Category: Business

MIL-OSI: ArrowMark Financial Corp. Releases Month End Estimated Net Asset Value as of April 2025

Source: GlobeNewswire (MIL-OSI)

DENVER, May 14, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of April 30, 2025, was $21.74.

This estimated NAV is not a comprehensive statement of our financial condition or results for the month April 30, 2025.

About ArrowMark Financial Corp.
ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.

Disclaimer and Risk Factors:
There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.

Contact:
BANX@destracapital.com

The MIL Network –

May 15, 2025

MIL-OSI: North American Construction Group Ltd. Announces Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the first quarter ended March 31, 2025. Unless otherwise indicated, financial figures are expressed in Canadian dollars, and comparisons are to the prior period ended March 31, 2024.

First Quarter 2025 Highlights:

Combined revenue of $391.5 million, the second-highest quarter in company history, compared favorably to $345.7 million in the same period last year and was driven equally by higher heavy equipment fleet commissioned in Australia and higher equipment utilization in Canada.
Reported revenue of $340.8 million, compared to $297.0 million in the same period last year, was driven primarily by increased capacity in Australia and a 68% utilization in Canada. However, lower utilization in Australia, due to the high number of rain days in February and March, far exceeding historical average, tempered overall performance.
Our net share of revenue from equity consolidated joint ventures was $50.7 million in 2025 Q1, compared to $48.7 million in the same period last year. While the Fargo project saw a quarter-over-quarter increase, this was offset by lower volumes within the Nuna Group of Companies and the discontinuation of the Brake Supply joint venture.
Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, compared to the 2024 Q1 result of $97.4 million. However, the operational challenges of excessive rainfall in Australia and an extended bitter cold snap in Canada fully offset the 15% increase in revenue.
Combined gross profit of $51.6 million and margin of 13.2% declined compared to the $62.4 million and 18.1% metrics posted in the same period last year. The overall margin decrease reflects the specific impacts of rain and cold weather in Australia and Canada.
Cash flows generated from operating activities reached $51.4 million, exceeding the $19.0 million reported in the same period last year, primarily due to a lower working capital draw in the current quarter. Sustaining capital additions of $89.9 million reflect the front-loaded nature of our capital maintenance program in Canada.
Free cash flow resulted in a use of cash of $41.6 million in the quarter, driven by the consumption of $24.5 million by our working capital accounts. The working capital draw on cash remains directionally consistent to 2024 Q1 and aligns with the typical seasonal impacts of our annual business cycle.
Net debt was $867.5 million at March 31, 2025, an increase of $11.3 million from December 31, 2024, as free cash flow usage and growth spending required debt financing. The cash-related interest rate during the quarter on our debt was 6.2% due to Bank of Canada posted rates and the impact on equipment financing rates.
Additional highlights during and after the quarter: i) the Fargo-Moorhead flood diversion project passed the 65% completion mark prior to March 31; ii) successfully commenced the early development work at a copper mine in New South Wales; iii) first operational wins achieved under the new Finning parts and component supply and services agreement; iv) converted $73 million of debentures to 3.0 million common shares; and v) on May 1, completed $225 million of senior unsecured financing to increase liquidity as we advance efforts on heavy civil infrastructure and mining opportunities in Australia and North America.

Joe Lambert, President and CEO stated, “It’s no surprise that severe weather impacts our business, and Q1 2025 proved especially challenging across both geographies. However, we remain optimistic about the more stable conditions expected for the remainder of the year. Our full-year expectations remain intact, and we are eager to execute the contracted scopes for our customers. We continue to see significant opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to secure new scopes, leveraging our strong reputation in these regions.”

Consolidated Financial Highlights

	Three months ended
	March 31,
(dollars in thousands, except per share amounts)		2025			2024		Change
Revenue	$	340,833		$	297,026		$	43,807
Cost of sales⁽ⁱ⁾		242,228			195,670			46,558
Depreciation⁽ⁱ⁾		60,714			47,862			12,852
Gross profit⁽ⁱ⁾	$	37,891		$	53,494		$	(15,603	)
Gross profit margin^(i)(ii)		11.1	%		18.0	%	(6.9		)%
General and administrative expenses (excluding stock-based compensation)⁽ⁱⁱ⁾		11,090			10,835			255
Stock-based compensation (benefit) expense		(3,408	)		3,608			(7,016	)
Operating income⁽ⁱ⁾		30,582			38,480			(7,898	)
Interest expense, net		13,516			15,597			(2,081	)
Net income⁽ⁱ⁾		6,163			11,511			(5,348	)
Comprehensive income⁽ⁱ⁾		6,641			10,818			(4,177	)

Adjusted EBITDA^(i)(ii)		99,932			97,386			2,546
Adjusted EBITDA margin^(i)(ii)(iii)		25.5	%		28.2	%	(2.7		)%

Per share information
Basic net income per share	$	0.22		$	0.43		$	(0.21	)
Diluted net income per share	$	0.21		$	0.39		$	(0.18	)
Adjusted EPS⁽ⁱⁱ⁾	$	0.52		$	0.79		$	(0.27	)

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
⁽ⁱⁱ⁾See “Non-GAAP Financial Measures”.
⁽ⁱⁱⁱ⁾Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Consolidated Statements of Cash Flows
Cash provided by operating activities⁽ⁱ⁾	$	51,418		$	18,959
Cash used in investing activities⁽ⁱ⁾		(93,781	)		(66,095	)
Effect of exchange rate on changes in cash		(1,075	)		(99	)
Add back of growth and non-cash items included in the above figures:
Growth capital additions⁽ⁱⁱ⁾		28,066			19,607
Capital additions financed by leases⁽ⁱⁱ⁾		(26,203	)		(14,156	)
Free cash flow⁽ⁱ⁾	$	(41,575	)	$	(41,784	)

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.
⁽ⁱⁱ⁾See “Non-GAAP Financial Measures”.

Declaration of Quarterly Dividend

On May 14th, 2025, the NACG Board of Directors declared a regular quarterly dividend (the “Dividend”) of twelve Canadian cents ($0.12) per common share, payable to common shareholders of record at the close of business on June 4, 2025. The Dividend will be paid on July 11, 2025, and is an eligible dividend for Canadian income tax purposes.

Resignation of Vanessa Guthrie

Effective May 14, 2025, Dr. Vanessa Guthrie, AO, resigned from her position as a director of NACG for personal reasons. Martin Ferron, Chair of the Board, stated “We wish to extend our sincerest thanks to Dr. Guthrie for the insight and perspectives she brought to the company during what was an important transitional period for us as we expanded operations into Australia. We wish her all the best in the future.”

Results for the Three Months Ended March 31, 2025

Revenue of $340.8 million represented a $43.8 million (or 15%) increase from 2024 Q1 as Heavy Equipment – Australia and Heavy Equipment – Canada were up 18% and 13%, respectively.

Revenue within Heavy Equipment – Australia, which is primarily comprised of the MacKellar Group (“MacKellar”), increased $23.8 million quarter-over-quarter primarily due to a 25% increase in the large capacity heavy equipment fleet over the past twelve months. This fleet increase was offset by the 12% decrease in equipment utilization (68% versus 2024 Q1 of 80%) as the high number of rain days experienced in both February and March well exceeded historical averages and operational expectations. The Carmichael mine was significantly affected by rain, receiving over 340 mm of rainfall over the two months, nearly double the historical average and our forecast of 180 mm. Excessive rainfall caused the slowdown of mining activity and the parking of the large capacity heavy mining equipment due to flooding of the lower lying mining areas as well as certain mine, access and service roads requiring additional maintenance.

Equipment utilization in the oil sands region of 68% drove a 13% increase from 2024 Q1 in the Heavy Equipment – Canada segment. Demand for large capacity heavy equipment was strong for the full quarter, with top-line performance constrained only by extended periods of cold weather and mechanical availability. The Millennium mine currently has approximately 40% of our fleet operating on site and is the primary driver of both equipment utilization and top-line revenue.

Combined revenue in the quarter of $391.5 million, the second-highest quarter in company history, represented a $45.8 million (or 13%) increase from 2024 Q1. Our share of revenue generated in the quarter by joint ventures and affiliates was $50.7 million, compared to $48.7 million in 2024 Q1 (an increase of 4%) with quarter-over-quarter increases in the Fargo project offset by lower volumes within the Nuna Group of Companies (“Nuna”) as well as the termination of the Brake Supply Joint Venture which occurred in the latter half of 2024. The Fargo project progressed past the 65% completion mark during the quarter with the modest top-line revenue reflecting the expected impact of winter conditions on civil earth-moving scopes.

Adjusted EBITDA of $99.9 million was a slight increase of $2.5 million, or 3%, from the 2024 Q1 result of $97.4 million as the operational challenges of excessive rainfall in Australia and a bitter extended cold snap in Canada fully offset the 15% increase in revenue. The adjusted EBITDA margin of 25.5% was lower compared to the previous quarter, primarily due to the challenging weather conditions in both segments, which affected operational efficiency. 2024 Q1, which experienced typical seasonal conditions, posted a 28.2% adjusted EBITDA margin with the approximate 3.0% variance being a fair reflection of the weather’s impact to 2025 Q1.

Excessive rainfall in Australia in February and March impacted operating margins with the Carmichael mine being the most affected in terms of the sheer quantity of rainfall experienced in those two months. Steady margin performance depends on the continuous operation of the primary fleet of large capacity heavy mining equipment. When this equipment is parked due to weather or other interruptions, not only is top-line revenue constrained, but it also becomes an opportune time to perform certain maintenance activities. While these activities support longer-term equipment reliability and utilization, they can increase costs, impacting margins in the current quarter. Additionally, rain days contribute to further cost pressures, as they introduce expenses not typically incurred during normal operations, such as site cleanup, dewatering, and related weather recovery efforts.

Based on historical precedent, gross margins at that site were over 10% lower than operational expectation and drove the decrease in gross profit margin in this segment from 24.7% in 2024 Q1 to 16.1% in 2025 Q1.

The extreme cold snap in the oil sands region in February impacted operating margins with all five operating sites being equally affected. This segment gross profit margin of 5.5% was impacted significantly by this cold weather with the correlated high idle time and required additional cost incurred to operate at frigid temperatures for an extended period of time. Using 2024 Q1 and 2023 Q1 as reasonable benchmarks, it is estimated that the cold weather impacted gross profit margin by approximately 5.0% to 7.0%. In addition to the weather, extraordinary early component failures related to the now discontinued component supply agreement with a third-party vendor impacted margins by $4.3 million in the quarter.

Depreciation of our equipment fleet was 17.8% of revenue in the quarter, compared to 16.1% in 2024 Q1. The Heavy Equipment – Canada fleet averaged approximately 24.0% of revenue due to required high idle time in February. This is offset by depreciation on the Heavy Equipment – Australia fleet, which averaged approximately 12.4% of revenue, largely driven by MacKellar depreciation of 13.0% of revenue in the quarter. On a combined basis, depreciation averaged 17.1% of combined revenue in the quarter, compared to 15.0% in 2024 Q1, due to high depreciation experienced in Canada during the quarter.

General and administrative expenses (excluding stock-based compensation) were $11.1 million, or 3.3% of revenue, compared to $10.8 million, or 3.6% of revenue, in 2024 Q1. Cash related interest expense incurred on our debt for the quarter was $12.9 million at an average cost of debt of 6.2%, compared to 8.1% in 2024 Q1, as rate decreases posted by the Bank of Canada directly impact our Credit Facility and have a delayed impact on the rates for secured equipment-backed financing.

Adjusted earnings per share (“EPS”) of $0.52 and adjusted net earnings of $14.5 million were down 34.2% and 31.0% from the prior year figures of $0.79 and $21.0 million, respectively. The $6.5 million decrease in adjusted net earnings is due to the slightly higher EBITDA being more than offset by the higher depreciation expenses, as discussed above, as well as higher interest expenses associated with the fleet acquired and debt assumed upon acquisition of MacKellar.

Adjusted earnings per share (“EPS”) of $0.52 was down $0.27 per share from the prior year figure of $0.79 per share primarily from the factors mentioned above. Weighted-average common shares outstanding for the first quarters of 2025 and 2024 were 27,859,886 and 26,733,473, respectively.

Between January 29 and February 28, 2025, approximately 3.0 million common shares were issued to convertible debenture holders for a value of $72.7 million and which contributed approximately $0.02 in the aforementioned quarter-over-quarter adjusted earnings per share variance of $0.27 per share.

Free cash flow was a use of cash of $41.6 million in the quarter primarily due to the consumption of $24.5 million by our working capital accounts. The working capital draw on cash is directionally consistent to 2024 Q1 and is comparable with past seasonal impacts of our annual business cycle. Adjusted EBITDA generated $99.9 million and when factoring in sustaining capital additions ($89.9 million) and cash interest paid ($16.2 million), $6.2 million of cash was used by the overall business in the quarter.

Business Updates

2025 Strategic Focus Areas

Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions
Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
Sustainability – further develop and deliver into our environmental, social, and governance goals.

Liquidity

Our current liquidity positions us well moving forward to fund organic growth and the required correlated working capital investments. Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $198.5 million includes total liquidity of $147.2 million and $32.9 million of unused finance lease borrowing availability as at March 31, 2025. Liquidity is primarily provided by the terms of our $524.7 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in May 2028.

	March 31, 2025			December 31, 2024
Cash	$	78,241		$	77,875
Credit Facility borrowing limit		524,675			522,550
Credit Facility drawn		(421,702	)		(395,844	)
Letters of credit outstanding		(33,998	)		(33,992	)
Cash liquidity⁽ⁱ⁾	$	147,216		$	170,589
Finance lease borrowing limit		400,000			400,000
Other debt borrowing limit		20,000			20,000
Equipment financing drawn		(310,362	)		(253,639	)
Guarantees provided to joint ventures		(58,314	)		(61,675	)
Total capital liquidity⁽ⁱ⁾	$	198,540		$	275,275

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Subsequent to the three months ended March 31, 2025, on April 25, 2025, we announced that we entered into an underwriting agreement to sell, pursuant to a private placement offering, $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 (the “Notes”). The agreement closed on May 1, 2025. The Notes were issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. We intend to use the net proceeds of the Offering to repay indebtedness under our existing Credit Agreement, and for general corporate purposes.

NACG’s outlook for 2025

The following table provides projected key measures for 2025. These measures are predicated on contracts currently in place, including expected renewals, and the heavy equipment fleet that we own and operate.

Key measures		2025
Combined revenue⁽ⁱ⁾		$1.4 – $1.6B
Adjusted EBITDA⁽ⁱ⁾		$415 – $445M
Sustaining capital⁽ⁱ⁾		$180 – $200M
Adjusted EPS⁽ⁱ⁾		$3.70 – $4.00
Free cash flow⁽ⁱ⁾		$130 – $150M

Capital allocation
Growth spending⁽ⁱ⁾		$65 – $75M
Net debt leverage⁽ⁱ⁾		Targeting 1.7x

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Conference Call and Webcast

Management will hold a conference call and webcast to discuss our financial results for the quarter ended March 31, 2025, tomorrow, Thursday, May 15, 2025, at 7:00 am Mountain Time (9:00 am Eastern Time).

The call can be accessed by dialing:
Toll free: 1-800-717-1738
Conference ID: 42703

A replay will be available through June 12, 2025, by dialing:
  Toll Free: 1-888-660-6264
  Conference ID: 42703
  Playback Passcode: 42703

The Q1 2025 earnings presentation for the webcast will be available for download on the company’s website at www.nacg.ca/presentations/

The live presentation and webcast can be accessed at:

https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=5E415713-29A1-4D60-A023-BF0345BED32F

A replay will be available until June 12, 2025, using the link provided.

Basis of Presentation

We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the quarter ended March 31, 2025, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated Q1 2025 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

Change in significant accounting policy – Classification of multi-use tires

Effective in the first quarter of 2025, we have changed our accounting policy for the classification of multi-life tires. These tires are now recognized as property, plant, and equipment on the Consolidated Balance Sheets and are amortized through depreciation on the Consolidated Statements of Operations and Comprehensive Income. Previously, multi-life tires were classified as inventories and expensed through cost of sales when placed into service. This change in accounting policy provides a more accurate reflection of the role of multi-life tires as components of the heavy equipment in which they are utilized, aligning the accounting treatment with the economic substance of their use.

We have applied this change retrospectively in accordance with Accounting Standards Codification (“ASC”) 250, Accounting Changes and Error Corrections, by restating the comparative period. For further details regarding the retrospective adjustments, refer to Note 16 in the consolidated financial statements for the period ended March 31, 2025.

Forward-Looking Information

The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions.

The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months ended March 31, 2025. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.com.

Non-GAAP Financial Measures

This press release presents certain non-GAAP financial measures because management believes that they may be useful to investors in analyzing our business performance, leverage and liquidity. The non-GAAP financial measures we present include “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin”, “adjusted EPS”, “adjusted net earnings”, “capital additions”, “capital work in progress”, “cash liquidity”, “cash provided by operating activities prior to change in working capital”, “cash related interest expense”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “gross profit margin”, “growth capital”, “margin”, “net debt”, “net debt leverage”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. These non-GAAP measures do not have any standardized meaning and therefore are unlikely to be comparable to similar measures presented by other companies. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Each non-GAAP financial measure used in this press release is defined and reconciled to its most directly comparable GAAP measure in the “Non-GAAP Financial Measures” section of our Management’s Discussion and Analysis filed concurrently with this press release.

Reconciliation of total reported revenue to total combined revenue

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Revenue from wholly-owned entities per financial statements	$	340,833		$	297,026
Share of revenue from investments in affiliates and joint ventures		136,237			125,838
Elimination of joint venture subcontract revenue		(85,566	)		(77,151	)
Total combined revenue⁽ⁱ⁾	$	391,504		$	345,713

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Reconciliation of reported gross profit to combined gross profit

	Three months ended
	March 31,
(dollars in thousands)		2025		2024
Gross profit from wholly-owned entities per financial statements	$	37,891	$	53,494
Share of gross profit from investments in affiliates and joint ventures		13,677		8,935
Combined gross profit^(i)(ii)	$	51,568	$	62,429

⁽ⁱ⁾See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Net income⁽ⁱ⁾	$	6,163		$	11,511
Adjustments:
Stock-based compensation (benefit) expense		(3,408	)		3,608
(Gain) loss on disposal of property, plant and equipment		(974	)		261
Change in fair value of contingent obligations from adjustments to estimates		(1,317	)		1,438
Loss on derivative financial instruments		6,912			—
Equity investment loss on derivative financial instruments		1,019			1,954
Equity investment restructuring costs		—			4,517
Depreciation expense relating to early component failures		4,274			—
Post-acquisition asset relocation and integration costs		1,640			—
Tax effect of the above items		208			(2,260	)
Adjusted net earnings^(i)(ii)		14,517			21,029
Adjustments:
Tax effect of the above items		(208	)		2,260
Interest expense, net		13,516			15,597
Equity investment EBIT⁽ⁱⁱ⁾		3,310			(3,768	)
Equity (earnings) loss in affiliates and joint ventures		(3,283	)		1,512
Change in fair value of contingent obligations		4,347			3,955
Income tax expense		4,244			4,467
Adjusted EBIT^(i)(ii)		36,443			45,052
Adjustments:
Depreciation⁽ⁱ⁾		60,714			47,862
Amortization of intangible assets		601			310
Depreciation expense relating to early component failures		(4,274	)		—
Equity investment depreciation and amortization⁽ⁱⁱ⁾		6,448			4,162
Adjusted EBITDA^(i)(ii)	$	99,932		$	97,386
Adjusted EBITDA margin^(i)(ii)(iii)		25.5	%		28.2	%

Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT

	Three months ended
	March 31,
(dollars in thousands)		2025			2024
Equity (loss) earnings in affiliates and joint ventures	$	3,283		$	(1,512	)
Adjustments:
Loss (gain) on disposal of property, plant and equipment		2			(175	)
Interest income		(29	)		(573	)
Income tax expense (benefit)		54			(1,508	)
Equity investment EBIT⁽ⁱ⁾	$	3,310		$	(3,768	)

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 960-7171
IR@nacg.ca
www.nacg.ca

Interim Consolidated Balance Sheets

(Expressed in thousands of Canadian Dollars)
(Unaudited)

	March 31, 2025			December 31, 2024⁽ⁱ⁾
Assets
Current assets
Cash	$	78,241		$	77,875
Accounts receivable		186,850			166,070
Contract assets		19,676			4,135
Inventories		74,242			69,027
Prepaid expenses and deposits		6,523			7,676
Assets held for sale		782			683
		366,314			325,466
Property, plant and equipment, net of accumulated depreciation of $503,486 (December 31, 2024 – $500,303)		1,314,635			1,251,874
Operating lease right-of-use assets		11,539			12,722
Investments in affiliates and joint ventures		86,341			84,692
Intangible assets		10,072			9,901
Other assets		5,581			9,845
Total assets	$	1,794,482		$	1,694,500
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	138,700		$	110,750
Accrued liabilities		59,454			78,010
Contract liabilities		6,734			1,944
Current portion of long-term debt		150,301			84,194
Current portion of contingent obligations		40,139			39,290
Current portion of operating lease liabilities		1,475			1,771
		396,803			315,959
Long-term debt		663,622			719,399
Contingent obligations		91,107			88,576
Operating lease liabilities		10,612			11,441
Other long-term obligations		42,792			44,711
Deferred tax liabilities		127,615			125,378
		1,332,551			1,305,464
Shareholders’ equity
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – March 31, 2025 – 30,601,681 (December 31, 2024 – 27,704,450))		298,858			228,961
Treasury shares (March 31, 2025 – 1,004,074 (December 31, 2024 – 1,000,328))		(16,036	)		(15,913	)
Additional paid-in capital		20,856			20,819
Retained earnings		158,877			156,271
Accumulated other comprehensive loss		(624	)		(1,102	)
Shareholders’ equity		461,931			389,036
Total liabilities and shareholders’ equity	$	1,794,482		$	1,694,500

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

Interim Consolidated Statements of Operations and Comprehensive Income

(Expressed in thousands of Canadian Dollars, except per share amounts)
(Unaudited)

	Three months ended
	March 31,
		2025		2024⁽ⁱ⁾
Revenue	$	340,833		$	297,026
Cost of sales		242,228			195,670
Depreciation		60,714			47,862
Gross profit		37,891			53,494
General and administrative expenses		7,682			14,443
Amortization of intangible assets		601			310
(Gain) loss on disposal of property, plant and equipment		(974	)		261
Operating income		30,582			38,480
Interest expense, net		13,516			15,597
Equity (earnings) loss in affiliates and joint ventures		(3,283	)		1,512
Loss on derivative financial instruments		6,912			—
Change in fair value of contingent obligations		3,030			5,393
Income before income taxes		10,407			15,978
Current income tax expense		1,777			4,296
Deferred income tax expense		2,467			171
Net income	$	6,163		$	11,511
Other comprehensive income
Unrealized foreign currency translation (gain) loss		(478	)		693
Comprehensive income	$	6,641		$	10,818
Per share information
Basic net income per share	$	0.22		$	0.43
Diluted net income per share	$	0.21		$	0.39

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in policy. See “Accounting Estimates, Pronouncements and Measures”.

The MIL Network –

May 15, 2025

MIL-OSI: Flow Capital Announces Q1 2025 Financial Results
Source: GlobeNewswire (MIL-OSI)

Loan Interest Revenue up 45% and Recurring Free Cash Flow up 104% year over year

TORONTO, ON, May 14, 2025 (GLOBE NEWSWIRE) — Flow Capital Corp. (TSXV:FW), a leading provider of flexible growth capital and alternative debt solutions, announces its unaudited financial and operating results for the for the three-months ended March 31, 2025.

Q1 2025 Performance Highlights
- 45% increase in Loan Interest Revenue to $2.9 million year over year.
- 104% increase in Recurring Free Cash Flow to $847,111 year over year.
- $0.028 in Recurring Free Cash Flow per share for the quarter.
- 13% increase in Total Assets to $74.1 million year over year.
- $3.2 million in new capital deployment during the quarter.
- $1.22 book value per share.
“This was another strong quarter, capping off a record year for Flow Capital. Q1 2025 represented the 7^th consecutive quarter of sequential quarter-to-quarter loan interest revenue growth. More importantly, we are growing our revenue while consistently generating positive free cash flow. We have entered our 6^th consecutive year of generating positive recurring cash flow, generating $847,111 during the quarter. We believe our continued strong growth indicates the strength of our business model and management’s ability to execute on it.” said Alex Baluta, CEO of Flow Capital.

Detailed Financial Results are available on our website at www.flowcap.com/investor-relations/2025 or on www.sedar.com/.

Results of Operations

Click here to view image

(1) Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as loan interest revenue less loan amortization income, one-time payments, salaries, professional fees, office and general administrative expenses, and financing expenses. See the section “Use of Non-IFRS Financial Measures”.
(2) Calculated by taking Total Shareholders’ Equity as reported on the Statements of Financial Position over the number of outstanding shares at period end. See the section “Use of Non-IFRS Financial Measures”.

Conference Call Details

Flow Capital will host a conference call to discuss these results at 9:00 a.m. Eastern Time, on Thursday, May 15, 2025. Participants should call +1 800-717-1738 or +1 289-514-5100 and ask an operator for the Flow Capital Earnings Call, Conference ID 61852. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial +1 888-660-6264 or +1 289-819-1325 and enter passcode 61852#. The replay recording will be available until 11:59 p.m. ET, May 29, 2025.

An audio recording of the conference call will be also available on the investors’ page of Flow Capital’s website at www.flowcap.com/investor-relations/2025

About Flow Capital

Flow Capital Corp. is a publicly listed provider of flexible growth capital and alternative debt solutions dedicated to supporting high-growth companies. Since its inception in 2018, the company has provided financing to businesses in the US, the UK, and Canada, helping them achieve accelerated growth without the dilutive impact of equity financing or the complexities of traditional bank loans. Flow Capital focuses on revenue-generating, VC-backed, and founder-owned companies seeking $2 to $10 million in capital to drive their continued expansion.

Learn more at www.flowcap.com

For further information, please contact:

Flow Capital Corp.

Alex Baluta
Chief Executive Officer
alex@flowcap.com

47 Colborne St, Suite 303,
Toronto, Ontario M5E 1P8

Non-IFRS Financial Measures

This press release includes references to the non-IFRS financial measure “Recurring Free Cash Flow.” This financial measure is employed by the Company to measure its operating and economic performance, to assist in business decision-making, and to provide key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the company’s operating and financial performance. This financial measure is not defined under IFRS, nor does it replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure. Reconciliations of non-IFRS measures to the nearest IFRS measure can be found in this press release under “Reconciliation of Non-IFRS Measures.”

Reconciliation of Non-IFRS Measures

The table below reconciles Recurring Free Cash Flow for the periods indicated.

Recurring Free Cash Flow is an internally defined, non-IFRS measure calculated as loan interest and royalty income less loan amortization income, one-time payments, salaries, professional fees, office and general administrative expenses, and financing expenses.

Click here to view image

Forward-Looking Information and Statements

Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

The MIL Network –
May 15, 2025

MIL-OSI: Questerre reports first quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

THIS NEWS RELEASE IS NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA TO UNITED STATES NEWSWIRE SERVICES OR UNITED STATES PERSONS

CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Questerre Energy Corporation (“Questerre” or the “Company”) (TSX,OSE:QEC) reported today on its financial and operating results for the quarter ended March 31, 2025.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, “Three wells at Kakwa North were completed this quarter. Including flush volumes, our daily production has averaged over 3,500 boe per day since the tie-in in early April. We plan to participate in a follow-up three (1.5 net) well program that could begin this fall.”

He added, “Securing energy supplies and diversifying markets is a priority in Canada following the seismic shift in US trade policy. This is especially true in Quebec where imports account for nearly half their total energy demand. There is a growing consensus in the province that energy infrastructure, including pipelines and LNG export facilities, should be revisited. Our discovery could provide a secure supply of natural gas and help solve their existing electrical energy shortage while reducing Canadian and global emissions.”

He further added, “We are following the legal process to protect our shareholders’ rights. At a recent hearing, the Justice approved our request to interview several key Government representatives including current and former ministers. The Attorney General is requesting leave to appeal this decision.”

Highlights

Kakwa North wells completed in the quarter and on production in early April bringing production to over 3,500 boe per day
Red Leaf completes larger-pilot scale demonstration of technology
Average daily production of 1,729 boe per day and net cash flow from operating activities of $3.4 million and adjusted funds flow from operations of $3.5 million

Production volumes increased marginally in the first quarter of 2025 to 1,729 boe/d from 1,664 boe/d last year. Production volumes will increase further in the second quarter following the tie-in of the three (1.50 net) wells drilled this year at Kakwa North. For the quarter, petroleum and natural gas revenue remained relatively flat and totaled $9.1 million in the period compared to $9.0 million last year. With revenue offsetting expenses, the Company generated no net income for the quarter compared to a loss of $0.2 million last year. Cash flow from operations was $3.4 million (2024: $2.6 million) and adjusted funds flow from operations of $3.5 million (2024: $3 million).

The Company incurred capital expenditures of $17.9 million for the period (2024: $2.6 million) and reported a working capital surplus of $9.2 million as of March 31, 2025 (2024: $30.2 million).

The term “adjusted funds flow from operations” and “working capital surplus” are non-IFRS measures. Please see the reconciliation elsewhere in this press release.

Questerre is an energy technology and innovation company. It is leveraging its expertise gained through early exposure to low permeability reservoirs to acquire significant high-quality resources. We believe we can successfully transition our energy portfolio. With new clean technologies and innovation to responsibly produce and use energy, we can sustain both human progress and our natural environment.

Questerre is a believer that the future success of the oil and gas industry depends on the balance of economics, environment, and society. We are committed to being transparent and are respectful that the public must be part of making the important choices for our energy future.

Advisory Regarding Forward-Looking Statements

This news release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”) including the Company’s views that securing energy security and market access is a priority in Canada following the shift in US trade policy and that its discovery could provide a secure supply of natural gas to Quebec and help solve their existing electric energy shortage while reducing Canadian and global emissions.

Forward-looking statements are based on several material factors, expectations, or assumptions of Questerre which have been used to develop such statements and information, but which may prove to be incorrect. Although Questerre believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Questerre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further, events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, without limitation: the implementation of Bill 21 by the Government of Quebec and certain other risks detailed from time-to-time in Questerre’s public disclosure documents. Additional information regarding some of these risks, expectations or assumptions and other factors may be found in the Company’s Annual Information Form for the year ended December 31, 2024, and other documents available on the Company’s profile at www.sedar.com. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Questerre undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Questerre’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

⁽¹⁾ For the three-month period ended March 31, 2025, liquids production including light crude and natural gas liquids accounted for 998 bbl/d (2024: 978 bbl/d) and natural gas including conventional and shale gas accounted for 4,388 Mcf/d (2024: 4,114 Mcf/d).

Barrel of oil equivalent (“boe”) amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and the conversion ratio of one barrel to six thousand cubic feet is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

This press release contains the terms “adjusted funds flow from operations” and “working capital surplus” which are non-GAAP terms. Questerre uses these measures to help evaluate its performance.

As an indicator of Questerre’s performance, adjusted funds flow from operations should not be considered as an alternative to, or more meaningful than, cash flows from operating activities as determined in accordance with GAAP. Questerre’s determination of adjusted funds flow from operations may not be comparable to that reported by other companies. Questerre considers adjusted funds flow from operations to be a key measure as it demonstrates the Company’s ability to generate the cash necessary to fund operations and support activities related to its major assets.

	Three Months Ended March 31,
($ thousands)		2025		2024
Net cash used in operating activities	$	3,359	$	2,628
Change in non-cash operating working capital		184		345
Adjusted Funds Flow from Operations	$	3,543	$	2,973

Working capital surplus is a non-GAAP measure calculated as current assets less current liabilities excluding risk management contracts and lease liabilities.

The MIL Network –

May 15, 2025

MIL-OSI New Zealand: More jet fuel to be stored near Auckland Airport

Source: NZ Music Month takes to the streets

Cabinet has approved regulations that will give fuel companies until 1 November 2026 to increase the jet fuel they hold at or near Auckland Airport to protect New Zealand against unexpected fuel supply disruptions, Associate Energy Minister Shane Jones says.

“As an island nation far from the rest of the world it is essential New Zealand has uninterrupted access to air travel,” Mr Jones says.

“In 2019, an inquiry into the 2017 pipeline rupture recommended fuel companies invest in additional storage at or near the Airport ‘without delay’.

“Since 2019, fuel companies have allowed jet fuel cover to fall below the inquiry’s recommended resilience target of 10 days’ cover at 80 per cent operations, leaving New Zealand susceptible to the impacts of an unexpected fuel supply disruption.

“The regulations provide the extra impetus fuel companies need to avoid any further delay for investing in additional fuel storage.

“The 2017 fuel disruption saw almost 300 flights impacted. As our largest and busiest airport, is it essential we have enough jet fuel storage in place near Auckland Airport to help prevent future impacts to air travel in case of unexpected disruptions,” Mr Jones says.

“Fuel companies have told me they will invest in a new storage tank near Auckland Airport to meet the new requirement. Cabinet’s decision also updates existing rules to ensure fuel companies give government visibility on the amount of readily available jet fuel held near Auckland Airport.

“Fuel security is a top priority for this Government. This new rule along with our work to develop a fuel security plan will help keep the New Zealand economy moving and connected to the world,” Mr Jones says.

MIL OSI New Zealand News –

May 15, 2025
MIL-OSI New Zealand: Launch of the Social Investment Fund

Source: NZ Music Month takes to the streets

Kia ora koutou katoa. Nau mai, haere mai, piki mai. Ki te mihi atu ahau, ki ngā mana whenua nei, tenei te mihi i kaikarakia ko Riki Minhinnick, tēnā koutou, tēnā koutou, tēnā koutou katoa.
Thank you to the Southern Initiative for hosting us in Manukau today.
As many of you will know the Southern Initiative champions social and community innovation in south Auckland to drive real change for people in need.
There are many parallels with the work the Social Investment Agency is doing, and I’m delighted to be making today’s announcement here.
I would also like to acknowledge the presence of Social Investment Board members Dr Graham Scott, David Woods and Mike Williams.
Last year I told a story about Jack. It was not your classic Hollywood underdog story – maybe something closer to home, gritty and independent and without a cosy fairytale ending.
When we left Jack he was 22-years-old, had been arrested for assault and was heading to prison. His pregnant partner Danni and four-year-old son were living in a damp, overcrowded rental in South Auckland. He’d had frequent and extensive interactions with government services, which had not been successful in providing the intervention or support he needed to break the cycle.
Over successive decades and successive governments it’s become increasingly clear that despite billions of dollars being spent major barriers in the system are holding back change.
The sad reality is that despite many good intentions, outcomes haven’t improved for many of our most vulnerable – people like Jack and his partner Danni – whose complex needs span multiple government portfolios.
Since we last talked about Jack, the Social Investment Agency has been developing a new social investment approach for better delivery of social services.
The Government currently funds a huge number of non-government organisations to deliver social services to improve the lives of vulnerable New Zealanders. But many of these providers are operating with one arm tied behind their backs because of a traditionally fragmented, short-term approach to contracting.
I’ve been told of providers juggling over 100 contracts with up to 17 different agencies – many of them renewed annually. That creates uncertainty, pushes up costs, and drives short-term thinking.
Contracts are often highly prescriptive, focused on easily measured inputs and outputs, rather than the outcomes that actually matter to peoples’ lives.
Social providers report spending up to a third of their time on auditing and reporting, rather than working with the people they are supposed to be helping.
Those delivering services that span multiple government agencies often find their overall impact goes unrecognised. Each agency sees only the part that relates to its silo, missing the broader value of the work. As a result, effective, integrated community support is undervalued, and the people who need it most, like Jack and Danni, miss out.
The people in this room know that New Zealanders like Jack and Danni require intensive and bespoke services, which are most effective when provided in their communities, not one-size-fits-all programmes driven by the organisational needs of Wellington bureaucracies.
Social investment flips the model. It puts people – like Jack and his whānau – at the centre of social service delivery.
It means being clear about the outcomes we’re purchasing, who we’re targeting, and the data and evidence we’ll use to determine what is and isn’t working – and what we should, and shouldn’t, be funding.
And it means partnering better with the organisations like many of you here today, who are best placed to help the likes of Jack, Danni and Jack Jr thrive – as long as Government will let you.
SOCIAL INVESTMENT FUND
To drive this change, today I am announcing that Budget 2025 allocates $275 million over the next four years to Vote Social Investment.
The centrepiece of the Social Investment Budget is a new $190 million Social Investment Fund, designed to change lives and tackle the very problems we’ve talked about – short-term contracts, siloed funding, and a lack of focus on outcomes.
In addition, the Social Investment Agency has been allocated:

$20 million for initiatives that strengthen parenting in the first 2000 days of a child’s life, reducing harm and setting children up for better long-term outcomes; and
$25 million for initiatives to help prevent children and vulnerable adults from entering state care, as part of the Crown’s response to the Royal Commission of Inquiry into Historical Abuse in State Care.

The hero of today’s announcement is the Social Investment Fund.
It will invest in services that deliver measurable improvements in the lives of those who need our help, guided by data and evidence. It will support both new approaches and strengthen existing services that work.
Each investment will have robust evaluation built in from the start, so Government can track the Fund’s impact and invest taxpayer money with confidence.
The Fund is expected to invest in at least 20 initiatives over the next year.
Today, I’m pleased to announce the first three initiatives which demonstrate how the Fund will work in practice:
The first is an Autism NZ initiative to each year help 50 families of young children who are autistic or showing signs of autism by intervening early so that families, teachers, and other professionals, are better able to help these young people to thrive at school.
The second extends to another 80 families an evidence-based Emerge Aotearoa programme that has been proven to reduce youth offending and truancy.
The third is He Piringa Whare, an expanded programme delivered by Te Tihi o Ruahine, an alliance of nine hapū, iwi, Māori organisations, partners and providers with a track record of using data and evidence to shape its services.
The He Piringa Whare programme will support over 130 families at a time to live in warm, dry homes, engage them in education, training and employment and support whānau to live in relationships that are free from violence.
All three of these initiatives have established expertise, but all have historically struggled to secure funding for their services because the outcomes span multiple government agencies.
My goal is that the Government’s new approach will help us prove the return on these investments so we can scale them up over time.
But what might the work of the Social Investment Fund actually mean for someone like Jack and Danni?
It could mean a coordinated response from Te Tihi: support for Jack as he reintegrates into his community after prison, parenting programmes for him and Danni, smoking interventions while Danni is pregnant; tailored housing support; and education and health services wrapped around their young family.
Not a patchwork of agencies working in silos, and providers cobbling together piecemeal funding and contracts.
It means a dedicated support worker who knows their whānau and a stable home for Jack, Danni, and their children.
It means early identification of autism for Jack Jr, when his Plunket nurse sees early signs of autism and refers him to Autism NZ.
Autism NZ, in turn, could provide Jack’s whānau with tools to better understand his needs and get him ready for school, provide access to the learning support his father would likely have benefited from and didn’t get, and on-going support for the whole family, setting the foundation for long-term success.
We’re not talking about waving a magic wand, applying a quick fix or simply servicing misery. This is about investing in smart, targeted early interventions that not only make a difference in the lives of Jack and his whānau, but mean the Government reduces the money it might otherwise have spent on treating the symptoms rather than the cause of dysfunction – be it at the crisis end of the justice or health systems or government provided income support.
Maybe if Jack had received something like Emerge’s services as a youth, things wouldn’t have progressed to where he was heading to prison. Its Multi-Systemic Therapy programme has seen at least 80 per cent of the young people it works with engaged in education or work with no new arrests.
The Social Investment Fund is starting small but I see potential for it to achieve significant scale over time.
Government agencies currently spend about $7 billion each year buying social services designed to improved lives from non-government agencies.
In the years ahead we want to see more of this funding and more of these contracts transferred into the Social Investment Fund.
We will work with providers and communities who want to consolidate their multiple government contracts into one genuinely outcomes-based contract.
The Government is also open to the pooling of social sector funding from multiple government budgets into a single fund under local decision-making. We often hear local leaders saying that they could do a better job of investing in outcomes than multiple government agencies and we want to hear from you how we can make that work.
We’re also creating the opportunity for future co-investment opportunities with the philanthropic and private sector.
The Social Investment Fund is a rejection of the failed approaches of the past. It’s being set up as a totally new way of working with you, the people who know Jack and Danni best and who are best placed to impact their lives for the better. I see it as a force for enduring change that will survive changes of Government.
Because Jack doesn’t care that the providers that have been in contact with him have been doing it hard. He doesn’t know that they scrounge and scrape to get by, managing dozens of contracts with agencies, getting endlessly audited and reporting back on every minor detail.
A central fund with a clear mandate gives us the best chance of working with those outside of government to improve the lives of the most vulnerable New Zealanders.
SOCIAL INVESTMENT ACROSS GOVERNMENT
The Social Investment Agency also has a wider leadership role. It’s purpose is to demonstrate and accelerate change that ensures all government agencies invest more effectively to deliver better outcomes for New Zealanders.
It is building tools, infrastructure and methods that both government agencies and the wider social sector can use. That includes better ways to track progress, measure outcomes and understand what’s actually working.
This will also improve the way the Government delivers mainstream social services in health, education and other areas.
For example, the Government invests billions of dollars in education every year, but the returns – in terms of literacy, school attendance, and long-term outcomes – are not where they should be.
We know that many kids with additional needs struggle throughout their time at school. We also know that if we intervened earlier to help them they’d be capable of achieving a whole lot more.
This is a prime area for applying a social investment approach – targeting resources earlier, backing what works, and ensuring that spending leads to better outcomes later in life.
If we get it right early, we reduce the need for far more expensive interventions down the track. You can expect to see that thinking heroed in this year’s Education Budget. And I’m looking forward to saying more about it next week.
It’s not just about education. We want every government agency to be asking: how can we invest smarter? How do we make sure out spending is improving lives, not just funding activity?
That means being open to innovation – and by that I mean being open to, and enabling, new approaches to existing challenges. We need to recognise that the overly risk-averse approach traditionally taken by government agencies has not shifted the dial – especially for families with high and complex needs or intergenerational issues.
We also know that innovation is happening outside of the Wellington system – in spite of the barriers government can put up. We want to back communities and non-government organisations who show insight in their use of data and evidence, who are willing to innovate and to clearly evaluate what’s working and what’s not working.
It’s about constant improvement. We want to see data used to constantly measure the progress being made and to identify how we can do better together.
Data, evidence and infrastructure form the backbone of the social investment approach. Together, they provide for safe and secure data sharing that enables the Government to understand where it should focus its efforts. They also enable providers to understand their impact and what else they need to do.
A key goal for the Social Investment Agency is to reduce the amount of reporting and data being sought by government agencies from providers.
We recognise that the amount of meaningless information presently sought by agencies can be burdensome for NGOs and often adds very little value relative to the work required to provide it.
Social investment contracts will be designed to reduce the amount of data being required while improving our insights about what actually has impact.
SPEND TO SAVE
Social investment not only improves lives, it also frees up resources for investment in other priorities.
When we invest even relatively small amounts in the right places, that can lead to bigger and better impacts – both socially and fiscally.
Our Government is willing to make investments up front to drive durable savings down the line.
We’re starting to shift how this logic is reflected in the Budget process — recognising that not all spending is a cost. Some spending is investment that provides a social and financial return over the longer-term. And when it’s well-targeted and backed by evidence, it pays for itself many times over.
We’ve already put this theory into action.
In December 2023, over 3,100 households were living in emergency housing motels – often for months at a time and at one point costing the country around a million dollars a day. Some of these motels became long-term living arrangements for families with young children. It was one of the most visible policy failures in recent memory – unsustainable, expensive, and harmful to the people stuck in the system.
So we changed approach. We made families with children a priority for social housing. We made an upfront investment of $80m and we worked across agencies to support people into stable housing – including private rentals.
The result was that by December 2024, the number of households in emergency housing motels dropped to 591 – a 75% reduction in just 12 months, and five years ahead of the target we set on coming into office.
This is not just a huge social success for the thousands of families now raising their children in proper homes. It’s also a huge success for the taxpayer – with savings of nearly $1.35 billion forecast over the next four years. That’s hundreds of millions of dollars that would have been spent on motel bills instead being reinvested back into social services, education, and health.
Budget 2025 builds on this approach. It includes further initiatives where smart, early investment is expected to generate real savings, including in areas like employment, where helping someone into work today not only improves that person’s life prospects, but lead to savings for the taxpayer.
This is how our Government will build a social system that’s more effective, more sustainable, and that replaces heavy-handed bureaucracy with real results.
CONCLUSION
Fast forward ten years. On this trajectory, we expect to see Jack, Danni and their children thriving, living in a home full of hope, not hardship.
Jack and Danni have been able to give their children stability they themselves haven’t had. With parenting programmes and community support, they have a confidence and a sense of belonging brought about by interventions that were targeted, holistic, and locally-driven.
We’re looking forward to seeing communities drive the change we want to see. We know that real change will come from the leadership of people like those in this room, not policy advisors on the Terrace.
Today’s Budget announcement is a big step forward. Over the next few years, I expect to see significant amounts of funding transferred to the Social Investment Fund, which will enable providers to work holistically and flexibly to improve people’s lives.
Our Government believes in the potential of every person growing up in this country.
Because every New Zealander deserves the chance to live in a home full of hope, not hardship. That’s the vision for social investment and I’m looking forward to working with you to make it happen.

MIL OSI New Zealand News –

May 15, 2025
MIL-OSI New Zealand: Social Investment Fund to help vulnerable Kiwis

Source: NZ Music Month takes to the streets

Vulnerable families and young New Zealanders will benefit from a new approach to the delivery of social services with a $275 million boost to Vote Social Investment, Social Investment Minister Nicola Willis says.
“The centrepiece of the Social Investment Budget package is a new $190 million Social Investment Fund that will make carefully targeted investments designed to improve the lives of New Zealanders in need.
“The Fund is about more than new money. It’s about Government investing earlier, smarter and with much more transparent measurement of the impact interventions are having for the people they are designed to help.
“The Fund will invest in services that deliver measurable improvements in people’s lives, guided by data and evidence. It will support both new approaches and strengthen existing services that work, to improve the Government’s return on investment and change vulnerable people’s lives for the better.
“Over the next year the fund will invest in at least 20 initiatives, using a completely different contracting approach than that traditionally used by Government agencies.
“Each initiative will have robust evaluation built into it from the start, so that its impact can be tracked.
“The Government is already investing around $7 billion each year buying social services from non-government agencies. Despite this, we know too many New Zealanders remain trapped in cycles of inter-generational dysfunction. Communities, NGOS and iwi all tell us they could have much more impact in people’s lives if the Government was smarter about the way it selects, contracts, and monitors the social services we fund.
“The Fund will start relatively small and grow over time as it proves itself, setting up the infrastructure for large scale delivery of integrated contracts with support from the social sector.
“The Fund will be the catalyst for improving the way Government works with communities to drive social impact.
“Over the next two to three years, I expect to see significant amounts of funding transferred from current social services to the Social Investment Fund as communities and providers develop new approaches to working with government.”
As part of the $275 million, the Budget also provides:

$20 million for programmes that strengthen parenting in the first 2000 days of a child’s life, reducing harm and setting children up for better long-term outcomes; and
$25 million to help prevent children and vulnerable adults from entering state care, as part of the Crown’s response to the Royal Commission of Inquiry into Abuse in Care.

Note for editors
The first three initiatives funded by the Social Investment Fund are:

Autism New Zealand’s early screening and intervention programme that provides services and support for family/whānau, caregivers and professionals.
Ka Puta Ka Ora Emerge Aotearoa’s evidence-based approach to tackling youth offending and truancy that will help at least 80 families each year to address youth offending and truancy; and
The He Piringa Whare programme with Te Tihi o Ruahine an alliance of nine hapū, iwi, Māori organisations and providers that will support 130 families at a time with a wraparound service that delivers stable housing, education, training and employment, and other services

MIL OSI New Zealand News –

May 15, 2025
MIL-Evening Report: Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’?

Source: The Conversation (Au and NZ) – By Hugh Breakey, Deputy Director, Institute for Ethics, Governance & Law, Griffith University

A.C. Grayling’s new book Discriminations: Making Peace in the Culture Wars sees the renowned philosopher wading into the ethical minefields of “woke” activism, cancellation, and conservative backlash.

Filled with thoughtful analysis, deep reflection, and fascinating historical detail, Discriminations argues the differences between leftist moderates and “woke activists” centrally concern means rather than ends.

Review: Discriminations: Making Peace in the Culture Wars (Oneworld Publications)

The book’s core contribution lies in Grayling’s searching examination of “othering”. This allows him to explain the core ethical concern about racism and sexism while simultaneously providing a principled basis to resist the more intolerant strategies that might be used in the struggle against such evils.

Defining ‘woke’

“Woke” and “wokist” now have pejorative implications and are terms used mainly by critics of progressive views. Grayling defines “wokism” in terms of the passionate advocacy of things like:

• Critical Race Theory in history classes

• Campaigning for same-sex marriage

• Educating about diversity in sexuality

• Supporting medical gender transition

• Advocating changes in language use, such as with non-gendered pronouns

• Encouraging Me Too avowals.

A significant number of identity politics activists, he adds, “promote no-platforming and cancellation as weapons in the struggle”.

This last point is critical in the way Grayling pictures the differences between moderate leftists like himself and “woke activists”. After all, the bulleted list above – apart perhaps from the reference to Critical Race Theory – includes many concerns broadly shared across the political left.

Goodreads

For Grayling, the differences between moderates and activists are mainly ones of strategies they employ to achieve their shared social justice goals.

Through their justifiable anger at systemic injustice, he argues, some “woke activists” have been drawn into employing weapons like no-platforming and cancellation. These tactics can sometimes be morally mistaken, especially when driven by online mobs.

Grayling worries that the use of these practices can “other” their targets, without any attempt at due process and constraints of proportionality.

A contrasting view?

Discriminations stands in stark contrast to another recent work on wokism: Yascha Mounk’s The Identity Trap. Like Grayling, Mounk is a moderate leftist. Like Grayling, he is critical of woke activism. But that is where their similarities end.

For Mounk, wokism is not a continuation of traditional leftist civil rights struggles but a sharp deviation from them. On this view, wokism (which Mounk calls “the identity synthesis”) differs from liberal progressivism not merely in means but fundamentally in ends.

Mounk sees wokism as committed to three foundational claims: the world must be understood through the prism of identities like sex, race and gender; supposedly universal rules merely serve to obscure how privileged groups dominate marginalised groups; and a just society requires norms and laws that explicitly treat (and require citizens to treat) different identity groups differently.

None of these are claims about means; they concern fundamental values and goals. For Mounk, woke intolerance – in the form of cancellation and no-platforming – is a feature, not a bug. In contrast, Grayling sees online cancellations (when they go wrong) as a betrayal of the traditional leftist values he shares with the woke activists.

Cancelling

Grayling understands cancelling as efforts to “deprive opponents not only of a platform to state their views, but to deprive the persons and groups themselves of a presence.” This can include social ostracism and getting people fired.

Discriminations contains no detailed discussions of contemporary cases of cancellation and their impacts. This is deliberate. Grayling worries that discussing current cases might invite an automatic identification with the cancelled target. Alternatively, it might counter-productively draw attention to victims who have already been excessively targeted.

Granting these points, the absence of any case studies carries costs. For one thing, it’s never shown in the book that these objectionable practices are widespread enough to warrant a movement against them.

Equally, there is no appeal to the reader’s sympathies by examining cases of cancellation through social media pile-ons and the human costs involved. Unless the reader already believes these practices to be widespread and harmful, they are unlikely to see what all the fuss is about.

Without examination of actual cases, it also can be hard to know exactly what Grayling is recommending. Grayling believes cancelling is often justified. However, he wants to make clear the serious problems it creates in the cases where it is not justified.

The problem is that different readers, interpreting some of his terms differently, might be led to see an act of cancellation as justified accountability where another reader would see objectionable mob justice.

‘Othering’

Grayling defines “othering” as

the practice of treating individuals and groups, typically on the basis of stereotyping and prejudice, as a ground for discriminating against them; and discrimination involves exclusion.

Othering occurs any time one group of people decides they are different to another group (which they see as the “other”), thus treating that group in a morally different and worse way.

Racism and sexism are examples of othering and “exclusion”. Grayling argues the goal of social justice is necessarily opposed to all such othering, especially if the exclusion is done without proportionality and safeguards, like due process. (Grayling allows that criminal punishment can be a type of justified othering.)

Crucially, Grayling argues that acts of cancellation and no-platforming are instances of othering. These practices explicitly involve attempted punishment, shaming and ostracism and often occur without due process.

Suppose you are a progressive activist concerned about the injustices of systemic racism and sexism. You might have strategic reasons that constrain the methods you use in fighting those injustices. However, your concerns with racism and sexism will generally not themselves restrain the methods you use.

But suppose now you accept Grayling’s argument that the root social justice concern is not with racism or sexism specifically, but rather with the more fundamental injustices of othering and exclusion. Because cancelling and no-platforming are themselves instances of such things, you now have a deeply held reason not to cancel others (except perhaps in the most compelling cases). You do not want to become the very thing you are fighting against.

Should we accept Grayling’s argument? There are some worries his notions of othering and exclusion are over-broad, given they capture commonplace practices like national borders and criminal justice punishments.

Overall though, Grayling shows through his historical discussions that political othering for ideological or doctrinal reasons has caused enormous injustices and even horrifying slaughters.

It turns out that political and ideological intolerance – Grayling recounts religious massacres and China’s Cultural Revolution – has a history every bit as awful as racially motivated massacres like the Holocaust. As he sombrely concludes: “tragedy attends entrenched positions that make mutual comprehension impossible”.

Grayling stresses it is right to feel anger at the world’s injustices. But a wariness of being drawn into othering should incline us towards what he terms “Aristotle’s Principle”: to be “angry with the right person, in the right degree, at the right time, for the right purpose”.

Rights versus interests

Grayling adopts a human-rights-based approach as his moral compass, seeing it as a system that can transcend different cultures and parochial outlooks. He endorses the provisions of the Universal Declaration of Human Rights – importantly including the right to free speech.

Cancelling can impinge on people’s free speech rights. As well as being wrong in itself, Grayling emphasises it’s also a strategic mistake. Activism itself requires free speech and it is unwise to “gift the high moral ground on free speech” to one’s political opponents. (That said, the political right in the United States is currently showing itself to be no friend of free speech either.)

Grayling distinguishes rights and interests. He argues, “no exercise of any right can deny the fundamental rights of others.” Too often, he insists, figures on both sides of politics interpret their opponents as violating their rights when the opponents are just impacting on their interests.

Grayling is surely correct that all sides of politics could benefit from seriously thinking through the differences between rights and interests. Setting back someone’s interests is not the same as violating their rights. Interests are inevitably in conflict and always require negotiation and compromise.

Still, there remains something of an elephant in the room. What if an opponent’s words or actions don’t violate anyone’s rights, but nevertheless plausibly contribute to a world where such violations are more likely?

Arguably, the problem of political intolerance isn’t driven by a conflation of rights with interests, but instead the ease with which any attack on a group’s interests can be represented as an indirect attack on their rights.

Does Grayling get ‘woke’ right?

It is a hard task to define an amorphous, contested and evolving concept like “wokism”. Grayling’s definition seems to map reasonably onto the original idea of being “woke to” (that is, newly aware of) structural racism and other inequities.

John McWhorter.
Columbia University

But as Grayling himself observes, “woke” is now more commonly used as a pejorative term. The linguist John McWhorter argues the term has evolved from describing those with a leftist political awareness to referring to “those who believe anyone who lacks that enlightenment should be punished, shunned or ridiculed.”

This is very different from Grayling’s understanding of the term. Most of the attributes Grayling ascribes to “the woke” are standard leftist positions. Worryingly, this sometimes seems to prevent him from engaging seriously with what many of the “woke” actually say and believe.

For example, Grayling reflects on those who say that wokist social justice has been strongly influenced by postmodernism. Postmodernism includes the denial of things like “objective truth” and “factual knowledge” on the basis that these are constructs of power and discourse.

But Grayling finds this confusing. After all, postmodernism seems to undercut the objective values of equality and social justice. He concludes:

What this suggests is that those who begin with the postmodern analysis of objectivity and knowledge are not actually saying that there are no such things, but that how they have been constituted in the past should be replaced by new and better conceptions of them.

This is simply not what the postmodernists are saying. The worry here is that Grayling takes it upon himself to stipulate what another school of thought is “actually” saying, rather than listening carefully to their ideas and arguments, and being open to the possibility that these may differ profoundly from his own.

Given the book aims to persuade the woke activists he thinks are going too far in cancelling others, the possibility Grayling is misreading their actual position is a concerning one.

Throughout, he appeals to the importance of democracy, free speech, human rights, the rule of law and due process, and the Enlightenment. He argues from what he sees as empirical evidence and “common knowledge”. But all these notions are wide open for criticism (from the woke perspective) that they are inventions of racist, patriarchal, and colonialist systems of oppression.

As such, Grayling’s arguments may fall flat for the very group he is trying to persuade because he does not take their beliefs seriously enough to engage directly and critically with them.

So who is right? Is Grayling correct that woke activists are just like him, except they have been led by their shared passions for social justice to indulge in often counter-productive and mistaken strategies of cancellation? Or is Yascha Mounk correct? Is wokism a profound departure from traditional leftist social justice goals?

Perhaps time will tell.

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

– ref. Can we confront cancel culture by finding common ground between moderate leftists and ‘wokists’? – https://theconversation.com/can-we-confront-cancel-culture-by-finding-common-ground-between-moderate-leftists-and-wokists-254571

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-OSI Canada: Statement from the Taxpayers’ Ombudsperson congratulating the new Minister of Finance and National Revenue

Source: Government of Canada News

OTTAWA, May 14, 2025 – I would like to congratulate the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, on his added responsibilities in Cabinet.

I look forward to working with Mr. Champagne to improve services at the Canada Revenue Agency (CRA). The CRA has the dual responsibility of administering tax legislation and distributing benefit payments to those who need them most. I trust that he will give both aspects of this role the attention they require.

Mr. Champagne brings a wealth of experience. He has held a variety of ministerial portfolios, from Minister of Infrastructure and Communities to Minister of Foreign Affairs to Minister of Innovation, Science and Industry. I am sure that his variety of expertise will be an important asset in his dual role as Minister of Finance and National Revenue.

As well, I would like to extend my congratulations to the Honourable Wayne Long, Secretary of State (Canada Revenue Agency and Financial Institutions). He brings an interesting perspective acquired through his active engagement with numerous parliamentary committees, notably the Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities. I am therefore confident he will be proactive in making sure the CRA pursue its dual role, especially for the most vulnerable among us.

I would also like to take the opportunity to thank the Honourable Élisabeth Brière. Although I was her special advisor for only a short period of time, it was a pleasure working with her to improve the CRA’s services.

During her time as Minister, our Office released two systemic examination reports—Timing Is Everything, about how the CRA administers the Canada child benefit, and Unintended Consequences, about the CRA’s administration of the bare trust filing requirements. Between these two reports, we made a total of 16 recommendations. I was pleased to see that she provided thoughtful responses for how the CRA could improve the areas we identified. I wish her the best in her work as a member of Parliament for Sherbrooke.

I am looking forward to working with both the Minister and the Secretary of State in implementing the aforementioned recommendations made in our last two systemic reports.

Mr. François Boileau, Taxpayers’ Ombudsperson

Background information

The Office of the Taxpayers’ Ombudsperson works independently from the CRA. Canadians can submit complaints to the Office if they feel they are not receiving the appropriate service from the CRA. Our main objective is to improve the service the CRA provides to taxpayers and benefit recipients by reviewing individual service complaints and service issues that affect more than one person or a segment of the population.

The Taxpayers’ Ombudsperson assists, advises and informs the Minister of Finance and National Revenue about matters relating to services provided by the CRA. The Ombudsperson ensures, in particular, that the CRA respects eight of the service rights outlined in the Taxpayer Bill of Rights.

MIL OSI Canada News –

May 15, 2025
MIL-OSI USA: At Spotlight Forum, Warren Slams Trump, McMahon’s Attacks on Public Education, Invites Americans to Share Stories for Meeting with McMahon

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

May 14, 2025

Warren: “At a time when college costs are already too high—when the American Dream is out of reach for too many—President Trump and Congressional Republicans are making it harder for working-class families to get ahead.”

Forum Livestream

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered opening remarks at a spotlight forum entitled “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.”

Senator Warren, in her opening statement, slammed President Trump and Education Secretary Linda McMahon’s reckless actions to dismantle the Department of Education, which will make it harder and more expensive for working- and middle-class kids to receive an education. She also highlighted how Trump’s “big, beautiful bill” will slash $351 billion in education funding, harming students and borrowers to pay for tax cuts for millionaires, billionaires, and wealthy corporations.

Senator Warren invited Education Secretary Linda McMahon to testify at today’s hearing to defend the Trump administration’s actions to dismantle public education, including her decision to take Social Security benefits away from seniors with defaulted student loan debt. Secretary McMahon declined Senator Warren’s invitation and asked to meet with Senator Warren instead. Senator Warren closed by asking Americans to share their stories and questions for her to bring to her meeting with Secretary McMahon.

Opening Statement
Senate Banking, Housing, and Urban Affairs Committee Spotlight Forum: Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.
May 14, 2025
As Prepared for Delivery

Senator Elizabeth Warren: Last month, in the face of an unprecedented attack on public education led by co-Presidents Donald Trump and Elon Musk, I launched the Save Our Schools campaign.

Trump, Musk, and Education Secretary Linda McMahon are determined to make it harder and more expensive for working- and middle-class kids to get an education. Republicans in Congress are piling on as well.

So let me be clear: I will fight for public education and for all the kids, parents, teachers, grandparents and more who want better lives for themselves and the people they love.

That’s why I’m holding today’s forum called “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.”

At a time when college costs are already too high—when the American Dream is out of reach for too many—President Trump and Congressional Republicans are making it harder for working-class families to get ahead.

First, they want to eliminate the Department of Education. That’s the agency that gives millions of students a chance to go to college when their families can’t just write a check for the sticker price. It’s also the agency charged with protecting students and borrowers from bad actors like shady student loan servicers and predatory for-profit colleges.

To be clear, the money we invest in post-high school education isn’t charity. This is an investment in our people so they can get good jobs, start businesses, and help grow our economy.

But Donald Trump has already fired half of the federal workers who help make these investments. He’s also signed an executive order to try to get rid of the Education Department altogether. And to top it off, he’s trying to dismantle the Consumer Financial Protection Bureau, taking another cop off the beat for student loan borrowers.

And if you thought we could count on Republicans in Congress to stop this madness, think again. Nope. They are making things worse—much worse.

Last month, House Republicans advanced a bill to make higher education even more expensive for American families. Why? So they can pay for tax cuts for millionaires and billionaires.

Their bill would increase monthly student loan payments.

It would trap borrowers with student loan debt for even longer.

It would make it harder to get Pell Grants.

It would end rules that protect students from bad schools and greedy for-profit colleges that rip them off.

Who benefits from putting all these costs on people whose only sin is to try to get an education? Only President Trump’s billionaire and millionaire friends. They want to cut these education investments and use the money to stuff their pockets with tax giveaways.

Adding insult to injury? Now, they’re going after people’s Social Security checks too. We’ve already seen the Trump Administration work to gut Social Security, which Elon Musk calls a Ponzi scheme. President Trump has let DOGE run rampant at the Social Security Administration, laying off employees and closing field offices.

Last month, the Trump Administration announced the next phase in their plans. They are getting ready to hold back Social Security checks from student loan borrowers that are in default on decades-old student loans. Almost half a million seniors could lose their Social Security benefits.

So, I want to thank our witnesses for joining us today and helping to educate us on how these Trump policies would hurt American families.

And I want to point out who is not here: the Secretary of Education, Linda McMahon. I invited her to join today because she has a lot to answer for. The questions are pretty straightforward:

Why is the Secretary of Education jacking up costs for middle-class kids trying to go to college?

Why is the Secretary of Education firing the staff who protect students from scammers?

Why is the Secretary of Education taking away Social Security benefits from tens of thousands of seniors with student debt?

Secretary McMahon refused to answer those questions in front of the American people. Instead, she asked for a meeting. I’m happy to sit down with her. But if Secretary McMahon won’t face parents, teachers, and students who have been hurt by her reckless actions, I’m bringing their stories straight to her. So, today I’m asking everyone to share their stories. Please send them to our Save Our Schools campaign, because there is power in sharing our stories and there is power in fighting back. That is why we are here today.

MIL OSI USA News –

May 15, 2025
MIL-OSI: Granite Credit Union Turns 90 and Celebrates with the Community by Giving Back

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, May 14, 2025 (GLOBE NEWSWIRE) — This Thursday marks a historic milestone for Granite Credit Union as it celebrates 90 years of unwavering service to the people of Utah. What began in 1935 with seven visionary educators pooling their resources to create a financial cooperative has grown into a nearly $900 million institution serving almost 40,000 members, and one that remains deeply committed to its founding mission: people helping people.

To honor this incredible anniversary, Granite Credit Union is inviting all members to participate in a Credit Union-wide Member Appreciation Day. Members who visit a branch will receive a commemorative 90th anniversary pin (while supplies last)—a small token to recognize the meaningful role they play in Granite’s story.

A Media Snippet accompanying this announcement is available in this link.

“For 90 years, Granite Credit Union has had the privilege of serving Utah’s hardworking individuals, families, educators, and small businesses,” said Mark Young, President and CEO of Granite Credit Union. “This milestone reflects the legacy of our founders, the dedication of past and current team members, and the promise of those who will carry this work forward. We are proud of our history, inspired by our members, and energized for the future.”

Granite’s deep connection to the community runs far beyond the walls of its branches. Since 2018, when Granite began documenting their service hours, team members have donated more than 3500 hours of volunteer service to nonprofits across the state, each team member, empowered to support causes they care about. In 2022, Granite formalized its philanthropic efforts with the launch of the Granite Credit Union Foundation. Since its inception, the Foundation has given more than $150,000 in donations, grants and scholarships to educators, students, and non-profits, investing in future generations and continuing the legacy of its educator founders. The credit union will award another 70 educator grants before the end of 2025.

That spirit of inclusion and service continues to define Granite’s path forward. In 2023, Granite became the first credit union in Utah to earn the Juntos Avanzamos designation, recognizing its commitment to serving and empowering Hispanic and immigrant communities with access to safe, affordable, and inclusive financial services. In addition, Granite Credit Union is listed as one of the top places to work in Salt Lake City.

As Granite celebrates this 90-year milestone, the credit union remains grounded in its core values and focused on the future. Whether through expanded access to financial products, deeper community engagement, or its pledge to serve the underserved, Granite Credit Union is—and always will be— “always there, so you can make life happen.”

To learn more, please visit Granite Credit Union.

About Granite Credit Union

Founded in 1935, Granite Credit Union serves over 37,000 members and has nearly $900 million in assets. Committed to helping members achieve their financial goals, Granite Credit Union offers a variety of financial products and services, including competitive rates, flexible lending options, and personalized financial guidance. With a vision of “always there… so you can make life happen,” the credit union strives to empower members with the tools and support they need to succeed financially. Members enjoy access to secure mobile banking services, online tools, and personalized in-branch assistance at locations across Utah. Granite Credit Union is dedicated to positively impacting its communities through financial education, trusted relationships, and exceptional service. Granite Credit Union is always there… so you can make life happen. Learn more at granite.org.

Media Contact:
marketing@granite.org

The MIL Network –

May 15, 2025
MIL-OSI: Old National Bancorp Announces Quarterly Dividends

Source: GlobeNewswire (MIL-OSI)

EVANSVILLE, Ind., May 14, 2025 (GLOBE NEWSWIRE) — (NASDAQ: ONB) – Old National Bancorp (the “Company” or “Old National”) today announced that its Board of Directors declared a quarterly cash dividend of $0.14 per share on the Company’s outstanding shares of common stock. This quarterly cash dividend will be payable on June 16, 2025, to shareholders of record as of the close of business on June 5, 2025.

In addition, the Board of Directors declared a quarterly cash dividend of $17.50 per share (equivalent to $0.4375 per depositary share or 1/40th interest per share) on Old National’s 7.0% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (NASDAQ: ONBPP) and Series C (NASDAQ: ONBPO). The dividends are payable on August 20, 2025, to shareholders of record as of the close of business on August 5, 2025.

ABOUT OLD NATIONAL

Old National Bancorp is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $70 billion of assets and $37 billion of assets under management (including Bremer Financial Corporation on a pro forma basis as of March 31, 2025), Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations oldnational.com. In 2024, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

Investor Relations:
Lynell Durchholz
(812) 464-1366
lynell.durchholz@oldnational.com

Media Relations:
Rick Vach
(904) 535-9489
rick.vach@oldnational.com

The MIL Network –

May 15, 2025
MIL-OSI: Texas Ventures Acquisition III Corp Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing May 16, 2025

Source: GlobeNewswire (MIL-OSI)

New York, NY, May 14, 2025 (GLOBE NEWSWIRE) — Texas Ventures Acquisition III Corp (Nasdaq: TVACU) (the “Company”) announced today that, commencing May 16, 2025, holders of the units sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and warrants that are separated will trade on the Nasdaq Global Market under the symbols “TVA” and “TVACW,” respectively. Those units not separated will continue to trade on the Nasdaq Global Market under the symbol “TVACU.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Texas Ventures Acquisition III Corp

Texas Ventures Acquisition III Corp is a special purpose acquisition company incorporated under the laws of Cayman Islands for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business, industry or geographical location.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact

Texas Ventures Acquisition III Corp
E. Scott Crist
scott@texasventures.com
713-599-1300

The MIL Network –

May 15, 2025
MIL-Evening Report: Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial

Source: The Conversation (Au and NZ) – By Kate Cantrell, Senior Lecturer – Writing, Editing, and Publishing, University of Southern Queensland

The trial of the so-called “mushroom cook” Erin Patterson, currently underway in the Victorian town of Morwell, continues to generate global attention.

The mother of two is charged with three counts of murder and one count of attempted murder, all of which she denies.

Due to the regional location of the hearing and Australia’s conservative attitude toward the use of cameras in the courtroom, many people are following the case via podcast. This is not surprising, given Australia has among the world’s highest percentage of podcast consumers.

Currently Apple Australia’s Top 10 True Crime podcast chart includes three network-backed podcasts dedicated to the mushroom case. They essentially present the same information, but through different formats and structures, and to varying degrees of success.

Unlike cold case investigations, which are retrospectives that focus on breakdowns in the legal system, real-time true crime podcasts unpack complex issues and provide information to listeners while a case is under judgement.

Death cap dinner claims recapped

Prosecutors allege in July 2023 Erin Patterson laced four beef wellingtons with death cap mushrooms and served the deadly lunch to her parents-in-law, Don and Gail Patterson; Gail’s sister, Heather Wilkinson; and her husband, Ian Wilkinson. But the defence has raised doubts about those claims.

The trial, now in its third week, has captured the nation. The jury has heard from Erin’s children, along with Facebook friends and the sole surviving guest Ian Wilkinson, a pastor who spent almost two months in hospital following the lunch.

Justice on demand

In Australia, the principle of open justice – that justice should not only be done, but be seen to be done – is a cornerstone of the legal system. This includes making fair and accurate reports of judicial proceedings, and ensuring court information is accessible to the media and public.

New media forms, such as podcasts, also depend on democracy and accessibility. Anyone can speak and anyone can listen, anywhere, at any time. So true crime podcasts have naturally (and sometimes problematically) converged with the process of open justice.

Take The Australian’s 2018 podcast The Teacher’s Pet, which followed the controversial investigation of the disappearance of Lynette Dawson from the northern beaches of Sydney in 1982. It marked the first time in Australian legal history that a serialised podcast was cited as the primary reason for an application for a permanent stay of proceedings.

While the permanent stay was denied, the court did grant a temporary stay for nine months. At the hearing, Justice Elizabeth Fullerton called the podcast “the most egregious example of media interference with a criminal trial process”. She described it as “overzealous”, “uncensored” and “imbued with hubris”.

But there are some key differences between The Teacher’s Pet and the new mushroom case podcasts.

The Teacher’s Pet resurrected a cold case, and uses investigative journalism to propel interest in the real-time solving of the case, with listeners’ help. This process, known as jurification, positions the podcast host as a journalist-turned-investigator, and the listeners as jurors weighing up the evidence.

In contrast, the podcasts on the Patterson case largely rely on objective reporting to build on listeners’ understanding of the context that led to the tragic deaths of three people. These podcasts include no explicit judgement of evidence. And this allows them to skirt the potential for “trial by media”.

The Mushroom Case Daily

One of the most popular podcasts tracking the Patterson case is the ABC’s Mushroom Case Daily.

As the top-ranked podcast in Australia’s Apple charts at the time of writing, the Daily provides digestible summaries of key moments in the trial, with court reporter Kristian Silva and producer Stephen Stockwell (Stocky) recording daily from a makeshift studio in Morwell.

As the first podcast of its kind in the market (starting in March 2024), the Daily is informative and engaging, but not sensationalist or self-serving. It reports on the facts, but does not shy away from empathetic identification with the victims – helping the audience feel involved in the story.

Interestingly, the Daily even builds empathy for Patterson herself. It humanises the accused by reporting on her emotional displays, and by seeking to understand her actions and reactions, rather than merely vilifying her.

The Daily also refuses to speculate about whether Patterson is guilty or not, as do its competitors. In doing so, it upholds the legal and ethical obligation of court reporters to maintain impartiality and not misinterpret or misrepresent information.

At the same time, it is one of the more intimate accounts of the trial, with a relaxed and conversational style. It’s also more interactive than its rivals, as listeners are encouraged to write in with questions.

The Mushroom Cook and Say Grace

The Mushroom Cook: The Trial and The Mushroom Trial: Say Grace are also popular with listeners.

Both are uploaded regularly, with a goal to summarise the events of the day’s trial and highlight the most significant revelations.

The Mushroom Cook is presented by Herald Sun journalists Brooke Grebert-Craig and Laura Placella. It began in April 2024 with a detailed explanation of the case, in anticipation of the criminal proceedings, and has continued to report on developments over the past year via short episodes of 15 minutes or less.

Say Grace, a 9Podcast presented by Penelope Liersch (Nine) and Erin Pearson (The Age), started on April 20 of this year, the day of jury selection. It provides more detailed episodes of about 30 minutes in length.

Unlike the Daily, both of these podcasts use reenactments with voice actors performing the witness testimony. This provides a sense of authenticity and immediacy; listeners feel like they themselves are in the courtroom, privy to the evidence. However, the ethics of reenactments in video and audio documentary are murky. While some people say they aid understanding, others may see them as introducing bias or distorting reality.

Like the Daily, both The Mushroom Cook and Say Grace are acutely aware of the potential ethical and legal risks of reporting on the case. They take care to avoid conjecture and misrepresentation, such as by using explicit disclaimers before reenactments.

Although both podcasts are presented in a casual and conversational style, Say Grace offers more in-depth commentary on the case, using descriptive language to paint a vivid picture of courtroom proceedings.

Ultimately, each of these three podcasts is serving more than listeners’ suspicions; they are providing an important public service by reporting the truth and preserving open justice.

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

– ref. Justice on demand? The true crime podcasts serving up Erin Patterson’s mushroom murder trial – https://theconversation.com/justice-on-demand-the-true-crime-podcasts-serving-up-erin-pattersons-mushroom-murder-trial-256209

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-OSI USA: Griffith Statement on Completed Energy and Commerce Reconciliation Markup

Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

The House Committee on Energy and Commerce completed its reconciliation markup hearing on budget recommendations that fall in line with the budget resolution. The House Budget Committee will receive the Energy and Commerce recommendations as they prepare to draft a reconciliation package. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

“Congressional Democrats and progressive prognosticators shouted day and night that the Energy and Commerce Committee couldn’t make budget recommendations without massive, significant cuts to Medicaid. And yet, House Republicans proved them all wrong. I look forward to working with House Republicans during the next phase of the reconciliation process to produce a bill that carries out a pro-growth, commonsense agenda.”

BACKGROUND

On April 10, 2025, the U.S. House of Representatives passed U.S. Senate-amended H. Con. Res. 14, a budget resolution that sets fiscal objectives for House committees to identify potential savings.

The resolution instructs the House Committee on Energy and Commerce to identify a target of $880 billion in savings.

The House Committee on Energy and Commerce started its markup hearing on Tuesday, May 13.

The Committee’s proposed recommendations must still be considered by the Budget Committee. Changes to the underlying reconciliation bill are still possible and then must be voted on by both chambers of Congress.

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MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Tonko Delivers Final Plea to Republicans to Protect Medicaid for Americans

Source: United States House of Representatives – Representative Paul Tonko (Capital Region New York)

WASHINGTON, D.C. — In his closing remarks, during a 26-hour long markup in the Energy and Commerce Committee on the Republican budget, Congressman Paul D. Tonko (NY-20) shared the story of a local family who relies on Medicaid and who would be hurt by the massive healthcare cuts included in the GOP budget. Throughout the markup, Tonko shared firsthand accounts of constituents across the district who would have their Medicaid coverage ripped away as a result of Republicans’ budget cuts. In his closing remarks today, Tonko highlighted the story of Sara, the mother of a 16-month-old pediatric stroke survivor who relies on Medicaid to get the care he deserves.

Tonko spoke with Sara directly about the impact of Medicaid in providing support her son. Their conversation can be viewed HERE.

Tonko’s full remarks can be viewed HERE or read below as prepared for delivery:

As we wind down this debate, I have a confession to make.

I’m tired.

I know we’re all tired too.

We’ve been at this more than 25 hours now.

But while I am tired, I am also energized.

Because I know our cause is just.

And because I know that these past 25 hours have helped to illuminate the stakes of this debate for the American people.

And the stakes couldn’t be higher.

The choices that are made in this room today, and in our House of Representatives will impact the lives of millions of people we will never meet.

In this moment, I’m thinking of how this might impact one family I have met – Sara and her son Cameron from Niskayuna, New York.

Cameron is a 16-month-old pediatric stroke survivor. Cam was previously normally developing and healthy, but at 7 months old, he had a rare pediatric stroke that changed everything.

Sara shared how they quickly found themselves in a community of parents with disabled kids that rely on Medicaid. Her son receives 5 to 6 therapies a week and goes to 2 to 3 doctors’ appointments every month.

Medicaid is the safety net that supports them to provide things like copays and medical braces, which add up and make a huge difference.

Sara’s story could be any of our stories. She shared with me:

“It really hits home for me that Cameron became disabled after his stroke, pretty much overnight, our lives changed. So, I think what people may be missing here is, anyone can become disabled at any moment and therefore you may not have the coverage you once thought you had.”

Republicans falsely claim that children like Cameron won’t be impacted by their package, but I’ve read the text and that’s simply not true.

New York State stands to lose billions of dollars in cuts to Medicaid from the reduced federal match, the provider tax provisions and more senseless provisions in this cruel package.

Again, let me reiterate: when states have to make these massive cuts to their Medicaid programs, where do you think they’re going to look first?

To the most expensive patients: the elderly, the sick, and the disabled. To the very people that my Republican colleagues claim they are trying to protect.

Republicans have been offered so many opportunities today to put pen to paper on their claims that this bill won’t hurt people like Cameron.

They’ve refused to do so.

When someone shows you who they are, believe them.

Here’s your last chance.

Support this amendment and let’s make an ironclad guarantee to folks like Sara and Cameron that we’re going to take care of them.

Let’s make that ironclad guarantee that lets this family sleep a little easier tonight.

I’m ready to make that promise. And I urge my colleagues to do the same.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Dingell, Merkley, Welch, Sanders Introduce Bill to Lower Prescription Drug Prices for All Americans
Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

Congresswoman Debbie Dingell (MI-06) along with Senators Jeff Merkley (D-OR), Peter Welch (D-VT), and Bernie Sanders (I-VT), today introduced the End Price Gouging for Medications Act.

The bicameral bill would lower prescription drug costs for all Americans and end pharmaceutical price gouging by requiring drug companies to offer medications in the United States at no more than the lowest price per drug in twelve other similarly developed countries—Australia, Austria, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, and the United Kingdom.

“In the wealthiest nation on earth, no one should have to choose between buying groceries and affording the medications they need to survive.” said Dingell. “There’s no reason we should be spending more on prescriptions than any other country. This legislation will bring down the cost of prescription drugs, hold drug companies accountable for their unchecked greed, and provide much-needed relief to American families.”

“Americans pay the highest prices in the world for prescription drugs, even though we invest the most in cutting-edge research and development. That is unconscionable,” said Merkley. “In my town halls across every corner of Oregon, I’ve heard time and again from Oregonians about how sky-high prescription drug prices are pushing their budgets to the limit. The End Price Gouging for Medications Act will crack down on Big Pharma’s greed. If President Trump is serious about lowering prescription drug costs for families and seniors across America, he should work with Congress to ensure we get the best prices, not the worst.”

“No one should ever be forced to choose between paying for the prescriptions they need or putting food on the table. It’s unacceptable, and for too many Americans it’s a reality because of Big Pharma’s price gouging,” said Welch. “The End Price Gouging for Medications Act would put an end to this bad practice and help more Vermonters access the medications they need. I’m proud to join Sen. Merkley to introduce this bill and help Vermonters get the care they need.”

On average, Americans spend over $1,400 on prescription drugs every year—the highest per capita drug spending in the world—largely because the pharmaceutical industry is hiking up the cost of drugs to make billions in profits each year. The American people want action, and lowering prescription drug prices to levels obtained in nations similar to the United States has strong bipartisan support. This includes medication such as:
- Ozempic, which costs Americans nearly $13,000 annually to treat type 2 diabetes compared to roughly $820 in Japan; and
- Humira, which costs Americans with Crohn’s disease more than $100,000 per year compared to roughly $3,320 per year in Austria.
Unlike Trump’s recent executive order (EO) on international reference pricing, which only applies to Medicare and Medicaid, the End Price Gouging for Medications Act goes further by requiring drug companies to offer prescription drugs at the established reference price to all individuals in the U.S. market, regardless of insurance or health care status. That includes individuals utilizing all federal health programs, uninsured individuals, individuals covered under a group health plan, or individuals who have purchased their own health insurance coverage.

In addition to Dingell, Merkley, Welch, and Sanders, the End Price Gouging for Medications Act is co-sponsored by U.S. Senator Dick Durbin (D-IL). The bicameral bill is endorsed by Public Citizen, Center for Health and Democracy, Just Care USA, Center for Medicare Advocacy, and Social Security Works.

“American consumers pay far too much for drugs, not because it is costly to manufacture them, or even because of the expense of research and development. We pay too much because the U.S. government grants patents and other monopolies to brand-name drug corporations and then does far too little to rein in Big Pharma’s exploitation of those monopolies to price gouge consumers and the government itself. If President Trump were serious about bringing U.S. drug prices down to levels in other countries, he would embrace this legislation and use the bully pulpit to urge legislators to support it instead of retrograde proposals to take away health care from millions of people to give tax cuts to billionaires and corporations. We applaud Senators Merkley, Sanders and Welch for their leadership,” said Peter Maybarduk, Director of Public Citizen’s Access to Medicines Program.

“There’s no good reason Americans should be forced to pay as much as four times more for our drugs than people in France, Japan and Canada. Senator Merkley, Senator Welch, Ranking Member Sanders, and Representative Dingell’s ‘End Price Gouging for Medications Act’ legislation recognizes that monopoly pricing by drug corporations is killing tens of thousands of Americans each year and driving countless more into medical debt. It rightly calls for fair drug pricing, which is essential to our health and well-being,” said Diane Archer, President, Just Care USA.

Full text of the End Price Gouging for Medications Act can be found here.

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: Treasury Secretary Bessent Defends Tax Breaks for those who Invest in China

Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

WASHINGTON, D.C. – Our tax system allows for lower tax rates for capital gains on stocks to incentivize Americans to make investments that grow our economy. Yet, Americans who invest in companies abroad and build the economies of other nations – even in adversarial nations such as China – are still able to receive this preferential tax treatment. Meanwhile, China provides preferential tax treatment to investments in China, but not those made in the United States.

At a recent hearing with Treasury Secretary Scott Bessent, I asked him a few simple questions: Can you think of a reason why the American tax code should provide enormous tax benefits like the capital gains allowance to Americans who invest in Chinese stocks? Don’t we prefer American capital to be invested in America?

To which he replied that while he would never bet against America, those that do, can and should be able to receive tax benefits.

In January, President Trump signed an executive order calling for an America First Trade Policy, but apparently that means America First so long as those who send our capital to China get massive tax breaks.

“The American people deserve a tax code that puts our workers, our industries, and our national interest ahead of foreign profits,” said Congressman Brad Sherman. “If the Trump Administration is serious about an “America First” agenda, it should start by ending tax breaks for those who ship capital—and opportunity—to China.”

Rewarding U.S. investors who invest in Chinese companies that may compete with or even threaten U.S. industries is not strategic. It’s not pro-worker. And it’s certainly not America First.

Last Congress, I introduced the bipartisan No Capital Gains Allowance for American Adversaries Act, which would eliminate the capital gains tax break for investments in companies based in China, Russia, Belarus, Iran, and North Korea. It would also eliminate a related tax break, the “step-up in basis” at death, for investments in such companies, and would direct the SEC to require disclosure that no tax breaks are available for these stocks. I plan to re-introduce this bill this Congress.

Watch my exchange – Here.

See a partial transcript – Here.

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MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Four Bilirakis Proposals Advance As Part of Reconciliation Package

Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

Washington, DC: Today, the House Energy & Commerce Committee advanced a broad reconciliation bill that implements fiscally-sound policies to end wasteful spending on Green New Deal-style projects, support the rapid innovation and modernization of American Commerce, and protect Medicaid for vulnerable Americans for generations to come by cutting waste, fraud, and abuse. One of the provisions included in the package, the LIVE Beneficiaries Act, authored by Representative Bilirakis, will help strengthen funding for the Medicaid program and its beneficiaries. This provision requires states to quarterly certify that those enrolled in Medicaid are still living. Bilirakis filed his bill in response to a recent independent audit of just 14 states in one year that documented $249 million in payments to providers on behalf of deceased individuals. The reconciliation package also prohibits beneficiaries from being enrolled in Medicaid in multiple states at the same time and prohibits those individuals who are here illegally from participating in Medicaid.

“I’m proud of the common-sense approach we’ve put forth to achieve significant savings while preserving benefits and access to care for our most vulnerable individuals,” said Congressman Bilirakis.  “We have a responsibility to ensure taxpayer dollars are used wisely and that includes protecting access to healthcare for low-income children, seniors, pregnant women, and those with disabilities. Despite the fear-mongering rhetoric from my colleagues on the other side of the aisle throughout the hearing – these critical populations will not see any change to their healthcare under our bill. Instead, we will disallow duplicative reimbursement, payments for deceased individuals, and coverage for illegal aliens. In doing so – we will strengthen and preserve Medicaid for generations to come while helping to restore fiscal responsibility.

Congressman Bilirakis, who is the Chairman of the Commerce, Manufacturing and Technology Subcommittee in the House, also spearheaded a measure included in the package that would implement a 10-year moratorium on state and local regulation of AI models. This moratorium will prevent the failures we have seen from the state-based regulatory morass on internet privacy from infecting the budding AI marketplace led by the United States.

“Harnessing the potential of AI is not just an opportunity for the United States, it’s an absolute necessity to secure economic leadership, strengthen national security, and ensure that American values shape the future of this transformative technology,” said Chairman Bilirakis. “We must prevent a fragmented patchwork of rules from each state that could stifle innovation, confuse compliance, and undermine the creation of effective, nationwide standards that protect both progress and the public. The moratorium included in this package enables us to achieve that goal.”

As Co-Chair of the Rare Disease Caucus, Congressman Bilirakis has worked tirelessly for many years to support rare disease patients and families by streamlining FDA processes and encouraging the development of treatments and cures for smaller patient populations. Two measures co-authored by Bilirakis to help rare disease patients were also included in the reconciliation package that passed out of Committee today. Children with complex medical needs may not have the specialized care they need within their home state. In these instances, parents must work with health care providers and state Medicaid officials to find out-of-state care. The process is difficult and complex, often delaying children and their families from receiving the care they desperately need – and in some cases blocking access to care all together. The Accelerating Kids’ Access to Care Act addresses this concern by allowing states to streamline the process for out-of-state pediatric care providers to enroll in another state’s Medicaid program, while also safeguarding important program integrity processes. The legislation enables smooth coordination across state lines by clarifying the process by which state Medicaid programs can cover this care regardless of where the child lives and where their care is received. The Orphan CURES Act is a bipartisan measure that would accelerate the development of new life-saving cures and provide hope to millions of Americans affected by rare diseases. Under current federal law, a drug or treatment that receives approval from the U.S. Food and Drug Administration (FDA) to exclusively treat one rare disease – commonly known as an “orphan drug” – is eligible for certain incentives, including an exemption from Medicare’s drug negotiation program. Unfortunately, those same incentives do not exist if an orphan drug receives FDA approval to treat two or more rare diseases. The result is a disincentive for American innovators to invest in the expensive and time-intensive research necessary to determine if an orphan drug could cure or treat additional rare diseases. The ORPHAN Cures Act would remedy these harmful, unintended consequences by honoring the intent of the Orphan Drug Act of 1983 and restoring proven, time-tested incentives to encourage the discovery of new cures for the narrow patient populations affected by rare diseases.

“Including these two critical provisions in the reconciliation package is a huge win for the rare disease community,”  said Congressman Gus Bilirakis who serves as Co-Chair of the Rare Disease Caucus. “My colleagues and I will continue to work toward advancing the development of treatments and cures for rare disease patients and removing regulatory barriers that prevent patients from accessing care.”

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Regulation S-P – Back to the Future
Source: Securities and Exchange Commission
1. Introduction
Good afternoon, I’m pleased to join you today to discuss, the importance of, and the financial sector’s role in, information security and the protection of investors’ nonpublic personal information. Specifically, I am here to lay out the Division of Examinations approach to operationalizing the Commission’s recently adopted enhancements to Regulation S-P.

But before I begin, I must share the official statement that:

*This speech is provided in my official capacity as the Commission’s Acting Director of the Division of Examinations, but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.
1. Background
The Commission, and the Division of Examinations, has been focused on ensuring the security of customer information for over two decades. In 2000, acting under the authority of the Gramm-Leach-Bliley Act, the Commission adopted Regulation S-P[i] to help safeguard such information. The standards established by Regulation S-P require, among other things, covered institutions to (i) insure the security and confidentiality of customer records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of customer records and information; and (iii) protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer.[ii]

Since its adoption in 2000, the Division of Examinations—and its predecessor, the Office of Compliance Inspections and Examinations (OCIE) has examined registrants for compliance with the requirements of Regulation S-P. We have also been incredibly active in our efforts to promote awareness and strengthen compliance across the broader field of information technology controls, especially through our industry outreach and engagement, including issuing over a dozen risk alerts on information security topics, stretching back over a decade.[iii]

But the threat landscape has significantly changed in the last 25 years. In 2000, the vast majority of mobile phones were cellular phones, like the Nokia “brick” phone or flip phone. Today, about nine-in-ten U.S. adults own a smart phone. In 2000, you generally initiated a stock trade by either calling your broker or through the internet using a dial-up modem. Today, over 100 million people use investment apps. This includes 78% of investors aged 18-34.[iv] In 2000, cyberattacks were just starting to become a growing threat in the U.S. Today, Microsoft reports that its customers face 600 million cyberattacks on a daily basis.[v] The FBI reported in 2023 that its Internet Crime Complaint Center received over 880,000 complaints with potential losses exceeding $12.5 billion.[vi]

The advancement in technology and the increased threat landscape faced by retail investors highlights the need for the regulatory community to adapt to the changing environment. Although the trend toward digitization has increasingly turned the problem of safeguarding customer records and information into one of cybersecurity, this is not to say that this is exclusively a problem of cybersecurity.
1. Amendments to Regulation S-P
In response, last year the Commission completed a rulemaking process that revised and enhanced Regulation S-P. These amendments expanded the applicability of Regulation S-P to cover additional financial institutions, modernized the rules relating to safeguards and disposal of customer information, and helped ensure customers of covered institutions receive timely and consistent notifications in the event of unauthorized access to or use of their information.[vii]
1. Key Enhancements to Regulation S-P
There isn’t enough time today to cover all of the new enhancements and amendments, so I encourage everyone to review Regulation S-P in its entirety. You can access the amendments on the SEC’s website, along with several helpful fact sheets and summaries you may find useful.[viii] I wanted to highlight three of the enhancements that firms will need to assess and adopt: an incident response program, a new customer notification requirement, and requirements relating to third-party service providers.
1. Incident Response Program
One of the key amendments to Reg SP concerns covered institutions’ incident response programs in their written policies and procedures under the Safeguards Rule.[ix] The program must be reasonably designed to detect, respond to, and recover from unauthorized access to, or use of, customer information.[x] It must include procedures to assess the nature and scope of any incident and require appropriate steps to contain and control incidents to prevent further unauthorized access or use.[xi]
1. Customer Notification Requirement
The enhancements also require covered institutions to notify affected individuals whose sensitive customer information was, or is reasonably likely to have been, accessed or used without authorization.[xii] The rules also require, with limited exception, that firms notify customers as soon as practicable (but no later than 30 days), after the covered institution becomes aware that unauthorized access to, or use of, customer information has occurred (or is reasonably likely to have occurred).[xiii]
1. Third-Party Service Providers
The amendments to the Safeguards Rule also include new provisions that address the use of third-party service providers by covered institutions. Covered institutions will now be required to establish, maintain, and enforce written policies and procedures reasonably designed to require oversight, including through due diligence and monitoring of service providers, to ensure that affected individuals receive any required notices. In essence, this means that while covered institutions may outsource their operations, they may not outsource their ultimate obligation to comply with Regulation S-P.
1. Examinations Engagement and Outreach
So, what does all of this mean for the work of the Division of Examinations? As I mentioned, the SEC has focused on compliance risks relating to securing information technology for many years, with particular attention to market systems, customer data protection, disclosure of material cybersecurity risks and incidents, and compliance with legal and regulatory obligations under the federal securities laws.[xiv] We recognize that any regulatory adjustment can create a risk of implementation challenges and costs associated with compliance. Under the Division’s Pillar of promoting compliance, we want to take this opportunity to clearly articulate our approach to achieving our shared goal of improved information security through the implementation of the updated Regulation S-P.

In the coming months, staff in the Division of Examinations, in coordination with staff from the Divisions of Investment Management and Trading and Markets, will host a series of three tailored outreach events to help promote readiness and assist firms in their preparedness to implement these new amendments to Regulation S-P. Among other topics, we will cover basics about what to expect when interacting with an exam team during an examination where Regulation S-P is in scope, as well as having a broader discussion about our approach. Led by our tremendously talented staff in the Technology Controls Program, including technologists, industry experts, former CISOs, intelligence analysts, specialized contractors, attorneys, and examiners, these outreach events are designed to assist registrants in preparing for their respective compliance dates. We will publish additional details about these events in the near future, but I look forward to having Division staff share their expertise and engage in rich discussions with our registrants.

As the two compliance dates contained in the amendments approach, registrants should not be surprised if examiners inquire about their preparations to ensure compliance following the compliance date. These inquiries are not directed at citing registrants for potential non-compliance with requirements that are not yet in effect but are intended to inform the Commission of where registrants are in the process of implementation. Similar to our approach before the transition to the T+1 settlement cycle, the Division will conduct examinations to assist the Commission in understanding the level of readiness across the sector before the compliance dates. To the extent the staff identifies trends or risks relevant across the sector or within a specific registrant population, the Division could communicate these anonymized observations through a Risk Alert or some other publication to assist registrants in coming into compliance by their respective compliance dates.

Obviously, once the compliance date passes, the updated Regulation S-P could potentially be included as part of an examination for any registrant subject to its provisions, so we all have an interest in giving registrants every opportunity to be prepared. I understand there have been requests made to the Commission to extend the relevant compliance dates for the rule amendments.[xv] Should the Commission choose to extend the compliance date, the Division will adjust our timeline, as necessary, but our approach to promoting compliance with the new requirements will remain the same. With the Commission’s clear statement of the importance of this issue, registrants shouldn’t be surprised if Regulation S-P is the subject of a thematic initiative in the coming fiscal years. Certainly, throughout this process we will be working closely with our colleagues here at FINRA and with our registrants to encourage compliance.

***
1. Conclusion
I want to thank our host FINRA and everyone here this afternoon for your time, attention, and interest in strengthening compliance and investor protection. I appreciate your commitment to safeguarding and protecting customers’ nonpublic personal information, as strong controls and safeguards benefit not only customers and investors, but also our financial institutions and markets generally.

* This speech is provided in the author’s official capacity as the Commission’s Acting Director of the Division of Examinations, but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

[iii] See Observations from Broker-Dealer and Investment Adviser Compliance Examinations Related to Prevention of Identity Theft Under Regulation S-ID (Dec. 5, 2022), available at https://www.sec.gov/files/risk-alert-reg-s-id-120522.pdf ; see also Cybersecurity: Safeguarding Client Accounts Against Credential Compromise (Sept. 15, 2020) available at https://www.sec.gov/files/Risk%20Alert%20-%20Credential%20Compromise.pdf ; see also Cybersecurity: Ransomware Alert (July 10, 2020), available at https://www.sec.gov/files/Risk%20Alert%20-%20Ransomware.pdf ; see also Cybersecurity and Resiliency Observations (Jan. 27, 2020) available at https://www.sec.gov/files/OCIE%20Cybersecurity%20and%20Resiliency%20Observations.pdf ;see also Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features (May 23, 2019), available at https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Network%20Storage.pdf ; see also Investment Adviser and Broker-Dealer Compliance Issues Related to Regulation S-P – Privacy Notices and Safeguard Policies (April 16, 2019), available at: https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Regulation%20S-P.pdf; see also Observations from Investment Adviser Examinations Relating to Electronic Messaging (Dec. 14, 2018) available at https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Electronic%20Messaging.pdf ; see also Observations from Cybersecurity Examinations (Aug. 7, 2017) available at https://www.sec.gov/files/observations-from-cybersecurity-examinations.pdf ; see also OCIE 2015 Cybersecurity Initiative (Sept. 15, 2015) available at https://www.sec.gov/ocie/announcement/ocie-2015-cybersecurity-examination-initiative.pdf ; see also Cybersecurity Examination Sweep Summary (Feb. 3, 2015) available at https://www.sec.gov/about/offices/ocie/cybersecurity-examination-sweep-summary.pdf; see also OCIE Cybersecurity Initiative (Apr. 15, 2014) available at https://www.sec.gov/ocie/announcement/Cybersecurity-Risk-Alert–Appendix—4.15.14.pdf; see also Investment Adviser Use of Social Media (Jan. 4, 2012) available at https://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf.

[ix] Regulation S-P Fact Sheet.

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: In Response to Questioning from Klobuchar, FAA Provides Details of Near Miss Episode Involving Flight Headed to Minneapolis

US Senate News:

Source: United States Senator for Minnesota Amy Klobuchar
WASHINGTON— During a Commerce Committee hearing today focused on aviation safety, U.S. Senator Amy Klobuchar asked the FAA Air Traffic Organization’s Deputy Chief Operating Officer, Franklin McIntosh, for an explanation of the near-miss incident involving a March 28th Minneapolis bound flight that departed from Reagan National Airport.
That day, a passenger flight departing Reagan National Airport for Minneapolis nearly collided with military aircraft flying “about 500 feet below” the commercial passenger jet. Directly following the incident, Klobuchar spoke with a Department of Defense official and was informed there would be an immediate Federal Aviation Administration investigation.
In response to Klobuchar’s questions at today’s hearing, Mr. McIntosh explained that the incident resulted from a miscommunication of when the military flyover would occur, resulting in an additional aircraft being cleared for take-off instead of being held on the ground. McIntosh said that the FAA has since improved procedures to prevent future incidents.
A rough transcript of the exchange is available below and a video can be downloaded here.
Senator Klobuchar: So we have been rightfully focused on the tragedy, the loss of life with the American Airlines Flight, but has been pointed out by my colleagues so many problems at Newark. And as I go into the summer season, it’s hard to believe that they won’t get worse, and then just across the country. There was one incident, a near miss recently. It was on March 28 between a Delta flight and a military aircraft shortly after the tragedy, actually, where the military flight was just 500 feet below the Delta flight. And the Delta pilot said, is this, I’m paraphrasing, but it was picked up from air traffic control. “Is there actually a flight 500 feet below us?” That flight was headed to Minneapolis, contained a bunch of Minnesotans, families, one of my staff members went on that flight. And I had asked and was, I appreciated that the DOT got back to me, close after it, but I’m still waiting for a final answer about what happened. Do you know? Could any of you give me a timeline on that?
Mr. McIntosh: Yes, ma’am. I believe, I believe I can. What occurred was the military flight was doing a national flyover over Arlington, and it was opposite direction to departure traffic at DCA. Potomac TRACON, which is the radar approach control that feeds all the aircraft into DCA, was working the military flight, and there was a communication exchange between the supervisor at Potomac and the supervisor at DCA. And what I mean is, the Potomac supervisor coordinated with DCA to stop departures at a certain time, and that that stop time is, you stop departures and let the flyover proceed. You sterilize the airspace, essentially, to keep traffic safe. The controller or the CIC that was a DCA misunderstood the time, or misunderstood the verbiage on what that stop time was, so they let one more aircraft go, versus holding an aircraft on the ground. In reviewing that, we said we have to clean up the phraseology and how we give times to ensure that we know exactly which aircraft we’re going to stop and keep that kind of incident from occurring. So what we did, we put both of those facilities together, along with the management team to ensure that we had a better process in place to keep that from happening again. So that was, unfortunately, an event that happened, but we improved the procedures to keep something like that from happening again, Ma’am.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: As Historic Measles Outbreak Worsens, Murphy Blasts RFK Jr. On Vaccine Lies

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy
[embedded content]
WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor, and Pensions Committee, on Wednesday questioned U.S. Secretary of Health and Human Services Robert F. Kennedy Jr. on President Trump’s Fiscal Year 2026 skinny budget request for the U.S. Department of Health and Human Services. Murphy pressed Kennedy on broken promises made during his confirmation hearing and accused him of misleading the Committee and the public about his support for vaccines, especially for the measles vaccine.
“I want to talk to you about the statements that you made to the Chairman of this committee and to members of this committee during your confirmation hearing about vaccines,” said Murphy. “You did not tell the truth. I find that to be really dangerous for our relationship. If I were the Chairman, who believes in vaccines and voted for you because he believed what you said about supporting vaccines, my head would be exploding. In the hearing, you told us ‘I will not work to impound, divert, or otherwise reduce any funding appropriated by Congress for the purpose of vaccination programs.’ That is not the truth. You have canceled $12 billion in public health grants to states. Whether you know this or not, that funding is used by the states in part to be able to administer and dispense information about vaccines.”
Murphy called out Kennedy for putting public health at risk by lying to Congress during his nomination hearing and spreading misinformation that undermines trust in vaccines: “You also promised Chairman Cassidy that the FDA would not change vaccine standards from ‘historical norms.’ But what happened as soon as you were sworn in? You announced new standards for vaccine approvals that you proudly referred to in your own press release as a radical departure from current practice. And experts say that that departure will delay approvals. You also said, specific to the measles vaccine, that you support the measles vaccine, but you have consistently been undermining the measles vaccine. You told the public that the vaccine wanes very quickly. You went on the Dr. Phil show and said the measles vaccine was never fully tested for safety. You said there was fetal debris in the measles vaccine.”
“Just this morning, in front of the House of Representatives, you also said that you in fact would not recommend that kids get vaccinated for measles,” Murphy continued. “You said you would just lay out the pros and cons. This is the summation of everything that you have said to compromise people’s faith in the measles vaccine in particular. It is contrary to what you said before this committee. You said you support the measles vaccine, but then you have laid out a set of facts that are contested, and I will submit information for the record from experts who contest what you have said about the vaccine. And the result is to undermine faith in the vaccines. Kind of like saying ‘Listen, I think you should swim in that lake, but, you know, the lake is probably toxic, and there are probably a ton of snakes and alligators in that lake, but I think you should swim in it.’ Nobody is going to swim in that lake, if that’s what you say. And so I want you to acknowledge that when you say you support the measles vaccine and then go out and repeatedly undermine the vaccine with information that is contested by public health experts, that is not supporting the vaccine.”
After Kennedy refused to say he supports the measles vaccine, Murphy concluded: “I think you’re answering the question, and that’s really dangerous for the American public and for families in this country. The Secretary of Health and Human Services is no longer recommending the measles vaccine.”
As of early May, the Centers for Disease Control and Prevention have confirmed over 1,000 measles cases across the country, making this the single largest measles outbreak in the 21st century. Those cases have led to 126 hospitalizations and three deaths.
A full transcript of Murphy’s exchange with RFK Jr. can be found below:
MURPHY: “Thank you very much, Madame Chair. Secretary Kennedy, I want to talk to you about your relationship with this committee and this Congress. I want to talk to you about the statements that you made to the Chairman of this committee and to members of this committee during your confirmation hearing about vaccines. You did not tell the truth. I find that to be really dangerous for our relationship. If I were the Chairman, who believes in vaccines and voted for you because he believed what you said about supporting vaccines, my head would be exploding.
“In the hearing, you told us ‘I will not work to impound, divert, or otherwise reduce any funding appropriated by Congress for the purpose of vaccination programs.’ That is not the truth. Let me finish my question.”
KENNEDY: “I didn’t hear what you said. I’m just asking you to repeat it so I can understand your question.”
MURPHY: “I’ll repeat it. During the hearing you said to this committee, and to the Finance Committee, ‘I will not work to impound, divert, or otherwise reduce funding appropriated by Congress for the purpose of vaccination programs.’ That is not what happened. You have done the opposite. You canceled $12 billion in grants to the states, including my state, that are used to administer and track vaccines. You promised Chairman Cassidy– ”
KENNEDY: “When did I do that?”
MURPHY: “Madam Chair, would you allow me to finish my question?”
MURKOWSKI: “Keep going with your question.”
KENNEDY: “When did I do that?”
MURPHY: “Let me finish my question.”
KENNEDY: “You’re making these accusations, just tell me when I did it so I can understand what the question is.”
MURPHY: “You have canceled $12 billion in public health grants to states. Whether you know this or not, that funding is used by the states in part to be able to administer and dispense information about vaccines. Mr. Secretary, let me give you the full panoply of things you said before this Committee that didn’t turn out to be true. You also promised Chairman Cassidy that the FDA would not change vaccine standards from ‘historical norms.’ But what happened as soon as you were sworn in? You announced new standards for vaccine approvals that you proudly referred to in your own press release as a radical departure from current practice. And experts say that that departure will delay approvals. You also said, specific to the measles vaccine, that you support the measles vaccine, but you have consistently been undermining the measles vaccine. You told the public that the vaccine wanes very quickly. You went on the Dr. Phil show and said the measles vaccine was never fully tested for safety. You said there was fetal debris in the measles vaccine. And this morning–”
KENNEDY: “All true! All true. Do you want me to lie to the public?”
MURPHY: “None of that is true.”
KENNEDY: “Of course it’s true. Of course it’s true, Senator. Senator, begging your pardon, but you do not know what you are talking about.”
MURKOWSKI: Let’s have a little bit of order so that you can get your question and that he can get his answer.
MURPHY: “I didn’t ask for a response yet. I’d like to lay out the predicate of my question before I’m interrupted by the witness. He should have some respect for this Committee.”
MURKOWSKI: “Go ahead.”
MURPHY: “Just this morning, in front of the House of Representatives, you also said that you in fact would not recommend that kids get vaccinated for measles. You said you would just lay out the pros and cons. This is the summation of everything that you have said to compromise people’s faith in the measles vaccine in particular. It is contrary to what you said before this committee. You said you support the measles vaccine, but then you have laid out a set of facts that are contested, and I will submit information for the record from experts who contest what you have said about the vaccine. And the result is to undermine faith in the vaccines. Kind of like saying ‘Listen, I think you should swim in that lake, but, you know, the lake is probably toxic, and there are probably a ton of snakes and alligators in that lake, but I think you should swim in it.’ Nobody is going to swim in that lake, if that’s what you say. And so I want you to acknowledge that when you say you support the measles vaccine and then go out and repeatedly undermine the vaccine with information that is contested by public health experts, that is not supporting the vaccine.
“And so I guess I have two simple questions for you. One is, can you clarify what you said in the House this morning? Are you or are you not recommending that families get their children vaccinated? Or are you just giving people the pros and cons? And do you understand that when you say these things about the measles vaccine, what ends up happening is less people get the vaccine. That may be what you want, but do you understand that the result of constantly questioning the efficacy or safety of the vaccine results in less people getting the vaccine? I don’t necessarily want to spend the remaining 20 seconds in an argument over the science. But do you at least understand that that is the consequence of what you are saying? And are you actually still recommending people get the vaccine or are you not?”
KENNEDY: “Senator, if I advise you to swim in a lake that I knew there to be alligators in, wouldn’t you want me to tell you there were alligators in it?”
MURPHY: “So are you recommending the measles vaccine or not?”
KENNEDY: “What I have said, and what I said in–”
MURPHY: “It doesn’t sound like you are, if that’s–”
KENNEDY: “Are you going to let me answer, or are you going to keep interrupting me?”
MURPHY: “Are you, or are you not?”
KENNEDY: “Are you going to let me answer? What I pledged before this committee during my confirmation is that I would tell the truth, and that I would have radical transparency. I’m going to tell the truth about everything we know and we don’t know about vaccines.”
MURPHY: “Are you recommending the measles vaccine or not?”
KENNEDY: “I am not going to just tell people everything is safe and effective if I know that there’s issues. I need to respect people’s intelligence.”
MURPHY: “I think you’re answering the question. I think you’re answering the question, and that’s really dangerous for the American public and for families in this country.”
KENNEDY: “The reason people have lost faith in this program is because they’ve been lied to by public officials for year after year after year.”
MURPHY: “The Secretary of Health and Human Services is no longer recommending the measles vaccine.”

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Tuberville Joins Colleagues in Effort to Protect Americans Against Chinese-Infiltrated Equipment

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Tom Cotton (R-AR) and other members of Congress in sending a letter to Secretary of Commerce Howard Lutnick urging the department to prohibit TP-Link equipment sales. This state-sponsored networking equipment company has deep ties to the Chinese Communist Party and poses a clear present danger to American national security.
“TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies,” wrote the members of Congress.
Joining Sens. Tuberville and Cotton are U.S. Sens. John Barrasso (R-WY), Ted Budd (R-NC), Bill Cassidy (R-LA), Josh Hawley (R-MO), Jim Justice (R-WV), Cynthia Lummis (R-WY), Bernie Moreno (R-OH), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), and Rick Scott (R-FL). Four U.S. Representatives also joined the letter.
Full text of the letter can be read below or here.
“Dear Secretary Lutnick,
We write in support of the Commerce Department’s investigation of TP-Link, a state-sponsored networking equipment company, and urge you to take swift action to prohibit further sales of TP-Link networking products in the United States. TP-Link’s deep ties to the Chinese Communist Party (CCP), use of predatory pricing to eliminate trusted U.S. alternatives, and role in embedding foreign surveillance and destructive capabilities into our networks render it a clear and present danger.
Chinese state actors have exploited TP-Link small and home office (SOHO) networking devices — including Wi-Fi routers, cellular gateways, and mobile hotspots — to wage cyber-attacks in the United States.CCP agents commonly exploit SOHO routers because those systems have ideal bandwidth and computing power for sustained cyber activities but lack additional layers of security common in enterprise networks. TP-Link is also subject to China’s National Security Law, giving the CCP access to U.S. systems before American authorities know a vulnerability exists. In fact, TP-Link is the only router company that refuses to engage in industry efforts to remediate Chinese state-sponsored botnets.
TP-Link’s pricing practices have triggered a Department of Justice criminal antitrust probe. TP-Link’s predatory pricing, coupled with its circumvention of tariffs, imminently threatens U.S. competition in a market critical to our national security. TP-Link has rapidly captured nearly 60 percent of the U.S. retail router and Wi-Fi system market while expanding the CCP’s cyber arsenal. The CCP uses SOHO equipment for ongoing espionage and targeting of critical infrastructure to pre-position itself for destructive attacks on Americans and communication channels with our allies.
For these reasons, Commerce should immediately prohibit future sales of TP-Link SOHO networking equipment in the United States. Each day we fail to act, the CCP wins while American competitors suffer, and American security remains at risk.
We thank you for your ongoing work to secure and safeguard America’s Information and Communications Technology and Services supply chain. This work is critical to our national security, and we commend President Trump’s Executive Order 13873 to allow the Commerce Department to prohibit transactions in our country that pose unacceptable risk to American national security.
Sincerely,”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

May 15, 2025
MIL-OSI Security: Former CEO of Healthcare Services Company Admits Role in Elaborate Investment Fraud Scheme

Source: Office of United States Attorneys

NEWARK, N.J. – The former chief executive officer of a publicly traded healthcare services company admitted his role in a conspiracy to defraud investors in connection with the purchase or sale of the company’s securities, U.S. Attorney Alina Habba announced.

Parmjit Parmar, a/k/a “Paul Parmar,” 55, of Colts Neck, New Jersey, pleaded guilty before U.S. District Judge Madeline Cox Arleo in Newark federal court to conspiracy to commit securities fraud.

According to documents filed in this case and statements made in court:

From May 2015 through September 2017, Parmar and his conspirators, including Sotirios Zaharis, a/k/a “Sam Zaharis,” and Ravi Chivukula orchestrated an elaborate scheme to defraud a private investment firm and others out of hundreds of millions of dollars in connection with the funding of a transaction to take private a healthcare services company (Company A) traded publicly on the London Stock Exchange’s Alternative Investment Market. To fund the transaction, the private investment firm put up approximately $82.5 million and a consortium of financial institutions put up another $130 million, for a total of approximately $212.5 million. The scheme utilized fraudulent methods to grossly inflate the value of Company A and trick others into believing that Company A was worth substantially more than its actual value.

Parmar and the conspirators sought to raise tens of millions of dollars in the public markets, purportedly to fund Company A’s acquisitions of various operating subsidiaries. In actuality, a number of those entities either did not exist or had only a fraction of the operating income attributed to them. The conspirators funneled the proceeds of these secondary offerings through bank accounts they controlled and used the money for a variety of purposes that had nothing to do with acquiring the purported targets. The conspirators went to great lengths to make it appear that these funds were revenue, concocting phony customers and altering bank statements to make it appear as if the funds were coming from customers.

To perpetuate the scheme, Parmar and his conspirators also falsified and fabricated bank records of subsidiary entities in order to generate a phony picture of Company A’s revenue streams and made material misrepresentations and omissions to the private investment firm and others.

Parmar and his conspirators’ actions caused victims to value Company A at more than $300 million for purposes of financing the transaction to take Company A private. The scheme was uncovered in September 2017, when Parmar and his conspirators resigned from their positions with Company A or were terminated. On March 16, 2018, Company A and numerous of its affiliated entities filed for bankruptcy, attributing the company’s financial demise, in large part, to the fraud scheme.

The conspiracy to commit securities fraud charge to which Parmar has plead guilty, carries a maximum penalty of five years in prison and a $250,000 fine. Pursuant to the terms of his plea agreement, Parmar has also agreed to forfeiture of certain properties and the contents of several bank accounts, and the Court must order that Parmar pays restitution to any victims of his offense.

U.S. Attorney Habba credited special agents of the Federal Bureau of Investigations, under the direction of Special Agent in Charge Brian Driscoll, with assistance from FBI Headquarters Forensic Accountant Support Team.

The government is represented by Assistant U.S. Attorneys Vinay S. Limbachia, George M. Barchini, and Kelly M. Lyons of the U.S. Attorney’s Office Criminal Division in Newark.

The charges and allegations contained in the Indictment with respect to Parmar’s co-defendants, Zaharis and Chivukula, are merely accusations, and Zaharis and Chivukula are presumed innocent unless and until proven guilty.

###

Defense counsel for Parmar: John H. Hemann, Esq., San Francisco, CA; Andrew D. Goldstein, Victoria R. Pasculli, Alessandra V. Rafalson, Esqs., New York, NY; Anuva V. Ganapathi, Esq., Palo Alto, CA

MIL Security OSI –

May 15, 2025
MIL-OSI: Kaleido Life Introduces the Third Way to Fund Your Future: Cash. Credit. Kaleido.

Source: GlobeNewswire (MIL-OSI)

Photo Courtesy of Craig Du Bruyn

ATLANTA, May 14, 2025 (GLOBE NEWSWIRE) — Forget cash or credit. Kaleido Life is pioneering a third way to fund your life—by inheriting from your future self, today.

Currently in pre-launch, Kaleido Life is an Atlanta-based insurtech company building a new category in life insurance: interest-free, upfront cash benefits delivered at the start of a policy—not at the end of life. Designed for today’s generation of value-seekers, the platform uses AI, biometrics, and behavioral science to offer hyper-personalized liquidity with no loans, no interest, and no credit checks.

“Our product is the bridge between people’s dreams and their reality,” said Craig Du Bruyn, Founder and CEO of Kaleido Life. “Life insurance is simply how we deliver it. It’s not a loan—it’s your money, unlocked.”

Not Borrowed. Not Earned. Inherited.

Through Kaleido’s proprietary Life Liquidity Score™, qualified customers receive up to 25% of their death benefit in cash at policy inception. The system dynamically evaluates mortality, health behaviors, and lifestyle to determine eligibility and tiered benefit levels. The funds can be used for real needs—paying off student debt, funding a first home, starting a business, or taking a life-changing leap—without sacrificing long-term protection.

Unlike traditional life insurance, which only pays out after death, or loans that burden the future with interest, Kaleido offers an immediate and debt-free bridge between aspiration and reality.

Built for Living, Not Just Leaving

Kaleido’s tech stack eliminates the typical friction in life insurance onboarding. Its AI-powered underwriting engine delivers real-time decisions, while its 360º Wellness Matrix integrates with wearables like Apple Watch and Oura Ring to promote long-term engagement. Healthier habits can lead to increased benefits, cashback rewards, and lower premiums over time.

The result: a feedback loop that makes financial well-being and physical well-being mutually reinforcing.

“We don’t just predict risk—we predict potential,” said Craig Du Bruyn. “Even if someone doesn’t qualify today, we guide them toward it. Our system reflects real lives—not just data points—and we build life insurance around what people actually need to live better now.”

From Passive Product to Active Platform

Kaleido Life isn’t competing on price—it’s competing on access, immediacy, and relevance. With 125 million Americans uninsured and 50% of policyholders saying they’d switch providers for a better experience, the company is positioning itself not just as an insurer—but as a financial wellness ally.

Distribution is designed for the modern world: embedded finance partners, AI-powered influencer ecosystems, and social distribution models that scale trust—not just impressions.

“Kaleido isn’t just another fintech—they’re building what legacy institutions can’t,” said Gary Bennett, former CEO and Chairman of CreditAccess Life and Seguros Monterrey New York Life. “This is the transformation the industry has been waiting for.”

About Kaleido Life, Inc.

Kaleido Life, Inc. is a pre-launch insurtech company based in Atlanta, Georgia, redefining the purpose of life insurance. Through AI, biometric data, and a proprietary liquidity engine, Kaleido enables policyholders to access future value today. With no loans, no interest, and no credit checks, the company’s Life Benefits™ platform is transforming life insurance from a passive promise into an active tool for financial and personal freedom.

Contact Information:

Contact Person’s Name: Craig Du Bruyn
Organization / Company: Kaleido Life, Inc.
Company website: https://kaleido-life.com/
Contact Email Address: craig@kaleido-life.com
City, State / Province, Country, Zip Code: Atlanta, GA

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d771b7b-7e67-4f33-ba2b-77e66bc622d2

The MIL Network –

May 15, 2025
MIL-OSI: Define Solar Offers Homeowners Smarter, More Flexible Solar Investment Solutions

Source: GlobeNewswire (MIL-OSI)

MT. LAUREL, N.J., May 14, 2025 (GLOBE NEWSWIRE) — As the demand for clean, cost-effective energy grows, Define Solar continues to lead the solar movement with customizable investment options tailored to meet diverse financial needs. By combining innovative solar technology with personalized financial strategies, Define Solar is helping New Jersey and Pennsylvania homeowners switch to solar energy—without the stress.

Through various carefully structured investment options, Define Solar empowers clients to take control of their energy use and long-term finances. Homeowners can choose from flexible leasing, low-interest loans, or complete purchase plans—each designed to suit different budgets while maximizing savings and energy efficiency. These offerings allow families to go solar confidently, knowing they can access clear, cost-effective solutions tailored to their needs.

One of the defining features of the Define Solar experience is access to a dedicated team of solar financial experts. These professionals work closely with every client to navigate incentives, tax credits, and payment structures—ensuring they fully understand the long-term economic advantages of going solar. From identifying the best plan to optimizing energy savings over time, the finance team turns complex decisions into confident choices.

“We’re not just selling solar panels—we’re helping families make smart, future-focused investments,” said a spokesperson for Define Solar. “Our goal is to demystify solar financing and provide solutions that truly make sense for our customers.”

The financial benefits of solar are undeniable. With rising utility costs and increased federal and state incentives, homeowners see significant monthly savings and long-term property value rises. Combine that with Define Solar’s high-efficiency equipment, and you will have a winning formula for sustainability and financial growth.

As more families explore clean energy alternatives, Define Solar is a trusted partner for those ready to invest in a brighter, greener future. For more information, please visit https://definesolar.com/solar-plans.

About Define Solar

Define Solar, serving NJ and PA, specializes in professional solar installations with an unmatched commitment to communication, quality, and detail. With years of experience and a track record of helping numerous families, the company delivers reliable, world-class service. Every project is tailored to meet individual client needs, ensuring exceptional results.

Media Contact
Define Solar
+1 856-724-2611
solarcare@definesolar.com

The MIL Network –

May 15, 2025

MIL-OSI: Orca Energy Group Inc. Announces Completion of Q1 2025 Interim Filings

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, May 14, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announces that it has filed its condensed consolidated interim (unaudited) financial statements and management’s discussion and analysis for the three month period ended March 31, 2025 (“Q1 2025”) with the Canadian securities regulatory authorities. All amounts are in United States dollars (“$”) unless otherwise stated.

Jay Lyons, Chief Executive Officer, commented:

“Operationally, I am pleased with how Orca has performed in the first quarter of 2025. Despite the marginal reduction in gas deliveries, largely due to factors outside of the Company’s control, production from the Songo Songo gas field remains robust and in line with our expectations. In light of the challenging commercial environment and the lack of clarity regarding a license extension being secured, capital expenditure on the field has been significantly reduced year-on-year, and this will remain the case going forward.

Orca remains focused on safeguarding shareholder value with a view to maintaining the capital returns policy, subject to an ongoing review of the commercial environment. We will keep all our stakeholders appraised of developments over the coming months.”

Highlights

Revenue for Q1 2025 increased by 2% compared to the same prior year period, primarily as a result of a higher current income tax adjustment.

To date the Songas Power Plant remains shutdown.
Gas delivered and sold decreased by 3% for Q1 2025 compared to the same prior year period. In 2024, the Julius Nyerere Hydropower Project (“JNHPP”) commenced commercial operations, with progressive commissioning of each of its 9 turbines allowing a potential peak output of over 2,115 MW. Although the JNHPP’s power generation is currently constrained pending ongoing development of the electricity distribution network, the increased hydro power generation it has delivered, combined with the Songas Power Plant shutdown, have been the primary factors in reduced gas liftings for the power sector.
On April 14, 2023, PanAfrican Energy Tanzania Limited (“PAET”) formally requested Tanzanian Petroleum Development Corporation (“TPDC”) apply for an extension of the Songo Songo Development License (the “License”). TPDC is contractually required to make this application promptly upon a request by the Company. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (“MoE”), however, being uneconomic, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET’s concerns itself, TPDC refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, and to date a response has not been received to such letter. There are currently no certainties on the timing, nature and extent of any extension of the License. Until an extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026, when the License is set to expire.
On April 15, 2024, contrary to the terms of the gas agreement (“Gas Agreement”) and Production Sharing Agreement (the “PSA”) between PAET, TPDC and the Government of Tanzania (“GoT”), and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas Limited (“Songas”), directing TPDC to “ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026”. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceased after July 31, 2024.
In February 2025, PAET, TPDC and Tanzania Portland Cement PLC (“TPCPLC”) agreed to the terms of the Supplementary Gas Agreement (“SGA”) to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. In Q1 2025, TPCPLC fully paid the Company $10.4 million of the receivable previously outstanding as at December 31, 2024.
On August 7, 2024, PAET and PAEM issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (“BIT”), and a contractual dispute against GoT and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in January and March 2025 without resolution. The Company’s Counsel subsequently submitted a letter to the MoE, requesting an urgent meeting to address the issues, to date we haven’t had a response to the letter.
In February 2025, the Company received a judgment (the “Judgment”) from the Tanzanian High Court (Commercial Division) (the “Court”) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and work was due to be completed by the end of 2022; however, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgment and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgment applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time.
Net income attributable to shareholders decreased by 89% for Q1 2025 compared to the same prior year period, primarily as a result of higher depletion and general and administrative expenses.
Net cash flows from operating activities1 increased to $20.3 million in Q1 2025 compared to net cash flows used in operating activities of $6.2 million for the same prior year period, primarily a result of the higher payment of the 2023 current liability associated with additional profits tax in Q1 2024 and the TPCPLC settlement of the 2024 year end receivable as well as other changes in non-cash working capital.
Capital expenditures decreased by 63% for Q1 2025 compared to the same prior year period. The capital expenditures in Q1 2025 primarily related to the costs of flowlines replacements on SS-5 and SS-9 wells, deferred from 2024 at the request of the GoT. The capital expenditures in Q1 2024 primarily related to the costs of the planned SS-7 well workover program.
The Company exited the period with $26.8 million in working capital1 (December 31, 2024: $21.9 million) and cash and cash equivalents of $70.2 million (December 31, 2024: $90.1 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $64.8 million, as at March 31, 2025 (December 31, 2024: $87.1 million).
In February 2025, the Company fully prepaid the $60 million investment (the “Loan”) made by International Finance Corporation (“IFC”) in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the “Loan Agreement”). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to IFC under the terms of the Loan Agreement remains outstanding.
As at March 31, 2025, the current receivable from the TANESCO was $12.5 million (December 31, 2024: $12.7 million). The TANESCO long- term receivable as at March 31, 2025 and as at December 31, 2024 was $22.0 million and has been fully provided for. Subsequent to March 31, 2025, the Company has invoiced TANESCO $5.4 million for April 2025 gas deliveries and TANESCO has paid the Company $5.7 million to date.
On April 15, 2025 PAET signed a settlement agreement with TPDC and TANESCO (“Settlement Agreement”), for TANESCO to pay PAET and TPDC $52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field. The Settlement Agreement requires TANESCO to pay the Tanzanian Shilling equivalent of $52.0 million, comprised of the $33.7 million principal amount and $18.3 million representing a portion of the default interest owed by TANESCO. It was agreed that the remaining balance of the default interest owing by TANESCO would be waived if TANESCO pays the settlement amount when required and in full while remaining current on amounts owed. TANESCO must pay the settlement amount to PAET via weekly instalments and meet monthly total payment amounts, commencing in April 2025 and ending in October 2025. Payments on account of the settlement amount will be allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, and assuming payment in full of the settlement amount, the Company expects to retain approximately $29.4 million of the settlement amount with TPDC retaining the balance. To date, TANESCO has paid $10.0 million under the Settlement Agreement.

¹ See Non-GAAP Financial Measures and Ratios.

Financial and Operating Highlights for the Three Months Ended March 31, 2025
	Three Months ended March 31			% Change
(Expressed in $’000 unless indicated otherwise)	2025	2024		Q1/25 vs Q1/24
OPERATING Daily average gas delivered and sold (MMcfd)	72.0	74.3		(3	)%
Industrial	19.1	14.0		36	%
Power	52.9	60.3		(12	)%
Average price ($/mcf)
Industrial	7.98	8.94		(11	)%
Power	3.92	3.87		1	%
Weighted average	4.99	4.82		4	%
Operating netback ($/mcf)¹	2.87	2.79		3	%
FINANCIAL
Revenue	25,391	24,937		2	%
Net income attributable to shareholders	102	969		(89	)%
per share – basic and diluted ($)	0.01	0.05		(80	)%
Net cash flows from / (used in) operating activities	20,264	(6,170	)	n/m
per share – basic and diluted ($)¹	1.03	(0.31	)	n/m
Capital expenditures¹	548	1,470		(63	)%
Weighted average Class A and Class B shares (‘000)	19,766	19,799		0	%
	March 31,	As at December 31,
	2025	2024		% Change
Working capital (including cash) ¹	26,796	21,904		22	%
Cash and cash equivalents	70,183	90,076		(22	)%
Outstanding shares (‘000)
Class A	1,750	1,750		0	%
Class B	18,015	18,022		0	%
Total shares outstanding	19,765	19,772		0	%

¹ See Non-GAAP Financial Measures and Ratios.

The complete Condensed Consolidated Interim (Unaudited) Financial Statements and Notes and Management’s Discussion & Analysis for the three months ended March 31, 2025 may be found on the Company’s website at www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Orca Energy Group Inc.

Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary, PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

The principal asset of Orca is its indirect interest in the PSA with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain conventional natural gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas” and “Additional Gas”. The Gas Agreement deals further with the parties’ entitlement to Protected Gas and Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be treated and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island.

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

Abbreviations

mcf	thousand cubic feet
MMcf	million standard cubic feet
MMcfd	million standard cubic feet per day

Non-GAAP Financial Measures and Ratios

In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under International Financial Reporting Standards (“IFRS”), and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

Non-GAAP Financial Measures

Capital expenditures

Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash used in investing activities. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended March 31
$’000	2025	2024
Pipelines, well workovers and infrastructure	548	1,169
Other capital expenditures	–	301
Capital expenditures	548	1,470
Change in non-cash working capital	7,102	(85	)
Net cash used by investing activities	7,650	1,385

Operating netback

Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market and is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended March 31
$’000	2025		2024
Revenue	25,391		24,937
Production, distribution and transportation expenses	(4,203	)	(4,310	)
Net Production Revenue	21,188		20,627
Less current income tax adjustment (recorded in revenue)	(2,538	)	(1,726	)
Operating netback	18,650		18,901
Sales volumes MMcf	6,487		6,764
Netback $/mcf	2.87		2.79

Non-GAAP Ratios

Operating netback per mcf

Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

Supplementary Financial Measures

Working capital

Working capital is defined as current assets less current liabilities, as reported in the Company’s Condensed Consolidated Interim Statements of Financial Position (Unaudited). It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

Net cash flows from operating activities per share

Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

Weighted average Class A and Class B Shares

In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

Forward-Looking Statements

This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: the Company’s expectations regarding the demand for natural gas and power supply; assessment by the Company of the merits of the appeal made by the Company pursuant to the Judgment; costs, outcomes and timing in respect to the outcome of the appeal of the Judgement; merit, outcomes, position and timing in respect of the Notice of Dispute; expectations in relation to the Notice of Dispute; extension of the License and the Company’s expectation to continue to actively engage with the GoT to progress the License extension; the ability of the Company to continue its operating activities subsequent to October 2026, when the License is set to expire; continued accrual of participating interest in respect of the Loan until the specified date; the receipt of the payment of arrears from TANESCO; and the payment by TANESCO of amounts owing under the Settlement Agreement; and the amount that PAET is expected to retain in relation to the Settlement Agreement. Actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: uncertainties involving the Notice of Dispute and the Judgment; various uncertainties involved in the extension of the License; risk that meetings related to the Notice of Dispute are not held on the anticipated timing; risk the PSA will not be replaced; risk of decreased demand for production volumes from the Songo Songo gas field; risk the Songas Power Plant will shut down indefinitely; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania; fluctuations in demand for natural gas and power supply in Tanzania; the Company’s average gas sales including the sale of Additional Gas are different than anticipated; risk that the Company may incur losses and legal expenses as a result of the Notice of Dispute and/or appeal of the Judgment; uncertainties regarding quantum of damages payable to the Company in respect of the Notice of Dispute; uncertainties regarding quantum of damages payable by the Company in respect of the appeal of the Judgment; risk that the budgeted expenditures, timing of the completion and anticipated benefits from the Company’s various development programs and studies in 2025 are different than expected; risk of damage to the Company’s infrastructure assets; failure to extend the License on favorable terms or at all; inability to continue the Company’s operating activities beyond the expiry of the License; inability to maintain gas sale contract discipline; the accrual of participating interest is different than expected; failure to receive payment of arrears from TANESCO; if any payment is eventually required in respect of the Judgment, that it will not be cost recoverable under the PSA; risk that TANESCO will not pay such amounts owing under the Settlement Agreement; changes to forecasts regarding future development capital spending and source of capital spending; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; incurrence of losses from debtors in 2025; prolonged foreign exchange reserves deficiency in Tanzania; inability to convert Tanzanian shillings into US dollars or other hard currencies as and when required; discontinuation of work by the Company with the GoT on an alternative development plan for longer term field development; failure to obtain necessary regulatory approvals; risks regarding the uncertainty around evolution of Tanzanian legislation; risk of unanticipated effects regarding changes to the Company’s tax liabilities and the implementation of further legislation and the Company’s interpretation of the same; risk of a lack of access to Songas processing and transportation facilities; risk that the Company may be unable to complete additional field development to support the Songo Songo production profile through the life of the License; risks associated with the Company’s ability to complete sales of Additional Gas; negative effect on the Company’s rights under the PSA and other agreements relating to its business in Tanzania as a result of recently enacted legislation, as well as the risk that such legislation will create additional costs and time connected with the Company’s business in Tanzania; risk relating to the Company’s relationship with the GoT; the impact of general economic conditions in the areas in which the Company operates; civil unrest; risk of pandemic; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; uncertainty regarding results through negotiations and/or exercise of legally available remedies; failure to successfully negotiate agreements; risks of non-payment by recipients of natural gas supplied by the Company; lack of certainty with respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; and potential damage to the Company’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’s dealings with the GoT, TPDC and TANESCO, whether true or not; increased competition; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel; failure to obtain required equipment or replacement parts for field development; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccuracy in reserve estimates; incorrect forecasts in production and growth potential of the Company’s assets; inability to obtain required approvals of regulatory authorities; risks associated with negotiating with foreign governments; failure to successfully negotiate agreements; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; and such additional risks listed under “Business Risks” in our management discussion and analysis for the three months ended March 31, 2025, and our management discussion and analysis for the year ended December 31, 2024. As a result of the foregoing, the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: increased demand for gas supply; successful negotiation and execution of new gas sales contracts under the Gas Agreement; successful negotiation of the License extension on terms favorable to the Company; successful implementation of various development and study programs at the budgeted expenditures; accurate assessment by the Company of the merits of its claim under the Notice of Dispute and the appeal of the Judgment; that all capital allocation decisions will be based upon prudent economic evaluations and returns; successful maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; the Company’s relationship with TPDC and the GoT; the current status of actions involved in the Notice of Dispute; accurate assessment by the Company of the merits of its rights and obligations in relation to TPDC and the GoT and other stakeholders in the Songo Songo gas field; receipt of required regulatory approvals; the Company’s ability to maintain strong commercial relationships with the GoT and other state and parastatal organizations and other stakeholders in the Songo Songo gas field; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and participation interest obligations as needed; the Company does not incur any losses from debtors in 2025; absence of circumstances or events that significant impact the Company’s cash flow and liquidity; the Company will continue to be able to convert Tanzanian shillings into US dollars; long term field development will be carried out as planned; continued work by the Company with the GoT on alternative development plan for longer term field development as anticipated; timing and amount of capital expenditures and source of funding are in line with forecasts; the Company’s ability to obtain necessary regulatory approvals; the anticipated supply and demand of natural gas are in line with the Company’s expectations; accurate assessment by the Company of the merits of appeal brought forward by the Company pursuant to the Judgment; that the amount of damages recoverable by the Company under the Notice of Dispute will be in line with expectations; the Company’s interpretation and prediction of the effects regarding changes to the Company’s tax liabilities and the implementation of further legislation is accurate in all material respects; the Company’s ability to obtain revenue earnings from its operations; access to customers and suppliers; availability of employees to carry out day-to-day operations, and other resources; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; availability of skilled labour; uninterrupted access to infrastructure; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; that the Company’s appeal of various tax assessments will be successful; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of any new environmental and climate change related regulations will not negatively impact the Company; and other matters.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The MIL Network –

May 15, 2025

MIL-OSI: Diversified Royalty Corp. Announces First Quarter 2025 Results and Leadership Update

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce its financial results for the three months ended March 31, 2025 (“Q1 2025”) and an update to its leadership structure.

Highlights

The weighted average organic royalty growth¹ of DIV’s diversified royalty portfolio was 4.9% in Q1 2025, compared to 6.0% for the three months ended March 31, 2024 (“Q1 2024”). The weighted average organic royalty growth¹ on a consistent currency basis was 3.9% in Q1 2025, compared to 6.0% in Q1 2024.
Revenue was $15.6 million in Q1 2025, up 3.7%, compared to $15.1 million in Q1 2024.
Adjusted revenue¹ was $17.0 million in Q1 2025, up 3.6%, compared to $16.4 million in Q1 2024.
Distributable cash¹ was $11.1 million in Q1 2025, up 16.3%, compared to $9.6 million in Q1 2024.
Payout ratio¹ was 93.8% in Q1 2025 on dividends of $0.0625 per share ($0.2500 per share annualized), compared to 97.2% in Q1 2024 on dividends of $0.0611 per share ($0.2444 per share annualized), which is an annualized growth of 2.3% in dividends year-over-year.

First Quarter Commentary

Sean Morrison, President and Chief Executive Officer of DIV stated, “The first quarter of 2025 once again saw a strong performance from our top royalty partner, Mr. Lube + Tires, which continues to produce strong growth across the system, generating SSSG⁶ of 9.5%. DIV’s other variable royalty partners generated mixed results with both Oxford and Mr. Mikes generating positive SSSG in Q1. DIV’s fixed royalty partners, Nurse Next Door, Stratus and BarBurrito made their fixed royalty payments. As previously announced, the deferral of 20% of Sutton’s royalties that began in the fourth quarter of 2024 will continue to the end of 2025, to help Sutton invest in the business, and build on the positive momentum that began in the last quarter. DIV continues to see a decrease in royalty income from AIR MILES® because of the continued softness across the AIR MILES® Rewards Program.”

1. Adjusted revenue and distributable cash are non-IFRS financial measures, payout ratio is a non-IFRS ratio and weighted average organic royalty growth and Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

First Quarter Results

	Three months ended March 31,
(000’s)		2025		2024
Mr. Lube + Tires	$	7,180	$	6,644
Stratus^a		2,380		2,130
BarBurrito		2,129		2,100
Nurse Next Door^b		1,349		1,323
Oxford		1,249		1,182
Mr. Mikes		1,026		1,016
Sutton		899		1,096
AIR MILES®		756		892
Adjusted revenue^c	$	16,968	$	16,383

^{a)   Stratus royalty income for the three months ended March 31, 2025, was US$1.7 million, translated at an average foreign exchange rate of $1.4344 to US$1 (March 31, 2024 – US$1.6 million, translated at a foreign exchange rate of $1.3483 to US$1).}
^{b)   Represents the DIV Royalty Entitlement plus management fees received from Nurse Next Door.}
^{c)   DIV Royalty Entitlement and adjusted revenue are non-IFRS financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.}

In Q1 2025, DIV generated $15.6 million of revenue compared to $15.1 million in Q1 2024. After taking into account the DIV Royalty Entitlement² (defined below) related to DIV’s royalty arrangements with Nurse Next Door, DIV’s adjusted revenue² was $17.0 million in Q1 2025, compared to $16.4 million in Q1 2024. Adjusted revenue increased primarily due to positive SSSG² (defined below) at Mr. Lube + Tires, Oxford and Mr. Mikes, the annual contractual increases at Stratus, Nurse Next Door and BarBurrito, partially offset by lower royalty income from AIR MILES® and Sutton’s 20% royalty deferral, all as discussed in further detail below.

2. Adjusted revenue and DIV Royalty Entitlement are non-IFRS financial measures and SSSG are supplementary financial measures – see “Non-IFRS Measures” below.

Royalty Partner Business Updates

Mr. Lube + Tires: Mr. Lube + Tires generated SSSG³ of 9.5% for the Mr. Lube + Tires stores in the royalty pool for Q1 2025, compared to SSSG of 14.6% in Q1 2024. SSSG in the current period is primarily due to the sustained growth across the Mr. Lube + Tires system.

3. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

Stratus: Royalty income from SBS Franchising LLC (“Stratus”) was $2.4 million (US$1.7 million translated at an average foreign exchange rate of $1.4344 to US$1.00) for Q1 2025. The fixed royalty payable by Stratus increases each November at a rate of 5% until and including November 2026 and 4% each November thereafter during the term of the license, with the most recent increase effective November 15, 2024.

Nurse Next Door: The royalty entitlement to DIV (the “DIV Royalty Entitlement⁴”) from Nurse Next Door Professional Homecare Services Inc. (“Nurse Next Door”) was $1.3 million in Q1 2025. The DIV Royalty Entitlement from Nurse Next Door grows at a fixed rate of 2.0% per annum during the term of the license, with the most recent increase effective October 1, 2024.

4. DIV Royalty Entitlement is a non-IFRS measure – see “Non-IFRS Measures” below.

Mr. Mikes: SSSG⁵ for the Mr. Mikes Restaurants Corporation (“Mr. Mikes”) restaurants in the Mr. Mikes royalty pool was 1.5% in Q1 2025, compared to SSSG of -5.5% in Q1 2024. The higher SSSG percentage in the current period is due to an increase in restaurant guest traffic.

Royalty income and management fees of $1.0 million were generated from Mr. Mikes for Q1 2025 and 2024, respectively.

5. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

Oxford: The Oxford Learning Centres, Inc. (“Oxford”) locations in the Oxford royalty pool generated SSSG⁶ (on a constant currency basis) of 5.5% in Q1 2025, compared to SSSG -2.1% in Q1 2024. Oxford’s positive SSSG for the quarter is due to the solid performance of the Oxford system during the quarter.

6. Same-store-sales growth or SSSG is a supplementary financial measure – see “Non-IFRS Measures” below.

AIR MILES®: In Q1 2025, royalty income of $0.8 million was generated from the AIR MILES® Licenses compared to $0.9 million generated in Q1 2024, a decrease of 15.2% from the comparable quarter. The decrease is largely due to continued softness in the AIR MILES® Rewards Program.

Sutton: In Q1 2025, royalty income of $0.9 million was generated from Sutton, which includes a 20% royalty deferral for Q1, 2025, compared to $1.1 million for Q1, 2024. The deferred royalties do not accrue interest and are due in full on December 31, 2027. The fixed royalty payable by Sutton increases at a rate of 2% per year, with the most recent increase effective July 1, 2024.

BarBurrito: Royalty income from BarBurrito Restaurants Inc. (“BarBurrito”) was $2.1 million for Q1 2025. The royalty payable by BarBurrito initially grows at a fixed rate of 4% per annum each March from and including March 2025 to and including March 2030 and, commencing on January 1, 2031, will fluctuate based on the gross sales of the BarBurrito locations in the royalty pool.

Distributable Cash and Dividends Declared

In Q1 2025, distributable cash⁷ increased to $11.1 million ($0.0666 per share), compared to $9.6 million ($0.0629 per share), in Q1 2024. The increase in distributable cash per share⁷ for the quarter was primarily due to an increase in distributable cash, partially offset by a higher weighted average number of common shares outstanding⁷.

In Q1 2025, the payout ratio⁷ was 93.8% on dividends of $0.0625 per share, compared to the payout ratio of 97.2% on dividends of $0.0611 per share for the same respective period in 2024. The decrease to the payout ratio was primarily due to higher distributable cash per share⁷, partially offset by higher dividends declared per share⁷.

7. Distributable cash is a non-IFRS financial measure and distributable cash per share and payout ratio are non-IFRS ratios – see “Non-IFRS Measures” below.

Net Income

Net income for Q1 2025 was $8.0 million compared to net income of $7.5 million for the three months ended March 31, 2024. The increase in net income in Q1 2025, was primarily due to the higher adjusted revenues⁸, lower interest expenses and share-based compensation expenses, partially offset by higher salaries and benefits, income tax expenses, and other finance costs.

8. Adjusted revenue is a non-IFRS financial measure – see “Non-IFRS Measures” below.

Availability of Annual General Meeting Materials and Leadership Update

The proxy-related materials for DIV’s upcoming Annual General meeting of shareholders (the “Meeting”) to be held on Thursday, June 19, 2025 are now available and have been posted under DIV’s profile on SEDAR+ at www.sedarplus.com and on DIV’s website at: https://www.diversifiedroyaltycorp.com/investors/financial-and-regulatory-reports/financial-reports-2025/.

At the Meeting, shareholders will be asked to: (i) receive the consolidated financial statements of DIV for the fiscal year ended December 31, 2024, together with the report of the auditors thereon, (ii) elect directors of the Corporation for the ensuing year, and (iii) appoint KPMG LLP as auditors of the Corporation for the ensuing year and to authorize the directors of the Corporation to fix their remuneration.

The Board is pleased to nominate Sean Morrison, our President and Chief Executive Officer, for election to the Board, alongside the current directors. The Board is also pleased to announce the promotion of Greg Gutmanis from Chief Financial Officer and Vice President, Acquisitions, to President and Chief Financial Officer, effective July 1, 2025.

In his expanded role, Greg will assume greater responsibility for DIV’s day-to-day operations, including oversight of our Royalty Partners’ businesses, identifying and executing new acquisition opportunities, and engaging with DIV’s shareholders and prospective investors. Greg has played a key role in DIV’s growth since its inception. He is widely recognized within Vancouver’s finance community, having received the 2020 BC CFO Award and being named one of Business in Vancouver’s “Top Forty Under 40” in 2017. During his tenure at DIV, Greg has managed approximately $400 million in equity and convertible debenture offerings and over $200 million in senior debt. Prior to joining DIV, he co-managed $165 million across two private equity funds and worked as an investment banker.

Sean Morrison, stated, “Greg’s promotion to President and Chief Financial Officer is well deserved. I’ve had the pleasure of working with Greg for nearly 20 years in investment banking, private equity, and for the past decade at DIV. Greg is a consummate professional who continues to broaden his expertise and expand his leadership role each year. As continuing CFO and incoming President, I’m confident Greg will continue to grow his responsibilities, and I look forward to working closely with him to deliver value to DIV shareholders.”

Sean will continue to lead DIV’s strategic direction and overall business as its Chief Executive Officer.

About Diversified Royalty Corp.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions and BarBurrito trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada.

DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

Forward-Looking Statements

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the deferral of Sutton Royalties continuing for the remainder of 2025 to help Sutton invest in the business and build on the positive momentum that began in the last quarter; the terms on which the deferred royalties are required to be paid by Sutton; the promotion of Greg Gutmanis to President and Chief Financial Officer effective July 1, 2025, and that Sean Morrisson will continue to lead DIV’s strategic direction and overall business as Chief Executive Officer; details of DIV’s upcoming Annual General Meeting; DIV’s intention to pay monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular, risks and uncertainties include: DIV’s royalty partners may not make their respective royalty payments to DIV, in whole or in part; the decline in royalties received under the AIR MILES® licenses could cause AM Royalties Limited Partnership (“AM LP”) to be required to make partial or full repayment of the outstanding principal amount under its credit agreement, or cause AM LP to be in default under its credit agreement; current positive trends being experienced by certain of DIV’s royalty partners (and their respective franchisees) may not continue and may regress, and negative trends experienced by certain of DIV’s Royalty Partners (including their respective franchisees) may continue and may regress; Sutton may not pay all deferred royalties in accordance with the timing required or at all; Sutton’s investment of the deferred royalties may not achieve their intended effects; Sutton may require further deferrals of royalties beyond those contemplated by the current deferral agreement; DIV and its royalty partners performance in the remainder of 2025 may not meet management’s expectations; DIV may not be able to make monthly dividend payments to the holders of its common shares; dividends are not guaranteed and may be reduced, suspended or terminated at any time; or DIV may not achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release is not a guarantee of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s management’s discussion and analysis for the three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

In formulating the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; lenders will provide any other necessary covenant waivers to DIV and its royalty partners; the performance of DIV’s royalty partners will be consistent with DIV’s and its royalty partners’ respective expectations; recent positive trends for certain of DIV’s royalty partners (including their respective franchisees) will continue and not regress; current negative trends experienced by certain of DIV’s royalty partners (including their respective franchisees) will not materially regress; Sutton will pay all deferred royalties in accordance with the required timing in full and will not require further deferrals; Sutton’s investment of the deferred royalties will achieve its intended effects; the businesses of DIV’s respective royalty partners will not suffer any material adverse effect; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that it will have the expected consequences to, or effects on, DIV. The forward-looking information in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

Non-IFRS Measures

Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends and the performance of its royalty partners. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation and its royalty partners than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

“Adjusted revenue”, “adjusted royalty income”, “DIV Royalty Entitlement” and “distributable cash” are used as non-IFRS financial measures in this news release.

Adjusted revenue is calculated as royalty income plus DIV Royalty Entitlement and management fees. The following table reconciles adjusted revenue and adjusted royalty income to royalty income, the most directly comparable IFRS measure disclosed in the financial statements:

	Three months ended March 31,
(000’s)		2025		2024
Mr. Lube + Tires	$	7,120	$	6,585
Stratus		2,380		2,130
BarBurrito		2,108		2,080
Oxford		1,238		1,172
Mr. Mikes		1,015		1,006
Sutton		871		1,068
AIR MILES®		756		892
Royalty income	$	15,488	$	14,933
DIV Royalty Entitlement		1,329		1,303
Adjusted royalty income	$	16,817	$	16,236
Management fees		151		147
Adjusted revenue	$	16,968	$	16,383

For further details with respect to adjusted revenue and adjusted royalty income, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

The most closely comparable IFRS measure to DIV Royalty Entitlement is “distributions received from NND LP”. DIV Royalty Entitlement is calculated as distributions received from NND LP, before any deduction for expenses incurred by NND Holdings Limited Partnership (“NND LP”), which expenses include legal, audit, tax and advisory services. Note that distributions received from NND LP is derived from the royalty paid by Nurse Next Door to NND LP. The following table reconciles DIV Royalty Entitlement to distributions received from NND LP in the financial statements:

	Three months ended March 31,
(000’s)		2025			2024
Distributions received from NND LP	$	1,325		$	1,300
Add: NND Royalties LP expenses		4			3
DIV Royalty Entitlement		1,329			1,303

Less: NND Royalties LP expenses		(4	)		(3	)
DIV Royalty Entitlement, net of NND Royalties LP expenses	$	1,325		$	1,300

For further details with respect to DIV Royalty Entitlement, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

The following table reconciles distributable cash to cash flows generated from operating activities, the most directly comparable IFRS measure disclosed in the financial statements:

	Three months ended March 31,
(000’s)		2025			2024

Cash flows generated from operating activities	$	10,160		$	10,850

Current tax expense		(1,719	)		(1,291	)
Accrued interest on convertible debentures		(788	)		(788	)
Accrued interest on bank loans		(374	)		–
Distributions on MRM units earned in current periods		(48	)		(41	)
Mandatory principal payments on credit facilities		–			(628	)
Payment of lease obligations		(28	)		(27	)
NND LP expenses		(4	)		(3	)
Accrued DIV Royalty Entitlement, net of distributions		4			3
Foreign exchange and other		49			42
Changes in working capital		850			263
Taxes paid		3,036			1,498
Note receivable		–			(305	)
Distributable cash	$	11,138		$	9,573

For further details with respect to distributable cash, refer to the subsection “Non-IFRS Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

“Distributable cash per share” and “payout ratio” are non-IFRS ratios that do not have a standardized meaning prescribed by IFRS, and therefore may not be comparable to similar ratios presented by other issuers. Distributable cash per share is defined as distributable cash, a non-IFRS measure, divided by the weighted average number of common shares outstanding during the period. The payout ratio is calculated by dividing the dividends per share during the period by the distributable cash per share, a non-IFRS measure, generated in that period. For further details, refer to the subsection entitled “Non-IFRS Ratios” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

“Weighted average organic royalty growth” is the average same store sales growth percentage related to Mr. Lube + Tires, Oxford and Mr. Mikes plus the average increase in adjusted royalty income from AIR MILES®, Sutton (less 20% deferral in Q1, 2025), Nurse Next Door, BarBurrito and Stratus over the prior comparable period taking into account the percentage weighting of each royalty partner’s adjusted royalty income in proportion of the total adjusted royalty income for the period. Weighted average organic royalty growth is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. However, the Corporation believes that weighted average organic royalty growth is a useful measure as it provides investors with an indication of the change in year-over-year growth of each royalty partner, taking into account the percentage weighting of royalty partner’s growth in proportion of total growth, as applicable. The Corporation’s method of calculating weighted average organic royalty growth may differ from those of other issuers or companies and, accordingly, weighted average organic royalty growth may not be comparable to similar measures used by other issuers or companies.

“Same store sales growth” or “SSSG” and “system sales” are supplementary financial measures and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. SSSG and system sales figures are reported to DIV by its Royalty Partners – see “Third Party Information”. For further details, refer to the subsection entitled “Supplementary Financial Measures” under “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in the Corporation’s management’s discussion and analysis for the three months ended March 31, 2025, a copy of which is available on SEDAR+ at www.sedarplus.com.

Third Party Information

This news release includes information obtained from third party company filings and reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

Additional Information

The information in this news release should be read in conjunction with DIV’s consolidated financial statements and management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2025, which are available on SEDAR+ at www.sedarplus.com.

Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.com.

Contact:
Sean Morrison, President and Chief Executive Officer
Diversified Royalty Corp.
(236) 521-8470

Greg Gutmanis, Chief Financial Officer and VP Acquisitions
Diversified Royalty Corp.
(236) 521-8471

The MIL Network –

May 15, 2025

MIL-OSI: Quorum Announces Q1 2025 Results Release Date, Conference Call and Webcast Details
Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) (“Quorum”), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, intends to release its Q1 2025 Results after markets close on Wednesday, May 28, 2025.

Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for:

An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at www.QuorumInformationSystems.com.

About Quorum Information Technologies Inc.

Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers (“OEMs”) rely on for their operations, including:
- Quorum’s Dealership Management System (DMS), which automates, integrates, and streamlines key processes across departments in a dealership, and emphasizes revenue generation and customer satisfaction.
- DealerMine CRM, a sales and service Customer Relationship Management (“CRM”) system and set of Business Development Centre services that drives revenue into the critical sales and service departments in a dealership.
- Autovance, a modern retailing platform that helps dealerships attract more business through Digital Retailing, improve in-store profits and closing rates through its desking tool and maximize their efficiency and CSI through Autovance’s F&I menu solution.
- Accessible Accessories, a digital retailing platform that allows franchised dealerships to efficiently increase their vehicle accessories revenue.
- VINN Automotive, a premier automotive marketplace that streamlines the vehicle research and purchase process for vehicle shoppers while helping retailers sell more efficiently.
Contacts:

Maury Marks
President and Chief Executive Officer
403-777-0036
Maury.Marks@QuorumInfoTech.com

Marilyn Bown
Chief Financial Officer
403-777-0036
Marilyn.Bown@QuorumInfoTech.com

Forward-Looking Information

This press release may contain certain forward-looking statements and forward-looking information (“forward-looking information”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.

PDF available: http://ml.globenewswire.com/Resource/Download/b7f813fa-c74c-4591-b7a0-4c0d3d83a020

The MIL Network –
May 15, 2025
MIL-OSI: Stardust Power Announces Q1 2025 Financial Results
Source: GlobeNewswire (MIL-OSI)

GREENWICH, Conn., May 14, 2025 (GLOBE NEWSWIRE) — Stardust Power Inc. (“Stardust Power” or the “Company”) (Nasdaq: SDST), an American developer of battery-grade lithium products, today announced its results for the first quarter ended March 31, 2025.

First Quarter 2025 Business Updates and Subsequent Events

Operational highlights for the first quarter of 2025 include:
- Confirmed with Oklahoma regulators the Muskogee facility will not require an industrial wastewater permit thanks to its closed-loop water system that eliminates discharge and reduces local water use.
- Executed a key service agreement with Oklahoma Gas and Electric to develop a dedicated substation at the Muskogee refinery site, securing up to 40MW of scalable power and enabling critical pre-construction activities ahead of Final Investment Decision.
- Appointed Carlos Urquiaga as Senior Advisor to advise on capital-raising efforts; with over $40 billion in transaction experience across top institutions, he brings deep expertise in metals and mining finance to support our path toward Final Investment Decision.
Roshan Pujari, Founder and CEO of Stardust Power, commented on the Company’s Q1 performance, “Despite ongoing macroeconomic volatility and global market uncertainty, Q1 was a quarter of focused execution for Stardust Power. We continue to advance steadily toward Final Investment Decision, supported by strategic progress across permitting, engineering, and financing. With lithium’s long-term outlook growing stronger, we remain committed to seizing this generational opportunity and building a scalable, U.S.-based refining platform aligned with national critical mineral and supply chain priorities.”

First Quarter Financial Highlights

As of March 31, 2025, we had cash and cash equivalents of approximately $1.6 million. As of March 31, 2025, we had zero long term debt. Other financial highlights include:
- Net Loss of $3.8 million for the first quarter of 2025, compared to $1.4 million for the prior year quarter ended March 31, 2024.
- Loss per share was $(0.07) for the first quarter of 2025, compared to $(0.04) for the prior year quarter, the increase being driven primarily by higher general and administrative costs due to personnel related costs and finance charges for short term loans.
- Net cash used in operating activities totaled $2.9 million for the first quarter of 2025, compared to $0.9 million for the prior year quarter, the increase driven by continued investment in operations, hiring of key talent and certain expenses related to the close of the Business Combination.
- Net cash used in investing activities was $1.0 million for the first quarter of 2025, compared to $3 thousand for the prior year quarter, driven by our initial capital investments made in the anticipated building of the refinery.
- Net cash provided by financing activities was $4.5 million for the first quarter of 2025, compared to $54 thousand for the prior year quarter. The increase was driven primarily by $8.0 million in cash received from public offering and warrant inducements, net of offering cost, offset partially by $3.7 million repayment of short-term loans.
Conference Call Details

Stardust Power will host a conference call to discuss the results today, May 14, 2025, at 5:30pm EST. Participants may access the call by clicking the participant call link and ask questions:
https://register-conf.media-server.com/register/BI0aeb48ba9a8d4f1b93ee2ec5a2bf0886

Upon registering at the link you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details. You can also access the call via live audio webcast using the website link to listen in:
https://edge.media-server.com/mmc/p/98ca9vd3

The earnings call will be available on the Company website following the event.

About Stardust Power

Stardust Power is a developer of battery-grade lithium products designed to bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium processing facility 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

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including 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 price of Stardust Power’s securities, including volatility resulting from recent sales of securities, issuance of debt, and exercise of warrants, 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; the regulatory environment and our ability to obtain necessary permits and other governmental approvals for our operation; Stardust Power’s need for substantial additional financing to execute our business plan and our ability to access capital and the financial markets; worldwide growth in the adoption and use of lithium products; the Company’s ability to enter into and realize the anticipated benefits of offtake and license and other commercial agreements; risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the substantial doubt regarding the Company’s ability to continue as a going concern and the need to raise capital in the near term in order to maintain the Company’s operations; the Company’s continued listing on the Nasdaq; and those factors described or referenced in filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on March 27, 2025. The foregoing list of factors is not exhaustive. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Stardust Power Contacts

For Investors:

Johanna Gonzalez
investor.relations@stardust-power.com

For Media:

Michael Thompson

media@stardust-power.com

The MIL Network –
May 15, 2025

Category: Business

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