline with Immediate Emergency Funding (Relief) Act that would replenish the U.S. Small Business Administration (SBA) Disaster Loan Program. On October 15th, the SBA announced the Disaster Loan Fund had run out of money. The senators plan to seek passage of the legislation when Congress returns to session.
“Hurricanes Francine, Helene, and Milton hit us hard, but Louisianans and Americans are resilient,” said Dr. Cassidy. “This funding is essential to help small businesses recover from these storms and support our local economies.”
“The SBA Disaster Loan Program running out of funds risks delays in processing the loans of those affected by Helene and Milton and their ability to get their lives back on track,” said Senator Tillis. “That is why I am leading legislation to replenish this fund when Congress returns to Washington, and I look forward to working across the aisle to pass a long-term disaster aid package that will provide additional resources to help make the victims of these hurricanes whole again. ”
“The citizens of Western North Carolina are some of the toughest and most resilient people in this country,” said Senator Budd. “As they recover and rebuild their communities, they must be able to access disaster loans from SBA. This recovery will take many years, and I look forward to working with my colleagues to cut through the delays and provide WNC with the resources they need as quickly as possible.”
“Hurricane Helene brought a level of devastation to South Carolina we haven’t seen since Hugo. With a natural disaster of this magnitude, Congress should take the opportunity to show leadership and help ease the pain of those who have lost everything,” said Senator Tim Scott. “Communities back home and in surrounding states have come together to recover, but it will take every possible effort to get us back to where we were.”
“We cannot allow frontline federal agencies, like the SBA, to run out of disaster relief funds. This is especially important in the wake of Hurricanes Helene and Milton which devastated Florida, North Carolina and communities across the Southeast U.S,” said Senator Rick Scott. “I continue to call on Leader Schumer to immediately reconvene the Senate so we can fund disaster relief functions at FEMA, the SBA, USDA and other agencies to get folks what they need and deserve. I won’t stop fighting to get this done and am proud to join my colleagues to introduce a bill that funds SBA disaster loans and makes sure the federal government is a reliable partner as families continue their recovery.”
The Relief Act would appropriate $550 million to fund the SBA Disaster Loan Program Account, which would provide $2.475B in lending capacity projected to last until the end of 2024.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Urgently Announces Third Quarter 2024 Earnings Release Date and Conference Call; Participation in Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

VIENNA, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — Urgent.ly, Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, today announced the date for the release of its third quarter 2024 financial results and its participation in upcoming investor conferences.

Third Quarter 2024 Earnings

Urgently will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern Time to discuss its financial results for the third quarter ended September 30, 2024. Financial results will be issued in a press release prior to the call.

Those wishing to participate via webcast should access the call through Urgently’s Investor Relations website at https://investors.geturgently.com. Those wishing to participate via telephone may dial in at 1-844-481-2521 (USA) or 1-412-317-0549 (International). The replay will be available via webcast through Urgently’s Investor Relations website.

Upcoming Investor Conferences

During the fourth quarter of 2024, Matt Booth, Chief Executive Officer of Urgently, and Tim Huffmyer, Chief Financial Officer of Urgently, will participate in the following upcoming investor conferences:

The Sidoti Micro-Cap Virtual Investor Conference on November 13-14, 2024. Management is scheduled to present at 10:00 a.m. Eastern Time on Thursday, November 14, and will host one-on-one and small group investor meetings throughout both days.
The Micro-Cap Investor Summit Virtual Conference on November 21, 2024. Management will host a presentation and hold one-on-one and small group meetings with investors during the conference.

A live webcast and archived replay of conference presentations will be available on the Urgently Investor Relations website at https://investors.geturgently.com/.

About Urgently

Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

Contacts:
For Press: media@geturgently.com
For Investor Relations: investorrelations@geturgently.com

The MIL Network –

January 25, 2025

MIL-OSI: Oxford Square Capital Corp. Schedules Third Quarter 2024 Earnings Release and Conference Call for November 5, 2024

Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oxford Square Capital Corp. (NasdaqGS: OXSQ) (NasdaqGS: OXSQZ) (NasdaqGS: OXSQG) announced today that it will hold a conference call to discuss third quarter 2024 earnings on Tuesday, November 5, 2024 at 9:00 AM Eastern time. The toll free dial-in number is 800-445-7795 and the conference identification is “Oxford”. There will be a recording available for 30 days after the call. If you are interested in hearing the recording, please dial 800-945-1517. The replay pass-code number is 25209.

About Oxford Square Capital Corp.
Oxford Square Capital Corp. is a publicly-traded business development company principally investing in syndicated bank loans and debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.

Contact:
Bruce Rubin
203-983-5280

The MIL Network –

January 25, 2025

MIL-OSI USA: DeLauro Statement on Israel Banning UNRWA

Source: United States House of Representatives – Congresswoman Rosa DeLauro (CT-03)

Today, Congresswoman Rosa DeLauro (CT-03) released a statement in response to Israel’s parliament passing legislation to ban the United Nation’s Relief and Works Agency for Palestine Refugees in the Near East (UNRWA):

“The United Nations Relief and Works Agency (UNRWA) is indispensable in addressing Gaza’s humanitarian crisis, as well as maintaining stability in the West Bank. Israel’s decision to enact legislation to halt UNRWA operations and cease all cooperation is dangerous, short-sighted, and would leave innocent Palestinians even more vulnerable to the devastating impacts of this war. At a time when we are already failing to meet the urgent needs of Gazans, this action further undermines UNRWA, fosters distrust in our international institutions, and fuels animosity toward Israel from its neighbors. This crisis is costing far too many innocent lives, including at least 60 people – mostly women and children – killed in a single strike on Tuesday in northern Gaza. The toll on civilian lives is tragic and underscores the need for uninterrupted humanitarian support.

“As nearly 2 million Gazans continue to face starvation, this action would intensify an already dire crisis. It further threatens the health of Gazans, interrupting vital healthcare efforts, such as the World Health Organization’s polio vaccination campaign, which depends on UNRWA infrastructure and support and Israeli cooperation. Further destabilized Palestinian communities and friction with the United Nations jeopardizes regional security and isolates Israel globally.

“UNRWA must be able to continue its lifesaving work. The agency has expressed commitment to working with Israel to ensure that its operations are not used by Hamas. Our focus should be placed on the proposed reforms laid out in the Colonna Report to ensure the organization’s neutrality in a difficult working environment, not scapegoating a critical humanitarian actor.

“Achieving peace and stability in the region requires an immediate ceasefire, a dramatic increase in humanitarian aid reaching civilians in need, and the release of the hostages held by Hamas.”

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: 100 billion reasons why the night-time economy is no afterthought

Source: New South Wales Government 2

Headline: 100 billion reasons why the night-time economy is no afterthought

Published: 30 October 2024

Released by: Minister for Music and the Night-time Economy

The NSW night-time economy is worth $102 billion a year, employs a fifth of all workers and supports more than 53,000 core businesses, including music venues, restaurants, bars and leisure activity providers.

These are some of the insights from Data After Dark, a pioneering new platform released today that will track growth and changes in economic activity across the state between 6pm and 6am.

Data After Dark, which draws from multiple information sources, including Opal travel data and spending transactions, will create a baseline to track the impact of the Minns Labor Government’s Vibrancy laws that are cutting red tape and tearing up the restrictions that have strangled nightlife and the night-time economy.

The Vibrancy Reforms have:

Torn up “no entertainment” clauses and bizarre restrictions on what genres of music venues can play
Made outdoor dining permanently available
Stopped single neighbour noise complaints from shutting down pubs and other licensed venues
Required property buyers to be notified when they are moving into an entertainment zone to reduce friction between venues and neighbours
Ended the outdated rule that prevents people living within five kilometres of a registered club from signing in without first becoming a member
Binned restrictions that prevented patrons from standing while drinking outside a licenced premises

Businesses and the public will have free access to quarterly updates of Data After Dark, while NSW Government, its agencies and participating councils will be able to access live information via a world-first dashboard feed.

In the three months to June 30, the report found spending in person on Saturday night eclipsed Thursday night ($50.8 million vs $46.7 million). In the March quarter, Thursday night had recorded the most spending at night.

At a business level, the biggest growth over the past year has been in takeaway food and sports and physical recreation services, including gyms, while liquor retailing and gambling have recorded declines in their share of the night-time economy.

Other insights from the June quarter:

More businesses opened, including an additional 1,197 core night-time businesses year-on-year
Public transport recorded year-on-year growth of 4.4%, with 35.7 million Opal tap-offs at night
People in NSW made 464 million night-time trips across all transport modes
Night-time in-person spending was $3.57 billion – or 16.9% of the 24-hour total

By location, the “eastern harbour city” which includes the Sydney CBD, eastern suburbs and inner-west, represents 52 per cent of the total night time economy across the “six cities” that incorporates Newcastle, Wollongong, Central Coast, the Parramatta area and the “western parkland city” beyond.

Data After Dark will be launched by Minister for Music and the Night-time Economy John Graham at the second annual NEON Forum in Sydney today which brings together the world’s leading experts on night-time economies, hosted by the NSW Office of the 24-Hour Economy Commissioner.

Quarterly reports can be accessed here

Minister for Music and the Night-time Economy, John Graham said:

“A strong night-time economy is critical to a global city like Sydney and the centres of commerce right across NSW.

“The insights that Data After Dark provides will help business and government understand this part of the economy better and make the most informed, data-led decisions on how to grow its contribution.

“The platform leverages a wealth of information on night-time trading, safety and mobility to tailor policy like never before. This is a world-leading tool to monitor the night-time economy.

“As part of the Minns Labor Government’s Vibrancy Reforms we are stripping back red tape and ending some of the frustrating rules and restrictions that have stopped people enjoying time outside the home after hours.

24-Hour Economy Commissioner Michael Rodrigues said:  

“Previously there has been no real baseline dataset that offers an insightful health check of our night-time economies across the State. Data After Dark fills that gap as the first of its kind tool that establishes a set of universal measures for night-time economies.

“The application of reliable and consistent data will help State agencies and local councils as they work with the private sector and communities to build lively and safe going out districts. We also now have a tool to make sure we can measure the performance of new initiatives and programs.”

Jeremy Gill, Head of Policy, Committee for Sydney said:

“Sydney’s night-time economy is buzzing again. To ensure it meets the needs of all Sydneysiders, we need to know who’s involved, how they’re engaging with it, what they want and what that looks like in different parts of the city.

“Great data is central to this. The Data after Dark platform gives us insights into the current state of affairs and empowers us to advocate for policies that can effectively address our challenges and seize the opportunities ahead.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Australia joins global conventions to protect workers’ rights and safety

Source: Australian Government – Minister of Foreign Affairs

Australia has now ratified all ten International Labour Organization’s (ILO) Fundamental Conventions, reaffirming the Albanese Government’s commitment to protect workers’ rights and safety.

The final Fundamental Convention – Promotional Framework for Occupational Safety and Health Convention 187 – was ratified by Australia overnight [29 October] in a tripartite ceremony in Geneva, Switzerland, with representatives of the Australian Council of Trade Unions and the Australian Chamber of Commerce and Industry.

The Convention promotes nationwide policies, systems and programs to support a safe and healthy working environment, and prevent occupational injuries, diseases and deaths.

This achievement underscores the Government’s belief in upholding international rules, norms and standards, and securing a safe and healthy working environment for all.

Ratification ensures Australian Governments continue to promote labour standards and protect workers from occupational harm, in line with international best practice.

For more information on the ILO’s Fundamental Conventions, see International Labour Standards.

Quotes attributable to Minister for Foreign Affairs, Penny Wong:

“While our Government is making sure that Australians make more and keep more of what they earn, we are also ensuring that their working conditions are safe and supportive.

“This is a major milestone for Australian workers. We are demonstrating Australia’s leadership and ongoing commitment to workers’ rights, as well as internationally agreed rules, norms and standards.”

Quotes attributable to Minister for Employment and Workplace Relations, Murray Watt:

“By ratifying these conventions, Australia sends a powerful message: we respect the fundamental rights of all workers.

“As such, Australia upholds all fundamental international labour rights and is a fair, safe and secure place to work and do business.

“Through the Albanese Government’s workplace law changes and ratifying these Conventions, we are delivering secure jobs and better pay to Australian workers.

“Australia is committed to workplace health and safety as a fundamental principle and right at work.”

MIL OSI News –

January 25, 2025

MIL-OSI: Sunrun Announces Appointment of John Trinta to its Board of Directors

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced the appointment of John Trinta, former CEO of Deloitte Financial Advisory Services, as a member of the Company’s board of directors (the “Board”) and Audit Committee of the Board. Mr. Trinta brings nearly 40 years of expertise in tax and accounting, paired with a proven track record in driving strategic growth and leading organizations to new heights.

“It is with great excitement that I introduce John as the newest member of our Board. Having spent nearly four decades at Deloitte, he brings exceptional expertise in finance, accounting, and tax—critical skills as we navigate today’s complexities and continue to position ourselves as a market leader in the clean energy sector,” said Sunrun CEO Mary Powell. “Beyond his technical strengths, John’s leadership, strategic mindset, and ability to inspire teams set him apart. I’m confident that his insights will be a value add as we continue to execute on our margin-focused and disciplined growth strategy.”

Mr. Trinta is a seasoned finance professional with a distinguished career in finance, accounting, and tax. From June 1998 to May 2020, Mr. Trinta held several executive positions at Deloitte, including as the CEO of Deloitte Financial Advisory Services, Deputy CEO of Advisory Services, Partner in Charge of Americas Financial Advisory Services, and Deputy National Managing Partner in Tax Services. He also served on Deloitte’s U.S. and Functional Global Board of Directors from 2003 to 2005. During his time at Deloitte, Mr. Trinta spearheaded Deloitte’s merger of Financial Advisory and Risk practices and co-led Deloitte’s purchase and integration of various tax and advisory businesses.

“I am excited to join Mary and the Sunrun Board as the Company continues to innovate and differentiate itself within the market by focusing on creating cleaner, reliable, and sustainable energy solutions for its customers,” said Mr.Trinta. “I look forward to sharing my financial, accounting, and tax expertise with the entire Sunrun team and contributing to the mission of connecting people to the cleanest energy on earth.”

Mr. Trinta holds a Bachelor of Science degree in Business Administration with a concentration in accounting from California State University, Chico, and a Master of Science degree in Taxation from Golden Gate University.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

The MIL Network –

January 25, 2025

MIL-OSI USA: Six Charged in Scheme to Defraud the Federal Government

Source: US State of Vermont

Six defendants have been charged for their roles in schemes to rig bids, defraud the government and pay bribes and kickbacks in connection with the sale of IT products and services to federal government purchasers, which resulted in overcharges of millions of dollars to the U.S. government, including the Department of Defense (DoD).

On Oct. 9 and Oct. 16, a federal grand jury in Baltimore returned indictments against two defendants. Four other defendants were also charged. These are the first charges in the Justice Department’s ongoing investigation into IT manufacturers, distributors and resellers who sell products and services to government purchasers, including to the intelligence community.

“Antitrust crimes can undermine competition for products and services that are vital to our national security,” said Assistant Attorney General Jonathan Kanter of the Justice Department’s Antitrust Division. “When fraudsters siphon taxpayer funds, the Antitrust Division and its Procurement Collusion Strike Force (PCSF) partners across the government will hold accountable those who collude to subvert competition, line their pockets with federal procurement dollars and compromise the integrity of our intelligence community programs.”

“This office and our partners will use all available resources to hold accountable those who would undermine and distort the government’s procurement of goods and services, especially those related to our cybersecurity infrastructure,” said U.S. Attorney Erek L. Barron for the District of Maryland.

“This investigation demonstrates the vital need to protect the DoD procurement process, particularly within the Intelligence Community,” said Special Agent in Charge Christopher Dillard of the DoD Office of Inspector General, Defense Criminal Investigative Service (DCIS), Mid-Atlantic Field Office. “The Defense Criminal Investigative Service is committed to identifying fraudsters who abuse public trust and enrich themselves through criminal schemes.”

“There is no place for fraudsters and crooks scheming to manipulate the government bidding process for personal gain,” said Special Agent in Charge William J. DelBagno of the FBI Baltimore Field Office. “The FBI remains steadfastly committed to identifying, investigating and bringing to justice those conspiring to enrich themselves by cheating taxpayers.”

“Investigating complex fraud schemes is a top priority of ours,” said National Security Agency Acting Inspector General Kevin Gerrity. “I commend our team, our law enforcement partners and the Justice Department for their work protecting the integrity of federal contracting.”

“Each part of the government must do its part to detect and prosecute instances of waste, fraud and abuse, and CIA’s Office of Inspector General was pleased to join its law enforcement partners in investigating this egregious case,” said CIA Inspector General Robin C. Ashton.

United States v. Victor Marquez

Victor M. Marquez, a Maryland resident and owner of two IT companies with significant government contracts, was charged in a four-count indictment with wire fraud conspiracy, wire fraud and major fraud against the United States for rigging bids and inflating the amount of money obtained from valuable IT contracts.

Antwann C.K. Rawls, an employee of one of Marquez’s companies, and Scott A. Reefe, an IT sales executive, have been charged for their respective roles in the conspiracy.

As alleged in the indictment, Marquez, Rawls, Reefe and their co-conspirators used their positions of trust to learn sensitive, confidential procurement information, including procurement budgets for large U.S. government IT contracts. The co-conspirators used that inside information to craft bids at artificially determined, non-competitive and non-independent prices, ensuring Marquez’s company would win the procurement.

According to court documents, the co-conspirators shared their bids in advance of submitting them to the government, with one co-conspirator emailing that he would submit a “high price third bid.” Marquez and his co-conspirators submitted their collusive bids despite knowing the government sought independent, competitive bids for the valuable contracts, and despite Marquez’s certification of independent bidding.

If convicted, Marquez faces maximum penalties of 20 years in prison for each conspiracy and wire fraud count and 10 years in prison for the major fraud charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

United States v. Breal L. Madison Jr.

Breal L. Madison Jr., a Maryland resident, was charged in a 13-count indictment with conspiracy, bribery of a public official, mail fraud and money laundering for orchestrating a years-long scheme to defraud his employer and the United States out of over $7 million in connection with the sale of IT products to various government agencies.

Brandon Scott Glisson, an IT contractor providing IT services to the U.S. government, and Glisson’s supervisor, Lawrence A. Eady, a former senior government employee, have also been charged for their respective roles in the scheme.

According to court documents, through multiple misrepresentations, Madison and his co-conspirators conspired to steal money from Madison’s employer and government agencies, illegally siphoning over $9 million in stolen proceeds to Madison’s shell company, Trident Technology Solutions, and another shell company. They used the money to purchase luxury items and to pay approximately $630,000 in bribes to Eady in exchange for Eady’s ensuring the purchase of additional products sold by Madison.

Madison used his ill-gotten gains to buy a Vanquish VQ58 yacht, 2020 Lamborghini Huracan and multiple other vehicles, all of which the United States seeks to forfeit in the indictment.

If convicted, Madison faces maximum penalties of five years in prison for the conspiracy count, 15 years in prison for each bribery count, 20 years in prison for each mail fraud count and 10 years for each money laundering count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The DCIS, the FBI Baltimore Field Office, CIA Office of Inspector General and NSA Office of Inspector General investigated the case.

Acting Assistant Chief Michael Sawers and Trial Attorneys Zachary Trotter and Elizabeth French of the Antitrust Division’s Washington Criminal Section and Assistant U.S. Attorneys Aaron S.J. Zelinsky, Sean M. Delaney and Darren Gardner for the District of Maryland are prosecuting the case.

Anyone with information about this investigation or other procurement fraud schemes should notify the PCSF at www.justice.gov/atr/webform/pcsf-citizen-complaint. The Justice Department created the PCSF in November 2019. It is a joint law enforcement effort to combat antitrust crimes and related fraudulent schemes that impact government procurement, grant and program funding at all levels of government — federal, state and local. For more information, visit www.justice.gov/procurement-collusion-strike-force.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

View the Rawls information.

View the Eady information.

View Reefe information.

View the Glisson information.

View the Madison indictment.

View the Marquez indictment.

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: Partnerships for Local Action and Community Empowerment (PLACE) announcement

Source: Ministers for Social Services

30 October 2024

Good morning, it’s great to be with you all today.

I’d like to begin by acknowledging the Traditional Owners of the lands on which we meet and pay my respects to elders past and present. I extend this acknowledgement and respect to all First Nations people joining us today.

I would also like to acknowledge my colleague the Treasurer – the Honourable Jim Chalmers, who has been my partner in Government on this PLACE journey.

To our philanthropic partners, thank you for your support and co-investment to make PLACE a reality.

A big thank you of course to Our Place, Carlton Primary School, Gowrie Victoria and the City of Melbourne who are hosting us today.

We’re here today because our Government has made a commitment to deliver an overhaul to the way Australia tackles disadvantage.

Implementing this commitment requires us to work together differently with our partners and local communities, by shifting from traditional and siloed top-down support programs to an approach where we partner and collaborate, share decision-making and goals, and continue to learn from each other to drive better targeted and coordinated investment and effort. By innovating how we work with local communities and how we learn from each other, we will be able to drive a greater positive impact and deliver better outcomes with communities across Australia.

Partnerships for Local Action and Community Empowerment, or PLACE for short, demonstrates how we will work differently. PLACE will support local communities, government, philanthropy and other stakeholders to work together around a shared understanding of complex problems and a shared commitment to action.

The Government, together with our philanthropic partners, is proud to be jointly investing $38.6 million over five years to establish PLACE and to launch it into the world today.

PLACE will be a not-for-profit, independent national organisation that will support communities to identify tailored, place-based solutions to address their needs and aspirations in areas they identify such as the early years, health, education, employment, youth justice and net zero.

The need for PLACE emerged from community, who called for a national hub that could support a different way of working with community, and that recognised community was best placed to understand their needs and how best to create positive change.

PLACE will provide this support by connecting community with best practice, building workforce capacity and capability, sharing research, data, tools and information, and supporting collaborative solutions with communities to accelerate progress on the things that matter most to them.

A key feature of PLACE that distinguishes it from other community initiatives is its structure. It was imperative for us that the essence of working differently with community was embedded in the structure of PLACE. This is reflected in the shared governance arrangements that we have with our philanthropic partners and the community to put community at the centre of the PLACE, and ensure community views are always heard.

We also want the Government’s involvement in PLACE to be different – that is not just connected to PLACE through the traditional grant agreement, where we are at arm’s length, but also as an active participant in its governance and in the work with communities to meet their needs and their identified priorities.

I am delighted to be announcing PLACE here at the Carlton Learning Precinct, which is an integrated child and family centre and primary school. The Precinct is part of a diverse multicultural community, and where more than 85 per cent of students at Carlton primary speak a first language other than English.

The Precinct is the result of work over many years between Carlton Primary School and local community members to meet the needs and aspirations identified by the community and their families and children. Since 2019, these early efforts have been amplified with the support of Our Place, Gowrie Victoria and the City of Melbourne.

The Precinct includes maternal child health nurses, a Services Australia visiting service and adult employment and education services. Local leaders continue to work together with and listens to the community to ensure these services are co-ordinated to meet community needs and to stop families falling through the cracks. This integrated approach has already led to a 20 per cent increase in school enrolments since 2022.

The Precinct also offers an insight into the practical benefits PLACE will have for communities like Carlton, including include offering:

tools, frameworks, and guidance to help define and measure the impact of the Precinct, and
specialised courses to equip Precinct staff and members manage complex, multi-stakeholder collaborations more effectively.

It is our vision, together with our philanthropic partners, that PLACE will support the efforts of communities like in the Carlton Learning Precinct, and ultimately the projects PLACE works on will be underpinned by working together differently with and listening to community..

The establishment of PLACE reflects a commitment to working differently, listening to what works locally and working in close collaboration with communities, philanthropy, and across governments to support accelerate positive change in local communities.

PLACE is a key priority highlighted by the Investment Dialogue for Australia’s Children, and I am proud that we have been able to bring it to fruition together with our philanthropic partners.

I want to thank the Department of Social Services for the strong and productive working relationship it has established with philanthropy and their significant work in getting us to this point.

I’m excited to see what comes out of PLACE to help those communities and Australians experiencing disadvantage that need it most to thrive.

Thank you.

MIL OSI News –

January 25, 2025

MIL-OSI: Oportun Announces Next Step to Optimize Capital Structure and Drive Improved Profitability

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT) (“Oportun”, or the “Company”), a mission-driven financial services company, announced today another important step in its plans to optimize the Company’s capital structure and drive improved profitability. Following an extensive review of a range of alternatives led by the Board of Directors, Oportun has entered into a Credit Agreement to refinance its existing corporate financing facility with a new $235 million Senior Secured Term Loan (“Term Loan”). The refinancing will improve Oportun’s operational and balance sheet flexibility with covenants that reflect the performance improvements made by the Company to date, including the agreement to sell the Company’s credit card portfolio, and reward accretive actions and cash flow generation. The Term Loan will be provided by two firms (the “Lenders”), funds managed by Castlelake L.P., a global alternative investment manager specializing in asset-based private credit that led the refinancing, and funds managed by Neuberger Berman, a private employee-owned investment manager. The Term Loan will carry a 15% fixed rate and mature in November 2028.

“After a thorough and competitive process, where multiple strategic options were considered, the Board of Directors determined that this transaction, which was the least dilutive financing option available, would best position Oportun for the future by further strengthening the Company’s balance sheet and liquidity as well as enhancing the ability for Oportun to generate consistent cash flow and deliver increased stockholder value,” said Neil Williams, Lead Independent Director of Oportun’s Board of Directors.

“With this refinancing and the operational and balance sheet flexibility the Term Loan will provide, we’re even better positioned to build on our progress. We expect to build on that momentum in 2025 through improving credit performance, identifying high-quality originations, and further enhancing our GAAP and adjusted profitability on a per-share basis” said Raul Vazquez, CEO of Oportun.

“As we continue our longstanding relationship with Oportun, this refinancing illustrates the confidence we have in the Company’s ability to execute its long-term strategy, underpinned by focusing on its core products while identifying high-quality loan originations” said John Lundquist, Partner at Castlelake.

“We’re pleased to remain a capital partner to Oportun alongside Castlelake, and the revised structure provides the Company with the funding and flexibility to responsibly grow the business and service the needs of its customers,” said Peter Sterling, Head of Specialty Finance at Neuberger Berman. “This transaction reflects the confidence we have in the quality of Oportun’s underwriting and the sustainability of its business model.”

In connection with providing the Term Loan, the Lenders will receive warrants, at an exercise price of $0.01 per share, equal to 9.8% of the fully-diluted shares outstanding of the Company, excluding out-of-the-money options, on a pro-forma basis for the warrants, which as of September 30, 2024 was equal to 4,860,706 warrants, and the Lenders are entitled to Board observer rights. Even given the dilutionary impact from the newly issued warrants, the Company believes it will be able to drive increased profitability on a per share basis through focus on its core products, improving credit performance and maintaining cost discipline.

The new Term Loan provides a lower interest rate than the existing senior secured term loan being refinanced and Oportun is committed to paying off at least $40 million of the principal by February 1, 2026, with the flexibility to make additional pre-payments of $10 million at any time without penalty, and an additional $10 million without penalty after the one-year anniversary of closing. Management expects the Term Loan to close during the week of November 11, 2024, following and subject to customary closing conditions, as well as the closing of the credit card portfolio sale transaction, which was previously announced on September 25, 2024.

Preliminary Financial Results – Third Quarter 2024
Based upon management’s current expectations, the Company will report Total Revenue, Annualized Net Charge-Off Rate, Net Loss, Adjusted EBITDA and Adjusted Net Income (Loss), for the third quarter as follows:

Metric	Preliminary	Guidance
	3Q24	3Q24
Total Revenue	$249-251 million	$248 – $252 million
Annualized Net Charge-Off Rate	11.9%	12.3% +/- 15 bps
Net Loss	$(30) – $(32) million	N/A
Adjusted EBITDA ¹	$28 – 31 million	$23 – $26 million
Adjusted Net Income (Loss) ¹	$(2) – $1 million	N/A
¹See About Non-GAAP Financial Measures for more detail.

The Company expects to deliver resilient third quarter top-line performance with Total Revenue in line with its guidance range. The Company’s tightened credit posture contributed to delivering annualized net charge-offs 25 bps better than the edge of its guidance range. On a GAAP basis, the Company expects a net loss of $30 to 32 million driven by non-cash fair value marks, including a $35 million mark-to-market adjustment on its ABS notes due to their weighted average price increasing from 96.0% to 97.8% as benchmark interest rates declined and credit spreads tightened significantly. Given strong Total Revenue, improved credit performance and continued expense discipline, the Company also expects to be near break-even to profitable on an Adjusted Net Income basis. The Company expects Adjusted EBITDA to be $28 to $31 million, which will be $2 to $5 million above the top end of its guidance range.

Furthermore, management is providing the following preliminary set of expectations regarding Oportun’s full year 2025 operating performance:

GAAP EPS between $0.25 and $0.50
Adjusted EPS between $1.00 and $1.25
Annualized net charge-off rate between 11% and 12%

“We are pleased with our expected quarterly results and are looking forward to an even better 2025,” said Jonathan Coblentz, CFO of Oportun. “As these results and our future expectations demonstrate, we continue to make significant progress towards driving sustainable, profitable earnings growth, and shareholder value.”

Concurrent with this press release, Oportun has posted a business update presentation on its investor relations website, investor.oportun.com. The presentation further describes the Term Loan, the Company’s operating strategy, recent performance improvements, and preliminary performance expectations going into 2025.

Evercore acted as financial advisor and Orrick, Herrington & Sutcliffe LLP and Wilson Sonsini Goodrich & Rosati served as legal advisors to the Company on the transaction.

About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $18.7 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members save an average of more than $1,800 annually. For more information, visit Oportun.com.

About Castlelake
Castlelake, L.P. is a global alternative investment manager focused on asset-based investments. Founded in 2005, Castlelake manages approximately $24 billion of assets on behalf of a diversified global investor base. The Castlelake team comprises more than 220 experienced professionals, including 80 investment professionals, across seven offices in North America, Europe and Asia. For more information, please visit www.castlelake.com.

About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies – including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds – on behalf of institutions, advisors and individual investors globally. Neuberger Berman’s investment philosophy is founded on active management, engaged ownership and fundamental research, including industry-leading research into material environmental, social and governance factors. Neuberger Berman is a PRI Leader, a designation awarded to fewer than 1% of investment firms. With offices in 26 countries, the firm’s diverse team has over 2,750 professionals. For nine consecutive years, Neuberger Berman has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm manages $443 billion in client assets as of June 30, 2023. For more information, please visit Neuberger Berman’s website at www.nb.com.

Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance and financial position; the Company’s preliminary financial results for the third quarter of 2024; the Company’s full year 2025 outlook; expectations regarding the impact of the Term Loan, including expected timelines; the anticipated closing of the Company’s credit card portfolio sale transaction; our planned products and services; achievement of the Company’s strategic priorities and goals and the plans and objectives of management for our future operations, are forward-looking statements are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K and most recent quarterly report on Form 10-Q. These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

Preliminary Information
Numbers are as of September 30, 2024, and are unaudited, preliminary and subject to change upon completion of the Company’s closing process and quarterly review procedures. As a result, the Company’s final results may vary materially from the preliminary results included in this press release. Oportun undertakes no obligation to update or supplement the information provided in this press release until the Company releases its financial statements for the three months ended September 30, 2024. The preliminary financial information included in this press release reflects the Company’s current estimates based on information available as of the date of this press release. This preliminary financial and operational information should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of financial closing procedures, final adjustments, and other developments.

About Non-GAAP Financial Measures
This press release presents information about the Company’s Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS, which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

As previously announced on March 12, 2024, beginning with the quarter ended March 31, 2024, the Company has updated its calculation of Adjusted EBITDA and Adjusted Net Income for all periods. To align with these updated calculations, we also updated Adjusted EPS. Comparable prior period non-GAAP financial measures are included in addition to the previously reported metrics.

Adjusted EBITDA
The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.

The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.

The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

Adjusted Net Income
The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.

The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.

The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.

The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

Adjusted EPS
The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA
	Three Months Ended September 30,
	2024		2023
(dollars in millions)
Net Income (loss)	$(32) – (30)	$(21.1		)
Adjustments:
Income tax expense (benefit)	(10.2) – (9.5)		(16.2	)
Corporate debt interest	12.6		15.0
Depreciation and amortization	13.5		13.9
Workforce optimization expenses	–		0.5
Stock-based compensation expense	3.2		4.3
Other non-recurring charges	2.9		0.3
Fair value mark-to-market adjustment	38.0-38.3		16.5
Adjusted EBITDA	$28.0-31.0	$13.2

Adjusted Net Income (Loss)
	Three Months Ended September 30,
	2024		2023
(dollars in millions)
Net Income (loss)	$(32) – (30)	$(21.1		)
Adjustments:
Income Tax Expense (benefit)	(10.2) – (9.5)		(16.2	)
Stock-based compensation expense	3.2		4.3
Workforce optimization expense	–		0.5
Impairment	–		1.3
Other non-recurring charges	2.9		0.3
Fair value mark-to-market adjustment	33.3 – 34.7		14.9
Adjusted income before taxes	$ (2.8) – 1.3		(16.1	)
Normalized income tax expense	(0.8) – 0.3		(4.3	)
Adjusted income	$ (2.0) – 1.0	$(11.8		)

Forward-looking Adjusted Net Income and Adjusted EPS
	FY 2025
	Low		High
(dollars in millions)
Net Income	$12.6		$25.1
Adjustments:
Income tax expense (benefit)		4.7		9.3
Stock-based compensation expense		14.4		14.4
Other non-recurring charges		6.4		6.4
Fair value mark-to-market adjustment		30.8		30.8
Adjusted income before taxes	$68.9		$86.0
Normalized income tax expense		18.7		23.2
Adjusted Net Income	$50.2		$62.8
Diluted Weighted Average Shares Outstanding (millions)		50.2		50.2
Diluted EPS	$0.25		$0.50
Adjusted EPS	$1.00		$1.25

Investor Contact

Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact for Oportun
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com

Media Contact for Castlelake
Remy Marin / Alex Hinson
Prosek Partners for Castlelake
(212) 279 3115
Rmarin@prosek.com / ahinson@prosek.com

The MIL Network –

January 25, 2025

MIL-OSI: Aimfinity Investment Corp. I Announces Extension of the Deadline for an Initial Business Combination to October 28, 2024

Source: GlobeNewswire (MIL-OSI)

Wilmington, Delaware, Oct. 29, 2024 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from October 28, 2024 to November 28, 2024, on October 28, 2024, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $60,000 (the “Monthly Extension Payment”).

Pursuant to the Company’s third amended & restated memorandum and articles of association (“Current Charter”), effectively April 23, 2024, the Company may extend on a monthly basis from April 28, 2024 until January 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the seventh of nine monthly extensions sought under the Current Charter of the Company.

About Aimfinity Investment Corp. I

Aimfinity Investment Corp. I is a blank check company incorporated as a Cayman Islands exempted company 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. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau).

Additional Information and Where to Find It

As previously disclosed, on October 13, 2023, the Company entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Docter Inc., a Delaware corporation (the “Company”), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of Parent (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which the Company is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of AIMA as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii): risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

A further list and description of risks and uncertainties can be found in the prospectus filed on April 26, 2022 relating to AIMA’s initial public offering, the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2022, filed on April 17, 2023, and in the Registration Statement/proxy statement that will be filed with the SEC by AIMA and/or its affiliates in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Aimfinity, Docter, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

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 any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, 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.

Participants in the Solicitation

AIMA, Docter, 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 of AIMA’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.

Contact Information:

Aimfinity Investment Corp. I
I-Fa Chang
Chief Executive Officer
ceo@aimfinityspac.com
(425) 365-2933
221 W 9th St, PMB 235
Wilmington, Delaware 19801

The MIL Network –

January 25, 2025

MIL-OSI: Hampton Financial Corporation Announces The Completion of A Non-Brokered Private Placement of Unsecured Convertible Debentures

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) is pleased to announce the closing of a non-brokered private placement of unsecured convertible debentures (the “Debentures”) in the principal amount of $300,000.

The $300,000 principal amount of Debentures will mature five (5) years and one day after the issue date (the “Maturity Date”) and will bear interest at the rate of 10.0% per annum, payable quarterly in arrears on the last day of March, June, September and December in each year until the Maturity Date. The first interest payment will be made at the end of the first calendar quarter following the closing date (the “Initial Interest Payment Date”) and will consist of interest accrued from and including the closing date to the Initial Interest Payment Date. Interest will be payable in cash only and will cease to accrue on the Maturity Date.

The whole, or any part, of the principal amount of the Debentures is convertible into common shares of the Company’s wholly owned subsidiary, Oxygen Working Capital Corp. (“OWC”), held by the Company at the option of the holder thereof, at any time prior to 5:00 p.m. (Toronto time) on the Maturity Date, at a conversion price of CAD$0.50 per share. Upon conversion of the Debentures the holders of Debentures will receive cash payment of any interest which accrues from the most recent interest payment date to the date of conversion.

The proceeds from the Offering may be advanced by the Company to OWC in order to further grow OWC’s loan book and for OWC’s working capital and general corporate purposes.

About Oxygen Working Capital Corp.

OWC, founded in 2017, is a specialized Canadian based lender focused on the commercial factoring business with clients across Canada, and with prospects for expanded reach and continued growth across broader North America. OWC provides entrepreneurs with short term financing solutions via immediate upfront capital by factoring their invoices and receivables, allowing businesses to meet their immediate working capital needs. Acquired in 2024, OWC is a wholly owned subsidiary of Hampton.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments. In addition to OWC, through its Investment Dealer subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO (Formally IIROC) and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad. The Company is also exploring opportunities to diversify its sources of revenue by way of strategic investments and acquisitions in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –

January 25, 2025

MIL-OSI Economics: Samsung Sets New Benchmark in TV Security With FIPS 140-3 Certification

Source: Samsung

Samsung Electronics today announced that its proprietary cryptography module, Samsung CryptoCore,1 has earned the prestigious FIPS 140-3 certification2 from the National Institute of Standards and Technology (NIST). This certification underscores Samsung’s commitment to providing industry-leading security and data protection for Smart TV users.

“As home entertainment systems become more connected, it becomes critical for technology companies to safeguard the personal data that enables the seamless connectivity enjoyed by so many,” said Yongjae Kim, Executive Vice President and Head of the R&D Team, Visual Display Business at Samsung Electronics. “By integrating the FIPS 140-3-certified CryptoCore into our Smart TVs, Samsung is taking our commitment to secure home entertainment a step further and ensuring that our users can freely experience the value of our products.”

Beginning in 2025, Samsung CryptoCore will be fully integrated into Tizen OS,3 Samsung’s Smart TV operating system, enhancing the security of key products such as TVs, monitors and digital signage. With Samsung CryptoCore embedded in Tizen OS, personal data linked to Samsung accounts will be securely encrypted, SmartThings authentication information will be protected from external hacking threats and content viewed on TVs will benefit from enhanced copyright protection.

Since 2015, Samsung has equipped its Smart TVs with Samsung Knox,4 a security platform that has earned Common Criteria (CC) certification5 for 10 consecutive years. But with its newly acquired FIPS 140-3 certification, Samsung has strengthened its defenses against hacking and data breaches even further, proactively protecting personal information with advanced encryption technology.

Recognized by governments in 10 countries,6 the FIPS 140-3 certification requires comprehensive testing of cryptographic modules to ensure their security, integrity and reliability. For users, this means Samsung Smart TVs offer cutting-edge protection against privacy breaches, allowing them to enjoy their content, connect smart devices and engage with IoT services securely and without concerns.

1 Samsung CryptoCore is a software library that encrypts and decrypts data during both transmission and storage.2 Federal Information Processing Standard (FIPS) 140-3 covers the security requirements for cryptographic modules.3 Tizen OS 9.0.4 Samsung Knox provides privacy protection on its Smart TVs through features like Tizen OS Monitoring, Phishing Site Blocking and Knox Vault. Knox Vault is available only on the QN900D and QN800D models.5 Common Criteria (CC) certification is a global security standard recognized by 31 countries for IT product integrity.6 Recognized in the United States, Canada, UK, Germany, France, South Korea, Japan, Singapore, Australia and New Zealand.

MIL OSI Economics –

January 25, 2025

MIL-OSI China: Chinese premier meets Finnish president

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

Chinese Premier Li Qiang meets with Finnish President Alexander Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

BEIJING, Oct. 29 — Chinese Premier Li Qiang met with Finnish President Alexander Stubb on Tuesday in Beijing.

Li said that since China and Finland established the future-oriented new-type cooperative partnership, bilateral relations have maintained a sound momentum of development and mutually beneficial cooperation in various fields has been continuously promoted, benefiting the people of both countries.

China is willing to work with Finland to implement the important consensus reached by the two heads of state, maintain close high-level exchanges, continue to carry forward the traditional friendship, consolidate and enhance political mutual trust, and push bilateral relations and cooperation to a new high, Li said.

Economic globalization is facing headwinds at present but openness and cooperation remain the general trend, Li noted. China is willing to work with Finland to stick to opening up and cooperation, expand trade, strengthen cooperation in key areas such as circular economy, information and communication, smart energy and agricultural and food products, give full play to economic complementarity, and promote mutual benefit and win-win results at a higher level.

China will continue to foster a world-class, market-oriented business environment governed by a sound legal framework and welcomes Finnish companies to deepen their presence in the Chinese market, Li said.

It is hoped that Finland will provide a fair, transparent and non-discriminatory business environment for Chinese enterprises and play a positive role in promoting the healthy development of China-Europe economic and trade relations, he added.

Li said that China is ready to work with Finland to further facilitate personnel exchanges and expand exchanges and cooperation in the fields of culture, education and sports to consolidate popular support for the friendly cooperation between the two countries.

Stubb said Finland attaches importance to developing relations with China and is a reliable cooperative partner of China.

Finland looks forward to strengthening exchanges with China at all levels, deepening mutually beneficial cooperation on economy, trade, agriculture, green energy and sustainable development, and strengthening education and people-to-people exchanges to open a new chapter in bilateral relations, he added.

Finland appreciates China’s important role in international affairs and is willing to strengthen communication and coordination with China in fields like global security and tackling climate change, Stubb noted.

Chinese Premier Li Qiang meets with Finnish President Alexander Stubb at the Great Hall of the People in Beijing, capital of China, Oct. 29, 2024. [Photo/Xinhua]

MIL OSI China News –

January 25, 2025

MIL-OSI Australia: New public forecourt is the next chapter for State Library

Source: New South Wales Government 2

Headline: New public forecourt is the next chapter for State Library

Published: 30 October 2024

Released by: Minister for the Arts, Minister for Lands and Property

The forecourt to the State Library of NSW will be transformed into a new public domain as the institution prepares to celebrate its 200-year anniversary in 2026.

The Minns Labor Government is focused on building better communities, with a new development application lodged with the City of Sydney to turn the forecourt into a new 3,400 square metre public domain.

This submission has been lodged by Property and Development NSW (PDNSW) and proposes to integrate public art and native plants around a new grassed plaza, that supports library events and community activities. It will double the size of the current forecourt to create a vibrant new public space.

The works propose to realign Sir John Young Crescent and Hospital Road, improving safety for pedestrians and drivers, to provide better links to the Royal Botanic Gardens and The Domain. The existing Shakespeare Memorial, originally presented to the city in 1914, will be relocated closer to the library in the forecourt area.

The State Library welcomed over one million visitors (a 30% increase on 2022/23) during the June 2024 fiscal year, with more than 300,000 readers and visitors anticipated during September and November for this year’s HSC period.

If approved, the new State Library forecourt proposal could deliver public outcomes consistent with the Macquarie Street East Precinct 20-year vision and masterplan. At the other end of Macquarie Street, early works have provided the space for another new public plaza, next to the Registrar General’s Building, to be known as QEII Place in memory of Her Late Majesty Queen Elizabeth II.

For more information, visit https://www.dpie.nsw.gov.au/housing-and-property/our-business/precinct-development/macquarie-street-east-precinct.

Minister for Roads and Minister for the Arts John Graham said:

“The State Library of NSW is the oldest continuously operating library in Australia that remains a vital and contemporary institution loved by readers, researchers and the thousands of students who use it every day.

“The plan to create and deliver a new public space that celebrates the library’s 200-year anniversary in 2026 is another chapter in the State Library’s own story.

“Supporting the delivery of this new public domain, the proposed road and traffic changes will improve public access to other Sydney cultural institutions and this area around Macquarie Street.

Minister for Lands and Property and Minister for Small Business Steve Kamper said:

“The Minns Labor Government is focused on building better communities. This project is the next step in our vision to create a vibrant, connected arts and culture destination.”

“We have submitted plans that strive to create spaces in the Macquarie Street East Precinct that are welcoming and safe for all. We want to encourage families and students to utilise our public spaces and access our free cultural institutions.”

State Librarian of New South Wales Dr Caroline Butler-Bowden said:

“The State Library is a much-loved public institution with historic spaces and galleries, world-renowned collections, and dynamic events and learning programs. It offers something for everyone – readers, families, researchers, students, local and international visitors – every day of the week.

“The new public forecourt will help grow the Library as a vibrant cultural heart of the city, inviting everyone to freely explore and enjoy this truly unique place.”

MIL OSI News –

January 25, 2025

MIL-OSI Australia: Transcript – Ports Australia conference

Source: Australian Ministers for Infrastructure and Transport

**CHECK AGAINST DELIVERY**

As always, I begin by acknowledging the Muwinina People as the custodians of this land. We acknowledge and pay our respects to all Tasmanian Aboriginal Communities.

Tasmania is one of the most beautiful places in our nation and a fitting setting for the Ports Australia Conference.

We recognise the ongoing custodianship that Indigenous Australians have shown towards these lands and I extend this respect to all First Nations people joining us today.

Thank you as well to Mike for that kind introduction, and to Stewart, your Chair, thank you very much for the invitation and for all the work that you do throughout the course of the year.

It is wonderful to see so many public and private leaders from around the world come together.

I would also like to extend a particular welcome to the Minister for Infrastructure for the Kingdom of Tonga.

Like Australia, your nation relies on shipping. It is wonderful to have you here.

I also want to recognise Dr Patrick Verhoeven, the Managing Director of the International Association of Ports and Harbours, and Jens Meier, the CEO of Hamburg Port Authority, who have travelled such a long way.

Your presence underlines the inherently global nature of this industry, and I hope you enjoy your time here in our beautiful country.

This is in fact my second time in Tasmania in the last two weeks.

Last week I was in the north, this week I’m in the south.

On both these visits, I have had the pleasure of engaging with Tasmania’s proud maritime industry.

Last week, I was in Burnie to commission the new shiploader – a project which replaced an essential piece of infrastructure that had been in place for five decades.

The new shiploader doubles the capacity of the old, and can serve ships up to Panamax size, creating local jobs and growing local industry.

It is a project that pays tribute to both the maritime past and future of this great state, as well as setting the local economy up for decades of success to come.

It also speaks to how essential maritime logistics are to our day-to-day lives.

At the port I could see woodchips going to China, as well as cars and supermarket produce coming into the state.

It is too easy to miss the magic that defines our modern world, but when you take even a moment to think about it, it is truly extraordinary.

That port in Burnie on the north coast of Tasmania is connected to a global network that stretches to every corner of our planet.

Everything that we rely on, relies in turn on shipping – which is why it is such a pleasure to be here today with some of the many, many hardworking people who underpin this essential industry.

Events like these are key to fostering a strong, robust sector – and year after year, Ports Australia does a wonderful job bringing you together and advocating for your industry.

I stand here today as a minister in a government that knows that ports are a primary driver of our economy and workforce.

As well as facilitating international trade and the movement of goods throughout the region, our ports are strategic assets and critical infrastructure.

They are vital to sustaining our island nation.

The most recent report from Ports Australia shows exactly this.

Ports move an overwhelming 99 per cent of Australia’s international trade by volume, and importantly, over 694,000 local jobs are facilitated by Australia’s port activities.

This works out to a staggering one in every 20 jobs across the nation.

Container transport has seen a huge increase.

As have vehicle imports.

The most recent numbers show that cruise ships have soared to 18% higher than pre-pandemic numbers.

You take our goods to the world, and you bring the world to us.

Of course, these numbers, while good news, bring pressures of their own.

This story of growth underlines the need to ensure that our infrastructure, our investments and our policies are positioned to support a sustainable, reliable and productive supply chain.

That’s why our government is making investments like those at the Port of Burnie, and it is also why my department led a review earlier this year into the national freight and supply chain strategy.

In total, 71 submissions were received from a variety of stakeholders, including from maritime and associated peak bodies.

Of course, I acknowledge and thank Ports Australia for their submission and engagement throughout the Review process.

The review found that while the foundations of the strategy remain strong, productivity, resilience, decarbonisation and data should be strengthened in the strategy and new National Action Plan.

We are already doing the work of refreshing the strategy and action plan to address the findings of the review, and I look forward to updating you further in due course.

But, of course, the findings of the review touch on challenges that are faced across our entire economy and society – none more so than the need to act to mitigate climate change.

The Albanese Government is committed to reducing greenhouse gas emissions to 43% below 2005 levels by 2030 and to achieving net zero emissions by 2050.

Achieving these ambitious economy-wide targets will require concerted action across all sectors, including this one.

Right now, transport contributes 21 percent of Australia’s direct emissions.

Adding to that challenge, transport is one of the hardest sectors to abate.

So, our work here is vital.

That is why we released the Transport Net Zero Roadmap for consultation earlier this year.

While that roadmap covered all modes of transport, it was of particular importance for the maritime sector.

As we know, decarbonisation will rely on a combination of low carbon liquid fuels (LCLFs), hydrogen, electrification and efficiency improvements.

Of these, LCLFs offer the clearest pathway for decarbonisation within liquid fuel-reliant sectors that cannot readily electrify in the near-term.

This includes maritime, aviation, heavy vehicle and rail, as well as mining, manufacturing and agricultural sectors.

The bad news is that we need a lot of liquid fuels, but the good news is that Australia is well-placed with comparative advantages in the production of LCLFs:

We have rich renewable energy resources;
We use advanced farming practices that embody low carbon emissions;
We are able to achieve economies of scale;
We have significant refining and port infrastructure;
And we have the ability to both enable and encourage domestic fuel consumption, as well as support export capability.

As part of our Future Made in Australia agenda, the Government is fast-tracking support for an LCLF industry.

The government announced $18.5 million as part of the recent Budget, to support a domestic LCLF industry through the development of a certification scheme for those fuels.

And $1.7 billion over the next ten years will go towards a Future Made in Australia Innovation Fund.

This funding will be used in part to support nascent LCLF production technologies through research and development, to help de-risk developments, and to attract private sector investment.

And we will continue to work with industry on further steps as needed.

By successfully building a local LCLF industry we will increase fuel security, strengthen regional economies, diversify income streams for farmers, and meet our decarbonisation objectives – it’s hard to find a bigger win-win than that.

To speak even more specifically to the challenges of this sector, we’ve created a Maritime Emission Reduction National Action Plan, the MERNAP for short.

The MERNAP aims to support Australia’s national emissions reduction targets, contribute to the global decarbonisation of shipping, and future-proof the Australian maritime sector to avoid costly and disruptive transitions later, ensuring an equitable transition, particularly for the maritime workforce, safeguarding jobs and skills for the future.

The vision is that by 2050, Australia will fully leverage the global maritime decarbonisation transition, benefiting our ports, vessels, and the broader energy sector.

This will showcase Australia’s unique comparative advantages while supporting a fair and balanced transition for the industry.

The MERNAP Consultative Group has played a vital role in shaping this action plan, and I’d like to acknowledge those here today, including: Maritime Industry Australia Limited, the Maritime Union of Australia, and of course, Ports Australia.

To support the development of MERNAP, we undertook extensive public consultations that revealed to us that the future of the maritime sector will be powered by multiple energy sources, all of which will require new skills, and see us facing new challenges around technology readiness for alternative fuels.

Safety, operational efficiencies, and strong partnerships across the value chain will be critical to driving this transition.

The Albanese Government remains committed to ensuring that Australia’s maritime industry is prepared for the future, ready to contribute to our national emissions targets, and able to thrive in a decarbonised global economy – including through initiatives like Green Shipping Corridors – partnering with nations, such as New Zealand, Singapore and South Korea.

I have focused a lot on what fuels our maritime sector, but there is, of course, an even more important element – the people who run it.

I am proud to say that our plan to establish a Strategic Fleet is underway.

This fleet will provide assistance in times of crisis, supply chain disruption, or natural disaster. And it will support industries reliant on shipping, such as heavy manufacturing.

Tenders to participate in the Strategic Fleet Pilot will close on 29 November.

Through this process, three vessels that will be privately owned and commercially operated will be selected for the pilot.

This is a major step towards fulfilling our commitment to establish a Strategic Fleet of up to twelve Australian flagged and crewed vessels.

This will strengthen our sovereign maritime capabilities while supporting our maritime workforce.

The creation of a strategic fleet is a central government policy that will shape our workforce for decades to come.

I strongly encourage all interested parties to take part in this process and to consider what role they can play.

The tender process is being managed by my Department, which is seeking innovative tenders that will deliver the objectives of the Pilot Program.

These include providing the Commonwealth with certainty of access to the strategic fleet, to move cargo in times of need, crisis or national emergency. And to support of the needs of Defence —including in training and logistical capacities.

The Albanese Government is seeking to have pilot vessels on the water as soon as possible.

While it is not a silver bullet to solve all of the issues of our current and emerging seafarer shortage, the Strategic Fleet and the work being undertaken by Industry Skills Australia through the Maritime Industry Workforce Plan, will support our maritime workforce by increasing the amount of Australian qualified seafarers at a time of a growing global shortage.

The independent reviews of the Shipping Registration Act and the Coastal Trading Act being conducted by Ms Lynelle Briggs AO and Emeritus Professor Nicholas Gaskell will also contribute to the modernisation of Australia’s shipping regulatory framework, ensuring the Acts are fit for purpose and support the long-term sustainability of an Australian Maritime Strategic Fleet, and the maritime industry more broadly.

Public consultation has commenced and I encourage you all to make your voices heard.

As you can see, there is a lot to do in your sector and we are a government that is determined to get on with doing it.

The reforms the Albanese Government is delivering will do our part to support a productive, resilient supply chain, while positioning Australia to thrive in the new net zero economy.

Thank you for having me, and all the best with the rest of your conference.

ENDS

MIL OSI News –

January 25, 2025

MIL-OSI Economics: Cali joins the Biodivercities Network at COP16

Source: CAF Development Bank of Latin America

The executive president of CAF, Development Bank of Latin America and the Caribbean, Sergio Díaz-Granados, and the Mayor of Cali, Alejandro Eder, signed the city’s adhesion to the Biodiverciudades Network, which promotes biodiversity conservation as a central part of planning, land use, and socioeconomic development of cities.

“For me, the bank’s support was very important because of the expertise and peace of mind that comes from having a regional and world-class ally like CAF,” said Alejandro Eder.

The mayor of Cali said that the best result of the COP16 in Cali is that it is generating a collective awareness towards biodiversity, and a reconnection of citizens with nature. He also mentioned some research and development projects, and ideas to integrate the Farallones to the city or promote ecotourism.

“We are going to move from will to actions. You can count on CAF’s support,” said Sergio Diaz-Granados. “We want to accompany the region’s efforts to protect our biodiversity, be increasingly sustainable and face climate change with more guarantees,” he added.

The Biodiverciudades Network, led by CAF, the Humbolt Institute and UN Habitat, aims to support the urban-territorial planning and management processes of Latin American and Caribbean governments that effectively integrate the conservation, restoration and sustainable use of biodiversity as a basis for their socioeconomic development and the improvement of people’s quality of life.

MIL OSI Economics –

January 25, 2025

MIL-OSI USA: McConnell Helps Secures $1 Million in Federal Funding for Capital City Airport in Frankfort

US Senate News:

Source: United States Senator for Kentucky Mitch McConnell

WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) announced today the U.S. Department of Transportation will provide $1 million to the Capital City Airport in Frankfort, Kentucky to support the redevelopment of the terminal. According to airport officials, the federal funding will be used to construct a new, modern two-story facility that will expand passenger access, increase airfield safety, and support aviation career training programs.

Senator McConnell contacted the U.S. Secretary of Transportation in support of the airport’s competitive grant application for this project.

The federal grant is funded through the U.S. Department of Transportation’s Airport Terminal Program, established in the bipartisan Infrastructure Investment and Jobs Act (IIJA). Senator McConnell led the IIJA to Senate passage in 2021, and the President signed the bill into law. The IIJA gives Kentucky billions of federal dollars over five years to improve the Commonwealth’s roads, bridges, railroads, riverports, airports, broadband, and more.

“Today’s announcement is great news for Frankfort and all of Central Kentucky, providing additional funding to overhaul and modernize a new terminal at Capital City Airport. I look forward to this project’s progression and will continue to deliver for Kentucky’s airports in the years ahead,” said Senator McConnell.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: McConnell Helps Secure $1 Million in Federal Funding for Capital City Airport in Frankfort

US Senate News:

Source: United States Senator for Kentucky Mitch McConnell

WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) announced today the U.S. Department of Transportation will provide $1 million to the Capital City Airport in Frankfort, Kentucky to support the redevelopment of the terminal. According to airport officials, the federal funding will be used to construct a new, modern two-story facility that will expand passenger access, increase airfield safety, and support aviation career training programs.

Senator McConnell contacted the U.S. Secretary of Transportation in support of the airport’s competitive grant application for this project.

The federal grant is funded through the U.S. Department of Transportation’s Airport Terminal Program, established in the bipartisan Infrastructure Investment and Jobs Act (IIJA). Senator McConnell led the IIJA to Senate passage in 2021, and the President signed the bill into law. The IIJA gives Kentucky billions of federal dollars over five years to improve the Commonwealth’s roads, bridges, railroads, riverports, airports, broadband, and more.

“Today’s announcement is great news for Frankfort and all of Central Kentucky, providing additional funding to overhaul and modernize a new terminal at Capital City Airport. I look forward to this project’s progression and will continue to deliver for Kentucky’s airports in the years ahead,” said Senator McConnell.

MIL OSI USA News –

January 25, 2025

MIL-OSI United Kingdom: FM: Chancellor must invest in opportunity

Source: Scottish Government

First Minister and Scottish Chambers of Commerce issue joint call for investment to support growth.

A joint call for investment has been issued to the Chancellor on the eve of the UK Budget from Scottish Government and Scottish Chambers of Commerce.

Speaking to business leaders at a reception with the Scottish Chambers of Commerce on Tuesday 29 October, First Minister John Swinney said:

“My Government is committed to growing the economy to generate the wealth to invest in our public services and eradicate child poverty. We want to use that investment to create a partnership between government and business that will make the most of Scotland’s many economic opportunities.

“It takes political willpower to adapt and evolve our economies and grow thriving societies in all four nations – something the Chancellor can signal by including steps to advance the Acorn carbon capture and storage project in the UK Budget, which would provide new opportunities for workers in the oil and gas sector in Grangemouth and in other parts of Scotland.

“The Office for Budget Responsibility highlighted recently the potential for public investment to deliver permanent improvements in the economy. It is welcome that my calls for the Chancellor to amend her fiscal rules have been heard, with indications last week that there will be scope for greater investment.

“The Chancellor has the chance to choose to deliver a UK Budget that invests in our public services and supports the entrepreneurial spirit displayed in Scotland’s business sector. With these new rules in place the Chancellor must use the fiscal headroom they create to deliver a Budget that immediately and significantly enhances Scotland’s resource and capital funding, enabling us to invest more in our public services and take forward the vital infrastructure projects that support economic growth, net zero, and action to tackle child poverty.”

Scottish Chambers of Commerce Chief Executive Dr Liz Cameron CBE said:

“Our budget focus is on growth, investment and competitiveness. That means investing in skills, technology and infrastructure, and equipping the workforce for tomorrow’s challenges.

“The Chancellor’s actions and the message they send will directly impact business confidence and investment at a time when we need to create positive momentum. We hope that our calls to support business have been listened to and not ignored.”

Background

The Office for Budget Responsibility’s conclusions on impact on GDP of a permanent uplift in capital investment can be found on page 23 of Discussion paper No.5: Public investment and potential output (obr.uk)

UK Autumn Budget: Letter to UK Government – gov.scot (www.gov.scot)

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Asia-Pac: Speech by FS at Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia (English only) (with photo/video)

Source: Hong Kong Government special administrative region

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Cathay Pacific Airways Cocktail Reception in Riyadh, Saudi Arabia today (October 29, Riyadh time):Lavinia (Chief Customer and Commercial Officer of Cathay Pacific, Ms Lavinia Lau), ladies and gentlemen, Good evening. I am delighted to be here, with you, tonight, just one day after the exhilarating inaugural flight of Cathay Pacific’s relaunched Hong Kong to Riyadh service. For that, for reconnecting Hong Kong and Saudi Arabia through this vital new route, and the huge potential it brings, I am grateful to Cathay Pacific. Your dedication to excellence in service is internationally recognised. And this flight resumption is a clear testament to Cathay’s commitment to Hong Kong and our strategic development. I can tell you that the high-powered delegation I’ve brought with me to Riyadh is equally exciting. They count more than 100 Hong Kong financial, business and entrepreneurial leaders, eager to connect with Saudi business. With you. During our three-day stay here in Riyadh, we’re meeting with business, finance and technology companies, with investors and government leaders, too. Our goal is clear: to expand ties with Saudi Arabia, building friendship and exploring the many mutually beneficial collaboration opportunities this renewed connection will surely create. The new service, in short, marks a new chapter for the ever-growing ties between our two cities, our two regions. It helps, and enormously, that Hong Kong is the global gateway to China. We are also part of China’s “Air Silk Road” initiative, seeking to enhance connectivity, economic and trade cooperation, as well as cultural exchange with countries and regions along the Belt and Road. Saudi Arabia sits at the crossroad between three continents. The resumption of flights underlines the strategic importance of the country’s location, and will boost economic, cultural, business and people-to-people ties between Saudi Arabia and China, Hong Kong included; and all the more so, between the East and West. With this reinstated service, I know the people of Hong Kong would be eager to dive into all sorts of adventures around different Saudi cities, your timeless culture, deserts, World Heritage sites and so much more. And, yes, Hong Kong also looks forward to welcoming you to Asia’s world city, the East meets West centre of international cultural exchange. And good times, too. Ladies and gentlemen, please join me now in a toast: to Cathay Pacific, to the continuing growth of Hong Kong-Saudi ties and to the promising future that awaits our two economies and peoples. I know you will enjoy this very special evening. Thank you.

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: FS leads Hong Kong delegation to Future Investment Initiative (with photos/video)

Source: Hong Kong Government special administrative region

FS leads Hong Kong delegation to Future Investment Initiative (with photos/video)
FS leads Hong Kong delegation to Future Investment Initiative (with photos/video)
*********************************************************************************

The Financial Secretary, Mr Paul Chan yesterday (October 29, Riyadh time) led a delegation from the financial and innovation sectors on a visit to Riyadh, Saudi Arabia. Mr Chan, along with the delegation, attended the first day of the 8th edition of the Future Investment Initiative (FII). He was one of the speakers in the panel discussion titled “Is the Global South Now the Engine of Growth?”. This session focused on how the Global South could promote economic innovation, build resilience, and maintain growth while addressing the complexities of the international environment and the challenges of climate change. During the discussion, Mr Chan stated that as an international financial centre, Hong Kong is actively promoting the development of green finance and green technology. He emphasised that Hong Kong could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitised loans. In response to a question, Mr Chan noted that a number of countries in the Global South are considering how to manage risks related to their trade and reserve currencies. Some are increasingly using their own currencies more for settlements. He mentioned that Hong Kong is collaborating with multiple central banks to launch the Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements. He also pointed out that digitalisation and green transformation will be significant trends for the future development of the Global South, and investing in suitable projects in these areas will yield long-term returns. Furthermore, the development of fintech will help make financial services more accessible and inclusive, facilitating leapfrog development for developing countries. Hong Kong can contribute to the Global South in these areas. During the FII, Mr Chan witnessed, together with the Minister of Investment of Saudi Arabia, Mr Khalid Al-Falih, the signing of a strategic cooperation agreement between the Hong Kong Science and Technology Parks Corporation and Beta Lab, a venture capital firm focused on deep technology in Saudi Arabia. Both parties will share resources, recommend startups to each other, facilitate connections within their startup networks, and jointly engage in market promotion and events. A number of delegation members also spoke at various sessions of the FII, promoting Hong Kong’s unique advantages as a “super connector” and “super value-adder,” and how it can connect the Mainland and global capital markets and investors in multiple ways. In the evening, Mr Chan and the delegation members attended a reception hosted by the Cathay Pacific; as well as a reception organised by the Hang Seng Investment Management to celebrate the upcoming listing of its exchange-traded fund. Mr Chan will continue his visit in Riyadh today (October 30, Riyadh time).

Ends/Wednesday, October 30, 2024Issued at HKT 9:00

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Economics: Impact of Climate Risk on Fiscal Space: Do Political Stability and Financial Development Matter?

Source: Asia Development Bank

The findings highlight the impact on economies most vulnerable to climate change. The results suggest that factors such as political stability and financial development have the potential to alleviate these effects. It reveals that the influence of climate risk on fiscal capacity is more significant in situations of limited fiscal space. Implementing fiscal consolidation emerges as a crucial factor in mitigating the negative impact of climate risks on fiscal capacity, with political stability and financial development also playing pivotal roles.

MIL OSI Economics –

January 25, 2025

MIL-OSI China: Shenzhou-19 astronauts start journey to China’s space station for new endeavors

Source: China State Council Information Office 2

Chinese astronauts Cai Xuzhe (C), Song Lingdong (R) and Wang Haoze attend a see-off ceremony at the Jiuquan Satellite Launch Center in northwest China on Oct. 30, 2024. A see-off ceremony for three Chinese astronauts of the Shenzhou-19 crewed space mission was held early Wednesday morning at the Jiuquan Satellite Launch Center in northwest China. [Photo/Xinhua]
China launched the Shenzhou-19 crewed spaceship on Wednesday, sending three astronauts — including the country’s first female space engineer — to its orbiting space station for a six-month mission.
The spaceship, atop a Long March-2F carrier rocket, blasted off at 4:27 a.m. (Beijing Time) from the Jiuquan Satellite Launch Center in northwest China, said the China Manned Space Agency (CMSA).
About 10 minutes after the launch, the Shenzhou-19 spaceship separated from the rocket and entered its designated orbit. The crew members are in good shape and the launch is a complete success, the CMSA announced.
The spaceship will then perform a fast, automated rendezvous and docking with the front port of the space station core module Tianhe in about 6.5 hours, forming a combination of three modules and three spacecraft.
The Shenzhou-19 crew consists of mission commander Cai Xuzhe, and astronauts Song Lingdong and Wang Haoze.
Cai is a seasoned astronaut who previously journeyed into orbit on the Shenzhou-14 mission in 2022. With this ongoing mission, he set a new record for the shortest interval between two spaceflights for Chinese astronauts.
Song and Wang, part of the third batch of Chinese astronauts, are newcomers to space, both born in the 1990s.
Wang is currently China’s only female space engineer and the third Chinese woman participating in a crewed spaceflight mission, the agency noted.
Diverse sci-tech tasks
The new crew has numerous tasks ahead, including conducting space science and application tests, performing extravehicular activities, installing protective devices against space debris, and managing the installation and recycling of extravehicular payloads and equipment. They will also engage in science education, public interest activities, and other payload tests, Lin Xiqiang, CMSA spokesperson told a press conference on Tuesday.
They will carry out 86 space science research and technology experiments, covering various fields including space life science, microgravity fundamental physics, space material science, space medicine and new space technologies, Lin added.
The CMSA revealed in April that China had undertaken over 130 scientific research and application projects in its space station, while 300 scientific experiment samples had been brought back from space by manned missions in five batches.
In addition, more than 500 scientific research institutes worldwide had participated in these projects, achieving significant results in space life science, space medicine, space material science and microgravity fluid physics, with over 280 papers published in top international journals, the CMSA said.
The Shenzhou-19 astronauts will complete in-orbit rotation with the Shenzhou-18 trio and stay at the space station for approximately six months.
Cai Xuzhe told the press that he and the other two crew members have been training as a team for more than a year.
Multiple extravehicular activities are scheduled during the Shenzhou-19 mission. “We have conducted comprehensive ground training, considering all possible scenarios, learning from previous extravehicular activities and thoroughly preparing for every potential plan and contingency,” Cai said.
Wang Haoze explained that she will be mainly responsible for space experimental projects, cargo management, and space station operation management.
Upgraded transport capability
Researchers with the China Aerospace Science and Technology Corporation (CASC) have optimized the equipment and adjusted the layout within the orbital module of the spaceship to increase its loading capacity for the Shenzhou-19 space mission.
“Compared with Shenzhou-18, the payload space of Shenzhou-19 has been increased by 20 percent, making it possible to transport more time-sensitive and essential supplies for astronauts and related systems,” said Chen Tongxiang, an expert with the CASC.
This not only allows for the transport of more scientific research equipment and supplies into space but also ensures more efficient and stable in-orbit support for the long-term operation of China’s space station, she said.
China is also exploring ways to reduce the cargo transportation costs for its space station.
In 2023, a notice was issued to solicit overall schemes for the low-cost cargo transportation system. After two rounds of selection, schemes respectively from the Innovation Academy for Microsatellites of the Chinese Academy of Sciences and from the Chengdu Aircraft Design and Research Institute under the Aviation Industry Corporation of China finally won the contracts for the flight verification phase, Lin said.
The selection process has engaged scientific research institutes and commercial space companies in developing spacecraft, rockets and other flight products for China’s manned space program, which will help reduce operating costs for the space station and foster the rapid, orderly and healthy development of the commercial space industry, he added.
Excellent cooperation platform
China’s space station boasts a wealth of scientific application resources and comprehensive support capabilities, and the Shenzhou manned system and Tianzhou cargo system can ensure reliable and stable round-trip transportation for personnel and supplies between Earth and the space.
“China’s space station is an excellent platform for international collaboration,” Lin said, noting that it serves not only as a national asset but also as a platform for advancing space technology and bringing benefits to all of humanity.
China has carried out international collaborations with major space-faring nations and developing countries across various areas, including astronaut selection and training, space science applications, in-orbit facilities, space debris protection and ground support, with abundant outcomes, Lin said.
Currently, the first batch of payloads selected through cooperation between China and the United Nations Office for Outer Space Affairs are undergoing experiments in orbit, Lin said, adding that more international collaborative research initiatives are in the pipeline.
China is also engaging in discussions to select and train astronauts from partner nations, inviting international counterparts to join its space station flight missions, Lin noted.
“No matter which country participates, it is humanity’s collective quest to unravel the mysteries of the cosmos,” said Lin.

MIL OSI China News –

January 25, 2025

Category: Business