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  • MIL-OSI: Hut 8 Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter

    Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform

    Earnings Release Highlights

    • Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
    • Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.

    MIAMI, May 08, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.

    “The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”

    “Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”

    “Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”

    First Quarter 2025 Highlights

    Power

    • Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
    • Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.

    Digital Infrastructure

    • Generated $1.3 million in first quarter revenue from CPU Colocation.
    • Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
    • Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
    • Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
    • Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.

    Compute

    • Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
    • Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.

    Capital Strategy and Balance Sheet

    • Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
    • Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.

    Key Performance Indicators

        Three Months Ended
        March 31,
        2025   2024
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 58,757     $ 20,419  
    Cost to mine a Bitcoin(2)   $ 58,757     $ 24,594  
    Weighted average revenue per Bitcoin mined(3)   $ 92,224     $ 51,769  
    Number of Bitcoin mined(4)     167       716  
    Energy cost per MWh   $ 51.71     $ 40.06  
    Hosting cost per MWh   $ —     $ 68.72  
    Energy capacity under management (mining)(5)     665 MW       884 MW  
    Total energy capacity under management(6)     1,020 MW       1,239 MW  
    Number of Bitcoin in strategic reserve(7)     10,264       9,102  
    (1) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site.
    (4) Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN.

    Select First Quarter 2025 Financial Results

    Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.

    Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.

    Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    All financial results are reported in U.S. dollars.

    Conference Call

    The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
    (Unaudited in USD thousands, except share and per share data)
     
        Three Months Ended
        March 31,
          2025     2024  
    Revenue:            
    Power   $ 4,380     $ 9,938  
    Digital Infrastructure     1,317       5,844  
    Compute     16,118       32,138  
    Other     —       3,821  
    Total revenue     21,815       51,741  
                 
    Cost of revenue (exclusive of depreciation and amortization shown below):            
    Cost of revenue – Power     3,628       3,633  
    Cost of revenue – Digital Infrastructure     1,559       4,629  
    Cost of revenue – Compute     13,472       17,686  
    Cost of revenue – Other     —       2,199  
    Total cost of revenue     18,659       28,147  
                 
    Operating expenses (income):            
    Depreciation and amortization     14,899       11,472  
    General and administrative expenses     21,059       19,999  
    Losses (gains) on digital assets     112,394       (274,574 )
    Loss (gain) on sale of property and equipment     2,454       (190 )
    Total operating expenses (income)     150,806       (243,293 )
    Operating (loss) income     (147,650 )     266,887  
                 
    Other income (expense):            
    Foreign exchange gain (loss)     9       (2,399 )
    Interest expense     (7,469 )     (6,281 )
    Asset contribution costs     (22,780 )     —  
    Gain on derivatives     20,862       —  
    Gain on other financial liability     1,139       —  
    Equity in earnings of unconsolidated joint venture     1,365       4,522  
    Total other expense     (6,874 )     (4,158 )
                 
    (Loss) income from continuing operations before taxes     (154,524 )     262,729  
                 
    Income tax benefit (provision)     20,205       (4,396 )
                 
    Net (loss) income from continuing operations   $ (134,319 )   $ 258,333  
                 
    Loss from discontinued operations (net of income tax benefit of nil and nil, respectively)     —       (7,626 )
                 
    Net (loss) income     (134,319 )     250,707  
                 
    Less: Net loss attributable to non-controlling interests     430       169  
    Net (loss) income attributable to Hut 8 Corp.   $ (133,889 )   $ 250,876  
                 
    Net (loss) income per share of common stock:            
    Basic from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.90  
    Diluted from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.76  
                 
    Weighted average number of shares of common stock outstanding:            
    Basic     102,854,747       89,149,845  
    Diluted     102,854,747       93,696,683  
                 
    Net (loss) income   $ (134,319 )   $ 250,707  
    Other comprehensive (loss) income:            
    Foreign currency translation adjustments     1,187       (11,074 )
    Total comprehensive (loss) income     (133,132 )     239,633  
    Less: Comprehensive loss attributable to non-controlling interest     431       134  
    Comprehensive loss (income) attributable to Hut 8 Corp.   $ (132,701 )   $ 239,767  

    Adjusted EBITDA Reconciliation

        Three Months Ended
        March 31,
    (in USD thousands)   2025   2024
    Net (loss) income   $ (134,319 )   $ 250,707  
    Interest expense     7,469       6,281  
    Income tax (benefit) provision     (20,205 )     4,396  
    Depreciation and amortization     14,899       11,472  
    Share of unconsolidated joint venture depreciation and amortization(1)     5,485       5,349  
    Foreign exchange (gain) loss     (9 )     2,399  
    Losses (gains) on sale of property and equipment     2,454       (190 )
    Gain on derivatives     (20,862 )     —  
    Gain on other financial liability     (1,139 )     —  
    Non-recurring transactions(2)     1,485       4,300  
    Asset contribution costs     22,780       —  
    Loss from discontinued operations (net of income tax of nil and nil, respectively)     —       7,626  
    Net loss attributable to non-controlling interests before taxes     473       169  
    Stock-based compensation expense     3,793       4,474  
    Adjusted EBITDA   $ (117,696 )   $ 296,983  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost.

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI: Liquidia Corporation Reports First Quarter 2025 Financial Results and Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    • Awaiting FDA action on YUTREPIA™ NDA with a PDUFA goal date of May 24, 2025
    • District Court dismissed cross claim filed by United Therapeutics challenging PH-ILD amendment
    • Fully enrolled Cohort A of ASCENT study in patients with PH-ILD
    • Further strengthened financial position via access of up to $100 million from existing financing agreement with HealthCare Royalty
    • Company to host webcast today at 8:30 a.m. ET

    MORRISVILLE, N.C., May 08, 2025 (GLOBE NEWSWIRE) — Liquidia Corporation (NASDAQ: LQDA), a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease, today reported financial results for the first quarter ended March 31, 2025. The company will also host a webcast at 8:30 a.m. ET on May 8, 2025 to discuss its financial results and provide a corporate update.

    Dr. Roger Jeffs, Liquidia’s Chief Executive Officer, said: “With the FDA’s PDUFA goal date on the YUTREPIA NDA just over two weeks away, we remain focused on ensuring that we are prepared to make YUTREPIA commercially available in the quickest time possible if granted full approval. We continue to believe that YUTREPIA has the potential to be the prostacyclin of first choice for patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).”

    Corporate Updates

    Awaiting FDA action on NDA for YUTREPIA (treprostinil) inhalation powder
    On March 28, 2025, the U.S. Food and Drug Administration (FDA) accepted Liquidia’s New Drug Application (NDA) resubmission for YUTREPIA (treprostinil) inhalation powder to treat PAH and PH-ILD as a complete Class 1 response to the previous action letter issued on August 16, 2024, which granted tentative approval of YUTREPIA. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of May 24, 2025, the day after regulatory exclusivity expires for Tyvaso DPI®.

    Court will not hear cross-claim that challenged the amendment to the YUTREPIA NDA to add the PH-ILD indication
    On May 2, 2025, Liquidia announced that the U.S. District Court for the District of Columbia (District Court) dismissed, without prejudice, the cross-claim filed by United Therapeutics (UTHR) that sought to challenge Liquidia’s amendment to its NDA for YUTREPIA™ (treprostinil) inhalation powder, which added the treatment of PH-ILD)to the proposed label for YUTREPIA. In its ruling, the District Court determined that UTHR’s claim was unripe and that UTHR had failed to plausibly allege that it has standing. UTHR has the right to appeal the Court’s ruling.

    Fully enrolled Cohort A of ASCENT study in PH-ILD patients
    In March 2025, Liquidia completed enrollment of Cohort A of the open-label ASCENT study evaluating the tolerability and titratability of YUTREPIA in PH-ILD, with more than 50 patients enrolled. An interim look at the dosing and tolerability profile in the first 20 patients to complete eight weeks of treatment was consistent with observations made in the INSPIRE study of PAH patients. To date, patients in Cohort A of ASCENT were able to titrate to doses that are three-times higher than the labelled target dose of nebulized Tyvaso, while showing positive trends on exploratory measures of efficacy, including 6-minute walk distance. Liquidia will present additional data from Cohort A of the ASCENT study during two poster sessions at the American Thoracic Society (ATS) 2025 International Conference on May 21, 2025.

    Strengthened financial position ahead of launch via amendment to Agreement with HealthCare Royalty
    On March 17, 2025, Liquidia entered into a sixth amendment to its agreement with HealthCare Royalty (HCR Agreement) to provide for up to an additional $100 million of financing in three tranches. The company intends to use the proceeds to fund ongoing commercial development of YUTREPIA, continued development of YUTREPIA in other clinical trials, including but not limited to trials for pediatric patients and trials further evaluating the use of YUTREPIA in PAH and PH-ILD patients, clinical development of L606, a sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and for general corporate purposes.

    First Quarter 2025 Financial Results

    Cash and cash equivalents totaled $169.8 million as of March 31, 2025, compared to $176.5 million as of December 31, 2024.

    Revenue was $3.1 million for the three months ended March 31, 2025, compared to $3.0 million for the three months ended March 31, 2024. Revenue related primarily to the promotion agreement with Sandoz, Inc. pursuant to which we share profits from the sale of Treprostinil Injection in the United States (Promotion Agreement). The increase of $0.1 million was primarily due to the impact of unfavorable gross-to-net returns adjustments recorded in the prior year offset by lower sales volumes in the current year.

    Cost of revenue was $1.5 million for each of the three months ended March 31, 2025 and 2024. Cost of revenue related to the Promotion Agreement as noted above.

    Research and development expenses were $7.0 million for the three months ended March 31, 2025, compared to $10.1 million for the three months ended March 31, 2024. The decrease of $3.1 million or 31% was primarily due to a $3.6 million decrease in personnel expenses (including stock-based compensation) due to a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA. These decreases were offset by a $1.7 million increase in clinical expenses related to our L606 program, and a $0.4 million decrease in expenses related to our YUTREPIA research and development activities.

    General and administrative expenses were $30.1 million for the three months ended March 31, 2025, compared to $20.2 million for the three months ended March 31, 2024. The increase of $9.9 million or 48% was primarily due to a $8.1 million increase in personnel expenses (including stock-based compensation) driven by higher headcount and a shift from activities related to research and development to preparation for the potential commercialization of YUTREPIA, a $0.6 million increase in legal fees related to our ongoing YUTREPIA-related litigation, and a $0.6 million increase in facilities and infrastructure expenses.

    Total other expense, net was $2.9 million for the three months ended March 31, 2025, compared with $1.3 million for the three months ended March 31, 2024. The increase of $1.6 million was primarily driven by a $1.5 million increase in interest expense attributable to the higher borrowings under the HCR Agreement.

    Net loss for the three months ended March 31, 2025, was $38.4 million or $0.45 per basic and diluted share, compared to a net loss of $30.1 million, or $0.40 per basic and diluted share, for the three months ended March 31, 2024.

    About YUTREPIA™ (treprostinil) Inhalation Powder
    YUTREPIA is an investigational, inhaled dry-powder formulation of treprostinil delivered through a convenient, low-effort, palm-sized device. In August 2024, the FDA issued tentative approval of YUTREPIA for the PAH and PH-ILD indications. YUTREPIA was designed using Liquidia’s PRINT® technology, which enables the development of drug particles that are precise and uniform in size, shape and composition, and that are engineered for enhanced deposition in the lung following oral inhalation. Liquidia has completed INSPIRE, or Investigation of the Safety and Pharmacology of Dry Powder Inhalation of Treprostinil, an open-label, multi-center phase 3 clinical study of YUTREPIA in patients diagnosed with PAH who are naïve to inhaled treprostinil or who are transitioning from Tyvaso® (nebulized treprostinil). YUTREPIA is currently being studied in the ASCENT trial, an Open-Label Prospective Multicenter Study to Evaluate Safety and Tolerability of Dry Powder Inhaled Treprostinil in Pulmonary Hypertension, to evaluate the safety and tolerability of YUTREPIA in PH-ILD patients. YUTREPIA was previously referred to as LIQ861 in investigational studies.

    About L606 (liposomal treprostinil) Inhalation Suspension
    L606 is an investigational, sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer. The L606 suspension uses Pharmosa Biopharm’s proprietary liposomal formulation to encapsulate treprostinil which can be released slowly at a controlled rate into the lung, enhancing drug exposure over an extended period of time. L606 is currently being evaluated in an open-label study in the United States for treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) with a planned global pivotal placebo-controlled efficacy study for the treatment of PH-ILD.

    About Treprostinil Injection
    Treprostinil Injection is the first-to-file, fully substitutable generic treprostinil for parenteral administration. Treprostinil Injection contains the same active ingredient, same strengths, same dosage form and same inactive ingredients as Remodulin® (treprostinil) and is offered to patients and physicians with the same level of service and support, but at a lower price than the branded drug. Liquidia PAH promotes the appropriate use of Treprostinil Injection for the treatment of PAH in the United States in partnership with its commercial partner, Sandoz, who holds the Abbreviated New Drug Application (ANDA) with the FDA.

    About Pulmonary Arterial Hypertension (PAH)
    Pulmonary arterial hypertension (PAH) is a rare, chronic, progressive disease caused by hardening and narrowing of the pulmonary arteries that can lead to right heart failure and eventually death. Currently, an estimated 45,000 patients are diagnosed and treated in the United States. There is currently no cure for PAH, so the goals of existing treatments are to alleviate symptoms, maintain or improve functional class, delay disease progression and improve quality of life.

    About Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD)
    Pulmonary hypertension (PH) associated with interstitial lung disease (ILD) includes a diverse collection of up to 150 different pulmonary diseases, including interstitial pulmonary fibrosis, chronic hypersensitivity pneumonitis, connective tissue disease-related ILD, and chronic pulmonary fibrosis with emphysema (CPFE) among others. Any level of PH in ILD patients is associated with poor 3-year survival. A current estimate of PH-ILD prevalence in the United States is greater than 60,000 patients, though actual prevalence in many of these underlying ILD diseases is not yet known due to factors including underdiagnosis and lack of approved treatments until March 2021 when inhaled treprostinil was first approved for this indication.

    About Liquidia Corporation
    Liquidia Corporation is a biopharmaceutical company developing innovative therapies for patients with rare cardiopulmonary disease. The company’s current focus spans the development and commercialization of products in pulmonary hypertension and other applications of its proprietary PRINT® Technology. PRINT enabled the creation of Liquidia’s lead candidate, YUTREPIA™ (treprostinil) inhalation powder, an investigational drug for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).  The company is also developing L606, an investigational sustained-release formulation of treprostinil administered twice-daily with a next-generation nebulizer, and currently markets generic Treprostinil Injection for the treatment of PAH. To learn more about Liquidia, please visit www.liquidia.com.

    Remodulin® and Tyvaso® are registered trademarks of United Therapeutics Corporation.

    Cautionary Statements Regarding Forward-Looking Statements
    This press release may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, our strategic and financial initiatives, our business strategy and plans and our objectives for future operations, are forward-looking statements. Such forward-looking statements, including statements regarding clinical trials, clinical studies and other clinical work (including the funding therefor, anticipated patient enrollment, safety data, study data, trial outcomes, timing or associated costs), regulatory applications and related submission contents and timelines, including the potential for final FDA approval of the NDA for YUTREPIA, which may occur after the expiration of the exclusivity period of TYVASO DPI, if at all, the timelines or outcomes related to patent litigation with United Therapeutics in the U.S. District Court for the District of Delaware, litigation with United Therapeutics and FDA in the U.S. District Court for the District of Columbia or other litigation between Liquidia and United Therapeutics or others, including rehearings or appeals of decisions in any such proceedings, the issuance of patents by the USPTO and our ability to execute on our strategic or financial initiatives, the potential for additional funding under the HCR Agreement, our anticipated use of net proceeds funded under the HCR Agreement, our estimates regarding future expenses, capital requirements and needs for additional financing, and potential revenue and profitability of YUTREPIA, if approved, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. The receipt of tentative approval of an NDA from the FDA is not determinative as to whether or when the FDA will grant final approval. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks discussed in our filings with the SEC, as well as a number of uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment and our industry has inherent risks. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that these goals will be achieved, and we undertake no duty to update our goals or to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

    Financial Statement Revision

    During the three months ended March 31, 2025, we identified immaterial errors in our accounting treatment of the fourth and fifth amendments to the HCR Agreement.  We voluntarily revised our previously issued 2024 annual consolidated financial statements to correct the immaterial errors and disclosed the impacts to our quarterly financial statements for the respective 2024 interim periods in our Current Report on Form 8-K filed on May 8, 2025. As a result of the revision, the loss on extinguishment has been eliminated and an adjustment to interest expense resulting from the modifications has been recorded, with corresponding adjustments to the long-term debt and accumulated deficit accounts.  The financial statement line items as of and for the three months ended March 31, 2024 in the financial statements presented in this press release reflect such revisions.

    Contact Information

    Investors:
    Jason Adair
    Chief Business Officer
    919.328.4350
    Jason.adair@liquidia.com

    Media:
    Patrick Wallace
    Director, Corporate Communications
    919.328.4383
    patrick.wallace@liquidia.com

    Liquidia Corporation
    Select Condensed Consolidated Balance Sheet Data (unaudited)
    (in thousands)
                 
        March 31,     December 31,  
        2025     2024  
    Cash and cash equivalents   $ 169,758     $ 176,479  
    Total assets   $ 227,429     $ 230,313  
    Total liabilities   $ 177,716     $ 150,935  
    Accumulated deficit   $ (595,756 )   $ (557,389 )
    Total stockholders’ equity   $ 49,713     $ 79,378  
                 
    Liquidia Corporation
    Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)
    (in thousands, except share and per share amounts)
     
        Three Months Ended
    March 31,    		  
        2025     2024  
    Revenue   $ 3,120     $ 2,972  
    Costs and expenses:                
    Cost of revenue     1,517       1,467  
    Research and development     6,966       10,057  
    General and administrative     30,062       20,249  
    Total costs and expenses     38,545       31,773  
    Loss from operations     (35,425 )     (28,801 )
    Other income (expense):                
    Interest income     1,728       1,880  
    Interest expense     (4,670 )     (3,162 )
    Total other expense, net     (2,942 )     (1,282 )
    Net loss and comprehensive loss   $ (38,367 )   $ (30,083 )
    Net loss per common share, basic and diluted   $ (0.45 )   $ (0.40 )
    Weighted average common shares outstanding, basic and diluted     85,172,696       75,393,907  

    The MIL Network –

  • MIL-OSI: TransUnion Declares First Quarter 2025 Dividend of $0.115 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, May 08, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) today announced that its Board of Directors declared a cash dividend of $0.115 per share for the first quarter 2025. The dividend will be payable on June 6, 2025, to shareholders of record on May 22, 2025.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business

    E-mail   investor.relations@transunion.com
         
    Telephone   312-985-2860

    The MIL Network –

  • MIL-OSI: P10 Reports First Quarter 2025 Earnings Results

    Source: GlobeNewswire (MIL-OSI)

    Record fundraising and deployments of over $1.4 Billion in Gross New Fee-Paying AUM

    Increased Quarterly Dividend by 7%

    Completed Acquisition of Qualitas Funds

    DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — P10, Inc. (NYSE: PX) (the “Company”), a leading private markets solutions provider, today reported financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Revenue: $67.7 million, a 2% increase year over year.
    • Fee-Related Revenue: $67.6 million, a 4% increase year over year.
    • Fee-Paying Assets Under Management: $26.3 billion, a 10% increase year over year.
    • GAAP Net Income: $4.7 million compared to $5.2 million in the prior year.
    • Fee-Related Earnings: $30.7 million compared to $30.7 million in the prior year.
    • Adjusted Net Income: $23.5 million compared to $25.4 million in the prior year.
    • Fully Diluted GAAP EPS: $0.04 compared to $0.04 in the prior year.
    • Fully Diluted ANI per share: $0.20 compared to $0.21 in the prior year.

    A presentation of the quarterly financials may be accessed here and is available on the Company’s website.

    “In the first quarter, P10 raised and deployed over $1.4 billion in gross new fee-paying AUM, representing the best fundraising quarter in our history,” said Luke Sarsfield, P10 Chairman and Chief Executive Officer. “Our record quarter is a true testament to the strength of our platform and what we are building here at P10. Additionally, we recently completed the acquisition of Qualitas Funds, significantly expanding our global presence. Looking ahead, we believe we are well positioned to meet our fundraising targets and further expand our client franchise by providing unrivaled access to investment opportunities.”

    Stock Repurchase Program

    In the first quarter, the Company repurchased 1,215,106 shares at an average price of $12.31 per share. The repurchase activity left approximately $28.5 million available under the repurchase authorization at the end of the first quarter.

    Declaration of Dividend

    The Board of Directors of the Company has declared a quarterly cash dividend of $0.0375 per share on Class A and Class B common stock, an increase of 7%, payable on June 20, 2025, to the holders of record as of the close of business on May 30, 2025.

    Conference Call Details

    The Company will host a conference call at 8:30 a.m. Eastern Time on Thursday, May 8, 2025. All participants must register prior to joining the event.

    • To join and view the live webcast, please register here.
    • To join by telephone, please register here.

    For those unable to participate in the live event, a replay will be made available on P10’s investor relations page at www.p10alts.com.

    About P10

    P10 is a leading multi-asset class private markets solutions provider in the alternative asset management industry. P10’s mission is to provide its investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets. As of March 31, 2025, P10’s products have a global investor base of more than 3,800 investors across 50 states, 60 countries, and six continents, which includes some of the world’s largest pension funds, endowments, foundations, corporate pensions, and financial institutions. Visit www.p10alts.com.

    Forward-Looking Statements

    Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,” “continue,” “anticipate,” “intend,” “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management’s current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance, and business. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates, or expectations contemplated will be achieved. Forward-looking statements reflect management’s current plans, estimates, and expectations, and are inherently uncertain. All forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause actual results to be materially different; global and domestic market and business conditions; successful execution of business and growth strategies and regulatory factors relevant to our business; changes in our tax status; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; our ability to make acquisitions and successfully integrate the businesses we acquire; assumptions relating to our operations, financial results, financial condition, business prospects and growth strategy; and our ability to manage the effects of events outside of our control. The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2025, and in our subsequent reports filed from time to time with the SEC. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.

    Use of Non-GAAP Financial Measures by P10

    The non-GAAP financial measures contained in this press release (including, without limitation, Fee-Related Revenue (“FRR”), Fee-Related Earnings (“FRE”), Fee-Related Earnings Margin, Adjusted Net Income (“ANI”), Fully Diluted ANI per share and fee-paying assets under management) are not GAAP measures of the Company’s financial performance or liquidity and should not be considered as alternatives to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of such non-GAAP measures to their most directly comparable GAAP measure is included later in this press release. The Company believes the presentation of these non-GAAP measures provide useful additional information to investors because it provides better comparability of ongoing operating performance to prior periods. It is reasonable to expect that one or more excluded items will occur in future periods, but the amounts recognized can vary significantly from period to period. These non-GAAP measures should not be considered substitutes for net income or cash flows from operating, investing, or financing activities. You are encouraged to evaluate each adjustment to non-GAAP financial measures and the reasons management considers it appropriate for supplemental analysis. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

    Key Financial & Operating Metrics

    Fee-paying assets under management reflects the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee terms. Management and advisory fees based on committed capital are not affected by market appreciation or depreciation.

    P10 Investor Contact:
    info@p10alts.com

    P10 Media Contact:
    Josh Clarkson
    Taylor Donahue
    pro-p10@prosek.com

    Reconciliation of Non-GAAP Financial Measures
             
    (Dollars in thousands except share and per share amounts)   Three Months Ended   % Change
        March 31, 2025 March 31, 2024   Q1’25 vs Q1’24
    GAAP Net Income   $ 4,696   $ 5,243     -10%
    Adjustments:          
    Depreciation & amortization     5,804     7,083     -18%
    Interest expense, net     6,417     5,776     11%
    Income tax expense     265     1,758     -85%
    Non-recurring expenses     3,460     691     401%
    Non-cash stock based compensation     5,855     5,945     -2%
    Non-cash stock based compensation – acquisitions     710     771     -8%
    Earn out related compensation     3,519     3,558     -1%
    Non-Fee Related Income     (39 )   (84 )   -54%
    Fee-Related Earnings   $ 30,687   $ 30,741     0%
    Plus:          
    Non-Fee Related Income   $ 39   $ 84     -54%
    Less:          
    Cash interest expense     (6,696 )   (5,406 )   24%
    Cash income taxes, net of taxes related to acquisitions     (570 )   (19 )   2900%
    Adjusted Net Income   $ 23,460   $ 25,400     -8%
               
    Fully Diluted ANI per Share          
    Shares outstanding     110,907     115,129     -4%
    Fully Diluted Shares outstanding     119,352     122,841     -3%
    ANI per share   $ 0.21   $ 0.22     -4%
    Fully Diluted ANI per share(1)   $ 0.20   $ 0.21     -5%
               
    Fee-Related Revenue          
    Total Revenues   $ 67,667   $ 66,115     2%
    Adjustments:          
    Non-Fee Related Revenue     (39 )   (1,108 )   -96%
    Fee-Related Revenue   $ 67,628   $ 65,007     4%
               
    Fee-Related Earnings Margin          
    Fee-Related Revenue   $ 67,628   $ 65,007     4%
    Fee-Related Earnings   $ 30,687   $ 30,741     0%
    Fee-Related Earnings Margin     45 %   47 %   N/A

     

    (1) Fully Diluted ANI EPS calculations include the total of all shares of common stock, stock options under the treasury stock method, restricted stock awards, and the redeemable non-controlling interests of P10 Intermediate converted to Class A stock as of each period presented.

    Notes to Reconciliation of Non-GAAP Financial Measures

    Above is a calculation of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures, which are reconciled in the table above. These measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these measures in isolation or as a substitute for GAAP measures. Other companies may calculate these measures differently than we do, limiting their usefulness as a comparative measure.

    We use Adjusted Net Income, or ANI, Fee-Related Revenues, Fee-Related Earnings and Fee-Related Earnings Margin to provide additional measures of profitability. We use the measures to assess our performance relative to our intended strategies, expected patterns of profitability, and budgets, and use the results of that assessment to adjust our future activities to the extent we deem necessary. ANI reflects an estimate of our cash flows generated by our core operations. ANI is calculated as Fee-Related Earnings, plus Non-Fee Related Income, less actual cash paid for interest and federal and state income taxes.

    In order to compute Fee-Related Earnings, we adjust our GAAP Net Income for the following items:

    • Expenses that typically do not require us to pay them in cash in the current period (such as depreciation, amortization and stock-based compensation);
    • The cost of financing our business;
    • One-time expenses related to restructuring of the management team including placement/search fees;
    • Expenses related to one-time technical accounting matters;
    • Acquisition-related expenses which reflects the actual costs incurred during the period for the acquisition of new businesses, which primarily consists of fees for professional services including legal, accounting, and advisory, as well as bonuses paid to employees directly related to the acquisition;
    • The effects of income taxes;
    • Non-Fee Related Income.

    Fee-Related Revenues is calculated as Total Revenues less Non-Fee Related Revenue.

    Fee-Related Earnings is a non-GAAP performance measure used to monitor our baseline earnings less any incentive fee revenue and excluding any incentive fee-related expenses.

    Fee-Related Earnings Margin is calculated as Fee-Related Earnings divided by Fee-Related Revenues.

    Adjusted Net Income reflects net cash paid for federal and state income taxes and cash interest expense.

    The MIL Network –

  • MIL-OSI Economics: BaFin warns consumers about Vera Capitals

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about services offered by the company Vera Capitals, which claims to be based in Stuttgart. BaFin suspects the unknown operators of the websites vra-capitalis.com and cfd.vra-capitalis.com of offering consumers financial, investment and cryptoasset services without the required authorisation. The operators claim to be supervised by the “European Financial Supervisory Authority”. There is no such authority; BaFin has already issued a warning to this effect.

    The services offered have no connection with Vereinigung Baden-Württembergische Wertpapierbörse e. V., whose register data are being used fraudulently on these websites.

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

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Argentina: David Cairns

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Change of His Majesty’s Ambassador to Argentina: David Cairns

    Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic.

    Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic, in succession to Mrs Kirsty Hayes, who will be transferring to another Diplomatic Service appointment.

    Mr Cairns will take up his appointment during September 2025.

    Curriculum vitae           

    Full name: David Seldon Cairns

    Date Role
    2019 to present Equinor, Vice President
    2015 to 2019 Stockholm, Her Majesty’s Ambassador and Director of Nordic Baltic Network
    2010 to 2014 FCO, Director, Estates, Security, Corporate Services
    2006 to 2010 Tokyo, Director of Trade and Investment
    2002 to 2006 Geneva, First Secretary WTO
    2000 to 2002 FCO, Private Secretary to Baronesses Scotland and Amos
    1999 to 2000 FCO, EU Directorate. Head of Public Diplomacy
    1995 to 1998 Tokyo, Second Secretary Commercial
    1993 to 1994 FCO, Security Policy Department
    1993 Joined FCO

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 6 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Jammu Central Co-operative Bank Ltd., Jammu and Kashmir

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated May 06, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One Lakh only) on The Jammu Central Co-operative Bank Ltd., Jammu and Kashmir (the bank) for non-compliance with specific directions issued by RBI under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (BR Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the BR Act.

    The statutory inspection of the bank was conducted by National Bank for Agriculture and Rural Development (NABARD) with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had accepted fresh deposits in savings bank accounts in violation of specific directions issued by RBI.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/282

    MIL OSI Economics –

  • MIL-Evening Report: Grattan on Friday: Bitter struggle in Liberals for likely poisoned chalice, as Jacinta Price defects from Nationals

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    By late last week it was clear Labor would win the election, but it came as more of a surprise when Peter Dutton lost the Queensland seat of Dickson he’d held since 2001.

    Nor did many anticipate Greens leader Adam Bandt, member for Melbourne since 2010, would be swept away, in a lower house rout that has seen the minor party stripped of three of its four House of Representative seats.

    Both the Liberals and the Greens are in existential moments, in need of new leaders and some painful introspection’s about their future directions.

    Thinking back to the Liberal experience after Kevin Rudd’s 2007 victory, some wonder why anyone would be putting up their hand for the party leadership.

    The Liberals churned through three leaders between 2007 and 2009. Brendan Nelson took over the party after Labor’s victory; undermined by Malcolm Turnbull, he lasted less than a year. Turnbull survived just over a year before being ousted by Tony Abbott.

    Admittedly the experience of Peter Dutton was different – he was given a full term as opposition leader.

    But the chances of Dutton’s successor becoming prime minister will be very low. With the added seats Labor has won, the Liberals are looking at a two-term strategy. The odds are on more than one leader, and generational change, in that time. Tim Wilson, 45, who has won back Goldstein, obviously has his eye on the prize in the longer term.

    Despite all the disincentives, Sussan Ley, 63, and Angus Taylor, 58, both want this thankless post that’s up for grabs at Tuesday’s party meeting.

    The battle has turned into a fight over negatives as much as positives. Supporters of Ley say Taylor did a dreadful job as shadow treasurer, including not producing a tax policy. The Taylor camp argues Ley, the deputy leader, under-performed generally.

    Both contenders hold regional NSW electorates. Taylor’s support base is the conservative wing of the party; Leys’ is the moderate wing. The relative weightings of the factions in the Liberal party room has changed somewhat as a result of the election, in the favour of the moderates.

    For those Liberal MPs whose votes are not tightly locked in by factional allegiances, there are multiple questions they need to consider.

    Who will be able to keep the party together, while forcing it to face up to what changes it must make, and driving a major overhaul of policy? Who can improve the Liberals’ standing with women, and with younger voters? Who can better handle the relationship with the Nationals?

    On the last point, anyone who might think it would be best to break the Coalition is, I believe, misguided. Going it alone didn’t work in the 1970s and the 1980s. Different as they may be, the Liberals and Nationals are, electorally, two parts of a whole.

    They need their collective numbers to win and they’re better to stay together in opposition, to make the partnership in government work. But the relationship may be rocky.

    At the election, the Nationals retained almost all their seats and will have a relatively bigger voice from now on.

    On Thursday, however, their highest profile senator, Jacinta Nampijinpa Price, jumped from the Nationals to the Liberals. She said she thought she could be more effective in the Liberals, “especially as the party faces a significant rebuild […] I feel obliged to play a robust part in”.

    This was a concerted move from the right, and will play into the leadership contest in an as-yet unclear way. With speculation that she might run as Taylor’s deputy, Price was asked on Sky on Thursday night she would be willing to be drafted for a position. “I will not put limitations on myself,” she said.

    For the Liberals, there is absolutely no silver lining from this election. The Greens can take some comfort in the fact they’ve retained their numbers (11) in the Senate, with only a small fall in their Senate vote. On the projected results, the Greens are set to be the sole negotiators with the government in the Senate on legislation opposed by the Coalition.

    Who will become leader is still an open question, with South Australian veteran Senator Sarah Hanson-Young, deputy leader Mehreen Faruqi, and the party’s Senate leader, Larissa Waters, mentioned. Whoever gets the post, the leadership will return to the Senate, where it always was until Bandt obtained the position in early 2020.

    Post election, Anthony Albanese has continued his fierce pre-election attack on the Greens. “What I hope comes out of the new Senate is a bit of a recognition that one of the reasons why the Greens political party have had a bad outcome in the election is the view that they simply combined with the Coalition in what I termed the ‘noalition’, to provide blockages, and that occurred across a range of portfolios, housing, treasury, as well as environment,” he told the ABC.

    Albanese was particularly scathing about Greens housing spokesman Max Chandler-Mather who lost his seat and criticised parliament as a “sick place”.

    “Maybe what he needs is a mirror and a reflection on why he’s no longer in parliament. […] This is a guy who stood before signs at a CFMEU rally in Brisbane describing me as a Nazi.”

    Bob Brown, the Greens’ inaugural leader from 2005 to 2012, describes Albanese’s comments as “ungracious” in “his moment of glory”.

    While the Greens’ pro-Palestinian position came under much criticism, Brown strongly defends it, declaring it “honorable”.

    Brown, speaking to The Conversation, says the Greens will be in an extraordinarily powerful position in the Senate, and their “environmental origins will  come back to the fore”. He urges the Greens to “have deaf ears to calls for the Senate to be a rubber stamp”. The Constitution, he says, has the Senate with equal powers with the house except on money matters.

    Brown predicts the Greens will be “resurgent” at the next election.  His strongest message is directed squarely at the government. “The Greens should never direct preferences to Labor again – because Labor takes preferences with one hand and stabs the Greens with the other.”

    Like the new Liberal leader, Bandt’s successor will inherit a party at a fork in the road. Does it become more militant or more moderate, more confrontational in its dealing with the government, or as transactional as possible?

    Bandt’s hope of the Greens power-sharing with a Labor government in the lower house has evaporated. So how does the party use what power it has in the Senate, while trying to put itself in the best position to avoid going further backwards at the next election?

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

    – ref. Grattan on Friday: Bitter struggle in Liberals for likely poisoned chalice, as Jacinta Price defects from Nationals – https://theconversation.com/grattan-on-friday-bitter-struggle-in-liberals-for-likely-poisoned-chalice-as-jacinta-price-defects-from-nationals-255634

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: Fraudulent website and internet banking login screen related to DBS Bank (Hong Kong) Limited

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by DBS Bank (Hong Kong) Limited relating to a fraudulent website and an internet banking login screen, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
     
    The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
     
    Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website or login screen concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Chief Executive approves chairmanship of HKEX

    Source: Hong Kong Government special administrative region

    Chief Executive approves chairmanship of HKEX 
         The approval was made under the Securities and Futures Ordinance (SFO) (Cap. 571). The conclusion of Mr Tong’s chairmanship will coincide with the completion of his term of appointment as a member of the Board of Directors of the HKEX at the end of the 2027 Annual General Meeting of the HKEX.
     
         The Financial Secretary, Mr Paul Chan, said, “Under the leadership of Mr Tong, the HKEX took forward various reforms, including enhancing the listing vetting process, implementing the specialist technology listing channel, establishing the Technology Enterprises Channel, and launching the trading arrangement under severe weather. I am confident that with Mr Tong’s leadership, the HKEX will continuously  
         Mr Tong was re-elected as Chairman of the HKEX by the directors at the board meeting on April 30, 2025. The HKEX is a recognised exchange controller under the SFO. Section 69(1) of the SFO provides that no person shall be the chairman of a company which is a recognised exchange controller unless he has the approval in writing of the Chief Executive.
    Issued at HKT 18:18

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong hosts first 6G Global Summit in Asia-Pacific region to explore future of next-generation communications (with photos)

    Source: Hong Kong Government special administrative region

    Hong Kong hosts first 6G Global Summit in Asia-Pacific region to explore future of next-generation communications  
    With the support of the Hong Kong Special Administrative Region Government, the Communications Authority (CA), which is the statutory regulator for the telecommunications industry, is hosting the Summit in a hybrid format today and tomorrow (May 9). The prominent international conference attracted over 600 participants from more than 80 countries, including high-level representatives from policymakers, regulatory bodies, international organisations, telecommunications operators and corporations, as well as industry experts and scholars.
     
    In his keynote speech at the Summit, the Secretary for Commerce and Economic Development, Mr Algernon Yau, said that Hong Kong’s hosting of the Summit not only reflects the city’s long-standing stature as a global and regional telecommunications hub, but also underscores the Government’s commitment to driving innovation and fostering collaboration in this transformative field.
     
    Mr Yau highlighted Hong Kong’s highly acclaimed position in leading the development of 6G, with the city’s telecommunications market being one of the most advanced and dynamic in the world and having a proven track record of embracing innovation and driving connectivity. He also shared with the audience Hong Kong’s various achievements in telecommunications, which showcase the city’s readiness to embrace the future of telecommunications.
     
    Mr Yau stressed that the Government is fully committed to fostering a conducive environment that drives technological advancement and prepares Hong Kong for the 6G era. These include releasing suitable spectrum through auctions to support the development of advanced mobile communication services, exploring further facilitation measures from telecommunications perspectives to support the development of the low-altitude economy, and conducting a review on streamlining the licensing procedures of Low Earth Orbit satellites to enhance Hong Kong’s competitiveness in satellite development.
     
    Addressing the opening ceremony this morning, the Director-General of Communications, Mr Chaucer Leung, said that the first set of technical standards for 6G is expected to be finalised in 2029 so that commercial service can be introduced in 2030, adding that the Summit serves as an opportunity for the participants to delve into various key aspects of 6G and have better preparation for it.
     
    Delivering his keynote speech in the afternoon session, the Chairman of the CA, Mr Jenkin Suen, outlined the roles and functions of the CA, and emphasised Hong Kong’s unique role as the gateway between Mainland China and the rest of the world. “Being a telecommunications hub in the Asia-Pacific region and a gateway to Mainland China, Hong Kong is an ideal place for exploring, developing and deploying the new generation of mobile technology,” Mr Suen said.
     
    Over the two days, the Summit will feature discussions on the key priorities shaping 6G developments, including standardisation, technological innovations, sustainability and potential applications, as well as the strategic role of the Asia-Pacific region and the opportunities presented by a more connected and intelligent global network. In addition to the main programme, the Summit also includes a networking reception hosted by the Communications Association of Hong Kong. Details of the Summit are available at www.global6gsummit.com 
    First held as a virtual conference in 2022 by Forum Global, the Summit has entered its fourth edition this year. The previous two editions were held in Bahrain in 2023 and the United Kingdom in 2024.
    Issued at HKT 17:42

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Singapore ETO enhances ties with Laos (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Singapore (Singapore ETO) concluded an official visit to Vientiane, the capital of Laos, between May 6 and 7 (Vientiane time). The visit aimed to deepen understanding and collaboration with the Laotian government and business sectors, while further strengthening bilateral relations in trade, investment, and people-to-people exchanges.

         Upon arrival on May 6, the Director of the Singapore ETO, Mr Owin Fung, met with the Director-General of the Department of Asia-Pacific and Africa, Laos’ Ministry of Foreign Affairs, Mr Bounthanongsack Chanthalath, to introduce Hong Kong’s latest developments. Both sides exchanged views on the current economic and geopolitical landscape, and explored opportunities to further enhance co-operation and deepen the Hong Kong – Laos bilateral relations.

         Members of the Singapore ETO also visited Vientiane Secondary School to learn about the implementation of a memorandum of understanding (MOU) signed between the school and the Hong Kong Polytechnic University. The MOU, announced by the Chief Executive, Mr John Lee, last July during his visit to the school, offers a dedicated scholarship programme for outstanding students at Vientiane Secondary School.

         On May 7, the Singapore ETO organised a business seminar and networking event “Business and Investment Opportunities in Hong Kong – Gateway to Greater Bay Area” in collaboration with Invest Hong Kong (InvestHK) and the Hong Kong Trade Development Council (HKTDC). The event attracted about 70 local business leaders and investors, including executive committee members of the Lao National Chamber of Commerce and Industry (LNCCI) and the Lao Chinese Chamber of Commerce (LCCC), which were the event’s supporting organisations. The Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, also participated in the event. 

         In his opening remarks, Mr Fung emphasised Hong Kong’s position as a leading international financial, trading, and logistics hub under the “one country, two systems” framework. He reiterated Hong Kong’s strong commitment to multilateralism and free trade.

         Other speakers included Assistant Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area Miss Cathy Li; the Head of Investment Promotion (Singapore Office), InvestHK, Mr Melvin Lee; and the Director of Indochina at the HKTDC, Ms Tina Phan. They shared insights into Hong Kong’s latest investment climate and opportunities in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Hong Kong’s role as a “super-connector” and a “super value-adder” between the GBA and Laos, as well as the range of support services available to Laotian enterprises. Following the seminar, representatives of Singapore ETO, the GBA Development Office, the LNCCI and the LCCC had a networking lunch to explore avenues for stronger co-operation in trade and commerce.

         Later that afternoon, Ms Chan and Mr Fung had a working meeting with the Permanent Secretary, Laos Ministry of Industry and Commerce, Dr Buavanh Vilavong. Both sides expressed confidence in the partnership between Hong Kong and Laos business communities which would promote greater regional integration and sustainable economic growth. Mr Fung also sought continued support for Hong Kong’s accession to the Regional Comprehensive Economic Partnership. 

         Before the end of the duty visit, Ms Chan and Mr Fung paid a courtesy call on the Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Lao People’s Democratic Republic, Ms Fang Hong, to introduce respectively the GBA Development Office’s latest work and Singapore ETO’s efforts and achievements in liaising with the Laos government, business sector and community. Mr Fung also thanked the Embassy for its continuous care and assistance to Hong Kong people in Laos and Hong Kong enterprises investing in Laos.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: SCED to visit Beijing

    Source: Hong Kong Government special administrative region

    SCED to visit Beijing 
         Mr Yau will proceed to Qatar on May 10. The Under Secretary for Commerce and Economic Development, Dr Bernard Chan, will be the Acting Secretary for Commerce and Economic Development during Mr Yau’s absence.
    Issued at HKT 12:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Great Entertainment Group partners with Mast International from Korea to expand Hong Kong operations, boosting job creation and business partnerships (with photos)

    Source: Hong Kong Government special administrative region

         â€‹Invest Hong Kong (InvestHK) announced today (May 8) that a long-term local entertainment business, Great Entertainment Group (GEG), has created a new joint venture – Harbour Mast Productions Limited – with Mast International, a Korean entertainment business in Hong Kong, as part of the companies’ long-term expansion plans in the region.
         
         Associate Director-General of Investment Promotion at InvestHK Mr Arnold Lau said, “We are excited to see the expansion of GEG in Hong Kong and welcome Mast International to the city. This initiative will not only enrich Hong Kong’s vibrant entertainment industry, but also significantly contribute to job creation and stimulate our local economy by fostering new business partnerships in the city.”
         
         Harbour Mast Productions will be the official promoter of Cirque du Soleil’s legendary show KOOZA, as it returns to Hong Kong for the first time in seven years. Cirque du Soleil chose Hong Kong as the city to kick off its relaunch in Asia. The show will then travel to Busan and Seoul in Korea following the performances in Hong Kong.
         
         According to the Chief Executive Officer of GEG, Mr Randy Bloom, the KOOZA Tour travels with more than 115 cast and crew, along with 60 family members. This represents a investment in Hong Kong of more than 8 000 room nights, transport, food and beverage and entertainment during the two months that the show will be in the city. In addition to the travelling crew, the show requires approximately 200 local hires.
         
         Mr Bloom added that with over 10 years of history and experience in producing entertainment events in Hong Kong, GEG decided to expand in the city where it has traditionally created its own local events, including the annual AIA Carnival, the Hong Kong Observation Wheel (HKOW) and well-known events such as The Grounds in the HKOW event space. He noted that Mast International, with its decades of experience bringing worldwide live entertainment events to Asia, was seen as the natural partner to join in this effort. The aim is to bring more and more high-quality events and entertainment to come to Hong Kong, serving as a gateway to the region.
         
         Mr Bloom said, “We hear and support the Government’s policy for mega events. We want to support the development of the entertainment industry and demonstrate our commitment to enhancing what Hong Kong can offer as a city for events both local and internationally. We have great trust in Hong Kong as a city.”
         
         The Chief Executive Officer and President of Mast International, Mr Yong Kim, added, “As a long-time producer and promoter of events in Asia, Mast recognises the opportunities afforded by the growth of the live events industry in Hong Kong. As our company continues to grow, we aim to expand and create more diverse experiences for people in Hong Kong. By bringing global entertainment around the world and into the city, we can offer a wider range of engaging entertainment options. Notably, the globally acclaimed Cirque du Soleil will be making its first appearance in Hong Kong since 2018 and will kick off a multi-destination Asia Tour.”
         
         GEG is a multi-award-winning group of companies with expertise in creating and producing exceptional live entertainment events and experiences in Asia. To date, GEG has engaged over 20 million consumers across over 500 events, pioneering some of the largest, most successful and enduring events and experiences.
         
         Mast International was founded as a subsidiary of Mast Media Limited in 2006. Since then, the company has successfully presented seven shows of Cirque du Soleil in Korea. Mast International has promoted other various international spectacles, sporting events, exhibitions, pop concerts, ballets and plays, etc, including the legendary French musical, “Notre-Dame de Paris”.
         
         For more information about GEG, please visit www.geg.asia.
         
         For more information about Mast International, please visit www.mastent.co.kr.
         
         To obtain a copy of the photos, please visit www.flickr.com/photos/investhk/albums/72177720325905295.

    MIL OSI Asia Pacific News –

  • MIL-OSI: MEXC Announces Listing of Shardeum (SHM) with 72,000 SHM and 150,000 USDT in Bonuses

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, May 08, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, announces that it will list Shardeum (SHM) in the Innovation Zone on May 8, 2025 (UTC). To celebrate this significant addition to the exchange, MEXC has launched three exclusive events with a combined prize pool of 72,000 SHM and 150,000 USDT.

    Shardeum is an EVM-compatible, autoscaling blockchain designed with dynamic state sharding to ensure permanently low gas fees while maintaining full decentralization and robust security. Shardeum is on a mission to facilitate an affordable blockchain ecosystem with sustainably low gas fees. The project has secured over $31 million in funding with backing from leading investors, including Struck Crypto, Arrington Capital, Big Brain Holdings, Spartan Group, Amber Group, Foresight Ventures, Jane Street, and more.

    $SHM is the native token of the Shardeum ecosystem. It serves both utility and governance purposes, including fee payments, validator staking, and on-chain governance. It plays a vital role in the platform’s consensus mechanism, aligning incentives and securing the network to support sustainable Web3 innovation.

    To celebrate the listing, MEXC has launched three events for users:

    • Event 1: Shardeum (SHM) Launchpool – Stake USDT & MX to Share 63,360 SHM

    From May 2, 11:00 to May 4, 11:00, 2025 (UTC), users can stake USDT or MX on MEXC Launchpool to earn a share of 63,360 SHM. This initiative provides early access to SHM through token staking.

    • Event 2: Invite New Users & Share 8,640 SHM

    Users can earn 8 SHM for each new user they invite who registers, deposits at least 100 USDT, and participates in the Launchpool event. Each participant can invite up to 20 users and earn a maximum of 160 SHM. Rewards will be distributed on a first-come, first-served basis.

    • Event 3: Join Airdrop+ to Share 150,000 USDT

    Users can participate in this event from May 2, 11:00 to May 16, 11:00, 2025 (UTC), and enjoy the following benefits:

    Benefit 1: Deposit and share 72,000 USDT in Futures bonus (New user exclusive)
    Benefit 2: Spot Challenge — Trade to share 10,000 USDT in Futures bonuses (For all users)
    Benefit 3: Futures Challenge — Trade to share 50,000 USDT in Futures bonuses (For all users)
    Benefit 4: Invite new users and share 18,000 USDT in Futures bonuses (For all users)

    MEXC has established itself as an industry leader by consistently providing users with early access to promising crypto projects. According to the latest TokenInsight report, from November 1, 2024, to February 15, 2025, MEXC led the industry with an impressive 461 spot listings. During each bi-weekly period, MEXC maintained a high listing frequency, consistently ranking among the top six exchanges and demonstrating its ability to capture market trends quickly. To date, MEXC has listed more than 3,000 digital assets. Moving forward, MEXC will continue to maintain its industry-leading listing efficiency, innovate, and expand its offerings, ensuring users have access to the best opportunities in the ever-evolving crypto landscape.

    For full event details and participation rules, please visit here.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 36 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, everyday airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.

    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    Contact:
    Lucia Hu
    lucia.hu@mexc.com

    Risk Disclaimer:

    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    Disclaimer: This press release is provided by the “MEXC”. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Source

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c21606df-d749-423b-9809-9b9656b88b57

    The MIL Network –

  • MIL-OSI: Oyster Solutions Unveils Expansive Product Updates

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., May 08, 2025 (GLOBE NEWSWIRE) — Oyster Solutions, the industry’s premier provider of governance, risk and compliance technology, revealed a rich set of new features and capabilities to its already robust operating system. With Oyster Solutions, financial services professionals can maximize their productivity, mitigate risk, and deliver exceptional service—all within Oyster Solutions’ centralized platform trusted by industry professionals.

    Click to watch a demo

    “This year, we have focused on helping organizations align around policies and procedures throughout our platform,” said Buddy Doyle, CEO and Founder of Oyster Solutions. “By creating more integration opportunities, trade reporting components, and dynamic reporting for broker-dealers and Registered Investment Advisors, our software provides the tools they need to save time, mitigate risk, and run a healthy, thriving firm. Each update is rooted in the desire to improve firms’ value and make Oyster Solutions work harder for them across one versatile platform.”

    Expanded Integrations and Connectivity

    Oyster Solutions now supports a broader range of data feed integrations, API connections, and bi-directional synchronization—providing financial services firms with a more connected and responsive platform. These expanded capabilities allow client data, trade activity, and compliance tasks to seamlessly flow between Oyster Solutions and other key business systems. Firms can centralize more operations, reduce manual processes, and ensure that data is accurate and always up to date—empowering teams to work more efficiently across functions.

    Trade Surveillance and Supervision

    Oyster Solutions’ Monitor module is specifically designed for requirements intrinsic to regulatory supervision and surveillance demands. Compliance and Trade Desk teams can leverage Oyster Solutions to compare client and household activity, profile and investment holdings to employee information and then identify conflicts of interest, compliance parameters and risk tolerance.

    The Oyster Solutions Monitor module can customize alerts tailored to specific risk parameters, enabling proactive identification and mitigation of potential compliance breaches. Tailored alerts mean fewer false positives, saving time spent running down issues. Trade exceptions are segmented and presented for supervision review, saving time and effort while reducing errors. Oyster Solutions allows supervisors to easily see patterns and context. Now, Oyster Solutions utilizes 75 alerts, including alerts related to Reg BI and AML.

    Oyster Solutions integrates data from multiple clearing firms and direct business, allowing users to quickly find conflicts of interest and other potential trade issues.

    This suite of features is designed to meet the needs of broker-dealers and investment advisors across the United States. It also allows Compliance and Operations professionals within larger firms that have multiple products and business lines to work seamlessly on a centralized, cloud-based platform.

    Regulation Best Interest Compliance

    The Oyster Solutions Fund Analyzer module provides a central location for analysis and documentation of compliance with FINRA’s Regulation Best Interest (Reg BI). Using MorningStar Data, Oyster Solutions compares fees and expenses, account types and returns of funds. The Oyster Solutions comprehensive platform identifies and documents the lowest cost share class that meets the selection criteria.

    With the Oyster Solutions portfolio fund analyzer pre-trade tool, advisers and reps can identify the lowest cost share class option and reasonably available alternatives when purchasing mutual funds. The Selection Wizard helps reps identify funds by multiple factors, including objective, equity sector, fixed income type, risk and maturity. The Selection Wizard then uses the client’s time horizon, portfolio holdings, and account type to find the appropriate share class when displaying the prioritized results of your search.

    Simplified Governance and Planning

    In addition to these areas of innovation and expansion, Oyster Solutions has also unveiled a series of powerful updates to its core products and features, providing organizational alignment around rules, regulations and risk.

    Governance

    GRC tools allow firms to manage and integrate policies, assess risk, enforce procedures, control user access and streamline processes. The Oyster Solutions Governance Module helps financial services firms define and quantify risk, match risks to controls, and monitor processes. Oyster Solutions keeps business and controls balanced while meeting regulatory requirements. Role-based permissions allow for visibility by user responsibility, assigned tasks, and supervision to guarantee efficient compliance program management.

    Oyster Solutions’ powerful integration tools bring firm policies, requirements, procedural steps, documentation and reporting together. New, dynamic risk reports and graphics allow firm leaders to present them in a concise, easy-to-understand format, increasing adoption while mitigating risk. 

    Automated Workflows & Calendar

    Financial services professionals can eliminate spreadsheets and multiple calendars to coordinate people and assignments. With the platform’s enhanced, automated calendar, you can schedule workflows, notify users of tasks and guide employees step-by-step through the process. 

    Now, firms can choose from our additional 130 ready-to-use compliance workflows. To date, Oyster Solutions clients have implemented thousands of workflows, allowing their users and supervisors to efficiently and effectively perform their tasks. Implementation is quick and easy with templates for common workflows that include Marketing Review, and attestations. You have visibility into each automated action that will occur, giving you control and peace of mind.

    Even with limited compliance experience or a small budget, broker-dealers and registered investment advisors can grow their impact by leveraging Oyster Solutions’ automation and integration.

    Documentation

    Centralized, WORM-compliant documentation allows compliance officers to easily find and retrieve documents, audit logs, test results and attestations.

    Questionnaires

    With Oyster Solutions, financial services professionals create and share questionnaires for documentation of attestations, certifications and to monitor Outside Business Activities. Responses are effortlessly mapped and stored in a centralized location for easy retrieval. With built-in review and approval features, the document automation process is simplified for users and supervisors. Oyster Solutions questionnaires minimize the back-and-forth correspondence when gathering information, creating a seamless process.

    About Oyster Solutions

    Oyster Solutions is transforming the compliance experience for broker-dealers, Registered Investment Advisors and exchanges by creating the industry’s leading GRC technologies for financial services firms—to keep firms and their clients better protected. Firms of all sizes use Oyster Solutions to manage firm operations, streamline compliance tasks, automate attestations and certifications, and improve trade surveillance and supervision. Oyster Solutions and Oyster Consulting LLC are subsidiaries to Oyster Holdings Ltd. Learn more at oysterconsultingllc.com.

    Contact:

    Buddy Doyle CEO
    communications@oysterllc.com 
    804.965.5400

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c94746a2-07df-4825-9cf5-4b7218b7cb54

    The MIL Network –

  • MIL-OSI: CLEAR Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU), the secure identity platform, has posted a shareholder letter containing its 2025 first quarter financial results on its Investor Relations website at https://ir.clearme.com.

    CLEAR will host a conference call to discuss those results at 8:00 AM (ET) today. Investors and analysts can access the live teleconference call by dialing toll-free 888-645-4404 for U.S. participants and +1-862-298-0702 for international participants. Listeners can access the live webcast HERE. A webcast replay will be available after the event on the investor relations website at https://ir.clearme.com.

    About CLEAR
    CLEAR’s mission is to strengthen security and create frictionless experiences. With over 31 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell Member data. For more information, visit clearme.com.

    Media Contact
    CLEAR
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Katapult to Announce First Quarter 2025 Financial Results on May 15, 2025

    Source: GlobeNewswire (MIL-OSI)

    PLANO, Texas, May 08, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (NASDAQ: KPLT), an e-commerce-focused financial technology company, today announced it will release its first quarter 2025 financial results before the market opens on Thursday, May 15, 2025. The company will host a conference call and webcast to discuss these results at 8:00 AM ET that same day.

    A live audio webcast of the conference call will be available on the Katapult Investor Relations website at http://ir.katapultholdings.com/. A replay will be available on the investor relations website following the call.

    About Katapult

    Katapult is a technology driven lease-to-own platform that integrates with omni-channel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay™, consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

    For more information, visit www.katapult.com.

    Contact:

    Jennifer Kull
    VP of Investor Relations
    IR@katapult.com

    The MIL Network –

  • MIL-OSI: Cenovus announces first-quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its first-quarter 2025 financial and operating results. The company generated more than $1.3 billion in cash from operating activities, $2.2 billion of adjusted funds flow and $983 million of free funds flow. Operating results in the quarter were strong, with Upstream production increasing to 818,900 barrels of oil equivalent per day (BOE/d)1 while Downstream crude throughput was 665,400 barrels per day (bbls/d), representing an overall utilization rate of 92%.

    The Board of Directors has approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter of 2025. Consistent with Cenovus’s financial framework, the base dividend is underpinned by our growth plan and resilience at a US$45 WTI oil price.

    Highlights

    • Upstream production of 818,900 BOE/d, maintaining near-record performance and exceeding the previous quarter.
    • Continued momentum in Downstream performance, including record utilization of 104% in Canadian Refining, with 90% utilization and adjusted market capture2,3 of 62% in U.S. Refining.
    • Returned $595 million to shareholders, including $62 million through share purchases, $333 million through common and preferred share dividends, and $200 million through the redemption of Cenovus’s Series 5 preferred shares on March 31, 2025. The company subsequently purchased 10.9 million common shares for $178 million between April 1 and May 5, 2025.
    • Progressed all Upstream growth projects as planned, including introduction of steam to the first two well pads at Narrows Lake with first oil expected early in the third quarter, as well as completing preparations for tow-out of the concrete gravity structure (CGS) and the topsides for the West White Rose project.

    “We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Combined with our commitment to financial discipline and cost control, we are well positioned to effectively navigate market volatility and continue to grow shareholder returns.”

    Financial summary

    ($ millions, except per share amounts) 2025 Q1 2024 Q4 2024 Q1
    Cash from (used in) operating activities 1,315 2,029 1,925
    Adjusted funds flow2 2,212 1,601 2,242
    Per share (diluted)2 1.21 0.87 1.19
    Capital investment 1,229 1,478 1,036
    Free funds flow2 983 123 1,206
    Excess free funds flow2 373 (416) 832
    Net earnings (loss) 859 146 1,176
    Per share (diluted) 0.47 0.07 0.62
    Long-term debt, including current portion 7,524 7,534 7,227
    Net debt 5,079 4,614 4,827


    Production and throughput

    (before royalties, net to Cenovus) 2025 Q1 2024 Q4 2024 Q1
    Oil and NGLs (bbls/d)1 670,900 670,600 658,200
    Conventional natural gas (MMcf/d) 887.9 873.3 855.8
    Total upstream production (BOE/d)1 818,900 816,000 800,900
    Total downstream crude throughput (bbls/d) 665,400 666,700 655,200

    1See Advisory for production by product type.

    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    3Adjusted Market Capture excludes the impact of inventory holding gains or losses. See Advisory for more details.


    First-quarter results

    Operating1

    Cenovus’s total revenues were $13.3 billion in the first quarter, up from $12.8 billion in the fourth quarter of 2024, primarily due to rising commodity prices. Upstream revenues were $8.3 billion, an increase from $7.3 billion in the previous quarter, while Downstream revenues were $7.7 billion compared with $7.8 billion in the prior quarter.

    Total operating margin4 was $2.8 billion, compared with $2.3 billion in the previous quarter. Upstream operating margin5 was $3.0 billion, an increase from $2.7 billion in the fourth quarter due to higher benchmark oil prices and favourable timing differences between production and sales. The company had a Downstream operating margin5 shortfall of $237 million compared with a shortfall of $396 million in the previous quarter, as adjusted market capture6 in U.S. Refining improved to 62%. Operating margin in the U.S. Refining segment included a $23 million inventory holding loss and $81 million of turnaround expenses.

    Total Upstream production was 818,900 BOE/d in the first quarter, up from 816,000 BOE/d in the fourth quarter. Christina Lake production was 237,800 bbls/d, compared with 251,400 bbls/d in the prior quarter, having benefited from higher production rates following its fall turnaround. Foster Creek production was 202,700 bbls/d compared with 195,200 bbls/d in the fourth quarter, reflecting a successful well optimization program and two new sustaining well pads being brought online. Sunrise production was 52,100 bbls/d compared with 53,100 bbls/d in the fourth quarter. Production from the Lloydminster thermal assets increased to 109,900 bbls/d from 108,900 bbls/d in the prior quarter, while Lloydminster conventional heavy oil output rose to 21,800 bbls/d from 18,000 bbls/d in the fourth quarter. Production in the Conventional segment was 123,900 BOE/d, up from 117,800 BOE/d in the previous quarter.

    In the Offshore segment, production was 68,800 BOE/d compared with 69,700 BOE/d in the fourth quarter. In Asia Pacific, production volumes were 57,200 BOE/d, lower than 62,200 BOE/d in the previous quarter, primarily due to timing of condensate lifting in Indonesia in the first quarter. In the Atlantic region, production was 11,600 bbls/d, an increase from 7,500 bbls/d in the prior quarter, due to increased output at the partner-operated Terra Nova field and the return to operations of the SeaRose floating production, storage and offloading (FPSO) vessel in the White Rose field.

    Total Downstream crude throughput in the first quarter was 665,400 bbls/d, in line with fourth quarter throughput of 666,700 bbls/d. Crude throughput in Canadian Refining was 111,900 bbls/d, representing a record utilization rate of 104%, compared with 104,400 bbls/d in the previous quarter.

    In U.S. Refining, crude throughput was 553,500 bbls/d, representing a utilization rate of 90%, compared with 562,300 bbls/d in the fourth quarter. U.S. Refining revenues were $6.4 billion, slightly lower than $6.6 billion in the previous quarter. Adjusted market capture6 in the U.S. was 62%, compared with 52% in the fourth quarter, benefiting from improved process unit reliability and the return of the Lima Refinery to full operations following a turnaround completed in the fourth quarter of 2024, while continuing to be impacted by a narrow heavy oil price differential.

    4Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    5Specified financial measure. See Advisory.
    6Contains a non-GAAP financial measure. See Advisory.


    Financial

    Cash from operating activities in the first quarter was $1.3 billion, compared with $2.0 billion in the fourth quarter. Adjusted funds flow was $2.2 billion, compared with $1.6 billion in the prior quarter, and excess free funds flow (EFFF) was $373 million, compared with a shortfall of $416 million in the fourth quarter. Net earnings in the first quarter were $859 million, compared with $146 million in the previous quarter. First-quarter financial results improved in part due to higher benchmark prices, higher Upstream sales volumes and improved Downstream market capture relative to the fourth quarter.

    Long-term debt, including the current portion, was $7.5 billion as at March 31, 2025. Net debt increased from December 31, 2024 to $5.1 billion as at March 31, 2025, as free funds flow of $983 million was more than offset by returns to shareholders of $595 million, including the redemption of $200 million of Cenovus’s Series 5 preferred shares on March 31, 2025, and a $861 million build of non-cash working capital. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    In the first quarter of 2025, the company received a rating upgrade from Moody’s to Baa1 with a stable outlook. Cenovus remains committed to maintaining its investment grade credit ratings at S&P Global Ratings, Moody’s, Morningstar DBRS and Fitch Ratings.

    Growth projects

    In the Oil Sands segment, steaming of the first two well pads in the Narrows Lake field began in late April. The project remains on track for first oil early in the third quarter of 2025, as planned. At Sunrise, one well pad was brought online in April as the company continues to progress the facility’s growth plan to access higher-quality resource and fully utilize the asset’s steam capacity. The optimization project at Foster Creek is now approximately 75% complete and remains on schedule for startup in 2026. Preparations are being made to complete critical project tie-ins during the Foster Creek turnaround in the second quarter of 2025.

    The West White Rose project continues to progress toward installation and commissioning of the offshore platform later this year. Preparations are underway to tow the CGS to its field location in the second quarter, where it will be mated with the topsides in the third quarter. The West White Rose project is now approximately 90% complete and remains on-schedule for first oil in the second quarter of 2026.

    “These oil sands growth projects access some of the best resources in our portfolio,” McKenzie said. “At both Narrows Lake and Sunrise, we’re moving into new higher-quality development areas, which will drive lower steam-to-oil ratios and increased production without adding any new steam capacity and at a low capital cost. Once the West White Rose project is operating, we’ll be adding around 45,000 bbls/d of light sweet oil production tied to global pricing, generating significant free cash flow.”

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on June 30, 2025, to shareholders of record as of June 13, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2 and Series 7 – payable on June 30, 2025, to shareholders of record as of June 13, 2025, as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 4.568 0.28472
    Series 7 3.935 0.24594

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the first quarter, the company returned $595 million to shareholders, composed of $62 million from its purchase of 3 million shares through its normal course issuer bid (NCIB), $333 million through common and preferred share dividends and $200 million through the redemption of Cenovus’s Series 5 preferred shares. Subsequent to the quarter, the company purchased 10.9 million common shares through May 5, 2025 for $178 million.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

    (MBOE/d or Mbbls/d) Q2 Q3 Q4 Annualized impact
    Upstream
    Oil Sands 30 – 40 5 – 7 – 10 – 12
    Offshore – 4 – 6 – 1 – 2
    Conventional – – – –
    Downstream
    Canadian Refining – – – –
    U.S. Refining 35 – 45 2 – 4 6 – 10 13 – 17


    Potential turnaround expenses

    ($ millions) Q2 Q3 Q4 Annualized impact
    Downstream
    Canadian Refining – – – –
    U.S. Refining 240 – 295 80 – 95 40 – 50 440 – 520

    Conference call today

    Cenovus will host a conference call today, May 8, 2025, starting at 9 a.m. MT (11 a.m. ET).

    For analysts wanting to join the call, please register in advance at Conference call registration.

    To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    An audio webcast will also be available and archived for approximately 30 days.

    Cenovus will also host its Annual Meeting of Shareholders today, May 8, 2025, in a virtual format beginning at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is available under Shareholder information in the Investors section of cenovus.com.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    March 31, 2025
    Oil Sands
    Bitumen (Mbbls/d) 602.5
    Heavy crude oil (Mbbls/d) 21.8
    Conventional natural gas (MMcf/d) 11.4
    Total Oil Sands segment production (MBOE/d) 626.2
    Conventional
    Light crude oil (Mbbls/d) 5.2
    Natural gas liquids (Mbbls/d) 20.5
    Conventional natural gas (MMcf/d) 589.3
    Total Conventional segment production (MBOE/d) 123.9
    Offshore
    Light crude oil (Mbbls/d) 11.6
    Natural gas liquids (Mbbls/d) 9.3
    Conventional natural gas (MMcf/d) 287.2
    Total Offshore segment production (MBOE/d) 68.8
    Total Upstream production (MBOE/d) 818.9


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “plan”, “position”, “progress”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt; returning Excess Free Funds Flow to shareholders; navigating market volatility and growing shareholder returns; financial discipline and cost control; growth plans and projects; delivering long-term shareholder value; production guidance; the optimization project and turnaround at Foster Creek; timing of first oil at Narrows Lake; timing of well pads and first oil at Sunrise; the installation and commissioning of, and timing of first oil from, the West White Rose project; free cash flow; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and March 31, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended March 31, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (7) Downstream (7) Total
    ($ millions) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024
    Revenues
    Gross Sales 9,252 8,240 7,864 7,705 7,837 8,233 16,957 16,077 16,097
    Less: Royalties (906) (914) (747) — — — (906) (914) (747)
      8,346 7,326 7,117 7,705 7,837 8,233 16,051 15,163 15,350
    Expenses
    Purchased Product 1,167 1,000 771 7,082 7,364 6,885 8,249 8,364 7,656
    Transportation and Blending 3,247 2,816 2,811 — — — 3,247 2,816 2,811
    Operating 893 842 898 854 866 787 1,747 1,708 1,685
    Realized (Gain) Loss on Risk Management (9) (2) 6 6 3 1 (3) 1 7
    Operating Margin 3,048 2,670 2,631 (237) (396) 560 2,811 2,274 3,191

    7Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements. Revenues and purchased product for Q1 2024 Downstream operations were revised. See Note 21 of our March 31, 2025, interim Consolidated Financial Statements.


    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash From (Used in) Operating Activities (8) 1,315 2,029 1,925
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Net Change in Non-Cash Working Capital (861) 492 (269)
    Adjusted Funds Flow 2,212 1,601 2,242
    Capital Investment 1,229 1,478 1,036
    Free Funds Flow 983 123 1,206
    Add (Deduct):      
    Base Dividends Paid on Common Shares (327) (330) (262)
    Purchase of Common Shares under Employee Benefit Plan (58) (43) —
    Dividends Paid on Preferred Shares (6) (18) (9)
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Principal Repayment of Leases (83) (80) (70)
    Acquisitions, Net of Cash Acquired (100) (3) (10)
    Proceeds From Divestitures — (1) 25
    Excess Free Funds Flow 373 (416) 832

    8Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Adjusted Market Capture

    Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

    ($ millions) Three months ended
    March 31, 2025    		 Three months ended
    December 31, 2024
    Revenues (9) 6,423 6,574
    Purchased Product (9) 6,006 6,296
    Gross Margin 417 278
    Inventory Holding (Gain) Loss 23 45
    Adjusted Gross Margin 440 323
    Total Processed Inputs (Mbbls/d) 581.0 588.4
    Adjusted Gross Margin ($/bbl) 8.41 5.98
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 13.68 12.12
    Group 3 3-2-1 Crack Spread (US$/bbl) 16.48 12.66
    RINs (US$/bbl) 4.76 4.02
    US$ per C$1 – Average 0.697 0.715
    Weighted Average Crack Spread, Net of RINs ($/bbl) 13.58 11.47
    Adjusted Market Capture (percent) 62 52

    9Found in Note 1 of the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Enerflex Ltd. Announces First Quarter 2025 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    ADJUSTED EBITDA OF $113 MILLION AND FREE CASH FLOW OF $85 MILLION

    EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.2 BILLION, RESPECTIVELY, PROVIDING SOLID OPERATIONAL VISIBILITY

    REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO TO 1.3x1 AT THE END OF Q1/25

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three months ended March 31, 2025.

    All amounts presented are in U.S. Dollars unless otherwise stated.

    Q1/25 FINANCIAL AND OPERATIONAL OVERVIEW

    • Generated revenue of $552 million compared to $638 million in Q1/24 and $561 million in Q4/24.
      • Lower revenue compared with the prior year is primarily attributed to upfront revenue recognized in the Energy Infrastructure (“EI”) product line in Q1/24 on the extension and modification of an existing EI contract previously accounted for as an operating lease in the Eastern Hemisphere (“EH”) region.
    • Recorded gross margin before depreciation and amortization of $161 million, or 29% of revenue, compared to $119 million, or 19% of revenue in Q1/24 and $174 million, or 31% of revenue during Q4/24.
      • EI and After-Market Services (“AMS”) product lines generated 70% of consolidated gross margin before depreciation and amortization during Q1/25.
      • Engineered Systems (“ES”) gross margin before depreciation and amortization increased to 18% in Q1/25 compared to 5% in Q1/24 primarily due to costs recognized in Q1/24 related to an international ES project. ES gross margin before depreciation and amortization decreased compared to Q4/24 due to product mix.
    • Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $113 million compared to $69 million in Q1/24 and $121 million during Q4/24. The year-over-year increase in adjusted EBITDA was primarily due to costs recognized related to an international ES project in Q1/24.
    • SG&A was $57 million for the three months ended March 31, 2025, a decrease of $21 million from the same period in 2024, primarily due to decreased share-based compensation resulting from mark-to-market volatility on share prices in the first quarter of 2025, and lower costs and improved efficiencies, partially offset by executive transition costs.
    • Cash provided by operating activities was $96 million, which included net working capital recovery of $34 million. This compares to cash provided by operating activities of $101 million in Q1/24 and $113 million in Q4/24. Free cash flow increased to $85 million in Q1/25 compared to $72 million during Q1/24 and $76 million during Q4/24 primarily due to lower maintenance capital spend.
    • Return on capital employed (“ROCE”)2 increased to 14.2% in Q1/25 compared to 0.6% in Q1/24 and 10.3% in Q4/24. ROCE benefitted from an increase in trailing 12-month EBIT and lower average capital employed, predominantly due to a decline in net debt.
    • Invested $33 million in the business, consisting of $14 million in capital expenditures ($6 million for growth) and $19 million for expansion of an EI project in the EH region that will be accounted for as a finance lease.
    • Enerflex recorded ES bookings of $205 million during Q1/25, compared to $420 million during the same period of 2024. First quarter bookings were impacted by accelerated customer activity in the latter part of the fourth quarter of 2024, predominantly in the North America (“NAM”) segment, which resulted in select orders being pulled forward, and customers pausing some decisions on expenditures due to commodity price volatility and evolving market conditions. The Company continues to closely monitor activity levels and will adjust its business as appropriate. Enerflex’s backlog remains healthy at $1.2 billion at March 31, 2025.
    • Enerflex’s U.S. contract compression business continues to perform well, led by increasing natural gas production in the Permian.
      • This business generated revenue of $36 million and gross margin before depreciation and amortization of 72% during Q1/25 compared to $36 million and 75% in Q1/24 and $36 million and 78% during Q4/24.
      • Utilization remained stable at 94% across a fleet size of approximately 448,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
    • The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    BALANCE SHEET AND LIQUIDITY

    • Enerflex exited Q1/25 with net debt of $564 million, which included $75 million of cash and cash equivalents, a reduction of $179 million compared to Q1/24 and $52 million lower than the fourth quarter of 2024.
    • Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.3x at the end of Q1/25, down from 2.2x at the end of Q1/24 and 1.5x at the end of Q4/24.

    MANAGEMENT COMMENTARY

    Preet S. Dhindsa, Enerflex’s President & Chief Executive Officer (Interim), stated: “We are pleased to report another strong quarter of financial and operational results. Our Energy Infrastructure and After-Market Services business lines continue to deliver steady performance and reinforce Enerflex’s ability to generate sustainable returns across our global platform. Visibility for the ES product line remains solid, with backlog exiting Q1/25 at $1.2 billion, although we continue to closely monitor evolving market conditions and will adjust this business as appropriate. Despite increasing near-term risk and uncertainty, the fundamental drivers behind our business remain intact, namely global energy security and the shift toward low-emissions natural gas. Each of our business lines are delivering solid results and we believe all are well positioned to benefit from these fundamental drivers.”

    Joe Ladouceur, Enerflex’s Chief Financial Officer (Interim), stated, “Enerflex repaid an additional $74 million of debt during Q1/25 and reduced our leverage ratio to 1.3 times, reflective of strong operational execution and disciplined capital allocation. Our priorities are generating sustainable free cash flow, solidifying our balance sheet health, and positioning the Company for long-term growth and value creation. We’re sharpening our focus on boosting profitability, strengthening the resilience of our core operations, and ensuring Enerflex generates sustained, attractive returns for shareholders.”

    SUMMARY RESULTS

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Revenue   $ 552     $ 638  
    Gross margin     128       87  
    Gross margin as a percentage of revenue     23.2 %     13.6 %
    Selling, general and administrative expenses (“SG&A”)     57       78  
    Foreign exchange loss     –       1  
    Operating income     71       8  
    EBITDA1     105       47  
    EBIT1     66       3  
    EBT1     43       (23 )
    Net earnings (loss)     24       (18 )
    Long-term debt     639       853  
    Net debt2     564       743  
    Cash provided by operating activities     96       101  
                 
    Key Financial Performance Indicators (“KPIs”)            
    ES bookings3   $ 205     $ 420  
    ES backlog3     1,206       1,266  
    EI contract backlog4     1,497       1,639  
    Gross margin before depreciation and amortization (“Gross margin before D&A”)5     161       119  
    Gross margin before D&A as a percentage of revenue5     29.2 %     18.7 %
    Adjusted EBITDA6     113       69  
    Free cash flow7     85       72  
    Bank-adjusted net debt to EBITDA ratio7   1.3x     2.2x  
    Return on capital employed (“ROCE”)7,8     14.2 %     0.6 %

    1EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
    2Net debt is defined as total long-term debt less cash and cash equivalent as presented in the Financial Statements.
    3Refer to the “ES Bookings and Backlog” section of the MD&A for further details.
    4Refer to the “EI Contract Backlog” section of the MD&A for further details.
    5Refer to the “Gross Margin by Product line” section of the MD&A for further details.
    6Refer to the “Adjusted EBITDA” section of the MD&A for further details.
    7Refer to the “Non-IFRS Measures” section of the MD&A for further details.
    8Determined by using the trailing 12-month period.

    Enerflex’s interim consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at March 31, 2025, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    OUTLOOK

    Industry Update

    Enerflex continues to expect operating results to be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of gross margin before depreciation and amortization during 2025. The EI product line is supported by customer contracts expected to generate approximately $1.5 billion of revenue over their remaining terms.

    Visibility for the ES product line remains solid, with a backlog of approximately $1.2 billion as at March 31, 2025, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margins are expected to align more closely with historical averages, reflecting both weaker domestic natural gas prices through much of 2024 and a shift in project mix.

    While near-term ES revenue is expected to remain steady, Enerflex continues to closely monitor evolving market conditions and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices, and will adjust its business as appropriate. The Company expects to be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the client partners and projects they serve. USA is Enerflex’s largest operating region, generating 45% of consolidated revenue on a trailing-twelve month basis by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 11% and 3% of consolidated revenue on a trailing twelve-month basis, respectively.

    Despite increased near-term risk and uncertainty for the ES product line, recent domestic natural gas prices have been constructive, and the medium-term outlook for ES products and services remains attractive, supported by anticipated growth in natural gas and produced water volumes across Enerflex’s global footprint.

    Capital Spending

    Enerflex continues to target a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and property, plant and equipment (“PP&E”) capital expenditures and growth spending of $40 million to $60 million. Disciplined capital spending will focus on customer supported opportunities primarily in the USA. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

    Capital Allocation

    Providing meaningful direct shareholder returns is a priority for Enerflex, reflected through the 50% increase of the Company’s third quarter 2024 dividend, and implementation of the Normal Course Issuer Bid (“NCIB”).

    The NCIB commenced on April 1, 2025 and will terminate no later than March 31, 2026. Under the NCIB, the Company is authorized to acquire up to a maximum of 6,159,695 Common Shares or approximately 5% of its public float as at the application date, for cancellation. During the month of April 2025, Enerflex repurchased 690,500 Common Shares at an average price of CAD$10.15 per share.

    Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases in the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider further debt reduction to strengthen its balance sheet and lower net finance costs. Unlocking greater financial flexibility positions the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack.

    DIVIDEND DECLARATION

    Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on June 3, 2025, to shareholders of record on May 21, 2025.

    CONFERENCE CALL AND WEBCAST DETAILS

    Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, May 8, 2025 at 8:00 a.m. (MDT), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    To participate, register at https://register-conf.media-server.com/register/BIbf48293aea6d4b518127ab7e050c6058. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/oqas9bdk.

    NON-IFRS MEASURES

    Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended March 31, 2025, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    ADJUSTED EBITDA

        Three months ended March 31, 2025  
    ($ millions)   NAM     LATAM     EH     Total  
    Net earnings1                     $ 24  
    Income taxes1                       19  
    Net finance costs1,2                       23  
    EBIT3   $ 38     $ 19     $ 12     $ 66  
    Depreciation and Amortization     16       11       12       39  
    EBITDA   $ 54     $ 30     $ 24     $ 105  
    Share-based compensation     (2 )     (1 )     –       (3 )
    Impact of finance leases                        
    Principal payments received     –       –       8       8  
    Loss on redemption options3                       3  
    Adjusted EBITDA   $ 52     $ 29     $ 32     $ 113  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $3 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

        Three months ended March 31, 2024  
    ($ millions)   NAM     LATAM     EH     Total  
    Net loss1                     $ (18 )
    Income taxes1                       (5 )
    Net finance costs1,2                       26  
    EBIT   $ 33     $ 5     $ (35 )   $ 3  
    Depreciation and amortization     18       10       16       44  
    EBITDA   $ 51     $ 15     $ (19 )   $ 47  
    Restructuring, transaction and integration costs     3       2       1       6  
    Share-based compensation     3       1       2       6  
    Impact of finance leases                        
    Upfront gain     –       –       (3 )     (3 )
    Principal payments received     –       –       13       13  
    Adjusted EBITDA   $ 57     $ 18     $ (6 )   $ 69  

    1The Company included net earnings (loss), income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.

    FREE CASH FLOW

    The Company defines free cash flow as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for EI assets – operating leases and PP&E, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets – operating leases are added back. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management uses this non-IFRS measure to assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow is also used in calculating the dividend payout ratio.

        Three months ended March 31,  
    ($ millions, except percentages)   2025     2024  
    Cash provided by operating activities before changes in working capital and other1   $ 62     $ 18  
    Net change in working capital and other     34       83  
    Cash provided by operating activities2   $ 96     $ 101  
    Less:            
    Capital expenditures – Maintenance and PP&E     (8 )     (9 )
    Capital expenditures – Growth     (6 )     (8 )
    Mandatory debt repayments     –       (10 )
    Lease payments     (6 )     (4 )
    Add:            
    Proceeds on disposals of PP&E and EI assets – operating leases     9       2  
    Free cash flow   $ 85     $ 72  
    Dividends paid     6       2  
    Dividend payout ratio     7.1 %     2.8 %

    1Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
    2Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.

    BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

    The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

    GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

    Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “expect”, “future”, “may”, “potential”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

    In particular, this news release includes (without limitation) FLI pertaining to:

    • expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
    • Enerflex’s ability to generate sustainable free cash flow, solidify its balance sheet health, and position the Company for long-term growth and value creation, and the time required in connection therewith, if at all;
    • disclosures under the heading “Outlook” including:
      • the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization during 2025;
      • customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue over their remaining terms;
      • a majority of the ES product line backlog of approximately $1.2 billion as at March 31, 2025, will convert into revenue over the next 12 months;
      • ES gross margins are expected to align more closely with historical averages while near term ES revenue will remain steady;
      • expectations that the Company will be partially protected from the direct and indirect impact of tariffs through its diversified operations and on-going risk management efforts;
      • in respect of the USA, expectations that the Company is well positioned to benefit from growth in domestic energy production;
      • natural gas and produced water volumes are anticipated to grow across Enerflex’s global footprint, supporting an attractive medium-term outlook for ES products and services;
      • total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures and growth spending of $40 million to $60 million;
      • capital spending will focus on customer supported opportunities primarily in the USA;
      • the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants;
      • considerations to further reduce debt to strengthen our balance sheet and lower net financing costs and that doing so will position the Company to respond to evolving market conditions and capitalize on opportunities to optimize its debt stack;
    • the ability of Enerflex to continue to pay a sustainable quarterly cash dividend; and
    • using free cash generated to fund other non-operating activities including dividend payments, share repurchases, and non-mandatory debt repayments, if at all.

    FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

    • the ability of the Company to adjust the business as appropriate in response to ES activity levels, evolving market conditions, and increased near-term risk and uncertainty, including the impact of tariffs and lower oil prices;
    • market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s global footprint;
    • market conditions, customer activity, and industry fundamentals will support stable demand across Enerflex’s product lines and geographic regions throughout 2025;
    • the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
    • existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
    • the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
    • no significant unforeseen cost overruns or project delays;
    • market conditions continuing to support the NCIB within the anticipated timeframe; and
    • Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

    As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Preet S. Dhindsa
    President and Chief Executive Officer (Interim)
    E-mail: PDhindsa@enerflex.com

    Joe Ladouceur
    Chief Financial Officer (Interim)
    E-mail: JLadouceur@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Capital Markets
    E-mail: JFetterly@enerflex.com

    The MIL Network –

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    Players consistently praise 7Bit Casino for its exceptional features:

    • “The no-KYC policy and instant crypto payouts make 7Bit my go-to casino.” – Alex M., Toronto
    • “The welcome bonus was a game-changer, and the variety of pokies is unreal.” – Emma L., Ottawa
    • “Customer support is quick and professional, unlike other casinos I’ve tried.” – Ryan T., London

    These testimonials highlight why 7Bit is a favorite among online casinos Ontario, reflecting its ability to deliver a superior player experience.

    Game Provider Partnerships: Powering a World-Class Gaming Experience

    The quality and diversity of game provider partnerships are pivotal in distinguishing the best online casinos in Ontario from their peers, as they directly influence the gaming experience. 7Bit Casino excels in this area by collaborating with nearly 100 top-tier software providers, including industry giants like NetEnt, Microgaming, Evolution Gaming, Play’n GO, BGaming, and Habanero, as well as innovative studios like Yggdrasil, Pragmatic Play, and Red Tiger.

    This extensive network enables 7Bit to offer over 7,000 high-quality games, far surpassing competitors like Jackpot City, which partners with fewer providers (primarily Microgaming) and offers a limited 500-game catalog.

    These partnerships also guarantee technical excellence, with games optimized for fast loading, high-definition graphics, and seamless performance across devices. 7Bit Casino further benefits from providers’ commitment to fairness, as many integrate provably fair technology and undergo regular audits by firms like eCOGRA.

    By fostering robust and diverse game provider partnerships, 7Bit ensures a dynamic, engaging, and reliable gaming experience, solidifying its position as a leader among brand new online casinos in Ontario.

    The Future of Online Gambling in Ontario

    Ontario’s online gambling market is poised for significant growth, driven by trends like cryptocurrency adoption, virtual reality (VR) gaming, and privacy-focused platforms. 7Bit Casino is well-positioned to lead this evolution, with its crypto support, no-KYC policy, and forward-thinking approach.

    Emerging technologies like VR and augmented reality (AR) may soon enhance gaming experiences, but for now, 7Bit remains the gold standard among brand-new online casinos. Its ability to adapt to market trends ensures it will remain a top contender in 2026 and beyond.

    Community Engagement and Social Presence

    7Bit Casino actively engages its community through social media platforms like Twitter, Telegram, and Instagram, where it shares updates on bonuses, tournaments, and new game releases. Regular giveaways and interactive campaigns foster a sense of community, unlike competitors with limited online presence. This transparency and engagement build trust, further cementing 7Bit’s status among new online casinos.

    Industry Recognition and Awards

    7Bit Casino has received many awards from reputable platforms like AskGamblers, CasinoGuru, and iGaming Business, recognizing its excellence in game variety, bonuses, and player satisfaction. These achievements underscore its position as the best online casino in Ontario, setting a benchmark for competitors to follow.

    Strategies for Winning at 7Bit Casino

    To maximize your experience at 7Bit Casino, consider these tips:

    • Leverage Bonuses: Use the welcome bonus and daily offers to extend your playtime, but always read the terms to understand wagering requirements.
    • Choose High-RTP Games: Opt for slots like Mega Joker (99% RTP) or video poker for better long-term returns.
    • Participate in Tournaments: Compete in regular tournaments for a chance at cash prizes and free spins.
    • Set a Budget: Use responsible gambling tools to manage spending and avoid chasing losses.
    • Explore Crypto Payments: Crypto withdrawals are faster and fee-free, ideal for quick access to winnings.

    These strategies, combined with 7Bit’s player-friendly features, enhance your chances of success at one of the best online casinos Ontario.

    Customer Support: Reliable Assistance

    7Bit Casino offers 24/7 customer support through multiple channels, ensuring players receive prompt assistance:

    • Live Chat: Instant help directly on the website, with response times under a minute.
    • Email: Contact support@7bit.com for detailed inquiries, with replies typically within a few hours.

    The professional and multilingual support team handles everything from account setup to payment disputes, enhancing the player experience and reinforcing 7Bit’s status as a top online casino in Ontario.

    Final Words About 7Bit: The Best Online Casino in Ontario

    In a competitive landscape filled with brand-new online casinos, 7Bit Casino shines as the best online casino in Ontario 2025. Its vast game library of over 7,000 titles, generous bonuses, rapid payouts, privacy-focused no-KYC policy, and robust security measures make it the ideal choice for all players.

    Whether you’re chasing the best online pokies, immersive live dealer experiences, or competitive sports betting, 7Bit Casino delivers on every front. Its commitment to responsible gambling, community engagement, and industry innovation further solidifies its leadership.

    Don’t miss the opportunity to join Ontario’s premier online casino. Sign up today and claim your welcome bonus to experience why 7Bit Casino is the top choice among the best online casinos in Ontario!

    ✅Unlock Your 325% Bonus – Up to $10,800 CAD + 250 Free Spins!

    Email: Support@7bitCasino.com

    Disclaimer and Affiliate Disclosure

    This article is for informational and promotional purposes only and does not constitute legal, financial, or professional advice. Readers should verify information independently before acting on it. Affiliate links may generate commissions at no additional cost to users. Gambling is intended for individuals of legal age (19 in Ontario) and should be conducted responsibly. Seek help from certified organizations like Gamblers Anonymous for gambling addiction. All trademarks and brand names are the property of their respective owners. By reading this article, you acknowledge that you do so at your own risk and agree to hold the publisher, affiliates, and contributors harmless from any liability arising from its use.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a46ab4c-dc1e-452b-b7c9-48abff55ce3b

    The MIL Network –

  • MIL-OSI: Best Online Casinos 2025: 7Bit Ranked Top Real Money Online Casino With Exclusive Bonuses & Secure Payment Methods

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., May 08, 2025 (GLOBE NEWSWIRE) — After A Thorough Review By Our Expert Team, 7Bit Casino Is Recognized As The Best Online Casino For 2025, Offering An Extensive Collection Of Over 7,000 Games, Exciting Bonuses, And Seamless Payouts, All While Ensuring A Secure And Player-Friendly Environment.

    In the bustling world of online gambling, finding the best online casino can feel overwhelming with so many options. After diving deep into reviews and player feedback, 7Bit Casino stands out as our top choice for 2025. It’s packed with over 7,000 games, from slots to live dealer tables, and offers juicy bonuses like a 325% match up to 5.25 BTC plus 250 free spins. Whether you’re spinning reels or betting on blackjack, 7Bit delivers a real money experience that’s hard to beat.

    Ready to jump in? Click here to join 7Bit Casino and grab your welcome bonus today!

    Why 7Bit Casino?

    7Bit Casino, around for over a decade, nails what players want: privacy, speed, and fun. It’s a no KYC casino for crypto users, meaning you can play without sharing tons of personal info, which is a big plus for privacy lovers. Plus, payouts are lightning-fast, especially with crypto, often hitting your wallet in minutes. It’s not just about the games; it’s about the whole experience, from easy sign-ups to 24/7 help if you need it.

    A Closer Look at the Best Online Casino: 7Bit Casino

    7Bit Casino has earned its spot as the best online casino for 2025, and here’s why it’s our favorite. With more than 10 years under its belt, it knows how to keep players happy, especially those chasing the best online casino real money vibes.

    Standout Features

    First off, the welcome bonus is a game-changer. New players get a 325% match up to 5.25 BTC plus 250 free spins spread over four deposits. Imagine boosting your bankroll right off the bat—that’s what 7Bit does, making it the best online casino sign-up bonus around. For example, a $100 deposit could net you extra funds and spins to try out slots like Book of Dead.

    But wait, there’s more! 7Bit keeps the excitement going with ongoing deals like reload bonuses, free spins, and cashback offers. They’ve got tournaments too, like Pragmatic Play’s Drops and Wins with big prize pools, so there’s always something to chase.

    Game Galore

    Games? Oh, they’ve got over 7,000, from classic slots to live dealer blackjack. Whether you’re into fast-paced action or strategic play, 7Bit’s got you covered. Top providers like NetEnt, Microgaming, and Evolution Gaming power these games, ensuring they’re fair and fun. It’s like having a casino in your pocket, perfect for online gambling for real money.

    Payments and Privacy

    Paying in and out is a breeze. You can use crypto like Bitcoin or stick with regular options like Visa or Pay ID. Crypto payouts are super quick, sometimes in minutes, which is why 7Bit’s a top pick for those wanting the best online casino payouts. And if you value privacy, it’s a no KYC casino for crypto, meaning less hassle and more play.

    Support That’s Always On

    Need help? 7Bit’s customer support is there 24/7 via live chat or email. They’re quick to fix issues, making your time at one of the best online casinos stress-free. It’s all about making sure you enjoy the ride, whether you’re new or a seasoned player.

    In short, 7Bit Casino’s mix of big bonuses, tons of games, fast payouts, and player-friendly features makes it our go-to real money casino for 2025.

    GET YOUR 325% BONUS UP TO 5.25 BTC + 250 FREE SPINS HERE!

    Pros and Cons

    Here’s a quick rundown of what’s great and what could use a tweak at 7Bit Casino:

    Pros:

    • Big Welcome Bonus: 325% up to 5.25 BTC + 250 free spins over four deposits.
    • Huge Game Library: Over 7,000 games, from slots to live dealer tables.
    • Lightning-Fast Payouts: Crypto withdrawals in minutes, perfect for real cash online casino fans.
    • Always There Help: 24/7 support via chat or email.
    • Privacy First: No KYC for crypto, making it a safe online casino.
    • Play Anywhere: Mobile site works great on phones and tablets.

    Cons:

    • Tricky Bonus Rules: Some bonuses need 40-45x wagering, which can be tough.
    • Bonus Limits: Some deals only work on slots, not table games like poker.

    How To Join 7Bit Casino

    Getting started at 7Bit, one of the best online casinos, is super easy. Even if you’re new, you’ll be playing in minutes. Here’s how:

    1. Visit 7Bit Casino: Click here to go straight to the sign-up page.
    2. Make an Account: Hit “Sign Up,” enter your email, password, and currency. It’s quick, especially for crypto users with no KYC.
    3. Add Some Money: Go to the cashier, pick crypto (like Bitcoin) or regular options (Pay ID, Visa), and deposit enough for the bonus.
    4. Use the Bonus Code: If needed, type in the promo code (check the site for current ones, like “2DEP” for your second deposit).
    5. Get Your Bonus: After depositing and entering the code, 7Bit adds bonus cash and spins to your account.
    6. Start Playing for Real Money: Use your funds and bonuses to dive into games and chase those wins.

    Pro Tip: Double-check your email and promo code to avoid missing out. Wrong entries won’t get you the bonus, so visit 7Bit’s promotions page for details.

    How We Picked The Best Online Casino

    We didn’t just pick 7Bit out of a hat. We looked at what really matters to make sure it’s the best online casino for real money play. Here’s how it stacked up:

    • License and Safety: 7Bit’s got a Curacao eGaming license, a trusted name in online gambling. It uses top-notch SSL encryption to keep your data safe and games are provably fair, so you know it’s legit.
    • Bonuses and Deals: The 325% welcome bonus up to 5.25 BTC + 250 free spins is huge, and they’ve got ongoing offers like cashback and free spins. It’s all about giving you more value.
    • Available Games: Over 7,000 games mean you’ll never run out of options, from slots to live dealer tables. It’s a playground for all tastes.
    • Game Makers: Top providers like NetEnt, Microgaming, and Evolution Gaming ensure games are fair, look great, and play smoothly.
    • Payment Options: You can use crypto for instant payouts or stick with Visa, Pay ID, and more. It’s flexible and fast, perfect for top online casinos real money players.
    • Help When You Need It: 24/7 live chat and email support mean help’s always a click away, making it a reliable real money online casino.

    7Bit’s strong across the board, making it our pick for the best online casino in 2025.

    GET YOUR 325% BONUS UP TO 5.25 BTC + 250 FREE SPINS HERE!

    Top Casino Games At The Best Online Casino

    7Bit Casino’s game lineup is a big reason it’s the best online casino. Here’s what you can dive into:

    Online Slots

    Slots are the star here, with thousands to choose from. From simple 3-reel classics to flashy video slots with bonuses and big jackpots, there’s something for everyone. Try hits like Starburst or Mega Moolah for a shot at huge wins, making it ideal for casino games that pay real money.

    Blackjack

    Love a challenge? Blackjack lets you beat the dealer to 21, mixing luck and strategy. 7Bit’s got classic, multi-hand, and live dealer versions, so you can play your way at this top online casino.

    Roulette

    Roulette’s all about chance, betting on where the ball lands. 7Bit offers American, European, and French styles, plus live tables for that real casino feel. It’s simple and thrilling, perfect for online gambling for real money.

    Poker

    Poker fans can enjoy video poker or live tables like Texas Hold’em and Caribbean Stud. It’s all about strategy and big payouts, fitting right into the best real money online casino vibe.

    Live Dealer Games

    Want the real deal? 7Bit’s live dealer section, powered by Evolution Gaming, brings blackjack, roulette, and baccarat to your screen with real dealers. It’s like being at a fancy casino, and it’s a highlight of top online casinos.

    With so many options, 7Bit ensures every player finds their favorite way to win real money online instantly.

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    Secure Payment Methods At Real Money Casinos

    7Bit Casino makes paying easy and safe, which is key for the best online casinos for real money. Here’s what you can use:

    Bitcoin (BTC)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Fast, private, fee-free

    Ethereum (ETH)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Secure, quick transactions

    Litecoin (LTC)

    • Type: Cryptocurrency
    • Processing Time: Instant
    • Notes: Low fees, speedy

    Visa/Mastercard

    • Type: Traditional
    • Processing Time: Instant (deposits), 1-3 days (withdrawals)
    • Notes: Familiar, widely accepted

    Pay ID

    • Type: E-Wallet
    • Processing Time: Instant
    • Notes: Fast, secure, no bank details

    Skrill

    • Type: E-Wallet
    • Processing Time: Instant
    • Notes: Privacy-focused, quick

    Bank Transfer

    • Type: Traditional
    • Processing Time: 3-5 days
    • Notes: Secure for large sums, slower
    • Cryptocurrencies: Use Bitcoin, Ethereum, or Litecoin for instant deposits and withdrawals, keeping things private and fast. It’s a big reason 7Bit’s a top pick for online casinos that pay real cash.
    • Debit/Credit Cards: Visa and Mastercard are great for quick deposits, though withdrawals take a few days, standard for real money casinos.
    • E-Wallets: Pay ID, Skrill, and Neteller let you pay without sharing bank details, perfect for privacy at a safe online casino.
    • Bank Transfers: Good for big transactions, but expect a wait of 3-5 days.

    7Bit’s payment options ensure you can manage funds easily, making it one of the best paying online casinos.

    Playing Smart At Online Casinos

    Gambling at 7Bit Casino should be fun, not stressful. They’ve got tools to help you stay in control:

    • Deposit Limits: Set how much you can add daily, weekly, or monthly to keep spending in check.
    • Loss Limits: Cap how much you can lose over a set time to avoid chasing losses.
    • Wagering Limits: Limit your bets to stay disciplined, perfect for online gambling for real money.
    • Session Time Limits: Track and cap how long you play to balance gaming with life.
    • Cooling-off Periods: Take a break by pausing your account for a while.
    • Reality Checks: Get pop-up reminders of how long you’ve been playing to stay mindful.

    7Bit also links to support organizations for problem gambling, ensuring a safe experience at this best online casino. Remember, only wager what you can afford to lose.

    Conclusion: The Best Online Casino For 2025

    After checking out tons of platforms, we’re calling it: 7Bit Casino is the best online casino for 2025. With over 7,000 games—from slots like Mega Moolah to live blackjack—it’s a playground for all. The 325% welcome bonus up to 5.25 BTC is a huge kickstart, and crypto payouts are lightning-fast. As a no KYC casino, it’s perfect for privacy, and options like Pay ID make regular payments smooth. Sure, some bonus rules are tricky, and bank transfers are slow, but those are small compared to what 7Bit brings.

    With a solid Curacao license and tight security, 7Bit’s the real deal. Ready to play? Sign up, grab your bonus, and see why it’s the best online casino out there at 7Bit Casino.

    Common Inquiries About The Best Online Casinos

    What makes 7Bit Casino the best online casino for 2025?

    7Bit stands out with over 7,000 games, a 325% bonus up to 5.25 BTC + 250 spins, fast payouts, and no KYC for crypto, making it top for real money play.

    Is 7Bit Casino safe and legit?

    Yes, it’s licensed by Curacao, uses SSL encryption, and offers provably fair games, ensuring a secure and fair experience at a legit online casino.

    What payment methods does 7Bit Casino accept?

    7Bit accepts cryptocurrencies like Bitcoin, Ethereum, and traditional options like Visa, Pay ID, Skrill, ensuring flexibility for real money casinos.

    Can I play on 7Bit Casino from my mobile device?

    Absolutely, 7Bit’s mobile-optimized site works great on phones and tablets, offering seamless access to games and bonuses at the best online casino.

    What are the wagering requirements for bonuses at 7Bit Casino?

    Bonuses typically require 40-45x wagering, so check the terms. It’s standard for top online casinos, but can be challenging for some players.

    Email: support@7bitcasino.com

    Disclaimer and Affiliate Disclosure

    Legal Disclaimer

    This content is for info and fun only, not legal, financial, or gambling advice. Check local laws before playing. Gamble responsibly, only bet what you can afford. Seek help from NCPG if needed. Some links may earn us a commission at no cost to you, based on objective reviews.

    Disclaimer: 7Bit Casino promotes responsible gambling. Verify local laws before playing, as it may not be licensed for New Jersey. Gamble only with funds you can afford to lose.

    Gambling online comes with financial risks. Make sure you meet the legal age requirement (19+) in your region and follow local laws. Always engage in responsible gambling and check 7Bit’s official site for the latest terms, as promotions and payment methods may be updated.

    General Disclaimer

    This article is for informational and entertainment purposes only, not legal or financial advice. Content is based on research and user reviews as of writing. No warranties are made, and users must verify information before acting.

    Casino and Gambling Disclaimer

    Online gambling carries risks and isn’t for everyone. Confirm you’re of legal gambling age in your jurisdiction. Gambling laws vary, and compliance is your responsibility. We don’t promote gambling; participation is at your risk. 7Bit Casino is a third-party platform, and we’re not liable for losses or disputes.

    Affiliate Disclosure

    This article may include affiliate links, earning us a commission at no cost to you for qualifying actions. These support our content. Our reviews are unbiased, and we recommend only valuable products.

    A photo accompanying this announcement is available at:
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    The MIL Network –

  • MIL-OSI Economics: Pål Longva: Policy rate kept unchanged

    Source: Bank for International Settlements

    Presentation accompanying the speech

    Chart 1: Policy rate kept unchanged at 4.5 percent

    Norges Bank is tasked with keeping inflation low and stable. The operational target is inflation of close to 2 percent over time. We are also mandated to help keep employment as high as possible and to promote economic stability. 

    When inflation surged three years ago, we raised the policy rate sharply and rapidly. The policy rate has been held at 4.5 percent for more than a year. Inflation has fallen markedly from the peak but is still above target. Unemployment has edged up in recent years, albeit from a low level.

    At yesterday’s monetary policy meeting, the Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5 percent.

    There is uncertainty about future economic developments, but the Committee’s current assessment of the outlook implies that the policy rate will most likely be reduced in the course of 2025.

    We have not made new forecasts for this monetary policy meeting but have assessed new information about economic developments against the forecasts presented in March. I will now provide an account of these assessments, starting with international developments.

    The global economy is marked by uncertainty about future trade policies. The US has raised tariffs on a range of goods, and some countries have responded with counter-measures. Trade barriers are now more extensive, and the global growth outlook appears to be weaker than assumed in the March Monetary Policy Report. While higher tariffs alone could push up inflation, lower global growth could dampen inflation.

    Interest rate expectations have fallen internationally since March. Oil and gas prices and prices for a number of other commodities have fallen.

    Global trade uncertainty has led to large movements in financial markets. Major equity indices fell sharply at the beginning of April but have since largely been reversed. Increased market stress and the fall in oil prices coincided with the krone weakening somewhat.

    Tariffs have also risen for Norway. The US has imposed a tariff of 10 percent on many Norwegian goods and has announced an increase to 15 percent. The direct effect on growth in the Norwegian economy is likely limited, but global trade uncertainty could dampen activity.

    Chart 2: Registered unemployment is little changed

    So far, activity in the Norwegian economy has been broadly as expected. Activity in the primary housing market appears to have picked up a little recently but is still at a low level. House prices have been lower than projected. The employment rate is high, and employment is somewhat higher than expected. In recent months, registered unemployment has shown little change.

    Chart 3: Inflation is still above target

    Since the end of 2024, inflation in Norway has risen somewhat. In March, consumer price inflation fell to 2.6 percent. Inflation adjusted for tax changes and excluding energy products was stable at 3.4 percent. This was in line with our expectations. Overall inflation is primarily being driven by the rise in prices for food and services. The wage norm for manufacturing in 2025 is close to the Bank’s projection of overall annual wage growth. High growth in business costs is likely to stoke inflation ahead. Since the March Report, the krone has been weaker than expected. A weaker krone means higher prices for imported goods.

    In summary, our assessment is that a restrictive monetary policy is still needed to bring inflation down to target within a reasonable time horizon. If the policy rate is lowered prematurely, prices may continue to rise rapidly. On the other hand, an overly tight monetary policy could restrict the economy more than needed to bring inflation down to target.

    Since March, developments in the Norwegian economy have been broadly as expected. Trade barriers have, however, become more extensive, and there is uncertainty about future trade policies. This may pull the interest rate outlook in different directions. On the one hand, the global growth outlook appears to be weaker, and oil prices have fallen. Norway’s main trading partners are now expected to make more rate cuts than previously. On the other hand, the krone has weakened somewhat and been weaker than assumed.

    The uncertainty surrounding the outlook is greater than normal, and the future path of the policy rate will depend on economic developments. The Committee will have received more information ahead of its next monetary policy meeting in June when new forecasts will also be presented.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Spelthorne Borough Council: Representation (8 May 2025)

    Source: United Kingdom – Government Statements

    Correspondence

    Spelthorne Borough Council: Representation (8 May 2025)

    Representation with accompanying appendix from Spelthorne Borough Council in response to the intervention proposal announced by the Minister for Local Government and English Devolution on 17 March 2025.

    Applies to England

    Documents

    Spelthorne Borough Council: Representation

    PDF, 128 KB, 2 pages

    Spelthorne Borough Council: Representation – Appendix A

    PDF, 89.6 KB, 9 pages

    Details

    Written representation and appendix to the Ministry of Housing, Communities and Local Government from Spelthorne Borough Council, setting out the Council’s view on the Secretary of State’s intervention proposal of 17 March 2025, provided in line with section 15(9) of the Local Government Act 1999.

    Updates to this page

    Published 8 May 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Samsung TV Plus To Exclusively Live Stream SMTOWN LIVE 2025 in L.A. Globally on New SMTOWN Channel

    Source: Samsung

     
    Samsung Electronics today announced that Samsung TV Plus, its free ad-supported streaming (FAST) service, will serve as the exclusive global livestream platform for SMTOWN LIVE 2025 in L.A., the landmark K-pop concert commemorating the 30th anniversary of SM Entertainment. The live broadcast will air on May 11, from Dignity Health Sports Park in Los Angeles, to audiences across 18 countries via Samsung TV Plus.
     
    This milestone collaboration with SM Entertainment — the powerhouse behind K-pop’s global rise — marks a significant moment for Samsung TV Plus as it continues to redefine how fans worldwide experience Korean content.
     
    “Through our partnership with SM Entertainment, we’re leveraging Samsung TV Plus’s technology to bring the richness of K-Content to more viewers than ever before,” said Yong Su Kim, Executive Vice President of the Visual Display Business at Samsung Electronics. “This global event marks a significant moment for K-Pop fans everywhere and we’re proud to broaden access to premium Korean content for audiences around the world.”
     
     
    Unprecedented Global Access to K-pop’s Biggest Stage
    SMTOWN LIVE 2025 in L.A. will feature a star-studded lineup of SM Entertainment’s leading artists, including TVXQ!, SUPER JUNIOR, SHINee (KEY, MINHO), EXO (SUHO, CHANYEOL, KAI), Red Velvet (IRENE, SEULGI, JOY), NCT 127, NCT DREAM, WayV, aespa, RIIZE, NCT WISH, Hearts2Hearts, SMTR25, and much more.
     
    In addition to beloved fan-favorite tracks, Samsung TV Plus will exclusively showcase live performances, including:
     
    The first US stage of “poppop” by NCT WISH, following their recent music show win
    The live performance of “Wait On Me” by EXO’s KAI, a chart-topping track that reached No.1 on iTunes in 30 regions and topped China’s QQ Music digital album chart
     
    These moments will be available only on Samsung TV Plus, providing fans in select countries with exclusive front-row access.
     
     
    Dedicated SMTOWN Channel Enhances the K-pop Viewing Experience
    To further elevate fan engagement, Samsung TV Plus has launched a dedicated SMTOWN Channel that offers:
     
    Full concert replays of SMTOWN LIVE 2025 in L.A.
    Music videos and curated content highlighting SM artists and the legacy of SM Entertainment
     
    The SMTOWN LIVE 2025 in L.A. replay will be available exclusively on Samsung TV Plus in select countries for a six-month period, further reinforcing the platform’s role as a premier global destination for K-pop content.
     
     
    A Growing Hub for Global K-Content
    Samsung TV Plus continues to grow as a global destination for Korean entertainment, offering over 4,000 hours of free-to-stream dramas, thrillers, romance, crime series, and music programming. Available on more than 630 million Samsung devices across 30 countries, the platform provides a seamless, ad-supported viewing experience to millions of users — no subscriptions or logins required.
     
    With the SMTOWN LIVE 2025 in L.A. partnership, Samsung TV Plus solidifies its leadership in global K-content distribution — expanding access, deepening fan connections, and bringing iconic Korean entertainment into more homes around the world.
     
    For more information on how to watch SMTOWN LIVE 2025 in L.A. and explore the full Samsung TV Plus offering, visit www.samsung.com.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Seafarer cadets funding secured for extra 12 months by Maritime and Coastguard Agency

    Source: United Kingdom – Executive Government & Departments

    Press release

    Seafarer cadets funding secured for extra 12 months by Maritime and Coastguard Agency

    Seafarer cadets can continue to benefit from financial support for their training up until spring 2026 thanks to a 12-month funding extension unlocked through the Maritime and Coastguard Agency (MCA).

    Cadets training in a classroom. Image courtesy of Fleetwood Nautical Campus.

    A multi-million-pound budget, awarded to the Support for Maritime Training (SMarT) fund, gives support to cadets as well as additional help for junior officers.  

    Under SMarT, sponsoring companies can continue to claim up to half of the total training costs for eligible trainees.

    A six-month extension to the original September 2024 deadline guaranteed increased funding until the end of March 2025.

    Now, inspired by the initiative’s ongoing success, funding has been secured for a further 12-month period and will be available until 31 March 2026.

    The funds provide further financial support to those who want to progress in the maritime industry by, for example, supporting self-funded UK junior officers to complete a Management Level Certificate of Competency.

    The aim is to increase UK seafarers, drive recruitment by encouraging men and women to consider a career in maritime, and to create opportunities for new companies to access the scheme.   

    Ajit Jacob, MCA Chief Examiner and Head of Seafarer Technical Delivery, said:

    SMarT funding provides strong support both for the careers of seafarer cadets and vital skills for the maritime industry, so this extension is very welcome.

    We hope this extra support continues to attract men and women who might not have considered a maritime career. Unlocking access to comprehensive, thorough training benefits everyone, and I hope even more people take advantage.

    For more information visit MIN 678 Amendment 2

    Press office

    Email public.relations@mcga.gov.uk

    Press enquiries (Monday to Friday, 9am-5pm) 0203 817 2222

    Outside these hours or on bank holidays and weekends, for media enquiries ONLY, please send an email outlining your query and putting #Urgent in the subject title.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Our Union Street gets £400,000 grant

    Source: Scotland – City of Aberdeen

    A group set up to regenerate, repopulate, and reinvigorate Union Street has been awarded a grant of £400,000.

    Aberdeen City Council’s Finance and Resources Committee yesterday (8 May 2025) approved the money to Our Union Street which is on top of £100,000 over a three year period agreed at the Council Budget on 1 March 2023.

    Aberdeen City Council Co-Leader Councillor Ian Yuill said: “We look forward to seeing what work Our Union Street will do with the £400,000 grant money.

    “The Council is investing in Union Street and the surrounding area through grants to Our Union Street along with schemes such as the Union Street Empty Shops Grant Scheme and the City Centre and Beach Masterplan projects to ensure that it remains an attractive place to live, work, and visit.”

    Our Union Street was established in 2022 is funded through private and public sector partnerships. The Scottish Government has confirmed a funding contribution of £400,000 to Aberdeen City Council to support city centre regeneration activity currently being undertaken by Our Union Street.

    Our Union Street’s Bob Keillor said: “We have a range of projects that will help to inject new energy into the city centre and, in some cases, could be transferrable to other communities too.

    “The use of technology and artificial intelligence will be part of this – for example, how do we get the ten Scottish monarchs portrayed on the Mercat Cross monument to come to life and tell their stories?

    “We are grateful to Aberdeen City Council for helping us to secure this funding. The Scottish Government recognised the importance of Our Union Street and the work we do – that’s why they are providing this support.”

    The £400,000 grant is subject to submission and approval of a delivery plan which supports the Union Street Action Plan, which was set up in 2022 to support reconfiguring empty shops on Union Street, helping to reinvigorate and reimagine the area.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Skate park handed to community group

    Source: Scotland – City of Aberdeen

    A Bridge of Don skate park has been handed to a local community group to manage for a peppercorn rent.

    Bridge of Don Skate Park Group is looking to upgrade and extend the facility at Westfield Park so it was agreed at Aberdeen City Council’s Finance and Resources Committee yesterday to a community asset transfer.

    Committee convener Councillor Alex McLellan said: “The 34 letters sent through a feasibility study for the upgraded skate park from school pupils and other people in Bridge of Don show the amount of support in the area for the facility.

    “There will be health and economic benefits for the upgrade and extension to the skate park as the new attraction would encourage wheeled sport enthusiasts into the park and wider area while promoting outdoor physical activity so we are very happy to let the local group manage the facility.

    “We look forward to seeing the improvements to the skate park.”

    The Group’s vision is to create a space for all ages and abilities to use, to refurbish the current area making it a safer usable space and to provide an entertaining and fun recreational space for years to come.

    Glenn Belka, Chair of Bridge of Don Skatepark Group, said: “After a lot of hard work from the group, we are delighted to be moving forward with the project. Our next steps to bring this exciting new facility to Bridge of Don include fundraising and collaborating with skatepark designers and the local community.”

    Under the community asset transfer lease of £1 a year for 20 years, the Council will empty the litter bins close by the facility and maintain the grass area around the skate park. Discussions are to be held for lighting as the Group plans to extend and upgrade this as part of its improvements.

    MIL OSI United Kingdom –

  • MIL-OSI: IDEX Biometrics ASA: Registration of share capital increase – 8 May 2025

    Source: GlobeNewswire (MIL-OSI)

    Reference is made to the announcement by IDEX Biometrics ASA on 5 May 2025 regarding the results of the exercise of Warrants B. A total of 36,767 Warrants B were exercised, resulting in an aggregate subscription for 36,767 new shares, each Warrant B having an exercise price of NOK 0.15.

    The share capital increase has duly been registered in the Norwegian Register of Business Enterprises.

    Following the share capital increase, the company’s share capital will be NOK 38,316,309.99, divided into 3,831,630,999 shares, each with a nominal value of NOK 0.01.

    For further information, please contact:

    Kristian Flaten, CFO, Tel: +47 95092322

    E-mail: ir@idexbiometrics.com

    About IDEX Biometrics:

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

    About this notice:

    This notice was published by Kristian Flaten, CFO, 8 May 2025 at 11:15 CET on behalf of IDEX Biometrics ASA.  This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    The MIL Network –

  • MIL-OSI: Form 8.5 (EPT/RI) – FD Technologies Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader: Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 FD Technologies plc
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Advisor and Joint Broker to FD Technologies plc
    (d)        Date dealing undertaken: 07th May 2025
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

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

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary

    		 Purchases 77,332 2360 1950

    Ordinary

    		 Sales 73,731 2360 1950

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

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

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

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

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

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

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

    None

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

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 08thMay 2025
    Contact name: Abhishek Gawde
    Telephone number: +91-9923757332

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

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

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

    The MIL Network –