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  • MIL-OSI USA: Disaster Recovery Center in Johnson County To Permanently Close, Help Is Still Available

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. – The Disaster Recovery Center in Johnson County is permanently closing at 7 p.m. April 30.
     
    The Disaster Recovery Center in Johnson County is located at:
     
    KCTCS Mayo Campus, Auditorium Building C, 508 Third St., Paintsville, KY 41240 
    Working hours are 9 a.m. to 7 p.m. Eastern Time, Monday through Wednesday.
    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will also be available at the recovery centers to assist survivors.
    Click here to find centers that are already open in Kentucky. You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U.S. Small Business Administration. No appointment is needed. 
    Kentucky homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson and Woodford counties can apply for federal assistance.
    You can visit any Disaster Recovery Center to get in-person assistance. No appointment is needed. To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362.
    You don’t have to visit a center to apply for FEMA assistance. There are other ways to apply: online at DisasterAssistance.gov, use the FEMA App for mobile devices or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.
    When you apply, you will need to provide:

    A current phone number where you can be contacted.
    Your address at the time of the disaster and the address where you are now staying.
    Your Social Security Number.
    A general list of damage and losses.
    Banking information if you choose direct deposit.
    If insured, the policy number or the agent and/or the company name.

    For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.
    For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4.

    MIL OSI USA News –

  • MIL-OSI USA: NASA’s Lunar Drill Technology Passes Tests on the Moon

    Source: NASA

    NASA’s PRIME-1 (Polar Resources Ice Mining Experiment 1) mission was designed to demonstrate technologies to help scientists better understand lunar resources ahead of crewed Artemis missions to the Moon. During the short-lived mission on the Moon, the performance of PRIME-1’s technology gave NASA teams reason to celebrate.  
    “The PRIME-1 mission proved that our hardware works in the harshest environment we’ve ever tested it in,” said Janine Captain, PRIME-1 co-principal investigator and research chemist at NASA’s Kennedy Space Center in Florida. “While it may not have gone exactly to plan, this is a huge step forward as we prepare to send astronauts back to the Moon and build a sustainable future there.” 
    Intuitive Machines’ IM-2 mission launched to the Moon on Feb. 26, 2025, from NASA Kennedy’s Launch Complex 39A, as part of the company’s second Moon delivery for NASA under the agency’s CLPS (Commercial Lunar Payload Services) initiative and Artemis campaign. The IM-2 Nova-C lunar lander, named Athena, carried PRIME-1 and its suite of two instruments: a drill known as TRIDENT (The Regolith and Ice Drill for Exploring New Terrain), designed to bring lunar soil to the surface; and a mass spectrometer, Mass Spectrometer Observing Lunar Operations (MSOLO), to study TRIDENT’s drill cuttings for the presence of gases that could one day help provide propellant or breathable oxygen to future Artemis explorers.  
    The IM-2 mission touched down on the lunar surface on March 6, just around 1,300 feet (400 meters) from its intended landing site of Mons Mouton, a lunar plateau near the Moon’s South Pole. The Athena lander was resting on its side inside a crater preventing it from recharging its solar cells, resulting in an end of the mission.
    “We were supposed to have 10 days of operation on the Moon, and what we got was closer to 10 hours,” said Julie Kleinhenz, NASA’s lead systems engineer for PRIME-1, as well as the in-situ resource utilization system capability lead deputy for the agency. “It was 10 hours more than most people get so I am thrilled to have been a part of it.” 
    Kleinhenz has spent nearly 20 years working on how to use lunar resources for sustained operations. In-situ resource utilization harnesses local natural resources at mission destinations. This enables fewer launches and resupply missions and significantly reduces the mass, cost, and risk of space exploration. With NASA poised to send humans back to the Moon and on to Mars, generating products for life support, propellants, construction, and energy from local materials will become increasingly important to future mission success.  
    “In-situ resource utilization is the key to unlocking long-term exploration, and PRIME-1 is helping us lay this foundation for future travelers.” Captain said.
    The PRIME-1 technology also set out to answer questions about the properties of lunar regolith, such as soil strength. This data could help inform the design of in-situ resource utilization systems that would use local resources to create everything from landing pads to rocket fuel during Artemis and later missions.  
    “Once we got to the lunar surface, TRIDENT and MSOLO both started right up, and performed perfectly. From a technology demonstrations standpoint, 100% of the instruments worked.” Kleinhenz said.
    The lightweight, low-power augering drill built by Honeybee Robotics, known as TRIDENT, is 1 meter long and features rotary and percussive actuators that convert energy into the force needed to drill. The drill was designed to stop at any depth as commanded from the ground and deposit its sample on the surface for analysis by MSOLO, a commercial off-the-shelf mass spectrometer modified by engineers and technicians at NASA Kennedy to withstand the harsh lunar environment. Designed to measure the composition of gases in the vicinity of the lunar lander, both from the lander and from the ambient exosphere, MSOLO can help NASA analyze the chemical makeup of the lunar soil and study water on the surface of the Moon.  
    Once on the Moon, the actuators on the drill performed as designed, completing multiple stages of movement necessary to drill into the lunar surface. Prompted by commands from technicians on Earth, the auger rotated, the drill extended to its full range, the percussion system performed a hammering motion, and the PRIME-1 team turned on an embedded core heater in the drill and used internal thermal sensors to monitor the temperature change.
    While MSOLO was able to perform several scans to detect gases, researchers believe from the initial data that the gases detected were all anthropogenic, or human in origin, such as gases vented from spacecraft propellants and traces of Earth water. Data from PRIME-1 accounted for some of the approximately 7.5 gigabytes of data collected during the IM-2 mission, and researchers will continue to analyze the data in the coming months and publish the results.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Technology Enables Leaps in Artificial Intelligence

    Source: NASA

    Artificial intelligence lets machines communicate autonomously

    Artificial intelligence (AI) is advancing rapidly, as intelligent software proves capable of various tasks. The technology usually requires a “human in the loop” to train it and ensure accuracy. But long before the arrival of today’s generative artificial intelligence, a different kind of AI was born with the help of NASA’s Ames Research Center in California’s Silicon Valley — one that only exists between machines, running without any human intervention.
    In 2006, Geoffrey Barnard founded Machine-to-Machine Intelligence Corp. (M2Mi) at Ames’ NASA Research Park, envisioning an automated, satellite-based communication network. NASA Ames established a Space Act Agreement with the company to develop artificial intelligence that would automate communications, privacy, security, and resiliency between satellites and ground-based computers.
    Central to the technology was automating a problem-solving approach known as root cause analysis, which NASA has honed over decades. This methodology seeks to identify not only the immediate cause of a problem but also all the factors that contributed to the cause. This would allow a network to identify its own issues and fix itself. 
    NASA Ames’ director of nanotechnology at the time wanted to develop a communications network based on small, low-powered satellites, so Ames supported M2Mi in developing the necessary technology. 
    Barnard, now CEO and chief technology officer of Tiburon, California-based branch of M2Mi, said NASA’s support laid the foundation for his company, which employs the same technology in a ground-based network. 
    The company’s M2M Intelligence software performs secure, resilient, automated communications on a system that runs across hundreds of networks, connecting thousands of devices, many of which were not built to communicate with each other. The M2Mi company worked with Vodafone of Berkshire, England, to build a worldwide network across more than 500 smaller networks in over 190 countries. The companies M2M Wireless and TriGlobal have begun using M2M Intelligence for transportation logistics. 
    With NASA’s help, emerging industries are getting the boost they need to rapidly develop technologies to enhance our lives. 

    MIL OSI USA News –

  • MIL-OSI USA: NASA Soars to New Heights in First 100 Days of Trump Administration

    Source: NASA

    Today is the 100th day of the Trump-Vance Administration after being inaugurated on Jan. 20. In his inaugural address, President Trump laid out a bold and ambitious vision for NASA’s future throughout his second term, saying, “We will pursue our manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars.” NASA has spent the first 100 days in relentless pursuit of this goal, continually exploring, innovating, and inspiring for the benefit of humanity.
    “In just 100 days, under the bold leadership of President Trump and acting Administrator Janet Petro, NASA has continued to further American innovation in space,” said Bethany Stevens, NASA press secretary. “From expediting the return of American astronauts home after an extended stay aboard the state-of-the-art International Space Station, to bringing two new nations on as signatories of the Artemis Accords, to the historic SPHEREx mission launch that takes us one step closer to mapping the secrets of the universe, NASA continues to lead on the world stage. Here at NASA, we’re putting the America First agenda into play amongst the stars, ensuring the United States wins the space race at this critical juncture in time.”
    A litany of victories in the first 100 days set the stage for groundbreaking success throughout the remainder of the term. Read more about NASA’s cutting-edge work in this short, yet dynamic, period of time below:
    Bringing Astronauts Home Safely, Space Station Milestones

    America brought Crew-9 safely home. NASA astronauts Butch Wilmore, Suni Williams, and Nick Hague, along with Roscosmos cosmonaut Aleksandr Gorbunov, returned to Earth after a successful mission aboard the International Space Station, splashing down in the Gulf of America. Their safe return reflects America’s unwavering commitment to the agency’s astronauts and mission success.
    A new, American-led mission launched to space. The agency’s Crew-10 mission is currently aboard the space station, with NASA astronauts Anne McClain and Nichole Ayers, joined by international partners from Japan and Russia. NASA continues to demonstrate American leadership and the power of space diplomacy as we maintain a continuous human presence in orbit.
    The agency welcomed home NASA astronaut Don Pettit, concluding a seven-month science mission aboard the orbiting laboratory. Pettit landed at 6:20 a.m. Kazakhstan time, April 20 on his 70th birthday, making him NASA’s oldest active astronaut and the third oldest person to reach orbit.
    NASA astronaut Jonny Kim launched and arrived safely at the International Space Station, marking the start of his first space mission. Over eight months, he’ll lead groundbreaking research that advances science and improves life on Earth, proving once again that Americans are built to lead in space.
    The four members of the agency’s SpaceX Crew-11, NASA astronauts Zena Cardman and Mike Fincke, JAXA (Japan Aerospace Exploration Agency) astronaut Kimiya Yui, and Roscosmos cosmonaut Oleg Platonov were named by NASA. Launching no earlier than July 2025, this mission continues America’s leadership in long-duration human spaceflight while strengthening critical global partnerships.
    NASA announced Chris Williams will launch in November 2025 for his first spaceflight. His upcoming mission underscores the pipeline of American talent ready to explore space and expand our presence beyond Earth.
    NASA is inviting U.S. industry to propose two new private astronaut missions to the space station in 2026 and 2027 – building toward a future where American companies sustain a continuous human presence in space and advance our national space economy.
    NASA and SpaceX launched the 32nd Commercial Resupply Services mission, delivering 6,700 pounds of cargo to the International Space Station. These investments in science and technology continue to strengthen America’s leadership in low Earth orbit. The payload supports cutting-edge research, including:

    New maneuvers for free-flying robots

    An advanced air quality monitoring system

    Two atomic clocks to explore relativity and ultra-precise timekeeping

    Sending Humans to Moon, Mars

    Teams began hot fire testing the first of three 12-kW Solar Electric Propulsion (SEP) thrusters. These high-efficiency thrusters are a cornerstone of next-generation spaceflight, as they offer greater fuel economy and mission flexibility than traditional chemical propulsion, making them an asset for long-duration missions to the Moon, Mars, and beyond. For Mars in particular, SEP enables three key elements required for success:

    Sustained cargo transport

    Orbital maneuvering

    Transit operations

    NASA completed the fourth Entry Descent and Landing technology test in three months, accelerating innovation to achieve precision landings on Mars’ thin atmosphere and rugged terrain.
    NASA’s Deep Space Optical Communications experiment aboard Psyche broke new ground, enabling the high-bandwidth connections vital for communications with crewed missions to Mars.
    Firefly Aerospace’s Blue Ghost Mission One successfully delivered 10 NASA payloads to the Moon, advancing landing, autonomy, and data collection skills for Mars missions.
    Intuitive Machines’ IM-2 mission achieved the southernmost lunar landing, collecting critical data from challenging terrain to inform Mars exploration strategies.
    NASA cameras aboard Firefly’s Blue Ghost lander captured unprecedented footage of engine plume-surface interactions, offering vital data for designing safer landings on the Moon and Mars.
    The agency’s Stereo Cameras for Lunar Plume-Surface Studies (SCALPSS) 1.1 aboard Blue Ghost collected more than 9,000 images of lunar descent, providing insights on lander impacts and terrain interaction to guide future spacecraft design.
    New SCALPSS hardware delivered for Blue Origin’s Blue Mark 1 mission also is enhancing lunar landing models, helping build precision landing systems for the Moon and Mars. The LuGRE (Lunar Global Navigation Satellite System Receiver Experiment) on Blue Ghost acquired Earth navigation signals from the Moon, advancing autonomous positioning systems crucial for lunar and Mars operations.
    The Electrodynamic Dust Shield successfully cleared lunar dust, demonstrating a critical technology for protecting equipment on the Moon and Mars.
    Astronauts aboard the space station conducted studies to advance understanding of how to keep crews healthy on long-duration Mars missions.
    NASA’s Moon to Mars Architecture Workshop gathered industry, academic, and international partners to refine exploration plans and identify collaboration opportunities.

    Artemis Milestones

    NASA completed stacking the twin solid rocket boosters for Artemis II, the mission that will send American astronauts around the Moon for the first time in more than 50 years. This is a powerful step toward returning our nation to deep space.
    At NASA’s Kennedy Space Center in Florida, teams joined the core stage with the solid rocket boosters inside the Vehicle Assembly Building.
    Engineers lifted the launch vehicle stage adapter atop the SLS (Space Launch System) core stage, connecting key systems that will soon power NASA’s return to the Moon.
    Teams received the Interim Cryogenic Propulsion Stage and moved the SLS core stage into the transfer aisle, clearing another milestone as the agency prepares to fully integrate America’s most powerful rocket.
    NASA attached the solar array wings that will help power the Orion spacecraft on its journey around the Moon, laying the groundwork for humanity’s next giant leap.
    Technicians installed the protective fairings on Orion’s service module to shield the spacecraft during its intense launch and ascent phase, as NASA prepares to send astronauts farther than any have gone in more than half a century.
    The agency’s next-generation mobile launcher continues to take shape, with the sixth of 10 massive modules being installed. This structure will carry future Artemis rockets to the launch pad.
    NASA and the Department of Defense teamed up aboard the USS Somerset for Artemis II recovery training, ensuring the agency and its partners are ready to safely retrieve Artemis astronauts after their historic mission around the Moon.
    NASA unveiled the Artemis II mission patch. The patch designates the mission as “AII,” signifying not only the second major flight of the Artemis campaign but also an endeavor of discovery that seeks to explore for all and by all.

    America First in Space

    NASA announced the first major science results from asteroid Bennu, revealing ingredients essential for life, a discovery made possible by U.S. leadership in planetary science through the OSIRIS-REx (Origins, Spectral Interpretation, Resource Identification, and Security-Regolith Explorer) mission. The team found salty brines, 14 of the 20 amino acids used to make proteins, and all five DNA nucleobases, suggesting that the conditions and ingredients for life were widespread in our early solar system. And this is just the beginning – these results were from analysis of only 0.06% of the sample.
    NASA was named one of TIME’s Best Companies for Future Leaders, underscoring the agency’s role in cultivating the next generation of American innovators.
    NASA awarded contracts to U.S. industry supporting Earth science missions,  furthering our understanding of the planet while strengthening America’s industrial base.
    As part of the Air Traffic Management-Exploration project, NASA supported Boeing’s test of digital and autonomous taxiing with a Cessna Caravan at Moffett Federal Airfield. The test used real-time simulations from the agency’s Future Flight Central to gather data that will help Boeing refine its systems and safely integrate advanced technologies into national airspace, demonstrating American aviation leadership.
    NASA successfully completed its automated space traffic coordination objectives between the agency’s four Starling spacecraft and SpaceX’s Starlink constellation. Teams demonstrated four risk mitigation maneuvers, autonomously resolving close approaches between two spacecraft with different owner/operators.  
    In collaboration with the National Institute of Aeronautics, NASA selected eight finalists in a university competition aimed at designing innovative aviation solutions that can help the agriculture industry. NASA’s Gateways to Blue Skies seeks ways to apply American aircraft and aviation technology to enhance the productivity, efficiency, and resiliency of American farms. 
    In Houston, United Airlines pilots successfully conducted operational tests of NASA-developed technologies designed to reduce flight delays. Using technologies from the Air Traffic Management Exploration project, pilots flew efficient re-routes, avoiding airspace with bad weather upon departure. United plans to expand the use of these capabilities, another example of how NASA innovations benefit all humanity. 
    On March 11, NASA’s newest astrophysics observatory, SPHEREx, launched on its journey to answer fundamental questions about our universe, thanks to the dedication and expertise of the agency’s team. Riding aboard a SpaceX Falcon 9 from Vandenberg Space Force Base, SPHEREx will scan the entire sky to study how galaxies formed, search for the building blocks of life, and look back to the universe’s earliest moments. After launch, SPHEREx turned on its detectors, and everything is performing as expected.

    Also onboard were four small satellites for NASA’s PUNCH (Polarimeter to Unify the Corona and Heliosphere) mission, which will help scientists understand how the Sun’s outer atmosphere becomes solar wind. These missions reflect the best of the agency – pushing the boundaries of discovery and expanding our understanding of the cosmos.

    On March 14, NASA’s EZIE (Electrojet Zeeman Imaging Explorer) mission launched from Vandenberg Space Force Base. This trio of small satellites will study auroral electrojets, or intense electric currents flowing high above Earth’s poles, helping the agency better understand space weather and its effects on our planet. The mission has taken its first measurements, demonstrating that the spacecraft and onboard instrument are working as expected.
    The X-59 quiet supersonic aircraft cleared another hurdle on its way to first flight. The team successfully completed an engine speed hold test, confirming the “cruise control” system functions as designed. 
    NASA researchers successfully tested a prototype that could help responders fight and monitor wildfires, even in low-visibility conditions. The Portable Airspace Management System, developed by NASA’s Advanced Capabilities for Emergency Response Operations project, safely coordinated simulated operations involving drones and other aircraft, tackling a major challenge for those on the front lines. This is just one example of how NASA’s innovation is making a difference where it’s needed most. 
    NASA’s Parker Solar Probe completed its 23rd close approach to the Sun, coming within 3.8 million miles of the solar surface while traveling at 430,000 miles per hour – matching its own records for distance and speed. That same day, Parker Solar Probe was awarded the prestigious Collier Trophy, a well-earned recognition for its groundbreaking contributions to heliophysics. 
    In response to severe weather that impacted more than 10 states earlier this month, the NASA Disasters Response Coordination System activated to support national partners. NASA worked closely with the National Weather Service and the Federal Emergency Management Agency serving the central and southeastern U.S. to provide satellite data and expertise that help communities better prepare, respond, and recover. 
    As an example of how NASA’s research today is shaping the transportation of tomorrow, the agency’s aeronautics engineers began a flight test campaign focused on safely integrating air taxis into the national airspace. Using a Joby Aviation demonstrator aircraft, engineers are helping standardize flight test maneuvers, improving tools to assist with collision avoidance and landing operations, and ensuring safe and efficient air taxis operations in various weather conditions.
    NASA premiered “Planetary Defenders,” a new documentary that follows the dedicated team behind asteroid detection and planetary defense. The film debuted at an event at the agency’s headquarters with digital creators, interagency and international partners, and now is streaming on NASA+, YouTube, and X. In its first 24 hours, it saw 25,000 views on YouTube – 75% above average – and reached 4 million impressions on X. 
    Finland became the 53rd nation to sign the Artemis Accords, reaffirming its commitment to the peaceful, transparent, and responsible exploration of space. This milestone underscores the growing global coalition led by the United States to establish a sustainable and cooperative presence beyond Earth.
    In Dhaka, Bangladesh, NASA welcomed a new signatory to the Artemis Accords. Bangladesh became the 54th nation to commit to the peaceful, safe, and responsible exploration of space. It’s a milestone that reflects our shared values and growing global momentum, reaffirming the United States’ leadership in building a global coalition for peaceful space exploration. 
    At NASA’s Armstrong Flight Research Center in Edwards, California, engineers conducted calibration flights for a new shock-sensing probe that will support future flight tests of the X-59 quiet supersonic demonstrator. Mounted on a research F-15D that will follow the X-59 closely in flight, the probe will gather data on the shock waves the X-59 generates, providing important data about its ability to fly faster than sound, but produce only a quiet thump.
    In its second asteroid encounter, Lucy flew by the asteroid Donaldjohanson and gave NASA a close look at a uniquely shaped fragment dating back 150 million years – an impressive performance ahead of its main mission target in 2027.
    A celebration of decades of discovery, NASA’s Hubble Space Telescope celebrated its 35th anniversary with new observations ranging from nearby solar system objects to distant galaxies – proof that Hubble continues to inspire wonder and advance our understanding of the universe.
    The SPHEREx team rang the closing bell at the New York Stock Exchange, spotlighting NASA’s newest space telescope and its bold mission to explore the origins of the universe.
    NASA received six Webby Awards and six People’s Voice Awards across platforms – recognition of America’s excellence in digital engagement and public communication.
    The NASA Electric Aircraft Testbed and Advanced Air Transport Technology project concluded testing of a 2.5-megawatt Wright Electric motor designed to eventually serve large aircraft. The testing used the project’s capabilities to simulate altitude conditions of up to 40,000 feet while the electric motor, the most powerful tested so far at the facility, ran at both full voltage and partial power. NASA partnered with the Department of Energy on the tests.
    U.S. entities can now request the Glenn Icing Computational Environment (GlennICE) tool from the NASA Software Catalog and discover solutions to icing challenges for novel engine and aircraft designs. A 3D computational tool, GlennICE allows engineers to integrate icing-related considerations earlier in the aircraft design process and enable safer, more efficient designs while saving costs in the design process.

    For more about NASA’s mission, visit:

    Home Page

    -end-
    Bethany StevensHeadquarters, Washington202-358-1600bethany.c.stevens@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Mercer County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Mercer County

    Disaster Recovery Center Opens in Mercer County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Mercer County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

    The new Disaster Recovery Center in Mercer County is located at: Mercer County Health Department, 900 N

    College St

    , Harrodsburg, KY 40330 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1 – 7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is June 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    You don’t have to visit a center to apply for FEMA assistance

     There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

     Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 14:07

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Anderson County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Anderson County

    Disaster Recovery Center Opens in Anderson County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Anderson County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

     The new Disaster Recovery Center in Anderson County is located at: Anderson County Community Center, 1026 County Park Road, Lawrenceburg, KY 40342 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1-7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U

    S

    Small Business Administration

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    If you are unable to visit a center, there are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from February 14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

    The deadline to apply under DR-4864-KY is June 25

    Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 13:24

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Clark County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Clark County

    Disaster Recovery Center Opens in Clark County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Clark County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

    The new Disaster Recovery Center in Clark County is located at: Clark County Emergency Operations Center, 200 Maryland Ave

    , Winchester, KY 40391 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1 – 7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is June 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    You don’t have to visit a center to apply for FEMA assistance

     There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

     Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 13:59

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Jessamine County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Jessamine County

    Disaster Recovery Center Opens in Jessamine County

    FRANKFORT, Ky

    – A Disaster Recovery Center has opened in Jessamine County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

    The new Disaster Recovery Center in Jessamine County is located at: Jessamine County Senior Citizens Center, 111 Hoover Drive, Nicholasville, KY 40356 Working hours are 9 a

    m

    to 7 p

    m

    Eastern Time, Monday through Saturday and 1 – 7 p

    m

    Eastern Time, Sunday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U

    S

    Small Business Administration (SBA) will also be available at the recovery centers to assist survivors

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is June 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    You don’t have to visit a center to apply for FEMA assistance

     There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    Apply Separately for Each DisasterWhen two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits

    Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster

     When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7

    Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible

    The deadline to apply under DR-4860-KY is May 25

    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing

    Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible

     Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY

    If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Tue, 04/29/2025 – 13:57

    MIL OSI USA News –

  • MIL-OSI: XRP News: XPL Token Soars 650% in 24 Hours — FOMO Intensifies as AI-Powered DEX Takes XRPL by Storm

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, May 01, 2025 (GLOBE NEWSWIRE) — In one of the most dramatic 24-hour performances in XRPL DeFi history, $XPL the native token of XploraDEX, has surged over 650% since its debut on MagneticX. As word spreads and trading volume explodes, investors are now scrambling to secure a position before the next leg up.

    Buy $XPL on MagneticX Now

    The launch of $XPL on MagneticXc has exceeded all expectations. What began as XRPL’s first AI-powered decentralized exchange token is now quickly becoming one of the hottest assets in the broader crypto market. In under a day, $XPL has skyrocketed in price, with thousands of new wallet holders joining the rally.

    Why the Pump Is Only the Beginning

    Unlike many tokens that pump on hype alone, $XPL’s explosive growth is fueled by real fundamentals:

    • AI-powered trading tools integrated directly into the DEX
    • Staking pools and governance modules rolling out post-listing
    • Launchpad access for upcoming XRPL projects
    • Utility live from Day 1, not just promises

    Purchase $XPL Token MagneticX DEX

    The rise in price isn’t speculative—it’s backed by utility, innovation, and a growing army of believers in AI-powered DeFi.

    Market Momentum Is Building

    Social media is buzzing. Whale wallets are accumulating. And MagneticXc trading data shows massive buy pressure as traders fight to enter early. As trading volume surges hour by hour, analysts are now calling $XPL one of the strongest post-presale launches in recent XRPL history.

    Buy $XPL Now on MagneticX Exchange

    Here’s Why You Shouldn’t Wait:

    • $XPL is already up 650% in 24 hours—and climbing
    • The DEX utility is live, with real AI features backing the hype
    • Future platform expansions could fuel further demand

    Buy $XPL on MagneticX DEX

    $XPL is exploding. The DeFi world is watching. Be early—or be priced out.

    Stay connected and Join the XploraDEX AI Revolution

    Website | Buy $XPL on DEX | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Globenewswire does not endorse any content on this page.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8839320e-7b90-4b1e-8923-3b883cffa516

    The MIL Network –

  • MIL-OSI: Climb Channel Solutions Launches Global Partnership with Accelsius LLC

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., May 01, 2025 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), is excited to announce its new partnership with Accelsius.

    Accelsius is a leader in next-generation liquid cooling solutions for high-performance computing environments. This partnership further strengthens Climb’s commitment to delivering innovative emerging technologies to its channel partners, equipping them with cutting-edge tools to meet the growing demands of AI, cloud, and data-intensive workloads.

    “Accelsius delivers the highest-performance, most protective liquid cooling technology available today,” said Josh Claman, CEO of Accelsius. “Our proprietary two-phase, direct-to-chip system not only handles the densest AI learning and inference workloads —it does so with unmatched energy efficiency and hardware protection. By partnering with Climb Channel Solutions, we’re extending that value through a channel-first approach that enables more partners to differentiate, scale, and lead in the data center market of tomorrow.”

    Accelsius employs a 100% channel-driven go-to-market strategy, focused on enabling partners with advanced technology, comprehensive training, and dedicated support. The decision to partner with Climb Channel Solutions reflects this commitment. Known for their expertise in emerging technologies and their ability to cultivate strong, technical channel relationships, Climb is well-positioned to help scale deployment of Accelsius’ NeuCool™ solution. Together, the two companies will empower resellers, integrators, and service providers to deliver two-phase, direct-to-chip liquid cooling to market more rapidly and effectively, addressing the increasing demand for sustainable, high-performance infrastructure.

    “At Climb, we’re committed to expanding our portfolio with cutting-edge technologies that address the evolving needs of today’s data-driven world,” said Dale Foster, CEO of Climb Channel Solutions. “Our partnership with Accelsius strengthens our position in the high-performance infrastructure space and gives our partners access to innovative solutions designed to meet the growing demand for data center technologies.”

    Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

    About Climb Channel Solutions and Climb Global Solutions

    Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

    For Media & PR inquiries contact:
    Climb Channel Solutions
    Media Relations
    media@ClimbCS.com

    Investor Relations Contact:
    Elevate IR
    Sean Mansouri, CFA
    T: 720-330-2829
    CLMB@elevate-ir.com

    About Accelsius

    Founded by Innventure, Inc. (NASDAQ:INV), Accelsius empowers data center and edge operators to achieve their business, financial, and sustainability goals through advanced cooling solutions. The proprietary NeuCool platform provides best-in-class thermal efficiencies through a safe, two-phase liquid cooling system that scales from single racks to entire data centers. For more information, visit www.accelsius.com or follow us on LinkedIn.

    For Media & PR inquiries contact:
    Treble

    McKenzie Covell

    accelsius@treblepr.com

    The MIL Network –

  • MIL-OSI: Old National Completes Closing of Bremer Bank Partnership

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., May 01, 2025 (GLOBE NEWSWIRE) — (NASDAQ: ONB) – Old National Bancorp (“Old National”) today announced the closing of its previously-announced merger with St. Paul, Minnesota-based Bremer Financial Corporation (“Bremer”), the bank holding company for Bremer Bank, as of May 1, 2025.

    “This partnership represents an outstanding fit between two highly compatible, relationship- and community-focused banks,” said Old National Chairman and CEO Jim Ryan. “We are extremely pleased to have reached this important milestone, and we are excited about continuing our collaborative work to ensure that we are ‘Better Together’ and poised to exceed the expectations of our clients, team members, communities and shareholders.”

    After closing of the merger, Old National has approximately $70 billion of assets and $37 billion of assets under management (on a pro forma basis using data as of March 31, 2025), making it among the top 25 banking companies headquartered in the U.S.

    Bremer Bank will operate as a division of Old National Bank prior to the facilities and systems conversion, which is anticipated to occur in mid-October 2025.

    The combined organization will operate under the Old National Bancorp and Old National Bank names. Clients will continue to be served through their respective Old National or Bremer branches, websites, mobile apps, financial advisors and relationship managers until the systems conversion is complete. For convenience, clients can continue to use the full ATM network of both banks for cash withdrawals at no charge.

    Increased Community Growth Plan commitment
    In recognition of Old National’s deep commitment to the communities served by Bremer Bank, Old National will increase its previous five-year Community Growth Plan commitments of $9.5 billion to $11.1 billion. This adds approximately $1.6 billion in lending, investments and philanthropy commitments in Minnesota, North Dakota, and Wisconsin.

    Daniel Reardon to join Old National Bancorp Board
    The partnership between Old National and Bremer will also see the addition of Daniel Reardon to the Old National Board of Directors. As co-CEO and trustee of Otto Bremer Trust in St. Paul, Minnesota, Reardon has decades of experience in executive management, philanthropy, and banking.

    Since joining the Otto Bremer Trust in January 1995, Reardon has guided the Trust’s investments and charitable distributions, including $8.4 million in the latest grant cycle, to benefit the communities in Minnesota, North Dakota, Wisconsin, and Montana. He also served on the boards of directors of Bremer and Bremer Bank.

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

    FORWARD-LOOKING STATEMENTS
    Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements regarding the outlook and expectations of Old National. In general, forward-looking statements usually may be identified through use of words such as “may,” “will,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “continue” and “potential,” as well as words of similar meaning, and include statements related to expected benefits of the Bremer merger. Forward-looking statements are not historical facts and represent management’s beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results or outcomes may prove to be materially different from the results or outcomes expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements.

    Factors which could cause or contribute to such differences or could affect the forward-looking statements can be found in the cautionary language included under the headings “Forward-Looking Statements” and “Risk Factors” in Old National’s Annual Report on Form 10-K for the year ended December 31, 2024, and other documents subsequently filed by Old National with the U.S. Securities and Exchange Commission.

    Many of these factors are beyond Old National’s ability to control or predict. If one or more events related to these or other risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results or outcomes may differ materially from the forward-looking statements. Accordingly, shareholders and investors should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this communication, and Old National undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for Old National to predict their occurrence or how they will affect Old National.

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

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

    The MIL Network –

  • MIL-OSI: Lantronix to Report Fiscal 2025 Third Quarter Results on May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (the “Company”) (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge Intelligence, today announced it will release financial results from its fiscal 2025 third quarter, ended March 31, 2025, after the close of the market on Thursday, May 8, 2025.

    Management will host an investor conference call and audio webcast at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on May 8, 2025. To access the live conference call, investors should dial 1-844-802-2442 (U.S.) or 1-412-317-5135 (international) and indicate they are participating in the Lantronix fiscal 2025 third-quarter call. The webcast will be available simultaneously via the investor relations section of the Company’s website.

    Investors can access a conference call replay starting at approximately 8:00 p.m. Pacific Time on May 8, 2025, on the Lantronix website. A telephonic replay will also be available through May 15, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada Toll-Free 855-669-9658 and entering passcode 3110521.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    © 2025 Lantronix Inc. All rights reserved. Lantronix is a registered trademark, and SLB and SLC are trademarks of Lantronix Inc. Other trademarks and trade names are those of their respective owners.

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

    The MIL Network –

  • MIL-OSI: Sachem Capital Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BRANFORD, Conn., May 01, 2025 (GLOBE NEWSWIRE) — Sachem Capital Corp. (NYSE American: SACH) (the “Company”), a real estate lender specializing in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, today announced its financial results for the quarter ended March 31, 2025.

    John Villano, CPA, Sachem Capital’s Chief Executive Officer commented, “The first quarter was one of stability for the Company as we put the challenges of the past year behind us. Our balance sheet showed almost no change from the prior quarter, as we remain focused on effectively managing our loan portfolio and protecting our capital. Our goal is to grow our balance sheet, capitalizing on quality opportunities to invest capital at attractive yields, while maintaining a prudent capital allocation approach. Overall, while uncertainty across the real estate and capital markets remain elevated, we are pleased with the stability of our portfolio and the liquidity on our balance sheet, and we are confident that cash flow and dividend growth will return as we leverage our industry relationships and focus on driving shareholder value.”

    Results of operations for the quarter ended March 31, 2025

    Total revenue was $11.4 million compared to $16.8 million in the first quarter of 2024. The change in revenue was primarily due to the cumulative effect of fewer originations over the last fifteen months, resulting in a reduction in the unpaid principal balance of loans held for investment, in addition to a currently elevated amount of nonperforming loans and real estate owned. On the other hand, income from our preferred membership limited liability company investments increased approximately 71.7%, compared to the three months ended March 31, 2024.

    Total operating costs and expenses for the first quarter of 2025 were $10.4 million compared to $12.5 million in the same quarter last year. The change was primarily due to reductions in interest and amortization expense of $1.4 million, compensation and employee benefits, provision for credit losses related to loans, and other expenses totaling $0.8 million.

    Net loss attributable to common shareholders for the first quarter of 2025 was $213,000, or $0.00 per share, compared to net income attributable to common shareholders of $3.6 million, or $0.08 per share for the first quarter of 2024.

    Balance Sheet

    Total assets as of March 31, 2025 were $491.4 million compared to $492.0 million as of December 31, 2024. Total liabilities as of March 31, 2025 were $312.1 million compared to $310.3 million as of December 31, 2024.

    Total indebtedness at quarter-end was $305.6 million. This includes: $227.0 million of notes payable (net of $3.2 million of deferred financing costs) and $78.6 million aggregate outstanding principal amount of the amounts due under various credit facilities and the mortgage loan on the Company’s office building.

    Total shareholders’ equity at March 31, 2025 was $179.3 million compared to $181.7 million at year-end 2024. Book value per common share at March 31, 2025 was $2.57 compared to $2.64 at year-end 2024. The $0.07 decrease in book value is primarily due to the aggregate $3.5 million in preferred and common dividends declared and paid during this first quarter 2025.

    Dividends

    The Company currently operates and qualifies as a Real Estate Investment Trust (REIT) for federal income taxes and intends to continue to qualify and operate as a REIT. Under federal income tax rules, a REIT is required to distribute a minimum of 90% of taxable income each year to its shareholders, and the Company intends to comply with this requirement for the current year.

    On March 31, 2025, the Company paid a dividend of $0.484375 per share to the holders of its Series A Preferred Stock of record on March 15, 2025.

    On March 31, 2025, the Company paid a dividend of $0.05 per share to its common shareholders of record on March 17, 2025.

    Investor Conference Webcast and Call

    The Company is hosting a webcast and conference call Thursday, May 1, 2025 at 8:00 a.m. Eastern Time, to discuss in greater detail its financial results for the quarter ended March 31, 2025. A webcast of the call may be accessed on the Company’s website at https://sachemcapitalcorp.com/investor-relations/events-and-presentations/default.aspx.

    Interested parties can access the conference call via telephone by dialing toll free 1-877-704-4453 for U.S. callers or 1-201-389-0920 for international callers.

    Replay

    The webcast will also be archived on the Company’s website and a telephone replay of the call will be available through Thursday, May 15, 2025, and can be accessed by dialing 1-844-512-2921 for U.S. callers or 1-412-317-6671 for international callers and by entering replay passcode: 13752977.

    About Sachem Capital Corp

    Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.

    Forward Looking Statements

    This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. Such forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Annual Report on Form 10-K for 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2025. Because of these risks, uncertainties and assumptions, any forward-looking events and circumstances discussed in this press release may not occur. You should not rely upon forward-looking statements as predictions of future events. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by the Company in the context of these risks and uncertainties.

    Investor & Media Contact:
    Email: investors@sachemcapitalcorp.com

     
    SACHEM CAPITAL CORP.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except share data)
     
                 
        March 31, 2025   December 31, 2024
        (unaudited)   (audited)
    Assets            
    Cash and cash equivalents   $ 24,414     $ 18,066  
    Investment securities (at fair value)     1,392       1,517  
    Loans held for investment (net of deferred loan fees of $2,225 and $1,950)     365,635       375,041  
    Allowance for credit losses     (18,122 )     (18,470 )
    Loans held for investment, net     347,513       356,571  
    Loans held for sale (net of valuation allowance of $4,876 and $4,880)     10,974       10,970  
    Interest and fees receivable (net of allowance of $2,981 and $3,133)     4,281       3,768  
    Due from borrowers (net of allowance of $1,956 and $1,135)     4,413       5,150  
    Real estate owned, net     18,865       18,574  
    Investments in limited liability companies     53,935       53,942  
    Investments in developmental real estate, net     16,432       14,032  
    Property and equipment, net     3,209       3,222  
    Other assets     5,967       6,164  
    Total assets   $ 491,395     $ 491,976  
                 
    Liabilities and Shareholders’ Equity            
    Liabilities:            
    Notes payable (net of deferred financing costs of $3,232 and $3,713)   $ 227,007     $ 226,526  
    Repurchase agreements     41,519       33,708  
    Mortgage payable     981       1,002  
    Lines of credit     36,100       40,000  
    Accounts payable and accrued liabilities     2,705       4,377  
    Advances from borrowers     3,079       4,047  
    Below market lease intangible     665       665  
    Total liabilities     312,056       310,325  
                 
    Commitments and Contingencies – Note 13            
                 
    Shareholders’ equity:            
    Preferred shares – $0.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 2,306,748 shares of Series A Preferred Stock issued and outstanding at March 31, 2025 and December 31, 2024     2       2  
    Common Shares – $0.001 par value; 200,000,000 shares authorized; 47,310,139 and 46,965,306 issued and outstanding at March 31, 2025 and December 31, 2024, respectively     47       47  
    Additional paid-in capital     257,220       256,956  
    Cumulative net earnings     36,422       35,518  
    Cumulative dividends paid     (114,352 )     (110,872 )
    Total shareholders’ equity     179,339       181,651  
    Total liabilities and shareholders’ equity   $ 491,395     $ 491,976  
     
     
    SACHEM CAPITAL CORP.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
     
                 
        Three Months Ended
        March 31, 
           2025     2024  
    Revenues            
    Interest income from loans   $ 7,887     $ 12,641  
    Fee income from loans     1,425       2,616  
    Income from limited liability company investments     2,052       1,195  
    Other investment income     6       316  
    Other income     72       35  
    Total revenues     11,442       16,803  
                 
    Operating expenses            
    Interest and amortization of deferred financing costs     6,094       7,469  
    Compensation and employee benefits     1,771       1,943  
    General and administrative expenses     1,355       1,239  
    Provision for credit losses related to loans held for investment     1,052       1,365  
    Change in valuation allowance related to loans held for sale     (4 )     —  
    Loss on sale of real estate owned and property and equipment, net     —       11  
    Other expenses     145       503  
    Total operating expenses     10,413       12,530  
    Operating income     1,029       4,273  
                 
    Other (loss) income, net            
    (Loss) gain on equity securities     (125 )     397  
    Total other (loss) income, net     (125 )     397  
    Net income     904       4,670  
    Preferred stock dividend     (1,117 )     (1,022 )
    Net (loss) income attributable to common shareholders   $ (213 )   $ 3,648  
                 
    Basic and diluted (loss) earnings per Common Share   $ (0.00 )   $ 0.08  
    Basic and diluted weighted average Common Shares outstanding     46,784,744       47,128,511  
                     
     
    SACHEM CAPITAL CORP.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
     
                 
        Three Months Ended
        March 31, 
        2025     2024  
    CASH FLOWS FROM OPERATING ACTIVITIES            
    Net income   $ 904     $ 4,670  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Amortization of deferred financing costs     545       624  
    Depreciation expense     92       94  
    Stock-based compensation     264       239  
    Provision for credit losses related to loans held for investment     1,052       1,365  
    Change in valuation allowance related to loans held for sale     (4 )     —  
    Loss on sale of real estate owned and property and equipment, net     —       11  
    Loss (gain) on equity securities     125       (397 )
    Change in deferred loan fees     275       (291 )
    Changes in operating assets and liabilities:            
    Interest and fees receivable, net     (361 )     392  
    Other assets     133       (63 )
    Due from borrowers, net     (254 )     (1,038 )
    Accounts payable and accrued liabilities     (1,612 )     433  
    Advances from borrowers     (968 )     (1,822 )
    Total adjustments and operating changes     (713 )     (453 )
    NET CASH PROVIDED BY OPERATING ACTIVITIES     191       4,217  
                 
    CASH FLOWS FROM INVESTING ACTIVITIES            
    Purchase of investment securities     —       (7,725 )
    Proceeds from the sale of investment securities     —       7,128  
    Purchase of interests in limited liability companies     (4,223 )     (3,186 )
    Proceeds from limited liability companies returns of capital     4,230       —  
    Proceeds from sale of real estate owned     89       121  
    Acquisitions of and improvements to real estate owned     —       (749 )
    Purchase of property and equipment     (41 )     (14 )
    Improvements in investment in developmental real estate     (742 )     —  
    Principal disbursements for loans     (41,308 )     (42,654 )
    Principal collections on loans     47,742       51,398  
    NET CASH PROVIDED BY INVESTING ACTIVITIES     5,747       4,319  
                 
    CASH FLOWS FROM FINANCING ACTIVITIES            
    Proceeds from lines of credit     36,100       460  
    Repayments on lines of credit     (40,000 )     (600 )
    Proceeds from repurchase agreements     11,693       —  
    Repayments of repurchase agreements     (3,882 )     —  
    Repayment of mortgage payable     (21 )     (20 )
    Dividends paid on Common Shares     (2,363 )     (5,144 )
    Dividends paid on Series A Preferred Stock     (1,117 )     (1,022 )
    Proceeds from issuance of Common Shares, net of expenses     —       2,049  
    Proceeds from issuance of Series A Preferred Stock, net of expenses     —       1,556  
    NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES     410       (2,721 )
                 
    NET INCREASE IN CASH AND CASH EQUIVALENTS     6,348       5,815  
                 
    CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD     18,066       12,598  
                 
    CASH AND CASH EQUIVALENTS – END OF PERIOD   $ 24,414     $ 18,413  

    The MIL Network –

  • MIL-OSI: FactSet Increases Dividend

    Source: GlobeNewswire (MIL-OSI)

    NORWALK, Conn., May 01, 2025 (GLOBE NEWSWIRE) — FactSet (NYSE: FDS | NASDAQ: FDS), a global financial digital platform and enterprise solutions provider, today announced that its Board of Directors approved a 6% increase in the regular quarterly cash dividend of $1.04 per share to $1.10 per share.

    The $0.06 per share increase marks the twenty-sixth consecutive year the Company has increased dividends on a stock split-adjusted basis, demonstrating its ongoing commitment to providing value to shareholders. The cash dividend will be paid on June 18, 2025, to holders of record of FactSet’s common stock at the close of business on May 30, 2025.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) supercharges financial intelligence, offering enterprise data and information solutions that power our clients to maximize their potential. Our cutting-edge digital platform seamlessly integrates proprietary financial data, client datasets, third-party sources, and flexible technology to deliver tailored solutions across the buy-side, sell-side, wealth management, private equity, and corporate sectors. With over 47 years of expertise, a presence in 20 countries, and extensive multi-asset class coverage, we leverage advanced data connectivity alongside AI and next-generation tools to streamline workflows, drive productivity, and enable smarter, faster decision-making. Serving more than 8,600 global clients and nearly 220,000 individual users, FactSet is a member of the S&P 500 dedicated to innovation and long-term client success. Learn more at www.factset.com and follow us on X and LinkedIn.

    FactSet
    Investor Relations:
    Kevin Toomey
    +1.212.209.5259
    Kevin.toomey@factset.com

    Media Relations:
    Kelly Prinner
    +1.203.808.8630
    Kelly.prinner@factset.com

    The MIL Network –

  • MIL-OSI: Bitfarms Provides April 2025 Production and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    – New private debt facility with a division of Macquarie Group for up to $300 million to fund initial HPC project development at Panther Creek, validating the attractiveness of Bitfarms’ potential HPC data center development pipeline-

    –Operational hashrate of 19.5 EHuM and fleet efficiency of 19 w/TH–

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, May 01, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global energy and compute infrastructure company, today issued its latest monthly production report. All financial references are in U.S. dollars.

    CEO Ben Gagnon stated, “In April, we secured an attractive financing facility for up to $300 million with a division of Macquarie Group, one of the world’s largest and most reputable infrastructure investors. These funds will be used solely to fund HPC data center development at our Panther Creek location. Panther Creek has the scale, location, power availability, and fiber connectivity that we expect will attract notable HPC counterparties. This site also has the quickest energization timeline of our three PA sites, and we are already working on the Site Map Plans, development timelines and renderings needed in order to begin to build out the powered land.

    “We are confident this partnership will not only accelerate our buildout at Panther Creek, but also open doors to future opportunities with Macquarie as we look to scale our project and potentially expand to other sites within our portfolio. Amidst the surging AI revolution and the growing demand for power and infrastructure, this financing arrives at a pivotal time. We believe the analyses provided by our strategic partners, ASG and WWT, along with Macquarie’s due diligence and industry expertise, validate our HPC opportunity thesis at Panther Creek, strengthen our HPC pipeline and strategy, and position Bitfarms as a market leader in sourcing and developing large-scale, high-quality HPC data center projects.

    “Our Bitcoin business is strong, and we remain bullish on mining economics with our newly upgraded mining fleet.  We have no need nor plans for a large miner purchase in 2025 or 2026, enabling us to focus our efforts on developing U.S. energy and HPC infrastructure, which we believe will create lasting shareholder value.”

    April 2025 Select Operating Highlights

    Key Performance Indicators April 2025 March 2025
    (proforma)
    Total BTC earned 268 280
    Month End Operating EHuM 19.5 19.5
    BTC/Avg. EH/s 16 17
    Average Operating EHuM 17.2 16.4
    Energized Capacity (MW) 461 461
    Watts/Terahash Efficiency (w/TH) 19 19
    • 19.5 EHuM operational at April 30, 2025.
    • 17.2 EHuM average operational, up 5% M/M.
    • 16 BTC/average EHuM, 6% lower M/M.
    • 268 BTC earned, 4% lower M/M.
    • 8.9 BTC earned daily on average, equal to ~$837,000 per day based on a BTC price of $94,000 at April 30, 2025.

    April 2025 Financial Update

    • Treasury of 1,005 BTC, down from 1,140 BTC last month and representing $94 million based on the Bitcoin price of $94,000 at April 30, 2025.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a global energy and compute infrastructure company that develops, owns, and operates vertically integrated HPC and Bitcoin mining data centers. Bitfarms currently has 15 operating Bitcoin data centers situated in four countries: the United States, Canada, Argentina and Paraguay.

    Powered primarily by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

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

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

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • BTC or BTC/day = Bitcoin or Bitcoin per day
    • EH or EH/s = Exahash or exahash per second
    • EHuM = Exahash Under Management, which includes Bitfarms’ proprietary hashrate and hashrate being hosted by Bitfarms for third-party hosting clients
    • MW or MWh = Megawatts or megawatt hour
    • GW or GWh= Gigawatts or gigawatt hour
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)
    • HPC/AI = High Performance Computing / Artificial Intelligence
    • Energized capacity= Power available

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the North American energy and compute infrastructure strategy, opportunities relating to the potential of the Company’s data centers for HPC/AI opportunities, the potential to deploy the proceeds of the Macquarie Group financing facility at the Panther Creek location, the merits and ability to secure long-term contracts associated with HPC/AI customers, the success of the Company’s HPC/AI strategy in general and its ability to capitalize on growing demand for AI computing while securing predictable cash flows and revenue diversification, the Company’s energy pipeline and its anticipated megawatt growth, the Company’s ability to drive greater shareholder value, projected growth, target hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the management’s discussion & analysis for the year-ended December 31, 2024 Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contact:

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

    Media Contact: 

    Bitfarms
    Caroline Brady Baker 
    Director, Communications   
    cbaker@bitfarms.com 

    The MIL Network –

  • MIL-OSI: Westhaven Announces Brokered Private Placement for Gross Proceeds of up to C$4.0 Million

    Source: GlobeNewswire (MIL-OSI)

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

    VANCOUVER, British Columbia, May 01, 2025 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) (“Westhaven” or the “Company”) is pleased to announce that the Company has entered into an agreement with Red Cloud Securities Inc. (the “Agent”) to act as sole agent and bookrunner in connection with a best efforts, private placement (the “Offering“) for aggregate gross proceeds of up to C$4,000,000 from the sale of any combination of the following, provided that at least 50% of the gross proceeds of the Offering, which includes the potential gross proceeds of the Agent’s Option (as defined below), will be raised from the sale of Units (as defined herein):

    • units of the Company (each, a “Unit”) at a price of C$0.12 per Unit;
    • common shares of the Company that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (each, a “FT Share”) at a price of C$0.135 per FT Share; and
    • flow-through units of the Company to be sold to charitable purchasers (each, a “Charity FT Unit”, and collectively with the Units and FT Shares, the “Offered Securities”) at a price of C$0.18 per Charity FT Unit.

    Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Charity FT Unit will consist of one FT Share and one half of one Warrant. Each whole Warrant shall entitle the holder to purchase one common share of the Company (each, a “Warrant Share”) at a price of C$0.18 at any time on or before that date which is 24 months after the closing date of the Offering.

    The Agent will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the Offering, to sell up to an additional C$600,000 in Offered Securities (the “Agent’s Option”).

    The Offered Securities will be offered by way of the “accredited investor” and “minimum amount investment” exemptions under NI 45-106 in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the “U.S. Securities Act“), as amended. The Unit Shares, FT Shares and Warrant Shares issuable from the sale of Offered Securities will be subject to a hold period ending on the date that is four months plus one day following the closing date of the Offering under applicable Canadian securities laws.

    The Company intends to use the net proceeds from the sale of Units for working capital and general corporate purposes. The gross proceeds from the issuance of the FT Shares will be used for Canadian exploration expenses on the Company’s projects in British Columbia and will qualify as “flow-through mining expenditures”, as defined in subsection 127(9) of the Income Tax Act (Canada) (the “Qualifying Expenditures”), which will be incurred on or before December 31, 2026 and renounced to the subscribers with an effective date no later than December 31, 2025 in an aggregate amount not less than the gross proceeds raised from the issue of the FT Shares.

    The Offering is scheduled to close on or around May 15, 2025, or such other date as the Company and the Agent may agree, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.

    The Company will pay to the Agent a cash commission of 6% of the gross proceeds raised in respect of the Offering, including any exercise of the Agent’s Option (the “Agent’s Commission”). In addition, the Company will issue to the Agent warrants of the Company (each warrant, a “Broker Warrant”), exercisable for a period of 24 months following the Closing Date, to acquire in aggregate that number of common shares of the Company which is equal to 6% of the number of Offered Securities sold under the Offering, including any exercise of the Agent’s Option, at an exercise price equal to C$0.12 per common share.

    To the extent that any directors and/or officers of the Company participate in the Offering, such participation will constitute a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company expects any participation by directors and officers in the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on the fact that neither the fair market value of the Units, FT Shares or Charity FT Units subscribed for by directors and officers, nor the consideration for such securities to be paid by them, will exceed 25% of the Company’s market capitalization.

    The securities offered have not been, nor will they be, registered under the U.S. Securities Act, as amended, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

    On behalf of the Board of Directors

    WESTHAVEN GOLD CORP.

    “Gareth Thomas”

    Gareth Thomas, Director

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

    About Westhaven Gold Corp.

    Westhaven is a gold-focused exploration company targeting low sulphidation, high-grade, epithermal style gold mineralization within Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~61,512 hectares (~615 square kilometres) within four gold properties spread along this underexplored belt. The Shovelnose Gold Project is the most advanced property, with an updated 2025 Preliminary Economic Assessment that validates the Project’s potential as a robust, low cost and high margin 11-year underground gold mining opportunity with average annual life-of-mine gold production of 56,000 ounces and having a Cdn$454 million after-tax NPV6% and 43.2% IRR (base case parameters of US$2,400 per ounce gold, US$28 per ounce silver and CDN/US$ exchange rate of $0.72). Initial capital costs are projected to be Cdn$184 million with a payback period of 2.1 years. Please see Westhaven’s news release dated March 3rd, 2025 (Link: March 3, 2025 News Release) for details of the updated PEA. The technical report supporting this disclosure can be found under the Company’s profile on Sedar+ (www.sedarplus.ca) and on the Company’s website. The Shovelnose Gold Project is situated off a major highway, near power, rail, large producing mines, pipelines and within commuting distance from the city of Merritt, which translates into low-cost exploration and development. Qualified Person: The technical and scientific information in this news release has been reviewed and approved by Peter Fischl, P.Geo, who is a Qualified Person for the Company under the definitions established by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavengold.com.

    Forward-Looking Statements:

    This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements concerning the Company’s expectations with respect to the Offering; the use of proceeds of the Offering; completion of the Offering and the date of such completion. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

    Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, and without limitation: that the Offering may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the Company for a number of reasons including, without limitation, as a result of the occurrence of a material adverse change, disaster, change of law or other failure to satisfy the conditions to closing of the Offering; the Company will not be able to raise sufficient funds to complete its planned exploration program; that the Company will not derive the expected benefits from its current program; the Company may not use the proceeds of the Offering as currently contemplated; the Company may fail to find a commercially viable deposit at any of its mineral properties; the Company’s plans may be adversely affected by the Company’s reliance on historical data compiled by previous parties involved with its mineral properties; mineral exploration and development are inherently risky industries; the mineral exploration industry is intensely competitive; additional financing may not be available to the Company when required or, if available, the terms of such financing may not be favourable to the Company; fluctuations in the demand for gold or gold prices generally; the Company may not be able to identify, negotiate or finance any future acquisitions successfully, or to integrate such acquisitions with its current business; the Company’s exploration activities are dependent upon the grant of appropriate licenses, concessions, leases, permits and regulatory consents, which may be withdrawn or not granted; the Company’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; there is no guarantee that title to the properties in which the Company has a material interest will not be challenged or impugned; the Company faces various risks associated with mining exploration that are not insurable or may be the subject of insurance which is not commercially feasible for the Company; the volatility of global capital markets over the past several years has generally made the raising of capital more difficult; inflationary cost pressures may escalate the Company’s operating costs; compliance with environmental regulations can be costly; social and environmental activism can negatively impact exploration, development and mining activities; the success of the Company is largely dependent on the performance of its directors and officers; the Company’s operations may be adversely affected by First Nations land claims; the Company and/or its directors and officers may be subject to a variety of legal proceedings, the results of which may have a material adverse effect on the Company’s business; the Company may be adversely affected if potential conflicts of interests involving its directors and officers are not resolved in favour of the Company; the Company’s future profitability may depend upon the world market prices of gold; dilution from future equity financing could negatively impact holders of the Company’s securities; failure to adequately meet infrastructure requirements could have a material adverse effect on the Company’s business; the Company’s projects now or in the future may be adversely affected by risks outside the control of the Company; the Company is subject to various risks associated with climate change, the Company is subject to general global risks arising from epidemic diseases, the ongoing conflicts in Ukraine and the Middle East, rising inflation, tariffs and interest rates and the impact they will have on the Company’s operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all is uncertain; as well as other risk factors in the Company’s other public filings available at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The Company cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. The Company undertakes no duty to update any of the forward-looking information to conform such information to actual results or to changes in the Company’s expectations, except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained in this offering document is expressly qualified by this cautionary statement.

    The MIL Network –

  • MIL-Evening Report: Grattan on Friday: Key markers on the bumpy road to this election

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

    When we look back, we can see the road to election day has had a multitude of signposts, flashing red lights, twists, turns and potholes. Some came before the formal campaign; others in the final countdown days; some have been major, others symbolic.

    The importance of certain markers has been obvious in the moment; the significance of others became clear in retrospect. Here is a recap of a few of those that have shaped this campaign and its battle for votes.

    1. Anthony Albanese’s January 6 $7.2 billion announcement to upgrade the Bruce Highway

    Why start here? Because this was the prime minister jumping out of the blocks at the start of January, with multiple announcements over the summer. Albanese laid down policy groundwork in these weeks, giving voters time to absorb the initiatives.

    In contrast, Peter Dutton, although he had a “soft” launch on January 12, was running slowly, believing voters weren’t yet paying attention.

    2. Donald Trump’s inauguration

    January 21 unleashed a tsunami; its waves would wash over the coming months, and profoundly affect the election. At first, the Coalition thought – wrongly – that the election of Trump would favour it, but Labor became the beneficiary. Many Australians (including Dutton) were appalled at the way Trump and Vice President JD Vance treated Ukraine President Volodymyr Zelensky. Later, Trump’s tariffs hit Australia (although not as hard as many countries).

    Dutton argued he’d be better able than Albanese to handle the capricious president, but it became a spurious debate. Labor painted Dutton as Trump-lite and some of his decisions played into its hands, notably appointing in late January Senator Jacinta Nampijinpa Price to a Musk-like role to pursue efficiencies in government. She later made the comparison even more obvious by saying the Coalition would “make Australia great again”.

    But the central factor was this: suddenly, the world had become more uncertain and many voters would think it wasn’t the time to change.

    3. The Reserve Bank’s cut in interest rates on February 18

    The amount was modest, 25 basis points, but the psychology was the thing. The cut reinforced Treasurer Jim Chalmers’ argument that the worst was over and the outlook was positive. In the campaign’s final week, just at the right time for the government, inflation figures pointed to another expected cut in May.

    4. Cyclone Alfred’s March 7 election delay

    Albanese appeared set to call an April 12 poll, when the approaching winds blew the plan off course. The prime minister was able to put himself at the middle of the response to the cyclone, projecting himself as a national leader as distinct from a partisan one; he appeared with Queensland LNP Premier David Crisafulli, and at the Canberra National Situation Room.

    The election delay meant Labor had to bring down the March 25 budget. Many in the government had wanted to avoid a budget, because of its deficits into the distance. But the budget became a useful frame for the start of the formal campaign, with Albanese going to Government House at the end of budget week.

    5. Dutton’s budget reply

    The opposition leader’s reply contained his proposal to cut petrol excise but did not include tax cuts. The opposition had already voted against the government’s budget tax cut package, and committed to repealing it.

    The excise move was popular – Dutton would visit countless service stations over coming weeks – but the government was able to say a Coalition government would raise taxes.

    At his campaign launch subsequently, Dutton promised a $1,200 tax offset, despite earlier flagging he would not be able to announce any income tax relief during the campaign. The tax offset was an attempt to rectify what had been the mistake of thinking that the Coalition – traditionally committed to lower taxes – could go to the election on the wrong side of the tax argument.

    6. Dutton’s April 7 backtrack on working from home

    The opposition policy to get public servants back into the office all week was a disaster-in-the-making from the start. Workers in the private sector would, rightly, see it as sending a signal to non-government employers.

    Women hated the policy, and it would further alienate the female vote. Dutton had to ditch the idea and apologise. Finance spokeswoman Jane Hume didn’t help the retreat by saying it was a good policy that hadn’t found its appropriate time.

    7. News on April 15 that the Russians wanted to base planes in Papua

    The story appeared on the respected military site Janes, and Dutton rushed to pick it up, but went off half-cocked, declaring wrongly that the Indonesian president Prabowo Subianto had announced the Russian request. It was symptomatic of Dutton being under-prepared. He had to make another apology.

    8. Neo-Nazis heckle during the Welcome to Country at the Melbourne Shrine of Remembrance Anzac Day Dawn Service

    This led to Dutton launching into “culture wars” in the final days of the campaign. In criticising the disruption, he at first said, “We have a proud Indigenous heritage in this country and we should be proud to celebrate it as part of today”.

    Subsequently he said most veterans didn’t want the Welcome to Country as part of the Anzac Day ceremonies, although it was a matter for the organisers. In general, he believed Welcome to Country ceremonies were used too frequently.

    Dutton segued the controversy back to criticism of the Voice, and seized on confusing remarks by Foreign Minister Penny Wong to claim Labor was still committed to bringing in a Voice, something Albanese flatly denied.

    9. The price of eggs

    In the last of the four debates neither leader could specify the cost of a dozen eggs. Dutton was way out ($4.20); Albanese rather closer (“$7, if you can find them.”. It was a small moment but sent the message that even in a cost-of-living election, the leaders do live in bubbles.

    10. Dutton comments on Thursday

    Almost at the road’s end, the opposition leader appealed to voters to overlook a flawed campaign. “This election really is a referendum not about the election campaign but about the last three years.”

    Asked if there was anything he could have done differently, he said “we should have called out Labor’s lies earlier on”.

    It was as though he was speaking to a postmortem, while praying for a miracle.

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

    – ref. Grattan on Friday: Key markers on the bumpy road to this election – https://theconversation.com/grattan-on-friday-key-markers-on-the-bumpy-road-to-this-election-255613

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: FTC Solar Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • First quarter revenue of $20.8 million, up 58% q/q, above target
    • Cost efficiencies drive operating expenses to multi-year low
    • Seeing increased customer interest and activity including bid activity up 60% y/y
    • Upsized promissory note offering expected to close in Q2
    • Strengthened Board of Directors with addition of two new members

    AUSTIN, Texas, May 01, 2025 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, today announced financial results for the first quarter that ended March 31, 2025.

    “We’re pleased to report first quarter results which were ahead of target mid-points on all metrics,” said Yann Brandt, President and Chief Executive Officer of FTC Solar. “In recent months we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 gigawatts with Tier 1 customers, added incremental liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects. 

    “Much of our recent momentum has been driven by the significant expansion of our innovative and differentiated 1P product line, including high wind offerings up to 150mph, terrain-following options, large stow range, compatibility across module manufacturers and types, and the upcoming availability of 100% domestic content. This compelling product line has helped drive significant increases in customer visits, bidding volume, average project size and customer access.

    “Overall, I’m bullish on the long-term potential and prospects for FTC Solar. We’re well positioned in a growth market to take significant share, with the right combination of people and products, providing the best value for our customers. Our priority is to demonstrate continued progress and convert the increased customer interest and wins into sustainable growth and profitability.”

    Summary Financial Performance: Q1 2025 compared to Q1 2024

        U.S. GAAP     Non-GAAP(c)  
        Three months ended March 31,  
    (in thousands, except per share data)   2025     2024     2025     2024  
    Revenue   $ 20,803     $ 12,587     $ 20,803     $ 12,587  
    Gross margin percentage     (16.6 %)     (16.7 %)     (14.4 %)     (13.7 %)
    Total operating expenses   $ 7,113     $ 10,394     $ 6,645     $ 8,702  
    Loss from operations(a)   $ (10,560 )   $ (12,502 )   $ (9,750 )   $ (10,655 )
    Net loss   $ (3,819 )   $ (8,771 )   $ (10,801 )   $ (10,873 )
    Diluted loss per share(b)   $ (0.58 )   $ (0.70 )   $ (0.84 )   $ (0.87 )
      (a)   Adjusted EBITDA for Non-GAAP
      (b)   Prior year amounts per share have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024
      (c)   See below for reconciliation of Non-GAAP financial measures to the nearest comparable GAAP measures
           

    The contracted portion of the company’s backlog1 now stands at approximately $482 million. 

    First Quarter Results
    Total first-quarter revenue was $20.8 million, which was above our target range. This revenue level represents an increase of 57.6% compared to the prior quarter and an increase of 65.3% compared to the year-earlier quarter due to higher product volumes.

    GAAP gross loss was $3.4 million, or 16.6% of revenue, compared to gross loss of $3.8 million, or 29.1% of revenue, in the prior quarter. Non-GAAP gross loss was $3.0 million or 14.4% of revenue. The result for this quarter compares to non-GAAP gross loss of $1.7 million in the prior-year period.

    GAAP operating expenses were $7.1 million. On a non-GAAP basis, operating expenses were $6.6 million. This result compares to non-GAAP operating expenses of $8.7 million in the year-ago quarter. 

    GAAP net loss was $3.8 million or $0.58 per diluted share, compared to a loss of $12.2 million or $0.96 per diluted share in the prior quarter and a net loss of $8.8 million or $0.70 per diluted share (post-split) in the year-ago quarter. Adjusted EBITDA loss, which excludes an approximate $5.9 million net gain from the change in fair value of the warrant liability, gain from collection of a contingent earnout payment and other non-cash items, was $9.8 million, compared to Adjusted EBITDA losses of $9.8 million(2) in the prior quarter and $10.7 million in the year-ago quarter.

    Subsequent Events
    The company announced today the appointments of Darrell Jackson and Max Sultan to its Board of Directors. The appointments were effective as of April 28, 2025.

    Mr. Jackson brings more than 30 years of executive and Board leadership experience to FTC Solar. He has been the CEO of The Efficace Group, an executive coaching and consulting firm, since 2018. Prior to Efficace, he served as President and CEO of Seaway Bank and Trust Company. Earlier in his career, he spent more than 19 years at Northern Trust Company, serving in various roles, including as EVP and President of Wealth Management, and spent approximately 14 years with BMO Harris. Mr. Jackson currently serves on the Janus Henderson Funds Board of Trustees, is an independent director for Amalgamated Financial Corporation, and is on the Board of Directors of two privately held companies, Dome Construction, Inc., and William R. Gray and Company. Mr. Jackson earned a BA in Communications from St. Xavier University and holds an Executive MBA degree from the Kellogg Graduate School of Management at Northwestern University.

    Mr. Sultan is currently a partner at Applied Value Group, a strategy and operations management consulting firm, having joined the firm in August 2013. He has led consulting engagements on issues including sourcing and supply chain, product design and innovation, and commercial excellence, and has worked with several renewable energy clients. Mr. Sultan has been a member of the Board of Directors of ES Solar, a private residential and commercial installer based in Utah since June 2023. He has previously served on the Boards of Applied Value Technologies and Division 5, LLC. Mr. Sultan holds a Bachelor of Business Administration degree from the Goizueta Business School at Emory University. Mr. Sultan was nominated to the Board by AV Securities, Inc., pursuant to the terms of the Promissory Note placement which closed in December 2024.

    Outlook
    For the second quarter, we expect revenue at the midpoint of our guidance range to show continued sequential growth relative to the first quarter. We continue to expect 2025 revenue to be weighted toward the second half and continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025.

    (in millions)   1Q’25
    Guidance    		   1Q’25
    Actual    		   2Q’25
    Guidance(3)
    Revenue   $18.0 – $20.0   $20.8   $19.0 – $24.0
    Non-GAAP Gross Loss   $(4.8) – $(2.3)   $(3.0)   $(4.4) – $(2.0)
    Non-GAAP Gross Margin   (26.6%) – (11.7%)   (14.4%)   (23.4%) – (8.5%)
    Non-GAAP operating expenses   $7.7 – $8.4   $6.6   $7.8 – $8.6
    Non-GAAP adjusted EBITDA   $(13.3) – $(10.0)   $(9.8)   $(13.3) – $(10.0)
                 

    First Quarter 2025 Earnings Conference Call
    FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its first quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar’s website at https://investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

    About FTC Solar Inc.
    Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

    Footnotes
    1. The term ‘backlog’ or ‘contracted and awarded’ refers to the combination of our executed contracts (contracted) and awarded orders (awarded), which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, or that a contract once executed may be subsequently amended, supplemented, rescinded, cancelled or breached, including in a manner that impacts the timing and amounts of payments due thereunder, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.
    2. A reconciliation of prior quarter Non-GAAP financial measures to the nearest comparable GAAP measures may be found in Exhibit 99.1 of our Form 8-K filed on March 31, 2025.
    3. We do not provide a quantitative reconciliation of our forward-looking non-GAAP guidance measures to the most directly comparable GAAP financial measures because certain information needed to reconcile those measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures as a result of changes in project schedules by our customers that may occur, which are outside of our control, and the impact, if any, of credit loss provisions, asset impairment charges, restructuring or changes in the timing and level of indirect or overhead spending, as well as other matters, that could occur which could significantly impact the related GAAP financial measures.

    Forward-Looking Statements
    This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”), our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the risks and uncertainties described in more detail above and in our filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed with the SEC, our Quarterly Reports on Form 10-Q, and other documents, including Current Reports on Form 8-K, that we have filed, or will file, with the SEC. Any forward-looking statements in this release speak only as of the date on which they are made. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    FTC Solar Investor Contact:
    Bill Michalek
    Vice President, Investor Relations
    FTC Solar
    T: (737) 241-8618
    E: IR@FTCSolar.com

     
    FTC Solar, Inc.
    Condensed Consolidated Statements of Comprehensive Loss
    (unaudited)
     
        Three months ended March 31,  
    (in thousands, except shares and per share data)   2025     2024  
    Revenue:            
    Product   $ 18,202     $ 10,905  
    Service     2,601       1,682  
    Total revenue     20,803       12,587  
    Cost of revenue:            
    Product     20,111       12,367  
    Service     4,139       2,328  
    Total cost of revenue     24,250       14,695  
    Gross loss     (3,447 )     (2,108 )
    Operating expenses            
    Research and development     924       1,439  
    Selling and marketing     1,136       2,388  
    General and administrative     5,053       6,567  
    Total operating expenses     7,113       10,394  
    Loss from operations     (10,560 )     (12,502 )
    Interest expense     (711 )     (317 )
    Interest income     6       181  
    Gain from disposal of investment in unconsolidated subsidiary     3,204       4,085  
    Gain from change in fair value of warrant liability     4,604       —  
    Other income, net     4       36  
    Loss from unconsolidated subsidiary     (112 )     (265 )
    Loss before income taxes     (3,565 )     (8,782 )
    (Provision for) benefit from income taxes     (254 )     11  
    Net loss     (3,819 )     (8,771 )
    Other comprehensive income (loss):            
    Foreign currency translation adjustments     28       (181 )
    Comprehensive loss   $ (3,791 )   $ (8,952 )
    Net loss per share:            
    Basic(*)   $ (0.30 )   $ (0.70 )
    Diluted(*)   $ (0.58 )   $ (0.70 )
    Weighted-average common shares outstanding:            
    Basic(*)     12,888,695       12,556,938  
    Diluted(*)     14,588,972       12,556,938  

    ___________

    (*) Prior year amounts per share and number of shares, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.
     
    FTC Solar, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited)
     
    (in thousands, except shares and per share data)   March 31, 2025     December 31, 2024  
    ASSETS            
    Current assets            
    Cash and cash equivalents   $ 5,909     $ 11,247  
    Accounts receivable, net of allowance for credit losses of $1,625 and $1,717 at March 31, 2025 and December 31, 2024, respectively     44,238       39,709  
    Inventories     6,828       10,144  
    Prepaid and other current assets     14,123       15,028  
    Total current assets     71,098       76,128  
    Operating lease right-of-use assets     959       1,149  
    Property and equipment, net     1,951       2,217  
    Goodwill     7,173       7,139  
    Equity method investment     842       954  
    Other assets     2,038       2,341  
    Total assets   $ 84,061     $ 89,928  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities            
    Accounts payable   $ 14,636     $ 12,995  
    Accrued expenses     23,245       20,134  
    Income taxes payable     407       325  
    Deferred revenue     2,237       5,306  
    Other current liabilities     10,373       10,313  
    Total current liabilities     50,898       49,073  
    Long-term debt     10,169       9,466  
    Operating lease liability, net of current portion     344       411  
    Warrant liability     4,916       9,520  
    Other non-current liabilities     2,206       2,422  
    Total liabilities     68,533       70,892  
    Commitments and contingencies            
    Stockholders’ equity            
    Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of March 31, 2025 and December 31, 2024     —       —  
    Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 13,068,309 and 12,853,823 shares issued and outstanding as of March 31, 2025 and December 31, 2024     1       1  
    Treasury stock, at cost; 1,076,257 shares as of March 31, 2025 and December 31, 2024     —       —  
    Additional paid-in capital     367,601       367,318  
    Accumulated other comprehensive loss     (514 )     (542 )
    Accumulated deficit     (351,560 )     (347,741 )
    Total stockholders’ equity     15,528       19,036  
    Total liabilities and stockholders’ equity   $ 84,061     $ 89,928  
     
     
    FTC Solar, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited)
     
        Three months ended March 31,  
    (in thousands)   2025     2024  
    Cash flows from operating activities            
    Net loss   $ (3,819 )   $ (8,771 )
    Adjustments to reconcile net loss to cash used in operating activities:            
    Stock-based compensation     280       1,639  
    Depreciation and amortization     302       404  
    Gain from change in fair value of warrant liability     (4,604 )     —  
    Gain from sale of property and equipment     (3 )     —  
    Amortization of debt discount and issue costs     210       177  
    Paid-in-kind non-cash interest     492       —  
    Provision (credit) for obsolete and slow-moving inventory     —       177  
    Loss from unconsolidated subsidiary     112       265  
    Gain from disposal of investment in unconsolidated subsidiary     (3,204 )     (4,085 )
    Warranties issued and remediation added     1,045       838  
    Warranty recoverable from manufacturer     80       98  
    Credit loss provisions(reversals)     (92 )     670  
    Deferred income taxes     426       225  
    Lease expense and other     327       309  
    Impact on cash from changes in operating assets and liabilities:            
    Accounts receivable     (4,437 )     (1,770 )
    Inventories     3,316       (116 )
    Prepaid and other current assets     918       45  
    Other assets     (216 )     (226 )
    Accounts payable     1,688       3,989  
    Accruals and other current liabilities     2,539       (6,200 )
    Deferred revenue     (3,069 )     1,285  
    Other non-current liabilities     (415 )     (523 )
    Lease payments and other, net     (359 )     (287 )
    Net cash used in operations     (8,483 )     (11,857 )
    Cash flows from investing activities:            
    Purchases of property and equipment     (83 )     (432 )
    Proceeds from sale of property and equipment     3       —  
    Equity method investment in Alpha Steel     —       (1,035 )
    Proceeds from disposal of investment in unconsolidated subsidiary     3,204       4,085  
    Net cash provided by investing activities     3,124       2,618  
    Cash flows from financing activities:            
    Proceeds from stock option exercises     3       —  
    Net cash provided by financing activities     3       —  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     18       (59 )
    Decrease in cash, cash equivalents and restricted cash     (5,338 )     (9,298 )
    Cash and cash equivalents at beginning of period     11,247       25,235  
    Cash, cash equivalents and restricted cash at end of period   $ 5,909     $ 15,937  
     

    Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

    We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) provision for (benefit from) income taxes, (ii) interest expense, net, (iii) depreciation expense, (iv) amortization of intangibles, (v) stock-based compensation, (vi) loss from changes in fair value of our warrant liability, and (vii) Chief Executive Officer (“CEO”) transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits). We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from changes in fair value of our warrant liability from net loss in arriving at Adjusted EBITDA. We define Adjusted Net Loss as net loss plus (i) amortization of debt discount and issue costs and intangibles, (ii) stock-based compensation, (iii) loss from changes in fair value of our warrant liability, (iv) CEO transition costs, non-routine legal fees, costs associated with our reverse stock split, severance and certain other costs (credits), and (v) the income tax expense (benefit) of those adjustments, if any. We also deduct the contingent gains arising from earnout payments and project escrow releases relating to the disposal of our investment in an unconsolidated subsidiary and gains from change in fair value of our warrant liability from net loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as Adjusted Net Loss on a per share basis using our weighted average diluted shares outstanding.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, U.S. generally accepted accounting principles (“GAAP”). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods on an ongoing basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

    Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

    The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
    (in thousands, except percentages)   2025     2024  
    U.S. GAAP revenue   $ 20,803     $ 12,587  
    U.S. GAAP gross loss   $ (3,447 )   $ (2,108 )
    Depreciation expense     173       168  
    Stock-based compensation     243       216  
    Severance costs     34       —  
    Non-GAAP gross loss   $ (2,997 )   $ (1,724 )
    Non-GAAP gross margin percentage     (14.4 %)     (13.7 %)
     

    The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
    (in thousands)   2025     2024  
    U.S. GAAP operating expenses   $ 7,113     $ 10,394  
    Depreciation expense     (129 )     (102 )
    Amortization expense     —       (134 )
    Stock-based compensation     (37 )     (1,423 )
    CEO transition     (160 )     —  
    Non-routine legal fees     —       (33 )
    Reverse stock split     (1 )     —  
    Severance costs     (141 )     —  
    Non-GAAP operating expenses   $ 6,645     $ 8,702  
     

    The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
    (in thousands)   2025     2024  
    U.S. GAAP loss from operations   $ (10,560 )   $ (12,502 )
    Depreciation expense     302       270  
    Amortization expense     —       134  
    Stock-based compensation     280       1,639  
    CEO transition     160       —  
    Non-routine legal fees     —       33  
    Reverse stock split     1       —  
    Severance costs     175       —  
    Other income, net     4       36  
    Loss from unconsolidated subsidiary     (112 )     (265 )
    Adjusted EBITDA   $ (9,750 )   $ (10,655 )
     

    The following table reconciles Non-GAAP Adjusted EBITDA and Adjusted Net Loss to the related GAAP measure of net loss for the three months ended March 31, 2025 and 2024, respectively:

        Three months ended March 31,  
        2025     2024  
    (in thousands, except shares and per share data)   Adjusted
    EBITDA    		     Adjusted Net
    Loss    		     Adjusted
    EBITDA    		     Adjusted Net
    Loss    		  
    Net loss per U.S. GAAP   $ (3,819 )   $ (3,819 )   $ (8,771 )   $ (8,771 )
    Reconciling items –                        
    Provision for (benefit from) income taxes     254       —       (11 )     —  
    Interest expense     711       —       317       —  
    Interest income     (6 )     —       (181 )     —  
    Amortization of debt discount and issue costs in interest expense     —       210       —       177  
    Depreciation expense     302       —       270       —  
    Amortization of intangibles     —       —       134       134  
    Stock-based compensation     280       280       1,639       1,639  
    Gain from disposal of investment in unconsolidated subsidiary(a)     (3,204 )     (3,204 )     (4,085 )     (4,085 )
    Gain from change in fair value of warrant liability(b)     (4,604 )     (4,604 )     —       —  
    CEO transition(c)     160       160       —       —  
    Non-routine legal fees(d)     —       —       33       33  
    Reverse stock split(e)     1       1       —       —  
    Severance costs(f)     175       175       —       —  
    Adjusted Non-GAAP amounts   $ (9,750 )   $ (10,801 )   $ (10,655 )   $ (10,873 )
                             
    Adjusted Non-GAAP net loss per share (Adjusted EPS):                        
    Basic(g)   N/A     $ (0.84 )   N/A     $ (0.87 )
    Diluted(g)   N/A     $ (0.84 )   N/A     $ (0.87 )
                             
    Weighted-average common shares outstanding:                        
    Basic(g)   N/A       12,888,695     N/A       12,556,938  
    Diluted(g)   N/A       12,888,695     N/A       12,556,938  
    (a) We exclude the gain from collections of contingent contractual amounts arising from the sale in 2021 of our investment in an unconsolidated subsidiary as these amounts are not considered part of our normal ongoing operations.
    (b) We exclude non-cash changes in the fair value of our outstanding warrants as we do not consider such changes to impact or reflect changes in our core operating performance.
    (c) In connection with hiring a new CEO in August 2024, we agreed to upfront and incremental sign-on bonuses (collectively, the “sign-on bonuses”), a portion of which was paid to our CEO in 2024, with clawback provisions over the next two years, and a portion of which will be paid in 2025 and 2026, all contingent upon continued employment as of the payment date. These sign-on bonuses will be expensed each period through October 1, 2026, to reflect the required service periods. We do not view these sign-on bonuses as being part of the normal on-going compensation arrangements for our CEO.
    (d) Non-routine legal fees represent legal fees and other costs incurred for specific matters that were not ordinary or routine to the operations of the business.
    (e) We incurred incremental professional fees in 2025 relating to final reconciliation of information relating to our stock compensation awards as a result of the Reverse Stock Split that was consummated effective November 29, 2024.
    (f) Severance costs in 2025 were due to restructuring changes.
    (g) Prior year shares and amounts, as applicable, have been revised to reflect the 1-for-10 reverse stock split, effective November 29, 2024.

    The MIL Network –

  • MIL-OSI: TC Energy reports solid first quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Expect to place approximately $8.5 billion of projects into service in 2025, tracking to roughly 15 per cent under budget

    Announced $2.4 billion of new natural gas and nuclear power generation growth projects

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its first quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “As natural gas and electricity are forecasted to drive the majority of growth in final energy consumption through 2035, we are pleased to announce two new growth projects that represent strategic investments in North America’s energy future. We have approved the Northwoods project on our ANR system, designed to serve electric generation demand in the U.S. Midwest, including data centres and overall economic growth.” Poirier continued, “Demonstrating our commitment to delivering long-lived value through investment in high-quality, emission-less nuclear power generation, we have also sanctioned Unit 5 at Bruce Power for its Major Component Replacement. Backed by long-term contracts with credible counterparties and attractive build multiples1, these projects collectively highlight our disciplined strategy and our ability to capture high-value, low-risk opportunities across our portfolio.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • First quarter 2025 financial results from continuing operations2:
      • Comparable earnings3 of $1.0 billion or $0.95 per common share compared to $1.1 billion or $1.02 per common share in first quarter 2024
      • Net income attributable to common shares of $1.0 billion or $0.94 per common share compared to $1.0 billion or $0.95 per common share in first quarter 2024
      • Comparable EBITDA2 of $2.7 billion, similar to first quarter 2024
      • Segmented earnings of $2.0 billion compared to $1.9 billion in first quarter 2024
    • Reaffirming 2025 outlook:
      • Comparable EBITDA is expected to be $10.7 to $10.9 billion4
      • Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
      • Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures5
    • Declared a quarterly dividend of $0.85 per common share for the quarter ending June 30, 2025.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 27.6 Bcf/d, up eight per cent compared to first quarter 2024
      • Total NGTL System deliveries set a new record of 17.8 Bcf on February 18, 2025
      • Canadian Mainline receipts averaged 5.0 Bcf/d, an increase of 14 per cent compared to first quarter 2024
    • U.S. Natural Gas Pipelines daily average flows were 31.0 Bcf/d, up five per cent compared to first quarter 2024
      • GTN set a new all-time record of 3.2 Bcf on February 19, 2025
      • Deliveries to LNG facilities averaged 3.5 Bcf/d, up five per cent compared to first quarter 2024
    • Mexico Natural Gas Pipelines flows averaged 3.1 Bcf/d, six per cent higher than first quarter 2024
      • Set a daily flow record of 4.1 Bcf on March 31, 2025
    • Bruce Power achieved 87 per cent availability in first quarter 2025, reflecting a planned outage on Unit 5
    • Cogeneration power plant fleet achieved 98.6 per cent availability in first quarter 2025, attributed to fewer forced outages and spring outages completed successfully ahead of plan.

    Project Highlights

    • The Southeast Gateway pipeline is ready for service. CFE has agreed to our contracted rate and accepted all requirements for in-service. Approval of our regulated rates from the Comisión Nacional de Energía (CNE) is expected by the end of May, at which time we anticipate the in-service of the Southeast Gateway pipeline. While 100 per cent of our capacity is contracted with the CFE and we have no requests for interruptible service, approval of the regulated rate by the CNE is normal course prior to commencing service. The 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed approximately 13 per cent under the original cost estimate in less than three years from the project’s final investment decision
    • Approved the Northwoods project, an expansion project on our ANR system designed to provide 0.4 Bcf/d of capacity to serve natural gas-fired electric generation demand in the U.S. Midwest, including data centres and overall economic growth. The project has an anticipated in-service date of late 2029 with an estimated cost of approximately US$0.9 billion, and expects to deliver a compelling build multiple in the range of five to seven times
    • Received approval of the Unit 5 Major Component Replacement (MCR) final cost and schedule estimate from the Ontario Independent Electricity System Operator (IESO) on April 2, 2025. The $1.1 billion Unit 5 MCR is expected to commence in fourth quarter 2026 with a return to service in early 2030
    • ANR and GLGT each filed Section 4 Rate Cases with FERC requesting an increase to their respective maximum transportation rates expected to become effective November 1, 2025, subject to refund. We will pursue a collaborative process to find a mutually beneficial outcome with our customers through settlement.
        three months ended
    March 31
    (millions of $, except per share amounts)     2025       20241  
             
    Income        
    Net income (loss) attributable to common shares from continuing operations     978       988  
    per common share – basic   $ 0.94     $ 0.95  
             
    Segmented earnings (losses)        
    Canadian Natural Gas Pipelines     516       501  
    U.S. Natural Gas Pipelines     1,109       1,043  
    Mexico Natural Gas Pipelines     211       212  
    Power and Energy Solutions     135       252  
    Corporate     (5 )     (61 )
    Total segmented earnings (losses)     1,966       1,947  
             
    Comparable EBITDA from continuing operations        
    Canadian Natural Gas Pipelines     890       846  
    U.S. Natural Gas Pipelines     1,367       1,306  
    Mexico Natural Gas Pipelines     233       214  
    Power and Energy Solutions     224       320  
    Corporate     (5 )     (16 )
    Comparable EBITDA from continuing operations     2,709       2,670  
    Depreciation and amortization     (678 )     (635 )
    Interest expense included in comparable earnings     (840 )     (780 )
    Allowance for funds used during construction     248       157  
    Foreign exchange gains (losses), net included in comparable earnings     (10 )     43  
    Interest income and other     51       75  
    Income tax (expense) recovery included in comparable earnings     (292 )     (281 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings     (177 )     (171 )
    Preferred share dividends     (28 )     (23 )
    Comparable earnings from continuing operations     983       1,055  
    Comparable earnings per common share from continuing operations   $ 0.95     $ 1.02  
             
        three months ended
    March 31
    (millions of $, except per share amounts)     2025       2024  
             
    Cash flows2        
    Net cash provided by operations3     1,359       2,042  
    Comparable funds generated from operations3,4     1,949       2,436  
    Capital spending5     1,809       1,897  
    Disposition of equity interest, net of transaction costs6     —       (38 )
             
    Dividends declared        
    per common share   $ 0.85   7 $ 0.96  
             
    Basic common shares outstanding(millions)        
    – weighted average for the period     1,039       1,037  
    – issued and outstanding at end of period     1,040       1,037  
    1. Results reflect continuing operations.
    2. Includes continuing and discontinued operations.
    3. Represents three months of Liquids Pipelines earnings in first quarter 2024 compared to Liquids Pipelines earnings of nil for the three months ended March 31, 2025. Refer to the Discontinued operations section and the 2024 Annual Report for additional information.
    4. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP Measures section of this news release.
    5. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information of our Condensed consolidated financial statements for additional information.
    6. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    7. Reflects TC Energy’s proportionate allocation following the spinoff Transaction.

    CEO Message
    Throughout the first three months of 2025, TC Energy showcased the strength of our business and our position as an industry leading natural gas and power and energy solutions company. While evolving macroeconomic conditions continue to contribute to market uncertainty, we have reaffirmed our 2025 outlook based on our highly contracted, low-risk business with 97 per cent of our comparable EBITDA underpinned by rate-regulation and/or long-term take-or-pay contracts. We delivered strong operational and financial results, achieving approximately one per cent growth in both comparable EBITDA and segmented earnings compared to first quarter 2024, despite removing a second unit from service at Bruce Power for its MCR. These results continue to demonstrate the overall resiliency of our business. We remain focused on maximizing the value of our assets through safety and operational excellence, executing our selective portfolio of growth projects and ensuring financial strength and agility as we deliver solid growth, low risk and repeatable performance for our shareholders.

    The Southeast Gateway pipeline is now ready for service, representing a significant milestone in project execution. The 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed approximately 13 per cent under the original cost estimate in less than three years from the project’s final investment decision. Our partner and customer, CFE, has agreed to our contracted rate and accepted all requirements for in-service. We are jointly working with the CNE and the Secretary of Energy to obtain the approval of the regulatory rates, required for interruptible service. While 100 per cent of our capacity is contracted with the CFE and we have no requests for interruptible service, approval of the regulated rate by the CNE is normal course and required by Mexican regulation prior to commencing service. We expect to receive CNE approval by the end of May, at which time we anticipate the in-service of the Southeast Gateway pipeline. Southeast Gateway in-service will represent an important inflection point for TC Energy, contributing significant long-term contracted cash flow to our overall growth profile. The Government of Mexico has announced plans to bring approximately 29 gigawatts of new installed capacity online by 2030, including approximately 8.5 gigawatts of capacity from new natural gas plants6. The Southeast Gateway project is a critical component of this plan, strategically positioned to support operations of 10 of 14 planned natural gas power plants that support the country’s transition to lower-emitting, more reliable sources of energy while driving economic growth and energy security.

    As natural gas and electricity are forecasted to drive the majority of growth in final energy consumption through 2035, TC Energy’s portfolio of natural gas and power assets are presented with attractive in-corridor opportunities with visibility through the end of the decade. Reflecting this opportunity, we have sanctioned the Northwoods project on our ANR system in the range of a five to seven times build multiple. Under a 20 year, take-or-pay contract, the estimated US$0.9 billion project is designed to serve natural gas-fired electric generation demand in the U.S. Midwest, including data centres and overall economic growth. The estimated in-service date of the 0.4 Bcf/d capacity project is late 2029. The Northwoods project exemplifies our strategic focus on executing high value, in-corridor, low-risk projects at attractive build multiples, underpinned by long-term take-or-pay contracts with creditworthy counterparties, allowing us to continue to deliver solid growth, low risk and repeatable performance.

    Looking forward, led by a three-fold increase in LNG exports, strong growth in power generation driven by coal-to-gas conversions and data centre demand, we expect our assets will play a pivotal role in the delivery of reliable, affordable and sustainable energy. Our origination pipeline remains one of the most robust we have seen in decades, with several projects in advanced stages of development, largely related to coal-to-gas conversions and data centre demand growth. Over the past six months, we have sanctioned approximately $4 billion of new capital projects and believe we have line of sight to an increased cadence of project announcements in the second half of 2025 and into 2026. While we anticipate the majority of incremental capital would be weighted toward the end of the decade, we have added capital expenditures in 2025 and 2026 that further enhances our comparable EBITDA growth profile in 2027 and beyond, while ensuring the safety and reliability of our systems. These investments directly support service provided to our customers and their requests for capacity additions. Consistent with our disciplined approach to capital allocation, we expect projects to align with our target of five to seven times build multiples and underpinned by long-term contracts with strong counterparties.

    As electricity demand in Ontario is anticipated to grow 75 per cent by 20507, Bruce Power continues play a critical role. On April 2, 2025, we received approval of the Unit 5 MCR final cost and schedule estimate from the Ontario IESO. The $1.1 billion Unit 5 MCR is expected to commence in fourth quarter 2026 with a return to service in early 2030. As we progress the refurbishment program at Bruce Power, the team remains focused on achieving the highest level of reliability, availability and safety performance at the site. On January 31, 2025, Unit 4 was removed from service to commence its MCR program, with a return to service expected in 2028. Unit 3 MCR and Unit 4 MCR continue to advance on plan for both cost and schedule. The average 2025 plant availability percentage, excluding the Unit 3 and Unit 4 MCR programs, is expected to be in the low-90 per cent range, and reflects planned maintenance on Unit 2 anticipated in the third quarter of 2025. The MCR program provides TC Energy with line of sight to meaningful growth capital at attractive returns through the end of the decade, backed by a long-term contract to 2064 with the Ontario IESO.

    We continue to expect approximately $8.5 billion of projects to be placed into service in 2025, which includes the Southeast Gateway pipeline project. Our focus on project execution is a cornerstone of our strategic priorities. For the remaining projects anticipated to be placed in service in 2025, we are tracking to schedule and below initial cost estimates. High-grading projects remains a priority to optimize returns to maximize value. We will continue to sanction projects with a compelling risk/return profile to fill our $6.0 billion annual net capital expenditure limit and extend the duration of our project backlog, ensuring visibility to growth opportunities through 2030. Through this, we can continue to organically grow comparable EBITDA to support our three to five per cent dividend growth target and further reduce leverage over time.

    TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending June 30, 2025, equivalent to $3.40 per common share on an annualized basis.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Thursday, May 1, 2025 at 6:30 a.m. (MDT) / 8:30 a.m. (EDT) to discuss our first quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S.) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13942. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight EDT on May 8, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International toll) and enter passcode 6585702.

    The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Out extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to Southeast Gateway, including receipt of CNE approval, in-service date, cash flows and other impacts, expectations related to Northwoods project, including expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, expectations with respect to Bruce Power, including the MCR program and associated cost and schedule estimates, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measure
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

    This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q1-quarterly-report.pdf

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    1 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
    2 Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
    3 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP Measures section of this news release.
    4 Based on USD/CAD foreign exchange rate of 1.35.
    5 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
    6 Source: Government of Mexico, CFE fourth quarter 2024 investor presentation
    7 Source: Ontario Independent Electricity System Operator (IESO)

    The MIL Network –

  • MIL-OSI: 21Shares and Sui Join Forces to Expand Global Access to Sui Network

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 01, 2025 (GLOBE NEWSWIRE) — 21Shares, one of the world’s leading cryptocurrency exchange traded product providers, has entered a strategic partnership with Sui, the Layer-1 network, to expand global reach as interest in the ecosystem continues to grow.

    “Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out,” said Duncan Moir, President of 21Shares. “We operate based on conviction but also investor demand, and our planned roadmap with Sui is a reflection of both.”

    This partnership, which will produce product collaborations, research reports, and other initiatives, highlights the growth of institutional interest in the Sui ecosystem. With impressive speed, throughput, and scalability, Sui has become a destination for real-world asset tokenization, including stablecoins and DeFi.

    Global experience, U.S. expansion

    Headquartered in Zurich, Switzerland, 21Shares has spent years building out a robust suite of digital asset services in Europe and is now increasingly focused on the U.S. market.

    “Partnering with Sui speaks to where we see the future of blockchain infrastructure heading,” said Federico Brokate, Head of U.S. Business at 21Shares. “We believe Sui has the technical underpinnings, DeFi and developer ecosystems, and institutional alignment to play a central role in crypto for a long time.”

    Scalable blockchain infrastructure designed for consumers & institutions alike

    Sui is a high-performance, secure Layer-1 blockchain developed by former Meta engineers, designed for mass adoption through its object-centric architecture. Its ability to execute transactions in parallel with sub-second finality delivers unmatched speed and scalability, while maintaining a developer-friendly and intuitive user experience. Sui’s infrastructure powers consumer-facing products like the recently launched SuiPlay0X1 gaming console, and simplifies onboarding through features like zkLogin, which enable gasless transactions to entice mainstream users. Sui also supports institutional-grade applications, including Ondo’s tokenized treasuries and ATHEX’s on-chain fundraising platform for Greece’s stock exchange. By bridging Web2-like familiarity with Web3 functionality, Sui is built to serve both everyday users and enterprises alike.

    “Sui was designed to become the global coordination layer for digital assets,” said Kevin Boon, President at Mysten Labs, the original contributor to Sui. “21Shares sees value in that work and is committed to making the ecosystem more accessible throughout the world.”

    About 21Shares

    21Shares is one of the world’s leading cryptocurrency exchange traded product providers and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com

    Media Contact
    Matteo Valli
    matteo.valli@21shares.com

    Alethea Jadick
    ajadick@sloanepr.com

    About Sui

    Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, please visit https://sui.io

    Contact: media@sui.io

    Important Information

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness, or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof.

    The MIL Network –

  • MIL-OSI Economics: WTO accession: Supporting the economic reforms of Ethiopia and Uzbekistan

    Source: WTO

    Headline: WTO accession: Supporting the economic reforms of Ethiopia and Uzbekistan

    Excellencies,ladies, and gentlemen,
    I am delighted to participate in this meeting in support of the accessions of Ethiopia and Uzbekistan to the WTO. I am also very pleased to be joined by the Chief Negotiators and representatives of Ethiopia and Uzbekistan as well as our development partners. I would in particular like to thank the Vice-President for Europe and Central Asia, Ms Antonella Bassani and the Acting Vice-President for East Africa Mr Amit Dar from the World Bank and the Deputy Director, Strategy and Policy Review Mr Ken Kang, from the IMF for their presence today.
    Ethiopia and Uzbekistan have been negotiating their accessions for several years and have made good progress towards their goal to join the WTO by 2026. There are a number of similarities between the two economies. Both are the most populous nations in their respective regions, notably with a significant young population which will be entering the job market. Both have a legacy of strong State presence which they are gradually reducing through market-based economic and legislative reforms. They are also very ably led by excellent negotiating teams which have made it possible to move accession negotiations forward rapidly and I acknowledge with thanks the presence today of their Chief Negotiators.
    Completing the long and often complex road to WTO accession requires strong political will, a technically strong and coherent negotiating team led by a competent Chief Negotiator, and support from development partners, both bilateral and multilateral. In the case of Ethiopia and Uzbekistan, I believe we have all these ingredients.
    Strong political will is key to any reform process. Ethiopia’s economic reforms have been pursued since 2018 under Prime Minister Abiy Ahmed Ali’s leadership, through the “Home-Grown Economic Reform Programme” which aims at structural transformation and private sector led growth. The bold steps taken in recent years including foreign exchange reforms, liberalization of key services, and reduced restrictions on foreign direct investment, have served Ethiopia well, resulting in strong economic growth, averaging over 6% annually since 2022. The reforms have also created an enabling environment for Ethiopia to benefit from its membership of the AfCFTA (which it ratified in 2019) once it starts to trade under its provisions. WTO Membership will further lock in these reforms and moreover provide a support structure to sustain economic reforms and growth. Ethiopia’s Government has indicated its strong commitment to finalizing accession by the Ministerial Conference and I look forward to the completion of negotiations during the course of 2025.
    In Uzbekistan continued support by President Mirziyoyev has underpinned reform in recent years. This includes key Presidential Decrees in 2024 and 2025 addressing issues of concern to WTO Members on WTO consistency such as the reduction of State dominance in the economy through the removal of exclusive rights in several sectors, the import ban on ethyl alcohol and export subsidies. Most recently a Presidential Decree in March replaced export restrictions with export duties thereby making the export regime more predictable and transparent. Continuing legislative reform has aimed at bringing domestic legislation into line with the WTO Agreements. Uzbekistan is also well on the way to completing all its remaining ten bilateral market access negotiations in 2025.
    While reform is necessary and often difficult to ensure consistency with WTO rules, acceding governments also face daunting challenges in building institutional capacity and bringing their officials up to speed in areas such as trade remedies, technical regulations and SPS measures. I am grateful to our development partners, both Members and multilateral agencies for their consistent efforts to step up and provide their expertise when and where it is needed. Your assistance has been invaluable and will remain so to help both countries meet their accession and post-accession challenges.
    Excellencies, a few weeks ago the WTO celebrated its 30th anniversary with a gathering of eminent persons to reflect on our achievements and the way forward. The keynote speaker, the former Prime Minister of Portugal and EC President, José Manuel Barroso noted that although we are passing through a great deal of turbulence, the WTO is probably even more necessary today than it was when it was established in 1995. Indeed, the fact that large economies such as Ethiopia and Uzbekistan wish to join the WTO is a testament to the continued importance of the multilateral trading system and the stability and transparency it offers. Time is of the essence if we are to meet their accession goals. I very much hope that the efforts of Ethiopia and Uzbekistan to become Members becomes reality in the very near future.

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    MIL OSI Economics –

  • MIL-OSI Economics: DG joins high-level meeting to support the accessions of Ethiopia and Uzbekistan

    Source: WTO

    Headline: DG joins high-level meeting to support the accessions of Ethiopia and Uzbekistan

    The Director-General stressed that pursuing lasting economic reforms and accession to the WTO required strong political commitment. She highlighted Ethiopia’s economic reforms under Prime Minister Abiy Ahmed Ali’s “Home-Grown Economic Reform Programme” which aimed at structural transformation of the economy and private sector growth. She noted moreover that the reforms have also created an enabling environment for Ethiopia to benefit from its membership in the African Continental Free Trade Area (AfCFTA).
    Continued support by President Mirziyoyev of Uzbekistan had also underpinned Uzbekistan’s reform programme, DG Okonjo-Iweala said.  Key presidential decrees had aimed to reduce exclusive rights in several sectors and address other issues of concern to WTO members, while a Presidential Decree in March replaced export restrictions with export duties. This makes the export regime more predictable and transparent, the Director-General noted.
    She also took the opportunity to thank both WTO members and multilateral institutions such as the IMF and World Bank for their assistance in helping build institutional capacity and provide training to acceding governments. The fact that large economies like Ethiopia and Uzbekistan wish to join the WTO reaffirmed the continued importance of the organization and the stability and predictability provided by the multilateral trading system. The Director-General’s comments are available here.
    World Bank and IMF representatives lent their support to domestic reforms being undertaken by Ethiopia and Uzbekistan and looked forward to their accession to the WTO.
    Antonella Bassani, World Bank Vice President for Europe and Central Asia, noted that Uzbekistan had emerged as one of the top reformers worldwide, having completed over 200 domestic legal reforms since 2020. There was an expectation that Uzbekistan was in the final stretch of its WTO membership negotiations. Ms Bassani said WTO accession remained critical for emerging and developing economies and the World Bank was ready to support the process.
    Amit Dar, World Bank Acting Vice President for the Eastern and Southern Africa Region, highlighted the reforms undertaken by Ethiopia. He acknowledged that challenges remain, particularly in the areas of state-owned enterprises, competition, intellectual property rights, trade facilitation and subsidies. He emphasized that the World Bank remains fully committed to supporting Ethiopia through providing technical assistance and resources to help Ethiopia achieve its WTO membership goals and deepen its integration into world markets.
    Kenneth Kang, Deputy Director, Strategy, Policy and Review Department of the IMF, stressed the importance of structural reforms for generating a predictable and stable trade policy environment and the need for careful macroeconomic management and commended both countries on their progress. He noted that economic reforms during the accession process had a positive impact on economic growth. This has been demonstrated in a recent joint study by IMF and WTO staff that showed economies that made deeper commitments during their accession processes grew on average 1.5 percentage points faster than they otherwise would have done.
    Highlighting the economic and legislative reforms undertaken by their respective countries, representatives from Ethiopia and Uzbekistan reaffirmed their countries’ commitment to conclude accession negotiations by MC14, to be held in Cameroon in March 2026.
    Ethiopia’s State Minister for Finance Eyob Tekalgn said that WTO accession was important for further accelerating economic reforms. Ethiopia’s membership of the AfCFTA had also anchored its reform programme. He also pointed to the need for financial support to build capacity, notably for negotiations and implementation of reforms and to bring legislation into conformity with WTO rules. He added that Ethiopia was working actively to complete bilateral market access negotiations and hoped to conclude these shortly.
    Uzbekistan’s Chief Negotiator Azizbek Urunov noted key steps taken recently, including bringing its food and product safety rules in line with the WTO agreements. To date, nearly 120 legal acts had been harmonized with WTO agreements, he said, with various other draft laws expected to become law soon. Regarding privatization, Mr Urunov noted that Uzbekistan is on course to meet its goal of increasing the share of the private sector in the economy to 85 per cent by 2030.
    Both representatives indicated they were ready to take all the remaining necessary steps to complete their respective reform programmes and become WTO members.
    WTO accessions of Ethiopia and Uzbekistan
    Ethiopia held its 5th Working Party meeting on 19 March 2025. More information on Ethiopia’s accession is available here.
    Uzbekistan held its 9th Working Party meeting on 5 and 6 December 2024. More information on Uzbekistan’s accession is available here.

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    MIL OSI Economics –

  • MIL-OSI Economics: ECB introduces changes to the dedicated credit facility for euro area CCPs

    Source: European Central Bank

    30 April 2025

    • Discretionary activation by the Governing Council no longer required
    • Additional safeguards introduced in relation to financial soundness and sound liquidity risk management
    • Changes will come into effect through the adoption of relevant legal acts in 2025, including the TARGET Guideline

    The Governing Council of the European Central Bank (ECB) decided to implement changes to the dedicated Eurosystem overnight credit facility, which serves as a crisis-related liquidity backstop for eligible euro area central counterparties (CCPs) under the TARGET Guideline.1 Currently, activation of the CCP credit facility requires a decision by the ECB Governing Council. This discretionary activation will be no longer required to ensure prompt operationalisation, meaning that the CCP credit facility will be immediately available to eligible euro area CCPs if needed.

    CCPs are systemically important financial market infrastructures. Under normal operating conditions, their liquidity inflows and outflows are balanced by the end of the day, meaning that they do not generally encounter liquidity mismatches. In situations of severe financial stress, however, it may not be feasible for a CCP to manage its potentially sizeable liquidity needs through market-based solutions in a timely manner. In these circumstances, the CCP credit facility can provide a pre-arranged and effective liquidity backstop.

    The revised CCP credit facility remains subject to the TARGET Guideline and is outside the monetary policy implementation framework.

    Euro area CCPs need to meet the relevant requirements set out in the TARGET Guideline to access the CCP credit facility. As part of these requirements, new safeguards are being introduced to ensure that only euro area CCPs that are financially sound and have sound liquidity risk management may access the CCP credit facility. In case of non-compliance with these safeguards, the ECB Governing Council may decide on discretionary measures on the grounds of prudence. The interest rate applicable to borrowings under the CCP credit facility will be the ECB marginal lending facility rate. The maturity of the facility will be overnight, with the possibility of rolling over across business days. Collateralisation requirements will continue to apply in line with the current provisions of the TARGET Guideline.

    The aforementioned decision of the Governing Council concludes a review of the CCP credit facility by the Eurosystem central banks that has been conducted over the past years. The changes to the CCP credit facility will come into effect through an amendment to the TARGET Guideline and the adoption of further legal acts dedicated to the aforementioned safeguards, the assessments underpinning those safeguards and related discretionary measures of the Eurosystem on the grounds of prudence. The application date of all related legal acts is foreseen for the fourth quarter of 2025. Once formally adopted, the relevant legal acts will be published.

    For media queries, please contact Alessandro Speciale, tel.: +49 172 1670791

    Notes

    MIL OSI Economics –

  • MIL-OSI Economics: Thales modernises the world-class TACTIS armoured vehicle training centre for the Royal Netherlands Army

    Source: Thales Group

    Headline: Thales modernises the world-class TACTIS armoured vehicle training centre for the Royal Netherlands Army

    • Thales has secured a major contract to modernise the TACTIS (Tactical Indoor Simulator) training centre for armoured vehicles used by the Royal Netherlands Army, one of the most advanced training centres in the world.
    • This strategic project equips the Dutch land forces with cutting-edge AI technologies based on advanced behavioural engines and terrain reasoning algorithms, as well as ultra-realistic training environments, enhancing their training for complex missions and improving their overall readiness.
    • The contract consolidates Thales’s role as the world leader in virtual simulation systems for armoured fighting vehicles.
    Copyright ©COMMIT / Royal Netherlands Army” id=”image-b7bc5371-c18a-4e5d-9116-443c12080bf7″ data-id=”b7bc5371-c18a-4e5d-9116-443c12080bf7″ data-original=”https://cdn.uc.assets.prezly.com/b7bc5371-c18a-4e5d-9116-443c12080bf7/-/inline/no/A1.jpg” data-mfp-src=”https://cdn.uc.assets.prezly.com/b7bc5371-c18a-4e5d-9116-443c12080bf7/-/resize/1200x/-/format/auto/” alt=”Copyright ©COMMIT / Royal Netherlands Army”/>
    Copyright ©COMMIT / Royal Netherlands Army

    With the return of symmetric and high-intensity combat on the battlefield, the importance of armoured vehicles is now more crucial than ever. Thales’s TACTIS solution effectively addresses the needs of armed forces, offering a comprehensive range of training capabilities, from individual technical skills to tactical proficiency at a company level. This includes a mobile component that enables the ​ ​ deployment of high-fidelity simulators in military barracks or any other location.

    The TACTIS centre is uniquely capable of interconnecting up to 76 simulators simultaneously, allowing for mission rehearsals with up to 200 crew members. This synergy is further enhanced by the integration of up to 2,500 virtual entities known as “Computer-Generated Forces”, enabling force members to conduct exercises in a combined arms environment.

    The contract will fully modernise the TACTIS centre for the Royal Netherlands Army. This modernisation will include the simulation of more than 20 new types of vehicles, including the new generation of combat vehicle, the CV90 MkIV. Thales will cooperate with BAE Hägglunds, the vehicle manufacturer, to deliver high-fidelity simulations. The modernized training centre will also offer the ability to integrate future weapon systems that will be deployed within the Royal Netherlands Army, such as the LEO2A8 main battle tank.

    The virtual environment will also reflect the new threats emerging on the battlefield including urban warfare. The level of immersion will be enhanced through the use of Unreal Engine 5, the world’s most open and advanced real-time 3D tool, allowing for the creation of ultra-realistic, high-quality training environments. This cutting-edge technology not only ensures effective learning but also simulates realistic combat conditions, enabling forces to prepare more effectively for contemporary challenges. Thanks to TACTIS, team training is optimised to effectively meet the demands of new operational theatres.

    “The Netherlands Ministry of Defence has always been a step ahead when it comes to training their forces using simulation. We are honoured that they have renewed their trust in Thales through the modernization of their armoured fighting vehicle training centre ‘TACTIS’. It remains a world-class reference recognised by NATO member countries in Europe. This mid-life upgrade will incorporate Thales’s latest generation of simulation capabilities, offering unmatched immersion and realism to ensure force readiness for increasingly complex missions. This new contract is a testament to the strong and enduring partnership between the Netherlands Ministry of Defence and Thales, reinforcing our continued commitment to safeguarding the security and sovereignty of European nations” said Yannick Assouad, Executive Vice-President, Avionics, Thales.

    Copyright ©Thales” id=”image-f3e805f8-874c-4935-9878-a893f6bfdb85″ data-id=”f3e805f8-874c-4935-9878-a893f6bfdb85″ data-original=”https://cdn.uc.assets.prezly.com/f3e805f8-874c-4935-9878-a893f6bfdb85/-/inline/no/Baneer.jpg” data-mfp-src=”https://cdn.uc.assets.prezly.com/f3e805f8-874c-4935-9878-a893f6bfdb85/-/resize/1200x/-/format/auto/” alt=”Copyright ©Thales”/>
    Copyright ©Thales

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies for the Defence, Aerospace, and Cyber & Digital sectors. Its portfolio of innovative products and services addresses several major challenges: sovereignty, security, sustainability and inclusion.

    The Group invests more than €4 billion per year in Research & Development in key areas, particularly for critical environments, such as Artificial Intelligence, cybersecurity, quantum and cloud technologies.

    Thales has more than 83,000 employees in 68 countries. In 2024, the Group generated sales of €20.6 billion.

    About Thales in the Netherlands

    With a presence in the Netherlands for over 100 years, Thales develops and delivers cutting-edge technologies for the global defence and security markets, including high-tech sensors, systems, command & control, communication systems, and cybersecurity solutions.

    With more than 3000 employees in seven locations, we work together with local universities, government, partners and our local eco-system to develop solutions resulting in more than 80% export. The State of the Netherlands holds 1% of Thales Nederland B.V. shares.

    MIL OSI Economics –

  • MIL-OSI Economics: ECB study shows money market turnover rose from 2022 to 2024

    Source: European Central Bank

    30 April 2025

    • Money market rates efficiently reflected changes in the ECB’s deposit facility rate, used by Governing Council to steer monetary policy stance
    • Increased daily money market activity, dominated by secured and foreign exchange swap segments
    • High concentration in short-term tenors, with non-banks being most active counterparties

    The European Central Bank (ECB) today published its Euro money market study 2024. The study shows that daily turnover in the euro money market grew by 38% to €1.8 trillion in the two years to the end of 2024, up from €1.3 trillion at the end of 2022. The reasons for this growth are mainly twofold: banks adapting to declining excess liquidity by trading more in money markets and changes to monetary policy rates that influenced the shape of the yield curve.

    Secured and foreign exchange swap transactions accounted for more than half of total market turnover and outstanding amounts, with the overnight index swap segment showing the most significant growth.

    The study also highlights that activity in both the secured and unsecured segments was particularly concentrated in very short-term tenors such as overnight, spot/next and tomorrow/next transactions.

    As at the end of 2024, bilateral trading activity among euro area banks as a share of the total in each segment was modest with 17% for unsecured and 26% for foreign exchange swaps. Compared with the period from 2021 to 2022, secured trading with public institutions increased significantly to almost €70bn from €10bn following the reduction in the remuneration of non-monetary policy deposits that took effect as of 1 May 2023.

    The study finds that the continuation of interest rate hikes by the ECB until September 2023 and the subsequent cuts starting in June 2024 were immediately and fully reflected in money market rates and that policy rate expectations triggered significant activity in the overnight index swap segment.

    Money market rates converged towards the deposit facility rate – the interest rate through which the Governing Council of the ECB steers its monetary policy stance – albeit to different degrees. As a result, a persistent positive spread emerged between secured and unsecured overnight rates, as €STR showed low sensitivity to reductions in excess liquidity (see details in box 1).

    The next euro money market study, set for publication in the second quarter of 2027, will broaden the scope of analysis to include trades from 69 banks compared with 45 banks in the 2024 study. This reflects the increase in the number of money market statistical reporting agents as announced in April 2023.

    For media queries, please contact Lena-Sophie Demuth, tel.: +49 162 295 2316.

    Notes

    • The ECB’s euro money market study is published every second year. The 2024 study provides a detailed overview of the euro money market in the period between January 2023 to December 2024. It focuses on key developments and dynamics in five euro money market segments: secured, unsecured, short-term securities, foreign exchange swaps and overnight index swaps.
    • The study is based on daily transactions in the euro money market collected from the largest euro area banks under Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48) (OJ L 359, 16.12.2014, p. 97) – the Money Market Statistical Reporting (MMSR) Regulation.

    MIL OSI Economics –

  • MIL-OSI Economics: DDG Hill discusses WTO accessions at Horn of Africa Initiative ministerial meeting

    Source: WTO

    Headline: DDG Hill discusses WTO accessions at Horn of Africa Initiative ministerial meeting

    Four Horn of Africa countries – Ethiopia, Somalia, Sudan and South Sudan – are currently negotiating their accession to the WTO. This is half of the total number of African countries seeking to join the WTO and some of the most active in the WTO accession process, DDG Hill noted. Recent progress was made in particular with the accession of Ethiopia, with the 5th Working Party meeting held in March, and the accession of Somalia, with the first Working Party meeting taking place in February.
    DDG Hill pointed to Ethiopia’s “Homegrown Economic Reform Programme” launched in 2019, which demonstrates its strong commitment to economic transformation and to building an open and rules-based economy. She said: “WTO Director-General Ngozi Okonjo-Iweala has stressed that Ethiopia’s accession is a strategic priority for the WTO’s 14th Ministerial Conference, which will take place in Cameroon in March 2026. As the largest economy currently outside the WTO and one of the few remaining least-developed countries in the accession pipeline, Ethiopia’s membership would meaningfully advance the WTO’s goal of universality.”
    “Somalia has demonstrated strong political commitment and dedicated technical expertise in the process,” she added, noting the complementarity between WTO accession efforts and the country’s ongoing work to integrate into the East African Community.
    The meeting provided an opportunity to discuss an action plan aimed at boosting trade across the Horn of Africa, building on prior commitments and technical consultations. DDG Hill noted that this year’s focus on regional trade and trade facilitation issues is very timely. “Strengthening trade links can be a key piece in fostering regional integration and connectivity in the Horn of Africa”, she said.
    The 24th Horn of Africa Initiative was co-chaired by Ethiopia’s Finance Minister Ahmed Shide and the World Bank’s Acting Vice President for Eastern and Southern Africa Amit Dar. It brought together ministers of finance and high-level officials from the region. Ministers welcomed a new USD 10 billion contribution from development partners, including the African Development Bank, the European Union, Germany’s Federal Ministry for Economic Cooperation and Development, the United Kingdom and the World Bank.
    The meeting closed with Somalia’s Finance Minister, Bihi Iman Egeh, taking over as the new chair of the Initiative for the next two years.
    Horn of Africa Initiative
    Through the Horn of Africa Initiative, Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan and Sudan are committed to coordinating approaches to exploring regional synergies and addressing regional challenges. They also prioritize regional programmes in infrastructure connectivity, economic integration, resilience building and skills development.
    WTO accessions in the Horn of Africa
    More information on Ethiopia’s accession is available here.
    More information on Somalia’s accession is available here.
    Sudan held its 5th Working Party meeting on 26 July 2021. More information on Sudan’s accession is available here.
    South Sudan held its first Working Party meeting on 21 March 2019. More information on South Sudan’s accession is available here.

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  • MIL-OSI Economics: Egypt launches safeguard investigation on hot rolled flat steel

    Source: World Trade Organization

    The notification indicated, among other things, as follows:

    “Interested parties must make themselves known to the investigating authority within 30 days from the date of publication of the notice of the initiation in the official gazette. Any submissions, comments or information must be properly documented.

    Correspondence should be addressed to:
    Ministry of Investment and Foreign Trade
    Trade Remedies Sector
    Attention: Mrs. Yomna Elshabrawy
    New Administrative Capital – governmental district
    Phone: +201008880030
    Email: [email protected]  “

    Further information is available in G/SG/N/6/EGY/16.

    What is a safeguard investigation?

    A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to a domestic industry.

    During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties.

    A WTO member may take a safeguard action (i.e. restrict imports of a product temporarily) only if the increased imports of the product are found to be causing, or threatening to cause, serious injury.

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  • MIL-OSI Economics: WTO, IFC launch joint publication on trade finance in Central America and Mexico

    Source: World Trade Organization

    The report finds that trade and supply chain finance (TSCF) supports 8 per cent of Mexico’s goods trade, 12 per cent of Guatemala’s, and 10 per cent of Honduras’s. In the case of Mexico, only about a quarter of merchandise importers and exporters have any access to financing. These are among the lowest access rates across surveyed economies, despite supply chain finance having made some inroads in Mexico’s economy and, to a lesser extent, in Guatemala and Honduras.

    The report underscores that there is significant potential to grow and diversify the currently concentrated market for TSCF. Model-based projections show that doubling TSCF coverage and aligning costs with advanced economy standards could raise exports and imports by up to 8.9 per cent in Honduras, 7.8 per cent in Guatemala and 7.4 per cent in Mexico – adding more than USD 90 billion in combined trade volume.

    In her opening remarks at the launch, DDG Hill underlined the importance of the WTO-IFC collaboration on trade finance given its key role in enabling trade. Citing the Asian Development Bank (ADB) estimation of a USD 2.5 trillion global trade finance gap in 2023, mainly in developing economies, she noted that “inadequate access to trade finance functions in effect as a prohibitive trade cost, holding back trade and closing off economic opportunities for firms and people.”

    This is particularly relevant in the case of micro, small and medium-sized enterprises and women-owned businesses that “find it particularly hard to access trade finance,” she added.

    This is the third and last edition of a short series of reports on trade finance in developing economies aimed at improving understanding of the trade finance ecosystem, the constraints to trade finance and gaps in provisions. The first report focused on West Africa (Côte d’Ivoire, Ghana, Nigeria, Senegal) in 2022 and the second on the Mekong region (Cambodia, Lao PDR and Viet Nam) in 2023-24.

    The joint WTO-IFC work on trade finance springs from a 2021 joint statement by the WTO Director-General Ngozi Okonjo-Iweala and IFC Managing Director Makhtar Diop, pledging to enhance cooperation to improve the analytics, identification, and detection of trade finance gaps in order to better direct capacity building and other resources to where unmet demand is greatest.

    DDG Hill stressed that in the countries and regions studied so far, only a limited share of trade is supported by trade and supply chain finance, whereas in advanced economies this share is at least 60 per cent. “In each of the regions we examined, trade finance was heavily concentrated. Too few banks directing too little finance towards a small group of well-established and large traders,” she said.

    Doubling the trade finance coverage of trade would increase trade flows by a significant amount and help diversify trade geographically. “More trade finance means not only more trade integration, but also more socioeconomic inclusion through trade,” she added.

    Looking ahead, DDG Hill emphasized that the WTO will continue its work – whether in the trade finance field, through its investment facilitation efforts or through the implementation of its Trade Facilitation Agreement – to reduce international trade costs. In many emerging economies, reducing the cost of shipping, financing and border clearance is key to being competitive internationally. “The adoption of digital technologies is paramount in this regard,” she noted.

    “We remain at our members’ disposal for promoting trade finance solutions and engaging in expert discussions, such as today’s, with support from multilateral development banks and development financial institutions,” DDG Hill said. She noted that “these efforts help address persistent gaps in trade finance access, especially for small and medium enterprises, and support broader goals of trade inclusion, economic diversification, and digital transformation.” Her full remarks (in Spanish) are here.

    Policy recommendations included in the report point at strengthening supply chain markets through regulatory harmonization, digital innovation, improved risk assessments and better access for small and women-owned firms. International organizations and development banks can also play a key role through capacity building, liquidity support and risk-sharing facilities.

    The launch was followed by a presentation of the report and a panel discussion bringing together representatives of the WTO, IFC, the International Chamber of Commerce (ICC), the Mexican government and the Instituto Tecnológico Autónomo de México (ITAM).

    The publication can be found here.

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  • MIL-OSI United Kingdom: Carrbridge Struan Court affordable housing ready for new social rent  

    Source: Scotland – Highland Council

    The Highland Council has built ten new affordable one and two bed flats for social rent on the site of the former Struan Hotel, Carrbridge which will bring much needed homes to an area with demand for this size of property.  

    The build awarded to Inverness based Compass Building and Construction Services has eight – one bed flats, and two- two bed flats built for rent and was supported by £1,467,884.53 from the Scottish Government’s More Homes Division. 

    Convener, of the Council Cllr Bill Lobban said: “Badenoch and Strathspey has been crying out for this type of one/two bed properties, and I would like to say how delighted I am that these new homes will soon be filled by new tenants. 

    “The Scottish Government’s More Homes Division funding has helped the Council to commit to the delivery of new affordable homes for rent or low-cost home ownership/mid-market rent.  Building new houses not only fills an important gap in the market but also boosts the construction industry and creates wider circular economic benefits over the longer term. 

    “Struan Court is an example of the importance of regenerating derelict areas and for many long years top of the Carrbridge wish list has been redevelopment of the derelict Struan Hotel whom the development is named after. Whilst this new development is a great example of cooperation between the Scottish Government and The Highland Council it would not have happened without the wholehearted support of the community and especially Carrbridge & Vicinity Community Council.” 

    Housing and Property Committee Chair, Cllr Glynis Campbell Sinclair said: “As part of the Highland Housing Challenge, The Highland Council is committed to improving the housing stock across the Highlands and this development not only provides much needed new homes, but it has also regenerated a derelict site.

    “The completion of Struan Court development marks the continued regeneration of the area and adds to the social housing stock at the nearby, Carr Road -Tulloch Homes Pinefield development.  I wish the new tenants every happiness in their new home and thank all involved in making this development come to fruition.” 

    The Highland’s Strategic Housing Investment Plan (SHIP), which set out proposals for the affordable housing investment during 2023-2028, reaffirming the commitment to deliver an average of 500 new affordable homes per annum of which approximately 70% would be for affordable rent and 30% for intermediate affordable housing (e.g. low cost home ownership or midmarket rent), in line with the overall Scottish Government Targets.  

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  • MIL-OSI USA: Governor Newsom announces launch of new AI tool to supercharge the approval of building permits and speed recovery from Los Angeles Fires

    Source: US State of California 2

    Apr 30, 2025

    What you need to know: The state of California is providing LA City and County a new AI-powered e-check software free of charge to speed the pace at which local governments are approving building permits.

    LOS ANGELES – Leveraging the power of private sector innovation, Governor Gavin Newsom today announced the launch of a new artificial intelligence-driven software to aid Los Angeles City and County in accelerating the approval process for rebuilding permits to help communities recover more quickly from the Eaton and Palisades fires. 

    “The current pace of issuing permits locally is not meeting the magnitude of the challenge we face. To help boost local progress, California is partnering with the tech sector and community leaders to give local governments more tools to rebuild faster and more effectively.”

    Governor Gavin Newsom

    The software, created by Archistar, will be provided free of charge to the local governments and to users through a partnership between the state and philanthropic partners including LA Rises and Steadfast LA with contributions from Autodesk and Amazon.

    “Bringing AI into permitting will allow us to rebuild faster and safer, reducing costs and turning a process that can take weeks and months into one that can happen in hours or days,” said Steadfast LA Chairman Rick Caruso. “Working with our coalition partner Mike Hopkins and Amazon, I’m proud Steadfast LA identified Archistar as the right company to develop and apply this game-changing technology. Now we can work with great philanthropic organizations, including LA Rises, to provide this critical tool at no cost to taxpayers. We will continue bringing forward new technology and ideas to cut through red tape and expedite this recovery.”

    While the state has no direct role in the local permit approval process, Governor Newsom has worked aggressively to cut red tape, remove obstacles, and provide every available resource to local governments so they can fast-track permits and rebuild quickly. 

    The software uses computer vision, machine learning, and automated rulesets to instantly check designs against local zoning and building codes in the assessment process for building permits. This technology will allow property owners to pre-check their building plans before submission to ensure they submit valid plans, thus avoiding frustrating delays and expediting the review process once received by city or county staff.

    Once fully implemented by local leaders, this e-check tool will improve efficiency, accuracy, transparency, and speed of the rebuilding process from the Eaton and Palisades fire while also improving the experience for disaster survivors.

    “Getting residents home quickly and safely is my top priority,” said Los Angeles Mayor Karen Bass. “Last week, I signed an Executive Directive to spearhead an AI pilot program to streamline the permitting process for Palisades residents. With the announcement of this AI solution, we’re infusing new technologies into City Hall processes to ensure nothing stands in the way of families getting home – and to keep our recovery effort on track to be the fastest in modern California history. I thank Governor Newsom and our County partners for their collaboration on this exciting effort.”

    The County of Los Angeles has also committed to using the software and passed a Board Resolution to establish a unified permitting authority for the Altadena one-stop recovery center.

    “I’m excited to see Los Angeles County embrace innovative technology like Archistar to accelerate the rebuilding process in Altadena and neighboring communities recovering from the Eaton Fire,” said Los Angeles County Board of Supervisors Chair Kathryn Barger. “This AI tool has the potential to save homeowners valuable time by helping them submit code-compliant plans from the start. I appreciate Governor Newsom’s stewardship of this opportunity and SoCal Grantmakers for their fiduciary support. Their help—along with collaboration from our County’s permitting departments—helped make this opportunity possible. Our collective work will help ensure we’re delivering real, efficient solutions to those working hard to rebuild their lives. Our wildfire survivors deserve nothing less.”

    “Together, government and philanthropy are standing with our community to ensure a safe, swift, and lasting recovery from the Palisades and Eaton Fires,” said Supervisor Lindsey P. Horvath. “With new AI-powered tools and LA County’s One-Stop Permitting Centers, we’re cutting red tape to help residents rebuild and return home sooner. I’m grateful to Governor Newsom, Steadfast LA, and LA Rises for their investment in our recovery.”

    The technology is already being used by more than 25 forward-looking municipalities across the United States, Canada, and Australia, including cities like Vancouver, Austin, Houston and Seattle as well as states like Colorado, British Columbia (Canada) and New South Wales (Australia). In addition to providing the software free of charge in Los Angeles, the tool is now available on a statewide contract that any local government can now access quickly to streamline their own plan review process. 

    Today’s announcement is part of a broader effort to cut red tape and harness innovation in the LA fire recovery process. 

    Cutting red tape

    Governor Newsom issued an executive order to streamline the rebuilding of homes and businesses destroyed — suspending permitting and review requirements under the California Environmental Quality Act (CEQA) and the California Coastal Act. The Governor also issued an executive order further cutting red tape by reiterating that permitting requirements under the California Coastal Act are suspended for rebuilding efforts and directing the Coastal Commission not to issue guidance or take any action that interferes with or conflicts with the Governor’s executive orders. Additionally, he signed an executive order to cut more red tape and continue streamlining rebuilding, recovery, and relief for survivors. The Governor also issued an executive order removing bureaucratic barriers, extending deadlines, and providing critical regulatory relief to help fire survivors rebuild, access essential services, and recover more quickly.

    Efficient, engaged, effective

    Since the start of his administration in 2019, Governor Newsom has made efficiency and engagement a top priority, implementing new technologies and practices that make government more efficient and responsive to the people it serves. In 2019, the Governor established the Office of Data Innovation to help advance this important work. 

    As the birthplace of tech, California is at the forefront in the study and implementation of AI in government. In 2023, Governor Newsom issued an executive order directing state agencies to utilize Generative AI technologies to improve state services and help solve important issues. Since that time, the state has integrated AI and other efficiency solutions to make state government work faster and even more effective.

    To help provide the Los Angeles community with a stronger voice in the rebuilding and recovery efforts, Governor Newsom launched Engaged California, a new platform that gives Californians a unique opportunity to share their thoughts and connect with other people on topics that are important to them. It creates new opportunities for Californians to connect with their government to inform and shape policy through honest, respectful discussions.

    The program was launched in February with the first use case focusing on the impacts of the Los Angeles wildfires.
     

    Partnerships Key 

    Today’s announcement was made possible through partnerships with philanthropic and community organizations who are aiding wildfire recovery in Los Angeles.

    Autodesk is a global leader in design and make technology, empowering innovators across architecture, engineering, construction, product design, manufacturing, and media.

    Steadfast LA is a civic nonprofit organization dedicated to accelerating the rebuilding of Los Angeles after the devastating wildfires by bringing together top leaders, bold ideas, and effective solutions to get things done right and fast.

    LA Rises is a unified recovery initiative that brings together private sector leaders to support rebuilding efforts led by the city of Los Angeles, Los Angeles County and the State of California. In January, the Governor enlisted Dodgers Chairman Mark Walter, business leader and basketball legend Earvin “Magic” Johnson, and Casey Wasserman, LA28 Chairperson and President to lead and recruit others to this private sector and philanthropic effort.

    Track LA’s recovery, including the latest air quality results, at CA.gov/LAfires.

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