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Category: Business

  • MIL-OSI: Signing Day Sports Identifies Synergies from Acquisition of Swifty Global, Expected to Drive Accelerated Revenue Growth, Cost Savings, and Global Expansion

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Arizona, Sept. 23, 2024 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today provided an update regarding its financial position and its plans to acquire Dear Cashmere Group Holding Company (OTC:DRCR), doing business as Swifty Global (“Swifty”), highlighting the strategic and financial synergies that are expected to drive accelerated growth and operational efficiency for both companies.

    Extinguishment of Convertible Notes

    As of September 23, 2024, the outstanding convertible senior secured promissory notes of the Company, with an original balance of more than $0.6 million, had been fully extinguished, primarily from conversion into shares of common stock.

    The improved financial position strengthens the Company’s prospects for growth and future capital raising.

    Key Highlights from the Acquisition

    As previously announced, Signing Day Sports entered into a binding term sheet to acquire 95-99% of the issued and outstanding shares of Swifty, a global online sports and casino technologies company. Swifty is debt-free with a proven track record of growth, revenue generation and profitability. The acquisition is expected to significantly enhance Signing Day Sports’ revenue generation, technical capabilities and profitability from the expansion of both companies.

    • Strong Financial Performance: Swifty achieved revenues of over $128 million and a net profit of approximately $2.44 million for the fiscal year ended December 31, 2023, despite significant investments of nearly $3.1 million in software development and licensing.
    • Global Expansion: Swifty is expanding internationally. Swifty recently acquired licenses to offer a full integrated suite of products in Ireland and South Africa, which are expected to have significant online sports and casino markets with limited competition.
    • Fast Development of Revenue Generating Technology: Swifty plans to offer data feed services for the online sports gambling industry in the near future. Swifty has determined that data feed services are expensive and limited in choice, which creates an opportunity for Swifty, and that many sports, like boxing, have limited or no live data feed available to allow real-time betting. The Signing Day Sports team has significant experience working with critical sports datapoints and creating sports measurement technologies, which could assist Swifty in developing this revenue stream.

    Strategic Synergies

    The integration of Swifty is expected to bring several operational advantages and new revenue opportunities for Signing Day Sports:

    • Cost Efficiency: Swifty’s in-house engineering team is expected to reduce Signing Day Sports’ operating costs by over 50%, enabling the company to reinvest those savings into growth initiatives. It is also expected to increase the speed at which Signing Day Sports can roll out new products and technological enhancements to its current offering and optimize monetization of the product and user base.
    • Revenue Growth in SaaS: At their core, both Signing Day Sports and Swifty are SaaS model businesses. Swifty’s scalability, technological resources, and technology initiatives are expected to bolster the growth of Signing Day Sports’ app user base, enhance user retention and provide additional opportunities to monetize renewing subscribers with additional revenue streams.
    • New Revenue Streams: Swifty is expected to further expand Signing Day Sports’ current product offering while also broadening the Company’s exposure to new sports and athletes outside the U.S. Signing Day Sports has accumulated more than 10,000 registered users, which it plans to increase at an accelerated rate in the fourth quarter of 2024 and 2025. The Company’s focus is to develop new strategic revenue streams, and improve revenue metrics per user, with the same aim of fully monetizing this growing user base.
    • New Market Exposure: Since its beginning as a football student-athlete recruitment platform provider, Signing Day Sports has expanded its platform to support baseball, softball, and men’s and women’s soccer. Swifty is expected to bring exposure to new markets in Europe, Africa and the Middle East, as well as exposure to emerging sports without established recruitment models. The Company anticipates that early adopters in these emerging sports markets are a significant market and plans to broaden its platform to capitalize on these prospective revenue streams.
    • Enhanced User Engagement: Swifty’s team is expected to introduce exciting new features to Signing Day Sports, including gamification elements such as live scoreboards, top competitor leaderboards, fantasy leagues and real-time performance tracking, which are designed to boost engagement, organic user acquisition and user retention.

    “With Swifty expected to join the Signing Day Sports family, we anticipate being better positioned than ever to deliver an enhanced user experience while accelerating our expansion into new markets,” said Daniel Nelson, CEO of Signing Day Sports. “This acquisition represents a pivotal moment in our growth journey, and we are confident in the significant value it will bring to our platform, collaborators, student-athletes, and stockholders.”

    James Gibbons, CEO of Swifty, added, “Swifty is excited to bring our technological capabilities and global reach to the Signing Day Sports platform. Together, we will create new opportunities for student-athletes and coaches worldwide while driving operational efficiencies that will further our mutual goals. We look forward to working with Signing Day Sports as we scale into new markets and continue to innovate for the benefit of our users.”

    For further information about Signing Day Sports and Swifty, please see their communication channels listed below:

    Website: https://swifty.global
    X: @swiftyglobal
    Telegram: @swiftyglobal
    Email: hello@swifty.global

    Website: https://signingdaysports.com
    Ecommerce Website: https://signingdayshop.com
    Investor Relations Website: https://ir.signingdaysports.com
    X: @sdsports
    Email: support@signingdaysports.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to complete the acquisition of Swifty and integrate its business, the ability of the Company, the sellers and Swifty to enter into definitive stock purchase agreement(s), obtain all necessary consents and approvals in connection with the acquisition, obtain NYSE American clearance of a new initial listing application in connection with the acquisition, obtain shareholder approval of the matters to be voted on at the shareholders’ meeting described in the press release, obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contact:
    Crescendo Communications, LLC
    212-671-1020
    SGN@crescendo-ir.com

    The MIL Network –

  • MIL-OSI: Form 8.3 – [Form-8.3 KEYWORDS STUDIOS PLC – 20 09 2024] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

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

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		 N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 KEYWORDS STUDIOS PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 20 SEPTEMBER 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

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

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

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 1,389,354 1.7258    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 1,389,354 1.7258    

    All interests and all short positions should be disclosed.

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

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

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

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

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

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

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    1p ORDINARY SALE 9,995 2428.8002p

    (b)        Cash-settled derivative transactions

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

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

    (i)        Writing, selling, purchasing or varying

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

    (ii)        Exercise

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

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

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

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    NONE

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

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

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 23 SEPTEMBER 2024
    Contact name: PHIL HULME
    Telephone number: 01253 376551

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

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

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

    The MIL Network –

  • MIL-OSI Asia-Pac: Speech by Acting SJ at reception of National Day of Kingdom of Saudi Arabia (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Acting Secretary for Justice, Mr Cheung Kwok-kwan, at the reception of National Day of the Kingdom of Saudi Arabia, today (September 23):

    Your Excellency Mr Hamad Aljebreen (Consul General of the Kingdom of Saudi Arabia in Hong Kong), Deputy Commissioner Fang Jianming (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region), distinguished guests, ladies and gentlemen,

         Good evening. I’m pleased to be here tonight, in celebration of the national day of the Kingdom of Saudi Arabia.

         Tonight’s gathering is also a welcome opportunity to meet, once again, with the Consul General and members of the Saudi business community.

         As the Consul General noted, the past year, and more, has seen remarkable growth in co-operation between our two economies, governments and peoples.

         And those welcome ties continue to grow and diversify. Just earlier this month, His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources of the Kingdom of Saudi Arabia, conducted an official visit to Hong Kong, during which he met with a variety of senior officials of our government.

         Hong Kong is the natural springboard for Saudi companies looking to the Greater Bay Area, and beyond, for opportunity.

         Next month, Cathay Pacific begins a thrice-weekly service between Hong Kong and Riyadh. That cheering link can only expand our rising business, trade and cultural exchanges.

         I’m pleased to say, we’re making progress, too, in legal co-operation. In March this year, I led a delegation of the legal sector to Riyadh to attend Riyadh International Disputes Week to share Hong Kong’s strengths in legal and dispute resolution services. The Secretary for Justice was also in Riyadh, in May this year, meeting with senior Saudi justice officials. His visit followed the signing, in April, of an MOU (Memorandum of Understanding) strengthening co-operation between the two places on issues relating to dispute avoidance and resolution. The arrangement underscores Hong Kong’s status as an international legal and dispute-resolution hub.

         Ladies and gentlemen, that barely touches on the wide-ranging initiatives bringing us together, working to create a rewarding, far-reaching future for us all.

         Consul General, over the years, you and your colleagues have taken an important role in forging closer economic ties and cultural exchanges with Hong Kong. For that, I would like to express my gratitude for your contribution to making the ties stronger.

         This evening, may I extend my best wishes to the Kingdom of Saudi Arabia, and its people, on its national day, and to our enduring ties and friendship. And may I propose a toast: “To the people of the Kingdom of Saudi Arabia”.

         Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LegCo Subcommittee on Policy Issues Relating to Strengthening and Promoting the Development of Kowloon East as the Second Central Business District visits core infrastructure facilities in Kowloon East (with photos)

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Legislative Council Secretariat:
     
         The Legislative Council Subcommittee on Policy Issues Relating to Strengthening and Promoting the Development of Kowloon East as the Second Central Business District (the Subcommittee) visited the core infrastructure facilities in Kowloon East today (September 23) to learn more about the development of the region.
     
         Members first visited the Quayside, a commercial complex, to get a bird’s eye view of the business area in Kowloon Bay. They also explored the building’s innovative green features designed to maximise the utilisation of daylight and reduce energy consumption.
     
         Members then visited Tencent WeStart, noting that the platform provides local and overseas digital content creators with co-working space and support services, with the aim of helping them to explore overseas markets or facilitating access to the Mainland market. Members also exchanged views with representatives of start-ups to gain a better understanding of the latest trend in digital content creation and the challenges they faced.
      
         Members later headed to Kai Tak Promenade to receive an update from representatives of the Administration on the opening of various sections of the 11-kilometre-long promenade. They learnt that some of the promenades formed by different private developments had been returned to the Government and have since opened to the public.
     
         Before concluding the itinerary, Members visited Kai Tak Sports Park (KTSP) where they received a briefing by representatives of KTSP and the Administration on the latest construction progress of the project. Members noted that the main structure of the Main Stadium, Indoor Sports Centre and Public Sports Ground were almost complete and KTSP, Hong Kong’s largest sports infrastructure, was set to open in the first half of 2025. Members also took the opportunity to exchange views with representatives of KTSP and the Administration on the strategies to leverage KTSP to drive sports and economic developments, as well as strengthen Hong Kong’s positioning as an international city.
     
         Members who participated in the visit were the Chairman of the Subcommittee, Mr Tang Ka-piu, and Subcommittee members Mr Yiu Pak-leung, Mr Chan Pui-leung, Mr Kenneth Fok, Dr Ngan Man-yu and Professor William Wong; as well as non-Subcommittee members Dr Lo Wai-kwok, Mr Chan Chun-ying and Mr Vincent Cheng.            

    MIL OSI Asia Pacific News –

  • MIL-OSI: WOO Token Surges on Coinone, Hits $3.13M in Trading Volume

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Sept. 23, 2024 (GLOBE NEWSWIRE) — WOO X, a leading centralized crypto futures and spot trading platform, proudly announces the successful listing of the WOO token on Coinone, one of South Korea’s largest cryptocurrency exchanges. Listed on September 19, 2024, this debut allows Korean users to trade WOO tokens in KRW, significantly expanding the token’s accessibility within one of Asia’s most active crypto markets.

    Since its listing, the WOO token has shown robust performance, achieving a 24-hour trading volume of $3.13 million and reaching rank 4 on Coinone’s spot market.

    Special Airdrop Event to Celebrate the Listing

    To celebrate this achievement, Coinone is hosting a “WOO First-Come First-Served Deposit Event,” running from 04:00 UTC on September 19 to 14:59 UTC on September 25, 2024. Participants who complete the event’s missions will be rewarded with exclusive WOO token airdrops.

    “As we list the WOO token on Coinone, we’re excited to expand its accessibility to one of the most active cryptocurrency markets in the region. This listing allows South Korean users to trade WOO with KRW, enhancing their access to our ecosystem. South Korea is central to our expansion in Asia, driven by its strong demand for a diverse range of products,” said Willy Chuang, COO of WOO X​.

    The WOO token is central to both the WOOFi protocol, a leading decentralized exchange, and WOO X, a top-tier centralized platform, enhancing its utility across both markets.

    Disclaimer

    The information provided in this article is for general informational purposes only and does not constitute financial, investment, legal, or professional advice of any kind. While we have made every effort to ensure that the information contained herein is accurate and up-to-date, we make no guarantees as to its completeness or accuracy. The content is based on information available at the time of writing and may be subject to change.

    Cryptocurrencies involve significant risk and are NOT suitable for the majority of investors. The value of digital currencies can be extremely volatile, and you should carefully consider your investment objectives, level of experience, and risk appetite before participating in any activities or transactions involving cryptocurrencies.

    We strongly recommend that you seek independent advice from a qualified professional before making any investment or financial decisions related to cryptocurrencies. We shall in NO case be liable for any loss or damage arising directly or indirectly from the use of or reliance on the information contained in this article.

    Contact us: media@woo.network

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/feab1e0e-8634-4d8d-8723-761961110a75

    The MIL Network –

  • MIL-OSI: Employ Inc. Appoints Joey Humke as Chief Revenue Officer

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Sept. 23, 2024 (GLOBE NEWSWIRE) — Employ Inc., a leading provider of people-first recruiting and talent acquisition solutions including JazzHR, Lever, Jobvite and NXTThing RPO, today announced the appointment of Joey Humke as Chief Revenue Officer effective today.

    In this role, Humke will oversee and optimize Employ’s revenue strategies, operations and growth initiatives. He will work closely with cross-functional teams and existing leadership to align revenue and marketing initiatives with the overall vision and business objectives to maximize revenue potential, reach current and new customers and drive Employ’s value proposition. As a member of the Employ executive leadership team, Humke will report to Employ CEO Steve Cox.

    Humke is a seasoned executive with a history of scaling teams efficiently to exceed expectations. Humke has spent more than a decade leading and overseeing revenue operations at PE-backed SaaS businesses, strategically guiding teams through transformations, integrations, mergers and acquisitions. His experience, coupled with an active approach, ensures his teams are supported and primed for continued success.

    Most recently, Humke served as CRO and Operating Partner at Newbury Franklin, a PE firm focusing on niche markets. Prior to that, he served in various leadership roles at Exclaimer, Marigold and Emma.

    “We are thrilled to welcome Joey to Employ,” said Steve Cox, CEO of Employ. “Joey will be instrumental in helping us identify new market opportunities and build stronger relationships with clients and partners. His passion, expertise and successful track record in developing, scaling and leading strong revenue teams will be vital to advance Employ into its next chapter.”

    Joey Humke, Chief Revenue Officer, Employ Inc., said, “Employ plays a pivotal role in today’s hiring environment. Very few talent acquisition solution providers can match the level of service and experience that its people and solutions offer. I am eager to join an organization that always has the best interest of its customers in mind, and I look forward to being a part of the Employ team.”

    To learn more about Employ Inc. and its people-first talent acquisition solutions, visit www.employinc.com.

    About Employ Inc:
    Employ Inc. provides people-first recruiting solutions that empower companies to overcome their greatest hiring challenges. Serving SMBs to global enterprises, Employ focuses on the unique recruiting needs of each organization — from foundational hiring to sophisticated talent acquisition. Employ is the only organization to offer companies choice in their hiring solutions, providing a curated set of recruiting technologies and services. Together, Employ and its solutions (JazzHR, Lever, Jobvite and NXTThing RPO) serve more than 22,000 customers across multiple industries. For more information, visit www.employinc.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1717a7da-dcc0-4c04-ac05-b6de007b59f1

    The MIL Network –

  • MIL-OSI: Bitfarms and Riot Announce Settlement

    Source: GlobeNewswire (MIL-OSI)

    – Andrés Finkielsztain Steps Down from Board –
    – Bitfarms Appoints Amy Freedman to Board of Directors –
    – Board to Nominate an Independent Director for Election at Special Meeting –
    – Standstill Agreement Through 2026 Annual Meeting –

    This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec and CASTLE ROCK, Colo., Sept. 23, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, and Riot Platforms Inc. (NASDAQ: RIOT) (“Riot”), an industry leader in vertically integrated Bitcoin (“BTC”) mining, today announced that Bitfarms and Riot have entered into a settlement agreement (the “Agreement”) in advance of the Special Meeting of Bitfarms Shareholders (the “Special Meeting”) currently scheduled for November 6, 2024, which will now be held virtually.

    Under the terms of the Agreement:

    • Andrés Finkielsztain has stepped down from Bitfarms’ Board of Directors (the “Board”).
    • Bitfarms has appointed Amy Freedman to its Board and the Governance and Nominating Committee and Compensation Committee of the Board, effective immediately.
    • Riot has agreed to withdraw its June 24, 2024 requisition, as amended, and to accept customary standstill provisions through the Bitfarms 2026 Annual Meeting, with certain exceptions.
    • At the Special Meeting, shareholders will be asked to approve an expansion of the Board from five members to six members, to elect an independent director nominated by the Board to serve as the sixth member of the Board, and to ratify the Company’s July 24, 2024, shareholder rights plan. Riot has agreed to vote in favour of these matters.
    • The Company has provided Riot with certain rights (subject to certain exceptions) to purchase shares of the Company provided Riot holds 15% or more of the outstanding common shares of the Company.

    As a result of the agreement to nominate an additional director for election at the Special Meeting, the Special Meeting may be delayed, but in no event will it be held later than November 20, 2024. The Company will update its shareholders on the timing of the Special Meeting as soon as it can.

    Brian Howlett, Independent Chairman of the Board, said “The Bitfarms Board is committed to effectively overseeing the execution of the Company’s strategic plan as we work to position Bitfarms to capitalize on the opportunities ahead. Additionally, we recognize the importance of refreshment and having the right mix of skills, experience and diversity, and we are always open to adding qualified candidates with valuable insights and perspectives to strengthen our Board. We are pleased to reach this agreement with Riot, which we believe is in the best interests of all Bitfarms shareholders.”

    Mr. Howlett continued, “On behalf of the Board and the entire company, I thank Andrés for his invaluable contributions to Bitfarms over the last four years. He brought great insights to the boardroom with his extensive knowledge of the financial and crypto industry. We wish him well in his future endeavors. We look forward to leveraging Amy’s extensive experience advising public companies as the Board works together to enhance shareholder value.”

    Ben Gagnon, Chief Executive Officer of Bitfarms, said, “We are pleased to reach this agreement with Riot and look forward to turning our full attention to executing our growth strategy. We remain focused on diversifying the business beyond Bitcoin mining into exciting and synergistic new areas like energy generation, energy trading, heat recycling and other high value revenue streams like HPC/AI.”

    Jason Les, Chief Executive Officer of Riot, said, “This agreement represents a significant step to advance shareholder value creation at our respective companies and we are pleased to have reached this constructive resolution with Bitfarms. As Bitfarms’ largest shareholder, we look forward to supporting a reconstituted Bitfarms Board and continued engagement with management.”

    A copy of the Agreement will be filed on Form 6-K with the U.S. Securities and Exchange Commission (“SEC”) and will be posted to the Company’s SEDAR+ profile at www.sedarplus.ca.

    About Amy Freedman

    Amy is a corporate governance and public capital markets expert with over 25 years of experience. She is currently an advisor to Ewing Morris and Co. Investment Partners, an alternative asset manager with both equity and credit strategies. In her role, Amy spearheads the fund’s engagement investment opportunities. Previously, she was CEO of Kingsdale Advisors, a leading shareholder services and advisory firm specializing in strategic and defensive advisory, governance advisory, proxy and voting analytics and investor communications. Ms. Freedman has spent over 15 years in capital markets as an investment banker with global firms including Stifel Financial Corp. and Morgan Stanley.

    Ms. Freedman is currently a director on the boards of Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF), Irish Residential Properties REIT plc (ISE: IRES) and American Hotel Income Properties REIT (TSX: HOT.UN, HOT.U). She holds an MBA and a JD from the University of Toronto.

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin mining data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    About Riot Platforms, Inc.

    Riot’s (NASDAQ: RIOT) vision is to be the world’s leading Bitcoin-driven infrastructure platform. Our mission is to positively impact the sectors, networks and communities that we touch. We believe that the combination of an innovative spirit and strong community partnership allows Riot to achieve best-in-class execution and create successful outcomes.

    Riot, a Nevada corporation, is a Bitcoin mining and digital infrastructure company focused on a vertically integrated strategy. Riot has Bitcoin mining operations in central Texas and electrical switchgear engineering and fabrication operations in Denver, Colorado.

    For more information, visit www.riotplatforms.com.

    Cautionary Statement 

    Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the strength and positive outcome of board of director renewal, the date of the Special Meeting, the merits and potential of the Company’s growth plan and diversification strategy, other growth opportunities and prospects, statements regarding future growth, plans and objectives of the Company and the maximization of shareholder value, are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company and Riot, as applicable, at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, various risks relating to the operations and business of the Company, the future performance, liquidity and financial position of the Company and Riot, and uncertainties as to timing of the Special Meeting or the outcome. For further information concerning these and other risks and uncertainties, refer to (i) the Company’s filings on www.sedarplus.ca (which are also available on the website of the SEC at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024, and (ii) Riot’s filings with the SEC, including the risks, uncertainties and other factors discussed under the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” of Riot’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2024, and the other filings Riot has made or will make with the SEC after such date, copies of which may be obtained from the SEC’s website at www.sec.gov. Although the Company and Riot have attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

    Investor Relations Contacts:

    For Bitfarms:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Innisfree M&A Incorporated
    Gabrielle Wolf / Scott Winter
    +1 212-750-5833

    Laurel Hill Advisory Group
    1-877-452-7184
    +1 416-304-0211
    assistance@laurelhill.com

    For Riot:

    Phil McPherson
    303-794-2000 ext. 110
    IR@Riot.Inc

    Media Contacts:

    For Bitfarms:

    U.S.: Joele Frank, Wilkinson Brimmer Katcher
    Dan Katcher or Joseph Sala
    +1 212-355-4449

    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    For Riot:

    Longacre Square Partners
    Joe Germani / Dan Zacchei
    jgermani@longacresquare.com / dzacchei@longacresquare.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Maquia Capital Acquisition Corp to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Maquia Capital Acquisition Corp (OTCQX: MAQC), a special purpose acquisition company (SPAC), has qualified to trade on the OTCQX® Best Market. Maquia Capital Acquisition Corp previously traded on NASDAQ.

    Maquia Capital Acquisition Corp begins trading today on OTCQX under the symbol “MAQC.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

    About Maquia Capital Acquisition Corp
    Maquia Capital Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The Company is led by Chief Executive Officer, Jeff Ransdell, Chief Financial Officer, Jeronimo Peralta, Chief Operating Officer, Guillermo Cruz, and Chief Investment Officer, Maggie Vo. 

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Welcomes Armanino Foods of Distinction, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Armanino Foods of Distinction, Inc. (OTCQX: AMNF), an international food manufacturer, has qualified to trade on the OTCQX® Best Market. Armanino Foods of Distinction, Inc. upgraded to OTCQX from the Pink® market.

    Armanino Foods of Distinction, Inc. begins trading today on OTCQX under the symbol “AMNF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. 

    Douglas R. Nichols, Chairman of the Board stated, “We are excited to elevate our company stock to the OTCQX tier that demonstrates our confidence in our financial strength and ability to continue to deliver strong shareholder value.  Our hope is that this upgrade will broaden the awareness of our company’s unique and leading position in the food sector, and provide greater opportunities for investors to participate in our success. This elevation also demonstrates the board’s commitment to enhance our corporate government practices.”

    About Armanino Foods of Distinction, Inc.
    Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items such as pestos, sauces and filled pastas to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto Armanino offers other flavors such as Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Chimichurri, Harissa, Bolognese and Alfredo sauce. Armanino’s organic line includes classic Basil Pesto. Armanino Foods also offers cheese shakers, frozen pastas, meatballs, and prepared meals.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: AGF Investments Announces September 2024 Cash Distributions for Certain AGF ETFs and ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Sept. 23, 2024 (GLOBE NEWSWIRE) — AGF Investments Inc. (AGF Investments) (TSX:AGF.B) today announced the September 2024 cash distributions for AGF Enhanced U.S. Equity Income Fund*, AGF Total Return Bond Fund* and AGF Systematic Global Infrastructure ETF, which pay monthly distributions, as well as AGF Global Sustainable Growth Equity ETF and AGF Systematic Global Multi-Sector Bond ETF, which pay quarterly distributions. Unitholders of record on September 30, 2024 will receive cash distributions payable on October 4, 2024.

    Details regarding the final “per unit” distribution amounts are as follows:

    ETF Ticker Exchange Cash Distribution Per Unit ($)
    AGF Enhanced U.S. Equity Income Fund* AENU Cboe Canada Inc. $ 0.136000
    AGF Total Return Bond Fund* ATRB Cboe Canada Inc. $ 0.108000
    AGF Systematic Global Infrastructure ETF QIF Cboe Canada Inc. $ 0.134910
    AGF Global Sustainable Growth Equity ETF AGSG Cboe Canada Inc. $ 0.016000
    AGF Systematic Global Multi-Sector Bond ETF QGB Cboe Canada Inc. $ 0.199000
             

    *AGF Enhanced U.S. Equity Income Fund and AGF Total Return Bond Fund are mutual funds with an ETF series option.

    Further information about the AGF ETFs can be found at AGF.com.

    About AGF Management Limited

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

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

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $50 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs.

    AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    AGF Investments Inc. is a wholly-owned subsidiary of AGF Management Limited and conducts the management and advisory of mutual funds in Canada.

    This information is not intended to provide legal, accounting, tax, investment, financial, or other advice, and should not be relied upon for providing such advice. Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    Media Contact

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

    The MIL Network –

  • MIL-OSI: Vancity Investment Management Report Highlights Significant Gains in Shareholder Advocacy

    Source: GlobeNewswire (MIL-OSI)

    TERRITORIES OF MUSQUEAM, SQUAMISH AND TSLEIL-WAUTUTH NATIONS / VANCOUVER, British Columbia, Sept. 23, 2024 (GLOBE NEWSWIRE) — Vancity Investment Management, a Canadian leader in socially responsible investing, issued its annual Shareholder Engagement Report today highlighting a year of shareholder advocacy.

    Vancity Investment Management’s commitment to shareholder engagement is grounded in the belief that investors hold the power to drive companies towards a more equitable and sustainable future—a belief that is underscored by the successes detailed in this year’s report. When investing on behalf of clients, Vancity Investment Management assumes an active role rather than merely observing. By leveraging its influence as a responsible shareholder, Vancity Investment Management ensures that the companies within its portfolio not only align with its clients’ values and objectives but also take significant actions to address their broader societal and environmental impacts.

    Vancity Investment Management’s engagement efforts encompass a wide array of areas, including climate, energy, governance, and labour practices. Over the past year, the company has been highly proactive, notably encouraging Starbucks® to commit to comprehensive reporting on biodiversity risks and impacts within its coffee supply chain and successfully advocating for enhanced climate reporting among major Canadian banks.

    “Investing in a company comes with responsibility,” said Wellington Holbrook, President and CEO of Vancity Group. “As shareholders, we can use our influence to promote positive societal and environmental impacts alongside financial returns. By engaging with the companies we recommend, we drive meaningful improvements that contribute to a more equitable economy and create sustainable, long-term value.”

    Snapshot of shareholder engagement in 2024:

    Starbucks: Vancity Investment Management challenged the supply chain sustainability practices of the world’s largest coffeehouse chain, Starbucks, noting that the Arabica coffee bean is considered a biodiversity risk and climate sensitive species. Starbucks has since committed to publicly report on its Arabica coffee bean supply chain in accordance with the Taskforce on Nature-related Financial Disclosures (TNFD) framework. More details here.

    RBC, TD and Scotiabank: Vancity Investment Management submitted shareholder proposals to these Canadian banks to press for improved climate risk management and disclosure in line with their commitments as signatories to the Net Zero Banking Alliance (NZBA). As a result of our engagement, Scotiabank committed to disclose its framework for assessing clients’ climate transition plans. Both RBC and Scotiabank committed to disclose portfolio-level client performance against these frameworks. In recognition of these commitments, the proposals were withdrawn. More details here.

    CN Rail and Canadian Pacific Kansas City (formerly CP): In support of employee and public safety, Vancity Investment Management engaged with both rail companies to encourage negotiation for paid sick leave policies with all unions that represent their American workforce. CN Rail and CPKC have come to paid sick leave agreements with select unions, and Vancity Investment Management continues to press for additional progress. More details here.

    “The choices businesses make have a huge influence on people’s lives,” said Kelly Hirsch, Vancity Investment Management’s Head of ESG. “When we invest for our clients, we don’t merely watch from afar; we actively engage with companies to enhance their practices, advocate for responsible environmental stewardship, and ensure social responsibility,” added Kelly.

    Vancity Investment Management continues to lead the way in working to create an inclusive economy in Canada, putting people and the planet at the centre of its engagement work.

    To learn more about how Vancity Investment Management focuses on investments that deliver competitive returns while making a positive impact, read the full Shareholder Engagement Report.

    About Vancity Investment Management

    Vancity Investment Management provides management services to individuals, foundations and institutions across Canada that wish to generate wealth through sustainable, profitable and responsible investments. Established in 1995, it was one of the first wealth management firms in Canada to provide investments that deliver competitive returns while making a positive impact on the world. Vancity Investment Management is part of the Vancity Group that includes Vancity, a values-based financial co-operative serving the needs of its more than 560,000 member owners and their communities. With $34 billion in assets, plus assets under administration, Vancity is Canada’s largest community credit union. Vancity Investment Management and Vancity operate primarily within the territories of the Coast Salish and Kwakwaka’wakw people in British Columbia.

    Media Relations

    mediarelations@vancity.com
    T: 778-837-0394

    The MIL Network –

  • MIL-OSI Economics: Wealth State Group: The financial supervisory authority BaFin warns against offers on the website wealthstategroup.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    It is suspected that banking business and financial or investment services are provided on this website without the required authorisation. The company is not supervised by the alleged FISEU (European Financial Security). There is no FISEU supervisory authority and it does not supervise companies that operate in the financial sector.

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

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI: IDEX Biometrics extraordinary general meeting held on 23 Sep 2024

    Source: GlobeNewswire (MIL-OSI)

    IDEX Biometrics ASA held an extraordinary general meeting on 23 September 2024. 87.2 million shares or 25.7% of the share capital was represented at the meeting.

    The authorisation to the board to issue new shares, was approved by the extraordinary general meeting. The board will apply this authorization to issue the Tranche 1 Shares as disclosed in connection with the private placement on 16 September 2024: https://newsweb.oslobors.no/message/627919 .

    For the avoidance of doubt, the issue of Tranche 2 Shares and the Subsequent Offering will be presented to the extraordinary general meeting on 9 October 2024; https://newsweb.oslobors.no/message/627919 .

    For further information contact:
    Marianne Bøe, Head of investor relations
    E-mail: marianne.boe@idexbiometrics.com
    Tel: +47 918 00186

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com

    About this notice
    This notice was issued by Erling Svela, Vice president of finance, on 23 June 2024 at 13:35 CET on behalf of IDEX Biometrics ASA. This information is subject to disclosure pursuant to Euronext Oslo Børs rule book, and also section 5‑8 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

    The MIL Network –

  • MIL-OSI: Stardust Power Welcomes Paramita Das as Chief Strategy Officer and Senior Advisor to Chief Executive

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Sept. 23, 2024 (GLOBE NEWSWIRE) — Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, today announced that Paramita Das will join as Chief Strategy Officer and Senior Advisor. She will directly advise the Company’s Chief Executive Officer and Founder, Roshan Pujari.

    With a 20-plus year career of increasing leadership roles and responsibilities at some of the world’s largest metals and minerals companies, Ms. Das has agreed to serve as Stardust Power’s lead external adviser, supporting the Company’s next phase of commercialization and development.

    “We are ecstatic to be working with Paramita given her stature and global leadership experience in the metals and mining sector, as we continue to advance our battery-grade lithium refinery in Oklahoma,” said Roshan Pujari. “Paramita shares our vision of reshoring lithium processing and production to support U.S. energy independence. I look forward to working closely with her to ensure Stardust Power remains at the forefront of operational supply chain and sustainability practices.”

    Ms. Das has over 20 years of experience working with and serving on the boards of global companies, and brings deep expertise in leading teams of commercial, business development and technical professionals. Previously, she spent over 8 years at Rio Tinto, the world’s second largest metals and mining corporation, most recently serving as the Global Head of Marketing, Development and ESG, Metals and Minerals for various Rio Tinto Corporate listed entities. She also had lead roles in commercialization by transforming business segments into highly profitable divisions. Previously, she served as Chief Strategy Officer for Operating Consortium of Sumitomo Corporation, Itochu Corporation, UACJ Consortium and Head of Strategic Planning & Performance at BP’s business unit. She currently serves on the Board of Directors of Genco Shipping & Trading Limited, and Coeur Mining, Inc.  

    “I am thrilled to join the exceptional team at Stardust Power as Chief Strategy Officer and Senior Advisor,” said Ms. Das. “As an emerging growth company, Stardust Power offers a unique opportunity to establish a leading U.S. lithium refinery from the ground up. This role allows me to leverage my expertise in commodities and mining while addressing crucial aspects like electrification and supply chain security. I am eager to contribute to creating a robust ESG framework for how we communicate, operate, and report to stakeholders. I look forward to supporting Roshan and the entire Stardust Power team in this exciting and impactful mission.”

    About Stardust Power Inc.

    Stardust Power is a developer of battery-grade lithium products designed to supply the electric vehicle (EV) industry and bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.”

    For more information, visit www.stardust-power.com

    Stardust Power Contacts

    For Investors:
    Johanna Gonzalez 
    investor.relations@stardust-power.com

    For Media:
    Michael Thompson 
    media@stardust-power.com

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Stardust Power to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.

    Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.

    Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/924a57ab-c2fd-470b-8f4a-3d5748996048

    The MIL Network –

  • MIL-OSI: Heritage Holding Closes Inaugural Fund with Support from Institutional Capital

    Source: GlobeNewswire (MIL-OSI)

    Fundraising Target Met in Four Months with $220 Million in Committed Capital

    Strong Interest from Institutional, High-Net-Worth and Existing Investors

    BOSTON, Sept. 23, 2024 (GLOBE NEWSWIRE) — Heritage Holding (“Heritage” or “the Company”), a Boston-based private equity firm focused on advancing its successful record of partnering with small business owners and founders, today announced the successful close of its first, institutionally-backed Fund I (the “Fund”) with total committed capital of $220 million. The fundraise was completed in four months and was oversubscribed with commitments from leading institutional investors, high-net-worth individuals and existing investors.

    Heritage was founded in 2015 by Harvard Business School classmates and former co-CEOs of Maicom, Alex de Pfyffer and Ross Porter. Since inception, the Company has established itself as a leader in acquiring and growing small businesses across the services sector, working closely with owners and founders through operational improvements and M&A to build their companies into industry leaders. The Company’s dedicated investment team is highly experienced in sourcing acquisitions and strives to unlock overlooked opportunities in the small business world. Heritage’s history and forward ambition is to partner with successful business owners in providing private equity capital for M&A and sales growth, software implementation and, when desirable, enabling sellers to transition out of their companies over time.

    “Our goal is to focus on five platforms in industries that are on our shortlist and to scale those platforms quickly,” said Ross Porter, Heritage Holding Co-Founder. “Operational bandwidth and focused resources for growth are scarce in the small business ecosystem, which gives Heritage a unique opportunity to identify attractive founder led businesses across a variety of critical industries and build high performing and sustainable companies that can drive attractive outcomes for all stakeholders.”

    “Ross and I are extremely proud of the firm we have built, and we are grateful for the continued support of our investors, advisors and for the hard work of the HH team,” said Alex de Pfyffer, Heritage Holding Co-Founder. “With strong support from a world-class team of investors, the closing of this fund allows us to continue partnering with small business owners, founders and entrepreneurs to successfully grow their businesses and build leading platforms to better serve customers.”

    Small businesses often face unique operational challenges. The Heritage team recognizes and supports these challenges by taking on essential operations roles in the businesses in which the Company invests. In addition to Heritage’s strong operational involvement, the firm differentiates its value creation strategy by enhancing systems and software, focusing on driving new sales growth and enabling rapid and sustainable scaling through mergers and acquisitions.

    “Heritage did what they said they were going to do, they took care of my team, they tripled my business in size, expanded to the West Coast, and we opened a new successful operation in Canada. They are skilled executives and business operators, but above all they are trustworthy and honest good people,” said Paul Maiuri, former owner of Maicom.

    Heritage invests across the business services, healthcare, technology, telecom & IT services, industrial services and special situations industries. Since its founding, Heritage has completed over 25 acquisitions across eight platform companies.

    About Heritage Holding

    Heritage Holding is a micro-cap private equity firm that partners with small business owners and founders to build great companies by driving growth, increasing scale, diversifying service offerings and expanding businesses’ geographic footprints. Founded in 2015 by Harvard Business School classmates and former co-CEOs of Maicom, Alex de Pfyffer and Ross Porter, the firm targets companies across the business services, healthcare, technology, telecom & IT services, industrials and special situations industries where it feels it can add value through its operational expertise.

    Since inception, Heritage has completed 25 acquisitions across eight platform investments and has an investment team of over 12 individuals.

    Heritage is headquartered in Boston, MA and has offices in New York, NY and Raleigh, NC. For more information, please visit www.heritage-holding.com.

    Contact

    Dan Gagnier
    Gagnier Communications
    HeritageHolding@gagnierfc.com

    The MIL Network –

  • MIL-OSI Africa: Africa50 investment platform gets thumbs up for its innovative financing, strategic partnerships and performance

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

    ANTANANARIVO, Madagascar, September 23, 2024/APO Group/ —

    Presidents of Madagascar and Tanzania praise Africa50’s critical role in addressing the continent’s infrastructure challenges; Africa50 has mobilized over $1.1 billion in capital commitments and catalyzed an additional $4.4 billion in external financing in just seven years, Adesina.

    Africa50 (www.Africa50.com), the investment platform established by African governments and the African Development Bank, is exceeding expectations and closing critical infrastructure funding gaps through innovative financing mechanisms and strategic partnerships, stakeholders heard on Thursday.

    Speaking at Africa50’s 2024 annual General Shareholders Meeting held in Antananarivo, the President of Madagascar, Andry Rajoelina, and his Tanzanian counterpart,  Samia Suluhu Hassan, acknowledged the institution’s pivotal role in addressing the continent’s infrastructure and economic challenges, creating a foundation for sustainable development and prosperity.  

    President Rajoelina highlighted how Africa50 is driving transformational change by mobilizing financing for large-scale infrastructure projects in his country and across the continent.

    He said Madagascar, with its abundant natural and renewable resources, has become a model for energy transition, and added that the country needs the support of international partners such as Africa50.

     “To realise our vision, we need the support of international partners, and this is where the role of Africa50 members is crucial. We need to work together to secure funding for ambitious projects and enable Madagascar to make the transition to green, sustainable energy. This is a challenge for the whole of Africa,” the president said.

    He remarked that the continent has a unique opportunity to reaffirm itself as a global leader in the climate change challenge by supporting innovative and sustainable projects. “Africa is not the problem, Africa is a solution.”

    President Samia Suluhu Hassan, in a speech read by the  Minister of Finance and Planning, Mwigulu Lameck Nchemba Madelu, described clean cooking as an international agenda and a business that must be treated as such.

    According to the International Energy Agency, nearly one billion people in Africa cook with polluting fuels, which has a direct impact on health and leads to half a million premature deaths every year. Yet, the cost of solving the clean energy problem is relatively low.

    The Tanzanian leader encouraged the use of clean cooking microfinance by providing low-interest loans to households to purchase clean cookstoves, allowing for a more manageable transition to clean cooking solutions… “It is crucial to make clean cooking affordable, especially in low-income areas. Governments can introduce effective incentives for producers and consumers to reduce the cost of cooking materials,” the Tanzanian president said.

    The meeting brought together global leaders, policymakers, investors, and infrastructure experts to strategize and collaborate on the actions needed to mobilize investment in a sustainable future for Africa.

    “The fact that Africa50 is exceeding expectations and bridging the funding gap by tackling today’s challenges through innovative financing mechanisms and strategic partnerships is good news for Africa and the world,” President and Chairman of the Boards of Directors of the African Development Bank Group Dr. Akinwunmi Adesina said in a keynote speech at the event.

    Adesina, who is also Chairman of the Africa50 Board of Directors, told the meeting that Africa50 has mobilized over $1.1 billion in capital commitments and catalyzed an additional $4.4 billion in external financing In just seven years of operation. “Its portfolio includes 25 transformative projects in 28 countries, with a total value exceeding $8 billion across energy, transport, digital infrastructure, education, and healthcare sectors.”

    In December 2023, the Africa50 Infrastructure Acceleration Fund (IAF) secured $222.5 million at first close from predominantly African investors, a first for the continent.

    Africa50’s vision for Africa’s future

    With Africa’s population projected to reach 2.5 billion by 2050 and a booming consumer market, the continent will be one of the most sought-after investment destinations in the world, Adesina told the meeting, “We are determined to continue mobilizing capital, overcoming barriers to investment, and delivering transformative projects.”

    In his remarks, Africa50 CEO Alain Ebobissé said over the past year, the institution had invested in key infrastructure projects, guided by the need for speed and scale in implementation for the continent. “Investors manage more than $2.3 trillion in Africa. Africa50 aims to mobilise and catalyse some of this capital to finance infrastructure in Africa,” he said.

    He highlighted Africa50’s Infrastructure Acceleration Fund as an achievement that is the first of its kind in Africa.

    “This fund is a significant step forward in mobilising African capital to bridge Africa’s infrastructure gap,” Ebobissé added.

    In 2023, Africa50 demonstrated its potential by facilitating significant foreign direct investment in clean energy, even as global FDI declined by 3%.

    With over 60% of the world’s solar energy potential, Africa has a golden opportunity to pursue a low-carbon energy trajectory, expand its electricity supply, and decarbonize its economies.

    Madagascar, the world’s fourth-largest island nation, was cited as an example of how infrastructure development can stimulate economic growth.

    The African Development Bank’s commitments in Madagascar total more than 1 billion dollars, with transport, energy, and agriculture accounting for more than 97% of the portfolio.

    The flagship Sahofika project, which will be the benchmark for green baseload in the country’s energy mix, will reduce the share of thermal power generation to less than of thermal generation to less than 10%, cutting the country’s generation costs by more than 30%.

    Transport infrastructure

    The African Development Bank remains committed to supporting Madagascar in its efforts to improve connectivity and promote trade across the continent through sustainable transport infrastructure projects, Adesina said.

    “Thanks to the corridor development and trade facilitation project, 165 km of roads, including the Analamisampy-Manja section, along with four bridges on the RN9, have been constructed, reducing travel time from 48 hours to just 5 hours,” Adesina said.

    “Transport infrastructure improvements are also revolutionizing trade and travel, reducing travel times along key corridors from 48 hours to just five hours,” he added.

    MIL OSI Africa –

  • MIL-OSI Africa: African Leaders Meet to Combat Land Degradation and Desertification at African Ministerial Conference on the Environment (AMCEN) Special Session

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

    ABIDJAN, Ivory Coast, September 23, 2024/APO Group/ —

    The African Development Bank (www.AfDB.org), the African Union Commission, the United Nations Environment Programme (UNEP), and the United Nations Convention to Combat Desertification (UNCCD) brought together African ministers of environment in Abidjan to adopt the Abidjan Declaration (https://apo-opa.co/3BnJ6GN), a commitment to jointly tackle land degradation, desertification, and drought across Africa.

    The 10th Special Session of the African Ministerial Conference on the Environment (AMCEN), held from 3-6 September, served as a platform to generate political momentum and secure essential financing and partnerships to address these urgent environmental challenges. Key discussions focused on four critical policy areas: mitigating droughts in Africa; enhancing ambition to achieve land degradation neutrality targets; promoting ecosystem restoration opportunities; and strengthening partnerships for implementation and resource mobilisation.

    The dialogue is expected to shape Africa’s strategies on finance, natural capital, and addressing marine and coastal challenges ahead of the UNCCD COP 16 to be held in Riyadh, Saudi Arabia, from December 2 to 13, 2024. 

    The Prime Minister of Côte d’Ivoire, Robert Beugré Mambé attended. In opening remarks, he said: “There is a very concerning imbalance. We must stay informed in order to provide responses to our concerns, particularly to the global community, which is worried about the highly negative impact of climate change on our economic, human, and social activities. Some examples show that climate change affects more than 100 million hectares of land each year.”

    Dr. Osama Ibrahim Faqiha, Deputy Minister at Saudi Arabia’s Ministry of Environment, Water and Agriculture and Advisor to the COP16 Riyadh Presidency also attended the ministerial dialogue. He said, “Elevating Africa’s ambitions to combat land degradation aligns with the message we wish to convey at COP16. It is crucial that land is prioritised in global efforts against drought, famine, rising carbon emissions, and forced migration—issues that have too often been sidelined.”

    The Abidjan Declaration, adopted on September 6, 2024, during the conference, reflects the commitment of African governments to addressing the challenges of desertification and land degradation. Over 65 percent of the continent’s land is affected by degradation, impacting 400 million people.

    Kevin Kariuki, African Development Bank Vice President for Power, Energy, Climate and Green Growth, underscored the significance of these discussions. “Today’s session is an opportunity to review Africa’s progress since COP 15 in May 2022. The challenges of land degradation and drought are pressing, and we are committed to finding urgent solutions as we implement our Ten-Year Strategy for 2024-2033,” he said.

    Anthony Nyong, Climate Change and Growth Director at the African Development Bank, called for a shift in narrative regarding Africa’s challenges. “Partnership is essential in tackling the complex issues of land degradation, drought, and desertification. We must adopt an integrated, sustainable approach, prioritizing investments in sustainable land practices and climate resilience. However, the prevailing narrative of vulnerability and underdevelopment obscures the climate opportunities and deters private investment.”

    MIL OSI Africa –

  • MIL-OSI USA: Repackaging Seafood Waste as Plastic Alternatives

    Source: US State of Connecticut

    Seafood is a major industry in New England. It generates a lot of revenue for coastal communities, but with that productivity can come a lot of waste.

    Right now, that waste – things like crab and lobster shells – is just dumped into landfills where it decomposes slowly and releases greenhouse gases into the atmosphere.

    Researchers in New England have been looking at how that waste could be used to help rather than harm the environment.

    Mingyu Qiao, assistant professor of innovation and entrepreneurship in the Department of Nutritional Sciences, and Yangchao Luo, associate professor of nutritional sciences, are two researchers in the College of Agriculture, Health and Natural Resources investigating how seafood waste and algae can be used to produce plastic-free, biodegradable packaging.

    They recently published four articles on the topic, in Foods, Food Hydrocolloids, and two in International Journal of Biological Macromolecules 1 and 2.

    “That’s the motivation,” Qiao says. “We’re looking for ways we can better use that seafood waste to create a value-added product.”

    Plastic packaging is also a major source of waste in the world. Single-use plastics often make their ways into our waters where they pose a danger to sea life.

    Microplastics, pieces of plastic broken down to nearly undetectable sizes, affect humans too, as they have shown up in human brains and reproductive organs.

    Plastics are harmful to human health in another way – PFAS. PFAS (Per- and polyfluoroalkyl substances) also known as “forever chemicals” are found in plastics and plastic coatings on paper food wrappers. They leech into our food, and we then consume these harmful chemicals.

    Qiao and Luo are looking for a solution that tackles waste from both directions.

    “Each type of seafood waste has different (chemical) components, and they might have different properties, so it can be good for different applications,” Qiao says. “The challenge is how to identify those molecules, their properties, and the best use.”

    Natural polymers like the ones with which Qiao and Luo work are safer for human, animal, and environmental health, aligning this work with the College’s investment in One Health approaches.

    These polymers do not contain synthetic chemicals which are linked to a host of poor health outcomes, and they can be easily degraded in the ocean, given that is where they originated.

    “Nature already has a mechanism to biodegrade those polymers that is millions of years old,” Qiao says.

    Luo works on turning a compound found in crab and lobster shells into packaging using an extraction process that does not generate toxic waste.

    “Even though the polymer is green, the process is not,” Qiao says. “That’s why we’re developing what we call a green biorefinery method using microorganisms that produce enzymes to break down those tissues and then we can extract the polymers sustainably.”

    In partnership with UConn’s Technology Commercialization Services (TCS), Luo and Qiao have forged a strategic alliance with a leading lobster processing company in Massachusetts to implement this innovative green extraction method on seafood waste. Together, they are pursuing a Small Business Technology Transfer (STTR) grant to accelerate the development and commercialization of this groundbreaking technology.

    Amit Kumar, senior director of licensing at UConn, says “The seafood processing industry produces valuable waste that is rich in components like chitin and alginate, which have significant potential for diverse applications, from food and medical technologies to sustainable packaging alternatives. These projects aim to harness these materials to create high-impact, eco-friendly solutions across various industries by replacing petroleum-based materials.”

    Qiao works with alginate, a compound found in algae, as an edible coating on food. He is looking at how spraying produce, like strawberries, with an alginate coating can help increase their shelf-life without the need for plastic packaging.

    Alginate is an attractive option for this application because it is completely edible, calorie-free, and not a common allergen, which is a concern for seafood-derived polymers.

    The researchers are also working with local seaweed farmers, collaborating with them as they move toward commercializing this technology.

    A postdoctoral researcher working in Qiao’s lab, Anuj Purohit, has established a company called Atlantic Sea Solutions to develop and commercialize this technology. The company was selected to receive funding from the Connecticut Center for Entrepreneurship and Innovation, or CCEI over the summer. Atlantic Sea Solutions was selected as one of five teams to compete in the School of Business’ Wolff New Venture Competition in October.

    “This research is not staying on the paper,” Qiao says. “There is commercial interest right now.”

    Qiao and Luo have disclosed three inventions and filed two provisional patents in this area.

    “We extend our heartfelt thanks to the CAHNR leadership for their continued investment in applied research like ours. These projects were initially supported by the CAHNR Exploratory Research Grant and the Strategic Vision Implementation Committees (SVIC) Funding, and we’re now beginning to see the fruits of that investment.”

    This work relates to CAHNR’s Strategic Vision area focused on Ensuring a Vibrant and Sustainable Agricultural Industry and Food Supply, Advancing Adaptation and Resilience in a Changing Climate and Enhancing Health and Well-Being Locally, Nationally, and Globally.

    Follow UConn CAHNR on social media

    MIL OSI USA News –

  • MIL-OSI: Oma Savings Bank Plc issues an unsecured senior-term bond of EUR 30 million as part of a bond program

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 23 SEPTEMBER 2024 AT 14.55 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

    Oma Savings Bank Plc issues an unsecured senior-term bond of EUR 30 million as part of a bond program

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NEW NOTES, THE TENDER OFFER OR THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

    Oma Savings Bank Plc (“OmaSp” or the “Company”) issues an unsecured senior-term bond of EUR 30 million. The maturity date of the bond is 30 September 2027, and the loan has a floating interest rate. The ISIN code of the bond is FI4000581434.

    The loan will be issued under OmaSp’s EUR 3,000,000,000 bond program. The Finnish Financial Supervisory Authority (FIN-FSA) has approved the base prospectus of Oma Savings Bank on 27 March 2024 and its supplement on 24 May 2024 (“Supplement 1”) and 14 August 2024 (“Supplement 2”). The Supplement documents and the Final terms are available on the Company’s website at https://www.omasp.fi/en/investors.

    OmaSp will apply for admission of the covered bond to public trading on the Nasdaq Helsinki Ltd stock exchange.

    The Joint Lead Managers of the issue are Danske Bank A/S and Landesbank Baden-Württemberg (LBBW). Borenius Attorneys Ltd acts as legal advisor.

    Oma Savings Bank Plc

    Additional information:
    Sarianna Liiri, CEO, tel. +358 40 835 6712, sarianna.liiri@omasp.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 45 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI: Crypto Proprietary Trading Firm HyroTrader Experiences Rapid Growth

    Source: GlobeNewswire (MIL-OSI)

    Prague, Czech Republic, Sept. 23, 2024 (GLOBE NEWSWIRE) — Since the launch of its Minimum Viable Product (MVP), HyroTrader has consistently achieved a 51% month-on-month revenue increase. This accelerated growth underscores the firm’s innovative approach and commitment to supporting experienced crypto traders with the resources they need to thrive. Additionally, HyroTrader is actively developing its own technology trading aggregator with connections to multiple exchanges, allowing traders to link multiple exchange accounts, monitor trading statistics, and access advanced trading tools to enhance their strategies.

    Crypto Prop Firm Focused on Experienced Crypto Traders

    HyroTrader’s primary focus is on empowering experienced crypto traders, offering them the opportunity to trade directly on major platforms such as ByBit. Unlike many competitors who rely on white-label platforms with limited liquidity and manipulated trading conditions, HyroTrader uses third-party exchanges, ensuring transparency and fair trading conditions. Traders can even connect their personal accounts, reinforcing the firm’s commitment to openness and trustworthiness.

    In line with its expansion goals, HyroTrader is preparing to extend its services to Asia and the Middle East. This international growth strategy positions the company to tap into new markets while catering to the diverse needs of global traders.

    Looking forward, HyroTrader aims to support the top 10 crypto trading platforms, a development that will provide a significant competitive edge. This move will enhance liquidity and broaden trading options, distinguishing HyroTrader from competitors.

    Self-Funded and Community-Driven

    HyroTrader’s growth has been entirely self-funded, with no external investors or debt. Despite offers to sell a significant portion of the company, HyroTrader has chosen to remain independent, ensuring the firm is governed by its community of traders rather than outside interests. This trader-focused approach allows HyroTrader to operate with flexibility and autonomy, making decisions in the best interest of its users.

    To further strengthen its community, HyroTrader has launched a range of educational courses designed to help traders develop their skills. The firm is also hosting crypto trading competitions where traders can compete and win prizes, fostering an interactive and competitive learning environment. Moreover, HyroTrader offers an educational mentor program where traders can book consultations with experienced mentors, providing personalized guidance for those looking to refine their strategies.

    Shariah-Compliant Trading for Muslim Traders 

    In a bid to cater to a broader global audience, HyroTrader has introduced a unique trading product for Muslim traders, allowing them to trade on the spot market without leverage. This offering is designed specifically for those who adhere to Shariah law, which prohibits interest (riba), excessive uncertainty (gharar), and gambling (maysir). By removing leverage from trades, HyroTrader ensures compliance with these religious principles, making crypto trading accessible to a previously underserved market segment.

    HyroTrader’s compliance extends to ensuring traders use their own verified accounts from exchanges, adding an extra layer of trust and security for users. The platform operates under full business authorization, allowing it to conduct crypto-related activities legally and transparently.

    What Is HyroTrader?

    HyroTrader operates as an evaluation-based crypto proprietary trading firm. Traders undergo a two-step evaluation process: the first stage requires a 10% gain, followed by a 5% gain in the second stage. Successful traders are granted funded accounts with up to $200,000 in simulated capital.

    Once a trader passes the evaluation, they receive 70-90% of the profits generated from their funded account. HyroTrader’s business model is built on charging an evaluation fee for those seeking to enter the program. The firm also copies successful traders’ strategies via API directly onto crypto exchanges, creating a symbiotic relationship where traders and the company benefit from successful trading.

    A Strong, Experienced Team

    HyroTrader is backed by a highly skilled team of entrepreneurs, crypto traders, and developers, all with extensive experience in building scalable products. Originally launched as a different platform in 2022, the team pivoted to the current HyroTrader model after recognizing the potential for greater market impact in the crypto space. This strategic shift has been key to the firm’s rapid success.

    Inspired by the Success of Forex Prop Trading Firms

    Prop trading firms have gained immense popularity, especially in the forex space, with firms like FTMO achieving significant financial milestones. In 2023, FTMO reported $213 million in revenue, with $100 million in profit. Inspired by this success, HyroTrader has developed a similar platform for crypto traders, offering unique opportunities for those operating in the burgeoning digital asset markets.

    While forex prop trading firms like FTMO are focused on FX, equities, and commodities through CFD (Contract for Difference) brokers, HyroTrader’s model is specifically designed for crypto traders. Rather than trading CFDs, HyroTrader’s users trade futures and spot markets directly on crypto exchanges, providing a more direct and transparent experience.

    About HyroTrader: Positioned for Long-Term Success

    With an estimated 35-50 million active crypto traders globally and only a few competitors, HyroTrader is strategically positioned to become a major player in the crypto prop trading space. The firm’s transparent approach, focus on third-party exchanges, and innovative product offerings—such as Shariah-compliant trading—make it an appealing option for a diverse and growing global trading community.

    As part of its growth strategy, HyroTrader is not only expanding into new regions but is also continuously refining its product offerings to better serve its users. The platform’s comprehensive features, including trading aggregators and statistical tools, position it as a valuable resource for traders aiming for long-term success. As the crypto trading market continues to grow, HyroTrader’s unique value proposition and strong market positioning put it on a path toward long-term success.

    For more information, visit HyroTrader’s website.

    The MIL Network –

  • MIL-OSI: Bybit Türkiye Listed as a Crypto Asset Service Provider by the CMB

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Sept. 23, 2024 (GLOBE NEWSWIRE) — Bybit Türkiye, the partner site of Bybit, has achieved a key milestone by being officially listed as a Crypto Asset Service Provider by the Capital Markets Board (CMB) of Turkey on September 19th, 2024.

    Bybit Türkiye operates under Narkasa Yazılım Ticaret Anonim Şirketi, a locally incorporated entity, ensuring full compliance with CMB regulations. This listing underscores Bybit Türkiye’s dedication to working within Turkey’s regulatory framework while driving innovation and growth in the country’s crypto industry.

    Strengthening its Presence in Türkiye

    Since its partnership with Narkasa in June, Bybit Türkiye has prioritized strategic initiatives aimed at establishing itself as a market leader. The exchange is leveraging its global expertise, advanced technologies, and experienced team to provide Turkish users with a secure and efficient platform tailored to their needs.

    Demonstrating Commitment to the Turkish Market

    Bybit Türkiye has taken several decisive steps to cater to the needs of Turkish crypto users:

    • Early September 2024: Introduced Turkish Lira (TL) trading pairs, allowing users to conveniently buy and sell cryptocurrencies directly with TL.
    • One-Click Buy Feature: Simplified the process of purchasing cryptocurrencies for new users.
    • Ziraat Bank and Vakıfbank Integration: Enabled users to deposit and withdraw TL seamlessly through trusted local banks.

    Bybit Türkiye is dedicated to providing an exceptional user experience, catering to both experienced and new traders. The platform offers advanced trading tools for seasoned users, a user-friendly interface for seamless and convenient trading, and 24/7 localized customer support, ensuring assistance is readily available in Turkish.

    Quote from Kutluhan Akçın, Country Manager of Bybit Türkiye:

    “We are thrilled to be included in the CMB’s list of operating exchanges. This recognition allows us to further solidify our commitment to the Turkish market. By adhering to local regulations, we will provide a secure and localized crypto trading experience for our users. We aim to be a leader and pioneer in the Turkish crypto sector, offering users the unparalleled Bybit experience with the added convenience of Turkish Lira integration and exceptional customer support.”

    About Bybit Türkiye

    In June 2024, Bybit reinforced its commitment to the Turkish crypto market by rebranding Narkasa as Bybit Türkiye. This strategic move underscores our dedication to offering Turkish users a localized and secure crypto trading experience. Operated by Narkasa Yazılım Ticaret Anonim Şirketi, Bybit Türkiye stands as an independent brand, tailored to meet the specific needs of the Turkish market while ensuring the highest standards of service and security.

    Twitter: https://x.com/BybitTurkiye

    Instagram: https://www.instagram.com/bybitturkiye/?hl=en

    Linkedin: https://www.linkedin.com/company/bybit-turkiye/?trk=ppro_cprof&originalSubdomain=tr

    Contact

    Head of PR

    Tony Au

    Bybit

    tony.au@bybit.com

    The MIL Network –

  • MIL-OSI: Provident Bank Welcomes Vivin Varghese As Senior Vice President, Chief Information Security Officer

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Sept. 23, 2024 (GLOBE NEWSWIRE) — Provident Bank, a leading New Jersey-based financial institution, is pleased to announce that Vivin Varghese has joined the organization as Senior Vice President, Chief Information Security Officer (CISO).

    Mr. Varghese will play a critical role in providing vision, leadership, oversight, and management of the overall information and cybersecurity policies, procedures, and practices of the organization and its subsidiaries. He will also advise the bank’s Executive Leadership Team and staff on the appropriate administration of information security standards, assisting in developing plans within business units to manage risks effectively by understanding the fundamental aspects of business objectives.

    “I am delighted to welcome Vivin to our team,” said Ravi Vakacherla, Executive Vice President, Chief Digital and Innovation Officer. “He possesses an impressive breadth and depth of experience in Security Engineering, Security Operations, Identity Governance and Assurance (IGA), and Governance Risk and Compliance (GRC) functions,” added Mr. Vakacherla.

    Mr. Varghese has 16 years of experience in the information security space. Most recently, he served as CISO of Customers Bank, with responsibility for digital and physical security, including business continuity, incident response, threat intelligence, and third-party risk. Prior to that, he was the Information Technology Manager at the University of Pennsylvania. 

    Mr. Varghese earned a Bachelor of Science in Business Administration/Management Information Systems from Drexel University. He has been recognized as a 2023 ONCON Top 100 Information Security Professionals and received the InfoSec Skills Development Award.

    About Provident Bank
    Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.07 billion as of June 30, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.

    Media Contact:
    Keith Buscio
    Keith.Buscio@provident.bank

    Vested
    Providentbank@fullyvested.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d5450030-7ea8-40ae-a363-ef0136d19a84

    The MIL Network –

  • MIL-OSI Africa: Chikunga hopeful of Women’s Forum recognition 

    Source: South Africa News Agency

    Minister in the Presidency for Women, Youth and Persons with Disabilities, Sindisiwe Chikunga, says she is confident that the BRICS Women’s Forum will be recognised at this year’s Kazan Summit Declaration, scheduled to take place next month.

    Chikunga made the remark as Russia prepares to host the BRICS Summit to be held in Kazan, from 22 to 24 October, after the country assumes the BRICS chairmanship in 2024.

    This as the Minister led the discussions at the BRICS Women Affairs meeting held in Saint Petersburg, Russia.

    READ | Chikunga arrives in Russia for BRICS Women Affairs Meeting

    The meeting saw BRICS Member States discussing cooperation prospects in the fields of women’s leadership and enhancing the role of women in finance, agriculture, innovation, healthcare, creative industries, tourism, environmental safety, and the inclusive economy.

    Speaking at the BRICS Women’s Forum, which included the BRICS Ministerial Women’s Affairs Meeting on Friday, Chikunga congratulated the Russian Federation on assuming the Chairship of BRICS 2024, and the sterling work that it has undertaken to date.

    “As you are aware, this forum of Ministers was first initiated in 2023 during South Africa’s Chairship of BRICS. It is indeed encouraging to witness its growth under the stewardship of the Russian Federation’s 2024 Chairship, and it will undoubtedly flourish under the future Chairship of fellow BRICS member states.

    “We applaud Russia’s choice of the theme ‘Women, Governance, and Leadership’ as a timely intervention that ensures this forum continues to amplify the voices, interests, and full representation of women across BRICS member states, promoting their meaningful participation at all levels of governance and decision-making.”

    Chikunga also reflected on some of the key points that emerged during hybrid BRICS Ministers for Women Affairs held in December 2023, where the forum was recognised as a fundamental platform to elevate equality, women’s rights, economic autonomy, and empowerment; and to address major concerns related to women across the BRICS countries.

    The forum also promotes mainstreaming of women’s issues across BRICS’ processes, priority areas, declarations and agreements; and provides a platform for the exchange of knowledge and best practices in advancing the current and future wellbeing of women and girls across BRICS.

    “Our meeting recognised the tremendous progress that successive BRICS summits have produced in the areas of global governance, development, peace and security, energy, climate change, and social issues. We noted, however, that discussions in these areas would be further enriched by a ministerial meeting dedicated to women affairs.

    “There was consensus on the potential of this forum to accelerate the implementation of existing commitments, principles, goals, and actions outlined in various international instruments on women. These include the Beijing Platform for Action (1995), the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW – 1979), UN Resolution 1325 (2000) on Women, Peace, and Security, as well as the UN [United Nations] Agenda 2030 and its 17 Sustainable Development Goals (SDGs),” Chikunga explained.

    The meeting further agreed to support the acceleration of the implementation of the African Union Agenda 2063, with a particular focus on Aspiration 6, which promotes women’s empowerment.

    Asserting women’s interests

    The Ministers also highlighted the need to assert women’s interests across the broader BRICS agenda, strengthen multilateralism, and synergise with the work of the BRICS Business Women’s Alliance to accelerate the mainstreaming of socio-economic priorities for greater inclusivity and equity.

    “We acknowledge that this goal will be further enriched when we leverage our collective strength as the Global South, alongside robust people-to-people exchanges and cooperation within BRICS nations and across the African continent.

    “A key highlight of the Johannesburg II Declaration was the recognition of the vital role of women and youth in trade and their potential to act as catalysts for industrialisation, infrastructure development, food security, agricultural modernization, sustainable growth, healthcare, and addressing climate change,” she said.

    The Johannesburg II Declaration is a document that encapsulates significant BRICS viewpoints on matters of global economic, financial and political significance.

    READ | BRICS adopts Johannesburg II Declaration

    – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI China: Chinese vice premier to attend opening ceremony of 21st China-ASEAN Expo

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

    BEIJING, Sept. 23 — Ding Xuexiang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and Chinese Vice Premier, will attend and address the opening ceremony of the 21st China-ASEAN Expo and the China-ASEAN Business and Investment Summit in Nanning, south China’s Guangxi Zhuang Autonomous Region, on Sept. 24, Chinese foreign ministry spokesperson Lin Jian announced here on Monday.

    Malaysia’s Prime Minister Anwar Ibrahim will deliver a video address, and foreign leaders and senior officials, including Deputy Prime Minister and Minister in charge of the Office of the Council of Ministers of Cambodia Vongsey Vissoth, Deputy Prime Minister of Laos Kikeo Khaykhamphithoune, and Deputy Prime Minister and Minister of Finance of Vietnam Ho Duc Phoc, as well as Secretary-General of ASEAN Kao Kim Hourn will attend the opening ceremony, Lin added.

    MIL OSI China News –

  • MIL-OSI China: China makes notable progress via equipment, consumer goods renewal program: official

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

    China makes notable progress via equipment, consumer goods renewal program: official

    BEIJING, Sept. 23 — China has made noteworthy progress in promoting large-scale equipment upgrades and consumer goods trade-ins this year, an official said on Monday.

    China unveiled an action plan to implement the renewal program in March 2024 in an effort to expand domestic demand and shore up the economy, and stepped up policy support in July with an extra funds injection of 300 billion yuan (about 42.53 billion U.S. dollars) via ultra-long special treasury bonds.

    Zhao Chenxin, deputy head of the National Development and Reform Commission, cited a string of positive results achieved by the program, highlighting increased equipment manufacturing investment and robust sales of automobiles and home appliances, when addressing a press conference on Monday.

    In the first eight months of 2024, China’s investment in equipment and tool purchases had increased by 16.8 percent year on year — well above the 3.4 percent increase in total fixed-asset investment.

    Retail sales of passenger vehicles in August rose by 10.8 percent compared with the previous month, while new energy vehicle (NEVs) sales increased by 17 percent month on month in August. The market share of NEVs remained above 50 percent for a second consecutive month. Sales of home appliances and audio and video products returned to growth last month, up 3.4 percent year on year.

    Thanks to the renewal program, many enterprises are optimistic about the prospects of sectors related to equipment and consumer goods, leading to brisk investment, Zhao said.

    The program, riding on the great potential of green and digital transition, will provide more impetus to economic sustainability and transformation efforts, Zhao added.

    China’s drive to promote equipment upgrades covers a wide range of areas including industrial equipment, environmental infrastructure, operating vessels, new energy buses and agricultural machinery, while consumer goods trade-ins involve products ranging from automobiles to home appliances and electric bicycles.

    MIL OSI China News –

  • MIL-OSI USA: Decline in natural gas price drove decrease in U.S. oil producer revenue in early 2024

    Source: US Energy Information Administration

    In-brief analysis

    September 23, 2024

    Data source: Evaluate Energy

    Financial results for 36 publicly traded U.S. oil exploration and production (E&P) companies show that cash from operations in the first quarter of 2024 has decreased in real terms from the first quarter of 2023 due to lower natural gas prices.

    Production expenses, which can also affect cash from operations, have stabilized after supply chain issues that caused increased costs appear to be largely resolved. Capital expenditures, which represent investment in oil and natural gas production, were flat over the same period.

    In the first quarter of 2024, lower crude oil and natural gas prices helped reduce cash from operations by 12% compared with the first quarter of 2023, to $23.3 billion. Although West Texas Intermediate crude oil prices declined 2% over this period, U.S. crude oil production by these companies increased 5% to nearly 4.2 million barrels per day (b/d).

    Relatively large production cuts by OPEC+ have supported crude oil prices and spurred production among non-OPEC+ sources, including U.S. producers. Increased production would normally result in more cash from operations, but substantially lower natural gas prices likely hampered revenue for these companies.

    Natural gas prices fell 26% from the first quarter of 2023 to the first quarter of 2024 and reached their lowest average monthly inflation-adjusted price since at least 1997. Although the companies in this analysis focus on crude oil production, natural gas still typically makes up around 30% of what they produce because of associated natural gas present in crude oil deposits and more diversified operations by some of the E&P companies in the group.

    Data source: Bloomberg L.P.
    Note: WTI=West Texas Intermediate, 1Q19=first quarter of 2019, 1Q24=first quarter of 2024

    Production expenses—such as the cost of goods sold, operating expenses, and production taxes—increased substantially per barrel of oil equivalent (BOE) in 2021 and 2022 as supply chain issues caused material and labor costs to more than double from the 2019 average. Production expenses have since declined, decreasing 40% between the second quarter of 2023 and the recent high in the second quarter of 2022.

    Production expenses have been relatively flat since the second quarter of 2023, averaging $26/BOE. In addition to supply chain improvements, improved drilling productivity and increasing takeaway capacity in the Permian region have also reduced production expenses on a BOE basis.

    Data source: Evaluate Energy
    Note: 1Q19=first quarter of 2019, 1Q24=first quarter of 2024

    We base our analysis on the published financial reports of 36 publicly traded oil companies that produce most of their crude oil in the United States. As a result, our observations do not represent the entire sector because we exclude private companies, which do not publish financial reports. The included 36 publicly traded companies accounted for 32% of the crude oil produced in the United States in the first quarter of 2024, or about 4.2 million barrels per day.

    Principal contributor: Alexander de Keyserling

    MIL OSI USA News –

  • MIL-OSI: ODYSIGHT.AI RECEIVES REPEAT PURCHASE ORDER FROM NASA FOR ITS COMPREHENSIVE VISUALIZATION SOLUTION, TO SUPPORT ITS HIGH-SPEED AERONAUTICAL FLIGHT TESTING

    Source: GlobeNewswire (MIL-OSI)

    OMER, Israel, Sept. 23, 2024 (GLOBE NEWSWIRE) — Odysight.ai Inc. (OTCQB: ODYS), a pioneer in AI driven Predictive Maintenance (PdM) and Condition-Based Monitoring (CBM), is pleased to announce the receipt of a new purchase order for the Company’s vision-based system by the U.S. National Aeronautics and Space Administration (NASA) to support its high-speed aeronautical flight testing on aerospace vehicles. This repeat order from NASA demonstrates the unique value and quality of Odysight.ai’s innovative solutions.

    Colonel (Res.) Yehu Ofer, CEO of Odysight.ai stated: “This order showcases the trust NASA places in Odysight.ai, and is a strong endorsement of our technology’s effectiveness. We are proud that NASA chose to integrate our solutions to support high-speed aeronautical flight testing and believe this further demonstrates the substantial value we deliver to our customers. We look forward to expanding our partnership with NASA.”

    Inbal Kreiss, board member of Odysight.ai and currently Chief of Innovation at the Systems, Missiles and Space Division of the Israeli Aerospace Industries Ltd. (IAI) and Chairwoman of RAKIA, Israel’s Scientific and Technological Mission to the International Space Station, stated, “It is highly unusual for NASA to select a supplier as a single source for repeated space missions and thus the selection of Odysight.ai’s system by NASA is a clear validation of the exceptional quality of Odysight.ai’s capabilities.”

    Odysight.ai’s visual sensing-based systems provide state-of-the-art solutions, ranging from bespoke cameras to advanced AI algorithms for diagnostics and prognostic health management applications. Odysight.ai’s groundbreaking technology is designed to empower users to autonomously monitor and manage the health of their assets without the need for specialized technicians, providing crucial support for the aerospace sector by enabling Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) of aerial vehicles. This technology enhances sustainment, operational availability and platform safety, offering superior capabilities, including an onboard Health and Usage Monitoring System (HUMS).

    About Odysight.ai

    Odysight.ai is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.ai leverages proven visual technologies and products from the medical industry. Odysight.ai’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.ai’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring. For more information, please visit: https://www.odysight.ai or follow us on Twitter, LinkedIn and YouTube.

    Forward-Looking Statements

    Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding future collaboration with NASA. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.ai technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.ai’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact on our operations of the October 7, 2023 attack by Hamas and other terrorist organizations from the Gaza Strip and Israel’s war against them. These and other important factors discussed in Odysight.ai’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2024 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.ai undertakes no obligation to publicly update or revise forward-looking information.

    Company Contact:

    Einav Brenner, CFO
    info@odysight.ai

    Investor Relations Contact:

    Miri Segal
    MS-IR LLC
    msegal@ms-ir.com
    Tel: +1-917-607-8654

    The MIL Network –

  • MIL-OSI: New Family of Voltage-Controlled Saw Oscillators with Ultra-Low Phase Noise Performance for Radar Applications

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., Sept. 23, 2024 (GLOBE NEWSWIRE) — Mission-critical applications like radar and test and measurement require specialized components with precise frequency control and ultra-low phase noise to enhance signal clarity, stability and overall system performance. To provide the aerospace and defense market with specialized technology for generating precise signals and frequencies, Microchip Technology (Nasdaq: MCHP) today announces its new 101765 family of Voltage-Controlled SAW Oscillators (VCSOs) designed to deliver ultra-low phase noise and operate at 320 MHz and 400 MHz.

    The 101765-320-A VCSO delivers ultra-low phase noise performance of 166 dBc at 10 kHz offset and a 182 dBc floor. Low phase noise is crucial for improving the lower limit of detection in radar and other sensing applications. These devices are optimal for radar and instrumentation systems such as Active Electronically Scanned Array (AESA) that demand high fidelity in critical phase-locked loop timing applications.

    Available in a small form factor, 1 inch × 1 inch hermetic Kovar package, the VCSOs are designed for applications where Size, Weight, Power and Cost (SWaP-C) are important factors. The VCSOs are offered with supply voltages from 4.75–15.75V and a supply current of 111 mA to provide a power-efficient timing solution.

    “Microchip continues to deliver ultra-low phase noise and high-performance timing products at a competitive price point to meet the needs of our customers,” said Leon Gross, corporate vice president of Microchip’s discrete products group. “Customers can choose Microchip for their timing needs and select other components for their application including FPGAs, MPUs, MCUs, RF, power management, security and connectivity.”

    For aerospace and defense customers who require a higher degree of reliability, the 101765 VCSOs are available with MIL-PRF-38534 screening. The screening process is designed to ensure only the highest reliability components are used in critical applications where failure is not an option, such as in military and aerospace systems.

    The 101765 VCSO family is a fresh addition to Microchip’s family of SAW products for aerospace and defense applications, which are designed to offer levels of high reliability for robust and mission-critical environments. They are available in a wide range of package options for ruggedized applications and support a center frequency range from 30 MHz to 2.7 GHz. Additionally, Microchip can address ITAR, EAR, and classified specifications for hardware to meet the customer’s security requirements.

    Development Tools

    The VCSO devices are supported by the 101765-320-A-N-S-TB and 101765-400-B-N-S-TB test boards to enable customers to test the parts during the design phase.

    Pricing and Availability

    The VCSO 101765-320-A and 101765-400-B are available now for purchase. For additional information and to purchase, contact a Microchip sales representative or authorized worldwide distributor.

    Resources

    High-res images available through Flickr or editorial contact (feel free to publish):

    About Microchip Technology:
    Microchip Technology Inc. is a leading provider of smart, connected and secure embedded control and processing solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 123,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo, the Microchip logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    The MIL Network –

  • MIL-OSI: Xunlei Announces Appointment of Two New Directors

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Sept. 23, 2024 (GLOBE NEWSWIRE) — Xunlei Limited (“Xunlei” or the “Company”) (Nasdaq: XNET), a leading technology company providing distributed cloud services in China, today announced that the board of directors of the Company has appointed Mr. Hui Duan and Mr. Xiaosong Li as members of the board of directors of the Company, effective today.

    Mr. Hui Duan had served as a director of Xunlei from April 2020 to September 2023. He currently serves as the Chief Technology Officer of Beijing Itui Technology Co., Ltd. Prior to that, Mr. Duan founded his own company that provided SaaS tools and services from October 2015 to 2017. From April 2008 to April 2015, Mr. Duan served various management positions at Xunlei including vice president and the chief executive officer of a major subsidiary of Xunlei. Mr. Duan received his EMBA degree from China Europe International Business School in 2015, and bachelor’s degree in computer science from Peking University in 2001.

    Mr. Xiaosong Li has been serving as the Vice President of AGI Business at Xunlei since December 2023. From March 2018 to November 2023, he held the position of technology partner at Beijing Itui Technology Co., Ltd., where he was responsible for leading research and development in the field of artificial intelligence. From March 2008 to March 2018, he gained valuable experience working at Baidu Search Ads (Phoenix Nest), where he progressively advanced his career and ultimately served as the Chief Architect. He obtained a bachelor’s degree in software engineering from Northwestern Polytechnical University in 2005 and a master’s degree in computer system architecture from Chinese Academy of Sciences in 2008.

    Mr. Jinbo Li, Chairman and Chief Executive Officer of Xunlei, stated, “On behalf of the board of directors, I extend our warmest welcome to Hui Duan and Xiaosong Li for joining the Board. We look forward to working closely with them, leveraging their industry expertise and exceptional management experiences, to create value for our shareholders in the future.”

    About Xunlei

    Founded in 2003, Xunlei Limited (Nasdaq: XNET) is a leading technology company providing distributed cloud services in China. Xunlei provides a wide range of products and services across cloud acceleration, shared cloud computing and digital entertainment to deliver an efficient, smart and safe internet experience.

    Safe Harbor Statement

    This press release contains statements of a forward-looking nature. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “future,” “intends,” “plans,” “estimates” and similar statements. Among other things, the management’s quotes in this press release, as well as the Company’s strategic, operational and acquisition plans, contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Forward-looking statements involve inherent risks and uncertainties, including but not limited to: the Company’s ability to continue to innovate and provide attractive products and services to retain and grow its user base; the Company’s ability to keep up with technological developments and users’ changing demands in the internet industry; the Company’s ability to convert its users into subscribers of its premium services; the Company’s ability to deal with existing and potential copyright infringement claims and other related claims; the Company’s ability to react to the governmental actions for its scrutiny of internet content in China and the Company’s ability to compete effectively. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

    Investor Relations
    Xunlei Limited
    Email: ir@xunlei.com 
    Tel: +86 755 6111 1571
    Website: http://ir.xunlei.com

    The MIL Network –

  • MIL-OSI Africa: Colonialism and apartheid stripped black South Africans of land and labour rights – the effects are still felt today

    Source: The Conversation – Africa – By Marthinus van Staden, Associate Professor of Labour Law, University of the Witwatersrand

    Land dispossession among South Africa’s majority black population remains a thorny issue 30 years into democracy. Labour law scholar Marthinus van Staden’s new research examines the historical relationship between land dispossession and labour control in South Africa. It explores how the systematic seizure of indigenous people’s land during colonisation and apartheid reduced them from landowners to labourers, under exploitative conditions, and how the effects continue to linger. We asked him to explain.

    What is the history of land dispossession and labour control in South Africa?

    The history spans several centuries, beginning with Dutch colonisation in the mid-17th century. It intensified under British rule from the late 18th century. Early colonial policies were inconsistent, but gradually evolved into more systematic land grabs and labour regulations.

    The discovery of minerals – primarily gold and diamonds – in the 1880s heightened the demand for cheap black labour.

    The 19th century saw other significant developments, including the abolition of slavery and the introduction of pass laws. Pass laws required black people to carry identity documents that restricted their movement, employment and settlement.

    The 1913 Natives Land Act severely restricted black land ownership. It prevented black people from owning or renting land in 93% of South Africa, which was reserved for white ownership. Many black farmers who had previously owned or rented land in what had been designated “white areas” were forced to become labourers on white-owned farms. Or they had to move to “reserves” the state had set aside.

    This was followed by a series of laws implementing urban segregation and expanding “native reserves”.

    The apartheid era of formalised racial segregation, from 1948 to 1994, saw the most extreme measures of land dispossession and labour control. The creation of the homeland system relegated black South Africans to 10 economically unviable areas, along ethnic lines. Black people in homelands were mostly forced to work in “white” South Africa, where they lacked legal rights as workers.

    It wasn’t until 1979 that black trade unions were allowed to register. This allowed them to operate openly and bargain with employers and the government for improved wages and working conditions.

    Trade unions served as important political actors. They increased black workers’ political voice and influence. In fact, all labour legislation before 1981 had the distinguishing feature of excluding black workers from its ambit of protection.

    Only after apartheid ended in 1994 did efforts begin to address the legacy of land dispossession and unfair labour practices through restitution and reforms. Land reform processes have been criticised for being ineffectual.

    What effect did dispossession have?

    Dispossession created a large pool of cheap labour for white-owned farms and industries. Without access to land for subsistence or commercial farming, black South Africans had little choice but to work for low wages in the capitalist economy. The employment contract, transplanted from colonial law, became a tool for exerting control over these workers. It reinforced their subordinate status.

    The common law contract of employment, with its inherent element of employer control, was applied to the formerly independent indigenous people now forced into wage labour.

    The homelands ensured a continuous supply of cheap black migrant labour. This system of land deprivation and labour control not only served the economic interests of the white minority. It also reinforced racial hierarchies.

    The socio-economic consequences continue. Black workers are still more likely to be unemployed – or in precarious work – than whites.

    Why does this matter today?

    The legacy of land dispossession and labour control continues to shape South Africa’s social, economic and political landscape. It’s a critical consideration in efforts to build a more just and equitable society.

    This history has created deep-rooted economic disparities. The concentration of land ownership and wealth in the hands of the white minority remains largely intact, perpetuating socio-economic inequality.

    The ongoing struggle for land restitution and reform is directly linked to this history. Addressing the legacy of dispossession is crucial for economic justice and social stability.

    Understanding this history is essential for developing effective policies to address poverty, unemployment and uneven development.

    It is also vital for national reconciliation and building a more equitable society. It underpins current debates about social justice, reparations and the transformation of economic structures.

    Which practical, remedial policies must be carried out?

    The historical link between land loss and subjugation by means of the controls inherent to the contract of employment makes land reform a necessary first step to reversing this process.

    The government has put in place formal mechanisms to halt racialised land ownership. However, land restitution and reform programmes need to be enhanced and accelerated.

    They should include restoring land rights where possible, and providing support for sustainable land use. This would address both the economic and emotional aspects of historical dispossession.

    Legislation such as the Labour Relations Act and the Employment Equity Act have done much to strengthen protections for workers’ rights, particularly for those in precarious employment situations. However, the ways in which these laws continue to endorse a global north conception of the employment relationship, which emphasises control, must be rethought.

    They must be reformed to promote equality, dignity and fair labour practices. Reforms should involve more collaborative models and addressing the socio-economic impacts to redress historical injustices.

    Targeted economic development initiatives are needed in historically disadvantaged areas, including former homelands. These could include infrastructure development, skills training programmes, and support for small businesses to create economic opportunities.

    These remedial policies should be part of an all-encompassing strategy to address historical injustices, and create a more equitable South African society.

    – Colonialism and apartheid stripped black South Africans of land and labour rights – the effects are still felt today
    – https://theconversation.com/colonialism-and-apartheid-stripped-black-south-africans-of-land-and-labour-rights-the-effects-are-still-felt-today-238243

    MIL OSI Africa –