Category: Canada

MIL-OSI USA: Advantage Health Matters Inc Recalls “Organic Jumbo Pumpkin Seeds” Because of Possible Health Risk

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:
May 08, 2025
FDA Publish Date:
May 08, 2025
Product Type:
Food & BeveragesFoodborne Illness
Reason for Announcement:

Recall Reason Description
Potential Foodborne Illness – Salmonella

Company Name:
Advantage Health Matters Inc.
Brand Name:

Brand Name(s)
Organic traditions

Product Description:

Product Description
Organic Jumbo Pumpkin Seeds

Company Announcement
Advantage Health Matters of 5787 Steeles Ave W, North York, ON, Canada M9L 2W3, is recalling its 8-ounce packages of ” Organic Jumbo Pumpkin Seeds ” food treats because they have the potential to be contaminated with Salmonella, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Healthy persons infected with Salmonella often experience fever, diarrhea (which may be bloody), nausea, vomiting and abdominal pain. In rare circumstances, infection with Salmonella can result in the organism getting into the bloodstream and producing more severe illnesses such as arterial infections (i.e., infected aneurysms), endocarditis and arthritis.
The recalled ” Organic Jumbo Pumpkin Seeds ” were distributed in states of New York, New Jersy and Virginia in retail stores and through mail orders.
The product comes in a 8 ounce, clear plastic package marked with lot # L250320200 on the back and with an expiration date of 05/02/2027 stamped on the side.
No illnesses have been reported to date in connection with this problem.
This recall was triggered by a recall of a supplier in another country.
Production of the product has been suspended while the company continue their investigation as to the source of the problem.
Consumers who have purchased 8 ounce packages of ” Organic Jumbo Pumpkin Seeds ” are urged to return them to the place of purchase for a full refund. Consumers with questions may contact the company at info@organictraditions.com.

Company Contact Information

Product Photos

Content current as of:
05/08/2025

Regulated Product(s)

Topic(s)

Follow FDA

MIL OSI USA News –

May 9, 2025

MIL-OSI: Alaris Equity Partners Income Trust Releases 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION IN THE UNITED STATES.

FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Alaris Equity Partners Income Trust (TSX-AD.UN) (together, as applicable, with its subsidiaries, “Alaris” or the “Trust“) is pleased to announce its results for the three months ended March 31, 2025. The results are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board. All amounts below are in Canadian dollars unless otherwise noted.

Highlights:

For the period ended March 31, 2025, Alaris generated $0.12 per unit of additional Net book value ⁽¹⁾, improving this metric to $24.34. Driving this increase is current quarter earnings of $0.50 per unit, offset by $0.34 of distributions to unitholders;
During the quarter, the Trust, through its normal course issuer bid (“NCIB”), purchased and cancelled 218,900 units, which reflects a $0.02 per unit of additional Net book value ⁽¹⁾;
The Trust, together with its Acquisition Entities, earned $43.0 million of Partner distribution revenue in Q1 2025, an increase of $3.7 million or 9% for the three-month period as compared to Q1 2024. The period over period increase is primarily the result of new and follow-on investments made subsequent to Q1 2024, higher common distributions received and for preferred distributions that were subject to a reset, an increase of distributions of approximately 4% based on unaudited result from each of its Partners;
Alaris’ net distributable cash flow ⁽²⁾ for the three months ended March 31, 2025, of $30.4 million increased by 19% as compared to the three months ended March 31, 2024.
- The Actual Payout Ratio ⁽³⁾ for the Trust, based on the Alaris net distributable cash ⁽²⁾ flow for the three months ended March 31, 2025 was 59%, which is inclusive of the cash disbursements related to the quarters NCIB purchases;
Following March 31, 2025, Federal Management Partners, LLC (“FMP”) experienced suspension of certain key contracts, primarily driven by changes in U.S. federal procurement policies, resulting in a material reduction in revenue. These developments are expected to have a significant adverse impact on FMP’s financial performance and outlook in the near term. Given the evolving circumstances and associated uncertainty, Alaris anticipates that FMP’s ability to sustain distribution payments for the remainder of the year will be negatively affected. Furthermore, these factors are expected to lead to a material downward reassessment of the fair value of FMP. FMP management is actively evaluating mitigation strategies and Alaris is continuing to assess the potential impact to FMP’s long-term outlook;
The weighted average combined Earnings Coverage Ratio ⁽⁴⁾ for Alaris’ Partners is approximately 1.5x with ten of twenty Partners greater than 1.5x. In addition, twelve of our partners have either no debt or less than 1.0x Senior Debt to EBITDA on a trailing twelve-month basis;
Subsequent to quarter end, Alaris completed an amendment to its senior credit facility, which included converting the credit facility from CDN$500 million to US$450 million, in addition to converting the accordion feature from CDN$50 million to US$50 million. As of the date of this release, total drawn of the facility is approximately US$289 million and US$161 million remaining available.

“Our first quarter saw solid performance from the portfolio despite a very uncertain environment. The combination of predominantly required service, low leverage businesses continues to shield us from extreme volatility. The US government cuts have ultimately hit one of our partners, FMP, in a negative way. Despite it appearing that the company had dodged anything significant through the end of April, a surprise cut to some of their large contracts has resulted in a substantial loss of revenue and a need to pivot. This is still a profitable company with no net debt and an extremely talented, aligned management team. FMP is already focusing on targeting new opportunities to replace lost contracts but this will take time to execute on. We are confident in this management team’s ability to build the revenue stream back up. We’re very fortunate that as a portfolio, the impact of the government cuts and tariffs has been quite small in the context of our total portfolio. On a positive note, the current environment is presenting our company with a large number of opportunities to invest in very good, long-term assets. We expect an active second half of deployment.” said Steve King President and CEO.

Results of Operations

Three months ended March 31,		2025		2024	% Change
Change in Net book value per unit	$	0.12	$	0.54	-77.8	%
Alaris net distributable cash flow per unit	$	0.67	$	0.56	+19.6	%
Earnings from operations per unit	$	0.62	$	0.52	+19.2	%
Earnings and comprehensive income per unit	$	0.50	$	1.62	-69.1	%
Weighted average basic units (000’s)		45,534		45,498

Net book value ⁽¹⁾ per unit at March 31, 2025 increased by $0.12 during the quarter to $24.34 per unit, which is a 77.8% decrease from Q1 2024 change in Net book value ⁽¹⁾ of $0.54 per unit . The $0.12 per unit increase in Net book value ⁽¹⁾ is primarily driven by $0.50 earnings per unit recorded by the Trust during Q1 2025, less the quarterly dividend of $0.34 per unit. In Q1 2024, $0.46 of the $0.54 per unit change in Net book value ⁽¹⁾ was related to a foreign exchange gain of $20.1 million as compared to a foreign exchange loss of $4.9 million in the current quarter. These foreign exchange gains and losses are primarily related to the revaluation of U.S dollar denominated assets due to changes in foreign exchange rates from period to period.

Alaris net distributable cash flow ⁽²⁾ per unit increased by 19.6%, primarily due to higher preferred and common Partner distributions received in Q1 2025 in addition to higher cash taxes recovered by the Acquisition Entities during the quarter. Partner distributions increased quarter over quarter, reflecting higher common Distributions received in Q1 2025 and higher preferred distributions, primarily due to Alaris’ new investment in Cresa, LLC (“Cresa”) and follow-on investment in The Shipyard, LLC (”Shipyard”) that were made partway through the prior year. New investments in The Berg Demo Holdings, LLC (“Berg”) and Professional Electric Contractors of Connecticut, Inc. (“PEC”) completed in Q1 2025, also contributed to the increase. These were partially offset by lower distributions following the redemption of Brown & Settle Investments, LLC and a subsidiary thereof (collectively, “Brown & Settle”) and as part of Ohana Growth Partners, LLC (“Ohana”) asset under management transaction in Q4 2024, which had lower yields on the new convertible preferred units received.

Earnings and comprehensive income decreased by 69.1% per unit due to a non-recurring gain of $30.3 million recognized in Q1 2024 on the derecognition of previously consolidated entities, as well as a foreign exchange loss of $4.9 million recognized during Q1 2025 as compared to a foreign exchange gain of $20.8 million in Q1 2024. Partially offsetting period over period decrease to earnings and comprehensive income is a 19.2% increase to earnings from operations in Q1 2025 as compared to Q1 2024, which is primarily due to higher revenue and operating income driven by higher Distributions from Partners and increases to the fair value of Partner investments. The Trust recorded a net increase of $10.1 million to the fair value of its investment in Partners during Q1 2025, largely driven by gains to the fair value of Alaris’ investment in Shipyard and Ohana, and partially offset by a fair value decrease in Sono Bello, LLC (“Sono Bello“).

Outlook

In Q1 2025, the Trust together with its Acquisition Entities earned $43.7 million of revenue from Partners, which included $43.0 million of Partner Distributions and $0.7 million of third party transaction and management fee revenue, collectively which was ahead of previous guidance of $42.5 million due to higher than expected common Distributions received, as well as a higher realized foreign exchange rate on US denominated distributions. Alaris expects total revenue from its Partners in Q2 2025 of approximately $41.4 million.

During the three months ended March 31, 2025, the Trust, through its Acquisition Entities invested in two new Partners, Berg and PEC, for a total investment of approximately $118 million. Subsequent to March 31, 2025, FMP was impacted by the loss of certain key contracts which Alaris anticipates will require FMP to defer distributions. These investments and the deferral of FMP’s distributions are reflected in Alaris’ Run Rate Revenue ⁽⁵⁾ for the next twelve months, of approximately $178 million, which includes an estimated $19.1 million of common dividends.

The Run Rate Cash Flow ⁽⁶⁾ table below outlines the Trust and it’s Acquisition Entities’ combined expectation for Partners Distribution revenue, transaction fee revenue, general and administrative expenses, third party interest expense, tax expense and distributions to unitholders for the next twelve months. The Run Rate Cash Flow ⁽⁶⁾ is a forward looking supplementary financial measure and outlines the net cash from operating activities, less the distributions paid, that Alaris is expecting to generate over the next twelve months. The Trust’s method of calculating this measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

Run rate general and administrative expenses are currently estimated at $18.5 million and include all public company costs incurred by the Trust and its Acquisition Entities. The Trust’s Run Rate Payout Ratio ⁽⁷⁾ is expected to be within a range of 60% and 65% when including Run Rate Revenue ⁽⁵⁾, overhead expenses and our existing capital structure. The table below sets out our estimated Run Rate Cash Flow ⁽⁶⁾ as well as the after-tax impact of positive net investment, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD to CAD exchange rate.

Run Rate Cash Flow ($ thousands except per unit)		Amount ($)			$ / Unit
Run Rate Revenue, Partner Distribution revenue		$	178,000		$	3.91
General and administrative expenses			(18,500	)		(0.41	)
Third party Interest and taxes			(60,600	)		(1.33	)
Net cash from operating activities		$	98,900		$	2.17
Distributions paid			(61,900	)		(1.36	)
Run Rate Cash Flow		$	37,000		$	0.81

Other considerations (after taxes and interest):
New investments	Every $50 million deployed @ 14%		+2,550			+0.06
Interest rates	Every 1.0% increase in SOFR		-3,200			-0.07
USD to CAD	Every $0.01 change of USD to CAD	+/- 900			+/- 0.02

Alaris’ financial statements and MD&A are available on SEDAR+ at www.sedarplus.ca and on our website at www.alarisequitypartners.com.

Earnings Release Date and Conference Call Details

Alaris management will host a conference call at 9am MT (11am ET), Friday, May 9, 2025 to discuss the financial results and outlook for the Trust.

Participants must register for the call using this link: Q1 2025 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q1 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the “Investors” section – “Presentations and Events”, at www.alarisequitypartners.com.

An updated corporate presentation will be posted to the Trust’s website within 24 hours at www.alarisequitypartners.com.

About the Trust:

Alaris’ investment and investing activity refers to providing, through the Acquisition Entities, structured equity to private companies (“Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively, “Distributions”) as well as capital appreciation on both preferred and common equity. The principal objective is to generate predictable cash flows for distribution payments to its unitholders while growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a “top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

Non-GAAP and Other Financial Measures

The terms Net book value, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the “Non-GAAP and Other Financial Measures”) are financial measures used in this MD&A that are not standard measures under International Financial Reporting Standards (“IFRS”) . The Trust’s method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust’s Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

(1) “Net book value” and “net book value per unit” are Non-GAAP financial measures and represents the equity value of the company or total assets less total liabilities and the same amount divided by weighted average basic units outstanding. Net book value and net book value per unit are used by management to determine the growth in assets over the period net of amounts paid out to unitholders as distributions. Management believes net book value and net book value per unit are useful supplemental measures from which to compare the Trust’s growth period over period. The Trust’s method of calculating these Non-GAAP financial measures may differ from the methods used by other issuers. Therefore, they may not be comparable to similar measures presented by other issuers.

	31-Mar		31-Dec		31-Mar
*$ thousands except per unit amounts*		2025		2024		2024
Total Assets	$	1,201,210	$	1,199,683	$	1,073,401
Total Liabilities	$	92,749	$	97,721	$	87,985
Net book value	$	1,108,461	$	1,101,962	$	985,416
Weighted average basic units (000’s)		45,534		45,503		45,498
Net book value per unit	$	24.34	$	24.22	$	21.66

(2) “Alaris net distributable cashflow” is a non-GAAP measure that refers to all sources of external revenue in both the Trust and the Acquisition Entities less all general and administrative expenses, third party interest expense and cash tax paid (received). Alaris net distributable cashflow is a useful metric for management and investors as it provides a summary of the total cash from operating activities that can be used to pay the Trust distribution, repay senior debt and/or be used for additional investment purposes. The Trust’s method of calculating this Non-GAAP measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures presented by other issuers.

	Three months ended March 31
*$ thousands except per unit amounts*		2025			2024		% Change
Partner Distribution revenue – Preferred	$	40,579		$	38,193
Partner Distribution revenue – Common	$	2,393		$	601
Third party management and advisory fees	$	706		$	510

Expenditures of the Trust:
General and administrative	$	(4,185	)	$	(4,110	)
Third party cash interest paid by the Trust	$	(2,028	)	$	(2,032	)
Cash taxes (paid) / received by the Trust	$	(7	)	$	–

Expenditures incurred by Acquisition Entities:
Operating costs and other	$	(866	)	$	(903	)
Transactions costs	$	(1,869	)	$	(1,362	)
Cash interest paid, senior credit facility and convertible debentures	$	(6,290	)	$	(5,428	)
Cash taxes received by the Acquisition Entities	$	1,988		$	63
Alaris net distributable cash flow	$	30,421		$	25,532			+19.1	%
Alaris net distributable cash flow per unit	$	0.67		$	0.56			+19.6	%

(3) “Actual Payout Ratio” is a supplementary financial measure and refers to Alaris’ total distributions paid during the period (annually or quarterly) divided by Alaris net distributable cashflow generated for the period. It represents the net cash from operating activities after distributions paid to unitholders available for either repayments of senior debt and/or to be used in investing activities.

(4) “Earnings Coverage Ratio (“ECR”)” is a supplementary financial measure and refers to the EBITDA of a Partner divided by such Partner’s sum of debt servicing (interest and principal), unfunded capital expenditures and distributions to Alaris. Management believes the earnings coverage ratio is a useful metric in assessing our partners continued ability to make their contracted distributions.

(5) “Run Rate Revenue” is a supplementary financial measure and refers to Alaris’ total revenue expected to be generated over the next twelve months based on contracted distributions from current Partners, excluding any potential Partner redemptions, it also includes an estimate for common dividends or distributions based on past practices, where applicable. Run Rate Revenue is a useful metric as it provides an expectation for the amount of revenue Alaris can expect to generate in the next twelve months based on information known.

(6) “Run Rate Cash Flow” is a Non-GAAP financial measure and outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from operating activities less distributions paid, as outlined in Alaris’ consolidated statements of cash flows.

(7) “Run Rate Payout Ratio” is a Non-GAAP financial ratio that refers to Alaris’ distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for Alaris to track and to outline as it provides a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Run Rate Payout Ratio is comparable to Actual Payout Ratio as defined above.

(8) “Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

The terms Net Book Value, Components of Corporate investments, EBITDA, Adjusted EBITDA, Alaris net distributable cashflow, Earnings Coverage Ratio, Run Rate Payout Ratio, Actual Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts should only be used in conjunction with the Trust’s unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at www.sedarplus.ca.

Forward-Looking Statements

This news release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under applicable securities laws, including any applicable “safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. In particular, this news release contains forward-looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris’ capital offering; the Trust’s Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and total revenue; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity Distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust’s net cash from operating activities, Run Rate Revenue, Run Rate Cash Flow and Run Rate Payout Ratio; the impact of future deployment; the Trust’s ability to deploy capital; expected gains on common equity and future exits; payout of Alaris’ AUM strategy including, without limitation, the impact of management fees and profit participation; the yield on the Trust’s investments and expected resets on Distributions; changes in interest rates, including SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust’s return on its investments; and Alaris’ expenses for the next twelve months. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively, “FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris’ expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward-looking statements are based will occur. Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: impact of widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, tariffs and internal trade disputes on the Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)); the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; a negative impact on the Trust or Partners with risk to cybersecurity and or implementation of artificial intelligence; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in Alaris’ Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, which is or will be (in the case of the AIF) filed under Alaris’ profile at www.sedarplus.ca and on its website at www.alarisequitypartners.com.

Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris’ possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris’ actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or 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.

For more information please contact:
Investor Relations
Alaris Equity Partners Income Trust
403-260-1457
ir@alarisequity.com

The MIL Network –

May 9, 2025

MIL-OSI: Lantronix Reports Results for Third Quarter of Fiscal 2025

Source: GlobeNewswire (MIL-OSI)

Third Quarter Net Revenue of $28.5 Million
Third Quarter GAAP EPS of ($0.10)
Third Quarter Non-GAAP EPS of $0.03

IRVINE, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for the Internet of Things (IoT) solutions enabling Artificial Intelligence (AI) Edge Intelligence, today reported results for its third quarter of fiscal 2025.

Despite a complex macroeconomic environment, Lantronix delivered revenue within guidance and continued executing its long-term strategy toward becoming a leader in intelligent edge computing.

Lantronix continued its leadership in AI edge intelligence and industrial connectivity through several key initiatives in the last quarter. The company enabled Teledyne/FLIR’s AI-driven drone thermal camera, validating the performance and reliability of its Open-Q™ platform in mission-critical edge vision systems. Further expanding its AI-capable compute portfolio, Lantronix launched the Open-Q™ 8550CS SoM, built on Qualcomm’s advanced QCS8550 processor, which delivers premium AI/ML performance and is designed for next-generation industrial and robotics applications.

Q3 FY2025 Financial Results

Net Revenue: $28.5 million, in range of $27.0 million to $31.0 million guidance
GAAP EPS: ($0.10), compared to ($0.01) in Q3 FY2024 and ($0.06) in Q2 FY2025
Non-GAAP EPS: $0.03, compared to $0.11 in Q3 FY2024 and $0.04 in Q2 FY2025

“We’re positioning Lantronix to lead the next wave of industrial and enterprise transformation at the edge,” said Saleel Awsare, president and CEO of Lantronix. “This quarter reflects continued investment in high-growth areas — from AI-enabled gateways to 5G connectivity — while advancing our innovation roadmap, global partnerships and talent base.”

Q4 FY2025 Business Outlook

Lantronix expects the following results for the fourth fiscal quarter ending June 30, 2025:

Revenue: $26.5 million to $30.5 million
Non-GAAP EPS: $0.00 to $0.02

Conference Call and Webcast

Management will host an investor conference call and audio webcast on Thursday, May 8, 2025, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its results for the third quarter of fiscal 2025 that ended March 31, 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.

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.

Discussion of Non-GAAP Financial Measures

Lantronix believes that the presentation of non-GAAP financial information, when presented in conjunction with the corresponding GAAP measures, provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends to gain an understanding of our comparative operating performance. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations of the non-GAAP financial measures to the financial measures calculated in accordance with GAAP should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

Non-GAAP net loss consists of net loss excluding (i) share-based compensation and the employer portion of withholding taxes on stock grants, (ii) depreciation and amortization, (iii) interest income (expense), (iv) other income (expense), (v) income tax provision (benefit), (vi) restructuring, severance and related charges, (vii) acquisition related costs, (viii) impairment of long-lived assets, (ix) amortization of purchased intangibles, (x) amortization of manufacturing profit in acquired inventory, (xi) fair value remeasurement of earnout consideration, and (xii) loss on extinguishment of debt.

Non-GAAP EPS is calculated by dividing non-GAAP net loss by non-GAAP weighted-average shares outstanding (diluted). For purposes of calculating non-GAAP EPS, the calculation of GAAP weighted-average shares outstanding (diluted) is adjusted to exclude share-based compensation, which for GAAP purposes is treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

Guidance on earnings per share growth is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to Lantronix’s ability to estimate the excluded items are not accessible or estimable on a forward-looking basis without unreasonable effort.

Forward-Looking Statements

This news release contains forward-looking statements, including statements concerning our revenue and earnings expectations for the fourth fiscal quarter of 2025, our positioning to capitalize on the next wave of industrial and enterprise transformation using edge computing, and our expectations regarding high-growth market areas. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to changes in U.S. trade policy, including recently increased or future tariffs, a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand; the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, expected to be filed with the SEC on or about May 9, 2025 including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

Lantronix Analyst and Investor Contact:

investors@lantronix.com

LANTRONIX, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

	March 31,			June 30,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	19,999		$	26,237
Accounts receivable, net		23,648			31,279
Inventories, net		28,151			27,698
Contract manufacturers’ receivables		1,637			1,401
Prepaid expenses and other current assets		3,029			2,335
Total current assets		76,464			88,950
Property and equipment, net		2,768			4,016
Goodwill		31,089			27,824
Intangible assets, net		4,310			5,251
Lease right-of-use assets		8,974			9,567
Other assets		584			600
Total assets	$	124,189		$	136,208

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	11,005		$	10,347
Accrued payroll and related expenses		3,905			5,836
Current portion of long-term debt, net		3,063			3,002
Other current liabilities		10,594			10,971
Total current liabilities		28,567			30,156
Long-term debt, net		9,458			13,219
Other non-current liabilities		10,694			11,478
Total liabilities		48,719			54,853

Commitments and contingencies

Stockholders’ equity:
Common stock		4			4
Additional paid-in capital		306,858			304,001
Accumulated deficit		(231,763	)		(223,021	)
Accumulated other comprehensive income		371			371
Total stockholders’ equity		75,470			81,355
Total liabilities and stockholders’ equity	$	124,189		$	136,208

LANTRONIX, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)


	Three Months Ended									Nine Months Ended
	March 31,			December 31,			March 31,			March 31,
	2025			2024			2024			2025			2024
Net revenue	$	28,500		$	31,161		$	41,183		$	94,084		$	111,252
Cost of revenue		16,097			17,877			24,679			53,922			65,620
Gross profit		12,403			13,284			16,504			40,162			45,632
Operating expenses:
Selling, general and administrative		8,959			8,811			9,753			27,237			29,147
Research and development		4,463			4,984			5,186			14,403			15,017
Restructuring, severance and related charges		1,581			193			350			2,674			900
Acquisition-related costs		100			208			–			337			–
Fair value remeasurement of earnout consideration		–			–			–			–			(9	)
Amortization of intangible assets		879			1,248			1,310			3,378			4,004
Total operating expenses		15,982			15,444			16,599			48,029			49,059
Loss from operations		(3,579	)		(2,160	)		(95	)		(7,867	)		(3,427	)
Interest expense, net		(159	)		(126	)		(171	)		(404	)		(741	)
Other income (loss), net		(19	)		8			2			(48	)		(2	)
Loss before income taxes		(3,757	)		(2,278	)		(264	)		(8,319	)		(4,170	)
Provision for income taxes		111			94			159			423			732
Net loss	$	(3,868	)	$	(2,372	)	$	(423	)	$	(8,742	)	$	(4,902	)
Net loss per share – basic and diluted	$	(0.10	)	$	(0.06	)	$	(0.01	)	$	(0.23	)	$	(0.13	)
Weighted-average common shares – basic and diluted		38,820			38,631			37,509			38,493			37,283

LANTRONIX, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(In thousands, except per share data)

	Three Months Ended									Nine Months Ended
	March 31,			December 31,			March 31,			March 31,
	2025			2024			2024			2025			2024

GAAP net loss	$	(3,868	)	$	(2,372	)	$	(423	)	$	(8,742	)	$	(4,902	)
Non-GAAP adjustments:
Cost of revenue:
Share-based compensation		34			48			66			146			171
Employer portion of withholding taxes on stock grants		–			2			1			7			6
Amortization of manufacturing profit in acquired inventory		44			–			190			44			696
Depreciation and amortization		101			114			144			338			339
Total adjustments to cost of revenue		179			164			401			535			1,212
Selling, general and administrative:
Share-based compensation		1,159			1,044			1,337			3,329			4,238
Employer portion of withholding taxes on stock grants		13			20			21			111			68
Depreciation and amortization		345			348			352			1,044			1,024
Total adjustments to selling, general and administrative		1,517			1,412			1,710			4,484			5,330
Research and development:
Share-based compensation		324			421			469			1,155			1,381
Employer portion of withholding taxes on stock grants		4			2			9			25			27
Depreciation and amortization		56			111			76			236			236
Total adjustments to research and development		384			534			554			1,416			1,644
Restructuring, severance and related charges		1,581			193			350			2,674			900
Acquisition related costs		100			208			–			337			–
Fair value remeasurement of earnout consideration		–			–			–			–			(9	)
Amortization of purchased intangible assets		879			1,248			1,310			3,378			4,004
Litigation settlement cost		–			158			–			198			–
Total non-GAAP adjustments to operating expenses		4,461			3,753			3,924			12,487			11,869
Interest expense, net		159			126			171			404			741
Other (income) expense, net		19			(8	)		(2	)		48			2
Provision for income taxes		111			94			159			423			732
Total non-GAAP adjustments		4,929			4,129			4,653			13,897			14,556
Non-GAAP net income	$	1,061		$	1,757		$	4,230		$	5,155		$	9,654


Non-GAAP net income per share – diluted	$	0.03		$	0.04		$	0.11		$	0.13		$	0.25

Denominator for GAAP net income (loss) per share – diluted		38,820			38,631			37,509			38,493			37,283
Non-GAAP adjustment		1,300			953			1,674			1,034			1,021
Denominator for non-GAAP net income per share – diluted		40,120			39,584			39,183			39,527			38,304

GAAP cost of revenue	$	16,097		$	17,877		$	24,679		$	53,922		$	65,620
Non-GAAP adjustments to cost of revenue		(179	)		(164	)		(401	)		(535	)		(1,212	)
Non-GAAP cost of revenue		15,918			17,713			24,278			53,387			64,408
Non-GAAP gross profit	$	12,582		$	13,448		$	16,905		$	40,697		$	46,844
Non-GAAP gross margin		44.1	%		43.2	%		41.0	%		43.3	%		42.1	%

LANTRONIX, INC.
UNAUDITED NET REVENUES BY PRODUCT LINE AND REGION
(In thousands)

	Three Months Ended						Nine Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024		March 31, 2025		March 31, 2024
Embedded IoT Solutions	$	11,990	$	10,784	$	12,452	$	36,161	$	35,589
IoT System Solutions		14,730		18,592		26,789		52,081		68,847
Software & Services		1,780		1,785		1,942		5,842		6,816
	$	28,500	$	31,161	$	41,183	$	94,084	$	111,252


	Three Months Ended						Nine Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024		March 31, 2025		March 31, 2024
Americas	$	16,497	$	16,386	$	17,543	$	50,303	$	61,077
EMEA		6,048		9,036		18,354		25,568		37,831
Asia Pacific Japan		5,955		5,739		5,286		18,213		12,344
	$	28,500	$	31,161	$	41,183	$	94,084	$	111,252

The MIL Network –

May 9, 2025

MIL-OSI: CEA Industries Inc. Provides Update on Fat Panda Acquisition
Source: GlobeNewswire (MIL-OSI)

Transaction reflects CEA Industries’ strategic evolution and pivotal entry into attractive high-growth vape market

Accelerates Fat Panda’s growth initiatives as central Canada’s largest retailer and manufacturer of e-cigarettes, vape devices and e-liquids

Reiterates expectation for acquisition to close in the first half of 2025

Louisville, Colorado, May 08, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced a progress update on its acquisition of Fat Panda Ltd. (“Fat Panda”), a leading central Canadian retailer and manufacturer of nicotine vape products. This transaction and access to the Company’s resources will accelerate Fat Panda’s strategic initiatives and enhance its leadership position in the rapidly evolving Canadian vape market. Notably, this acquisition marks CEA Industries’ entry into the attractive high-growth vape industry, which is benefiting from secular tailwinds.

CEA Industries will help expand Fat Panda’s vertically integrated operations through organic and inorganic growth initiatives while optimizing its retail footprint which includes 33 locations across Manitoba, Ontario, and Saskatchewan. Additionally, Fat Panda operates its own e-commerce platform and offers a comprehensive product lineup, including in-house premium e-liquids and a portfolio of trademarks and intellectual property.

Fat Panda Preliminary 2024 Financial Highlights (Unaudited)
- Revenue of CAD $38.5 million (USD $28.5 million) increased 14% from CAD $33.8 million (USD $25.4 million) in fiscal 2023
- Gross Margins of 39% in fiscal 2024 compared to 46% in fiscal 2023
- Operating Expenses improved 11% to CAD $13.4 million (USD $9.9 million) in fiscal 2024 from CAD $15.1 million (USD $11.3 million) in fiscal 2023
- Net Income of CAD $1.2 million (USD $0.9 million), an increase of 126% from CAD $0.5 million (USD $0.4 million) in fiscal 2023 after accounting for one time ownership distributions
- Adjusted EBITDA (before ownership distributions) of CAD $8.0 million (USD $5.9 million), reflecting a 16% year-over-year improvement from CAD $6.8 million (USD $5.1 million) in fiscal 2023
“With the acquisition nearing completion, we are thrilled for this transformative step in our strategic evolution as a public company,” said Tony McDonald, Chairman and CEO of CEA Industries. “As a market-leading vape retailer and manufacturer, Fat Panda offers an extensive network of retail locations and dominant market share in central Canada. Their vertically integrated operations, robust e-commerce presence, and experienced management create a compelling opportunity. Further, this transaction positions us strategically to capitalize on the fastest-growing segment of the nicotine market, enhancing our competitive advantages. With Fat Panda’s proven track record of resilience, scalability, and double-digit growth, we are confident that combining their solid foundation with CEA’s resources will drive accretive growth and deliver meaningful long-term value to our shareholders.”

The Company continues to expect to complete the acquisition in the first half of 2025, subject to certain customary closing conditions described below.

Acquisition Disclaimers

Completion of the acquisition is subject to a number of conditions, which include the preparation and delivery of the Fat Panda companies audited and unaudited interim consolidated financial statements, satisfaction of the financial condition of Fat Panda, completion of due diligence by the Company, receipt of all necessary government approvals and licenses, and continuation and reformation of the various retail location leases. The Company is permitted to waive one or more of the closing conditions. Completion is also subject to the Company obtaining satisfactory financing for a portion of the cash purchase price. The acquisition agreement also provides for the selling persons to make representations and warranties and undertake certain covenants about many aspects of the business of Fat Panda that shall be true and correct and performed at or prior to closing. The representations, warranties and covenants are those that are typical in relation to the acquisition of an operating business. The Company has also made certain representations, warranties and covenants, the principal one of which is to obtain financing for a part of the purchase price, which if not obtained will permit the Company to terminate the purchase agreement.

About CEA Industries Inc.

CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

Forward Looking Statements

This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

Non-GAAP Financial Measures

To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

Investor Contact:

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
info@ceaindustries.com
(720) 330-2829

The MIL Network –
May 9, 2025

MIL-OSI: CarGurus Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Marketplace revenue grew 13% YoY

Q1’25 Net Income of $39.0 million; Non-GAAP Adjusted EBITDA of $66.3 million, up 32% YoY

Repurchased $184.2 million worth of shares in Q1’25, representing 6% of our outstanding capital

BOSTON, May 08, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles*, today announced financial results for the first quarter ended March 31, 2025.

“Our strong momentum in our Marketplace business continued into 2025, which grew 13% year-over-year,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Across the company, we advanced our 2025 core drivers of value creation: expanding data-driven solutions that help dealers drive more profitable businesses, meeting the evolving needs of car shoppers with a more intelligent and seamless experience, and enabling customers to do more of the transaction online. As a result, this focused execution has translated into deeper consumer and dealer engagement and has expanded our market share.”

First Quarter Financial Highlights

	Three Months Ended
	March 31, 2025
	Results (in millions)			Variance from Prior Year
Revenue
Marketplace Revenue	$	212.2			13	%
Wholesale Revenue		7.7			(52	)%
Product Revenue		5.2			(58	)%
Total Revenue	$	225.2			4	%

Gross Profit	$	199.7			14	%
% Margin		89	%	762 bps

Operating Expenses	$	154.0			4	%

GAAP Net Income	$	39.0			83	%
% Margin		17	%	747 bps

Non-GAAP Adjusted EBITDA ⁽¹⁾	$	66.3			32	%
% Margin ⁽¹⁾		29	%	609 bps

Cash and Cash Equivalents at period end ⁽²⁾	$	172.9			(43	)%

^{(1) For more information regarding our use of non-GAAP Adjusted EBITDA and other non-GAAP financial measures, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.}
^{(2) Variance represents the change from December 31, 2024.}

	Three Months Ended
	March 31, 2025
	Results			Variance from Prior Year
Key Performance Indicators ⁽¹⁾
U.S. Paying Dealers ⁽²⁾		25,153			3	%
International Paying Dealers ⁽²⁾		7,219			7	%
Total Paying Dealers ⁽²⁾		32,372			4	%

U.S. QARSD ⁽²⁾	$	7,369			10	%
International QARSD ⁽²⁾	$	2,073			10	%
Consolidated QARSD ⁽²⁾	$	6,173			9	%

Transactions		5,209			(49	)%

U.S. Average Monthly Unique Users (in millions) ⁽³⁾		35.0		N/A⁽⁴⁾
U.S. Average Monthly Sessions (in millions) ⁽³⁾		85.7		N/A⁽⁴⁾

International Average Monthly Unique Users (in millions) ⁽³⁾		10.6		N/A⁽⁴⁾
International Average Monthly Sessions (in millions) ⁽³⁾		22.2		N/A⁽⁴⁾

Segment Reporting *(in millions)*
U.S. Marketplace Segment Revenue	$	195.2			13	%
U.S. Marketplace Segment Operating Income	$	49.8			45	%
Digital Wholesale Segment Revenue	$	12.9			(55	)%
Digital Wholesale Segment Operating Loss	$	(5.8	)		44	%

^{(1) For more information regarding our use of Key Performance Indicators, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.}
^{(2) Metrics presented as of March 31, 2025.}
^{(3) CarOffer website is excluded from the metrics presented for users and sessions.}
^{(4) As a result of the change from Google Universal Analytics (“Google Analytics”) to Google Analytics 4 (“GA4”) on July 1, 2024, we are unable to provide comparable monthly unique users or monthly sessions information for this period. For more information regarding the change in methodology for monthly unique users or monthly sessions, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.}

Second Quarter 2025 Guidance

The table below provides CarGurus’ guidance, which is based on recent market trends, industry conditions, and management’s expectations and assumptions as of today.

Second Quarter 2025 Guidance Metrics	Values
Total Revenue	$222.0 million to $242.0 million
Marketplace Revenue	$219.5 million to $224.5 million
Non-GAAP Adjusted EBITDA	$71.5 million to $79.5 million
Non-GAAP Earnings per Share	$0.52 to $0.58

The second quarter 2025 non-GAAP earnings per share calculation assumes 100.0 million diluted weighted-average common shares outstanding.

The assumptions that are built into guidance for the second quarter 2025 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market trends and industry conditions. Guidance for the second quarter 2025 excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future foreign currency exchange gains or losses. CarGurus may incur charges, realize gains or losses, or experience other events or circumstances in 2025 that could cause any of these assumptions to change and/or actual results to vary from this guidance.

CarGurus has not reconciled its guidance of non-GAAP adjusted EBITDA to GAAP net income or non-GAAP earnings per share to GAAP earnings per share because reconciling items between such GAAP and non-GAAP financial measures, which include, as applicable, stock-based compensation, amortization of intangible assets, depreciation expenses, non-intangible amortization, transaction-related expenses, other income, net, the provision for income taxes, and income tax effects, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, and therefore cannot be determined without unreasonable effort.

Conference Call and Webcast Information

CarGurus will host a conference call and live webcast to discuss its first quarter 2025 financial results and business outlook at 5:00 p.m. Eastern Time today, May 8, 2025. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.

An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, May 8, 2025, until 11:59 p.m. Eastern Time on May 22, 2025, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13752230. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.

About CarGurus

CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The Company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.*

In addition to the U.S. marketplace, the Company operates online marketplaces under the CarGurus brand in Canada and the U.K., as well as independent online marketplace brands Autolist in the U.S. and PistonHeads in the U.K.

To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

*Source: Similarweb, Traffic Report (Cars.com, Autotrader, TrueCar, CARFAX Listings
(defined as CARFAX Total visits minus Vehicle History Reports traffic)), Q1 2025, U.S.

CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. PistonHeads® is a registered trademark of CarGurus Ireland Limited in the U.K. and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including statements regarding our future financial and operating results; our second quarter 2025 financial and business performance, including guidance; our business and growth strategy and our plans to execute on our growth strategy; our ability to grow our business profitably and efficiently; our capital allocation and investment strategy; the attractiveness and value proposition of our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our expectation that we will continue to invest in growth initiatives; our ability to quickly make transformations necessary for our business to achieve long-term goals; and our ability to overcome challenges facing the automotive industry ecosystem, including inventory supply problems, global supply chain challenges, including disruptions to pre-existing supply chains and vendor relations, changes to trade policies or tariff regulations, financial market volatility and disruption, increased interest rates, inflationary concerns, and other macroeconomic issues, including uncertain or volatile economic conditions in the U.S. and abroad, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. You should not rely upon forward-looking statements as predictions of future events.

These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; impairment of the carrying value of our goodwill, intangible assets, right-of-use assets, or other assets; increased inflation and interest rates, global supply chain challenges, changes in international trade policies, including tariffs, volatile economic conditions, and other macroeconomic issues; changes in our key personnel; natural disasters, epidemics, or pandemics; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Investor Contact:
Kirndeep Singh
Vice President, Head of Investor Relations
investors@cargurus.com

Media Contact:
Maggie Meluzio
Director, Public Relations and External Communications
pr@cargurus.com

Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)

	As of March 31, 2025			As of December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	172,862		$	304,193
Accounts receivable, net of allowance for doubtful accounts of $808 and $788, respectively		40,703			44,248
Inventory		810			338
Prepaid expenses, prepaid income taxes, and other current assets		21,107			27,868
Deferred contract costs		13,640			12,523
Restricted cash		2,848			2,036
Total current assets		251,970			391,206
Property and equipment, net		132,383			130,010
Intangible assets, net		11,318			11,767
Goodwill		46,714			46,167
Operating lease right-of-use assets		119,589			121,484
Deferred tax assets		110,050			106,672
Deferred contract costs, net of current portion		13,088			13,196
Other non-current assets		4,003			4,034
Total assets	$	689,115		$	824,536
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	29,891		$	26,410
Accrued expenses, accrued income taxes, and other current liabilities		32,240			35,975
Deferred revenue		22,407			21,661
Operating lease liabilities		9,969			9,005
Total current liabilities		94,507			93,051
Operating lease liabilities		185,463			183,739
Deferred tax liabilities		15			26
Other non–current liabilities		7,080			6,031
Total liabilities		287,065			282,847
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized; no shares issued and outstanding		—			—
Class A common stock, $0.001 par value per share; 500,000,000 shares authorized; 84,334,642 and 89,002,571 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		84			89
Class B common stock, $0.001 par value per share; 100,000,000 shares authorized; 14,216,250 and 14,986,745 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		14			15
Additional paid-in capital		6,775			169,013
Retained earnings		396,486			375,119
Accumulated other comprehensive loss		(1,309	)		(2,547	)
Total stockholders’ equity		402,050			541,689
Total liabilities and stockholders’ equity	$	689,115		$	824,536

Unaudited Condensed Consolidated Income Statements
(in thousands, except share and per share data)

	Three Months Ended
	March 31,
	2025			2024
Revenue
Marketplace	$	212,235		$	187,219
Wholesale		7,747			16,125
Product		5,176			12,452
Total revenue		225,158			215,796
Cost of revenue ⁽¹⁾
Marketplace		14,248			14,385
Wholesale		6,170			14,224
Product		5,033			12,226
Total cost of revenue		25,451			40,835
Gross profit		199,707			174,961
Operating expenses
Sales and marketing		86,716			82,274
Product, technology, and development		36,250			35,545
General and administrative		26,780			28,066
Depreciation and amortization		4,206			2,792
Total operating expenses		153,952			148,677
Income from operations		45,755			26,284
Other income, net
Interest income		3,098			3,906
Other expense, net		(302	)		(505	)
Total other income, net		2,796			3,401
Income before income taxes		48,551			29,685
Provision for income taxes		9,506			8,384
Net income		39,045			21,301
Net income per share attributable to common stockholders:
Basic	$	0.38		$	0.20
Diluted	$	0.37		$	0.20
Weighted-average number of shares of common stock used in computing net income per share attributable to common stockholders:
Basic		103,094,690			107,174,812
Diluted		105,068,046			108,632,159

^{(1) Includes depreciation and amortization expense for the three months ended March 31, 2025 and 2024 of $2,348 and $4,689, respectively.}

Unaudited Segment Revenue
(in thousands)

	Three Months Ended
	March 31,
	2025		2024
Segment Revenue:
U.S. Marketplace	$	195,228	$	172,988
Digital Wholesale		12,923		28,577
Other		17,007		14,231
Total	$	225,158	$	215,796

Unaudited Segment Income (Loss) from Operations
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
Segment Income (Loss) from Operations:
U.S. Marketplace	$	49,781		$	34,217
Digital Wholesale		(5,779	)		(10,340	)
Other		1,753			2,407
Total	$	45,755		$	26,284

Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
Operating Activities
Net income	$	39,045		$	21,301
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,554			7,481
Currency (gain) loss on foreign denominated transactions		(165	)		384
Deferred taxes		(3,389	)		(9,052	)
Provision for doubtful accounts		424			290
Stock-based compensation expense		12,900			15,822
Amortization of deferred financing costs		129			129
Amortization of deferred contract costs		3,810			3,258
Changes in operating assets and liabilities:
Accounts receivable		3,070			(4,182	)
Inventory		(353	)		(319	)
Prepaid expenses, prepaid income taxes, and other assets		6,801			5,974
Deferred contract costs		(4,744	)		(3,326	)
Accounts payable		4,075			707
Accrued expenses, accrued income taxes, and other liabilities		(5,592	)		681
Deferred revenue		731			120
Lease obligations		4,583			12,696
Net cash provided by operating activities		67,879			51,964
Investing Activities
Purchases of property and equipment		(2,240	)		(28,665	)
Capitalization of website development costs		(5,391	)		(5,465	)
Purchases of short-term investments		—			(494	)
Sale of short-term investments		—			21,218
Advance payments to customers, net of collections		—			259
Net cash used in investing activities		(7,631	)		(13,147	)
Financing Activities
Proceeds from issuance of common stock upon exercise of stock options		394			11
Payment of withholding taxes on net share settlements of restricted stock units		(8,985	)		(5,115	)
Repurchases of common stock		(182,828	)		(77,442	)
Payment of finance lease obligations		(20	)		(18	)
Change in gross advance payments received from third-party transaction processor		(38	)		(474	)
Net cash used in financing activities		(191,477	)		(83,038	)
Impact of foreign currency on cash, cash equivalents, and restricted cash		710			(577	)
Net decrease in cash, cash equivalents, and restricted cash		(130,519	)		(44,798	)
Cash, cash equivalents, and restricted cash at beginning of period		306,229			293,926
Cash, cash equivalents, and restricted cash at end of period	$	175,710		$	249,128

Unaudited Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Net Income Attributable to Common Stockholders and GAAP Net Income Per Share Attributable to Common Stockholders to Non-GAAP Net Income Per Share Attributable to Common Stockholders:
(in thousands, except per share data)

	Three Months Ended
	March 31,
	2025			2024⁽¹⁾
GAAP net income	$	39,045		$	21,301
Stock-based compensation expense		12,900			15,822
Amortization of intangible assets		505			1,882
Transaction-related expenses		1,087			811
Income tax effects and adjustments		(5,174	)		(3,422	)
Non-GAAP net income	$	48,363		$	36,394
GAAP net income per share attributable to common stockholders:
Basic	$	0.38		$	0.20
Diluted	$	0.37		$	0.20
Non-GAAP net income per share attributable to common stockholders:
Basic	$	0.47		$	0.34
Diluted	$	0.46		$	0.34
Shares used in GAAP and Non-GAAP per share calculations
Basic		103,095			107,175
Diluted		105,068			108,632

^{(1) During the three months ended March 31, 2025, we identified an immaterial error to our non-GAAP net income calculation related to the income tax effects and adjustments and have updated the table to correct the calculation for the three months ended March 31, 2024. This resulted in an increase in the non-GAAP net income per share attributable to common stockholders from $0.32 per share to $0.34 per share.}

Unaudited Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA and GAAP Net Income Margin to Non-GAAP Adjusted EBITDA Margin
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
GAAP net income	$	39,045		$	21,301
Depreciation and amortization		6,554			7,481
Stock-based compensation expense		12,900			15,822
Transaction-related expenses		1,087			811
Other income, net		(2,796	)		(3,401	)
Provision for income taxes		9,506			8,384
Non-GAAP adjusted EBITDA	$	66,296		$	50,398

GAAP net income margin		17	%		10	%
Non-GAAP adjusted EBITDA margin		29	%		23	%

Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin
(in thousands, except percentages)

	Three Months Ended
	March 31,
	2025			2024
Revenue	$	225,158		$	215,796
Cost of revenue		25,451			40,835
GAAP gross profit		199,707			174,961
Stock-based compensation expense included in Cost of revenue		60			231
Amortization of intangible assets included in Cost of revenue		—			875
Transaction-related expenses included in Cost of revenue		269			92
Non-GAAP gross profit	$	200,036		$	176,159

GAAP gross profit margin		89	%		81	%
Non-GAAP gross profit margin		89	%		82	%

Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense
(in thousands)

	Three Months Ended March 31, 2025
	GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Transaction-related expenses			Non-GAAP expense
Cost of revenue	$	25,451	$	(60	)	$	—		$	(269	)	$	25,122
Sales and marketing		86,716		(2,833	)		—			(491	)		83,392
Product, technology, and development		36,250		(5,565	)		—			(151	)		30,534
General and administrative		26,780		(4,442	)		—			(176	)		22,162
Depreciation & amortization		4,206		—			(505	)		—			3,701
Operating expenses⁽¹⁾	$	153,952	$	(12,840	)	$	(505	)	$	(818	)	$	139,789
Total cost of revenue and operating expenses	$	179,403	$	(12,900	)	$	(505	)	$	(1,087	)	$	164,911

	Three Months Ended March 31, 2024
	GAAP expense		Stock-based compensation expense			Amortization of intangible assets			Transaction-related expenses			Non-GAAP expense
Cost of revenue	$	40,835	$	(231	)	$	(875	)	$	(92	)	$	39,637
Sales and marketing		82,274		(2,874	)		—			(394	)		79,006
Product, technology, and development		35,545		(5,977	)		—			(1	)		29,567
General and administrative		28,066		(6,740	)		—			(324	)		21,002
Depreciation & amortization		2,792		—			(1,007	)		—			1,785
Operating expenses⁽¹⁾	$	148,677	$	(15,591	)	$	(1,007	)	$	(719	)	$	131,360
Total cost of revenue and operating expenses	$	189,512	$	(15,822	)	$	(1,882	)	$	(811	)	$	170,997

^{(1) Operating expenses include sales and marketing, product, technology, and development, general and administrative, and depreciation & amortization.}

Unaudited Reconciliation of GAAP Net Cash and Cash Equivalents Provided by Operating Activities to Non-GAAP Free Cash Flow
(in thousands)

	Three Months Ended
	March 31,
	2025			2024
GAAP net cash and cash equivalents provided by operating activities	$	67,879		$	51,964
Purchases of property and equipment		(2,240	)		(28,665	)
Capitalization of website development costs		(5,391	)		(5,465	)
Non-GAAP free cash flow	$	60,248		$	17,834

Non-GAAP Financial Measures and Other Business Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

We monitor operating measures of certain non-GAAP items including non-GAAP gross profit, non-GAAP gross margin, non-GAAP expense, non-GAAP net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders. These non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of intangible assets, and transaction related-expenses. Non-GAAP net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders also exclude certain income tax effects and adjustments. Our calculations of non-GAAP net income per share attributable to common stockholders utilize applicable GAAP share counts as included in the accompanying financial statement tables included in this press release. In addition, we evaluate our non-GAAP gross profit in relation to our revenue. We refer to this as non-GAAP gross profit margin and define it as non-GAAP gross profit divided by total revenue. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

We define Adjusted EBITDA as net income, adjusted to exclude: depreciation and amortization, stock-based compensation expense, transaction-related expenses, other income, net, and provision for income taxes.

In addition, we evaluate our Non-GAAP Adjusted EBITDA in relation to our revenue. We refer to this as Non-GAAP Adjusted EBITDA margin and define it as Non-GAAP Adjusted EBITDA divided by total revenue.

We have presented Adjusted EBITDA and Adjusted EBITDA margin because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. We believe Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision making.

We define Free Cash Flow as cash flow from operations adjusted to include: purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of our financial performance that represents the cash that we are able to generate after expenditures required to maintain or expand our asset base.

We define a paying dealer as a dealer account with an active, paid marketplace subscription at the end of a defined period. The number of paying dealers we have is important to us and we believe it provides valuable information to investors because it is indicative of the value proposition of our marketplace products, as well as our sales and marketing success and opportunity, including our ability to retain paying dealers and develop new dealer relationships.

We define Quarterly Average Revenue per Subscribing Dealer (“QARSD”), which is measured at the end of a fiscal quarter, as the marketplace revenue primarily from subscriptions to our Listings packages and Real-time Performance Marketing, our digital advertising suite, and other digital add-on products during that trailing quarter divided by the average number of paying dealers in that marketplace during the quarter. We calculate the average number of paying dealers for a period by adding the number of paying dealers at the end of such period and the end of the prior period and dividing by two. This information is important to us, and we believe it provides useful information to investors, because we believe that our ability to grow QARSD is an indicator of the value proposition of our products and the return on investment that our paying dealers realize from our products. In addition, increases in QARSD, which we believe reflect the value of exposure to our engaged audience in relation to subscription cost, are driven in part by our ability to grow the volume of connections to our users and the quality of those connections, which result in increased opportunity to upsell package levels and cross-sell additional products to our paying dealers.

We define Transactions within the Digital Wholesale segment as the number of vehicles processed from car dealers, consumers, and other marketplaces through the CarOffer website within the defined period. Transactions consists of each unique vehicle (based on vehicle identification number) that reaches “sold and invoiced” status on the CarOffer website within the defined period, including vehicles sold to car dealers, vehicles sold at third-party auctions, vehicles ultimately sold to a different buyer, and vehicles that are returned to their owners without completion of a sale transaction. We exclude vehicles processed within CarOffer’s intra-group trading solution (Group Trade) from the definition of Transactions, and we only count any unique vehicle once even if it reaches sold status multiple times. The Digital Wholesale segment includes the purchase and sale of vehicles between dealers, or Dealer-to-Dealer transactions, and Sell My Car – Instant Max Cash Offer transactions. We view Transactions as a key business metric, and we believe it provides useful information to investors, because it provides insight into growth and revenue for the Digital Wholesale segment. Transactions drive a significant portion of Digital Wholesale segment revenue. We believe growth in Transactions demonstrates consumer and dealer utilization and our market share penetration in the Digital Wholesale segment.

Historically, we have used data from Google Analytics to measure two of our key business metrics: monthly unique users and monthly sessions. Effective July 1, 2024, GA4 replaced Google Analytics. The methodologies used in GA4 are different and not comparable to the methodologies used in Google Analytics. As discussed below, we also make certain adjustments to the GA4 data in order to improve the accuracy of the reported monthly unique users and monthly sessions. Due to the change in methodology, we are unable to provide comparable monthly unique user and monthly session information for prior periods, including any periods prior to June 30, 2024.

For each of our websites (excluding the CarOffer website), we define a monthly unique user as an individual who has visited any such website and taken a Visitor Action (as defined below) within a calendar month, based on data as measured by GA4. We calculate average monthly unique users as the sum of the monthly unique users of each of our websites in a defined period, divided by the number of months in that period. Effective July 1, 2024, we count a unique user the first time a computer or mobile device with a unique device identifier accesses any of our websites or application during a calendar month and takes an action on such website or in such application, such as performing a search, visiting vehicle detail pages, and connecting with a dealer (“Visitor Action”). If an individual accesses a website or application using a different device within a given month, the first Visitor Action taken by each such device is counted as a separate unique user. If an individual uses multiple browsers on a single device and/or clears their cookies and returns to our website or application and takes a Visitor Action within a calendar month, each such Visitor Action is counted as a separate unique user. We eliminate any duplicate unique users that may arise when users visit a webview within our native application. We view our average monthly unique users as a key indicator of the quality of our user experience, the effectiveness of our advertising and traffic acquisition, and the strength of our brand awareness. Measuring unique users is important to us and we believe it provides useful information to our investors because our marketplace revenue depends, in part, on our ability to provide dealers with connections to our users and exposure to our marketplace audience. We define connections as interactions between consumers and dealers on our marketplace through phone calls, email, managed text and chat, and clicks to access the dealer’s website or map directions to the dealership.

We define monthly sessions as the number of distinct visits to our websites (excluding the CarOffer website) that include a Visitor Action that take place each month within a given time frame, as measured and defined by GA4. We calculate average monthly sessions as the sum of the monthly sessions in a defined period, divided by the number of months in that period. Effective July 1, 2024, a session is defined as beginning with the first Visitor Action from a computer or mobile device and ending at the earliest of when a user closes their browser window or after 30 minutes of inactivity. We eliminate any duplicate monthly sessions that may arise when users visit a webview within our native application. We believe that measuring the volume of sessions in a time period, when considered in conjunction with the number of unique users in that time period, is an important indicator to us of consumer satisfaction and engagement with our marketplace, and we believe it provides useful information to our investors because the more satisfied and engaged consumers we have, the more valuable our service is to dealers.

The MIL Network –

May 9, 2025

MIL-OSI: Altus Group Reports Q1 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus Group” or “the Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, announced today its financial and operating results for the first quarter ended March 31, 2025.

“Our strong performance in Q1 demonstrates the continued execution of our growth initiatives and our commitment to delivering value to stakeholders,” said Jim Hannon, Chief Executive Officer. “We successfully launched Benchmark Manager, signed dozens of asset-based pricing agreements, and achieved significant software bookings growth despite lower CRE transaction volumes year-over-year. Margin expanded across all business units and we improved cash flow, highlighting our operating leverage. In addition, we returned over $76 million to shareholders through buybacks this quarter. We look forward to building on this momentum.”

Selected Q1 2025 Information

C$M	Q1 2025	Q1 2024	% change
Revenue	$129.2	$125.4	(1.5%)	Constant Currency*
Recurring Revenue*	$98.8	$91.7	2.1%	Constant Currency
Profit (Loss) from continuing operations	($6.4)	($12.2)	47.1%	As Reported
Adjusted EBITDA*	$15.7	$10.9	29.7%	Constant Currency
Analytics Adjusted EBITDA margin*	26.2%	23.3%	200 bps	Constant Currency
Net cash provided by operating activities	$0.7	($3.0)	123.7%	As Reported
Free Cash Flow*	$(0.6)	($5.7)	89.3%	As Reported
Investment in share repurchases**	$76.3	$0.0	n/a
Funded debt to EBITDA ratio	1.44:1	2.15:1	n/a

*Denotes non-GAAP financial measure, non-GAAP ratio, total of segments measure, capital management measure, and/or supplementary and other financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Please refer to the “Non-GAAP and Other Measures” section of this press release for further information.

**Investment in share repurchases represents the total cash consideration of the shares purchased for cancellation during the quarter under the Company’s Normal Course Issuer Bid.

Business Outlook

The Company maintains previously issued guidance for fiscal 2025. Additionally, given the macro environment, the Company is providing guidance for Q2 2025 as follows:

	FY 2025	Q2 2025
Analytics	4-7% total Analytics revenue growth 6-9% Recurring Revenue growth 250-350 bps of Adjusted EBITDA margin expansion	1-3% total Analytics revenue growth 3-5% Recurring Revenue growth 200-300 bps of Adjusted EBITDA margin expansion
Appraisals and Development Advisory	Low single digit revenue growth Adjusted EBITDA margin expansion	Flat revenue Adjusted EBITDA margin expansion
Consolidated	3-5% revenue growth 300-400 bps of Adjusted EBITDA margin expansion	1-3% revenue growth 200-300 bps of Adjusted EBITDA margin expansion

Note: Business Outlook presented on a Constant Currency basis over the corresponding period in 2024. Future acquisitions are not factored into this outlook.

Key assumptions for the business outlook by segment: Analytics: consistency and growth in number of assets on the Valuation Management Solutions platform, continued ARGUS cloud conversions, new sales (including New Bookings converting to revenue within Management’s expected timeline and uptake on new product functionality), client and software retention consistent with 2024 levels, pricing action, improved operating leverage, as well as consistent and gradually improving economic conditions in financial and CRE markets, in particular a stronger recovery in the second half of the year. Appraisal & Development Advisory: improved client profitability and improved operating leverage. The Consolidated outlook assumes that corporate costs will remain elevated throughout 2025 consistent with 2024 levels.

About Altus Group

Altus connects data, analytics, and expertise to deliver the intelligence necessary to drive optimal CRE performance. The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

Non-GAAP and Other Measures

Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary and other financial measures as defined in NI 52-112. These non-GAAP and other financial measures include Adjusted Earnings (Loss), and Constant Currency; non-GAAP ratios such as Adjusted EPS; total of segments measures such as Adjusted EBITDA; capital management measures such as Free Cash Flow; and supplementary financial and other measures such as Adjusted EBITDA margin, Recurring Revenue. Management believes that these measures may assist investors in assessing an investment in the Company’s shares as they provide additional insight into the Company’s performance. Readers are cautioned that they are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. These measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. Refer to the “Non-GAAP and Other Measures” section on Page 3 of the Management’s Discussion & Analysis dated May 8, 2025 for the period ended March 31, 2025 (the “MD&A”), which is incorporated by reference in this press release and which is available on SEDAR+ at www.sedarplus.ca for more information on each measure, including definitions and methods of calculation. A reconciliation of Adjusted EBITDA and Adjusted Earnings (Loss) to Profit (Loss) and Free Cash Flow to Net cash provided by (used in) operating activities is included at the end of this press release.

Forward-looking Information

Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, statements relating to expected financial and other benefits of acquisitions and the closing of acquisitions (including the expected timing of closing), as well as the discussion of our business, strategies and leverage (including the commitment to increase borrowing capacity), expectations of future performance, including any guidance on financial expectations, and our expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology.

Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information (including sections entitled “Business Outlook”) include, but are not limited to: no significant impact on our business from changes or potential changes to trade regulations, including tariffs; engagement and product pipeline opportunities in Analytics will result in associated definitive agreements; continued adoption of cloud subscriptions by our customers; retention of material clients and bookings; sustaining our software and subscription renewals; successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets including stable interest rates and credit availability for CRE; consistent and stable legislation in the various countries in which we operate; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.

Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the CRE market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; professional talent; our subscription renewals; our sales pipeline; client concentration and loss of material clients; product enhancements and new product introductions; technology strategy; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand and reputation; our cloud transition; fixed price engagements; currency fluctuations; credit; tax matters; our contractual obligations; legal proceedings; regulatory review; health and safety hazards; our insurance limits; dividend payments; our share price; share repurchase programs; our capital investments; equity and debt financings; our internal and disclosure controls; and environmental, social and governance (“ESG”) matters and climate change, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2024 (which are available on SEDAR+ at www.sedarplus.ca). 

Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities.

Certain information in this press release, including sections entitled “2025 Business Outlook”, may be considered as “financial outlook” within the meaning of applicable securities legislation. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

FOR FURTHER INFORMATION PLEASE CONTACT:

Camilla Bartosiewicz
Chief Communications Officer, Altus Group
(416) 641-9773
camilla.bartosiewicz@altusgroup.com

Martin Miasko
Sr. Director, Investor Relations and Strategy, Altus Group
(416) 204-5136
martin.miasko@altusgroup.com

Interim Condensed Consolidated Statements of Comprehensive Income (Loss)
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
(Expressed in Thousands of Canadian Dollars, Except for Per Share Amounts)

	Three months ended March 31
	2025		2024 ⁽¹⁾
Revenues	$	129,165		$	125,418
Expenses
Employee compensation	88,306		88,110
Occupancy	1,496		1,216
Other operating	25,864		23,796
Depreciation of right-of-use assets	2,094		2,060
Depreciation of property, plant and equipment	948		951
Amortization of intangibles	7,349		8,410
Acquisition and related transition costs (income)	18		3,496
Share of (profit) loss of joint venture	231		158
Restructuring costs (recovery)	6,217		5,176
(Gain) loss on investments	138		186
Finance costs (income), net – leases	245		164
Finance costs (income), net – other	(1,512)		4,126
Profit (loss) before income taxes from continuing operations	(2,229)		(12,431)
Income tax expense (recovery)	4,194		(279)
Profit (loss) from continuing operations, net of tax	$	(6,423)		$	(12,152)
Profit (loss) from discontinued operations, net of tax	382,207		11,999
Profit (loss) for the period	$	375,784		$	(153)
Other comprehensive income (loss):
Items that may be reclassified to profit or loss in subsequent periods:
Currency translation differences	3,229		5,499
Other comprehensive income (loss), net of tax	3,229		5,499
Total comprehensive income (loss) for the period, net of tax	$	379,013		$	5,346

Earnings (loss) per share attributable to the shareholders of the Company during the period
Basic earnings (loss) per share:
Continuing operations	$(0.14)			$(0.27)
Discontinued operations	$8.34			$0.26
Diluted earnings (loss) per share:
Continuing operations	$(0.14)			$(0.27)
Discontinued operations	$8.34			$0.26

⁽¹⁾ Comparative figures have been restated to reflect discontinued operations.

Interim Condensed Consolidated Balance Sheets
As at March 31, 2025 and December 31, 2024
(Unaudited)
(Expressed in Thousands of Canadian Dollars)

	March 31, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	491,913		$	41,876
Trade receivables and other	146,346		144,812
Income taxes recoverable	3,175		5,099
Derivative financial instruments	1,013		8,928
	642,447		200,715
Assets held for sale	–		282,233
Total current assets	642,447		482,948
Non-current assets
Trade receivables and other	9,598		9,620
Derivative financial instruments	10,990		9,984
Investments	14,489		14,580
Investment in joint venture	25,374		25,605
Deferred tax assets	22,565		56,797
Right-of-use assets	17,235		19,420
Property, plant and equipment	13,213		13,217
Intangibles	210,319		214,614
Goodwill	407,636		404,176
Total non-current assets	731,419		768,013
Total assets	$	1,373,866		$	1,250,961
Liabilities
Current liabilities
Trade payables and other	$	221,630		$	216,390
Income taxes payable	40,743		3,017
Lease liabilities	14,726		11,009
	277,099		230,416
Liabilities directly associated with assets held for sale	–		57,680
Total current liabilities	277,099		288,096
Non-current liabilities
Trade payables and other	18,077		19,828
Lease liabilities	23,347		26,751
Borrowings	157,596		281,887
Deferred tax liabilities	20,653		17,179
Total non-current liabilities	219,673		345,645
Total liabilities	496,772		633,741
Shareholders’ equity
Share capital	739,172		798,087
Contributed surplus	(14,646)		21,394
Accumulated other comprehensive income (loss)	59,472		56,243
Retained earnings (deficit)	93,096		(275,935)
Reserves of assets held for sale	–		17,431
Total shareholders’ equity	877,094		617,220
Total liabilities and shareholders’ equity	$	1,373,866		$	1,250,961

Interim Condensed Consolidated Statements of Cash Flows
For the Three Months Ended March 31, 2025 and 2024
(Unaudited)
(Expressed in Thousands of Canadian Dollars)

	Three months ended March 31
	2025		2024
Cash flows from operating activities
Profit (loss) before income taxes from continuing operations	$	(2,229)		$	(12,431)
Profit (loss) before income taxes from discontinued operations	454,686		13,446
Profit (loss) before income taxes	$	452,457		$	1,015
Adjustments for:
Depreciation of right-of-use assets	2,094		2,773
Depreciation of property, plant and equipment	948		1,420
Amortization of intangibles	7,349		10,314
Finance costs (income), net – leases	245		279
Finance costs (income), net – other	(1,512)		4,132
Share-based compensation	3,596		5,776
Unrealized foreign exchange (gain) loss	(1,826)		(1,326)
(Gain) loss on investments	138		186
(Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles	12		983
(Gain) loss on disposal of assets	(457,986)		–
(Gain) loss on equity derivatives	6,176		(6,453)
Share of (profit) loss of joint venture	231		158
Impairment of right-of-use assets, net of (gain) loss on sub-leases	3,534		12
Net changes in:
Operating working capital	(7,201)		(19,787)
Liabilities for cash-settled share-based compensation	(7,305)		4,831
Deferred consideration payables	–		81
Net cash generated by (used in) operations	950		4,394
Interest paid on borrowings	(1,790)		(4,828)
Interest paid on leases	(245)		(279)
Interest received	3,008		–
Income taxes paid	(1,218)		(2,259)
Income taxes refunded	–		3
Net cash provided by (used in) operating activities	705		(2,969)
Cash flows from financing activities
Proceeds from exercise of options	10,017		5,116
Financing fees paid	(513)		–
Proceeds from borrowings	–		20,000
Repayment of borrowings	(127,000)		(3,000)
Payments of principal on lease liabilities	(3,088)		(4,235)
Dividends paid	(6,507)		(6,042)
Treasury shares purchased for share-based compensation	(11,358)		(3,561)
Cancellation of shares	(76,304)		–
Net cash provided by (used in) financing activities	(214,753)		8,278
Cash flows from investing activities
Purchase of investments	(39)		(212)
Purchase of intangibles	(388)		(2,477)
Purchase of property, plant and equipment	(927)		(238)
Proceeds from sale of discontinued operations, net of cash disposed	655,811		–
Net cash provided by (used in) investing activities	654,457		(2,927)
Effect of foreign currency translation	912		3
Net increase (decrease) in cash and cash equivalents	441,321		2,385
Cash and cash equivalents, beginning of period	50,592		41,892
Cash and cash equivalents, end of period	$	491,913		$	44,277

Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss)

The following table provides a reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss):

	Quarter ended March 31,
In thousands of dollars, except for per share amounts	2025		2024 ⁽¹⁾
Profit (loss) for the period	$	375,784		$	(153)
(Profit) loss from discontinued operations, net of tax	(382,207)		(11,999)
Occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 ⁽²⁾	(2,213)		(2,443)
Depreciation of right-of-use assets	2,094		2,060
Depreciation of property, plant and equipment and amortization of intangibles ⁽⁸⁾	8,297		9,361
Acquisition and related transition costs (income)	18		3,496
Unrealized foreign exchange (gain) loss ⁽³⁾	(1,826)		(1,271)
(Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles ⁽³⁾	12		515
Share of (profit) loss of joint venture	231		158
Non-cash share-based compensation costs ⁽⁴⁾	2,472		3,533
(Gain) loss on equity derivatives net of mark-to-market adjustments on related RSUs and DSUs ⁽⁴⁾	2,566		(2,591)
Restructuring costs (recovery)	6,217		5,176
(Gain) loss on investments ⁽⁵⁾	138		186
Other non-operating and/or non-recurring (income) costs ⁽⁶⁾	1,233		883
Finance costs (income), net – leases	245		164
Finance costs (income), net – other ⁽⁹⁾	(1,512)		4,126
Income tax expense (recovery) ⁽¹⁰⁾	4,194		(279)
Adjusted EBITDA	$	15,743		$	10,922
Depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses ⁽⁸⁾	(948)		(1,717)
Finance (costs) income, net – other ⁽⁹⁾	1,512		(4,126)
(Gain) loss on hedging transactions, including currency forward contracts and interest expense (income) on swaps ⁽⁹⁾	850		(897)
Tax effect of adjusted earnings (loss) adjustments ⁽¹⁰⁾	(8,305)		(4,539)
Adjusted earnings (loss)*	$	8,852		$	(357)
Weighted average number of shares – basic	45,817,956		45,533,236
Weighted average number of restricted shares	92,321		418,458
Weighted average number of shares – adjusted	45,910,277		45,951,694
Adjusted earnings (loss) per share ⁽⁷⁾	$0.19			$(0.01)

⁽¹⁾ Comparative figures have been restated to reflect discontinued operations.
⁽²⁾ Management uses the non-GAAP occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 when analyzing financial and operating performance.
⁽³⁾ Included in other operating expenses in the interim condensed consolidated statements of comprehensive income (loss).
⁽⁴⁾ Included in employee compensation expenses in the interim condensed consolidated statements of comprehensive income (loss).
⁽⁵⁾ (Gain) loss on investments relates to changes in the fair value of investments in partnerships.
⁽⁶⁾ Other non-operating and/or non-recurring (income) costs for the quarter ended March 31, 2025 relate to legal, advisory, consulting, and other professional fees related to organizational and strategic initiatives. These are included in other operating expenses in the interim condensed consolidated statements of comprehensive income (loss).
⁽⁷⁾ Refer to page 4 of the MD&A for the definition of Adjusted EPS.
⁽⁸⁾ For the purposes of reconciling to Adjusted Earnings (Loss), the amortization of intangibles of acquired businesses is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back depreciation of property, plant and equipment and amortization of intangibles and then deducted the depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses to arrive at the amortization of intangibles of acquired businesses.
⁽⁹⁾ For the purposes of reconciling to Adjusted Earnings (Loss), the interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back finance costs (income), net – other and then deducted finance costs (income), net – other prior to adjusting for interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps.
⁽¹⁰⁾ For the purposes of reconciling to Adjusted Earnings (Loss), only the tax impacts for the reconciling items noted in the definition of Adjusted Earnings (Loss) is adjusted from profit (loss) for the period.

Reconciliation of Free Cash Flow

Free Cash Flow	Quarter ended March 31,
In thousands of dollars	2025		2024
Net cash provided by (used in) operating activities	$	705		$	(2,969)
Less: Capital Expenditures	(1,315)		(2,715)
Free Cash Flow	$	(610)		$	(5,684)

Constant Currency

	Quarter ended March 31, 2025
	As presented	For Constant Currency
Canadian Dollar	1.000	1.000
United States Dollar	1.435	1.348
Pound Sterling	1.807	1.709
Euro	1.509	1.463
Australian Dollar	0.900	0.886

	Quarter ended March 31, 2024
	As presented	For Constant Currency
Canadian Dollar	1.000	1.000
United States Dollar	1.348	1.352
Pound Sterling	1.709	1.642
Euro	1.463	1.450
Australian Dollar	0.886	0.924

The MIL Network –

May 9, 2025

MIL-OSI: Onex Confirms Election of Directors

Source: GlobeNewswire (MIL-OSI)

All amounts in U.S. dollars unless otherwise stated

TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Onex Corporation (“Onex”) (TSX: ONEX) confirms all nominees set forth in the management information circular for its May 8, 2025, Annual Meeting of Shareholders have been elected as directors of the Company. Detailed results of the vote for each director are set out below.

Nominee	Elected by	% Votes For	% Votes Withheld
Gerald W. Schwartz	Multiple Voting Shares	100	0
Lisa Carnoy	Multiple Voting Shares	100	0
Mitchell Goldhar	Multiple Voting Shares	100	0
Ewout Heersink	Multiple Voting Shares	100	0
J. Robert S. Prichard	Multiple Voting Shares	100	0
Heather M. Reisman	Multiple Voting Shares	100	0
Beth Wilkinson	Multiple Voting Shares	100	0
Robert Le Blanc	Subordinate Voting Shares	98.3	1.7
Sarabjit S. Marwah	Subordinate Voting Shares	97.5	2.5
Robert Shanfield	Subordinate Voting Shares	99.1	0.9
Sara Wechter	Subordinate Voting Shares	98.3	1.7

“I am pleased to welcome our newest director, Robert Shanfield, to Onex’ board,” said Gerry Schwartz, Chairman and Founder of Onex. “Bob is a highly skilled investor and business leader with over 30 years of experience in the private equity industry. I am confident his expertise will contribute to our continued success. We have had the privilege of welcoming several new directors recently. We have a strong board with a complementary skill set and are committed to continuing to enhance our overall corporate governance framework.”

“On behalf of the board, I also want to express our gratitude to John McCoy for his service as a director. We are all deeply thankful for John’s valuable insights, professional stewardship and guidance over the years. His strategic contributions have had a positive impact on Onex’ success and we wish him the very best,” added Mr. Schwartz.

Shareholders of Onex were also presented with and voted on: (i) an advisory resolution endorsing the Company’s approach to executive compensation, generally referred to as “say-on-pay”; (ii) the appointment of PricewaterhouseCoopers LLP as auditor of the Corporation; and (ii) authorization of the directors to fix the remuneration of the auditor. Results of the votes are set out below.

Resolution	% Votes For	% Votes Withhold or Against
Approach to executive compensation – “say-on-pay”	96.3	3.7
Appointment of PricewaterhouseCoopers LLP as auditor	94.7	5.3
Authorization of director to fix remuneration of the auditor	99.0	1.0

About Onex

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $51.1 billion in assets under management, of which $8.3 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.com.

Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve signi8ficant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For further information:

Jill Homenuk
Managing Director – Shareholder Relations and Communications
+1 416.362.7711

Zev Korman
Vice President, Shareholder Relations and Communications
+1 416.362.7711

The MIL Network –

May 9, 2025

MIL-Evening Report: Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years

Source: The Conversation (Au and NZ) – By Marian Makkar, Senior Lecturer in Marketing, RMIT University

Konstantin Shishkin/Shutterstock

Workplace burnout – a state of emotional, physical, and mental exhaustion – and the COVID pandemic have sparked a rethink of the traditional 9-to-5 job.

It’s been estimated 30% of the Australian workforce is experiencing some degree of burnout, raising serious concerns about the possible impacts on mental health.

Is it possible – and if so, wise – to take addressing burnout into your own hands? Some responses to the problem, such as “micro-retirement”, have enjoyed recent popularity on social media.

But a small number of people take an even more radical approach – dumping the 9-to-5 path entirely for careers that prioritise meaning, enjoyment and personal growth. We sought to find out how this move played out for one group in particular – snowsports instructors.

Our research – published in the International Journal of Research in Marketing – covers a 10.5-year study of snowsports instructors who left their 9-to-5 jobs for a meaningful career on the slopes of Canada, Japan, the United States and New Zealand.

We looked at instructors’ journeys into the lifestyle, how they managed their new careers, and what led some to eventually return to the 9-to-5.

Chasing winter

We interviewed 13 snowsports instructors aged 25 to 40 (seven men, six women), collected image and video artefacts, followed social media accounts and surveyed snow school reports. Our lead researcher also participated in the lifestyle herself.

All our participants had at least a bachelor degree and previous steady careers in fields such as education or information technology.

During our decade-long field work, we found instructors earned just enough money to maintain this lifestyle, often travelling with their possessions in one or two bags.

Whistler Mountain, Canada: instructors get to live and work in places of great natural beauty.
Kevin503/Shutterstock

Beyond the adrenaline and beauty of a life in the snow, we found people were first motivated to enter this career to escape the corporate world and ties of modern life. One participant, Lars, said:

If you just get a job, you get maybe 20 days off a year for the next 40 years, and once you stop, once you’ve got a job and a house and a mortgage and a kid […] you’re trapped.

A sense of accomplishment

At the centre of our research was the idea of building a career around the ancient Greek concept of “eudaimonia”. This term is sometimes translated to “happiness” in English, but its broader connotations mean it’s closer to “flourishing” and involves a sense of purpose and living a life of virtue.

That’s in contrast to the related concept of “hedonism” – which centres on the pursuit of pleasure for its own sake. Eudaimonia is meant to make us reflect on life’s purpose, potential and meaning.

As our participants mastered the sport and career, they moved from mere enjoyment or hedonism of being in the snow to finding meaning and purpose in their jobs.

They felt a sense of accomplishment and appreciation of snowsports as a sport and job requiring dedication, care and commitment.

Challenges along the way

However, with every career there are demands that shape how people manage work and purposeful pursuits. Instructors must bear financial costs such as buying their own equipment, paying for certifications and accommodation.

Eventually the lifestyle was not sustainable for some due to precarious working conditions and minimal wages. Relying on the weather to produce snow, unfair compensation and fixed-term contracts wore many down.

An unhappy participant confessed:

You think about money all day everyday […] working out the costs, staffing and lesson prices! Yet they (ski resort managers) tell me as an instructor that I shouldn’t think about my monetary work. Well, if it wasn’t about the money, you wouldn’t charge as much for lessons.

In the period we studied, six returned to a regular 9-to-5 job.

An alternative to meaningless jobs?

The late American anthropologist David Graeber coined the phrase “bullshit jobs” to describe jobs that comprise meaningless tasks that add no real value aside from providing a salary.

The 9-to-5 can be a grind.
Shutterstock

Our study offers a window into the lives of those who sought an alternative, trying to build something they love into the daily work they do to earn a living.

For many, despite challenges the ability to ride slopes daily remained more appealing than a desk job. One told us:

At university my first management lecturer said, ‘you could go on to be a CEO, earn $300,000 a year and have a month off every year to go skiing’, and I said, ‘or I could go skiing every day and still afford to eat and pay my rent’. It’s all I really need.

But things didn’t work out for all of them. The experience of those who left suggests choosing meaningful work can be difficult and can force people out if the surrounding organisational system is not supportive.

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

– ref. Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years – https://theconversation.com/ever-wanted-to-ditch-the-9-to-5-and-teach-snowsports-we-followed-people-who-did-it-for-10-years-255012

MIL OSI Analysis – EveningReport.nz –

May 9, 2025
MIL-OSI Canada: Saskatchewan Research Council Celebrates New Indigenous Workforce Program

Source: Government of Canada regional news

Released on May 8, 2025

Today, the Saskatchewan Research Council (SRC) is pleased to officially launch its Indigenous Workforce Program and celebrate the inaugural cohort of students in a re-imagined Indigenous Summer Student Program, Kiskiyihta (Kiskee ih-taah). Kiskiyihta is a Cree word meaning to learn or to know.

One of several employment strategies within SRC’s wider Indigenous Action Plan launched earlier this year, the Indigenous Workforce Program aims to increase the recruitment and retention of Indigenous employees at SRC. Coordinated through the Indigenous Workforce Program, Kiskiyihta provides Indigenous students studying at a Saskatchewan post-secondary institution with opportunities for hands-on learning in a research and technology environment at SRC.

“Through SRC’s Indigenous Workforce and Kiskiyihta Summer Student Programs, more Indigenous youth will have the chance to work in a specialized research and technology environment, gaining valuable job experience, coaching and mentorship,” Minister Responsible for SRC Warren Kaeding said. “The new initiative complements SRC’s Indigenous Action Plan, with a goal to create new employment opportunities and further advance economic reconciliation in the province.”

The First Nations University of Canada, the Gabriel Dumont Institute, the Saskatchewan Indian Institute of Technologies and the Saskatoon Tribal Council are integral Workforce Program collaborators. Through these relationships, SRC will work collaboratively to identify skilled candidates for summer work placements, internships, apprenticeships, co-op placements and other job opportunities.

Four students are part of this year’s inaugural program and will be immersed in learning experiences in SRC’s Rare Earth Element Division and Nuclear Division, as well as its Environmental Remediation and External Relations teams.

“We want to be an employer of choice for Indigenous Peoples by providing unique job experiences they may not have had prior access to,” SRC President and CEO Mike Crabtree said. “Our goal is to engage and empower Indigenous Peoples so they can thrive in a culturally safe workplace and achieve their professional goals.”

SRC’s Indigenous Workforce Program also places focus on developing strategies for the retention and advancement of Indigenous employees once they are part of SRC’s workforce, such as increasing opportunities for participation in leadership roles and all-staff events to celebrate Indigenous culture.

SRC is Canada’s second largest research and technology organization with 1,400 clients in 22 countries around the world. With more than 350 employees, SRC has been helping clients solve technology problems, make improvements, increase productivity and develop new markets for more than 77 years. More details about SRC’s Indigenous Action Plan can be found at src.sk.ca/IAP.

–30-

For more information, contact:

Allison Collins
External Relations
Saskatchewan Research Council
Phone: 306-385-4208
Email: allison.collins@src.sk.ca

MIL OSI Canada News –

May 9, 2025
MIL-OSI Canada: Statement by Prime Minister Carney on the election of His Holiness Pope Leo XIV

Source: Government of Canada – Prime Minister

Today, the Prime Minister, Mark Carney, issued the following statement on the election of His Holiness Pope Leo XIV:

“I join Catholics in Canada and around the world in congratulating Cardinal Robert Francis Prevost on his election as Pope. The white smoke rising above the Sistine Chapel signals the beginning of a new papacy – a moment of renewal, hope, and unity for more than a billion faithful worldwide. This is a historic moment for the Catholic community and for all those who look to the Vatican for guidance.

“Canadians offer best wishes to His Holiness Pope Leo XIV as he begins his papacy. At a time of profound global challenges, may his pontificate be marked by wisdom, discernment, a deep commitment to common good, and dignity of all.

“Canada looks forward to working with His Holiness to build a world guided by solidarity, justice, and sustainability.”

MIL OSI Canada News –

May 9, 2025
MIL-OSI Global: How Donald Trump’s assault on universities echoes earlier American conservative ideas

Source: The Conversation – Canada – By Michael Williams, Professor of International Politics, L’Université d’Ottawa/University of Ottawa

Fifty years ago, the American philosopher and conservative thinker James Burnham wrote his most infamous book, The Suicide of the West: An Essay on the Meaning and Destiny of Liberalism.

Burnham argued that liberalism — which he associated with unbridled individualism and excessive belief in human progress — was eroding the foundations of the West’s social orders and, equally importantly, its geopolitical power.

In an ironic twist, it’s not liberals ushering in the decline of America in contemporary times. Burnham’s acolytes in Donald Trump’s administration are busy doing that work.

Influence on the American right

It is easy to recognize Burnham’s ideas in the arguments and actions of the Trump administration.

In both The Suicide of the West and his previous 1941 bestseller, The Managerial Revolution, Burnham argued that liberalism’s individualism weakened social bonds and national allegiance. At the same time, it promoted the rise of a new class of experts that eroded democracy and individual rights under the guise of acting for the common good.

This “new class” of highly educated, managerial elites had come to dominate virtually all aspects of life, from business and bureaucracy to commerce, culture and education.

Ruling through their claims to expertise, Burnham argued that these elites spread relativistic liberal values that undermined social cohesion and national confidence, sapping the West’s ability to define and defend its fundamental values.

If these trends continued, he warned, the West would not long survive. Burnham exercised an important influence on the American right from the 1950s through the 1970s, and near the end of his life received the Presidential Medal of Freedom from Ronald Reagan. Yet by the 1990s, his ideas had fallen out of fashion and few remembered his warnings.

Rediscovered by radical conservatives

Recently, however, Burnham’s provocative ideas have resurfaced as one of the most important intellectual lineages underpinning American radical conservatism and its attacks on “elite institutions.”

In his writings, and those of his followers such as Samuel Francis, a range of political and intellectual figures have found the ideological ammunition needed to launch their crusade against liberalism in order to save the West — or in the case of the U.S., to “Make America Great Again.”

Read more:
Why the radical right has turned to the teachings of an Italian Marxist thinker

JD Vance’s attack on Europe’s democratic credentials, Elon Musk’s DOGE determination to “deconstruct” the administrative state and the Trump administration’s assaults on elite universities all reflect Burnhamite ideas.

Risk bringing about America’s decline

There is considerable irony in this situation. Most obviously, Burnham was wrong about the self-inflicted death of the West. Contrary to his predictions, liberalism did not lead to the erosion of western global power.

Far from collapsing, the United States and its allies fought the Cold War to a victorious conclusion and by the turn of the 20th century emerged with a power and dominance that Burnham could scarcely have imagined. Liberalism was the reigning ideology. American and western commerce, culture, science and technology dominated the world.

Yet the greatest irony is that Burnham’s followers risk bringing about the very situation he sought to avoid – the decline of America and its dominant status.

Nowhere is this clearer than in the attack on elite universities, where no one should not be misled by charges of antisemitism.

Important as addressing antisemitism is, this framing distracts from the ways that the right’s attack on universities are part of its wider assault the foundations of “new class” power.

Tech leadership, geopolitical dominance

In this broader campaign, leading illiberal zealots in the Trump administration are pursuing policies that will damage the foundations of American power far more than liberalism ever did.

Most obviously, the attacks on universities threaten U.S. technological leadership, since research universities remain an indispensable site of basic research, innovation and next-generation training — something especially vital at a time when the country’s leadership in these areas is challenged in ways unseen for nearly half a century.

Read more:
Three scientists speak about what it’s like to have research funding cut by the Trump administration

At the same time, assaults on academic freedom threaten the considerable cultural power and prestige that, as Burnham was well aware, are vital areas of geopolitical struggle.

Finally, these policies undermine the American ability to attract the best and the brightest from around the world — a capacity that has long underpinned its dominance in science and innovation, and ultimately its global influence.

Diminished intellectual capital

One might be tempted to say: fine, if America no longer values its intellectual capital, other countries can reap the benefit by attracting the expertise it shuns. To some degree, this may be true.

But no western country or group of countries – such as the EU – possesses the institutional research capacity, network density and depth of funding found until now in the U.S.

At best, a more fragmented, diffuse and less impactful situation is likely to occur, with America weakened and the benefits gained by others unlikely to make up the balance. The West as a whole is likely to emerge weaker rather than stronger.

Geopolitical decline

Recognizing these negative outcomes does not require treating elite universities as paragons of virtue or viewing higher education as beyond reproach. Nor are today’s Burnhamites completely delusional. Increased inequality, economic dislocation and the death of local industries have followed in the footsteps of liberal globalization.

Read more:
How Commonwealth universities profited from Indigenous dispossession through land grants

Cultural divides are significant, even if they are often polarized for political purposes. But addressing such issues demands serious engagement, not simplistic accusations of elite decadence and divisive political rhetoric. Crucially, it requires seeing elite (and other) universities as sources of global power as well as sites of education.

The conservative columnist Irving Kristol once said that politics is a struggle over “who owns the future.”

Materially and ideologically, Burnham’s contemporary followers are making sure that America will no longer be on the winning side of this struggle. Their efforts to “make America great again” misunderstand important parts of what made it great in the first place. The most likely outcome will be the decline, not the recovery, of America.

Michael Williams receives funding from the Social Sciences and Humanities Research Council of Canada.

Rita Abrahamsen receives funding from Social Sciences and Humanities Research Council of Canada (SSHRC)

– ref. How Donald Trump’s assault on universities echoes earlier American conservative ideas – https://theconversation.com/how-donald-trumps-assault-on-universities-echoes-earlier-american-conservative-ideas-255470

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Global: The attack on public broadcasting is part of a growing threat to press freedom and democracy

Source: The Conversation – Canada – By Lorry-Ann Austin, Assistant Professor, Social Work and Human Services, Thompson Rivers University

In a disturbing parallel between two countries, President Donald Trump’s recent attack on the two largest public broadcasters in the United States mirrors threats to Canada’s own public broadcaster that were recently dodged by the electoral defeat of Conservative Pierre Poilievre.

These attacks are part of a larger authoritarian move to slander and disempower a free and independent press.

In the grab to reclaim power from the people, authoritarians and the oligarchs who support them recoil from criticism and dissent, demanding that all people support government positions regardless of the rationality of their claims.

While they may come for the media first, other institutions are also targeted, including those that nurture critical thinking and uphold the rule of law.

Read more:
Yale scholars’ move to Canada can prompt us to reflect on the rule of law

Essential to democracy

The news media are a key pillar of democracy and a vigilant monitor of human rights. Often identified as the Fourth Estate, the press is tasked with keeping political power in check while informing people about events beyond their own experiences. This function makes it a prime target for authoritarian assault.

Both Poilievre and Trump have long attacked the integrity of journalists as they worked to undermine public trust in the media. They both denigrate reporters and limit media accessibility.

With accusations of fake news and attempts to discredit journalists as leftist and partisan propaganda pedlars, Poilievre and Trump’s call to defund public broadcasters seems aimed at silencing criticism and obscuring oversight of their actions.

Public broadcasters like PBS, NPR and CBC/Radio-Canada provide vital links to news and life-saving information in times of crisis. They inform regions that no longer have access to local corporate news and they educate the public and strengthen its culture.

Public broadcasters receive public funding through government legislation, but make no mistake, these are not state propaganda machines as some politicians allege.

CBC/Radio-Canada, PBS and NPR are all governed by broadcasting acts within their respective nations. CBC/Radio-Canada’s editorial independence is protected by the federal Broadcasting Act. In the U.S., the federal Public Broadcasting Act assures PBS and NPR have “maximum freedom …from interference with, or control of, program content or other activities.”

These media outlets are publicly funded but their editorial independence is enshrined in law.

Tracking media coverage

My exploration of the framing practices of public broadcasters, mainstream corporate media and alternative news agencies in Canada and the U.S. lends support to the expressed independence of publicly funded broadcasters.

This research tracked press coverage of debates about sexual orientation and gender expression in schools over a 10-year period — from Trump’s initial declaration to seek the Oval Office in 2015 to his return to power in November 2024.

From an initial sample of close to 38,000 news stories, 60 were randomly selected and subjected to multimodal critical discourse analysis.

A third of these stories were produced by publicly funded news agencies. Findings suggest that while they consistently use polarizing conflict language to present debates to the public — just as corporate and alternative media outlets do — the majority of the publicly funded news accounts I examined adhered to the principles of fact-based reporting.

These principles include accuracy and objectivity in reporting as well as the inclusion of a balance of perspectives on a given event, and the maintenance of a non-partisan approach to coverage.

Only one story produced by a public broadcaster in the U.S. represented propaganda in its attempt to persuade the audience to agree with the biased argument presented within. It was an educational video debunking claims that critical race theory was being taught in schools.

None of the content produced by public broadcasters represented examples of movement journalism, which rejects objectivity in favour of activism to promote human rights and social change.

No draining on public coffers

While these findings cannot be extended to all content produced by public broadcasters, they do suggest these news agencies adhere to requirements of non-partisan coverage.

Without evidence, Poilievre and Trump claim the public broadcasters in their nations are biased against conservative politics. They also claim that they’re a drain on tax revenues, and that cutting their funding will represent significant tax savings.

This also fails to hold up to a fact check. CBC/Radio-Canada received less than 0.28 per cent of the money allocated in the 2024 federal budget. In the U.S., federal tax dollars allocated to NPR and PBS represent 0.0001 per cent of the federal budget.

Given the lack of evidence supporting accusations of partisan bias and the minuscule savings that would come from defunding, something else must be driving the assault on public broadcasting.

It’s likely no coincidence that Trump’s most recent attack on the media coincided with World Press Freedom Day. It’s a day that asserts the importance of a free and independent press in democracy, and the need to protect the ability of journalists to report the truth without fear or interference.

Lorry-Ann Austin 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. The attack on public broadcasting is part of a growing threat to press freedom and democracy – https://theconversation.com/the-attack-on-public-broadcasting-is-part-of-a-growing-threat-to-press-freedom-and-democracy-255855

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Canada: Companies sentenced for workplace fatalities
Source: Government of Canada regional news (2)
Tamarack Valley Energy Ltd. and Peace Pipefitting Inc. pleaded guilty to one charge each under occupational health and safety (OHS) laws. They were sentenced on April 30 in the Slave Lake Court of Justice.

The charges stem from an incident that occurred on a site southeast of Slave Lake on Nov. 12, 2022. Two workers were cutting a large tank with torches when an explosion occurred, killing both workers.

Tamarack Valley Energy Ltd., as a prime contractor, pleaded guilty to one count under the OHS Act for failing to establish a system or process to ensure compliance with OHS laws. The Crown withdrew 19 other counts. The company received a total penalty of $500,000 including a $25,000 fine that includes the 20 per cent victim fine surcharge. Under a creative sentence, the company was ordered to pay:
- $225,000 to CAREERS for welding and explosion safety awareness for high school students including virtual reality headsets, videos and scholarships.
- $150,000 to Energy Safety Canada for simultaneous operations guideline/session and subsidized supervisor training.
- $100,000 to Threads of Life for young worker safety awareness and Alberta high school presentations, Speaker’s Bureau volunteer training, Family Forum and Alberta-based safety videos.
Peace Pipefitting Inc., as a supervisor, pleaded guilty to one count under the OHS Act for failing to take all precautions necessary to protect the health and safety of workers. The Crown withdrew four other counts. The company received a total penalty of $50,000 including a $20,000 fine that includes the 20 per cent victim fine surcharge. Under a creative sentence, the company was ordered to pay:
- $30,000 to Threads of Life for young worker safety awareness and Alberta high school presentations, Speaker’s Bureau volunteer training, Family Forum and Alberta-based safety videos.
The OHS Act provides a creative sentence option in which funds that would otherwise be paid as fines are directed to an organization or project to improve or promote workplace health and safety.

Both the companies and the Crown have up to 30 days to appeal the conviction or penalties.

Equipment fabricator Voltegic Energy Services Ltd., as an employer, is charged with 11 counts related to this incident and is scheduled to be sentenced May 28 in the Slave Lake Court of Justice. Five counts against welding contractor 1282446 Alberta Ltd. as a supervisor were stayed on July 17, 2024.

Alberta’s OHS laws set basic health and safety rules for workplaces across the province. They provide guidance for employers to help them ensure their workplaces are as healthy and safe as possible while providing rights and protections for workers. Charges under OHS laws may be laid when failing to follow the rules results in a workplace fatality or serious injury.

Quick facts
- Jobs, Economy and Trade does not provide sentence documents. These are available through the Slave Lake Court of Justice.
- Victim fine surcharges apply to fines payable to the Crown.
- Surcharges are not applied to payments to other entities under creative sentences.
- Fatality investigation summaries are posted to alberta.ca/fatality-investigation-summaries 60 to 90 days after court proceedings conclude.
Related information
- Convictions under OHS legislation
- Charges under OHS legislation
- OHS prosecution outcomes
MIL OSI Canada News –
May 9, 2025
MIL-OSI Canada: Eight Individuals to Receive 2025 Saskatchewan Order of Merit
Source: Government of Canada regional news

Released on May 8, 2025

Today, Lieutenant Governor Bernadette McIntyre announced the eight outstanding individuals who will become the next recipients of the Saskatchewan Order of Merit, the province’s highest honour. These recipients will be invested with the medal of the Order at a special ceremony marking the 40th anniversary of the Order in Saskatoon, in early June.

“It is a privilege to present the Saskatchewan Order of Merit to these eight people who have made such meaningful contributions to our province,” McIntyre said. “Like previous recipients of the medal over the past 40 years, their accomplishments are an inspiration to us all.”

The 2025 Saskatchewan Order of Merit recipients are:
- Dr. Ernest Barber, Saskatoon.
- Janet Carriere, Prince Albert.
- Brent Cotter, K.C., Saskatoon.
- Dr. Haissam Haddad, O.C., Saskatoon.
- Ann Phillips, K.C., Regina.
- Ellen Remai, M.S.C., LL. D., Saskatoon.
- Robert Stromberg, K.C., Saskatoon.
- Senapan Thunder, Thunderchild First Nation.
The Saskatchewan Order of Merit was established in 1985 to celebrate excellence and achievements by Saskatchewan citizens. To date, 282 individuals have been invested with the Order in recognition of their significant contributions in areas such as agriculture, business, industry, community leadership, public service, art, research and volunteering.

The Saskatchewan Order of Merit is the highest honour one can receive from the province and is presented by the Lieutenant Governor, who serves as the Chancellor of the Order. In 1991, the Government of Canada granted recognition to the Saskatchewan Order of Merit and a place in the Canadian Honour System’s national sequence of orders, decorations, and medals, immediately after national orders and before national decorations. Members of the Order are entitled to use the post-nominal letters S.O.M. for life.

For more information about the Saskatchewan Order of Merit, or to nominate someone, visit: www.saskatchewan.ca/honoursawards.

-30-

For more information, contact:

MIL OSI Canada News –
May 9, 2025
MIL-OSI USA: Klobuchar Presses for Bipartisan Path Forward on Safe AI Development, Highlights Need for Legislation to Give Americans Control Over Their Voice and Likeness

US Senate News:

Source: United States Senator Amy Klobuchar (D-Minn)
WATCH KLOBUCHAR’S FULL QUESTIONS HERE
WASHINGTON – At a Senate Commerce Committee hearing titled “Winning the AI Race: Strengthening U.S. Capabilities in Computing and Innovation,” U.S. Senator Amy Klobuchar (D-MN) pressed tech leaders on the future of AI development.
Testifying at the hearing were Sam Altman, Co-Founder and CEO of OpenAI; Lisa Su, CEO and Chair of Advanced Micro Devices; Michael Intrator, CEO and Co-Founder of CoreWeave; and Brad Smith, Vice Chair and President of Microsoft.
“I think David Brooks put it the best when he said, ‘I’ve found it incredibly hard to write about AI because it is literally unknowable whether this technology is leading us to heaven or hell.’ We want it to lead us to heaven, and I think we do that by making sure we have some rules of the road in place so it doesn’t get stymied or set backwards because of scams or because of use by people who want to do us harm,” said Klobuchar.
Klobuchar is a leader on efforts to put in place guardrails around the use and development of AI. Last Congress, Klobuchar and Majority Leader John Thune (R-SD) partnered on the Artificial Intelligence (AI) Research, Innovation, and Accountability Act, which would create baseline accountability for AI deployment in high-risk areas, like managing critical infrastructure. The bill would also boost transparency for AI systems that are used to decide a person’s access to health care or housing, or to decide who to hire and fire.
Last month, Klobuchar reintroduced the bipartisan Nurture Originals, Foster Art, and Keep Entertainment Safe (NO FAKES) Act with Senators Chris Coons (D-DE), Marsha Blackburn (R-TN), and Thom Tillis (R-NC). This legislation aims to protect Americans’ voice and likeness and combat the proliferation of AI deepfakes.
Klobuchar’s and Senator Ted Cruz’s (R-TX) bipartisan TAKE IT DOWN Act passed Congress last week – the bill is now headed to the President’s desk to be signed into law. The TAKE IT DOWN Act would criminalize the publication of non-consensual intimate imagery (NCII), including AI-generated NCII, and require social media and similar websites to have in place procedures to remove such content within 48 hours of notice from a victim.
A rough transcript of Klobuchar’s questions is available below. Video is available HERE for download.
Senator Klobuchar: Thank you very much, Senator Cruz. A lot of exciting things with AI, especially from a state like mine that’s home to the Mayo Clinic, with the potential to unleash scientific research. While we’ve mapped the human genome, we have rare diseases that can be solved, so there’s a lot of positive, but we all know, as you’ve all expressed, there’s challenges that we need to get at with permitting reform. I’m a big believer in that. Energy development, thank you, Mr. Smith, for mentioning this with wind and solar and the potential for more fusion and nuclear, but wind and solar, the price going down dramatically in the last few years, and to get there, we’re going to have to do a lot better.
I think David Brooks put it the best when he said, “I found it incredibly hard to write about AI because it is literally unknowable whether this technology is leading us to heaven or hell.” We want it to lead us to heaven, and I think we do that by making sure we have some rules of the road in place so it doesn’t get stymied or set backwards because of scams or because of use by people who want to do us harm.
As mentioned by Senator Cantwell, Senator Thune, and I have teamed up on legislation to set up basic guardrails for the riskiest non-defense applications of AI. Mr. Altman, do you agree that a risk-based approach to regulation is the best way to place necessary guardrails for AI without stifling innovation?
Sam Altman: I do, that makes a lot of sense to me.
Klobuchar: Okay, thanks. And did you figure that out in your attic?
Altman: No, that was a more recent discovery.
Klobuchar: Thank you very good. Just want to make sure. Our bill directs, Mr. Smith, the Commerce Department, to develop ways of educating consumers on how to safely use AI systems. Do you agree that consumers need to be more educated? This was one of your answers to your five words, so I assume you do.
Brad Smith: Yes, and I think it’s incumbent upon us as companies and across the business community to contribute to that education as well.
Klobuchar: Okay, very good. Back to you, Mr. Altman. The Americans rely on AI, as we know, increasingly, on some high-impact problems, to make them be able to trust that we need to make sure that we can trust the model outputs. The New York Times recently reported, earlier this week, that AI hallucinations, a new word to me, where models generate incorrect or misleading results, are getting worse. That’s their words. What standards or metrics does OpenAI use to evaluate the quality of its training data and model outputs for correctness?
Altman: On the whole, AI hallucinations are getting much better. We have not solved the problem entirely yet, but we’ve made pretty remarkable progress over the last few years. When we first launched ChatGPT, it would hallucinate things all the time. This idea of robustness, being sure you can trust the information, we’ve made huge progress there. We cite sources. The models have gotten much smarter. A lot of people use these systems all the time. And we were worried that if it was not 100, you know, .0% accurate, which is still a challenge with these systems, it would cause a bunch of problems. But users are smart. People understand, you know, what these systems are good at, when to use them, when not. And as that robustness increases, which it will continue to do. People will use it for more and more things, but as an industry, we’ve made pretty remarkable progress in that direction over the last couple of years.
Klobuchar: I know we’ll be watching that. Another challenge that has been, we’ve seen, and Senator Cruz worked and I worked on a bill together for quite a while, and that’s the TAKE IT DOWN Act, and that is that we are increasingly seeing internet activity where kids looking for a boyfriend or girlfriend, maybe they put out a real picture of themselves, it ends up being distributed at their school, or they somehow they someone tries to scam them from financial gain, or its AI, as we’ve increasingly seen, where It’s not even someone photos, but someone puts a fake body on there. And we’ve had about over 20 suicides in one year, of young people, because they felt like their life was ruined, because they were going to be exposed in this way. So this bill we passed, and through the Senate and the House, the First Lady supported it, and it’s headed to the President’s desk. Could you talk about how we can build models that can better detect harmful deep fakes? Mr. Smith
Smith: Yeah. I mean, we’re doing that. OpenAI is doing that, and a number of us are. And I think the goal is to first identify content that is generated by AI, and then, often, it is to identify what kind of content is harmful. And I think we’ve made a lot of strides in our ability to do both of those things. There’s a lot of work that’s going on across the private sector and in partnership with groups like NIC MEC to then collaboratively identify that kind of content. So it can be taken down. We’ve been doing this in some ways for 25 years, since the internet, and we’re going to need to do more of it.
Klobuchar: And on the issue, last question, Mr. Chair, since the last one was about your bill, I figure it’s okay. The newspapers and you testified before the Senate Judiciary Committee, Mr. Smith, about the bill Senator Kennedy and I still think that there’s an issue here about negotiating content rates. We’ve seen some action recently in Canada and other places. Can you talk about those evolving dynamics with AI developers and what’s happening here to make sure that content providers and journalists get paid for their work?
Smith: Yeah, it’s a complicated topic, but I’ll just say a couple of things. First, I think we should all want to see newspapers in some form flourish across the country, including, say, rural counties that increasingly have become news deserts, newspapers have disappeared. Second, and it’s been the issue that we discussed in the Judiciary Committee, there should be an opportunity for newspapers to get together and negotiate collectively. We’ve supported that. That will enable them to basically do better. Third, every time there’s new technology, there is a new generation of a copyright debate. That is taking place now. Some of it will probably be decided by Congress, some by the courts. A lot of it is also being addressed through collaborative action, and we should hope for all of these things. To I’ll just say, strike a balance. We want people to make a living creating content, and we want AI to advance by having access to data.
[Sen. Klobuchar followed up with an additional round of questions.]
Klobuchar: I had one more question that I wanted to ask, and it’s related to just the whole deep fake issue, just because Senator Blackburn and Senator Coons and Senator Tillis and I have worked on this really hard, and Blackburn and Coons are in the lead of the bill. But we have recently seen deep fake videos of Al Roker promoting a cure for high blood pressure, a deep fake of Brad Pitt asking for money from a hospital bed. Sony Music has worked with platforms to remove more than 75,000 songs with unauthorized deep fakes, including voices of Harry Styles Beyonce. I recently met – it’s not just famous people – there is a Grammy-nominated artist from Minnesota, talked to him about what’s going on with digital replicas. So there’s a real concern, and it kind of gets at what Senator Schatz and I were talking about earlier with the news bill. But they just wanted to make you all aware of this legislation, because there were some differences on this, and now we have gotten a coalition, including YouTube, supporting it, as well as the Recording Industry Association, Motion Picture Association, SAG AFTRA. So it’s a big deal, and I’m hoping it’s something that you will all look at, but could you just comment – I would go to you, Mr. Smith first, about protecting people from having their likenesses replicated through AI without permission, and even if you all pledge to do it, our obvious concern is that there will, maybe other companies that wouldn’t, and that’s why I think, as we look at what these guard rails are. The protection of digital people’s digital rights should be part of this.
Smith: No, I think you’re right to point to it. It has become a growing area of concern. During the presidential election last year, both campaigns, both political parties, were concerned about the potential for deep fakes to be created. We worked with both campaigns and both parties to address that. We see it being used in really ways that I would call abusive, including of celebrities and the like. I think it starts with an ability to identify when something has been created by AI and is not a genuine, say, photographic or video image. And we do find that AI is much more capable at doing that than, say, the human eye and human judgment. I think it’s right that there be certain guardrails, and some of these we can apply voluntarily. We’ve been doing that across the industry. OpenAI and Microsoft were both part of that last year. And there are certain uses that probably should be considered across the line and therefore should be unlawful. And I think that’s where the kinds of initiatives that you’re describing have a particularly important role to play.
Klobuchar: And could you look at that legislation?
Smith: Absolutely.
Klobuchar: I appreciate it. Mr. Altman, just same question, same thing.
Altman: Of course, we’d be happy to look at the legislation. I think this is a big issue, and it’s one coming quickly… I think there’s a few areas to attack it. You can talk about AI that generates content, platforms that distribute it, how takedowns work, how we educate society, and how we build in robustness to expect this is going to happen. I do not believe it will be possible to stop the generation of the content. I think open source, open weight models are a great thing on the whole, and something we need to pursue, but it does mean that there’s going to be just a lot of these models floating around that can do this, the mass distribution, I think it’s possible to put some more guardrails in place, and that seems important, I but I don’t want to neglect the sort of societal education piece. I think with every new technology, there’s some sort of, almost always some sort of new scams that come, the sooner we can get people to understand these Be on the lookout for them. Talk about this as a thing that’s coming, and then I think that’s happening. I think the better people are very quickly understanding that content can be AI-generated, and building new kinds of defenses in their own minds about it. But still, you know, if you get a call and it sounds exactly like someone you know and they’re panicked and they need help, or if you see a video like the videos you talked about this gets at us in a very deep psychological way. And I think we need to build societal resilience, because this is coming.
Klobuchar: It’s coming, but there’s got to be some ways to – you’ve got to have some to either enforce it, damages whatever. There’s just not going to be any consequences.
Altman: Absolutely, we should have all of that. Bad actors don’t always follow the laws, and so I think we need an additional shield, or whenever we can have them. But yes, we should absolutely have that.
Klobuchar: All right. Look forward to working with you on it.

MIL OSI USA News –

May 9, 2025
MIL-OSI USA: Protecting Protected Land from Pesticides

Source: US Geological Survey

Nestled within the interior wetlands, grasslands, and riparian habitats of California’s northern Sacramento Valley, the Sacramento National Wildlife Refuge (NWR) embodies the core mission of the National Wildlife Refuge System: protecting wildlife, native vegetation, and the habitats they depend on for the benefit of present and future generations. Established in 1937, the refuge spans approximately 10,819 acres, providing essential habitat for migratory birds along the Pacific Flyway, the western migration path for millions of birds each year.

Unlike national parks, which balance public enjoyment with natural and cultural preservation, national wildlife refuges are managed with a primary focus on protecting wildlife, habitat, and ecological function. While recreational activities such as wildlife viewing, photography, hiking, and hunting are encouraged at Sacramento NWR, each is carefully managed to ensure they do not impede the refuge’s conservation objectives. Management practices include regulating water levels, planting native vegetation, controlling invasive species, and collaborating with local farmers to maintain optimal habitat conditions for wildlife.

Sacramento NWR serves as the headquarters for the Sacramento National Wildlife Refuge Complex, which encompasses five national wildlife refuges: Sacramento, Delevan, Colusa, Sutter, and Sacramento River, as well as three wildlife management areas: Willow Creek-Lurline, Butte Sink, and Steve Thompson North Central Valley. Collectively, the complex protects a diverse array of habitats across multiple counties, offering migratory birds and other wildlife the necessary resources to thrive.

The refuge complex supports a rich diversity of species, including migratory waterfowl like snow geese, which travel thousands of miles from breeding grounds in Canada, Alaska, and Russia to winter in the Sacramento Valley. Other notable species include tule elk, vernal pool fairy shrimp, giant garter snakes, and various native plant communities.

Recognizing that ecological boundaries extend beyond refuge borders, Sacramento NWR engages in ongoing monitoring and research to address external environmental challenges, such as agricultural runoff and pesticide drift. These efforts inform adaptive management strategies aimed at mitigating impacts and enhancing habitat quality within the refuge.

Each winter, visitors can witness the spectacular sight of thousands of snow geese taking flight at sunrise, a testament to the refuge’s vital role in wildlife conservation. In spring, fields of goldfields wildflowers brighten the landscape, offering a different kind of spectacle. The auto tour route, observation decks, and educational programs provide opportunities for people of all ages and abilities to connect with nature and learn about the importance of preserving these critical habitats.

MIL OSI USA News –

May 9, 2025
MIL-OSI Global: Ontario Chief Coroner reports raise concerns that MAID policy and practice focus on access rather than protection

Source: The Conversation – Canada – By Trudo Lemmens, Professor of Health Law and Policy, University of Toronto

The Ontario Coroner’s reports cover two aspects of medical assistance in dying (MAID): waiver of final consent, and same- or next-day provision of MAID. (Shutterstock)

The Chief Coroner for Ontario recently released two new reports of its interdisciplinary MAID Death Review Committee: on Same or Next Day Provision of MAID and on Waiver of Final Consent.

The MAID Death Review Committee — of which I am a member — reviews cases of Medical Assistance in Dying (MAID) that are selected by the coroner’s MAID team for the common issues they raise. The review helps inform policy recommendations.

Committee reports contain case summaries and summaries of committee discussions, and the Chief Coroner’s recommendations. The newly released reports appear to confirm what is argued in several chapters in our recently co-edited volume, Unravelling MAiD in Canada: Euthanasia and Assisted Suicide as Medical Care, and in other publications: Canada’s MAID law, policy and practice focuses excessively on promoting access to death, not on protection.

Some of the cases suggest a troubling prioritizing of ending patients’ lives with MAID rather than a precautionary approach. In my opinion, they reveal an urgent need for more rigorous legal and professional standards. Committee members’ starkly contrasting views on the ethics of some of the practices, which can be gleaned from the anonymous summaries of the committee’s discussions, are striking.

Most assisted dying laws or policies in other countries prohibit same-day provision of MAID and waiving of final consent.
(Shutterstock)

Access over protection

The topics of the reports illustrate how Canada’s MAID law reform has prioritized access over protection. Most assisted dying laws or policies in other countries prohibit same-day provision of MAID and waiving of final consent. Many impose a reflection period to protect patients against rushed and desperate decision-making, for example following a devastating diagnosis.

Before 2021, Canada’s MAID law had a 10-day reflection period, which could be shortened by request. This was removed in the 2021 expansion of MAID, which also removed the safeguard of a reasonably foreseeable natural death.

At the time, concerns that removing the 10-day reflection period could lead to rushed decisions were dismissed, with a hypothetical example involving same-day MAID provision being described as “absurd.” An official report now documents the practice.

Waiver of final consent, which was also introduced in 2021, moves Canada clearly away from unambiguous or clear consent, which the Supreme Court emphasized as a key safeguard in its 2015 Carter decision — the decision that declared an absolute criminal law prohibition on euthanasia and assisted suicide to be unconstitutional.

A waiver enables track 1 patients (those with a reasonably foreseeable death) who are at risk of losing capacity to receive MAID at a specific time in the near future. In contrast, with an advance request for MAID, a patient authorizes someone else to request MAID on their behalf in the future, when they have lost capacity and specified conditions are met.

Québec recently introduced advanced requests, and Health Canada has organized public consultations on the topic, seemingly considering it. But it remains prohibited under the Criminal Code. Rightly so, since it raises unique ethical, legal and professional challenges.

The coroner’s report on waiver of final consent includes cases, and notes on case discussions, that demonstrate the fine line between flexible use of such waivers and circumventing the prohibition of advance request. In some cases, it appears that different guidance documents of the Canadian Association of MAID Assessors and Providers have been combined to facilitate MAID: guidance on waiver of final consent and on dementia.

In a journal publication, my co-authors and I warned that combining these guidance documents, which we consider to be obfuscating, could lead to advance requests for MAID even though they remain prohibited under the criminal code.

Case reports

Take the case of Mr. A. Distressed by short-term memory loss and a diagnosis of an onset of Alzheimer’s disease, he signed a waiver scheduling MAID 3.5 years later. Some, but not all, members of the committee opined that scheduling it so much in advance was incompatible with a track 1 approval, since it revealed that he was not approaching his death, not in an advanced state of irreversible decline of capability and could hardly be considered to suffer intolerably at the time of approval.

The MAID provider ended up not using the waiver for Mr. A’s consent for MAID. However, his MAID death remains problematic due to concerns about how the provider accepted he was able to provide final consent.

Less than a year after signing the waiver, he was hospitalized after a fall. He was deemed delirious, confused and had hallucinations. During “a period of cognitive improvement” the MAID provider deemed him capable of confirming final consent and provided MAID based on the original assessment.

Family pressures, such as caregiver burnout, need to be sufficiently investigated.
(Shutterstock)

Informed consent concerns also arose in the case of 80-year-old Mrs. B, who told a first MAID assessor she preferred palliative care because of personal and religious values. When a palliative care physician noticed her husband’s “caregiver burnout,” he requested hospice care for Mrs. B, which was rejected.

Her husband then contacted a second MAID assessor, who approved her for MAID and who rejected the first assessor’s request to talk to Mrs. B. the next day. A third assessor confirmed the second assessor’s approval and Mrs. B received MAID the same day.

The case of Mr. C involved a man in his 70s, diagnosed with metastatic cancer, who requested a MAID assessment five days after admission into palliative care. But before he could be assessed, he experienced cognitive decline and “loss of ability to communicate.”

When the palliative care team told a MAID provider the next day that he had lost capacity to consent, the provider “vigorously roused Mr. C., who opened his eyes and mouthed ‘yes’” when asked if he wanted MAID. After withholding pain medication for 45 minutes, the provider considered him more “alert.” A second MAID assessor confirmed his eligibility after an online assessment, also accepting mouthing yes, and “nodding his head in presumed agreeance” as clear and capable informed consent, and he was euthanized.

These and some other cases described in the committee reports raise several concerns. They show how MAID has been provided in cases where assessors clearly disagree about the application of access criteria, with two seemingly limited assessments favouring MAID overriding others.

Some patients received MAID after capacity and informed consent procedures that appear problematic, in the case of Mr. C overriding a capacity assessment by a treating palliative care team. Family pressures, such as caregiver burnout, may also be insufficiently investigated, as in the case of Mrs. B.

And MAID appears to have been delivered in the case of Mr. C. when the patient appeared otherwise comfortable in palliative care and may not have had capacity to consent.

The reports also reveal that even patients specifically hospitalized for suicidal ideation and in need of mental health care are offered MAID, as earlier coroner reports already revealed. Some cases appear to stretch the contours of MAID law.

Starkly differing views

The committee discussions included in the report further suggest starkly different views among MAID Death Review Committee members, including on standards for assessing capacity for consent.

As discussed in a recent study I co-authored, most of Canada’s MAID practice is driven by a relatively small group of frequent providers. The study found that there are 1,837 MAID providers in Canada, but up to 336 of these are frequent providers who are likely responsible for the majority of annual MAID deaths. This adds to concerns about arguably overly flexible provision of MAID among these providers.

Another committee member recently discussed how the report on same- or next-day provisions reveals this practice is disproportionately present in some geographical locations. This suggests, as others have discussed in relation to Québec’s MAID practice, that there may be starkly different professional standards and approaches among providers.

To date there have been no known cases of criminal or professional sanctions against a MAID provider. However, the Chief Coroner’s reports, as well as media reports, indicate that this does not mean Canada’s MAID practice is exemplary, safe and compliant. When reading these cases, many likely wonder, as I do, what it will take for political, judicial and professional authorities to provide firmer guidance, investigate thoroughly and put a halt to problematic delivery of MAID.

The United Nations Committee on the Rights of Persons with Disabilities, after hearing evidence from both the federal government and civil society organizations, recently urged Canada to withdraw track 2 MAID (MAID cases in which the patient’s death is not reasonably foreseeable), not to introduce MAID for mental illness and with advance requests, and to improve MAID monitoring and safeguards.

The UN committee cited the earlier coroner reports. The two most recent reports, which the UN committee did not have yet at its disposal, clearly confirm the urgent need for a revisiting of our MAID law, and for refocusing on protection, not on further expansion.

Trudo Lemmens is a member of the Chief Coroner of Ontario MAID Death Review Committee. He has been an expert witness for the Federal Attorney General in the Truchon and Lamb cases. He has been an advisor to the Vulnerable Person Standard. His research is partly funded by a Scholl Chair in Health Law and Policy. He is co-editor of a McGill/Queens University Press book Unravelling MAID in Canada: Euthanasia and Assisted Suicide as Medical Care.

– ref. Ontario Chief Coroner reports raise concerns that MAID policy and practice focus on access rather than protection – https://theconversation.com/ontario-chief-coroner-reports-raise-concerns-that-maid-policy-and-practice-focus-on-access-rather-than-protection-253917

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Security: North Preston — UPDATE: Police continue to ask for the public’s assistance in homicide investigation

Source: Royal Canadian Mounted Police

The RCMP/HRP Integrated Criminal Investigation Division (CID) continues to ask for the public’s assistance in relation to the 2024 homicide of Tyrell Beals.

Today marks one year since the RCMP Halifax Regional Detachment received a report that a man had been shot near the 1100 block of Downey Rd. Upon arrival at the scene, officers located Beals, of Westphal. He had sustained gunshot wounds and was later pronounced deceased at the hospital.

“To advance unsolved homicide investigations, we need information from the public in order to find those responsible,” says Sgt. Jason Withrow of CID. “If you were in the area of Downey Rd. on May 8, 2024, or have any information regarding the murder of Tyrell Beals, please contact us; we need your help to bring closure to his loved ones.”

The ongoing investigation is led by Homicide Investigations in the Special Enforcement Section of the Integrated Criminal Investigation Division with assistance from the Nova Scotia Medical Examiner Service, RCMP Forensic Identification Services, and RCMP Halifax Regional Detachment.

Anyone with information regarding this homicide is asked to contact police at 902-490-5020.

Our thoughts continue to be with Mr. Beals’ loved ones.

File #: 24-61350

MIL Security OSI –

May 9, 2025
MIL-OSI Security: Sheshatshiu — Arrest warrant issued for Simon Andrew in relation to violent offences in Sheshatshiu
Source: Royal Canadian Mounted Police

Sheshatshiu RCMP is looking to arrest wanted man 40-year-old Simon Andrew in relation to a violent incident that occurred at a residence in Sheshatshiu on May 6, 2025.

Andrew, who has actively been evading police, is charged and wanted in relation to the following criminal offences:
- Sexual assault with a weapon
- Aggravated assault – two counts
- Possession of a weapon for a dangerous purpose – two counts
- Forcible confinement
- Mischief under $5000.00
- Failure to comply with conditions of a release order
Police believe that Andrew is frequenting between Sheshatshiu and Happy Valley-Goose Bay. An image of Simon Andrew is attached. The investigation is ongoing.

Anyone having information about the current location of Simon Andrew is asked to contact Sheshatshiu RCMP at 709-497-8700. To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

MIL Security OSI –
May 9, 2025
MIL-OSI: Applied Releases Commercial Lines Premium Rate Index Findings for Q1 2025
Source: GlobeNewswire (MIL-OSI)

Toronto, ON, May 08, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the first quarter 2025 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 3.85% in Q1 2025 down from 6.14% in Q1 2024. All lines of business saw decreases compared to the same quarter last year.

Quarter over quarter, Q1 2025 results showed average renewal rate change decreased across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Business and Professional Services, Construction, Hospitality Services, and Retail Services.

Significant findings include:
- Business and Professional Services: Q1 2025 premium renewal rate change average was 3.99%, down from the Q4 2024 average of 5.48%.
- Construction, Erection, and Installation Services: Premium renewal rate change average was 3.85% for the quarter, down from the Q4 2024 average of 4.78%.
- Hospitality Services: Q1 2025 premium renewal rate change average was 3.08%, down from the Q4 2024 average of 3.79%.
- Real Estate Property: Premium renewal rate change average was 3.58% for the quarter, down from the Q4 2024 average of 4.59%.
- Retail Services: Premium renewal rate change averaged 4.57%, down relative to the Q4 2024 average of 6.84%.
“This quarter’s average premium renewal rate change across all industries have somewhat dissipated, limiting the tailwind they provided over the recent period and therefore putting a greater focus on margins,” said Steve Whitelaw, SVP and general manager, Canada, Applied Systems. “As brokers begin their renewal conversations, the Applied Commercial Index will help them focus on specific lines that will foster more profitable growth opportunities.”

Access the complete quarterly report here.

# # #

Applied Commercial Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Commercial Index.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

The MIL Network –
May 9, 2025
MIL-OSI Global: A new pope is chosen: A look back on the jostling for the papacy and the conclave’s history

Source: The Conversation – Canada – By Colin Rose, Associate Professor of European and Digital History, Brock University

Cardinal Robert Prevost of the United States is the new pope, succeeding Pope Francis, and taking the name Pope Leo XIV. He’s been elected following a millennium-old ceremony known as the papal conclave. During the conclave, the 135 eligible Cardinal Electors of the Catholic Church sequestered themselves and elected the new pope in isolation.

During that time, they had no contact with the outside world and they voted repeatedly, in written ballots and verbal declaration, until one of them achieved a two-thirds majority.

Every failure brings sighs from the crowds in St. Peter’s Square as the votes, burned with a chemical admixture, send up a plume of inky black smoke from the chimney of the Sistine Chapel. White smoke, signalling a new pope has been elected, provokes cheers and celebrations and the beginning of a new papal era, as was the case after the election of Leo on May 8, 2025.

Read more:
How the next pope will be elected – what goes on at the conclave

The history of the conclave, especially during the Italian Renaissance that I teach and research, tells us a lot about how the papacy is both a religious and a political office.

The pope is at once the supreme pontiff of the Catholic Church as well as the absolute monarch of Vatican City. He is both bishop of Rome and head of state of the smallest sovereign state in the world.

Politics of the papacy

In the 15th, 16th and 17th centuries, the Vatican was the capital of a much-larger Papal State. This territorial buffer around Rome at its height bordered the territories of Florence, Naples, Milan and Venice, and covered much of northern Italy.

Popes wielded great influence in the dramatic politics of famous Italian families like the Medici: it was a Medici pope, Clement VII, who helped negotiate the installation of the first Medici duke in Florence.

Apocryphal accounts persist of Julius II, the so-called “Warrior Pope,” leading a charge over the walls of Bologna in 1506.

At the same time popes, and Catholic policy, had profound consequences for European and global politics: Clement’s successor Paul III excommunicated England’s King Henry VIII, cementing the English break with Rome in 1538.

A portrait of Pope Alexander VI Borgia circa 1495.
(Vatican Museums)

Alexander VI was more audaciously imperial: he sponsored the treaty that arbitrarily divided the entire world outside of Europe between Spain (his home country) and Portugal in 1494.

Alexander VI’s historical infamy is perhaps outdone only by his son, Cesare Borgia, made famous by his mention is Niccolo Machiavelli’s book The Prince.

Becoming pope was a big deal for a cardinal and his family. Leading candidates known as papabili (pope-ables) began strategizing and negotiating even before popes died.

When a pontiff died, those cardinals abroad began their travels to Rome, construction began on the temporary cells that would house them all during the sequestration and the real work of electing a pope began.

Enea Silvio Piccolomini left a detailed memoir of his election as Pius II in 1458. In it he describes a process of negotiating, threatening, cajoling and strategizing that make the scheming in the recent movie Conclave look unsophisticated.

Renaissance Italy wrestled with and ultimately reconciled itself to the political nature of the papacy.

Many, including popes such as Pius II, expressed discomfort with the political power of the papacy. While it was a clear factor in the schism of European Christendom that led to the emergence of the Protestant churches in the 16th century, in early modern Italy the political power of the papacy was a reality of the diplomatic milieu.

The empty throne

The conclave marks a special place in early modern history as a time when ordinary political order was overturned for a brief period known as the sede vacante (the Vacant See).

The Vacant See was a time when identities were swappable and when, as one Paolo di Grassi told a judge in 1559, “in Vacant See [Romans] are the masters. The People are the Masters.” Di Grassi had, during the Vacant See of November 1559, pursued his own longstanding grudges against his enemies and been involved in at least one armed brawl.

While they waited for a new pope, Romans and everyone else might have passed the time with another favourite vice: gambling on the conclave’s outcome.

Read more:
Who will the next pope be? Here are some top contenders

European princes and other potentates of the church paid close attention to conclaves, tried to smuggle information in and out and steer the conclave in favour of their preferred candidate.

In 1730, for instance, Cardinal Lambertini smuggled a letter out of his conclave thanking a benefactor for their donations to his future ordination as Pope Benedict XIV.

The election held everyone’s attention as a rare and unusually impactful event in the Roman calendar.

While Rome’s streets thrummed with tension during the chaotic days of a Vacant See, the conclave proceeded serenely and secretly within the Vatican’s walls.

The use of white smoke to mark the election of a pope only began in the 20th century. During the Renaissance, the sound of bells would be a more effective way to spread the news through Rome, before the new pope was announced to the city and the world.

Much turns on that announcement now, as much did in previous centuries. The conclave elects both a pope and a head of state. While Vatican City is magnitudes smaller than the Papal State of the past, it remains a sovereign state.

Papal pronouncements shape not just religious thought but political action, through voting, advocacy and more. The crowds who awaited the announcement of the new pope might be less raucous than Renaissance Romans, but they were nonetheless invested in the results.

Colin Rose receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. A new pope is chosen: A look back on the jostling for the papacy and the conclave’s history – https://theconversation.com/a-new-pope-is-chosen-a-look-back-on-the-jostling-for-the-papacy-and-the-conclaves-history-255492

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Global: Donald Trump has reduced tariffs on British metals and cars, but how important is this trade deal? Experts react

Source: The Conversation – UK – By Maha Rafi Atal, Adam Smith Senior Lecturer in Political Economy, School of Social and Political Sciences, University of Glasgow

The US president called it a “very big deal”. The UK prime minister said it was “fantastic, historic” day. For sure, Keir Starmer and his team will have been delighted that the UK was first in line to negotiate adjustments to Donald Trump’s sweeping tariffs announced on “liberation day” just a few weeks ago. But what might the trade deal between the UK and US actually mean? We asked four economic experts to respond to the Oval Office announcement.

Wins for the UK are real, but limited

Maha Rafi Atal, Adam Smith Senior Lecturer (Associate Professor) in Political Economy, University of Glasgow

The new UK-US trade announcement is less a breakthrough than a careful balancing act – partial, tactical and politically calculated.

Key UK wins are real but limited. Tariffs on British metals and autos are eased, thanks in part to the UK government acquisition of the Chinese-owned Scunthorpe steelmaking facility, removing a longstanding US objection. But even auto tariffs are only scaled back to the general baseline of 10% and not eliminated.

Agriculture and tech remain the real stress points. The UK has granted market access to US agricultural products, including beef, but crucially without changing its food safety standards. This sidesteps a domestic political fight and avoids undermining the UK’s Northern Ireland arrangements or its EU alignment. Still, if US beef doesn’t meet those standards, the market access may prove meaningless in practice – setting up future pressure points.

Perhaps the most notable UK win: it retains its digital services tax on US tech giants. That tax hits Silicon Valley hard, and the US wanted it gone. Instead, the announcement punts this to future talks – holding the line for now, but not securing it permanently.

This isn’t the long-anticipated UK-US free trade agreement. It’s not a treaty, not comprehensive, and not ratified. It’s a limited, executive-level arrangement with more questions than answers – and more negotiations to come.

Stronger ties and badly needed growth to come

David Collins, Professor of International Economic Law, City St George’s, University of London

This deal is an excellent development that should help restore the UK-US trade relationship to what it was before President Trump took office for the second time. At the time of writing, few details about the arrangement are known. But the 25% tariff on UK steel and aluminium has been removed, as has the tariff rate on most car exports – from 27.5% to 10%

The lower car rate applies to the first 100,000 vehicles exported from the UK to the US each year. Around 101,000 were exported last year.

More details are promised in the coming days and weeks. Perhaps they will include an agreement which separates the UK from any restrictions that the US intends to impose on the film industry. In return, the UK might eliminate its digital services tax on the US (which I argue it should never have imposed because it will only raise prices for consumers and generate little revenue).

But overall, it seems clear that the Labour government has prioritised the UK’s relationship with the EU, evidently seeking as close as possible a connection without formally rejoining. So, while this agreement with Trump is well short of a comprehensive free trade agreement, it is a welcome development that should strengthen Anglo-American ties and bring some badly needed economic growth to both countries.

Political theatre for both sides

Conor O’Kane, Senior Lecturer in Economics, University of Bournemouth

This announcement is a framework for a trade deal rather than an actual formal completed agreement. Trade deals are detailed, complex and take many months to negotiate.

The US and the UK are both countries with massive persistent structural trade deficits. It is very unlikely that what has been announced will significantly shift the dial on either country’s structural deficit or growth forecast.

Jerome Powell, chair of the US Federal Reserve, recently warned that Donald Trump’s tariff policy risked higher inflation and higher unemployment at the same time, what economists call “stagflation”. The president’s announcement will prove a welcome distraction from Powell’s comments.

The deal should perhaps be viewed as symbolic. Trump’s US tariff policy has been chaotic to date and his administration finally has something they can point to as a win in the aftermath of “liberation day”.

Of course, a trade deal is also a good news story for the Labour government after disappointing local elections. Prime Minister Keir Starmer can claim economic credibility by being first in line for a trade deal, perhaps cementing the “special relationship”.

Mini-tariffs on UK cars.
balipadma/Shutterstock

However, is the US a reliable partner to sign a trade deal with? During his first term, Trump signed a free trade deal with Mexico and Canada (the 2020 United States-Mexico-Canada Agreement, or USMCA – the successor to Nafta). At the time, he said the deal “will be fantastic for all”. But he subsequently reneged on it.

There is also a wider strategic element to this. First, the US wanted to get a trade deal in place with the UK ahead of what looks like a comprehensive EU-UK trade deal coming down the line. Second, Trump sees the EU as an economic rival. By signing a deal with the UK, he is signalling to other European countries the possibility of a potentially better trading relationship with the US outside of the EU.

Deal leaves the door open for EU relationship

Sangeeta Khorana, Professor of International Trade Policy, Aston University

The agreement is a tactical win for both countries. It eases trade frictions, supports key industries and sets the framework for a broader UK-US free trade agreement without impacting on the UK’s economic reset with the European Union.

The UK–US agreement, which suspends some of Trump’s recent tariffs, is sector-specific and far from comprehensive. It preserves UK food safety and animal-welfare standards. And it safeguards post-Brexit EU links while allowing the UK to cement its strategic partnership with Washington. Talks will be launched on aerospace, advanced batteries, data flows and services liberalisation within 12 months.

This is a timely coup, coming so soon after the India deal. The pact represents a strategic diplomatic gain that brings tariff relief (and potentially the associated uncertainty) for key British industries, while also preserving UK’s regulatory alignment with the EU.

Maha Rafi Atal is sometimes a volunteer organiser for the US Democratic party/candidates and has no party affiliation or involvement in the UK.

Sangeeta Khorana is Professor and endowed Chair of International Trade Policy at Aston University.

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

– ref. Donald Trump has reduced tariffs on British metals and cars, but how important is this trade deal? Experts react – https://theconversation.com/donald-trump-has-reduced-tariffs-on-british-metals-and-cars-but-how-important-is-this-trade-deal-experts-react-256240

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Economics: STATEMENT: CanREA members sign agreements to build new wind power projects in New Brunswick

Source: – Press Release/Statement:

Headline: STATEMENT: CanREA members sign agreements to build new wind power projects in New Brunswick

NB Power has selected CanREA member companies to develop four new wind energy projects

Fredericton, May 7, 2025— The Canadian Renewable Energy Association (CanREA) congratulates three member companies for signing Power Purchase Agreements representing just over 450 MW of wind energy, as announced by NB Power today.

Each of these four new wind energy projects is being developed by First Nations communities, in partnership with CanREA members Eolectric, ABO Energy and Natural Forces. The projects, totalling 452 megawatts (MW) of new generation in New Brunswick, are expected to be in service in 2027/28.

“The partnership between First Nations communities and developers is a critical component of all these projects, which will help contribute to New Brunswick’s low-carbon future,” said Jean Habel, CanREA’s Senior Director for Quebec and Atlantic Canada.

Specifically:

CanREA Gigawatt member Eolectric was selected for a project providing 92 MW of capacity, the Astuwicuwon Wind Project, developed in partnership with the Sitansisk First Nation.
CanREA Gigawatt Member, ABO Energy, was selected for a project with 60 MW of capacity, the Papoqji’jg Wind Project, developed in partnership with the Pabineau First Nation.
CanREA Megawatt Member, Natural Forces, was selected for two projects with 300 MW of total capacity: the Salmon River Wind Project (200 MW, to be developed in partnership with Wolastoqey Resource Developments Inc., representing all six Wolastoqey communities), and the Paqt’smawei Sipu Wind Project (100 MW, which will be developed in partnership with the L’nui Menikuk First Nation (Indian Island) and Mi’gmaq United Investment Network).
“Wind power is an affordable, reliable, clean and quickly deployable electricity generation technology,” said Eddie Oldfield, CanREA’s Manager for Atlantic Canada. “CanREA will continue to work hard in Atlantic Canada to maximize the value of this tremendous energy resource.”

Quotes

“The partnership between First Nations communities and developers is a critical component of all these projects, which will help contribute to New Brunswick’s low-carbon future.”
—Jean Habel, Senior Director, Quebec and Atlantic Canada, Canadian Renewable Energy Association (CanREA)

“Wind power is an affordable, reliable, clean and quickly deployable electricity generation technology. CanREA will continue to work hard in Atlantic Canada to maximize the value of this tremendous energy resource.”
—Eddie Oldfield, Manager, Atlantic Canada, Canadian Renewable Energy Association (CanREA)

For media inquiries or interview opportunities, please contact:

Communications Canadian Renewable Energy Association 613-227-5378 communications@renewablesassociation.ca

About CanREA

The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn. Subscribe to our newsletter here. Learn more at renewablesassociation.ca. 

The post STATEMENT: CanREA members sign agreements to build new wind power projects in New Brunswick appeared first on Canadian Renewable Energy Association.

MIL OSI Economics –

May 9, 2025
MIL-OSI United Nations: Peacekeeping Ministerial: Investing in Prisons to Secure Long-lasting Peace

Source: United Nations – Peacekeeping

This story was written by the Justice and Corrections Service at the UN Department of Peace Operations, which supports the work of peacekeeping operations and special political missions, as well as other UN entities, to strengthen the rule of law and criminal justice systems, including courts and prisons.

In some peacekeeping settings, armed groups attack prisons as a deliberate strategy. Their aim may be to release dangerous inmates and destabilize communities or to free their own members and bolster their ranks by coercing newly released inmates to join them. In others, prisoners are breaking free to escape appalling conditions. Regardless of the reasons, a single mass escape can significantly set back what peacekeeping has taken years to accomplish.

“Peacekeepers risk their lives to oppose armed groups and protect civilians, but without a functioning prison system, high-risk prisoners can sometimes simply walk away,” warns Robert Pulver, Chief of the Justice and Corrections Service at the UN Department of Peace Operations.

Effective, well-managed prisons are essential to public safety and long-term peace. When prisons are not secured, they can become targets for armed groups. When they are overcrowded, under-resourced or inhumane, they can become flashpoints for violence, mass escapes and radicalization, undermining already fragile peace efforts. “Without safe, secure and humane prisons, there can be no law and order and no rule of law, the lives of civilians are put in danger and peace remains at risk,” says Pulver.

The cost of inaction

In January, armed group offensives in the Democratic Republic of the Congo (DRC) resulted in prison breaks, including in the cities of Goma, Bukavu and Kabare. Over 7,000 prisoners escaped, of which more than 4,500 were high-risk inmates. Some were members of armed groups, some had been convicted of crimes against humanity, war crimes and conflict-related sexual violence. Some remain at large, making threats against victims and those who were involved in the legal proceedings against them. Some have rejoined armed groups, including in command positions.

In Bangui, capital of the Central African Republic (CAR), Ngaragba Prison was housing more than five times its intended capacity, causing food shortages, deaths from malnutrition and heightened security and health risks. Makala Central Prison in Kinshasa, DRC, was designed to hold 1,500 inmates but was holding close to 10 times that when an escape occurred last September. Prisons like these “are time bombs waiting to explode,” says Pulver, facing much higher risks of mass escapes.

In conflict-affected settings, prison breaks undo the hard work missions have undertaken to remove dangerous individuals from communities and hold them accountable. They erode confidence in state capacity to maintain order and exacerbate cycles of violence – especially when armed actors exploit prison breaks to advance their agendas.

Building safe prisons

With support from Member States, UN peacekeeping missions are helping national authorities in conflict-affected countries improve prison management and security. In the DRC, UN peacekeeping has supported the installation of surveillance systems, like CCTV and drones, the improvement of infrastructure and the development of emergency response protocols. In the CAR, we have supported health screenings for over 2,000 detainees, helping them get treatment for illness and malnutrition through the International Committee of the Red Cross. In Kosovo, we have supported rehabilitation programmes for inmates.

Currently, 28 Member States provide corrections personnel to peacekeeping and special political missions to help in these efforts. These officers help train national prison staff in key areas including the prevention of violent extremism and prison escapes. However, many challenges remain due to insufficient resources, jeopardizing the very security goals peacekeepers strive to achieve.

Stepping up support

Canada, Rwanda and Sweden co-chair the Group of Friends of Corrections in New York to draw more political support, expertise and resources for this often-neglected aspect of peace operations.

The upcoming Peacekeeping Ministerial in Berlin offers a key opportunity for Member States to strengthen this work. Participants are expected to pledge vital resources, including trained corrections personnel and equipment such as protective gear and metal detectors.

This support will help transform at-risk prisons from security liabilities into pillars of peace and public safety.

MIL OSI United Nations News –

May 9, 2025
MIL-OSI Canada: Helping heroes heal
Every day, Alberta’s first responders face danger, trauma and heartbreak to safeguard the lives, futures and well-being of Alberta’s families, communities and loved ones. That’s why it is important to honour their sacrifice by ensuring Alberta’s heroes don’t face their battles alone.

Budget 2025 provides the Supporting Psychological Health in First Responders (SPHIFR) grant program with an ongoing investment of $1.5 million per year. This grant supports non-profit organizations in delivering critical mental health services to first responders living with or at risk for post-traumatic stress injuries (PTSIs), as well as those conducting applied research to advance prevention and treatment. This funding ensures Alberta’s police and peace officers, correctional workers, paramedics and firefighters (including wildland firefighters) get the help they need, when they need it.

“First responders and emergency workers face Alberta’s hardest moments – trauma, danger, and crisis – so others don’t have to. This grant program makes sure they get the support they need when it matters most. Alberta’s government will continue to stand with our local heroes by funding the services and research that safeguard their mental health and well-being.”

Matt Jones, Minister of Jobs, Economy and Trade

“We owe so much to the men and women on the frontlines working as first responders – police and peace officers, firefighters, paramedics and correctional workers. These jobs come with a cost, with workers often facing post-traumatic stress injuries or other mental health challenges. I am pleased to see funding go toward helping first responders heal from these challenges.”

Dan Williams, Minister of Mental Health and Addiction

“Supporting the mental health and well-being of our first responders is crucial. They bravely confront Alberta’s most challenging situations, and this grant program provides essential resources to help them heal and continue their vital work, ensuring they receive the care they deserve.”

Mike Ellis, Minister of Public Safety and Emergency Services

The grant program helps organizations across Alberta offer accessible, high-impact programming that addresses the psychological risks of first response work. It also funds applied research to develop and evaluate new approaches to treatment and prevention, ensuring support systems evolve to meet the growing needs of those on the front lines.

Applications are currently open for the 2025-26 intake of the Supporting Psychological Health in First Responders grant program. The application period opened March 31, 2025, and will close on May 26.

Some grant recipients from 2024-25 included:
- The Alberta Municipal Health and Safety Association (received $185,435):
  - For their “First Responder and Family PTSI Train the Trainer” project. Building on a previous grant for “Working Mind First Responder,” this funding will train 48 new facilitators to deliver mental health training.
- Legacy Place Society (received $161,000):
  - For their 12-month “Families as Allies” project to support families of first responders recovering from PTSI. The project will offer resources and strategies to help family members care for their own well-being while supporting their loved ones.
- The University of Alberta (received $331,000):
  - For their “Moving Forward: 3MDR Study with First Responders in Alberta.” The project will train providers in 3MDR, an emerging virtual reality therapy for PTSD.
“The receipt of SPHIFR grant funding has been pivotal to our ongoing efforts to provide evidence-based mental health services to Alberta first responders, emergency workers and families living with or at risk for PTSI.”

Craig Hrynchuk, CEO and executive director, Alberta Municipal Health and Safety Association

Alberta’s government is putting the well-being of first responders at the forefront because when first responders are supported, communities are safer and stronger. By investing in the mental health of first responders, Alberta’s government is helping ensure the province’s emergency workforce remains strong, supported and ready to serve.

Quick Facts:
- Since the program launched in 2020, 62 grants have been provided to 32 service providers and 30 for researchers, for a total of almost $7.5 million in funding.
- In the 2024-25 intake, six service providers and six researchers received a total of $1.5 million in grants.
Related information:
- First responders’ mental health grants
MIL OSI Canada News –
May 9, 2025
MIL-OSI Global: How Canada can turn tariff tensions into a global affordable housing alliance

Source: The Conversation – Canada – By Ehsan Noroozinejad Farsangi, Visiting Senior Researcher, Smart Structures Research Group, University of British Columbia

Canada is facing a worsening housing crisis. Home prices have exploded, with 45 per cent of Canadians saying they are deeply worried about finding affordable housing.

The country needs to build an additional 3.5 million homes by 2030 to achieve housing affordability. However, housing supply is lagging well behind that target even as demand continues to rise, driven largely by population growth and immigration.

Read more:
Canada’s housing crisis: Innovative tech must come with policy reform

Into this crisis have come new costs. In March 2025, the United States imposed 25 per cent tariffs on Canadian steel and aluminum imports. Canada immediately hit back with its own 25 per cent duties on U.S. steel and aluminum, affecting roughly $12.6 billion of steel and $3 billion of aluminum goods.

In practical terms, that means higher costs for key building materials like steel beams, aluminum cladding, appliances and machinery.

Industry groups say these duties will drive up the price of new construction and further erode affordability. In a market already strained, adding tariff charges is like pouring salt on an open wound: it makes every new home more expensive to build and to buy.

Factory-built housing offers a way forward

Modern methods of construction, such as modular and prefabricated housing, are a promising answer to the housing shortage. These methods involve large components of houses being produced in factories and assembled at their final location.

Factory-built housing can be done about 50 per cent faster and up to 35 per cent cheaper than site-built homes.

Importantly, this speed and affordability do not come at the expense of quality or energy performance. Canadian-built modular homes achieve top efficiency ratings and reach net-zero energy while frequently delivering superior performance compared to site-built homes. They are also greener, as controlled factory processes produce far less waste.

In Japan, modular factories produce over 15 per cent of all new housing. Sweden’s construction industry heavily relies on prefabricated construction as well; it is present in approximately 84 per cent of detached houses.

Other countries are rapidly scaling up modern construction methods. Singapore mandates every public housing project to use modular techniques because this enables mass apartment production with efficiency.

The combination of expensive labour costs and immediate housing needs makes Australia, the United Kingdom and parts of the United States optimal markets for modular construction expansion.

Canada can lead in modular housing

Canada has key advantages that make it well suited to expand modular and prefabricated housing. In particular, it has a strong forest products sector for supplying wood panels and engineered timber, a skilled construction and technology workforce and a growing policy drive for lower-carbon building.

Canadian builders have already shown they can deliver modular housing at scale. Launched in 2020, Canada’s Rapid Housing Initiative committed $1 billion to modular projects, followed by another $1.5 billion in 2021 to quickly house vulnerable populations.

The Rapid Housing Initiative exceeded its target, creating nearly 4,700 new homes in short order. It proved that factory-built housing can be both fast and high-quality in Canada.

Canada has the opportunity to build on that success. The 2024 federal budget created a Homebuilding Technology and Innovation Fund aimed at expanding prefabricated housing. It set aside $50 million through Next Generation Manufacturing Canada (to be matched by industry) and up to $500 million in low-cost loans from the Canada Mortgage and Housing Corporation for prefabricated apartment projects.

Prime Minister Mark Carney has also shown interest in modular and prefabricated housing technologies to create sustained demand.

Provinces like Ontario and British Columbia are focusing on modular construction to cut red tape and better understand how to expand it. Canada’s National Research Council is also consulting on aligning building codes and inspections for factory-built homes with the help of Canadian universities.

A global alliance on modular housing

As Canada faces a deepening housing crisis, it has the opportunity to turn today’s tariff tensions into deeper international partnerships.

By forming an international affordable housing consortium, Canada could collaborate with countries that have succeeded in modern construction methods, like Sweden, Japan, Australia and Germany, to share knowledge. Together, these nations could harmonize building standards and invest in research.

Here are five practical moves Canada can take to build this global modular housing alliance:

1. Create a zero-tariff modular homes club.

Canada should use the trade tools it already has, like the Canada-European Union Comprehensive Economic and Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, to eliminate most tariffs with the European Union and Asian countries. Canada should negotiate an add-on protocol that lets modular components, such as panels and factory equipment, cross borders without tariffs.

2. Launch a joint show-home projects in partner countries.

We propose a “FastBuild 1000 initiative” initiative that would see each member nation commit to building a minimum of 1,000 modular homes. Pilot sites could include Vancouver, Sydney, Hamburg and Osaka — urban centres in countries already familiar with modern construction techniques. Engineers could travel across countries to test how modules fit different climates and design codes, while giving factories steady orders.

3. Pool global buying power for materials and appliances.

Canada and its partners could form a modular materials co-operative that bundles steel, engineered timber, heat pumps and windows. The proposed system should leverage economies of scale in factory production to make the final product much cheaper.

4. Open-source designs and one-click certifications.

Ottawa’s catalogue of pre-approved housing designs could be expanded into a global online catalogue where partner countries can download and adapt pre-existing designs while keeping the structure safe and secure. Simplified, one-click certification would help speed up approvals across borders.

5. Create a ‘modular skills passport’ and research and development hub.

Canadian universities and colleges could train workers through micro-credentials in areas like offsite manufacturing, digital construction, robotics, penalization and on-site assembly. Some countries like Japan have a huge prefabrication industry valued at over $24 billion. Linking research and development would give Canada access to the latest technologies while offering partner countries entry into the Canadian construction sector.

By investing in this kind of international collaboration, Canada can address its domestic housing crisis while leading a fast, green housing revolution that makes homes affordable worldwide.

Dr. Ehsan Noroozinejad has received funding from both national and international organizations to support research addressing housing and climate crises. His most recent funding for integrated housing and climate policy comes from the James Martin Institute for Public Policy. He has also been involved in securing funding from NSERC and Mitacs.

Prof. T.Y. Yang secures funding from national and international organizations to develop innovative solutions for housing and climate crises, with a focus on modern methods of construction. His most recent funding has been from NRCan, NSERC and Mitacs.

– ref. How Canada can turn tariff tensions into a global affordable housing alliance – https://theconversation.com/how-canada-can-turn-tariff-tensions-into-a-global-affordable-housing-alliance-255829

MIL OSI – Global Reports –

May 9, 2025
MIL-OSI Canada: New child care centre open in downtown Vancouver

Source: Government of Canada regional news

Families and children in Vancouver are benefiting from more licensed child care spaces, providing more options in the downtown core.

“We are excited that families who are living or working in Vancouver will get to benefit from this new child care centre for years to come,” said Rohini Arora, parliamentary secretary for child care. “These seats are an important addition for the working and single parents, and especially women in this community, who need access to high-quality child care. It represents another strong step forward to build more child care sites in partnership with communities and the federal government, and another step to make access to affordable, quality child care a core service for all British Columbians”

First Baptist Church of Vancouver received more than $464,000 through the ChildCareBC New Spaces Fund to create 37 child care spaces. This fund is jointly supported by provincial investments and federal funding under the 2021-22 to 2030-31 Canada-British Columbia Canada-wide Early Learning and Child Care Agreement.

“We are delighted to partner with Wind and Tide, a child care provider with over 35 years experience, to provide families with a child care that enables individuals in their early formative years to learn and thrive,” said Suzannah Nacho, pastor, First Baptist Church. “With sandboxes and storytime amid the rooftops of downtown, this space was specifically created to care for the physical, emotional and social needs of children because we believe nurturing our children and families will allow our whole community to flourish.”

The centre is part of a larger restoration and seismic upgrade of the church. The new licensed child care spaces will include 12 spaces for children younger than 36 months and 25 spaces for children 30 months to school age.

“Our beautiful city of Vancouver has expressed a consistent need for affordable child care in the downtown area and we are honoured and overjoyed to be a small part of meeting that need,” said Drew Melton, lead pastor, First Baptist Church. “It is a privilege to be part of the West End community in downtown Vancouver and to continue serving the community through providing fun and welcoming child care in partnership with Wind and Tide.”

Since 2018, ChildCareBC’s accelerated space-creation programs have helped fund the creation of more than 40,900 new licensed child care spaces in B.C., with more than 24,900 of these operational. Funding the creation of new child care spaces is part of the Province’s ChildCareBC plan to build access to affordable, quality and inclusive child care as a core service for families.

Learn More:

For more information about the ChildCareBC New Spaces Fund, visit:
https://gov.bc.ca/childcare/newspacesfund

For more information about how B.C. is delivering quality and affordable child care to more families in the province, visit: https://gov.bc.ca/childcare

For more information about ChildCareBC, visit: https://gov.bc.ca/childcare

MIL OSI Canada News –

May 9, 2025
MIL-OSI Canada: More Mammograms Mean Better Support for Women and Faster Access to Care

Source: Government of Canada regional news

Released on May 8, 2025

Regina and Saskatoon breast screening locations have each added another mammography machine to their fleet, allowing more clients to receive screening mammograms in a timely way.

The new equipment – operated by the Saskatchewan Health Authority (SHA) – plays a vital role in enabling access to screening mammograms for those currently eligible and the many new individuals who will become eligible this year and in 2026.

“The combination of these capital investments and efforts by our dedicated health care teams have allowed us to make strides in providing Saskatchewan patients with timely access to breast screening and diagnostics,” Health Minister Jeremy Cockrill said. “We appreciate ongoing work by the SHA and Saskatchewan Cancer Agency to improve breast health services in our province. Thank you to the Cancer Foundation of Saskatchewan for their fundraising efforts to purchase additional equipment to increase capacity for screening.”

“The additional equipment at SHA Breast Screening locations in Saskatoon and Regina will enable us to provide timely access to breast screening services and support the expansion of the breast screening age to patients aged 40 years and older,” SHA Medical Imaging Executive Director Richard Dagenais said. “We are profoundly grateful to the Cancer Foundation of Saskatchewan, and their generous donors, for their ongoing partnership and support.”

The two new machines are the result of strong fundraising efforts by the Cancer Foundation of Saskatchewan to improve access to breast screening. More than $2 million has already been raised as part of this campaign, which will also see new and additional mobile mammography vehicles on the road for the screening program, now called BreastCheck.

“It is thanks to our generous donors that we can ensure this vital new equipment will be available for Saskatchewan women,” Cancer Foundation of Saskatchewan CEO Nora Yeates said. “We especially thank PTI Transformers Inc. whose incredible gift of $1 million made these two new digital mammography machines possible.”

BreastCheck is intended for healthy women aged 47 and older who experience no breast health concerns like lumps, discharge or skin changes. Breast screening is done entirely in Saskatchewan at eight locations across the province and from the mobile mammography bus. No referral is needed to access screening services.

To learn more about donating to the Cancer Foundation of Saskatchewan’s campaign for breast cancer screening equipment, visit: cancerfoundationsask.ca/donate.

To find a breast screening location near you and schedule a screening mammogram, visit the Saskatchewan Cancer Agency online at SaskCancer.ca/BreastCheck or call

toll-free at 1-855-584-8228.

-30-

For more information, contact:

MIL OSI Canada News –

May 9, 2025
MIL-OSI United Kingdom: World Press Freedom Day 2025: Joint Statement to the OSCE

Source: United Kingdom – Executive Government & Departments 3

Speech

World Press Freedom Day 2025: Joint Statement to the OSCE

UK and others call for action to safeguard media freedom across the OSCE.

Madam Chair,

I am delivering this statement on behalf of the following participating States that are members of the informal Group of Friends on Safety of Journalists: Austria, Canada, Denmark, Estonia, Finland, Germany, Greece, Latvia, Lithuania, Montenegro, the Netherlands, Norway, Sweden, and the United Kingdom and my own country France.

Last week, on 3 May, we marked the World Press Freedom Day. This day serves as a reminder for States to respect their commitments and obligations regarding press freedom. It is also an opportunity for us all to show our support for media that are affected by restrictions of press freedom, and a day of remembrance of journalists and media actors who lost their lives in the line of duty.

As the OSCE Representative on Freedom of the Media has consistently highlighted: there is no security without media freedom. There can be no media freedom if journalists and other media actors cannot work safely and freely. Despite ample commitments and obligations in the field of human rights, media freedom and the safety of journalists, the challenges in the OSCE area are manifold. Journalists and media actors are being harassed, threatened, imprisoned or even killed. Legislation seeking to restrict the space for civil society, journalists and media actors is being implemented in several participating States. Challenges in the digital sphere, such as disinformation, information manipulation and smear campaigns, adverse impacts of AI, and online violence and harassment spurring physical attacks, all pose additional pressure on the safety of journalists and media freedom in the OSCE area. As highlighted by the RFoM, female journalists face a double burden as they are being attacked as journalists and as women.

More than three years into Russia’s unprovoked and unjustifiable war of aggression against Ukraine, with the complicity of Belarus, media freedom and the safety of journalists continue to be severely affected. According to Reporters Without Borders, 13 journalists have been killed by Russian forces, at least 47 Ukrainian and foreign journalists have been injured while reporting due to attacks by Russian armed forces. According to the International Press Institute, at least 20 Ukrainian journalists are currently in Russian captivity. The Moscow Mechanism report of April 2024 also found that journalists are among the thousands of Ukrainian civilians arbitrarily detained by Russia. We continue to be deeply concerned about the treatment of Ukrainian journalist Viktoriia Roshchyna. Russia continues attacking media facilities in Ukraine. On 13 April 2025, several media offices in Sumy were damaged as a result of a Russian strike. On the night of 6 April 2025, an office building in Kyiv used by Inomovlennya, Ukraine’s state service for foreign broadcasting, was damaged as a result of Russian strikes on the city.

In Russia, the systematic, state-sponsored repression is intensifying, including through the silencing of dissenting voices, civil society and independent media. Also in Belarus, the systematic and widespread repression continues unabated and intensifies. At least 38 journalists and media actors are currently detained in Russia, and 45 in Belarus. We call on Russia and Belarus to immediately and unconditionally release all those arbitrarily detained and imprisoned, including journalists and media actors.

We are following with deep concern the developments regarding media freedom and how it is affected by the spread of so-called “foreign agents” laws and other legislation restricting the possibilities for journalists and media actors to operate. In Georgia, the rushed adoption of repressive legislation is fundamentally incompatible with core democratic principles. We repeat our call on Georgia to immediately and unconditionally release all journalists and media actors arbitrarily detained or arrested, and to engage in genuine dialogue with the RFoM and ODIHR. In Azerbaijan, there has been a concerning increase in cases against independent journalists and free media outlets. We call on Azerbaijan to honour its OSCE commitments and ensure all its citizens due legal process and access to free and independent media. All those detained for exercising their fundamental rights should be released. Regarding Türkiye, we echo the statement by the RFoM calling for the swift release of journalists arrested while covering recent demonstrations.

Madam Chair,

Let us take the opportunity of the World Press Freedom Day to honor those journalists and media actors that risk their lives and safety to keep us informed, and to reiterate our commitment to implementing our joint commitments and international obligations in the field of human rights and media freedom.

I thank you and request that you attach a copy of this statement to the Journal of the Day.

Updates to this page

Published 8 May 2025

MIL OSI United Kingdom –

May 9, 2025
MIL-OSI Canada: Leading the way on internal trade: Minister Jones
Source: Government of Canada regional news (2)
“Alberta is leading the way in breaking down internal trade barriers and opening doors to opportunity across Canada.

“Current international trade uncertainty underscores the need to further bolster interprovincial trade to unlock Canada’s true potential and improve economic prosperity. Interprovincial trade helps people, businesses and industries across our country grow and thrive. By making it easier to work across provinces, both businesses and consumers will benefit.

“Alberta has already removed 80 per cent of our exceptions under the Canadian Free Trade Agreement and leads in the open movement of goods, services and labour across the country. We continue to work with our provincial and federal partners through the Committee on Internal Trade and the Forum of Labour Market Ministers to find common ground on removing trade barriers.

“To increase transparency and drive further progress on internal trade, Alberta’s government has launched a new free trade website to showcase Alberta’s work in removing barriers to trade. The website also hosts a new tool for Canadian workers, businesses and industries to engage directly with the government and share the internal trade barriers they face. This crucial feedback will help inform Alberta’s ongoing efforts to break down trade barriers and accelerate economic growth. Visit alberta.ca/freetrade for more information.

“Alberta’s government is committed to working with our federal, provincial and territorial partners to advance opportunities for Albertans and their businesses in Canada, and we applaud the recent efforts of other provinces in their work to remove their trade barriers.

“A stronger internal trading market means more jobs, more investment and lower costs for Albertans and Canadians. Alberta is taking this action because we know a freer Canada is a stronger Canada.”

Related information
- Leading the way on interprovincial trade
MIL OSI Canada News –
May 9, 2025

Category: Canada

Chasing winter

A sense of accomplishment

Challenges along the way

An alternative to meaningless jobs?

Influence on the American right

Rediscovered by radical conservatives

Risk bringing about America’s decline

Tech leadership, geopolitical dominance

Diminished intellectual capital

Geopolitical decline

Essential to democracy

Tracking media coverage

No draining on public coffers

Quick facts

Related information

Access over protection

Case reports

Starkly differing views

Politics of the papacy

The empty throne

Wins for the UK are real, but limited

Stronger ties and badly needed growth to come

Political theatre for both sides

Deal leaves the door open for EU relationship

The cost of inaction

Building safe prisons

Stepping up support

Quick Facts:

Related information:

Factory-built housing offers a way forward

Canada can lead in modular housing

A global alliance on modular housing

World Press Freedom Day 2025: Joint Statement to the OSCE

Updates to this page

Related information