NewzIntel.com

Category: Business

  • MIL-OSI USA: Administrator Loeffler Applauds Congressional Proposal to Increase Capital for Small Manufacturers

    Source: United States Small Business Administration

    WASHINGTON — Today, Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA) applauded Senator Joni Ernst (R-IA) and Congressman Roger Williams (R-TX) for introducing new legislation that will double the individual loan limit for 7(a) and 504 small business manufacturing loans from $5 million to $10 million. The legislation aligns with SBA’s commitment to restoring American industry through its Made in America Manufacturing Initiative.

    In support of President Trump’s fair-trade agenda and the effort to restore American economic independence, the Made in America Manufacturing Finance Act will provide small manufacturers with new capital to grow, hire, and produce American-made products. Nearly 99% of manufacturers in America are small businesses – and with new capital injection, they will lead the nation’s effort to rebuild U.S. supply chains and recover American jobs.

    “On Liberation Day, President Trump made a clear promise to fight for our businesses and workers by bringing back the jobs and supply chains that built this nation—and today, we’re delivering,” said Loeffler. “The Made in America Manufacturing Finance Act will double SBA loan limits for small manufacturers, supercharging the return of American industry by giving small businesses the capital they need to expand, hire, and compete. I’m grateful to Senator Ernst and Representative Williams for leading this bipartisan effort that will empower our small businesses to reclaim our economic independence and rebuild the foundation of American power.”

    Driven by President Trump’s pro-growth economic policies, small business demand for capital has skyrocketed. SBA 7(a) loan approvals for small manufacturers have increased by 74% in the first 100 days of this Administration – indicating a strong surge in small business formation and growth. The Made in America Manufacturing Finance Act will empower the SBA to meet this new demand – and supercharge the return of Made in America.

    # # #

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov

    MIL OSI USA News –

  • MIL-OSI Security: Two Owners of Roofing Companies Indicted for Tax Evasion

    Source: Office of United States Attorneys

    NEWARK, N.J. – Two roofing company owners were indicted for their failure to file tax returns and pay tax on income, U.S. Attorney Alina Habba announced.

    The Indictment charges Steve Mitchell, also known as “Sonny Mitchell,” of Edison, New Jersey, and Samuel Mitchell of Bohemia, New York with four counts each of tax evasion.

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

    Steve Mitchell, Samuel Mitchell, and others operated roofing businesses under several different names.  Despite earning approximately $881,730.26 and $1,397,960.21, respectively, in income from roofing customers from 2018 through 2021, Steve Mitchell and Samuel Mitchell failed to file tax returns with the IRS and pay tax on their income.  Instead, Steve Mitchell and Samuel Mitchell took affirmative steps to conceal their income from the IRS, including by providing false social security numbers to check cashing businesses that they used to convert customers’ checks to cash, which prevented the check cashing businesses from reporting the cashed checks to the IRS as required by law.

    In addition to the income from the roofing customers, Steve Mitchell also received income from an elderly individual for what the elderly individual thought was an investment in a COVID mask-making business.  In 2020 and 2021, Steve Mitchell converted over $4.2 million in checks from the elderly individual into cash.

    The tax evasion counts each carry a maximum potentially penalty of five years’ imprisonment and a fine of up to $250,000.

    U.S. Attorney Habba credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan, with the investigation leading to the charges.

    The government is represented by Assistant U. S. Attorney Casey S. Smith of the Criminal Division in Newark.

    The charges and allegations contained in the indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

                                                               ###

    Defense counsel:

    Steve Mitchell:            Michael A. Baldassare, Esq.

    Samuel Mitchell:        Robert Scrivo, Esq.

    MIL Security OSI –

  • MIL-OSI Security: Ringleader of Bank Fraud Conspiracy Case Receives Lengthy Federal Prison Sentence

    Source: Office of United States Attorneys

    SHREVEPORT, La. – Acting United States Attorney Alexander C. Van Hook announced that Destane Glass, 24, of Shreveport, has been sentenced by United States District Judge S. Maurice Hicks, Jr. to 135 months in prison for conspiracy to commit bank fraud. Glass was ordered to pay restitution in the amount of $539,578. In addition, Judge Hicks ordered that Glass’s sentence run consecutive to a 37-month federal prison sentence she is currently serving for Payment Protection Program fraud, making her sentence a total of 172 months (14 years, 4 months).

    According to evidence presented in court, beginning on or about January 1, 2021, and continuing through October 31, 2022, Glass and her co-conspirators conspired to commit bank fraud from USAA Savings Bank (USAA Bank), Navy Federal Credit Union, and JP Morgan Chase Bank. Glass was the ringleader of this conspiracy and directed and recruited others to participate in the scheme to defraud the banks. Glass was indicted, along with 20 other defendants, in April 2024 in connection with this federal bank fraud scheme. 

    USAA Bank was a financial institution whose deposits were insured by the Federal Deposit Insurance Corporation (FDIC).  Teleperformance was a multinational company that provided a wide variety of business services including operating a call center in Shreveport, Louisiana.  The call center provided customer service for USAA Bank.  Teleperformance employees had access to USAA Bank customer information including, but not limited to, customer names, the age of customers, account balances, and account numbers. Glass was not an employee of Teleperformance but conspired with others who were to execute a scheme to defraud USAA Bank.

    As part of the conspiracy, Glass worked with her co-defendants to improperly obtain account holder information so that the information could be used by Glass to create counterfeit USAA Bank checks. She instructed her co-defendants to target elderly bank customers whose bank accounts held high account balances as they would be less likely to regularly check their accounts. Glass created counterfeit checks on USAA Bank totaling $2,149,621 from accounts accessed by her co-defendants.  After she created the checks, Glass used social media and other methods to recruit individuals in the Shreveport area with bank accounts to use their accounts to deposit the counterfeit checks.

    Once the counterfeit checks were deposited into the accounts, Glass and others, worked to withdraw the funds at various locations to include area casinos. Glass and her co-conspirators would share the proceeds generated from negotiating the counterfeit checks. 

    ZarRajah Z. Watkins, 23, of Shreveport, who also participated in this scheme and was charged as a defendant in this case was sentenced today. Watkins pleaded guilty to conspiracy to commit bank fraud and was sentenced to 37 months in prison and ordered to pay restitution in the amount of $397,930. 

    All of the other defendants charged in this case have now pleaded guilty and received their sentences.

    This case was investigated by the United States Secret Service, Federal Bureau of Investigation, Louisiana State Police and Shreveport Police Department and was prosecuted by Acting United States Attorney Alexander C. Van Hook.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Passaic County Man Admits to Using An Explosive to Damage a Chase Bank ATM

    Source: Office of United States Attorneys

    NEWARK, N.J. – A Passaic County man admitted to using an explosive to damage a Chase Bank Automated Teller Machine (“ATM”) in Prospect Park, New Jersey, U.S. Attorney Alina Habba announced.

    Nicolas Torres, 42, of Passaic, New Jersey pleaded guilty before U.S. District Court Judge Julien X. Neals in Newark federal court to a one-count information charging him with using an explosive to damage real property used in interstate commerce.

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

    In the early morning hours of July 5, 2022, Torres was captured on surveillance video approaching the Chase Bank ATM in Prospect Park, New Jersey and igniting an item in front of the ATM. Several seconds later, an explosion was seen at the ATM. Torres was seen fleeing the location with two individuals.

    In addition to the surveillance video, cellular phone location data placed Torres in the area of the Chase Bank at the time of the explosion. The investigation also revealed that Torres had traveled to Pennsylvania the day before and purchased approximately $1,000 worth of fireworks.

    The use of an explosive to damage real property used in interstate commerce charge carries a statutory minimum of 5 years in prison, a statutory maximum of 20 years in prison, and a fine of $250,000. Sentencing is scheduled for September 9, 2025.

    U.S. Attorney Habba credited special agents of the Federal Bureau of Investigation, Newark Field Division, under the direction of Acting Special Agent in Charge Terence G. Reilly, and the Prospect Park Police Department, under the direction of Chief William Rausch, with the investigation leading to today’s plea.

    The government is represented by Assistant U.S. Attorney Vera Varshavsky of the U.S. Attorney’s National Security Unit in Newark. 

                                                               ###

    Defense counsel: Adalgiza A. Núñez, Office of the Public Defender

    MIL Security OSI –

  • MIL-OSI: First Savings Financial Group, Inc. Announces Redemption of Subordinated Notes

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, Ind., May 01, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG) (the “Company”), the holding company for First Savings Bank (the “Bank”), announced today the redemption of $20.0 million of subordinated notes, at par, on April 30, 2025. The subordinated notes were issued by the Company on September 20, 2018 as a 5.95% Fixed-to-Floating Rate Subordinated Note due 2028, in the principal amount of $20.0 million. Prior to redemption, the subordinated notes were floating rate and yielded 7.66%. In order to consummate the redemption, the Bank paid the Company a dividend of $19.0 million, which the Bank funded with a like dollar amount of short-term wholesale borrowings at a rate of 4.48%. Subsequent to the dividend, the Bank maintained leverage and total risk-based capital ratios in excess of 9.0% and 12.0%, respectively, as of March 31, 2025. Subsequent to the redemption, the Company maintained leverage and total risk-based capital ratios in excess of 9.0% and 12.0%, respectively, as of April 30, 2025.

    Commenting on the redemption, Larry W. Myers, President and CEO, stated “We are very pleased to have redeemed and retired this excess, high-cost debt, which we expect will contribute to expansion in net interest margin. This debt redemption and the repurchase of Company common shares have been strategic initiatives we’ve desired to implement. The redemption helps clear a path for the opportunity to repurchase Company common shares in the forthcoming months should we continue to build excess capital, which we currently anticipate, and should such repurchases be accretive to the Company’s earnings per share.”

    The Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:

    Tony A. Schoen
    Chief Financial Officer
    (812) 283-0724

    The MIL Network –

  • MIL-OSI: FERC Approves Reliability Must Run Settlement Agreement for Units at Talen Energy’s Brandon Shores and H.A. Wagner Power Plants

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen”) (NASDAQ: TLN) announced today that the Federal Energy Regulatory Commission (the “FERC”) has approved the terms under which Talen will operate units at its Brandon Shores and H.A. Wagner power plants until May 31, 2029, beyond their scheduled May 31, 2025 retirement dates.

    Talen, PJM Interconnection, L.L.C. (“PJM”), and a broad coalition of the Maryland Public Service Commission, Maryland customers, and electric utilities reached agreement in January on the “reliability-must-run” or “RMR” agreement approved today by FERC. Under the RMR agreement, Brandon Shores Units 1 and 2 and H.A. Wagner Units 3 and 4 will remain in service and provide power necessary to maintain grid and transmission reliability in and around the City of Baltimore until transmission upgrades to provide reliable power to the area from other sources are complete.  

    “We appreciate FERC’s approval of this important agreement, which will help to ensure the reliable supply of electricity to the people of Baltimore and its surrounding area,” said Mac McFarland, President and Chief Executive Officer of Talen. “Talen is pleased to help provide critical infrastructure with an RMR structure that simultaneously creates reliable electricity in Baltimore and protects Maryland consumer rates.”

    About Talen

    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably, delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    Investor Relations:
    Sergio Castro
    Vice President & Treasurer
    InvestorRelations@talenenergy.com

    Media:
    Taryne Williams
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com

    Forward-Looking Statements

    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

    The MIL Network –

  • MIL-OSI New Zealand: Government remains on track to ban full Farm-to-Forest conversions

    Source: New Zealand Government

    Agriculture and Forestry Minister Todd McClay has confirmed that restrictions on full farm-to-forest conversions on LUC 1-6 farmland will be in place this year, and reaffirmed that they will take effect from 4 December 2024 – the date of the original announcement.
    Enabling legislation will be introduced to Parliament during Q2 of this year.
    “The Government is focused on maintaining strong food and fibre production while supporting sustainable land use. We remain concerned about the effect that farm conversions are having on highly productive land — particularly sheep and beef farms in Northland, the East Coast and parts of Otago and Southland,” Mr McClay says.
    The new rules, now progressing through Cabinet, will ensure balance and recognise the value of both forestry and farming, while providing certainty for our food producers. 
    Key changes include:

    A moratorium on full farm to forest conversions from entering the ETS for Land Use Classification (LUC) 1-5 actively farmed land.
    An annual registration cap of 15,000 hectares for forestry entering the ETS for LUC 6 farmland.
    Up to 25% of a farm’s LUC 1-6 land to be planted in forestry for the ETS, ensuring farmers retain flexibility and choice.
    Excluding specific categories of Māori-owned land from the restrictions, in line with Treaty obligations, while ensuring pathways for economic development  

    Mr McClay says that transitional measures for landowners who were in the process of afforestation prior to the 4 December 2024 announcement would be available where they could demonstrate qualifying evidence of a forestry investment  
    “These sensible rules will give certainty to rural communities, while providing clarity for foresters,” Mr McClay says.
    For more information please visit https://www.mpi.govt.nz/dmsdocument/68436-Update-on-proposed-changes-to-limit-farm-conversions-to-exotic-forestry-in-the-Emissions-Trading-Scheme-ETS

    MIL OSI New Zealand News –

  • MIL-OSI Security: False disaster relief applications and other fraud lands former Houstonian in federal prison

    Source: Office of United States Attorneys

    HOUSTON – A 35-year-old woman has been sentenced for conspiracy to commit wire fraud which resulted in approximately $620,000 in losses, announced U.S. Attorney Nicholas J. Ganjei.

    Cora Chantail Custard, who had resided in both Houston and San Antonio over course of the conspiracy, pleaded guilty Sept. 17, 2024.

    U.S. District Judge David Hittner has now ordered Custard to serve 57 months in federal prison to be immediately followed by three years of supervised release. She was also ordered to pay $621,388 in restitution. In handing down the sentence, the court noted the sophisticated means in which Custard used social media to advertise her services and defrauded the U.S. government and seven different state agencies.

    From March 2020 until March 2021, Custard conspired with others to submit false and fraudulent loan applications for financial assistance both personally and on behalf of others.

    At the time of the plea, Custard admitted to using her Facebook account to advertise her services to file fraudulent disaster relief applications. Her posts repeatedly described the scheme to her followers as “doing apps,” with the ability to obtain between $6,000 and $8,000 for an application within four to seven days of filing.

    Custard submitted or caused the submission of over 100 fraudulent Economic Injury Disaster Loan applications, at least 36 of which resulted in advance payments totaling $345,000.

    She also filed at least 30 fraudulent Federal Emergency Management Agency disaster benefit applications related to Hurricane Laura in August 2020 and Hurricane Sally in September 2020. At least 16 of those fraudulent applications resulted payouts totaling approximately $75,000.

    Additionally, Custard committed several other fraudulent acts like filing over 100 false unemployment insurance applications in Michigan, Illinois and several other states for her own and others’ benefits. At least 20 of those fraudulent applications resulted in payments totaling approximately $200,000.

    She was remanded into custody at sentencing.

    The Department of Homeland Security-Office of Inspector General (OIG), IRS Criminal Investigation, Treasury Inspector General for Tax Administration, Social Security Administration-OIG, Small Business Administration-OIG and Department of Labor-OIG conducted the investigation.

    Assistant U.S. Attorney Karen M. Lansden prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Marksmen Energy Inc. Announces Delay in Filing its 2024 Annual Financial Statements and Issuance of Promissory Note

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, ALBERTA,, May 01, 2025 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company“) announced today that its annual financial statements, accompanying management’s discussion and analysis and related chief executive officer (“CEO“) and chief financial officer (“CFO“) certifications for the financial year ended December 31, 2024 (the “Annual Filings“), may not be filed within the period prescribed for the filing of such documents under Parts 4, 5 and 6 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, namely within 120 days of year-end, being April 30, 2025 (the “Filing Deadline“).

    The delay in filing the Annual Filings is related to the Company’s inability to raise capital for the year 2024 and through Q1 2025 due to market conditions. As such, the Company experienced an unanticipated delay in receipt of funds to pay the Company’s external auditor to complete the audit. Such funds have since been received by the Company on April 24, 2025 pursuant to the Loan described below. The Company has since engaged with its auditor to complete the audit to address the completion of the Annual Filings.

    Marksmen is working closely with its auditor MNP LLP and is making every effort to submit the Annual Filings in a timely fashion and expects to file no later than June 15, 2025.

    The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203“). The Company has made an application to the Alberta Securities Commission, as principal regulator of the Company, a management cease trade order (“MCTO“) under NP 12-203 in respect of the default regarding the Annual Filings. The MCTO will prohibit the CEO and the CFO from trading in securities of Marksmen for two full business days after all the required filings have been filed on SEDAR+. The issuance of the MCTO, if issued, does not affect the ability of persons other than the CEO and the CFO of the Company to trade in the Company’s securities. The application for the MCTO remains subject to the risk factors described in “Forward Looking Information and Risk Factors” below, including the risk that the MCTO application may not be successful or may not be completed prior to a securities commission issuing a failure-to-file cease trade order against the Company following the Filing Deadline.

    The Company confirms that it intends to satisfy the provisions of the alternative information guidelines found at sections 9 and 10 of NP 12-203 respecting Management Cease Trade Orders for so long as it remains in default as a result of the late filing of the Annual Filings. During the period of default, the Company will issue biweekly default status reports in the form of further news releases, which will also be filed on SEDAR+. The Company confirms that there are no insolvency proceedings against it as of the date of this news release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.

    Promissory Note

    The Company also announces that it has obtained an unsecured non-convertible loan (the “Loan“) in the amount of CAD$250,000 from Conex Services Inc. (“Conex“). The Loan is evidenced by a promissory note issued by the Company to Conex on April 24, 2025 (the “Promissory Note“). The amount outstanding under the Promissory Note bears interest at a rate of 15% per annum and is due and payable in full on December 31, 2025.

    Related Party Participation

    The Loan is being provided by Conex, which is an entity wholly owned by Glenn Walsh, an insider of the Company by virtue of holding more than 10% of the outstanding common shares of the Company. As an insider of the Company participated in this transaction, it is deemed to be a “related party transaction” as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions (“MI 61-101“).

    Since the Promissory Note is not convertible into shares of Marksmen, there will be no effect on the voting interests of any related parties. The Promissory Note was approved by all of the directors of Marksmen.

    The entering into of the Promissory Note with respect to the Loan is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(b) and 5.7(1)(f)) as the Company is not listed on a specified market and the Loan is not convertible into or repayable with equity or voting securities of the Company.

    For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@marksmenenergy.com.

    Forward Looking Information and Risk Factors

    This news release contains statements and information that may constitute “forward-looking information” within the meaning of applicable securities legislation, including statements identified by the use of words such as “will”, “expects”, “positions”, “believe”, “potential” and similar words, including negatives thereof, or other similar expressions concerning matters that are not historical facts.

    Such forward-looking information is not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information contained herein may include, but is not limited to, information concerning the estimated filing date of the Annual Filings, and whether the Alberta Securities Commission will grant the Company’s application for an MCTO.

    By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. Some of these risks include, but are not limited to, the risk that the Annual Filings are filed later than anticipated, the risk that the Company’s application for an MCTO is not successful for any reason, in which case there is a risk that trading in the Company’s securities may halted by the TSX Venture Exchange and/or cease traded temporarily by the Canadian securities commissions after the Filing Deadline until such time as the Annual Filings are filed on SEDAR+.

    Additional information regarding risks and uncertainties of the Company’s business are contained under the headings “Financial Risk Management” and “Going Concern” in the Company’s Management’s Discussion & Analysis for the condensed interim consolidated financial statements for the nine months ended September 30, 2024 and the Company’s other public filings which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

    In connection with the forward-looking information contained in this news release, the Company has made certain assumptions. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information contained in this news release are made as of the date of this news release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this notice.

    The MIL Network –

  • MIL-OSI Economics: US diagnostic imaging market faces tariff-driven supply chain and capital risks, reveals GlobalData

    Source: GlobalData

    US diagnostic imaging market faces tariff-driven supply chain and capital risks, reveals GlobalData

    Posted in Medical Devices

    The US diagnostic imaging (DI) market is facing growing pressure as new US tariffs raise procurement risks and threaten supply chains. With high-value systems like computed tomography (CT) and magnetic resonance imaging (MRI) heavily reliant on global production, hospitals may delay capital spending amid uncertainty. Although domestic manufacturing offers some short-term protection, extended trade tensions could disrupt pricing, planning, and access to critical imaging equipment across the country, says GlobalData, a leading data and analytics company.

    Diagnostic imaging (DI), which is one of the MedTech industry’s most capital-intensive and strategically vital segments, relies on global production networks and long procurement cycles. Even in absence of major pricing shifts, the perceived instability surrounding policy may prompt hospitals to delay purchases or reassess capital planning, making the sector susceptible to long-term impacts.

    GlobalData projects the US diagnostic imaging market to grow from $10.4 billion in 2024 to $15 billion in 2034. While domestic manufacturing may initially protect some vendors from the impact of rising tariffs, they could still face supply chain disruptions, requiring adjustments to manufacturing strategies, pricing structures, and capital expenditure planning if trade tensions continue.

    Among the leading DI companies, GE Healthcare stands out with a comparatively large US production operation. GlobalData’s MedSource supply chain database shows that 21% of GE’s 510(k)-approved DI devices are manufactured exclusively in the US, well ahead of Siemens at 12% and Philips at 9%.

    Ashley Clarke, Senior Medical Analyst at GlobalData, comments: “While a bigger domestic footprint does not make GE immune, it may reduce tariff exposure in the short-term. Devices with US-based final assembly can qualify for origin exemptions, helping maintain competitive pricing if trade volatility continues. GE may have greater pricing flexibility and margin protection, giving it a tactical advantage, but like other companies will still face challenges in raw material and parts procurement and production.”

    High-value systems like CT and MRI systems, which together account for more than 20% of the US DI market, rely heavily on global production networks. According to MedSource, Siemens’ flagship SOMATOM CT systems are primarily built in Germany and China, while GE assembles its units in Wisconsin using international components. MRI systems follow similar trends, with components like coils sourced heavily from overseas.

    Clarke continues: “The procurement planning for 2025 and beyond could face more scrutiny if pricing or access to key components becomes less certain.”

    If trade disruptions extend into next year, both manufacturers and buyers will need to adapt. Vendors with high offshore exposure, particularly those relying on China, India, or EU-based services, may face pressure to localize or diversify production supply chains. With DI systems already representing one of the largest capital expenditures in hospital tech budgets, even modest cost shifts can trigger downstream effects.

    Clarke concludes: “Providers are navigating broader cost pressures on other essential medical supplies, so even if DI equipment costs hold, there is growing incentive to delay high-cost imaging upgrades or replacements. Such delays in imaging infrastructure can limit access to timely diagnostics, raising risks for patient outcomes and placing additional strain on the already overburdened healthcare sector.”

    MIL OSI Economics –

  • MIL-OSI Economics: Oil and gas companies add renewable fuels to low-carbon portfolio, says GlobalData

    Source: GlobalData

    Oil and gas companies add renewable fuels to low-carbon portfolio, says GlobalData

    Posted in Oil & Gas

    The global energy landscape is steadily moving toward cleaner sources, with a gradual decline in fossil fuel dependence. The share of fossil fuels in the world’s energy mix has declined from 82% in 2022 to 81.5% in 2023, indicating a gradual shift. This transition is driven by the need to cut greenhouse gas emissions and combat global warming. Against this backdrop, biofuels are emerging as a low-carbon alternative in transportation, with their share in total liquid fuel demand expected to grow to 6.4% in 2030, forecasts GlobalData, a leading data and analytics company.

    GlobalData’s Strategic Intelligence report, “Biofuels,” evaluates the role of oil and gas companies in the biofuels theme. It benchmarks the efforts of oil majors, such as TotalEnergies, BP, Shell, and ExxonMobil, in the biofuels value chain. It also identifies the key developments influencing this theme and provides an outlook for renewable fuels – an emerging category of biofuels.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “The oil and gas industry—including producers, contractors—are relatively new entrants in the biofuels space. Despite this, they are making notable movements in the competitive landscape for renewable fuels, such as renewable diesel and sustainable aviation fuels (SAF). Prominent refiner Neste is leading the renewable fuels segment, particularly renewable diesel with four active refineries around the world.”

    Despite their clean energy profile, biofuels face significant challenges related to production costs and competition with fossil fuels. Processing advanced biomass sources, such as agricultural and forestry waste, remains expensive, limiting large-scale viability. However, refiners like Neste, Valero, and Marathon Petroleum are making strategic investments to scale biofuel production and lower costs. Technological innovations in refining are also critical in improving biofuel affordability and availability.

    Puranik continues: “Although biofuels contribute towards energy security while reducing emissions, their adoption remains nascent and restricted to certain markets globally. As a result, companies are cautious while pledging investments for new facilities, and even halting project development, as was seen in the case of Shell’s upcoming facility in Rotterdam.”

    Global renewable refinery capacity is experiencing significant growth, with 15 new facilities under construction in 2025 while two already operational this year. By 2030, an additional 218 facilities are expected to come online, expanding global capacity from 9,340 million gallons per year (mmgy) in 2024 to a projected 32,618 mmgy. The US currently accounts for 51% share in global renewable fuel production, driven by policy incentives, but the recent political shifts, including Trump’s attempts to repeal parts of the Inflation Reduction Act (IRA), create uncertainty.

    Puranik concludes: “Policy approaches vary widely around the world. While the European Union (EU) enforce strict mandates, such as the ReFuelEU Aviation initiative requiring a minimum of 2% SAF blending by 2025, some of the other regions lack such clear policies, leading to disparities in biofuel adoption and investment. The commitment of a nation to achieve interim net-zero objectives, availability of biomass, and affordability of petroleum fuels are critical factors influencing policy support for biofuels.”

    MIL OSI Economics –

  • MIL-OSI Economics: Pharma M&A deal value surges by 101% QoQ in Q1 2025 despite US political turbulence, reveals GlobalData

    Source: GlobalData

    Pharma M&A deal value surges by 101% QoQ in Q1 2025 despite US political turbulence, reveals GlobalData

    Posted in Business Fundamentals

    Mergers and acquisitions (M&As) in the biopharmaceutical industry surged 101% in total deal value in Q1 2025 from $18.8 billion in Q4 2024 to $37.7 billion. However, drugmakers remain hesitant to pursue larger-scale transactions. The total deal value in Q1 2025 was 32% lower compared to Q1 2024, as larger M&As are seen as high risk due to the current US political landscape, according to GlobalData, a leading data and analytics company.

    According to GlobalData’s report “Pharma M&A Trends – Q1 2025,” oncology remains the leading therapeutic area in Q1 2025, with most of the deals targeting cancer-related assets.

    While billion-dollar acquisitions remain rare due to the current political turbulence, during Q1 2025, big pharma was involved in four billion-dollar deals valued at $1 billion or more, according to GlobalData’s Pharmaceutical Intelligence Center Deals Database. These included Johnson & Johnson’s $14.6 billion acquisition of Intra-Cellular Therapies, Novartis’ $3.1 billion acquisition of Anthos Therapeutics, GSK’s $1.15 billion buy of IDRx, and AstraZeneca’s $1 billion purchase of EsoBiotec.

    Ophelia Chan, Senior Business Fundamentals Analyst at GlobalData, comments: “Apart from a flurry of large-scale deals driven by big pharma, the industry remains cautious given the uncertainty surrounding Trump’s as-yet-unspecified policies. So far, the start of 2025 continues to be shaped primarily by bolt-on transactions.”

    Chan continues: “Dealmakers are closely monitoring further details of new policies and awaiting greater clarity on forthcoming regulations. Some companies may adopt a wait-and-see approach, holding off on transactions until there is more insight into how Trump’s tariffs will affect industry, while others are awaiting what the administration will say on M&As.”

    Chan concludes: “Given that deregulation was a defining feature of Trump’s first term, it is anticipated that the administration will pursue measures to ease regulatory constraints. Such efforts aim to accelerate the M&A regulatory process, sparking more mega deals and overall increase in M&A activity.”

    To view further insights into M&A activity globally in Q1 2025 in the Pharma Sector, please see our Pharma M&A Trends – Q1 2025 report.

    Note: The data includes announced and completed M&A deals and buy-outs made by private equity firms involving biopharmaceutical companies with drugs headquartered globally which are announced between January 1, 2021 and March 31, 2025, where a deal value has been publicly disclosed.

    MIL OSI Economics –

  • MIL-OSI Economics: US tariffs could seriously disrupt $6.1 billion EU exports of packaging and food processing machinery, says GlobalData

    Source: GlobalData

    US tariffs could seriously disrupt $6.1 billion EU exports of packaging and food processing machinery, says GlobalData

    Posted in Consumer

    On 2 April 2025, the US administration announced tariffs on all imports, which included a notable 20% tariff on exports from the European Union (EU) to the US. This decision followed the imposition of 25% tariffs on all aluminum and steel imports into the US on 12 March 2025. These policies will significantly alter growth opportunities within food processing and packaging machinery companies supplying the US market. This is because of changes in the packaging formats used to package goods in the US and changes in where automation opportunities reside, says GlobalData, a leading data and analytics company.

    GlobalData’s recent report “Industry Insights: The impact of tariffs on consumer packaged goods” reveals which CPG-relevant sectors are most affected by tariffs within specific trade relationships and how companies within these sectors will be affected. It also provides insights into consumer reactions to changes in the market caused by the imposition of tariffs.

    Rory Gopsill, Senior Consumer Analyst at GlobalData, comments: “US tariffs have the potential to alter the demand for certain types of machinery within the US beverages market. Given the significant dependence of the US on aluminum imports to meet domestic needs, a 25% tariff on steel and aluminum imports is expected to increase the cost of beverage cans.

    “Consequently, soft drink manufacturers may consider transitioning to plastic bottles as a response to the heightened costs associated with metal packaging, a possibility acknowledged by Coca-Cola’s chief executive during a call with investors in February following the tariff announcement. This could result in an increased demand for the blow moulding machines used to produce plastic bottles.”

    In 2024, 126.2 billion soft drinks sold in the US were packaged in plastic bottles, and 60.5 billion were packaged in metal cans, according to GlobalData’s Primary Packaging and Outers database. These numbers are 60.0% and 28.8% of the US soft drinks market, respectively. The US tariffs could restrict the growth of rigid metal cans and promote the growth of rigid plastic bottles. This in turn could have knock-on effects for the machinery in the production of these packaging types.

    EU processing machinery manufacturers will be hurt by US tariffs

    Many of the largest manufacturers of packaging and food processing machinery are European. Krones, GEA, and Syntegon are all German companies, while Sacmi, Coesia, IMA, and PFM Group are all Italian companies. This strong ecosystem enabled the EU to export $3.4 billion worth of washing and bottling machines, $1.6 billion worth of industrial food preparation machinery, and $1.1 billion worth of industrial printers to the US in 2023, according to The Observatory of Economic Complexity. Germany alone accounted for 24% of the US’ industrial food preparation machinery imports in 2023, according to the same source. A 20% tariff on these EU exports to the US represents a serious problem for EU machinery manufacturers.

    Gopsill continues: “Other elements of the US’ current policy agenda could also create disruptions in the US packaging and food processing machinery market. The Trump administration is also pursuing a budget reconciliation bill aimed at securing between $90 billion and $175 billion in additional funding for immigration and border enforcement agencies before the end of the year. This funding would enhance the government’s capacity to conduct business raids and detain and deport undocumented immigrants.

    “Such actions could lead to labor shortages in various industries that heavily depend on packaging and food processing machinery. For instance, according to the American Immigration Council, approximately 23% of the workforce in the US meatpacking industry consists of undocumented immigrants, while this figure was around 62% in the seafood processing sector in 2017 (according to the New American Economy).  Furthermore, according to the American Immigration Council, about 5.5% of employees in transportation and warehousing are also undocumented immigrants.

    Gopsill concludes: “If a crackdown on immigrant labor creates workforce vacancies that companies are unable to fill, food processing and packaging machinery companies may be required to accelerate their innovation programs to supply the market with more automated packaging solutions.”

    MIL OSI Economics –

  • MIL-OSI USA: Rep. Pfluger, Messmer Lead Push to Defund Universities Still Requiring the COVID-19 Vaccine

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    WASHINGTON, D.C. — As first reported in Fox News, Congressman August Pfluger (TX-11) and Congressman Mark Messmer (IN-08) introduced legislation to ensure that no federal dollars go to any university across the country that still requires its students or staff to receive a COVID-19 vaccine as a condition of enrollment of employment, or receiving any benefit, service, or contract.

    The No Vaccine Mandates in Higher Education Act will codify a key piece of one of President Trump’s February executive orders that restricted federal funding to public schools, including colleges and universities, that mandate COVID-19 vaccines for attendance. It is unacceptable that any university still requires the COVID-19 vaccine. Taxpayers’ hard-earned money should not go to higher education institutions that require the COVID-19 vaccine for attendance.

    “The COVID-19 pandemic opened Pandora’s box to a lengthy list of overreaching policies and mandates from the government, institutions, and companies alike. As we work to restore common sense and liberties back to the American people, I am proud to co-lead this legislation to ensure universities can no longer force their students to have the COVID-19 vaccine,” said Rep. Pfluger.

    “It is unbelievable that even today, two years after the COVID-19 emergency was officially declared dead and gone, there are still learning institutions across this country persecuting students and staff with unnecessary vaccine mandates,” said Rep. Messmer. “The No Vaccine Mandates in Higher Education Act assures the American people that Congress and President Trump recognize this continued injustice and will work together to restore the civil liberties and freedom from government overreach that all Americans richly deserve.”

    To read the full text of the legislation, click here.

    Background:

    During the COVID-19 pandemic, many higher education institutions implemented vaccine mandates for their students and staff. These mandates affect the individual liberties of students and teachers around the country.

    Many institutions announced the end of their vaccine requirement after President Joe Biden ended the COVID-19 national and public health emergency last May. These institutions have either removed COVID-19 information from their websites or haven’t updated the content in a couple of years. 

    Even with the COVID-19 pandemic behind us, there are still higher education institutions around the country that still have vaccine requirements for their students and teachers.

    MIL OSI USA News –

  • MIL-OSI USA: Pfluger Leads Push to Mitigate Cybersecurity Risks Associated with Unsecured Networks

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    WASHINGTON, DC — This week, Congressman August Pfluger (TX-11) led a letter with several colleagues commending Federal Communications Commission (FCC) Chairman Brendan Carr on his decision to establish the new Council for National Security within the FCC, and urging him to use the council to mitigate cybersecurity risks associated with unsecured routers.

    In part, the members wrote, “The recent proliferation of cybersecurity incidents underscores the need for the entire federal government to work together to address and deter cyber threats. We write to you today because we believe there is more the FCC can do to reduce the likelihood of such incidents. As the backbone of the Internet, routers play a critical role in securing communications for consumers and businesses. When these devices are insecure, they can serve as gateways for cyberattacks. For example, weak, default, or easily predicted passwords make routers vulnerable to exploitation. Malicious actors can exploit these vulnerabilities in routers to disrupt service, steal sensitive data, or even launch attacks against critical infrastructure…”

    “We are increasingly concerned about the prevalence of these devices and that unsecured routers may allow the CCP to surveil American data or disrupt our networks. Although the Department of Commerce is reviewing whether or not to ban routers made by Chinese-owned companies in the future, many of these devices remain on our networks, which nefarious actors could still leverage.”

    The letter outlines several examples of how the Chinese Communist Party (CCP) has repeatedly tried to leverage private companies and create backdoors in our critical infrastructure technology. The letter also highlights that under Chairman Carr’s leadership, the Council for National Security can take action against the CCP by leveraging equipment authorization to require routers to allow only uniquely identifiable devices known to the household and securely authenticated by the network owner.

    See the full letter HERE or read the full text below.

    Dear Chairman Carr,

    Firstly, we write to commend your decision to establish the new Council for National Security within the Federal Communications Commission (FCC), a crucial step in safeguarding America’s telecommunications infrastructure. Congress stands ready to work with you on this initiative to reduce America’s dependence on foreign adversaries, mitigate cyberattack vulnerabilities, and ensure U.S. supremacy in critical technologies.

    As you know, the House Energy and Commerce Committee has worked diligently to combat the People’s Republic of China’s (PRC) efforts to leverage private companies to create backdoors in our telecommunications infrastructure. For example, the House of Representatives just recently passed H.R. 866, the ROUTERS Act, to safeguard Americans’ communications networks from foreign-adversary controlled technology, including routers, modems, or devices that combine both. Additionally, in the 118th Congress, the House passed H.R. 7521, the Protecting Americans from the Foreign Adversary Controlled Applications Act, which prevents foreign adversary-controlled applications from targeting, surveilling, and manipulating Americans through online applications like TikTok. Congress also worked to ensure that the Secure and Trusted Communications Networks Reimbursement Program, or the “Rip and Replace” program, received proper funding to remove untrusted equipment such as Huawei and ZTE from our networks.

    Last year, the House Committee on Homeland Security and the Select Committee on the Chinese Communist Party released their Joint Investigation report into Shanghai Zhenhua Heavy Industries Company (ZPMC), a PRC-owned and operated company. The investigation yielded that ZPMC, or a third-party company contracted with ZPMC, installed cellular modems onto STS cranes currently operational at U.S. ports. These installations fall outside the scope of any contract between the affected U.S. ports and ZPMC. The modems created an obscure method to collect information and bypass firewalls in a manner that could potentially disrupt port operations.

    Even more recently, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) reported that the Chinese-made Contec CMS8000 patient monitors contained a hard-coded IP address linked to an unidentified third party, allowing for reverse backdoor functionality. This vulnerability allows for remote access of the medical device and may allow for potential manipulation, risking patient safety and compromising sensitive health data.

    These are just a few examples of how the CCP will use every tool at its disposal to undermine U.S. economic and national security interests to further its agenda. The recent proliferation of cybersecurity incidents underscores the need for the entire federal government to work together to address and deter cyber threats. We write to you today because we believe there is more the FCC can do to reduce the likelihood of such incidents.

    As the backbone of the Internet, routers play a critical role in securing communications for consumers and businesses. When these devices are insecure, they can serve as gateways for cyberattacks. For example, weak, default, or easily predicted passwords make routers vulnerable to exploitation. Malicious actors can exploit these vulnerabilities in routers to disrupt service, steal sensitive data, or even launch attacks against critical infrastructure.

    It has been reported that TP-Link, a Chinese company, owns roughly 65% of the routers used in U.S. homes and small businesses. Additionally, the Department of Defense and other federal government agencies have used TP-Link Routers before. Multiple TP-Link routers have been added to the National Institute of Science (NIST) National Vulnerability Database for containing a directory traversal vulnerability, allowing unauthenticated remote attackers to access sensitive files by sending specially crafted requests.

    We are increasingly concerned about the prevalence of these devices and that unsecured routers may allow the CCP to surveil American data or disrupt our networks. Although the Department of Commerce is reviewing whether or not to ban routers made by Chinese-owned companies in the future, many of these devices remain on our networks, which nefarious actors could still leverage.

    With the new Council for National Security, the FCC can take various actions to mitigate cybersecurity risks associated with unsecured routers. The FCC could leverage equipment authorization through the Telecommunications Certification Body to require routers to allow only uniquely identifiable devices known to the household and securely authenticated by the network owner onto a customer’s network. These steps represent broadly accepted minimum security practices under NIST guidance and are necessary first steps toward protecting our nation’s consumers and networks from cyber risks. Other immediate-term options, such as prohibiting any new sales of TP-Link routers, or requiring ISPs to block new TP-Link routers from being added to home networks, would stop the influx of these devices on networks. Additionally, as we think beyond TP-Link routers, ISP authentication will strengthen U.S. networks’ ability to defend themselves against future untrusted Internet of Things (IoT) devices joining their networks.

    We are confident that, under your leadership, we can advance national cybersecurity initiatives

    and create robust strategies to strengthen U.S. networks against cybersecurity threats. Together,

    we can foster a secure digital environment that instills trust and confidence among users

    nationwide.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Video: Traveling the Green Mile

    Source: United States Department of Defense (video statements)

    —————
    @usarmysoldiers from the @25thInfantryDivisionand Philippine Army Scout Ranger Regiment complete joint training in jungle warfare at Camp Tecson, Philippines, during Salaknib 25.

    The final exercise, known as the “Green Mile,” tested participants through a three-mile physical endurance course including a murky jungle lake swim.

    For more on the Department of Defense, visit: http://www.defense.gov
    —————
    Keep up with the Department of Defense on social media!

    Like the DoD on Facebook: http://facebook.com/DeptofDefense
    Follow the DoD on Twitter: http://twitter.com/DeptofDefense
    Follow the DoD on Instagram: http://instagram.com/DeptofDefense
    Follow the DoD on LinkedIn: https://www.linkedin.com/company/DeptofDefense

    https://www.youtube.com/watch?v=lUhZ70lQ9oU

    MIL OSI Video –

  • MIL-OSI USA: Governor Kehoe Requests Federal Disaster Declaration in Response to March 30-April 8 Severe Storms, Tornadoes, and Flooding

    Source: US State of Missouri

    MAY 1, 2025

    Jefferson City — Today, Governor Mike Kehoe requested that President Donald Trump approve a major disaster declaration to provide federal assistance in a total of 26 Missouri counties in response to the severe storms, tornadoes, and flooding that caused widespread destruction across the state from March 30 to April 8. Six deaths were confirmed due to severe storms during the period.   

    “Missouri has repeatedly been hit hard by severe storms, tornadoes, and flooding this year and the result has been widespread damage and destruction of homes, private property, and public infrastructure,” Governor Kehoe said. “While Missourians and faith-based and volunteer organizations have been supporting their neighbors and local and state government are working hard at recovery, the cost of these efforts – often because of repeated damage in the same counties – is beyond the capacity of local communities and the state to bear in full.”

    Eighteen of the 26 counties included in this request for a federal disaster declaration were also included in a federal disaster request made by Governor Kehoe on April 2, 2025.

    Based on the documented damage, Governor Kehoe is requesting FEMA Individual Assistance for the following 20 counties: Bollinger, Butler, Cape Girardeau, Carter, Cooper, Dunklin, Howell, Iron, Mississippi, New Madrid, Oregon, Ozark, Reynolds, Ripley, Scott, Shannon, Stoddard, Vernon, Washington, and Wayne.

    Individual Assistance would allow eligible residents to seek federal assistance for temporary housing, housing repairs, replacement of damaged belongings, vehicles, and other qualifying expenses.  

    Based on the documented damage and emergency response costs, Governor Kehoe is also requesting FEMA Public Assistance for the following 25 counties: Bollinger, Butler, Cape Girardeau, Carter, Cooper, Douglas, Dunklin, Howell, Iron, Madison, Maries, Mississippi, New Madrid, Oregon, Ozark, Pemiscot, Reynolds, Ripley, Scott, Shannon, Stoddard, Texas, Vernon, Wayne, and Webster.

    If approved, Public Assistance would allow local governments and qualifying nonprofit agencies to seek federal assistance for reimbursement of emergency response and recovery costs, including repair and replacement of damaged roads, bridges, and other public infrastructure.

    Joint damage assessments conducted by FEMA, SEMA, the U.S. Small Business Administration, and local officials estimate more than $25.5 million in emergency response costs and damage to public infrastructure.

    Missourians with unmet needs are encouraged to contact United Way by dialing 2-1-1 or the American Red Cross at 1-800-733-2767. For additional resources and information about disaster recovery in Missouri, including general clean-up information, housing assistance, and mental health services, please visit recovery.mo.gov.

    ###

    MIL OSI USA News –

  • MIL-OSI: Diversified Royalty Corp. Announces Additions to the Mr. Lube + Tires Royalty Pool, May 2025 Cash Dividend and Q1 2025 Earnings Release Date

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) and Mr. Lube Canada Limited Partnership (“Mr. Lube + Tires”) announced today that effective May 1, 2025 the Mr. Lube + Tires royalty pool (the “Mr. Lube + Tires Royalty Pool”) has been adjusted to include the royalties from six new flagship Mr. Lube + Tires locations and remove one flagship Mr. Lube + Tires location that has permanently closed. With the adjustment for these five net new locations, the Mr. Lube + Tires Royalty Pool now includes 149 flagship locations.

    Sean Morrison, President and Chief Executive Officer of DIV, stated, “Mr. Lube + Tires continues to generate strong same-store-sales-growth across its franchise system and is well positioned to continue this impressive growth moving forward”.

    Pamela Lee, President and Chief Executive Officer of Mr. Lube + Tires, stated, “Mr. Lube + Tires is proud of the performance of our franchisees in 2024. We continue to be focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of our franchisees, and continuing to provide best-in-class service to our customers”.

    Additions to the Mr. Lube + Tires Royalty Pool

    Subject to certain performance criteria being met, and the LP Amendment as described further below, the Mr. Lube + Tires Royalty Pool is adjusted annually on May 1 (the “Adjustment Date”) to include new Mr. Lube + Tires locations that have been open since July 1 of the previous reporting period and to remove Mr. Lube + Tires locations that have been permanently closed during the previous year.

    The initial consideration paid to Mr. Lube + Tires for the estimated net additional royalty revenue was $4.0 million, representing 80% of the total estimated consideration of $5.0 million. The initial consideration of $4.0 million was elected by DIV to be paid in the form of 1,460,419 Common Shares of DIV on the basis of the 20-day volume weighted average closing price of the Common Shares for the period ended April 24, 2025 of $2.7363 per Common Share.

    The remaining consideration payable for the additional royalty revenue of the six new Mr. Lube + Tires locations added to the Royalty Pool on May 1, 2025 will be paid to Mr. Lube + Tires on May 1, 2026, the next Adjustment Date, and will be adjusted to reflect the actual system sales of these six new locations for the year ending December 31, 2025, net of the lost system sales of the one permanently closed Mr. Lube + Tires location removed from the Mr. Lube + Tires Royalty pool on May 1, 2025.

    On May 1, 2023, the Mr. Lube + Tires Royalty Pool was adjusted to include royalties from five new flagship Mr. Lube + Tires locations. The initial consideration previously paid by DIV was $4.7 million, which represented 80% of the total estimated consideration for those five locations, which estimate was based on the forecast system sales of these five locations for year ending December 31, 2023. As a result of a previously-announced amendment (the “LP Amendment”) to the amended and restated limited partnership agreement (the “LP Agreement”) of DIV’s direct subsidiary ML Royalties Limited Partnership (“ML LP”), the remaining consideration payable for the additional royalty revenue of the five Mr. Lube + Tires locations (the “2023 True-Up Locations”) added to the Mr. Lube + Tires Royalty Pool on May 1, 2023 was to be paid to Mr. Lube + Tires on May 1, 2025 (as opposed to May 1, 2024), and adjusted to reflect the actual system sales of these five new locations for the year ending December 31, 2024 (as opposed to the actual system sales for the year ending December 31, 2023).

    The actual system sales for the 2023 True-Up Locations added to the Royalty Pool on May 1, 2023 has now been determined for the year ended December 31, 2024 to be $10.1 million. The total consideration payable to Mr. Lube + Tires for the net additional royalty revenue of these 2023 True-Up Locations based on their actual system sales for the year ended December 31, 2024 is $7.1 million. After taking into account the $4.7 million previously paid by DIV to Mr. Lube + Tires on May 1, 2023 for the 2023 True-Up Locations, DIV paid Mr. Lube + Tires the remaining $2.4 million of cash consideration for the net additional royalty revenue of these 2023 True-Up Locations on May 1, 2025.

    For further details with respect to the manner in which annual adjustments of the Mr. Lube + Tires Royalty Pool occur and the agreements underlying the procedures therefor, see DIV’s Annual Information Form dated March 24, 2025 as well as the LP Amendment, copies of each of which are available on SEDAR+ at www.sedarplus.com.

    May 2025 Cash Dividend

    DIV is pleased to announce that its board of directors has approved a cash dividend of $0.02083 per common share for the period of May 1, 2025 to May 31, 2025, which is equal to $0.25 per common share on an annualized basis. The dividend will be paid on May 30, 2025 to shareholders of record as of the close of business on May 15, 2025.

    Q1 2025 Earnings Release Date

    DIV will release earnings results for the three months ended March 31, 2025 following the closing of regular trading on the Toronto Stock Exchange on May 14, 2025.

    About Diversified Royalty Corp.

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

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

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

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intend” and similar expressions are intended to identify forward-looking information and financial outlook, although not all forward-looking information and financial outlook contain these identifying words. Specifically, forward-looking information and financial outlook in this news release includes, but is not limited to, statements made in relation to: the amount and timing of the payment for the remaining consideration payable to Mr. Lube + Tires for the additional royalty revenue from the six Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025; DIV’s belief that Mr. Lube + Tires will continue to generate strong same-store-sales-growth across its franchise system and is well positioned to continue its impressive growth moving forward; Mr. Lube + Tires being focused on growing the Mr. Lube + Tires brand, strengthening the store level economics of its franchisees, and continuing to provide best-in-class service to its customers; the amount and timing of the May 2025 dividend to be paid to DIV’s shareholders; the timing of DIV releasing earnings results for the three months ended March 31, 2025; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied in such forward-looking information and financial outlook. DIV believes that the expectations reflected in the forward-looking information and financial outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: Mr. Lube + Tires will continue to make royalty payments in the amounts and at the times required, or at all; the amount of, or timing of the payment for, the additional consideration payable to Mr. Lube + Tires for the six additional Mr. Lube + Tires locations added to the Mr. Lube + Tires Royalty Pool on May 1, 2025 will occur in the amount or at the time estimated; that transactions completed with Mr. Lube + Tires for the additions to the Mr. Lube + Tires Royalty Pool will be accretive to DIV shareholders; that Mr. Lube + Tires will realize any of the intended benefits of its growth strategy; that Mr. Lube + Tires will continue to grow its brand; that Mr. Lube + Tires will continue opening new stores, or that such stores will be successful if opened; that Mr. Lube + Tires will succeed in strengthening store level economics of its franchisees; that Mr. Lube + Tires will continue to provide best-in-class service to its customers; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in DIV’s most recently filed management’s discussion and analysis, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.com.

    In formulating the forward-looking information and financial outlook contained herein, management has assumed that DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; lenders will provide any necessary waivers required in order to allow DIV to continue to pay dividends; the performance of the Mr. Lube + Tires flagship locations in the Mr. Lube + Tires Royalty Pool will be consistent with DIV’s expectations; and the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    To the extent any forward-looking information in this news release constitutes a “financial outlook” within the meaning of applicable securities laws, such information is being provided to provide investors with an estimate of the financial impact to DIV of transactions with Mr. Lube + Tires described in this news release.

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

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

    Additional Information

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

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (604) 235-3146

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (604) 235-3146

    The MIL Network –

  • MIL-OSI: CALIFORNIA BANCORP ANNOUNCES INCREASE IN SHARE REPURCHASE PROGRAM AND THE REDEMPTION OF SUBORDINATED NOTES

    Source: GlobeNewswire (MIL-OSI)

    San Diego, Calif., May 01, 2025 (GLOBE NEWSWIRE) — California Bancorp (the “Company”) (Nasdaq: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”), announces that its Board of Directors has authorized an increase in the number of shares of the Company’s common stock that may be repurchased pursuant to its share repurchase program to 1.6 million shares, up from 550,000 shares when the program was first announced on June 15, 2023. The increase allows for the repurchase of approximately 4.9% of the Company’s outstanding shares of common stock. No stock has yet been repurchased through the original or increased repurchase program.

    “The increase in our share repurchase program demonstrates the conviction of our Board of Directors and management team to our relationship-based banking strategy, and our commitment to building long-term shareholder value,” said David Rainer, Executive Chairman of the Company and the Bank. “Our strong balance sheet and capital levels will allow us to be flexible in the opportunistic deployment of capital for share repurchases, as well as the repayment of outstanding callable subordinated debt.”

    Repurchases under the program may occur from time to time in open market transactions, in privately negotiated transactions, or by other means in accordance with federal securities laws and other restrictions. The Company intends to fund its repurchases from available working capital and cash provided by operating activities. The timing of repurchases, as well as the number of shares repurchased, will depend on a variety of factors, including price; trading volume; business, economic and general market conditions; and the terms of any Rule 10b5-1 plan adopted by the Company. The repurchase program has no expiration date and may be suspended, modified, or terminated at any time without prior notice.

    The Company also announces today that it has elected to, and expects to, redeem the $18 million of 5.50% Fixed-to-Floating Subordinated Notes due 2030, that it issued on May 28, 2020.

    ABOUT CALIFORNIA BANCORP

    California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include expectations regarding opportunities to deploy capital for share repurchases, enhance shareholder value through share repurchases, and redeem our outstanding subordinated debt. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

    Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risks related to our recently completed merger with the predecessor California BanCorp, including the risks that cost savings may be less than anticipate and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines; and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents the Company files with the SEC from time to time.

    Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

    INVESTOR RELATIONS CONTACT
    Kevin Mc Cabe
    California Bank of Commerce
    kmccabe@bankcbc.com
    818.637.7065

    The MIL Network –

  • MIL-OSI: Fairfax India Holdings Corporation First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

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

    (Note:   All dollar amounts in this press release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from unaudited financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS®Accounting Standards”), except as otherwise noted. This press release contains certain non-GAAP and other financial measures, including book value per share and cash and marketable securities, that do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar financial measures presented by other issuers. See “Glossary of non-GAAP and other financial measures” at the end of this press release for further details.)
         

    TORONTO, May 01, 2025 (GLOBE NEWSWIRE) — Fairfax India Holdings Corporation (TSX: FIH.U) announces a net loss of $211.2 million ($1.57 net loss per diluted share) in the first quarter of 2025, compared to a net loss of $293.5 million in the first quarter of 2024 ($2.17 net loss per diluted share). The company’s book value per share decreased 7.4% to $19.41 at March 31, 2025 from $20.96 at December 31, 2024, primarily due to unrealized losses recorded on the company’s publicly listed investments.

    Highlights for the first quarter of 2025 included the following:

    • The company recorded a net change in unrealized losses on investments of $222.9 million, principally from decreases in the fair values of the company’s publicly listed investments in IIFL Capital (formerly IIFL Securities) ($106.8 million), IIFL Finance ($64.5 million), Fairchem Organics ($28.1 million), 5paisa ($10.0 million) and CSB Bank ($9.9 million), and private company investment in Sanmar ($19.2 million) (primarily due to a decrease in the publicly traded share price of its subsidiary, Chemplast), partially offset by an increase in the fair value of the company’s private company investment in Seven Islands ($18.7 million).
    • On February 20, 2025 the company completed its previously announced investment of an additional 10.0% equity interest in Bangalore International Airport Limited (“BIAL”) for a purchase price of $255.0 million. In accordance with the agreement with Siemens Project Ventures GmbH (“Siemens”), the company paid an initial installment on the closing date and recognized a payable for securities purchased of $170.9 million, representing the second and third installments to be paid in the third quarters of 2025 and 2026, respectively.
    • In February 2025, the company also increased the borrowing limit of its revolving credit facility from

    $175.0 million to $250.0 million, including the use of letters of credit. The company issued a letter of credit for $170.9 million in favour of Siemens equal to the deferred purchase price for the additional 10.0% equity interest in BIAL. The increased borrowing limit and Siemens letter of credit will be reduced over a period of approximately eighteen months in accordance with the terms of the amended credit agreement and letter of credit.

    Fairfax India is in strong financial health, with cash and marketable securities at March 31, 2025 of $113.0 million and $79.2 million available under its revolving credit facility.

    There were 134.8 million and 135.4 million weighted average common shares outstanding during the first quarters of 2025 and 2024, respectively. At March 31, 2025 there were 104,839,462 subordinate voting shares and 30,000,000 multiple voting shares outstanding.

    Unaudited balance sheets, earnings (loss) and comprehensive income (loss) information follow and form part of this press release. Fairfax India’s detailed first quarter report can be accessed at its website www.fairfaxindia.ca.

    Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

    For further information, contact: John Varnell, Vice President, Corporate Affairs
      (416) 367-4755
    Information on            
    CONSOLIDATED BALANCE SHEETS            
    as at March 31, 2025 and December 31, 2024            
    (unaudited – US$ thousands)            
      March 31, 2025
    		   December 31, 2024
    		  
    Assets    
    Cash and cash equivalents   21,616     59,322  
    Bonds   114,823     180,507  
    Common stocks   3,419,382     3,381,206  
    Total cash and investments   3,555,821     3,621,035  
                 
    Interest and dividends receivable   5,093     8,849  
    Income taxes refundable   175     174  
    Other assets   844     722  
    Total assets   3,561,933     3,630,780  
         
    Liabilities    
    Accounts payable and accrued liabilities   1,106     1,300  
    Accrued interest expense   2,736     8,611  
    Income taxes payable   1,547     5,379  
    Payable to related parties   9,434     10,099  
    Payable for securities purchased   170,850     —  
    Deferred income taxes   129,973     149,780  
    Borrowings   498,479     498,349  
    Total liabilities   814,125     673,518  
         
    Equity    
    Common shareholders’ equity   2,617,071     2,826,495  
    Non-controlling interests   130,737     130,767  
    Total equity   2,747,808     2,957,262  
        3,561,933     3,630,780  
                 
    Book value per share $       19.41   $ 20.96  
             
    Information on        
    CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands except per share amounts)        
      First quarter
      2025   2024  
    Income        
    Interest 3,196   5,038  
    Dividends 2,998   7,049  
    Net realized gains on investments 616   116,924  
    Net change in unrealized losses on investments (222,862 ) (410,927 )
    Net foreign exchange gains (losses) 3,245   (376 )
      (212,807 ) (282,292 )
    Expenses        
    Investment and advisory fees 9,399   9,484  
    General and administration expenses 1,648   2,536  
    Interest expense 6,755   6,380  
      17,802   18,400  
             
    Loss before income taxes (230,609 ) (300,692 )
    Recovery of income taxes (19,142 ) (7,483 )
    Net loss (211,467 ) (293,209 )
             
    Attributable to:        
    Shareholders of Fairfax India (211,224 ) (293,504 )
    Non-controlling interests (243 ) 295  
      (211,467 ) (293,209 )
                 
    Net loss per basic and diluted share $         (1.57 ) $    (2.17 )
    Shares outstanding (weighted average) 134,839,462   135,365,933  
             
             
             
    Information on        
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)        
    for the three months ended March 31, 2025 and 2024        
    (unaudited – US$ thousands)        
      First quarter
      2025   2024  
    Net loss (211,467 ) (293,209 )
    Other comprehensive income (loss), net of income taxes        
    Item that may be subsequently reclassified to net earnings (loss)        
    Unrealized foreign currency translation gains (losses), net of income taxes of nil (2024 – nil) 2,046   (5,708 )
    Comprehensive loss (209,421 ) (298,917 )
             
    Attributable to:        
    Shareholders of Fairfax India (209,391 ) (298,926 )
    Non-controlling interests (30 ) 9  
      (209,421 ) (298,917 )

    This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or an Indian Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.

    Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they 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 statements, including but not limited to the following factors: oil price risk; geographic concentration of investments; potential lack of diversification; foreign currency fluctuation; volatility of the Indian securities markets; investments may be made in foreign private businesses where information is unreliable or unavailable; valuation methodologies involve subjective judgments; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; disruption of the company’s information technology systems could significantly affect the company’s business; lawsuits; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share risk; weather risk; taxation risks; emerging markets; legal, tax and regulatory risks; MLI; economic risk; reliance on trading partners; and economic disruptions from conflicts in Ukraine and the Middle East and the development of other geopolitical events and economic disruptions worldwide. Additional risks and uncertainties are described in the company’s annual information form dated March 7, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.

    Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

    GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES
    Management analyzes and assesses the financial position of the consolidated company in various ways. Certain of the measures included in this press release, which have been used consistently and disclosed regularly in the company’s Annual Reports and interim financial reporting, do not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. Those measures are described below.

    Book value per share – The company considers book value per share a key performance measure in evaluating its objective of long term capital appreciation, while preserving capital. This measure is also closely monitored as it is used to calculate the performance fee, if any, to Fairfax Financial Holdings Limited. This measure is calculated by the company as common shareholders’ equity divided by the number of common shares outstanding.

    Cash and marketable securities – This measure is calculated by the company as the sum of cash, cash equivalents, short term investments and Government of India bonds. The company uses this measure to monitor short term liquidity risk.

    The MIL Network –

  • MIL-OSI: Petrus Resources Declares Monthly Dividend for May 2025

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to confirm that its Board of Directors has declared a monthly dividend in the amount of $0.01 per share payable May 30, 2025, to shareholders of record on May 15, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

    Dividend Reinvestment Plan (“DRIP”)
    Petrus’ DRIP enables eligible shareholders to reinvest all or part of their cash dividends into additional common shares of the Company. Participation in the DRIP is optional. Eligible shareholders who elect to reinvest their cash dividends under the DRIP will receive common shares issued from treasury at a discount of 3% from the market price of the common shares.

    To participate in the DRIP, registered shareholders must deliver a properly completed enrollment form to Odyssey Trust Company (“Odyssey”) before 4:00 p.m. (Calgary time) on the 5th business day immediately preceding a dividend record date. Beneficial shareholders who wish to participate in the DRIP should contact their broker or other nominee through which their Common Shares are held to determine their eligibility and provide appropriate enrollment instructions. Participation by shareholders that are not resident in Canada may be restricted.

    A complete copy of the DRIP is available on the Company’s website at www.petrusresources.com and on Odyssey’s website at https://odysseytrust.com/faq/. A copy of the enrollment form for use by registered shareholders is available on Odyssey’s website at https://odysseytrust.com/faq/. For further information regarding the DRIP, please contact Odyssey at 1-888-290-1175 (Toll free in North America) or 1-587-885-0960.

    ABOUT PETRUS
    Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta.

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Ken Gray
    President and Chief Executive Officer
    T: 403-930-0889
    E: kgray@petrusresources.com

    The MIL Network –

  • MIL-OSI: TWFG Insurance Acquires Agencies in Texas and North Carolina, and Adds Innovative Agency Owner, Denise Davis, as Vice President of Retail Operations

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, May 01, 2025 (GLOBE NEWSWIRE) — TWFG, Inc. (“TWFG”, the “Company”), a high-growth insurance distribution company, announced today the acquisition of two agencies, one in Texas and one in North Carolina, and the hiring of Denise Davis as Vice President of Retail Operations.

    Denise Davis Insurance, located in Tomball, Texas, converted to a TWFG Corporate Branch on April 1, 2025, after nearly 23 years as an independent TWFG Branch. This move allows Denise to take on the role of Vice President of Retail Operations at TWFG, where her industry and technological process expertise will bring scale and efficiency to our over 500 locations in 33 states.

    Paul Mears Insurance Group, Inc. joined TWFG on May 1, 2025. The agency has 16 employees in three locations in Valdese, North Wilkesboro, and Morgantown, North Carolina, expanding the number of TWFG Insurance locations in the state to nine. The agency has been serving customers since 1989. Paul Mears, Kelly Bowers-Messenheimer and Adam Mears will continue to lead the agency and focus on growth.

    About TWFG

    TWFG (NASDAQ: TWFG) is a leading independent distribution platform for personal and commercial insurance in the United States, representing hundreds of insurance carriers. The Company provides innovative insurance solutions through its network of agents, carriers, and technology-driven distribution models. For more information, visit www.twfg.com.

    For more information, please contact:

    Investor Contact:
    Gene Padgett
    TWFG, Inc. – Chief Accounting Officer
    Email: gene.padgett@twfg.com

    PR Contact:
    Alex Bunch
    TWFG, Inc. – Chief Marketing Officer
    E-mail: alex@twfg.com

    The MIL Network –

  • MIL-OSI Economics: Apple reports second quarter results

    Source: Apple

    Headline: Apple reports second quarter results

    Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

    This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plan for return of capital, payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

    MIL OSI Economics –

  • MIL-OSI USA: Lankford, Hudson Unveil Bill to End Biden-Era ‘Social Cost’ Climate Models, Supercharge Trump’s American Energy Agenda

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    WASHINGTON, DC — Senator James Lankford (R-OK) today introduced the Transparency and Honesty in Energy Regulations Act alongside Congressman Richard Hudson (R-NC), legislation that will eliminate the use of “social cost” metrics in federal rulemaking and reinforce President Donald Trump’s Unleashing American Energy executive order.
    “Under President Trump, American energy dominance is back, and states like Oklahoma are fueling the charge,” said Lankford. “This bill pushes back on the Biden Administration’s war on American energy producers by ensuring federal rulemaking is grounded in facts—not flawed models or political agendas. It’s a necessary step to restore transparency, rein in government overreach, and keep American energy competitive.”
    “The Biden-Harris Administration used every tool at their disposal to advance their radical green agenda,” said Hudson. “My bill ensures that going forward, no Administration can use inaccurate, unreliable standards to pass dangerous regulations.”
    Background
    The social cost of greenhouse gas metrics are theoretical measurements that try to put a price or economic impact on emissions. Measurement theories have been used by the federal government to determine the economic impact of potential federal regulations, even though they are unscientific and can result in more burdensome regulations.
    Lankford’s bill would prohibit the Environmental Protection Agency, the Department of Energy, the Interior Department, the Council on Environmental Quality, the Federal Energy Regulatory Commission, the Department of the Treasury, the Department of Agriculture, the Department of Commerce, and the Department of Health and Human Services from using the social cost of carbon, the social cost of methane, and social cost of nitrous oxide as rationales for their regulations.
    The Washington Reporter published an exclusive on the legislation, which you can read HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Lee Introduces Bill to Protect Children Online, Hold App Stores Accountable

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON – U.S. Senator Mike Lee (R-UT) introduced the App Store Accountability Act today, a bill providing parents with tools to protect their children from harmful content on mobile apps. Representative John James (R-MI) introduced the companion bill in the House of Representatives.
    “For too long, Big Tech has profited from app stores through which children in America and across the world access violent and sexual material while risking contact from online predators,” said Senator Lee. “Our legislation brings age verification and accountability to the source of the problem.”  
    “Kids cannot consent — and any company that exposes them to addictive or adult material should be held accountable. The App Store Accountability Act holds Big Tech companies to the same standard as local corner stores. It safeguards the next generation by empowering parents and ensures that when it comes to protecting children, no one is above the law.” – Congressman John James
    The App Store Accountability Act empowers parents as decision makers for their children’s online safety and holds app stores responsible for providing safeguards. The legislation requires app stores and developers to protect children by requiring parental approval for app downloads and providing accurate age ratings for apps. The bill also prohibits any selling or sharing of sensitive data or any act that would restrict free speech or expression. 
    Support for increased parental empowerment online is widespread and bipartisan. Recent polling shows 88% of parents support requiring app stores to obtain parental approval for minors to download apps, and 68% agree that granting approval through app stores would be the easiest way to provide their consent. 101 advocate organizations for children’s online safety endorsed the App Store Accountability Act in a letter of support led by the Digital Childhood Alliance. The letter can be read here. 
    “I started this effort in 2019 with Senator Lee because I saw how easily children were being funneled into danger through apps—often without a parent ever knowing. App stores are the chokepoint, and if we don’t require age checks and consent there, we are failing families. This bill is the solution I wish had existed years ago—and the one we need now more than ever.” – Melissa McKay, Founder, Digital Childhood Alliance and App Store Accountability Movement
    “App stores treat children like virtual adults—promoting adult-oriented platforms and allowing minors to accept terms and download any app without parental oversight. Parents, not tech companies, should have the final say over their child’s app usage. This bill restores parents’ digital sovereignty, empowers them to make informed choices, and reestablishes appropriate digital boundaries for children.” – Annie Chestnut Tutor, policy analyst for the Center for Technology and the Human Person at The Heritage Foundation
    “For too long, Big Tech has made it nearly impossible to know what our kids are downloading, agreeing to, or being exposed to. While they monetize our children, parents are totally left out of the loop. The App Store Accountability Act gives parents an important tool to protect their children online and off.” – Andrea Sparks, Not on Our Watch
    “App stores continue to overlook the age of their users and let kids download apps that require complex terms of service without parental consent, including mature adult apps, like online dating apps. The App Store Accountability Act would change this. It would put parents back in the driver’s seat over kids’ app experiences, requiring their consent for each app download or purchase. This bill provides the much-needed help that America’s parents need!” – Clare Morell, Fellow, The Ethics and Public Policy Center
    “This bill is a turning point for families. App stores have operated without oversight for too long, making it impossible for parents to protect their children from harmful content and predators. The App Store Accountability Act doesn’t ask for the impossible—it demands the necessary minimum: age verification and real parental consent. With 88% of parents supporting this solution across party lines, we’re witnessing a powerful movement for change that cannot be ignored.” – Andrea Davis, Founder, Better Screen Time
    The App Store Accountability Act empowers parents to protect their children online by:
    • Requiring app stores to utilize privacy-protecting age verification methods, and link minor-owned accounts to a parental account—allowing parents to give consent before the minor makes downloads or purchases. 
    • Providing a safe harbor for compliant app stores: Platforms can meet minimum standards by offering tools like secure age verification, parental oversight, and accurate app age ratings.
    • Requiring transparency and oversight: Annual certifications and a complaint mechanism will ensure tools are effective and loopholes are closed.
    • Prohibiting data exploitation: The sale of age-related data collected for verification will be strictly prohibited.
    To read Senator Lee’s op-ed for The Hill, click here.
    To read CNN’s exclusive coverage, click here.

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Management Approves the First Review New Staff Monitored-Program with Haiti

    Source: IMF – News in Russian

    May 1, 2025

    Staff Monitored Programs (SMPs) are informal arrangements between national authorities and IMF staff to monitor the authorities’ economic program. As such, they do not entail endorsement by the IMF Executive Board. SMP Staff reports are issued to the Board for information.

    • Management of the International Monetary Fund (IMF) has approved the First Review of the Staff-Monitored Program (SMP) with Haiti.
    • The SMP takes into account Haiti’s fragility and capacity constraints, linked to security. It is designed to support the authorities’ economic policy objectives and build a track record of reform implementation.
    • Fund management welcomes the authorities’ publication of the Governance Diagnostic Report.

    Washington, DC: Management of the International Monetary Fund (IMF) approved on April 15, 2025 the first review of Haiti’s Staff-Monitored Program (SMP). SMPs are arrangements between country authorities and the IMF to monitor the implementation of the authorities’ economic program and to establish a track record of policy implementation that could pave the way for financial assistance from the Fund under the Upper Credit Tranche (UCT).

    Haiti faces a multidimensional crisis with a challenging outlook which is highly uncertain. The country is affected by both global and country-specific shocks, which have worsened its fragility, since the negotiation of the SMP. Risks to the outlook are tilted to the downside and include worsening insecurity that would constrain further activity and the ability to implement reforms and attract aid and the foreign direct investment. The supply-side shock caused by the security crisis will continue to suppress growth and feed inflation unless the security outlook improves. Therefore, restoration of security is the priority.

    Despite domestic and global difficulties, the authorities are firmly committed to implement this SMP and have managed to contain the impact of the various shocks, thereby averting even worse economic outcomes. Net international reserves were valued at over US$1.1 billion at the end of December 2024. Despite the political transition and insecurity both the Ministry of Finance and the Bank of the Republic of Haiti (the Central Bank) have remained continuously engaged. They have consistently attempted to adopt feasible measures to limit macroeconomic imbalances and have been able to demonstrate full ownership and support for the SMP through the high-level Program Monitoring Committee which meets with IMF staff on a continuous basis.

    Implementation under the SMP has been broadly satisfactory and its objectives remain achievable. All quantitative targets have been met, with a comfortable margin. Of the seven structural benchmarks assessed under this review, six were implemented and one is expected to be met by June (due to constraints related to insecurity).

    The SMP is an important anchor for signaling the authorities’ commitment to continue making progress toward macroeconomic stabilization and strengthen governance, and locking in macroeconomic gains accumulated over recent years, despite the many headwinds.

    An urgent government priority is re-starting the mobilization of revenue to support the country’s massive development needs and boost well-targeted spending. The measures under the SMP should help achieve these goals. Continued strengthening of the social safety net is essential to cushion the impact of the shocks on the population and alleviate widespread poverty. The spending commitments previously indicated by the authorities using Food Shock Window resources should be audited in line with SMP commitments.

    The fiscal and monetary authorities’ commitment to keeping monetary financing of the deficit at zero is commendable and should continue. The FY2023 financial audit of the BRH is urgent and its eventual publication by August 2025 would be important for demonstrating transparency.

    In addition to addressing insecurity, advancing governance reforms is paramount to help Haiti exit from fragility, ensure macroeconomic stability and build trust with the private sector and development partners. In this vein, the authorities’ publication of the Governance Diagnostic Report and action plan is commendable. The report should provide a road map for reforms to enhance governance and will require capacity development support not only from the Fund but also from development partners.

    A government-led strategy to continue to strengthen the economy’s resilience to multiple shocks requires the financial support of the international community. This assistance is indispensable to allow quality spending, over the short, medium, and long term. Without it, Haiti will continue to suffer large import compression. External assistance should take the form of grants. The authorities should avoid contracting non-concessional loans, to ensure consistency with the SMP commitments. Non-concessional loans would not only be against SMP commitment. It would also undermine debt sustainability.

    In line with the Fund Strategy for Fragile and Conflict-Affected States, IMF staff will also continue to coordinate closely with Haiti’s main development partners, particularly on governance and capacity development.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/01/pr-25126-haiti-imf-approves-1st-review-new-staff-monitored-program

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Security: Yemeni Man Charged in Federal Indictment Alleging He Sent ‘Black Kingdom’ Malware to Extort Businesses, Schools, and Medical Clinics

    Source: Office of United States Attorneys

    LOS ANGELES – A Yemeni national was charged today in a three-count federal grand jury indictment alleging he deployed the so-called “Black Kingdom” ransomware against computer servers owned organizations worldwide, including businesses, schools, and hospitals in the United States, including a medical billing services company in the San Fernando Valley.

    Rami Khaled Ahmed, 36, a.k.a. “Black Kingdom,” of Sana’a, Yemen, is charged with one count of conspiracy, one count of intentional damage to a protected computer, and one count of threatening damage to a protected computer. He is believed to be residing in Yemen.

    According to the indictment, from March 2021 to June 2023, Ahmed and others infected computer networks of several U.S.-based victims, including a medical billing services company in Encino, a ski resort in Oregon, a school district in Pennsylvania, and a health clinic in Wisconsin. Ahmed developed and deployed Black Kingdom ransomware to exploit a vulnerability in Microsoft Exchange.

    The ransomware either encrypted data from victims’ computer networks or claimed to take that data from the networks. When the malware was successful, the ransomware then created a ransom note on the victim’s system that directed the victim to send $10,000 worth of Bitcoin to a cryptocurrency address controlled by a co-conspirator and to send proof of this payment to a Black Kingdom email address.

    During the conspiracy, the Black Kingdom conspirators caused the transmission of the Black Kingdom malware to approximately 1,500 computer systems in the United States and elsewhere.

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

    If convicted, Ahmed would face a statutory maximum sentence of five years in federal prison for each count.

    The FBI is investigating this matter with assistance from the New Zealand Police.

    Assistant United States Attorneys Angela C. Makabali and Alexander Gorin of the Cyber and Intellectual Property Crimes Section are prosecuting this case.

    MIL Security OSI –

  • MIL-OSI: Guggenheim Investments Announces May 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:

    Record Date May 15, 2025

    Ex-Dividend Date May 15, 2025

    Payable Date May 30, 2025

    Distribution Schedule
    NYSE Ticker Closed-End Fund Name Distribution
    Per Share    		 Change from Previous Distribution Frequency
    AVK Advent Convertible and Income Fund $0.1172†   Monthly
    GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust $0.12573†   Monthly
    GOF Guggenheim Strategic Opportunities Fund $0.1821†   Monthly
    GUG Guggenheim Active Allocation Fund $0.11875†   Monthly


    †     A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $246 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 220+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 3.31.2025 and include leverage of $15.2bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries
    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (05/25) 64740

    The MIL Network –

  • MIL-OSI: Cenovus to hold first-quarter 2025 conference call and webcast and 2025 Annual Meeting of Shareholders on May 8

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its first-quarter 2025 results on Thursday, May 8, 2025. The news release will provide consolidated first-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

    First-quarter 2025 conference call: 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, 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.

    To listen to the conference call online, a live audio webcast will also be available and archived for approximately 30 days.

    Annual Meeting of Shareholders

    Cenovus will also host its Annual Meeting of Shareholders on May 8, 2025, at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is also available under Investors at cenovus.com.

    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 Media
    Investor Relations general line
    403-766-7711    		 Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Quaint Oak Bancorp, Inc. Announces First Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    Southampton, PA , May 01, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net loss for the quarter ended March 31, 2025 of $83,000, or $(0.03) per basic and diluted share, compared to net income of $873,000, or $0.36 per basic and diluted share, for the same period in 2024.

    Robert T. Strong, Chief Executive Officer stated, “First quarter results historically are not the best of our calendar year. Our first quarter results of this year certainly proved true with slightly less than a breakeven performance. The trends in the country’s real gross domestic product shrinkage of -0.3% in the first quarter 2025 from growth of 2.4% in the fourth quarter of 2024 is a testament to the reality we have experienced.”

    Mr. Strong added, “Uncertainty of the country’s direction in world trade and other domestic issues have had the effect of slowing commitments in the business sector. The housing market has failed to thrive so far this year, rendering our mortgage banking subsidiary to a relatively neutral production mode. Small Business loans both in the SBA category and our portfolio category are slow to close with business owners waiting to gauge the momentum of 2025.”

    Mr. Strong continued, “On a more positive note, the Bank’s pipeline for commercial loans, SBA loans and mortgage loans is relatively strong which would indicate that as the uncertainty in political direction is clarified, our prospects for loan closings should improve.”

    Mr. Strong commented, “We have been reporting weakness in the small business sector of our loan portfolio which still exists. Although both the non-performing loans as a percentage of total loans receivable, net and our non-performing assets as a percentage of total assets experienced a marginal increase over the previous quarter ended December 31, 2024, both have improved over the quarter ended March 31, 2024. Our Texas Ratio is 9.22% at the quarter ended March 31, 2025, down from 11.96% at the quarter ended March 31, 2024. Additionally, I am pleased to report that the Bank’s Total Risk-Based Capital Ratio improved to 13.92% at March 31, 2025 from 13.61% at March 31, 2024.”

    Mr. Strong concluded, “As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

    Comparison of Quarter-over-Quarter Operating Results

    Net loss amounted to $83,000 for the three months ended March 31, 2025, a decrease of $956,000, or 109.5%, compared to net income of $873,000 for the three months ended March 31, 2024. The decrease in net income on a comparative quarterly basis was primarily the result of a decrease in interest and dividend income of $2.2 million, an increase in non-interest expense of $419,000, and a decrease in net income from discontinued operations of $406,000, partially offset by a decrease in interest expense of $930,000, a decrease in the provision for credit losses of $695,000, a decrease in the net provision for income taxes from continuing operations of $262,000, and an increase in non-interest income of $178,000.

    The $2.2 million, or 18.1%, decrease in interest and dividend income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $69.8 million from $658.4 million for the three months ended March 31, 2024 to $588.7 million for the three months ended March 31, 2025 and had the effect of decreasing interest income $1.2 million, a 35 basis point decrease in the average yield on loans receivable, net from 6.82% for the three months ended March 31, 2024 to 6.47% for the three months ended March 31, 2025, and had the effect of decreasing interest income $519,000, and a $31.1 million decrease in the average balance of due from banks – interest earning, which decreased from $68.2 million for the three months ended March 31, 2024 to $37.1 million for the three months ended March 31, 2025, and had the effect of decreasing interest income $356,000.

    The $930,000, or 13.9%, decrease in interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was driven by a $1.3 million, or 21.0%, decrease in interest expense on deposits, which was primarily attributable to reduced correspondent banking activity. Also contributing to the decrease in interest expense for the three months ended March 31, 2025 was a $237,000, or 97.9%, decrease in the interest expense on Federal Home Loan Bank long-term borrowings due to a $23.3 million, or 92.8%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $25.1 million for the three months ended March 31, 2024 to $1.8 million for the three months ended March 31, 2025 and a $32,000, or 6.6%, decrease in interest expense on subordinated debt. These decreases in interest expense were partially offset by a $479,000, or 100.0%, increase in the interest expense on Federal Home Loan Bank short-term borrowings due to a $43.2 million, or 100.0%, increase in the average balance of Federal Home Loan Bank short-term borrowings which increased from none for the three months ended March 31, 2024 to $43.2 million for the three months ended March 31, 2025, and a $116,000, or 100.0% increase in interest expense on senior debt. The average interest rate spread increased from 2.06% for the three months ended March 31, 2024 to 2.13% for the three months ended March 31, 2025 while the net interest margin decreased from 2.96% for the three months ended March 31, 2024 to 2.63% for the three months ended March 31, 2025.

    The $695,000, or 61.2%, decrease in the provision for credit losses for the three months ended March 31, 2025 over the three months ended March 31, 2024 was primarily due to a decrease in loans receivable, net, partially offset by an increase in charge-offs during the three months ended March 31, 2025.

    The $178,000, or 11.3%, increase in non-interest income for the three months ended March 31, 2025 over the comparable period in 2024 was primarily attributable to a $279,000, or 996.4%, increase in gain on sale of SBA loans, a $121,000, or 12.9%, increase in net gain on sale of loans, and a $33,000, or 21.7%, increase in insurance commissions. These increases were partially offset by a $195,000, or 85.9%, decrease in other fees and service charges, a $60,000, or 29.1%, decrease in mortgage banking, equipment lending and title abstract fees, and a $4,000, or 100.0%, decrease in real estate sales commissions, net.

    The $419,000, or 8.2%, increase in non-interest expense for the three months ended March 31, 2025 over the comparable period in 2024 was primarily due to a $181,000, or 72.4%, increase in occupancy and equipment expense, a $139,000, or 52.9%, increase in data processing expense, an $82,000, or 58.2%, increase in professional fees, a $55,000, or 11.3%, increase in other expense, a $14,000, or 27.5%, increase in directors’ fees and expenses, and a $13,000, or 15.1%, increase in advertising expense. These increases were partially offset by a $52,000, or 30.1%, decrease in FDIC deposit insurance assessment, and a $13,000, or 0.4%, decrease in salaries and employee benefits expense.

    The provision for income tax from continuing operations decreased $262,000, or 99.2%, from $264,000 for the three months ended March 31, 2024 to $2,000 for the three months ended March 31, 2025 due primarily to a decrease in pre-tax income.

    Comparison of Financial Condition

    The Company’s total assets at March 31, 2025 were $650.4 million, a decrease of $34.8 million, or 5.1%, from $685.2 million at December 31, 2024. This decrease in total assets was primarily due to a $14.1 million, or 22.4%, decrease in cash and cash equivalents, a $13.3 million, or 20.7%, decrease in loans held for sale, and an $8.3 million, or 1.6%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $9.6 million, or 3.2%, commercial business loans which decreased $8.9 million, or 7.8%, and one-to-four family non-owner occupied loans which decreased $946,000, or 2.8%. Partially offsetting these decreases were construction loans which increased $4.2 million, or 22.7%, one-to-four family owner occupied loans which increased $4.1 million, or 15.9%, and home equity loans which increased $2.8 million, or 49.3%. Also contributing to the decrease in assets was a $208,000, or 12.5%, decrease in investment securities available for sale, and a $40,000, or 2.5%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $686,000, or 31.0%, increase in investment in Federal Home Loan Bank stock, at cost, a $301,000, or 3.9%, increase in prepaid expenses and other assets, a $227,000, or 5.7%, increase in accrued interest receivable, and a $30,000, or 0.7%, increase in bank-owned life insurance.

    Loans held for sale decreased $13.3 million, or 20.7%, from $64.3 million at December 31, 2024 to $50.9 million at March 31, 2025 as the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $19.6 million of one-to-four family residential loans during the three months ended March 31, 2025 and sold $24.8 million of loans in the secondary market. The Bank’s commercial real estate subsidiary, Oakmont Commercial, LLC, originated $9.4 million of commercial real estate loans during the three months ended March 31, 2025 and sold $17.8 million of loans in the secondary market during this same period. Additionally, the Bank originated $4.9 million of SBA loans and sold $3.7 of loans in the secondary market in the same period.

    Total deposits decreased $45.7 million, or 8.3%, to $507.6 million at March 31, 2025 from $553.3 million at December 31, 2024. This decrease in deposits was primarily attributable to a decrease of $47.8 million, or 100.0%, in interest bearing checking accounts as the Company exited one of its correspondent banking relationships. Also contributing to the decrease in deposits was a decrease of $18.0 million, or 11.1%, in money market accounts, and a $62,000, or 12.6%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $19.0 million, or 6.7%, in certificates of deposit, and an increase of $1.1 million, or 1.9%, in non-interest bearing checking accounts.

    Total Federal Home Loan Bank (FHLB) borrowings increased $17.1 million, or 35.8%, to $65.0 million at March 31, 2025 from $47.9 million at December 31, 2024. During the period ended March 31, 2025, the Company borrowed $60.0 million of FHLB short-term borrowings, paid down $40.0 million of FHLB short-term borrowings, and paid down $2.9 million of FHLB long-term borrowings.

    Senior debt, net of unamortized debt issuance costs, increased $9.5 million, or 100.0% from none at December 31, 2024 as the Company entered into a Senior Unsecured Note Purchase Agreement with certain institutional accredited investors pursuant to which the Company issued an aggregate of $9.75 million in aggregate principal amount of Fixed Rate Unsecured Senior Notes due March 1, 2028 (the “Notes”) in a private placement. The Company issued to an accredited individual investor an additional $250,000 in principal amount of the Notes as of March 4, 2025 for a total of $10.0 million in aggregate principal amount. The Notes bear interest at a fixed annual rate of 11.00%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning September 1, 2025. The maturity date of the Notes is March 1, 2028.

    Subordinated debt, net of unamortized debt issuance costs, decreased $14.0 million, or 63.6%, to $8.0 million at March 31, 2025 from $22.0 million at December 31, 2024 as the Company used the net proceeds from the sale of the Senior Debt Notes to repay a portion of the outstanding $14.0 million aggregate principal amount of its 8.5% Fixed Rate Subordinated Notes upon their maturity on March 15, 2025.

    Total stockholders’ equity from continuing operations decreased $353,000, or 0.7%, to $52.3 million at March 31, 2025 from $52.6 million at December 31, 2024. Contributing to the decrease were dividends paid of $341,000, and net loss for the period ended March 31, 2025 of $83,000. The decrease in stockholders’ equity was partially offset by amortization of stock awards and options under our stock compensation plans of $61,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $9,000, and other comprehensive income, net of $1,000.

    Non-performing loans at March 31, 2025 totaled $5.9 million, or 1.13%, of total loans receivable, net of allowance for credit losses, consisting of $5.4 million of loans on non-accrual status and $513,000 of loans 90-days or more delinquent. Non-accrual loans consist of one one-to-four family residential owner occupied loan, eight commercial real estate loans, and twelve commercial business loans. Included in the twelve commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan, one commercial real estate loan and two commercial business loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the period ended March 31, 2025, seven commercial business loans totaling $419,000 that were previously on non-accrual were charged-off through the allowance for credit losses. Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    QUAINT OAK BANCORP, INC.
    Consolidated Balance Sheets
    (In Thousands)
          At March 31,       At December 31,  
          2025       2024  
          (Unaudited)       (Unaudited)  
    Assets                
    Cash and cash equivalents   $ 48,859     $ 62,989  
    Investment in interest-earning time deposits     912       912  
    Investment securities available for sale at fair value     1,458       1,666  
    Loans held for sale     50,946       64,281  
    Loans receivable, net of allowance for credit losses (2025: $6,388; 2024: $6,476)     526,374       534,693  
    Accrued interest receivable     4,188       3,961  
    Investment in Federal Home Loan Bank stock, at cost     2,900       2,214  
    Bank-owned life insurance     4,477       4,447  
    Premises and equipment, net     1,586       1,626  
    Goodwill     515       515  
    Other intangible, net of accumulated amortization     65       77  
    Prepaid expenses and other assets     8,088       7,787  
    Total Assets   $ 650,368     $ 685,168  
                     
    Liabilities and Stockholders’ Equity                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 60,928     $ 59,783  
    Interest-bearing     446,654       493,469  
    Total deposits     507,582       553,252  
    Federal Home Loan Bank short-term borrowings     65,000       45,000  
    Federal Home Loan Bank long-term borrowings     –       2,855  
    Subordinated debt     8,000       22,000  
    Senior debt     9,487       –  
    Accrued interest payable     773       937  
    Advances from borrowers for taxes and insurance     2,044       3,122  
    Accrued expenses and other liabilities     5,218       5,385  
    Total Liabilities     598,104       632,551  
                     
    Total Stockholders’ Equity     52,264       52,617  
    Total Liabilities and Stockholders’ Equity   $ 650,368     $ 685,168  
    QUAINT OAK BANCORP, INC.
    Consolidated Statements of Operations
    (In Thousands, except share data)
        For the Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Interest and Dividend Income                
    Interest on loans, including fees   $ 9,523     $ 11,232  
    Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     403       890  
    Total Interest and Dividend Income     9,926       12,122  
                     
    Interest Expense                
    Interest on deposits     4,729       5,986  
    Interest on Federal Home Loan Bank short-term borrowings     479       –  
    Interest on Federal Home Loan Bank long-term borrowings     5       242  
    Interest on Federal Reserve Bank short-term borrowings     1       –  
    Interest on subordinated debt     452       484  
    Interest on senior debt     116       –  
    Total Interest Expense     5,782       6,712  
    Net Interest Income     4,144       5,410  
    Provision for Credit Losses – Loans     326       1,084  
    Provision for Credit Losses – Unfunded Commitments     115       52  
    Net Interest Income after Provision for Credit Losses     3,703       4,274  
                     
    Non-Interest Income                
    Mortgage banking, equipment lending and title abstract fees     146       206  
    Real estate sales commissions, net     –       4  
    Insurance commissions     185       152  
    Other fees and services charges     32       227  
    Net loan servicing income     4       2  
    Income from bank-owned life insurance     30       28  
    Net gain on sale of loans     1,056       935  
    Gain on the sale of SBA loans     307       28  
    Total Non-Interest Income     1,760       1,582  
                     
    Non-Interest Expense                
    Salaries and employee benefits     3,650       3,663  
    Directors’ fees and expenses     65       51  
    Occupancy and equipment     431       250  
    Data processing     402       263  
    Professional fees     223       141  
    FDIC deposit insurance assessment     121       173  
    Advertising     99       86  
    Amortization of other intangible     12       12  
    Other     541       486  
    Total Non-Interest Expense     5,544       5,125  
    (Loss) income from continuing operations before income taxes     (81 )     731  
    Income Taxes     2       264  
    Net (loss) income from continuing operations     (83 )     467  
    Income from discontinued operations     –       564  
    Income tax from discontinued operations     –       158  
    Net income from discontinued operations     –       406  
    Net (Loss) Income   $ (83 )   $ 873  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Per Common Share Data:                
    Earnings per share from continuing operations – basic   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – basic   $ –     $ 0.16  
    Earnings per share, net – basic   $ (0.03 )   $ 0.36  
    Average shares outstanding – basic     2,626,967       2,450,814  
    Earnings per share from continuing operations – diluted   $ (0.03 )   $ 0.20  
    Earnings per share from discontinued operations – diluted   $ –     $ 0.16  
    Earnings per share, net – diluted   $ (0.03 )   $ 0.36  
    Average shares outstanding – diluted     2,626,967       2,450,814  
    Book value per share, end of period   $ 19.89     $ 20.84  
    Shares outstanding, end of period     2,627,397       2,407,048  
        Three Months Ended March 31,  
        2025     2024  
        (Unaudited)  
    Selected Operating Ratios:                
    Average yield on interest-earning assets     6.30 %     6.63 %
    Average rate on interest-bearing liabilities     4.17 %     4.57 %
    Average interest rate spread     2.13 %     2.06 %
    Net interest margin     2.63 %     2.96 %
    Average interest-earning assets to average interest-bearing liabilities     113.59 %     124.57 %
    Efficiency ratio     70.40 %     73.29 %
                     
    Asset Quality Ratios (1):                
    Non-performing loans as a percent of total loans receivable, net     1.13 %     1.28 %
    Non-performing assets as a percent of total assets     0.91 %     1.00 %
    Allowance for credit losses as a percent of non-performing loans     107.45 %     97.24 %
    Allowance for credit losses as a percent of total loans receivable, net     1.20 %     1.23 %
    Texas Ratio (2)     9.22 %     11.96 %

      
    (1)  Asset quality ratios are end of period ratios.
    (2)  Total non-performing assets divided by tangible common equity plus the allowance for credit losses.

    The MIL Network –