CALGARY, Alberta, May 12, 2025 (GLOBE NEWSWIRE) — Cavvy Energy Ltd. (formerly Pieridae Energy Limited) (“Cavvy” or the “Company”) (TSX:PEA) is pleased to announce that the Company has changed its name from Pieridae Energy Limited to Cavvy Energy Ltd., effective May 9, 2025.
The Company first announced its intention to change its name on March 27, 2025 and obtained shareholder approval for the name change at the Company’s Annual and Special Meeting of Shareholders (the “Meeting”) held on May 8, 2025. The Company received approval from the Toronto Stock Exchange (the “TSX”) in respect of the name change and expects that its common shares will begin trading on the TSX under the new name and the ticker symbol “CVVY” as of the open of markets on May 13, 2025.
Following the name change, the Company also completed the previously announced continuance out of the federal jurisdiction of Canada under the Canada Business Corporations Act and into the provincial jurisdiction of Alberta under the Business Corporations Act (Alberta) (the “ABCA”), effective May 9, 2025. As a result of the continuance, the Company now exists under and is governed by the ABCA. Additionally, in connection with the continuance, the Company has adopted new by-laws under the ABCA. The continuance, including the adoption of the new by-laws in connection therewith, was approved by shareholders at the Meeting.
No action is required to be taken by the Company’s shareholders in respect of the name change or the continuance. The Certificate and Articles of Amendment effecting the name change, Certificate and Articles of Continuance effecting the continuance and new by-laws of the Company are available on the Company’s website and under the Company’s SEDAR+ profile at www.sedarplus.ca.
About Cavvy Energy
Cavvy Energy is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from Western Canada. Cavvy’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs.
Certain of the statements contained herein may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”), including the Company’s expectation that its common shares will begin trading under the new name and stock symbol “CVVY” on the TSX on May 13, 2025. Words such as “will”, “intend”, “expect”, “vision”, “strategy” and similar expressions may be used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management.
Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Cavvy believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Cavvy can give no assurance that such expectations will prove to be correct. A number of risk factors could cause actual results to differ materially from those anticipated, expressed or implied by the forward-looking statements contained herein. For more information about the assumptions and risks associated with the forward-looking statements contained herein, see “Forward Looking Information” and “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2024 and “Cautionary Note Regarding Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024, each of which can be accessed through the Company’s SEDAR+ profile at www.sedarplus.ca.
Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Cavvy assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.
Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release
Oak Ridge, Tennessee, May 12, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that Ryan Norton has joined the Company as its Senior Mechanical Design Engineer.
Ryan Norton is an engineer with a background in mechanical and optomechanical design and analysis for both R&D and commercial products. His experience spans research, design and analysis of downhole drilling and laser tools, surface equipment and electronics packaging for space.
Figure 1 – LIS Technologies Inc. Appoints Ryan Norton as its Senior Mechanical Design Engineer.
During his time at Foro Energy, Ryan played a pivotal role in developing high-power laser tools for the energy sector. He led the design and testing of various groundbreaking optomechanical systems like the world’s first high power optical slip ring and novel hard rock laser drilling systems using both gases and fluids. He also worked on various other technologies such as high-performance nozzles, fiber optic connectors and high-pressure laser windows. His work has resulted in multiple patents related to high-power laser energy transfer and drilling technologies.
Ryan holds a B.S. in Engineering with a Mechanical concentration and a minor in Mathematics from LeTourneau University.
“It is a pleasure to welcome Ryan to LIS Technologies at this key junction,” said Christo Liebenberg, CEO and Co-Founder of LIS Technologies Inc. “His expertise will be instrumental as we move into the next phases of CRISLA development, and he will play a key part in facilitating the demonstration activities essential to CRISLA’s growth and expansion.”
In his role, Ryan will support the development of mechanical solutions that drive advancement in the Company’s proprietary CRISLA-3G laser isotope separation technology, which was recently evaluated and determined to meet all elements required for a Technology Readiness Level (TRL) of 4.
“LIS Technologies is broadening its capabilities and assembling a team equipped with the knowledge and expertise to be a leading innovator in the space,” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “Engaging key professionals like Ryan is vital to sustaining our growth trajectory and I welcome him to the team.”
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
In Dec 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
FREMONT, Calif., May 12, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced the launch of the Enphase® IQ® Balcony Solar System in Belgium. Designed for plug-and-play installation, the new system empowers apartment dwellers and homeowners with limited roof space to generate their own clean energy from balconies, patios, and small outdoor areas. It’s also a simple and affordable solution for fully off-grid use cases, offering reliable daytime power for cabins, camping sites, mobile home setups, and more. The IQ Balcony Solar System includes Enphase IQ8HC™ Microinverters, IQ® Balcony Gateway, and other components. Enphase also recently launched the product in Germany.
Balcony solar systems – or “plug-in solar” systems – are rapidly expanding access to clean energy for residents without traditional rooftop space. Belgium legalized balcony solar systems for the first time in April 2025, as the country targets a 40% increase in solar capacity by the end of this year. The Enphase IQ Balcony Solar System will help more people participate in the energy transition, supporting greater energy independence across Europe.
The IQ Balcony Solar System offers the following key features:
Do-it-yourself installation: The system has an easy setup with plug-and-play connectors for self-installation and commissioning through the Enphase® App.
Off-grid operation: The system’s IQ Microinverters switch seamlessly between grid-tied and off-grid modes, so connected devices can stay powered during daytime grid outages, or function entirely off-grid when the sun is shining in rural or remote areas where grid power isn’t available.
Scalable solution: Homeowners can start with a small system and expand over time using an Enphase expansion kit as energy needs grow. Additional energy from the expansion kit can be harvested using the auxiliary socket.
Integrated connectivity: The system offers a simplified setup using Wi-Fi or cellular data, supported by a 5-year data plan for seamless monitoring and updates.
Highly reliable: The IQ8HC Microinverters come with an IP67 rating, while the IQ Balcony Gateway has an IP65 rating and a 5-year warranty.
“We’re seeing a surge in interest from Belgians looking for easy-to-install systems that can help deliver real energy savings,” said Brent Groven, head of renewables procurement at GROEP Alelek, a distributor of Enphase products in Belgium. “The IQ Balcony Solar System makes solar energy available to people in apartments and homes who couldn’t participate before.”
The standard Enphase IQ Balcony Solar Kit includes two IQ8HC Microinverters, one IQ Balcony Gateway, IQ® Cables, and one AC Power Cable. Retailers can bundle it with solar panels and racking before it is sold. The scalable system can accommodate up to seven IQ8HC Microinverters and panels, enabling the system to evolve with energy needs. System owners can easily install the system on their own and commission it using the Enphase App, which also allows users to monitor and view their energy production.
“The IQ Balcony Solar System is a simple, powerful, and user-friendly solar balcony solution,” said Wiet Vande Velde, CEO of EnergyKing, an installer of Enphase products in Belgium. “We are excited about its scalability, reliability, and high performance, which we believe will enable more Belgians to achieve energy independence and resilience while reducing their utility costs.”
“With the launch of the IQ Balcony Solar System in Belgium, we’re continuing to expand how and where people can access clean energy,” said Sabbas Daniel, senior vice president of sales at Enphase Energy. “This is a meaningful step in our broader European growth strategy, and we’re excited to bring more innovative, space-efficient solar solutions to customers across the region.”
The Enphase IQ Balcony Solar System is available for purchase today on the Enphase website or with select partners. Solar panels, shelves, and mounting hardware are not included in this kit and must be purchased separately. To learn more about Enphase’s IQ Balcony Solar System in Belgium, visit the websites for homeowners (French and Dutch) and installers (French and Dutch).
About Enphase Energy, Inc.
Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power – and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.
This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; the ability of more people to participate in the energy transition; Enphase Energy’s ability to support greater energy independence across Europe; and statements regarding the timing and availability Enphase Energy’s products in Belgium. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.
GREENWICH, Conn., May 12, 2025 (GLOBE NEWSWIRE) — Oxford Lane Capital Corp. (NasdaqGS: OXLC) (NasdaqGS: OXLCP) (NasdaqGS: OXLCL) (NasdaqGS: OXLCO) (NasdaqGS: OXLCZ) (NasdaqGS: OXLCN) (NasdaqGS: OXLCI) (NasdaqGS: OXLCG) announced today that it will hold a conference call to discuss its fourth fiscal quarter earnings on Monday, May 19, 2025 at 9:00 AM ET. The toll-free dial-in number is 1-833-470-1428, access code number 818188. There will be a recorded replay of the call available for 30 days after the call. If you are interested in hearing the recording, please dial 1-866-813-9403. The replay pass-code number is 138532.
About Oxford Lane Capital Corp.
Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company principally investing in debt and equity tranches of collateralized loan obligation (“CLO”) vehicles. CLO investments may also include warehouse facilities, which are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
GREENWICH, Conn., May 12, 2025 (GLOBE NEWSWIRE) — Gabelli Funds will host its 17th Annual Media & Entertainment Symposium at the Harvard Club in New York City on Thursday, June 5, 2025. The symposium will feature discussions with leading companies and organizations across the media ecosystem, with an emphasis on industry dynamics, current trends, and business fundamentals, as well as Sports Investing, Media & Telecom Regulatory, and Advertising Panels. Attendees will also have the opportunity to meet with management in a one-on-one setting. For those who cannot attend in person, the symposium will also be available via webcast. Investors should contact their relationship person for more information or click on the link below to register.
Presenting Companies
1×1 Meetings Only
Atlanta Braves Holdings, Inc. (NASDAQ: BATRA/K)
AMC Networks (NASDAQ: AMCX)
Lionsgate Studios (NASDAQ: LION)
Churchill Downs (NASDAQ: CHDN)
Nexstar Media Group (NASDAQ: NXST)
Genius Sports (NYSE: GENI)
Reservoir Media, Inc. (NASDAQ: RSVR)
Gray Television (NYSE: GTN/’A)
Rogers Communications (TSX: RCI A/B, NYSE: RCI)
Live Nation Entertainment (NYSE: LYV)
Ryman Hospitality Properties (NYSE: RHP)
Madison Square Garden (NYSE: MSGS/E, SPHR)
Sinclair Inc. (NASDAQ: SBGI)
Sportradar Group (NASDAQ: SRAD)
TEGNA Inc. (NYSE: TGNA)
TKO Group (NYSE: TKO)
The E.W. Scripps Company (NASDAQ: SSP)
Panel Discussions
Sports Investing: Ways to Play
TV Bureau of Advertising (TVB) Panel
Media & Telecom Regulatory Expert Session
with Former FCC Commissioner, Rob McDowell
The Harvard Club, New York City Thursday, June 5, 2025
Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc.
A new national recruitment campaign to help find more foster carers has been launched by First Minister John Swinney.
The Scottish Government campaign, which was announced at John Lewis in Edinburgh to mark the start of Foster Care Fortnight, aims to support the recruitment of more Local Authority foster carers. The Fostering Network estimates that Scotland needs at least 400 additional foster carers, and this campaign seeks to raise awareness of the benefits of fostering and encourage people across the country to consider if they could support a child or young person in the care system.
John Lewis – a key campaign partner – are a foster friendly employer providing extra support to employees who are foster carers, something the Scottish Government has recently introduced to its own staff. The company also run a Care Experienced internship which supports hundreds of young people with care experience to get work experience.
The campaign will be running in May and June, with a new website and an advice line for anyone interested in finding out more.
As he met foster carers at the new campaign launch, the First Minister said:
“Foster carers play a vital role supporting and providing safe and loving foster homes to children and young people. They are key to our ambition of delivering The Promise by 2030.
“Across Scotland, foster carers provide stability, care and connection to support children and young people to thrive.
“Our campaign importantly focuses on how the everyday ‘ordinary’ can be extraordinary for a child in foster care. Fostering can be transformational for a child or young person and by stepping forward, foster carers offer not just a home, but the relationships and support that help shape brighter futures.”
Anne Currie, Assistant Director for Scotland at The Fostering Network, said:
“We welcome the launch of the Scottish Government’s national campaign to recruit foster carers, and we’re proud to back this initiative by providing additional support to our Fosterline service to specifically manage enquiries.
“We hope this leads to more people stepping forward to become foster carers in Scotland, and raises awareness of the vital role fostering plays. The need has never been more urgent – as over 350 foster carers leave each year, it’s critical that we take action now.”
Ceira Thom, Head of Learning, Inclusion and Belonging at the John Lewis Partnership, said:
“At the John Lewis Partnership, we believe that every child deserves a safe, loving home where they can grow and flourish.
“As the UK’s largest Fostering Friendly employer, we’re proud to support this vital campaign and to help raise awareness of the life-changing role foster carers play in young people’s lives.”
Background
Fostering is open to people of all ethnicities, religions, sexual orientations, genders, and family structures. Foster carers do not need any specific qualifications, and don’t need to have children of their own.
The ‘Ordinary can be extraordinary for a child in foster care’ campaign runs for four weeks across TV, video on demand, radio and press, and for seven weeks across digital channels.
When does a kid become an adult? – Avery, age 8, Los Angeles
Not everyone grows up at the same pace, even though U.S. law holds that you reach adulthood when you turn 18. This is the age where you are treated like an adult in terms of criminal responsibility. However, states differ on the “civil age of majority,” which means that you don’t necessarily get all the rights and privileges reserved for grown-ups at that point.
Even physical signs of maturity don’t provide an easy answer to this question. Puberty brings about physical changes associated with adulthood like facial hair or breast development. It also marks the onset of sexual maturity – being able to have children.
Those changes don’t happen at the same time for everyone.
For example, girls typically start going through puberty and beginning to look like adults at an earlier age than boys. Some people don’t look like grown-ups until they’re well into their 20s.
In my view, as a professor of developmental psychology, what really matters in terms of becoming an adult is how people feel and behave, and the responsibilities they handle.
Even if you’ve developed a sophisticated palate by the time you turn 18, you still aren’t necessarily a full-fledged adult. nedomacki/Getty Images
Age at milestones may vary
Because everybody is unique, there’s no standard timeline for growing up. Some people learn how to control their emotions, develop the judgment to make good decisions and manage to earn enough to support themselves by the age of 18.
Others take longer.
Coming of age also varies due to cultural differences. In some families, it’s expected that you’ll remain financially dependent on your parents until your mid-20s as you get a college education or job training.
Even within one family, your personality, experiences, career path and specific circumstances can influence how soon you’d be expected to shoulder adult responsibilities.
Drew Barrymore attends a movie premiere at the age of 15 – one year after a judge declared her to be an adult in the eyes of the law through emancipation. Ron Galella, Ltd. via GettyImages
Some young people technically enter adulthood before they turn 18 through a process called “emancipation” – a legal status indicating that a young person is responsible for their own financial affairs and medical obligations.
Economic independence is hard to attain for young teens, however, because child labor is restricted and regulated in the U.S. by federal law, with states setting some of these rules. States also determine how old you have to be to get married. In most states, that’s 18 years old. But some states allow marriage at any age.
Differentiating between kids and adults
Understanding the differences between how children and adults think can help explain when a kid becomes an adult.
What’s more, children, especially little ones, tend to have more trouble controlling their emotions. They’re more prone to crying or screaming when they are frustrated or upset than adults.
One reason why being fully grown up by the time you turn 18 or even 21 might not be possible is because of our brains. The prefrontal cortex, which is a part of the brain that plays a crucial role in planning and weighing risks, doesn’t fully develop in most people before their 25th birthday.
Making choices that have lifelong consequences
The delay in the brain’s maturity can make it hard for young adults to fully consider the real-world consequences of their actions and choices. This mismatch may explain why adolescents and people in their early 20s often engage in risky or even reckless behavior – such as driving too fast, not wearing a seatbelt, using dangerous drugs, binge drinking or stealing things.
These still-developing parts of the brain also help explain why children are more susceptible to peer pressure. For instance, adolescents are more prone to confess to crimes they didn’t commit under police interrogation, partly because they can’t properly weigh the long-term consequences of their decisions.
In North America, some young people who by many standards are adults – in that they are over 20 years old, own a car and have a job – may not feel like they’re grown-ups regardless of what the law has to say about it. The psychologist Jeffrey Arnett coined the term “emerging adults” to describe Americans who are 21-25 years old but don’t yet feel like they’re grown-ups.
When someone becomes an adult, regardless of what the law says, really depends on the person.
There are 25-year-olds with full-time jobs and their own children who may still not feel like adults and still rely on their parents for a lot of things grown-ups typically handle. There are 17-year-olds who make all of their own doctor’s appointments, take care of their younger siblings or grandparents, and do all the grocery shopping, meal planning and laundry for their household. They probably see themselves as adults.
Growing up is about gaining experiences, making mistakes and learning from them, while also taking responsibility for your own actions. As there’s no single definition of adulthood, everyone has to decide for themselves whether or not they’ve turned into a grown-up yet.
Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live.
And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.
Jonathan B. Santo does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: State University Higher School of Economics – State University Higher School of Economics –
The Higher School of Business of the National Research University Higher School of Economics and the Gazprom Neft Corporate University have completed training for students of the second stream of the corporate program “CFO Academy”.
“CFO Academy” is a large-scale two-year educational program for managers and leading specialists of financial and economic services – a personnel reserve for management positions in the financial and economic function in the Gazprom Neft group of companies. The new stream of the program was successfully completed by 41 students, most of whom were promoted during the training, including to the positions of financial directors and heads of departments of the financial and economic block.
The content of the CFO Academy was based on international certification programs for professionals in the field of management finance, such as ACCA, CIMA and CMA, and included the development of expertise in the field of corporate finance, preparation and analysis of financial statements, investment planning and risk management. An important component of the program were modules dedicated to the formation of strategic thinking, development of management competencies, as well as strengthening internal communications and cross-functional interaction in the group of companies. Particular attention in this stream was paid to the study of current trends in the field of artificial intelligence and its application in business management, including the financial and economic function.
Deputy Director of the Higher School of Business, National Research University Higher School of Economics
The CFO Academy is a unique symbiosis of global financial education standards with deep industry expertise and real-life tasks of Gazprom Neft. More than 50% of the program consists of working with real cases, and the projects developed within the program are already assessed by the company as promising for implementation, which demonstrates the effectiveness of the “training through practice” model – participants do not just master the theory, but immediately create value for the business
The program used various training formats, including interactive face-to-face classes and project work. A special feature of the CFO Academy was the use of the “leaders teach leaders” and “peer-to-peer” approaches – in each module, presentations by leading teachers of the Higher School of Business of the National Research University Higher School of Business were combined with master classes and expert sessions from the company’s top management and functional leaders of the economics and finance block.
Deputy Director for Corporate Training at the Higher School of Business, National Research University Higher School of Economics
We see how the role of a financial manager is changing – today it is not just an expert in numbers, but a strategic partner of business. The CFO Academy program helps to form exactly such leaders – capable of thinking big, managing complex processes and introducing innovations, including AI technologies, into everyday management practice. I am confident that graduates of the program will make a significant contribution to the development of the financial function and the entire group of companies. We congratulate the graduates on completing the program and wish them success in their future professional activities!
Alexey Urusov
Head of the Department of Economics and Corporate Planning, Gazprom Neft
It was important for us that the training not only provided knowledge to the participants, but also practical value for business. As part of the Academy, the participants worked on applied projects – solutions that are already considered promising in the company and can be implemented in various areas: from operational efficiency to digital transformation.
The program became an opportunity not only to broaden horizons, improve professional competencies and develop digital skills, but also to establish many new connections with colleagues from other departments, managers and experts who conducted practical classes. Thanks to this, the participants immersed themselves deeper into the context of the company, became part of a single professional community and better understand how the modern financial function works in an advanced digital company.
Moreover, it was this experience that became the basis for a new large-scale project – the creation of a Russian professional qualification for specialists and managers in the field of economics and finance – the professional qualification NAFD, which in the near future will become a full-fledged replacement for the international qualifications ACCA, CIMA and CMA.
More than half of the program content was devoted to practical work, including consideration of real Gazprom Neft cases, which made the training as practice-oriented as possible and close to the tasks facing the business.
As part of the project track of the program, participants worked on real initiatives to create new businesses, develop innovative technologies and materials, improve operational efficiency, and develop a portfolio of IT projects. Most of the initiatives were considered within the company, recognized as promising, and can be implemented.
The final certification included the defense of team projects, during which the participants demonstrated their ability to apply the acquired knowledge in solving current business problems. All students successfully passed the final certification and received HSE diplomas for professional retraining in finance and economics.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
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Source: The Conversation (Au and NZ) – By Amitrajeet A. Batabyal, Distinguished Professor, Arthur J. Gosnell Professor of Economics, & Interim Head, Department of Sustainability, Rochester Institute of Technology
President Donald Trump has long been preoccupied by the trade deficit — the gap between what the U.S. sells to the rest of the world and what it buys from it. He recently declared the issue a national emergency and used trade deficit data to calculate so-called “reciprocal tariffs” targeting nearly 100 countries. Although those specific tariffs are now on pause, Trump’s concern with the trade deficit persists.
As an economist, I know there are two basic ways for a country to reduce a trade deficit: import less or export more. While Trump has focused on the former strategy, a more productive path may lie in the latter – especially by looking at untapped opportunities in rural America.
New research is starting to fill that gap. Economists recently found that urban businesses export significantly more than rural ones – a difference with significant implications for national trade.
The urban-rural export gap
Looking at data from the Census Bureau’s Annual Business Survey as well as trade statistics from 2017 to 2020, researchers used econometric techniques to measure the urban-rural export gap. They also examined two categories of potential causes – “explained” and “unexplained.”
The first is due to differences in what economists call “endowments” – for example, a region’s digital infrastructure, its access to renewable energy and its opportunities for high-tech employment. These endowments can be observed and therefore explained.
The second is due to what economists call “structural advantage.” This refers to attributes of a region that matter for export performance but can’t be observed and, as a result, remain unexplained.
They found that most of the urban-rural export gap is due to explained differences. That means rural businesses could close the export gap if they were provided with similar endowments – meaning comparable access to renewable energy, similar digital infrastructure and analogous opportunities for high-tech employment – to their urban counterparts.
Even more strikingly, the unexplained component was negative – which means rural businesses outperform expectations given their characteristics. That suggests rural regions have significant untapped export potential.
Several factors collectively account for the urban export advantage. First, urban regions have a greater concentration of highly educated science and technology workers. Urban businesses also tend to be larger and more tech-savvy, and because they have better access to broadband, they use cloud technology more frequently. Urban areas also have more foreign-born business owners who may leverage their international networks.
However, many of these differences suggest possible policy solutions. For instance, since cloud adoption depends on broadband availability, it follows that investing in digital infrastructure could boost rural exports. Also, rural manufacturers, especially in sectors like metals manufacturing, show comparable or higher export intensity per worker than their urban counterparts. So encouraging rural manufacturing would be one way to reduce the urban-rural export gap.
Rethinking trade and rural development
I think this research has important policy implications.
First, it shifts some of the focus away from other countries as the root cause of the trade deficit. And second, it bolsters the case for what economists call “place-based policies” targeting specific geographic areas – as opposed to “people-based policies,” which provide support directly to individuals.
The 2022 CHIPS and Science Act had special significance to rural areas.
During the Biden administration, three major laws – the Inflation Reduction Act, the CHIPS and Science Act and the Infrastructure Investment and Jobs Act – directed significant federal funds to rural areas. About 43% of funds from those laws – or US$440 billion – was designated as either “rural relevant” or as “rural stipulated,” meaning the funds were either geographically targeted or designed to address disproportionately rural challenges.
Such massive investments in rural regions have led researchers and policymakers to question whether rural export underperformance stems from differences in observable endowments – in other words, things like access to broadband – or from inherent disadvantages that are much harder to deal with.
In my view, this research provides compelling evidence that much of the urban-rural export gap is due to unequal distribution of productive assets, rather than inherent rural disadvantages. With appropriate investments in digital infrastructure, human capital and support for export-capable industries, America’s rural regions could play a much larger role in global trade. These findings also suggest the value of continued federal support for rural development efforts.
In other words, if the U.S. wants to shrink its trade deficit, one answer could be more innovation in rural manufacturing.
Amitrajeet A. Batabyal does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
TORONTO, May 12, 2025 (GLOBE NEWSWIRE) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FWB: E26) (the “Company” or “LNG Energy Group”) announces that, further to the news release dated May 7, 2025, the Ontario Securities Commission (the “OSC”), has notified the Company that it has issued a failure-to-file cease trade order (“FFCTO”), under Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions against the Company (“MI 11-103”). The FFCTO was issued as a result of the delay in the filing of the Company’s annual audited financial statements for the fiscal year ended December 31, 2024, the related management’s discussion and analysis, and the CEO and CFO certificates relating to the audited annual financial statements as required by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Required Documents”) for the fiscal year ended December 31, 2024.
As stated in the Company’s news release dated May 7, 2025, the Company was unable to file the Required Documents prior to the April 30, 2025 filing deadline. LNG Energy Group continues to work diligently with its auditors and expects to file the Required Documents within two months of the filing deadline. The Company anticipates that the FFCTO will remain in place until such time as the Required Documents are filed.
The FFTCO prohibits any trading, whether direct or indirect, in respect of any security of the Company in which MI 11-103 applies, except in accordance with the FFCTO, until such time as the Company is able to file the Required Documents and successfully apply for a revocation of the FFCTO. If the Required Documents are filed within 90 days of the date of the FFCTO, such filings will constitute the Company’s application to have the FFCTO revoked. There can be no assurance that the FFCTO will be revoked on the timeline contemplated by the Company.
AboutLNGEnergyGroup
The Company is focused on the acquisition and development of natural gas production and exploration assets in Latin America. For more information, please visit www.lngenergygroup.com.
This news release contains certain forward-looking information that reflect the current views and/or expectations of management of LNG Energy Group with respect to performance, business and future events. Forward-looking information can often be identified by words such as “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which LNG Energy Group operates. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking information, readers should not place undue reliance on such information. The risks and uncertainties include, but are not limited to, the anticipating timing of filing the Required Documents. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. LNG Energy Group does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
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In households where entertainment needs are as varied as those living in them, one thing remains constant; the demand for superior picture quality and versatility. That’s where Samsung’s QLED, powered by 100% Colour Volume real and safe Quantum Dot technology, comes in – delivering a next-level viewing experience that meets every lifestyle head-on.
Samsung’s Neo QLED and QLED TVs, are not just about flexibility – they’re about real innovation at the core. At the heart of this technology lies Samsung’s Real Quantum Dot technology, the foundation of the real QLED experience that Samsung pioneered. This is not your average TV – it’s the result of years of refinement and leadership in Quantum Dot display technology.
The Real QLED Advantage: 100% Colour Volume with Quantum Dot
Samsung’s Real Quantum Dot technology transforms how you see colour on a screen. Unlike traditional displays, Quantum Dots produce consistently bright, vivid, and accurate colours regardless of brightness levels. That means whether you’re watching an intense action movie, a lush nature documentary, or a fast-paced football match, you’ll see every detail in stunning clarity and realism. Real QLED means 100% Colour Volume, powered by Quantum Dot, delivering billions of shades for unmatched picture depth. Combined with Neo QLED’s ultra-precise Mini LED backlighting and the Neo Quantum Processor, your TV becomes a true visual powerhouse, adapting dynamically to your content and surroundings.
Experience the Real QLED Difference
Samsung’s QLED and Neo QLED TVs, built on true Quantum Dot technology, are the gold standard in home entertainment. For families with diverse viewing habits, these TVs offer not just flexibility – but an uncompromising, vibrant experience that only Real QLED powered by Real Quantum Dots can provide.
Enjoy safe cadmium-free quantum dot Samsung TVs with your family
Samsung’s long-standing commitment to its principle of “No Compromise on Safety” came to the forefront in 2014 when the company successfully developed the world’s first no-cadmium quantum dot material. Since then, the company has been leading quantum dot technology through continuous technological advancements and sustainable efforts.
Built for Every Lifestyle
From gaming marathons to family movie nights, Samsung’s QLED and Neo QLED TVs shine in any scenario. Thanks to their superior brightness, deep blacks, and ultra-sharp contrast, these TVs ensure that everyone in the family has a perfect view, no matter the room’s lighting or their seating position. Gamers will love the low-latency response and motion handling, while movie lovers will be drawn into cinematic visuals with lifelike colours. And sports fans? They’ll appreciate the clarity and smoothness of every goal, ace, dunk, or lap.
Multi-View and Multi-Persona: Tailored for Real Life
Samsung’s TVs aren’t just visually stunning – they’re also smart and adaptable. The Multi-View feature, for example, allows multiple content sources to be displayed at once, so one person can follow a live match while another watches YouTube or scrolls through social media – all on the same screen. It’s versatility made simple, and another example of how Samsung is designing for real families with real needs.
Real Innovation Meets AI Intelligence
The Quantum Dot experience is taken even further with Samsung’s Neo Quantum Processor. This AI-powered engine uses deep learning to optimise both picture and sound in real-time, making the most of the Quantum Dot technology’s full potential. The result? Crystal-clear scenes, perfectly tuned audio, and smooth transitions – tailored automatically to your content and environment.
From a sun-lit daytime cartoon marathon to a late-night thriller binge, Samsung’s AI enhancements ensure that Quantum Dot brilliance always looks its best.
Sustainability Without Compromise
Samsung’s Real QLED technology doesn’t just perform – it also respects the planet. With energy-efficient design, eco-friendly materials, and certifications like Product Carbon Footprint Reduction, No-Cadmium SGS, and EyeCare Circadian Certification, Samsung is committed to sustainability while delivering industry-leading performance.
Source: The Conversation – UK – By Julie M. Norman, Senior Associate Fellow on the Middle East at RUSI; Associate Professor in Politics & International Relations, UCL
Israel’s prime minister, Benjamin Netanyahu, declared on May 5 that his government intends to intensify military operations and indefinitely reoccupy Gaza. The announcement has dashed hopes for a permanent ceasefire and the release of the remaining hostages held by Hamas.
The plan, which was unanimously approved by Israel’s security cabinet, includes displacing Gaza’s 2.1 million inhabitants to a single “humanitarian area” on less than a quarter of Gaza’s territory. This will result in Palestinians leaving “in great numbers to third countries”, said Israel’s far-right finance minister, Bezalel Smotrich.
It is tempting to view the plan as another move by Netanyahu to placate the hard-right members of his coalition. It can also be viewed as a pressure tactic on Hamas – a threat to force the militant group to agree to a short-term ceasefire ahead of the visit of the US president, Donald Trump, to the Middle East from May 13.
However, Netanyahu’s announcement is much more than rhetorical sabre-rattling. Israel’s recent operations in Gaza indicate that the plan should be taken literally and seriously. Since March, when the war in Gaza resumed following a temporary ceasefire, Israel has declared about 70% of the enclave either a military “red zone” or under evacuation.
The new plan affirms what many have long feared: that expanding territorial control is not merely a short-term military tactic but a long-term occupation. In my view, this will only bring more suffering for Palestinians, less security for Israel, and more instability to the region.
The humanitarian crisis in Gaza cannot be overstated. Many observers have described the current situation as the worst of any time during the past 18 months.
The flow of humanitarian aid to Gaza has been politicised and widely criticised throughout the war, often slowing to a trickle. However, at least some aid trucks were allowed to pass into the Strip from late October 2023, shortly after the war began. This was followed by a surge of aid during the ceasefire in January and February 2025.
But no food, fuel or medicines have entered Gaza since early March. This has led to near-famine conditions and the breakdown of the few remaining healthcare services.
Israel’s proposed plan would forcibly move Gazans, nearly all of whom have already been displaced multiple times, into militarised “sterile zones” in the south. Humanitarian aid would be managed there by the Israel Defense Forces (IDF) and private US companies.
Deteriorating humanitarian conditions, combined with further displacement, will only create more security challenges for Israel. Entrenched occupation fuels armed resistance and further mobilises insurgency.
The US saw this following its 2003 invasion of Iraq, which resulted in over 8,000 US military personnel and contractors being killed. Israel has repeatedly faced the rise of armed militant groups in response to prolonged military occupations in Lebanon, Gaza and the West Bank.
Hamas has already dismissed further ceasefire talks in the wake of the new plan, and the group is seemingly having no trouble recruiting new members to its military wing. This has ensured a costly deployment for IDF ground troops.
It goes without saying that Hamas should release all of the remaining hostages – and should have done so long ago. But Hamas now sees little incentive to do so when Israeli ministers are calling for what appears to be the complete destruction of Gaza, with or without a hostage release.
A renewed occupation of Gaza will also further complicate regional dynamics. Arab states that have promised billions of dollars for Gaza’s reconstruction, alongside a credible plan for a two-state solution, will balk at subsidising Israeli military control.
The stalled US-backed normalisation deal between Israel and Saudi Arabia, which has long been sought both by the Trump and Biden administrations, will probably be pushed even further back. It may even be abandoned entirely if Israel retrenches in Gaza.
And any US involvement in Israel’s new Gaza plan could complicate negotiations between the US and Iran over Tehran’s nuclear programme. The Iranian foreign minister, Abbas Araghchi, has already accused Netanyahu of dragging the US into a “disaster” in the Middle East by “attempting to brazenly dictate” what Trump can and cannot do in his diplomacy with Iran.
But perhaps most importantly, the reoccupation of Gaza – coupled with incursions, annexations and settlement expansion in the West Bank – communicates in no uncertain terms that the Israeli government is torpedoing any pathway to a two-state solution.
This has long been clear to Palestinians and many onlookers. Most realists accepted that any moves towards Palestinian self-determination would be non-starters in the aftermath of the October 7 attacks on southern Israel.
However, Israel’s friends in the international community, especially in Europe, have been holding on to the hope that Israel would eventually come back to the two-state framework. This latest plan calls their bluff.
France and the UK are already in discussion about possibly recognising Palestine as a state at a conference in June. The UK has long preferred recognition as part of a peace process towards two states, rather than a symbolic gesture.
But a retrenched “capture” of Gaza, combined with another massive civilian displacement, may speed up serious consideration of this recognition – while there is still Palestinian territory left to recognise.
Julie M. Norman 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.
From sleep aids and stress relief to vitamins and energy boosts, wellness patches are surging in popularity. These stick-on supplements promise to deliver nutrients and plant-based compounds directly through your skin and into your bloodstream – no pills, no needles, no fuss.
Inspired by medical patches that deliver hormones or nicotine, they certainly sound scientific. But do they work?
The short answer is: sometimes, but often not in the way they suggest. While the idea of nutrient delivery through the skin is firmly rooted in science, the reality of wellness patches is more complicated.
The skin, after all, is an excellent barrier. Its outermost layer, the stratum corneum, is like a brick wall. The “bricks” are dead skin cells and the “mortar” is a waxy mix of fats. This structure is incredibly good at blocking water, bacteria and most drugs.
Only a few types of molecules can easily sneak through this barrier. These tend to be small, fat-soluble molecules, such as nicotine, oestradiol (used in HRT) or certain painkillers – hence their established successful use.
Layers of the skin explained.
As a rule of thumb, small fatty molecules can cross, anything water soluble cannot. Vitamins are generally water soluble and therefore fail at the waterproof barrier.
Vitamin B12, magnesium and iron – all available in patch form – are typically too large or water-soluble to cross the skin in meaningful amounts. If nutrients need to be injected or taken in high oral doses to be effective, the likelihood of a patch delivering enough through the skin becomes very slim.
Spotting guff
Still, some wellness patches may hold more promise than others. So how can you tell the difference between a product with potential and one that’s mostly marketing?
First, look closely at the active ingredients. If the patch contains small, lipophilic (fat-loving) molecules – like melatonin, caffeine or certain cannabinoids – there’s at least a theoretical chance of absorption.
Larger or charged molecules like B12 or magnesium salts are far less likely to make it through the skin barrier without special assistance.
Second, check for transparent dosing. A trustworthy patch will state the amount of active ingredient it contains (in milligrams or micrograms), the duration of delivery, and ideally, the rate at which the compound is released. If it just says “infused with essential oils” and doesn’t tell you how much or how it works, take it with a pinch of salt.
Third, examine the delivery technology. Medical-grade patches use either a matrix system, where the active ingredient is distributed evenly throughout the patch, or a reservoir system, which controls release from a central chamber.
Some also use chemical enhancers to help increase absorption. Nicotine patches offer an excellent example of this enhanced delivery.
As ever, the key to delivery is overcoming the stratum corneum. Nicotine is small, lipophilic and uncharged – three features that make it particularly well suited to slip through the skin and into the bloodstream.
Once it diffuses through the stratum corneum, nicotine travels into the viable epidermis and dermis, where it can enter capillaries and circulate in the body.
Modern patches use specially designed adhesives and permeation enhancers – compounds that temporarily loosen the skin’s lipid matrix to improve absorption. A common example is oleic acid, a fatty acid that disrupts the tight lipid packing in the stratum corneum, allowing more nicotine to pass through.
This, combined with a controlled-release design, ensures a steady, low-level delivery of nicotine throughout the day, helping reduce withdrawal symptoms and cravings without the rapid spikes associated with smoking.
The same principle is applied to skin creams that penetrate the epidermis primarily through passive diffusion, moving between the cells of the stratum corneum via the lipid matrix.
Small, lipophilic, and uncharged molecules pass more easily, and formulations often include mild penetration enhancers, such as alcohols or glycols, to temporarily loosen the lipid structure and improve absorption into the viable epidermis. By contrast, if a wellness patch resembles a sticker soaked in oil or offers no explanation of its mechanism, you might want to question its effectiveness.
Finally, consider the evidence behind the claims. Few wellness patches are supported by independent studies or peer-reviewed research. That doesn’t mean they never work but it does mean you should treat them as unproven. If a patch promises to “detox your liver”, “burn fat”, or “cure fatigue overnight”, it’s probably leaning more on placebo than pharmacology.
That said, the placebo effect itself can be powerful. If a patch makes someone feel more in control of their sleep, stress or energy levels – and causes no harm – there may still be a benefit, but it’s important to understand where marketing ends and science begins.
Michelle Spear 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.
Amsterdam hit its self-imposed limit of 20 million overnight stays in 2023.4kclips/Shutterstock
In the controversial case of expansion at Heathrow airport, the UK government insists that the benefits of economic growth outweigh the environmental and wellbeing costs. But what if focusing on prosperity is a shortsighted approach? The debate about a third runway, placed in the context of exponential growth in travel and tourism, makes the impact on people and the environment clear to see.
Meanwhile, many tourism destinations are struggling to cope with growing numbers of visitors. Residents have protested at the impact of overtourism on their quality of life, with harms including overcrowding, loss of amenities for residents and a skewed property market.
London’s airport development plans (expansion is also mooted at Gatwick and Luton) aim to inject investment into a range of sectors beyond tourism. However, our research suggests that aligning tourism with other sectors and better cooperation of decision-making at different levels of government could lead to increased wellbeing, a healthier environment and greater benefits to the local economy.
This provides options to rethink what tourism could look like when the focus is not just economic growth.
It should be possible to look at new models that take a holistic approach to tourism development. This means putting the wellbeing of the community and the environment first. Falling under the umbrella term of “post-growth”, there are various approaches that all rethink the role of economic growth. They advocate prioritising human wellbeing within planetary boundaries.
“Degrowth” argues that limiting growth is essential for a sustainable future. On the other hand, “doughnut economics” and regenerative approaches are more agnostic about economic growth. They argue that human prosperity and wellbeing should be prioritised regardless of whether GDP is going up or down.
In the context of tourism and travel, these approaches provide a different perspective on the role of the sector and what it can bring to a place, beyond economic growth.
They also go further than most strategies being implemented in popular tourist cities to prioritise residents’ wellbeing, quality of life, and lower-carbon travel.
Taking the heat off tourist hotspots
As part of a net-zero emission pledge, and in an attempt to curb overtourism and the frustration of locals, some cities across Europe are enforcing restrictions on cruise ships. And Greece is applying a climate resilience tax on top of the tourism tax on all overnight stays.
One of the cities that has done the most to curb tourism is Amsterdam. After the start of the COVID pandemic, it adopted a citizen initiative to cap tourism at 20 million overnight stays per year.
This number was reached in 2023, and the city has put forward a wide range of measures since then. These include a tourist tax rate of 12.5%, strict rules on short-term rentals, limits on visitor numbers at large attractions and reducing the number of cruises. The city has also strengthened its environmental regulations.
Copenhagen, on the other hand, chooses not to restrict tourism. Rather, it now rewards visitors who engage in climate-friendly actions, with the “CopenPay” pilot project. Visitors who choose to cycle, use public transport or participate in volunteering are eligible for discounts or free access to 24 attractions.
Visitors to Greece pay a climate charge as well as a tourist tax. ecstk22/Shutterstock
While these initiatives are laudable, there are two reasons why they don’t go far enough.
The first is that the majority of the measures are based on financial disincentives, such as charging entrance fees to destinations and taxing the most polluting transport. They rest on the assumption that we do not need to address the underlying pursuit of growth that led to this unsustainability.
Likewise, arguments in favour of green growth are based on technological advances, such as sustainable aviation fuel (SAF). This underpins claims that air travel can continue to grow. However, both within and beyond the travel sector, it has been argued that green growth is a myth.
In the long run, these measures do not cut the ever-growing number of travellers. Nor do they effectively address climate issues.
Second, cities need support from higher levels of government if they want to encourage travel that is more environmentally friendly and contributes to the wellbeing of residents. In the case of Amsterdam, the ongoing expansion of Schiphol airport can be linked to overtourism, as well as noise and air pollution.
City leaders want to cut the maximum number of flights. But they cannot do much as long as economic growth is the focus of the Dutch government’s plans.
This highlights the deep complexities of controlling visitor numbers. And it also suggests that the economic benefits that come with the growth of London’s airports may come with societal and environmental costs. These will be felt by London and its residents, and cannot be solved with local policies.
Rather than going further and faster with growth, when it comes to travel and tourism we may need to go “closer by and slower”.
That might mean placing greater emphasis on promoting destinations to nearby markets, investment in low-carbon travel options and regenerative tourism activities. A post-growth approach should ensure that the economic benefits do not outweigh long-term ecological and societal growth. After all, these are the things we all need for a resilient society.
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.
It was May 4 1975. The Japanese Women’s Everest Expedition team had been living at a high altitude for six weeks, and were less than a week away from their scheduled bid for the summit of Mount Everest. Exhausted, having established camp five at just below 8,000m on the south side of the mountain, Junko Tabei and the team descended to camp two at 6,300m to rest.
Then – avalanche!
In the early hours, tons of ice and snow engulfed the camp, burying several of the teammates. Crushed by the snow and ice, Tabei was unable to move. It took the strength of four Sherpas, the elite Nepali climbing guides assisting the expedition, to pull her out. Suffering severe bruising, Tabei argued that she did not need to be returned to base camp to recover, and would remain at camp two.
“There was no way I was leaving the mountain,” she later recalled in her memoir.
It had taken five years for this group – the first all-women team – to get to Everest. The pressure on them to succeed was immense, given the limited number of annual international permits to climb Mount Everest issued by the Nepalese government. If they gave up, they might have to wait several years to make another attempt.
Meanwhile, on the Tibetan side of the mountain, Tabei’s team had competition. A 200-strong Chinese team was also working to place a woman on the summit at the same time.
From the late 1950s, Tibetan women were recruited to participate in state-sponsored Chinese mountaineering expeditions. In 1958, Pan Duo had been selected to participate in the successful Chinese 1960 Everest expedition – but was ordered to remain below 6,400 metres because above that height was “a man’s world”. Nonetheless, Pan Duo – referred to as “Mrs Phanthog” in some older accounts – was celebrated in her country and elected deputy captain of the 1975 Chinese Everest Expedition.
Unfortunately, the Chinese team suffered a climbing accident resulting in the death of a team member. They retreated to recover – only to be ordered by the Chinese government to “climb ahead of the Japanese women”.
They were too late. On May 16 1975, the all-women Japanese expedition worked together to place Tabei on the summit of Everest. Two team members – Tabei and Yuriko Watanabe – had been nominated to make the summit attempt. However, other teammates were suffering from altitude sickness, so Watanabe was assigned to help return them to camp two.
The ascent Tabei was making was arduous. Given her injuries, it took great tenacity to muster the strength to continue. But finally, she took her last steps to the summit, becoming the first woman and 40th person, according to the latest official record, to summit the peak. She was part of only the tenth successful Everest expedition, later recalling:
I felt pure joy as my thoughts registered: ‘Here is the summit. I don’t have to climb any more.’
Eleven days later, the Chinese team returned to the high slopes to make another attempt. Using minimal oxygen, Pan Duo was also successful, becoming the second woman to summit Everest – and the first to climb the harder northern side of the mountain.
Prior to these two successful expeditions, only 38 people had summited Everest – all of them men. News of Tabei’s feat travelled fast across Asia, leading to national celebrations in Japan, Nepal and India. But it made little impact in the west.
In my own career as both a mountaineer and researcher of adventure tourism, I had been struck by how few women I encountered on the mountainside. I wanted to understand why this might be, and what women had achieved. It was through this research that I discovered Tabei’s story.
I was astonished both by her achievements – she is also the first woman to complete the “Seven Summits”, climbing the highest peaks on every continent – and by how few prominent mountaineering organisations and mountaineers appeared to know about her.
Tabei’s bravery helped her lead record-setting all-women expeditions and overcome the mountain of sexism in this male-dominated space. Yet very few organisations, even in Japan, have thought to celebrate the 50th anniversary of the first ascent of Everest by a woman.
Breaking the mould
Historically, men have dominated the public record in mountaineering. In the last few years, the 70th anniversary of the first summit of Everest in 1953 by Sir Edmund Hillary and Tenzing Norgay has been marked, along with the centenary of the unsuccessful and fatal attempt by George Mallory and Andrew Irvine in 1924.
During that period, women were excluded from many mountaineering clubs. When they did join, they often faced prejudice, were discouraged and sometimes not permitted to publish records of their adventures. In 1975, women were finally admitted to the Alpine Club, the first and one of the most prestigious climbing institutions.
At a time when Japanese women were expected to remain at home, many members of the Japanese Women’s Everest Expedition, including Tabei, were working, with two of them also raising children. Tabei’s daughter, Noriko, was three at the time of her Everest summit. Tabei later revealed that the expedition encountered significant resistance:
Most of the men in the alpine community opposed our plan, claiming it would be impossible for a women-only expedition to reach Everest.
As a married woman and the assistant expedition leader, Tabei felt torn between motherhood and mountaineering, explaining: “Although I would never forfeit Everest, I felt pulled in the two directions of mountains and motherhood.”
Facing unsympathetic attitudes from team members when childcare conflicts arose, Tabei realised she needed to put in extra effort to prove herself as a leader.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
Years before the Everest expedition, Tabei and other Japanese women were already logging major climbing achievements across the globe. These included the first ascent of the north face of the Matterhorn by an all-women’s team in 1967, and the first all-women’s Japanese expedition to the Himalayas in 1970 to climb Annapurna III. Tabei was both the first woman and Japanese person to ascend the peak.
This set the scene for the Japanese Women’s Everest Expedition. To locate and train suitable candidates for the expedition, Tabei helped establish the Joshi-Tohan Japanese Ladies Climbing Club, founded on the slogan: “Let’s go on an overseas expedition by ourselves.”
Tabei’s contribution to women’s high-altitude mountaineering was astounding. To reach Everest, she defied mid-20th-century social norms that tied Japanese women to domestic roles, later musing: “I tried to picture myself as a traditional Japanese wife who followed her husband. The idea never sat well with me.”
Throughout her career, Tabei contributed significantly to the emerging culture of women’s climbing and mountaineering expeditions. She felt strongly that climbing with other women was more rewarding because there was greater physical equality.
In 1992, she became the first woman to ascend the highest peaks on all seven continents. Using her celebrity, Tabei was also an activist for environmental change in high-altitude regions, having grown appalled by the degradation of fragile mountain glaciers that was being caused by the mountaineering industry.
Film by 4GTV Nepal.
With her friend and Everest teammate Setsuko Kitamura, Tabei established the first Mount Everest conference in 1995, inviting all 32 women who had by then successfully climbed Everest (not all attended). Under her leadership, this transnational exchange created a space to celebrate women’s mountaineering achievements.
Soon after her Everest achievement, Tabei had been a symbol of social progress and women’s emancipation at the UN International Women’s Year world conference. Yet her status as one of the greatest high-altitude mountaineers has since faded from the public eye. This has much to do with the stories we tell about man – and it’s almost always a man – vs. nature.
Telling her own story
Hillary’s much-lauded autobiography, High Adventure (1955), was published two years after his first successful ascent of Everest. In contrast, it was 42 years after her ascent before Tabei’s memoir, Honouring High Places, was published and translated.
The way Japanese women’s experiences were represented in the media did not, in Tabei’s view, represent the reality of women’s experiences. She was particularly perplexed by the inability of the press to see beyond her gender. She was repeatedly asked how it felt “as a woman” to climb at high altitudes.
Portrayals of Tabei focused on her stature as a small Japanese woman. This only reinforced the perception that women like her did not fit the norm of the heroic white, male mountaineer. She reflected:
When people meet me for the first time, they are surprised by my size. They expect me to be bigger than I am, more strapping, robust, like a wrestler … I was always puzzled by this, by people’s obsession with the physical appearance of a mountaineer.
To counter this narrative, Tabei brought a new approach to writing about Japanese women mountaineers’ achievements – challenging the tendency of traditional Japanese expedition publications to gloss over the harsh realities of expedition life.
Critical of the flowery and vain writing style of these reports, Tabei’s frank accounts reported on the “unkinder side of human behaviour”. Making tough choices was particularly difficult for women, she wrote, because of their social conditioning to be a “good person”:
It was unusual enough to be a female climber in that era of yesteryear, let alone to make a stand in front of your friends that would possibly upset them.
Transcending these social norms had a personal impact. Tabei lamented that, although “I remained strong-willed about Everest, tears of doubt fell down my cheeks at night”.
Her honesty was criticised by some in the established mountaineering community in Japan, particularly in her published account, Annapurna: Women’s Battle, which expressed the raw emotions and feelings experienced on their 1970 expedition. Tabei shared “the feelings of the team members when things failed to go in the direction they had envisioned … We put our honest experiences on paper”.
Reflecting on how she had to overcome social norms to lead the expedition – “In my day, we were strictly advised that being different was abnormal” – Tabei concluded that: “A person must be able to voice her opinion without worrying about criticism.”
A problem of representation
Ever since the late 1850s, women have made a significant yet often-hidden contribution to mountaineering. It retains a powerful legacy of male-dominated clubs and governing institutions founded on masculine norms such as risk-taking. This has often cast mountaineering achievements in a way that privileges men.
Clubs established traditions based on the first ascents of mountains – very few of which were made by women. Their absence from leading mountaineering clubs and lack of representation in published club journals meant their achievements were often attributed to male companions.
In 1872, the American climber Meta Brevoort felt it best, due to social prejudice, to publish her extraordinary first ascents in the European Alps under the name of her nephew, William A.B. Coolidge. Mountaineer and author David Mazel notes that Brevoort’s account was “carefully written to conceal the author’s sex”.
Mountain exploration and climbing have traditionally been framed as heroic endeavours dominated by men. Figures such as Hillary, Mallory and Reinhold Messner are celebrated for their bravery, strength and leadership — traits associated with masculinity.
Early mountaineering narratives often emphasised physical endurance, dominance over nature, and the ability to withstand extreme conditions – reinforcing ideas of masculine heroism. Mountains as towering, imposing and seemingly unconquerable landscapes have been metaphorically linked to power and challenge.
Traditions that have been passed down through generations – from ascent styles to route names – have also been synonymous with masculinity. In the words of mountaineering historian Walt Unsworth, climbing Everest “is the story of Man’s attempts to climb a very special mountain”.
This has had real-world consequences for mountaineering. Today, only 6% of British mountain guides are women, while globally, less than 2% of those registered to the International Federation of Mountain Guide Association (IFMGA) are women. If you don’t see your face reflected, it becomes a daunting prospect to imagine yourself in mountaineering – whether as a mountain guide, or an amateur mountaineer like me.
By 2024, women represented 13% of all Everest summiteers since 1953, yet their stories are seldom told. White, male, able-bodied and middle-class voices dominate representations in published records and popular portrayals of adventure on the world’s highest mountain.
As anthropologist Sherry B. Ortner attests, this is not surprising given mountaineering’s history as a western imperialist and colonising project that aimed to conquer nations and nature, built upon all-male institutions. Yet men and women have the same statistical odds of making a successful summit or dying on Everest.
Julie Rak, in her book False Summit, shows how some accounts can treat women’s achievements with ambivalence, and at worst question their authenticity. It has even been suggested that Tabei was effectively dragged up the mountain by her friend, the male Sherpa Ang Tsering.
Having suffered significant trauma following the avalanche that nearly wiped out their 1975 expedition, Tabei showed enormous courage and resilience to summit Everest just a few days later. She describes the ascent as difficult – and yes, accepted help from Ang Tsering – but this was her achievement, not a “stunt” to be denied by those who were not even present.
Diversity on the mountain
Since Tabei’s Everest summit, mountaineering has undergone changes as a sport, shifting from an elite, exploratory pursuit to a commercialised industry where wealthy clients can hire companies to reach summits with professional support.
From the late 1980s, high-altitude mountaineering became a valuable tourism commodity. Seizing the opportunity to boost tourism, the Nepalese government began to issue more permits, fuelling the growth of commercial companies offering clients the opportunity to be guided up 8,000-metre summits. In 2023, Nepal welcomed over 150,000 high-altitude trekking and mountaineering visitors, with 47 teams attempting to climb Everest.
Yet despite the popularity and commercialisation of the sport, mountaineering remains stubbornly resistant to diversity.
Scholar Jennifer Hargreaves argues that women have been excluded from being represented as the “sporting hero”. What constitutes our cultural identity, meaning and values almost exclusively solidifies heroic masculinity in most forms of sport, including mountaineering.
And much of this is due to the stories that are – not – told.
Delphine Moraldo’s research found that of the mountaineering autobiographies published in Britain and Europe from the late 1830s to 2013, only 6% were written by women.
Historically, literary representations of women mountaineers have often been met with ambivalence, their achievements portrayed as lesser. Women are stereotyped as weaker, bound to domesticity and lacking the hardiness required to be a “good mountaineer”.
These perceptions, coupled with a lack of representation, have reduced women’s opportunities to secure funding for expeditions, or to access female-specific clothing and equipment. Tabei and her team had to make their own expedition clothing because women’s sizes did not exist, a problem that remains today. When raising sponsorship for Everest, she was told: “Raise your children and keep your family tight, rather than do something like this.”
But while there is still a mountain to climb when it comes to attaining equality in adventure sports, there is a growing body of research and media celebrating women’s achievements – from campaigns such as Sport England’s This Girl Can to films charting the lives of some women mountaineers.
A hidden sisterhood
Junko Tabei and Pan Duo’s names may never be as well known as Edmund Hillary’s. But they are just two of many women whose achievements reach far beyond the peaks. I’ve written about many of them in my research.
Polish mountaineer Wanda Rutkiewicz was the third woman and first from Europe to summit Everest. When asked in 1979 by high-altitude record holder Maurice Herzog why she had climbed Everest, Rutkiewicz responded that she did it for “women’s liberation”. By the late 1980s, such activism was harnessed by large sponsors such as Tata Steel, who recruited Indian mountaineer Bachendri Pal, the fifth woman to summit Everest, to lead a women’s adventure programme.
Corporate sponsorship has, however, eluded many leading women mountaineers. Despite all her outstanding achievements – including holding a world-record ten Everest summits by a woman – Lhakpa Sherpa struggled for years to achieve recognition and the status of her male contemporaries. In 2019, writer Megan Mayhew Bergman asked why she didn’t have sponsors.
More recently, however, Lhakpa Sherpa’s mountaineering career was documented in the 2023 Netflix documentary Mountain Queen, which raised her profile and has led to new sponsorship opportunities.
Film by Netflix.
There is also work being done to change the exclusion of women from mountaineering. In Nepal and around the world, charitable organisations have been initiated by women mountaineers to help their fellow women climbers, including Empowering Women Nepal and 3Sisters Adventure Trekking.
My research has shown how women and mountaineers from other marginalised backgrounds can use their successes to become role models for and drivers of social change.
Tabei, for example, was appalled at the degradation mountaineering had caused to Mount Everest, and spoke out about the need for responsible mountaineering and conservation. She led cleanup expeditions and researched the environmental impact of tourism and climate change on both mountain ecosystems and local communities.
Tabei’s efforts helped bring global attention to the need for conservation in high-altitude environments, inspiring climbers to take a more responsible approach to their expeditions.
In research about Asian women’s contribution to climbing Everest, I examined how the struggle for women’s emancipation, empowerment and recognition is a phenomenon that is shared globally. A new generation of Asian women mountaineers such as Dawa Yangzum Sherpa, the first woman to achieve IFMGA status, and Shailee Basnet are defying gender norms and achieving status as internationally recognised mountaineers and mountaineering guides.
Basnet became one of ten women to scale Everest in 2008 as part of Sagarmatha Expedition, which was established to draw attention to climate change and gender equality, and to reclaim the Nepali name for the mountain: Sagarmatha. The expedition brought together ten women from six different religious, caste and ethnic backgrounds. All ten reached the summit, making it the most successful women’s expedition to date.
Following this, in 2014 Basnet led the formation of the first all-women Seven Summits project to climb the highest peak on every continent. Importantly, she harnessed the team’s newfound profile to undertake a large-scale social justice programme, visiting hundreds of schools, leading hikes and giving talks across the Kathmandu Valley. Their mission was to improve educational awareness concerning opportunities for women and girls, and also to protect the environment.
Since the mid-1950s, a hidden sisterhood has forged a route for women to access high-altitude mountaineering. Their impact has reached far beyond the expeditions they led.
Women have used their status as mountaineers to empower and support other women to achieve social, political and environmental justice, and raise awareness about poverty, sex trafficking, religious and ethnic marginalisation, environmental degradation and the impact of mass tourism.
Junko Tabei was a pioneer whose tenacity helped a whole generation of women in mountaineering. By not recognising their achievements, we deny an important part of our cultural heritage – and miss the opportunity to learn and share the inspirational work that women continue to undertake.
Tabei’s memoir is not simply a remarkable mountaineering account, it is, in the words of Julie Rak, a feminist text that challenges what society has always thought it means to be heroic, brave and adventurous.
Tabei died in 2016 at the age of 77. On the 50th anniversary of one of her many achievements, it’s fitting to end with these words from her memoir:
My approach was one of not worrying about the loss of a job or missing out on a promotion. I felt it was important to live a life we would never regret.
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Jenny Hall 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.
Yes, move-in weekend is huge; and yes, the last three years have featured Final Four weekends exciting enough to keep the entire population of Connecticut glued to their screens.
But this is why we – the staff, the faculty, and above all, the students – are here in the first place.
From Saturday, May 10 through the evening of Monday, May 12, nearly 8,000 Huskies will hear their names called and walk across the stage at Gampel Pavilion, the Jorgensen Center for the Performing Arts, or the Student Union Theatre, and walk off the stage as graduates and alumni. The celebration wraps up on May 18, as the UConn School of Law confers its degrees in Hartford.
It’s a long weekend of big smiles, happy tears, and striking a pose near the statue of Jonathan or the giant U-C-O-N-N on Rte. 195, all combining to make lifelong memories of the final minutes before “student” turns into “graduate.”
University photographers Sean Flynn, Sydney Herdle, and Peter Morenus will be at all 17 ceremonies this month. Here are just a few of the unforgettable moments they captured on Saturday and Sunday.
The College of Engineering Commencement ceremony at Gampel Pavilion on May 10, 2025. (Peter Morenus/UConn Photo)
Degree candidates prepare for the College of Engineering Commencement ceremony at Greer Fieldhouse on May 10, 2025. (Peter Morenus/UConn Photo)
Graduates of the School of Social Work sit during the school’s Commencement ceremony in the Jorgensen Center for the Performing Arts on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Benjamin Rosen ’25 (ENG) gives the studen remarks during the College of Engineering Commencement ceremony at Gampel Pavilion on May 10, 2025. (Peter Morenus/UConn Photo)
President Radenka Maric speaks during the College of Engineering Commencement ceremony at Gampel Pavilion on May 10, 2025. (Peter Morenus/UConn Photo)
The College of Engineering Commencement ceremony at Gampel Pavilion on May 10, 2025. (Peter Morenus/UConn Photo)
Graduates of the Bachelor of General Studies program sit during the program’s Commencement ceremony in the Student Union Theater on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Graduates toss their caps during the College of Engineering Commencement ceremony at Gampel Pavilion on May 10, 2025. (Peter Morenus/UConn Photo)
Jonathan XIV poses with a student during the College of Agriculture, Health & Natural Resources commencement ceremony on May 10, 2025. (Sydney Herdle/UConn Photo)
The School of Business Commencement ceremony at Gampel Pavilion on May 10, 2025. (Peter Morenus/UConn Photo)
Graduates of the UConn School of Nursing stand in the Jorgensen Center for the Performing Arts after having their degrees conferred to them during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Faculty and staff of the School of Nursing award degrees to graduate in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Graduates of the School of Nursing sit in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Graduates of the Bachelor of General Studies program walk down the aisle of the Student Union Theater during the program’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Jonathan XV leads the Commencement procession to Gampel Pavilion on May 10, 2025. (Peter Morenus/UConn Photo)
Jonathan XV greets graduates at the UConn School of Business’ Commencement ceremony in Gampel Pavilion on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Jonathan XV greets graduates at the UConn School of Business’ Commencement ceremony in Gampel Pavilion on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Jonathan XV greets graduates at the UConn School of Business’ Commencement ceremony in Gampel Pavilion on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Graduates of the School of Business walk into Gampel Pavilion on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Degree candidates prepare for the College of Engineering Commencement ceremony at Greer Fieldhouse on May 10, 2025. (Peter Morenus/UConn Photo)
Graduates of the Bachelor of General Studies program sit during the program’s Commencement ceremony in the Student Union Theater on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
UConn School of Nursing Dean Victoria Vaughan Dickson speaks during the school’s Commencement ceremony in the Jorgensen Center for the Performing Arts on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Graduates of the UConn School of Nursing have orange ribbons put on their regalia as the walk across the stage of the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Graduates of the UConn School of Nursing sit in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Saturday, May 10, 2025. (Sydney Herdle/UConn Photo)
Graduates of the Neag School of Education greet their friends and family outside of the Jorgensen Center for the Performing Arts following the school’s Commencement ceremony on Sunday, May 11, 2025. (Sydney Herdle/UConn Photo)
Graduates of the Neag School of Education accept their diplomas in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Sunday, May 11, 2025. (Sydney Herdle/UConn Photo)
Graduates of the Neag School of Education sit in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Sunday, May 11, 2025. (Sydney Herdle/UConn Photo)
Graduates of the Neag School of Education accept their diplomas in the Jorgensen Center for the Performing Arts during the school’s Commencement ceremony on Sunday, May 11, 2025. (Sydney Herdle/UConn Photo)
Dorothea Anagnostopoulos, associate dean for academic affairs of the Neag School of Education, speaks during the school’s Commencement ceremony in the Jorgensen Center for the Performing Arts on Sunday, May 11, 2025. (Sydney Herdle/UConn Photo)
UConn College of Liberal Arts and Sciences (CLAS) Commencement ceremony in Gampel Pavilion on May 10, 2025. (Sean Flynn/UConn Photo) on May 10, 2025. (Sean Flynn/UConn Photo)
UConn College of Liberal Arts and Sciences (CLAS) Commencement ceremony in Gampel Pavilion on May 10, 2025. (Sean Flynn/UConn Photo) on May 10, 2025. (Sean Flynn/UConn Photo)
UConn College of Liberal Arts and Sciences (CLAS) Commencement ceremony in Gampel Pavilion on May 11, 2025. (Sean Flynn/UConn Photo) on May 11, 2025. (Sean Flynn/UConn Photo)
UConn College of Liberal Arts and Sciences (CLAS) Commencement ceremony in Gampel Pavilion on May 11, 2025. (Sean Flynn/UConn Photo) on May 11, 2025. (Sean Flynn/UConn Photo)
UConn College of Liberal Arts and Sciences (CLAS) Commencement ceremony in Gampel Pavilion on May 10, 2025. (Sean Flynn/UConn Photo) on May 10, 2025. (Sean Flynn/UConn Photo)
UConn College of Liberal Arts and Sciences (CLAS) Commencement ceremony in Gampel Pavilion on May 10, 2025. (Sean Flynn/UConn Photo) on May 10, 2025. (Sean Flynn/UConn Photo)
UConn College of Liberal Arts and Sciences (CLAS) Commencement ceremony in Gampel Pavilion on May 10, 2025. (Sean Flynn/UConn Photo) on May 10, 2025. (Sean Flynn/UConn Photo)
As communicated by the Ministry of Finance and Economic Affairs, last Thursday, the framework for a public offering in Íslandsbanki hf. has been approved. The legal framework ensures that due consideration is given to objectivity, efficiency, equality, and transparency in the offering process. Particular emphasis is placed on ensuring that the entire process earns and maintains public trust.
Further to the announcement published last Friday regarding the appointment of international bookrunners relating to a prospective offering, the Ministry now confirms that domestic joint bookrunners for the upcoming Íslandsbanki share offering have also been appointed. These are Arctica Finance hf., Arion Bank hf., Kvika banki hf., and Landsbankinn hf. The appointment of the bookrunners is part of the preparatory work for the planned offering, which is well underway.
As previously announced Barclays Bank Ireland PLC, and Citigroup Global Markets Europe AG and Kvika banki hf. have been mandated to act as joint global co-ordinators and joint bookrunners to plan and oversee the offering, as well as manage the order books.
Source: United Kingdom – Executive Government & Departments
Press release
Renewable energy company which failed to deliver customer orders is shut down
Renugen Limited, based in Kent, was subject to a winding up order following an investigation by the Insolvency Service
Renugen Limited sold renewable energy products including solar panels and wind turbines
An Insolvency Service investigation found orders had not been delivered and some customers had yet to receive refunds
The company was subject to a winding up order at the High Court in London on 8 May 2025
A renewable energy company, based in Kent, has been shut down after an Insolvency Service investigation found it had failed to deliver orders and not refunded some customers for undelivered products.
Renugen Limited, last registered in Canterbury, sold renewable energy products online – from £50 batteries to £350,000 wind turbines.
The Insolvency Service identified 34 customers who had paid £74,570 for products that were not delivered. Investigators found only £15,265 has been refunded to the customers.
Some customers were unable to contact the company and had taken legal action through the county courts to claim refunds.
The company was subject to a winding up order, following a trial from 7 to 8 May 2025 in the High Court, London.
Mark George, Chief Investigator at the Insolvency Service, said:
There was clear evidence in this case that Renugen Limited was not acting as a reputable business.
We saw a pattern of undelivered products and a lack of refunds to customers, as well as little or no communication with online buyers and evidence of recent trading.
As such, we believe it was in the best interest of the public to shut down this company and ensure any future potential customers don’t suffer the same outcome.
Renugen Limited filed accounts suggesting that there had been no trading between 2021 and 2023.
However, the company had continued trading during this time including having an active website. Recent complaints from customers about their orders on Trustpilot were also discovered by investigators.
Additionally, investigators found that the company had six business accounts, and at least two had been closed due to what the banks stated were complaints of scams relating to undelivered products.
The Insolvency Service also found that the company made 38 crypto asset transactions – unrelated to renewable energy products – from their business accounts, totalling more than £48,000 for which no explanation was provided during the investigation.
Renugen Limited had registered a number of addresses for the company since its incorporation in 2010. The last registered address was in Canterbury. The investigation found they had previously been registered in Herne Bay, Kent but had failed to inform Companies House of any change of registered office after the facility was closed. The registered office address was only updated at Companies House after the issue of the Secretary of State’s petition.
The Official Receiver has been appointed as liquidator of Renugen Limited.
All enquiries concerning the affairs of the company should be made to the Official Receiver of Public Interest Unit: PO Box 16664, Birmingham, B2 2JQ. piu.or@insolvency.gov.uk.
The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here
Press release – Copenhagen, 12 May 2025 – Agillic A/S
The Norwegian online pharmacy, Farmasiet, signs Agillic for advanced customer engagement to explore untapped business potential.
Farmasiet is Norway’s largest online pharmacy, delivering thousands of both prescription drugs, non-prescription drugs and commodities throughout Norway and with pharmacists available online for fast and convenient expert advice.
Confident about the business value and potential of more advanced customer engagement, Farmasiet concluded they would need a new platform to deliver on their ambitions. The search was largely influenced by two key criteria: the technology should enable their advanced ideas, and they would need a European solution to ensure full compliance on data privacy and security.
Farmasiet decided on Agillic and in just six weeks, they launched a tailored solution including eCommerce integration, advanced customer journeys, product feeds, mobile optimisation, and more.
Hilde Andersen-Gott, CTO at Farmasiet, explains the choice of Agillic: “We are convinced there is an untapped business potential and essentially chose Agillic because the platform enables us to execute on our ideas and capitalise on that potential – now and as we scale our ambitions further. Compliance was a given and with Agillic’s flexibility, ‘tailored’ did not mean compromising on time to market.”
Christian Samsø, CEO at Agillic, adds: “We are quite proud of welcoming Farmasiet. They had set a high bar for how a platform should empower their ideas to deliver on the business potential, and our platform checked all the boxes from compliance to the ability to scale customer journeys.”
About Agillic A/S Agillic A/S (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.
COLUMBUS, Ohio, May 12, 2025 (GLOBE NEWSWIRE) — Bread Financial® (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, today released its 2024 Sustainability Report, highlighting its continued progress and organization-wide commitment to environmental stewardship, social progress and strong governance.
“Our 2024 report is more than an annual milestone, it is a reflection of Bread Financial’s deep and ongoing commitment to advancing our reputation, mitigating risk, improving efficiency and driving sustainable, profitable growth,” said Ralph Andretta, president and chief executive officer, Bread Financial. “With a focus on transparency and accountability, we are proud to share our progress and highlight the ways we are delivering value for our stakeholders.”
The 12th annual report details the company’s performance related to its five key sustainability tenets, such as:
Managing the business responsibly — In 2024, Bread Financial made significant progress on operational excellence efforts aimed at improving processes and driving efficiency and value-creation across the enterprise. The company also began to mature its Enterprise Risk Management Framework and established an AI Council.
Empowering customers — For the 19th consecutive year, Bread Financial was certified as a Center of Excellence by BenchmarkPortal for its customer service. It continued to drive a customer-oriented culture to create best-in-class experiences and award-winning products, including the expansion of its mobile app.
Engaging associates — Bread Financial demonstrated its commitment to delivering a competitive, personalized and fulfilling associate experience through improved career development tools, expanded options for virtual health care and an annual “free money” deposit into each associate’s 401(k), regardless of their individual contribution. For its culture, the company was recognized with a Great Place to Work Certification in both the U.S. and India.
Protecting the planet — In an effort to reduce its carbon footprint, the company established greenhouse gas (GHG) emissions reduction targets that it plans to meet by 2030. Additionally, it developed a new sustainable IT framework, issued nearly 1.5 million cards made from sustainable plastic and prioritized digitalization to enhance efficiency and reduce paper.
Creating possibilities for our communities — Bread Financial increased associate donations and participation in its annual Giving Campaign, with donations totaling $3 million after the company’s match. Associates also recorded more than 10,000 volunteer hours, and the company improved its measurement process to more accurately capture the impact of its charitable donations, which exceeded $9 million in 2024.
“At the core of this year’s Sustainability Report is our notable and measurable progress, reflecting decades of continuous improvement and reporting on critical components of our business,” said Dana Beckman, vice president and chief sustainability officer, Bread Financial. “The successes highlighted are the result of enterprise-wide collaboration and an intentional approach to embed sustainability throughout all aspects of our operations.”
For more information on Bread Financial’s 2024 Sustainability report, visit here.
About Bread Financial® Bread Financial® (NYSE: BFH) is a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions to millions of U.S. consumers. Our payment solutions, including Bread Financial general purpose credit cards and savings products, empower our customers and their passions for a better life. Additionally, we deliver growth for some of the most recognized brands in travel & entertainment, health & beauty, jewelry and specialty apparel through our private label and co-brand credit cards and pay-over-time products providing choice and value to our shared customers.
To learn more about Bread Financial, our global associates and our sustainability commitments, visit breadfinancial.com or follow us on Instagram and LinkedIn.
Contacts Rachel Stultz – Media Rachel.Stultz@BreadFinancial.com
BELO HORIZONTE, Brazil, May 12, 2025 (GLOBE NEWSWIRE) — Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the leading financial super app providing financial and digital commerce services to 37.7 million customers, today reported financial results for the first quarter of 2025.
1Q25 Highlights:
Total clients grew to 37.7 million, with 21.6 million active clients and an activation rate of 57.2%.
Net Income of R$287 million, excluding minority interests, up 57% YoY.
Return on Equity of 12.9%, up from 9.2% in 1Q24.
Efficiency Ratio continued improving and reached 48.8%, 1.3 p.p. better than 4Q24.
NPLs over 90 days improved to 4.1%, 0.8 p.p. lower than 1Q24.
João Vitor Menin, Global CEO of Inter&Co, commented:
“Inter, by design, embodies the transformation of the banking industry. From our focus on innovation and efficient digital distribution of financial products and services, to expanding benefits and lowering costs for all our clients, we are building trust and long-term relationships that will be mutually rewarding for years to come.”
Alexandre Riccio, Brazil CEO of Inter&Co, highlighted the opportunities that lie ahead:
“We are particularly excited about the engagement with peer-to-peer payments (Pix) in Brazil, the significant uptake of our loyalty program Loop, and the record number of clients using our credit products. The new Private Payroll offering represents a key opportunity for Inter. It aligns perfectly with our business model: digital, low-cost distribution, scalable, and collateralized, with minimal overlap with our other consumer credit products.”
About the 1Q25 results, he commented that, “Our commitment to cost control has allowed us to further widen the gap between net revenue growth and expenses, achieving an efficiency level of 48.8%. In addition, Inter continues to benefit from a diversified credit model, with improving underwriting resulting in another decrease in NPL ratio to 4.1%.
“As we enter the third year of the 60/30/30 plan, we are proud that our results reflect the dedication, focus, and effectiveness of our team in implementing our strategy, delivering consistent, resilient growth and profitability.”
Conference Call Inter&Co will discuss its 1Q2025 financial results on May 12th, 2025, at 11 a.m. ET (12 p.m. BRT). The webcast details, along with the earnings materials can be accessed on the company’s Investor Relations website at https://investors.inter.co/en/.
About Inter Inter&Co (NASDAQ: INTR), the company that controls Banco Inter in Brazil and the subsidiary Inter&Co Payments, is the pioneering financial super app serving over 37.7 million customers across the Americas. Inter’s ecosystem offers a broad array of services, including banking, investments, mortgages, credit, insurance, and cross-border payments. The financial super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. Focused on innovation and captivating member experiences, Inter delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers.
Investor Relations: Rafaela de Oliveira Vitória – ir@inter.co
Disclaimer This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they involve known and unknown risks and uncertainties that could cause the company’s results or accrued results to differ materially from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to, our ability to realize the number of projected synergies and the projected schedule, in addition to economic, competitive, governmental and technological factors affecting Inter, the markets, products and prices and other factors. In addition, this presentation contains managerial figures that may differ from those presented in our financial statements. The calculation methodology for these managerial numbers is presented in Inter’s quarterly earnings release. Statements contained in this report that are not facts or historical information may be forward looking statements under the terms of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may, among other things, beliefs related to the creation of value and any other statements regarding Inter. In some cases, terms such as “estimate”, “project”, “predict”, “plan”, “believe”, “can”, “expectation”, “anticipate”, “intend”, “aimed”, “potential”, “may”, “will/shall” and similar terms, or the negative of these expressions, may identify forward looking statements.
These forward-looking statements are based on Inter’s expectations and beliefs about future events and involve risks and uncertainties that could cause actual results to differ materially from current ones. Any forward-looking statement made by us in this document is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise. The definition of each such operational metric is included in the earnings release available on our Investor Relations website.
For additional information that about factors that may lead to results that are different from our estimates, please refer to sections “Cautionary Statement Concerning Forward Looking Statements” and “Risk Factors” of Inter&Co Annual Report on Form 20-F. The numbers for our key metrics (Unit Economics), which include, among other, active clients and average revenue per active client (ARPAC), are calculated using Inter’s internal data. Although we believe these metrics are based on reasonable estimates, there are challenges inherent in measuring the use of our business. In addition, we continually seek to improve our estimates, which may change due to improvements or changes in methodology, in processes for calculating these metrics and, from time to time, we may discover inaccuracies and adjust to improve accuracy, including adjustments that may result in recalculating our historical metrics.
About Non-IFRS Financial Measures To supplement the financial measures presented in this press release and related conference call, presentation, or webcast in accordance with IFRS, Inter&Co also presents non-IFRS measures of financial performance, as highlighted throughout the documents. The non-IFRS Financial Measures include, among others: Adjusted Net Income, Cost of Funding, Efficiency Ratio, Cost of Risk, Cards+PIX TPV, Gross ARPAC, Global Clients, Total Gross Revenues, and Return on average equity (ROE).
A “non-IFRS financial measure” refers to a numerical measure of Inter&Co’s historical or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS in Inter&Co’s financial statements. Inter&Co provides certain non-IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS. The non-IFRS financial information presented herein should be considered together with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS. There are significant limitations associated with the use of non-IFRS financial measures. Further, these measures may differ from the non-IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare Inter&Co’s performance to that of other companies.
In Q1 2025, Beamr expanded sales pipelines amid growing traction from large-scale prospects, engaged in major industry events, and continued innovation in cloud and product offerings
Herzliya, Israel, May 12, 2025 (GLOBE NEWSWIRE) — Beamr Imaging Ltd. (NASDAQ: BMR), a leader in video optimization technology and solutions, today issued a Letter to Shareholders from Sharon Carmel, Chief Executive Officer.
Dear Shareholders:
I am pleased to share with you our Q1-2025 activities, progress, and other recent updates, including the expansion of our sales initiatives, supported by growing traction from large-scale prospective customers, participation in leading industry events where we engaged with hundreds of attendees, and continued advancement of our strategic partnerships.
Q1 2025 Highlights – Capitalizing on Market Validation:
Scaling Our Sales Pipelines
Beamr’s value proposition continues to gain traction across verticals where video is central to business activity and its usage is growing rapidly. Our technology addresses critical challenges associated with large-scale video workflows, including storage, networking, and operational efficiency. These challenges are particularly acute in markets such as media and entertainment, user-generated content, and machine learning sectors, including internet-of-things and autonomous vehicles.
During Q1 2025 and into early Q2 2025, Beamr expanded its sales team by adding two U.S.-based sales managers to strengthen outreach and responsiveness in our key geographic market. The company’s executives and sales directors conducted more than 130 face-to-face meetings with existing and prospective customers, as well as strategic partners. A significant portion of these meetings took place at three premier industry events: ACM Mile-High-Video 2025, NVIDIA GTC 2025, and the NAB Show 2025. During these engagements, Beamr showcased its high-quality, high-performance, GPU-accelerated video solutions, enabling efficient AI-powered video enhancements.
In the coming months, we aim to build on the expanding sales pipeline and growing industry recognition. We anticipate significant revenue growth in 2025, driven by the momentum established in customer and prospect engagements and continued implementation of our go-to-market strategy.
Amazon Web Services – ISV Accelerate
In Q1 2025, Beamr joined the AWS ISV Accelerate program, a global co-sell initiative for Amazon Web Services (AWS) partners, offering key benefits to drive visibility and co-selling opportunities. As an Independent Software Vendor (ISV) in the program, Beamr demonstrates strong alignment with AWS’s go-to-market strategies and initiatives. Beamr had progressed from listing on AWS Marketplace to becoming an ISV Accelerate Member in just three months.
AI Video Webinar
In January 2025, Beamr hosted a webinar titled: “The Future of AI Video – From Infrastructure to Experience”. The webinar featured Richard Kerris, VP of Media and Entertainment at NVIDIA, Jeffrey Schick, VP Strategic Client Engagement Media and Entertainment at Oracle and myself.
Participating in Premier Industry Events
ACM Mile-High-Video 2025
In February 2025, I delivered a keynote speech at the ACM Mile-High-Video 2025 conference, held in Denver, Colorado, titled “Is the future of video processing destined for GPU.” The conference is a flagship video formats and streaming event that is geared towards practicing engineers in areas related to media compression and streaming.
NVIDIA GTC 2025
In March 2025, I presented a session showcasing how AI algorithms reshape video quality and usability and improve the efficiency of video workflows, at NVIDIA GTC in San Jose, California. The session attracted more than 430 attendees.
Beamr CEO Sharon Carmel presenting at NVIDIA GTC
NAB Show 2025
In April, 2025, Beamr participated in the NAB Show 2025 in Las Vegas, Nevada where we presented our solution for scalable, high-quality video content upgrade to the advanced AV1 codec. Our offering, paired with a simple, competitive pricing plan, addresses key adoption barriers to AV1, and received the NAB Show Product of the Year award. As part of the event, I delivered a presentation at the AWS theater and participated in a panel at the Oracle streaming summit.
Beamr’s AV1 solution wins the NAB Show Product of the Year award
In February 2025, Beamr presented at the A.G.P.’s Virtual Technology Conference, and in March 2025 participated in the Loop Capital Markets 2025 Investor Conference. This month, we will participate in the Ladenburg Thalmann Technology Innovation Expo in New York and participate virtually in the Needham Technology, Media & Consumer 1×1 Conference.
In January 2025, I was interviewed for the Wall Street Resource Podcast (Listen to the full interview here), after an interview at Nasdaq as part of their Amplify Spotlight interview series in December 2024 (Watch the full interview here).
Developing the Beamr Cloud and Product Offering
In recent months, we enhanced our SaaS, Beamr Cloud, with new capabilities addressing evolving needs of customers and prospects, including:
Increasing subjective and objective video quality.
A competitive, flexible pricing model with tiered, minutes-based plans that support video business growth, offered alongside storage-based pricing tailored to companies with heavy video usage.
A “Playground” designed to provide new users with an engaging and intuitive experience for evaluating Beamr’s services.
Beamr GPU-accelerated, high-quality, and scalable video solutions extend beyond Beamr Cloud to include offerings on our partner cloud platforms, AWS and Oracle Cloud Infrastructure (OCI), private cloud and enterprise-tailored deployments with improved security and privacy, and on-premises deployments.
Strengthening the Beamr Team
To support our expanding research and development, sales and marketing initiatives, we hired six new team members across our offices in Herzliya, Serbia and the US, during Q1 2025 and early Q2 2025. New hires include engineers, a product growth lead, and directors of sales.
Financial highlights*
During the three month period ended March 31, 2025, we generated approximately $0.63M in revenue, compared with $0.41M in the three months ended March 31, 2024, representing a 55% year over year increase, which was primarily attributable to the earlier recognition of a significant legacy license renewal in Q1-2025 that was previously renewed in Q2-2024. Our balance sheet remains strong with $15.2M of cash and cash equivalents, as of March 31, 2025.
The first quarter of 2025 marked a strong start to the year, with multiple opportunities to present our vision and showcase our technology and solutions to hundreds of professionals and executives in the video industry across multiple verticals. We continue to see growing interest in our offerings, highlighting both rising demand and expanding market validation. Notably, we believe that increased engagement from larger industry players signals a promising outlook for the company’s business development in the months ahead. We remain focused on implementing our vision and believe that Beamr will continue to capitalize on the significant validation that we have been creating as we convert prospects in the sales funnel into significant revenue growth in the coming quarters.
Beamr (Nasdaq: BMR) is a world leader in content-adaptive video optimization, trusted by top media companies, including Netflix and Paramount. Beamr’s perceptual optimization technology (CABR) is backed by 53 patents and an Emmy® Award for Technology and Engineering winner. The innovative technology reduces video file size by up to 50% while guaranteeing quality.
Beamr Cloud is a high-performance, GPU-accelerated video optimization and modernization service designed for businesses and video professionals across diverse industries. It is conveniently available to Amazon Web Services (AWS) and Oracle Cloud Infrastructure (OCI) customers. Beamr Cloud enables high-performance, cost-effective video modernization to advanced formats, such as AV1, and efficient AI-powered enhancements.
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. Forward-looking statements in this communication may include, among other things, statements about Beamr’s strategic and business plans, technology, relationships, objectives and expectations for its business, the impact of trends on and interest in its business, intellectual property or product and its future results, operations and financial performance and condition, including its expectations for significant revenue growth in 2025. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the Company’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report filed with the SEC on March 4, 2025 and in subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of the date hereof and the Company undertakes no duty to update such information except as required under applicable law.
* This unaudited preliminary financial information regarding our revenues for the three months and quarter ended March 31, 2025, is based upon our estimates and subject to completion of our quarter-end financial results. Moreover, this financial information has been prepared solely on the basis of currently available information by, and is the responsibility of, management. Our independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to such preliminary estimates or the accounting treatment thereof and does not express an opinion or any other form of assurance with respect thereto. This preliminary financial information is not a comprehensive statement of our financial results for this period.
TORONTO, May 12, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott”) on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) (“SPUT” or the “Trust”) today announced that SPUT has completed a US$25.55 million non-brokered private placement of trust units. The proceeds are expected to be used to cover general operating expenses of the Trust for the next year.
“We launched SPUT with the objective of providing investors with the most liquid and efficient way to invest in physical uranium,” said John Ciampaglia, CEO of Sprott Asset Management. “Since the Trust was launched in 2021, it has purchased approximately 48 million pounds of U3O8 and not sold or loaned out a single pound. I would like to take this opportunity to strongly reiterate that SPUT has the tools, including this private placement, to deliver on its intention not to sell any of the physical uranium that SPUT holds on behalf of thousands of investors. Sprott Asset Management participated in this placement alongside the subscribers and we thank all our unitholders for their continued support of SPUT.”
Key SPUT Statistics Pro Forma for the Offering:
World’s largest physical uranium fund1
66.2 million pounds of physical uranium in U3O8 form
US$31.4 million of net cash
Net asset value of US$4.64 billion
Storage locations in Canada, the United States and France
About Sprott
Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. For more information, please visit www.sprott.com.
About SPUT
Important information about SPUT, including its investment objectives and strategies, applicable management fees, and expenses, can be found on its website at www.sprott.com. Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities laws (“forward looking statements”). Forward-looking statements in this press release include, without limitation, the intended use of proceeds and the Trust’s intentions with respect to the sale of physical uranium. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: the uranium and nuclear energy market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Trust’s continuous disclosure filings, which are available at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.
Investor Contact:
Glen Williams Senior Managing Partner Investor and Institutional Client Relations Direct: 416-943-4394 gwilliams@sprott.com
________________________ 1 Based on Morningstar’s universe of listed commodity funds. Data as of 12/31/2024.
Supporting clients through a challenging operating environment
Continuing to make progress on transformation initiatives that will streamline operations
Management lowers guidance to reflect heightened market uncertainty
ST. LOUIS, May 12, 2025 (GLOBE NEWSWIRE) — Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we,” or “our”), a leading business solutions provider to consumer goods manufacturers and retailers, today reported financial results for the three months ended March 31, 2025.
Unless otherwise noted, results presented in this release are from continuing operations, and comparisons are on a prior year basis. Revenues for the three months were $822 million compared with $861 million, and net loss was $56 million compared to a net loss of $50 million.
Q1 2025 Financial Highlights
►
Revenues declined 5% to $822 million. Adjusted EBITDA declined 18% to $58 million.
►
The majority of the financial impact was due to intentional client exits and anticipated transformation spending. Labor shortages in some regional pockets and a decline in retail inventory, resulting in lower order volumes, were contributing factors.
►
The Company remains focused on disciplined capital allocation with voluntary debt repurchases and share buybacks of approximately $20 million and $1 million, respectively.
“I am proud of the support we delivered to our clients in the first quarter as our teammates demonstrated a relentless focus during a highly uncertain time,” said Advantage CEO Dave Peacock. “Demand remains healthy in our business across Experiential and Retailer Services, and Branded Services continues to take steps towards greater stability. While we must acknowledge near-term risk from macro-uncertainty as reflected in our updated guidance, I am excited by developments in our new business pipeline and our transformation initiatives, which remain on track to drive efficiency while enhancing growth and cash flow in 2026 and beyond.”
Consolidated Financial Summary from Continuing Operations
844-512-2921 within the United States or +1-412-317-6671 outside the United States Replay ID: 11158789
About Advantage Solutions
Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit YourADV.com.
Included with this press release are the Company’s consolidated and condensed financial statements as of and for the three months ended March 31, 2025. These financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 7, 2025.
Forward-Looking Statements
Certain statements in this press release may be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected future performance of Advantage’s business and projected financial results. Forward-looking statements generally relate to future events or Advantage’s future financial or operating performance. These forward-looking statements generally are identified by the words “may”, “should”, “expect”, “intend”, “will”, “would”, “could”, “estimate”, “anticipate”, “believe”, “predict”, “confident”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Advantage and its management at the time of such statements, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, market-driven wage changes or changes to labor laws or wage or job classification regulations, including minimum wage; future potential pandemics or health epidemics; Advantage’s ability to continue to generate significant operating cash flow; client procurement strategies and consolidation of Advantage’s clients’ industries creating pressure on the nature and pricing of its services; consumer goods manufacturers and retailers reviewing and changing their sales, retail, marketing and technology programs and relationships; Advantage’s ability to successfully develop and maintain relevant omni-channel services for our clients in an evolving industry and to otherwise adapt to significant technological change; Advantage’s ability to maintain proper and effective internal control over financial reporting in the future; Advantage’s substantial indebtedness and our ability to refinance at favorable rates; and other risks and uncertainties set forth in the section titled “Risk Factors” in the Annual Report on Form 10-K filed by the Company with the SEC on March 7, 2025, and in its other filings made from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Advantage assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures and Related Information
This press release includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow and Net Debt. These are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Advantage’s financial results. Therefore, the measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP, and should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Advantage’s presentation of these measures may not be comparable to similarly titled measures used by other companies. Reconciliations of historical non-GAAP measures to their most directly comparable GAAP counterparts are included below.
Advantage believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Advantage’s financial condition and results of operations. Advantage believes that the use of Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow, and Net Debt provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Advantage’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Advantage’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.
Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations and Adjusted EBITDA by Segment are supplemental non-GAAP financial measures of our operating performance. Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Discontinued Operations mean net (loss) income before (i) interest expense (net), (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) amortization of intangible assets, (v) impairment of goodwill, (vi) changes in fair value of warrant liability, (vii) stock based compensation expense, (viii) equity-based compensation of Karman Topco L.P., (ix) fair value adjustments of contingent consideration related to acquisitions, (x) acquisition and divestiture related expenses, (xi) (gain) loss on divestitures, (xii) restructuring expenses, (xiii) reorganization expenses, (xiv) litigation expenses (recovery), (xv) costs associated with the Take 5 Matter, (xvi) EBITDA for economic interests in investments and (xviii) other adjustments that management believes are helpful in evaluating our operating performance.
Adjusted EBITDA by Segment means, with respect to each segment, operating income (loss) from continuing operations before (i) depreciation, (ii) amortization of intangible assets, (iii) impairment of goodwill, (iv) stock based compensation expense, (v) equity-based compensation of Karman Topco L.P., (vi) fair value adjustments of contingent consideration related to acquisitions, (vii) acquisition and divestiture related expenses, (viii) restructuring expenses, (ix) reorganization expenses, (x) litigation expenses (recovery), (xi) costs associated with the Take 5 Matter, (xii) EBITDA for economic interests in investments and (xiii) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment.
Adjusted EBITDA Margin means Adjusted EBITDA from Continuing Operations divided by total revenues.
Adjusted Unlevered Free Cash Flow represents net cash provided by (used in) operating activities from continuing and discontinued operations less purchase of property and equipment as disclosed in the Statements of Cash Flows further adjusted by (i) cash payments for interest, (ii) cash received from interest rate derivatives, (iii) cash paid for income taxes; (iv) cash paid for acquisition and divestiture related expenses, (v) cash paid for restructuring expenses, (vi) cash paid for reorganization expenses, (vii) cash paid for contingent earnout payments included in operating cash flow, (viii) cash paid for costs associated with the Take 5 Matter, (ix) net effect of foreign currency fluctuations on cash, and (x) other adjustments that management believes are helpful in evaluating our operating performance. Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA means Adjusted Unlevered Free Cash Flow divided by Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Discontinued Operations.
Net Debt represents the sum of current portion of long-term debt and long-term debt, less cash and cash equivalents and debt issuance costs. With respect to Net Debt, cash and cash equivalents are subtracted from the GAAP measure, total debt, because they could be used to reduce the debt obligations. We present Net Debt because we believe this non-GAAP measure provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and to evaluate changes to the Company’s capital structure and credit quality assessment.
Advantage Solutions Inc. Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited)
Continuing Operations
Three Months Ended March 31,
(in thousands)
2025
2024
Net loss from continuing operations
$
(56,130
)
$
(50,133
)
Add:
Interest expense, net
34,360
35,761
Provision for (benefit from) income taxes from continuing operations
7,139
(15,865
)
Depreciation and amortization
50,361
49,748
Changes in fair value of warrant liability
10
287
Stock-based compensation expense (a)
6,485
8,554
Equity-based compensation of Karman Topco L.P. (b)
(1,524
)
390
Fair value adjustments related to contingent consideration related to acquisitions (c)
—
778
Acquisition and divestiture related expenses (d)
423
440
Restructuring expenses (e)
931
—
Reorganization expenses (f)
12,240
35,052
Litigation expenses (g)
523
284
Costs associated with the Take 5 Matter (h)
308
240
EBITDA for economic interests in investments (i)
3,055
5,103
Adjusted EBITDA from Continuing Operations
$
58,181
$
70,639
(a)
Represents non-cash compensation expense related to performance stock units, restricted stock units, and stock options under the 2020 Advantage Solutions Incentive Award Plan and the Advantage Solutions 2020 Employee Stock Purchase Plan.
(b)
Represents expenses related to equity-based compensation expense associated with grants of Common Series D Units of Karman Topco L.P. made to one of the sponsors of Advantage.
(c)
Represents adjustments to the estimated fair value of our contingent consideration liabilities related to our acquisitions, for the applicable periods.
(d)
Represents fees and costs associated with activities related to our acquisitions, divestitures, and related activities, including professional fees, due diligence, and integration activities.
(e)
Restructuring charges including programs designed to integrate and reduce costs intended to further improve efficiencies in operational activities and align cost structures consistent with revenue levels associated with business changes. Restructuring expenses include costs associated with the Voluntary Early Retirement Program and employee termination benefits associated with a reduction-in-force and other optimization initiatives.
(f)
Represents fees and costs associated with various internal reorganization activities, including professional fees, lease exit costs, severance, and nonrecurring compensation costs.
(g)
Represents legal settlements, reserves, and expenses that are unusual or infrequent costs associated with our operating activities.
(h)
Represents costs associated with collection and remediation activities related to the Take 5 Matter, primarily professional fees and other related costs.
(i)
Represents additions to reflect our proportional share of Adjusted EBITDA related to our equity method investments and reductions to remove the Adjusted EBITDA related to the minority ownership percentage of the entities that we fully consolidate in our financial statements.
NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced OMV AG (Vienna Stock Exchange: OMV; OTCQX: OMVKY, OMVJF), an integrated sustainable chemicals, fuels, and energy company, has qualified to trade on the OTCQX® Best Market. OMV AG upgraded to OTCQX from the Pink® market.
OMV AG begins trading today on OTCQX under the symbols “OMVKY” and “OMVJF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
“We are pleased to announce our upgrade to the OTCQX® Best Market. With a strong foundation of international investors, this move further enhances the accessibility and visibility of our shares to both U.S. institutional and retail investors and it provides them with an opportunity to participate in OMV’s growth and financial strength. Based on our strong balance sheet, OMV is a sector leader in shareholder distributions, with a strong track record of consistently delivering value to its investors. We look forward to sharing our equity story and warmly welcoming new investors to join us on this journey,” said Reinhard Florey, Chief Financial Officer.
About OMV AG It is our purpose to re-invent essentials for sustainable living. OMV is transitioning to become an integrated sustainable chemicals, fuels and energy company with a focus on circular economy solutions. By gradually switching over to the low carbon business, OMV is striving to achieve net zero by 2050 at the latest. In 2024, the company generated revenues of 34 billion euros with a diverse and talented workforce of around 23,600 employees worldwide. OMV shares are traded on the Vienna Stock Exchange (OMV) and in the US as American Depository Receipts (OMVKY). For more information, please visit www.omv.com.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market, and Pink® Open Market.
Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
LOS ANGELES, May 12, 2025 (GLOBE NEWSWIRE) — InStride, a leading provider of strategic education benefits and skills development solutions, has been recognized on the TIME World’s Top EdTech Companies 2025 list, ranking #26 globally and #7 among U.S.-based companies. Presented by TIME and Statista Inc., the annual list highlights companies that are transforming education through innovation, scale, and meaningful contributions to the industry.
Now in its second year, the TIME list evaluated more than 7,000 education companies worldwide based on two key dimensions:
Financial strength, including revenue, funding data, and company disclosures
Industry impact, evaluating the quality and influence of products, services, and intellectual property
“This recognition signals what’s possible when companies treat education as core to business strategy,” said Craig Maloney, CEO of InStride. “When learning is aligned to business needs and made accessible to all employees, it creates real competitive advantage, and real opportunity.”
InStride partners with some of the most influential organizations on the Fortune 250, unlocking access to life-changing education for their employees. Its model breaks down barriers to learning and drives career growth aligned with organizational goals, connecting employees to the roles and skills companies need most. Built for scale and impact, InStride offers tailored solutions that help fill clinical pipelines, upskill frontline teams, and develop future leaders. This recognition from TIME affirms the power of that model.
InStride is a human capital management company that solves corporate talent challenges through strategic education benefits and skills development solutions. By breaking down barriers to learning, fostering career growth aligned with organizational goals, and simplifying program management, InStride delivers lasting impact. Partnering with forward-thinking companies like Labcorp, Adidas, and SSM Health, InStride drives meaningful social and business outcomes by providing access to life-changing education. Visitinstride.comor follow InStride onLinkedInfor more information and up-to-date news.
NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Northisle Copper and Gold Inc. (TSX-V: NCX; OTCQX: NTCPF), a Vancouver-based sustainable mineral resource company, has qualified to trade on the OTCQX® Best Market. Northisle Copper and Gold Inc. upgraded to OTCQX from the Pink® market.
Northisle Copper and Gold Inc. begins trading today on OTCQX under the symbol “NTCPF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Sam Lee, President & CEO of Northisle, commented: “We are excited to begin trading on OTCQX, which will provide greater accessibility and visibility for Northisle among U.S. investors as we continue advancing our compelling North Island copper-gold project. With a recently completed PEA outlining a C$2.0 billion after-tax NPV and a 29% IRR, and a 2025 exploration program already underway targeting higher-margin zones and new porphyry centers, Northisle is at an inflection point. Our focus on responsible development, stakeholder engagement, and district-scale opportunity in a tier-one jurisdiction positions us to deliver long-term value. We look forward to welcoming new shareholders to participate in this exciting phase of growth.”
About Northisle Copper and Gold Inc. Northisle Copper and Gold Inc. is a Vancouver-based company whose mission is to become Canada’s leading sustainable mineral resource company for the future. Northisle, through its 100% owned subsidiary North Island Mining Corp., owns the North Island Project, which is one of the most promising copper and gold porphyry projects in Canada. The North Island Project is located near Port Hardy, British Columbia on a more than 34,000-hectare block of mineral titles 100% owned by Northisle stretching 50 kilometers northwest from the now closed Island Copper Mine operated by BHP Billiton. Since 2021, the Company has discovered two significant deposits, expanded resources, demonstrated the economic potential of the project, and is now focused on accelerating the advancement of this compelling project while exploring within this highly prospective land package.
About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.
Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.
OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATSTM are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
PETAH TIKVA, Israel, May 12, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today the successful completion of a series of test flights featuring its ESR-2030Ku electronically steered antenna (ESA). Conducted in collaboration with Gogo, which will be the exclusive distributor of the antenna for the business aviation and defense markets, the tests demonstrated outstanding performance of the ESA on the OneWeb Low Earth Orbit (LEO) network.
The ESR-2030Ku—designed for mobility and engineered for efficiency—delivered full-duplex connectivity with throughput of 195 Mbps downlink and 32 Mbps uplink. The terminal remained stable and reliable throughout the tests, even in demanding performance scenarios.
“We are extremely pleased with the results of these flight tests,” said Hagay Katz, Chief Product and Marketing Officer at Gilat. “With the superior performance of the ESR-2030Ku, we are expanding our portfolio of market-leading electronically steered antennas, which now includes both the ESR-2030Ku and the Stellar Blu Sidewinder. This achievement positions Gilat to capitalize on the fast-growing, multi-billion-dollar market for LEO-based ESA solutions in the Defense and In-Flight Connectivity sectors.”
The ESR-2030Ku is a unique compact and low-power full-duplex aero ESA built for the OneWeb network. Production hardware delivery to support customer STCs is expected later in 2025.
About Gilat
Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.
Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.
Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.
Eviden Awarded Contract for “Kaufhaus des Bundes – Next Generation” Project by the Procurement Office of the Federal Ministry of the Interior (BeschA)
Together with veenion, Eviden is redesigning the ‘KdB NG’ procurement platform for more than 480 federal authorities and federal-related institutions
Berlin, Deutschland, and Paris, France – May 12, 2025 –Eviden, the Atos Group business leading in digital, cloud, big data and security and IT partner veenion GmbH announce the successful signing of a contract for the modernization project “Kaufhaus des Bundes – Next Generation (KdB NG)”. The KdB NG will replace the existing system and create a convenient and modern procurement portal. This new platform will fully digitize the electronic procurement for over 480 federal authorities and federal-related institutions in Germany, significantly improving the existing system on multiple relevant levels. The platform will enable approximately 22,000 registered users to quickly and securely procure goods and services online – another milestone in the digitization of public administration.
Innovative Technology for Future-Proof Processes
The “Kaufhaus des Bundes” has evolved into a comprehensive procurement platform for public administration. By centrally bundling the procurement needs of federal authorities, it offers a wide range of goods and services, from office supplies and IT services to vehicles and much more.
The new solution, based on the standard software solution “open ordering” from our partner veenion, creates the basis for workflow-driven process optimization. This allows a modern and transparent procurement experience by implementing an end-to-end digital process chain between the awarding authority, the contractor, and the demand carrier.
The implementation takes place in three successive phases:
First Phase: establishment of the basic system with the most important core functionalities for test operation
Second Phase: Expansion of the overall system with the deployment of all functionalities up to piloting
Third Phase: Support of the pilot phase until the full solution goes live at the end of 2025
In addition to providing the software solution, Eviden and veenion will continuously keep developing and adapting the solution to the specific requirements of the federal administration as it evolves.
Long-Term Collaboration as a Success Factor
Eviden has been supporting the “Kaufhaus des Bundes” since 2001. This long-standing experience and Eviden’s in-depth know-how in the public sector and public procurement solutions form the basis for this new project. The collaboration between Eviden and the BeschA enabled the development of a tailored solution that is precisely aligned with the needs of public administrations. The new “Kaufhaus des Bundes” sets the standards for a modern, secure, and efficient procurement solution.
veenion GmbH has been specializing in procurement solutions for cities, public authorities, and research institutions for over 25 years. Together with Eviden, veenion successfully implements projects and creates networks through e-procurement solutions that efficiently bring together demand carriers, buyers, and suppliers – from the emergence of demand to payment.
Sustainable Added Value for Public Administration
The new procurement solution offers numerous advantages for public administrations:
Maximum Efficiency: The use of electronic catalogues and self-service options significantly accelerates digital procurement processes and reduces workload.
High Security: Individually configurable approval processes and seamless documentation ensure maximum transparency and security.
User-Friendliness: The intuitive user interface makes it easier for users to access all relevant functions and information.
Future-proofing: Continuous developments and the integration of state-of-the art technologies ensure that the system remains up-to-date, meeting current and future customer requirements and ensuring the platform’s long-term usability.
Sustainability: Sustainability labels in the products’ catalogue overview provide transparent guidance for economic, ecological, and social based offers.
“With the new procurement solution for the ‘Kaufhaus des Bundes’ we can significantly advance the digitization process in public administration,” says Boris Hecker, Managing Director of Eviden Deutschland GmbH, an Atos business. ” Our long-standing experience in implementing IT projects for the public sector is the foundation for a future-proof and sustainable procurement platform that meets the specific requirements of the authorities.”
“Our close collaboration with Eviden has enabled us to develop a tailored solution that can flexibly adapt to the individual needs of the public authorities,” explains Manuel Delvo, Managing Director of veenion GmbH. “We are excited to lead the ‘Kaufhaus des Bundes’ into the next generation with our technology and elevate procurement to a new level.”
“The ‘Kaufhaus des Bundes’ is the central procurement platform that has enabled efficient and secure procurement for federal authorities for years. With this new solution, we ensure that all requirements for a modern and user-friendly Kaufhaus des Bundes continues to be met in the future,” explains Frank Schmitz, Head of Department Z of the Procurement Office of the Federal Ministry of the Interior. “The new shop solution will consistently advance the digitization of the public sector’s ordering process and establish a future-proof foundation.“
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About Eviden Eviden is a next-gen technology leader in data-driven, trusted and sustainable digital transformation with a strong portfolio of patented technologies. With worldwide leading positions in advanced computing, security, AI, cloud and digital platforms, it provides deep expertise for all industries in more than 47 countries. Bringing together 41,000 world-class talents, Eviden expands the possibilities of data and technology across the digital continuum, now and for generations to come. Eviden is an Atos Group company with an annual revenue of c. € 5 billion.
About Atos
Atos is a global leader in digital transformation with c. 74,000 employees and annual revenue of c. € 10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 68 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.
The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.