Category: Canada

MIL-OSI Canada: Saving money and improving recycling
Alberta is entering a new era of recycling and waste management to keep more waste out of landfills. Starting April 1, Alberta’s new extended producer responsibility (EPR) will begin reducing waste, improving recycling programs and saving communities and taxpayers money. The provincewide shift to EPR includes programs, services and communities transforming throughout 2025 and 2026, which will ultimately keep thousands of kilograms of waste out of Alberta landfills.

“This new system will keep more waste out of landfills while saving communities and taxpayers money. And we’re doing it without creating more work or costs for Albertans or making them change their recycling habits.”

Rebecca Schulz, Minister of Environment and Protected Areas

“By working with industry, municipalities and provincial partners, we’ve created a made-in-Alberta EPR solution that helps advance our priority of responsible waste management. We’re grateful for the strong support of the Government of Alberta as we work together to grow our province’s circular economy through EPR.”

Ed Gugenheimer, chief executive officer, Alberta Recycling Management Authority

“The province made a wise decision with EPR. It is a big win for the economy, the environment, and a splendid example of how we achieve great things when municipalities and the province work together. Calgarians will see the benefits immediately in their blue cart fees, but all over Alberta people will get clearer recycling rules and less waste in their landfills. This is only the beginning of the good it will do.”

Peter Demong, councillor, Ward 14, City of Calgary

Reducing waste and improving recycling

EPR shifts the financial burden of recycling single-use products away from municipalities and onto the companies that produce those packages and products. By making producers responsible, EPR encourages them to find new ways to reduce waste and design products that are more recyclable and reusable.

Alberta’s EPR programs include thousands of different single-use products, packaging and paper, along with hazardous and special products like batteries and pesticides. Starting April 1, most municipalities, including all major Alberta cities, will operate under the new EPR programs, representing more than 90 per cent of Alberta’s population.

Some municipalities need more time to transition and will join EPR in July, while a small number of communities will join in 2026 – some getting recycling service for the first time in their history.

Saving money

These new systems will centralize, standardize and streamline recycling among Alberta municipalities, which will help reduce costs in many cases.

While each community is unique, many communities have already indicated that taxpayers will save money. For example, Calgary, Red Deer and Lethbridge have all recently publicly indicated that recycling fees can likely be lowered thanks to the new system.

Alberta’s government and the Alberta Recycling Management Authority will continue working closely with producers and municipalities to help them implement the EPR programs.

Quick facts
- Albertans send 1,034 kilograms per person of waste to landfills annually – more than any other Canadian jurisdiction. The national average is 710 kilograms per year.
- EPR has two programs that focus on two main types of waste materials:
  - Single-use products, packaging and printed paper.
  - Hazardous and special products like batteries or flammable materials.
- As of March 17, 99 per cent of all curbside recycling contracts are in-place for the April 1 start date.
  - All First Nations and Métis communities have also been contacted and most have registered to participate in the October 2026 intake date.
- The Alberta Recycling Management Authority, which has managed regulated recycling programs for used oil, paint, tires and electronics for more than 30 years, is overseeing the new EPR systems.
Related information
- Extended Producer Responsibility
- Alberta Recycling Management Authority
MIL OSI Canada News –
April 1, 2025
MIL-OSI Canada: Health authority review launches to ensure support for front-line services

Source: Government of Canada regional news

Details about the Provincial Health Services Authority (PHSA) appointees are as follows:

Tim Manning has completed his term as board chair, as have board members Donisa Bernardo, Dianne Doyle, Sandra A. Martin Harris (Wii Esdes), Piotr Majkowski and Richard Short. Additional departing directors are, Dr. Morgan Price, Gary Caroline, Bill Chan, Julia Dillabough, Joanna Gislason and Gloria Morgan.

The interim board of directors are:

Maureen Maloney, OBC, KC, chair –

Maureen Maloney is a professor at Simon Fraser University’s school of public policy and former dean of law and Lam chair in law and public policy at the University of Victoria. Maloney served as British Columbia’s deputy minister to the Attorney General from 1993 to 2000, and deputy attorney general from 1997 to 2000. She has been a member of the numerous boards, including the Canadian Human Rights Foundation, the International Commission of Jurists (Canadian Section), the International Centre for Criminal Law Reform and Criminal Justice Policy, and also served as a member of the Canadian Human Rights Tribunal. She chaired the Province’s Expert Panel on Money Laundering in Real Estate from 2018 to 2019.

Heather McKay –

Heather McKay is a professor at the University of British Columbia (UBC) where she is the Active Aging Research Team’s lead scientist. She has collaborated with the B.C. Ministry of Health for more than 15 years and leads a partnership between researchers, governments, health authorities and NGOs to enact Health Aging B.C. From 2006-16, McKay was the inaugural director of the Centre for Hip Health and Mobility, a multidisciplinary CFI centre funded by the Canadian Foundation for Innovation. More recently, she co-led UBC’s Health Aging Research Excellence cluster. McKay leads an Implementation Science Team at UBC. Her work focuses on healthy aging research. She also holds a position on the editorial board of the scientific journal Implementation Research and Practice. She has received a CIHR Knowledge Translation Award, a YWCA Woman of Distinction Award and has been inducted into the Canadian Academy of Health Sciences (2018) in recognition of her academic scholarship and community engagement.

Tiffany Ma, CPA –

Tiffany Ma is the associate deputy minister of the B.C. Ministry of Health. Since joining the BC Public Service in 2006, Ma has served in progressively senior capacities across several ministries, including as chief financial officer for the Ministry of Education. Prior to joining the Ministry of Health, Ma was the assistant deputy minister and deputy secretary to Treasury Board at the Ministry of Finance. Ma also served as a trustee on the Public Service Pension Board.

MIL OSI Canada News –

April 1, 2025
MIL-OSI Canada: Sask Parks Online Campsite Reservations Open April 7
Source: Government of Canada regional news

Released on March 31, 2025

Campers are one step closer to an amazing summer as Saskatchewan Provincial Parks online reservations open at 7 a.m. CST on April 7 for seasonal campsites and April 8 to 15 for nightly campsites, Camp-Easy yurts, group campsites, day use facilities and swimming lessons.

“Camping is a wonderful option for people who want an affordable summer vacation and to enjoy time in nature,” Parks, Culture and Sport Minister Alana Ross said. “As camping grows in popularity, our provincial parks are ready to meet the demand with more campsites, new events and expanded programming.”

This season, two Camp-Easy yurts have been added to Rowan’s Ravine Provincial Park. In addition, 63 seasonal sites have been added across Buffalo Pound, Candle Lake, Crooked Lake, Great Blue Heron, Makwa and Meadow Lake Provincial Parks.

New events will debut this year including Festival in the Forest at Meadow Lake, Prairie Day at Buffalo Pound and new guided hiking events such as Hike the Heights at Cypress Hills and Into the Pines at Candle Lake. Returning favourites include Canada Day and Summer Cinema in parks around the province and Back in the Boreal at Meadow Lake, Trade Days at Fort Carlton, Cannington Fair at Cannington Manor and Cabin Fever Art Festival at Moose Mountain.

Campers are encouraged to set-up or log-in to their online account on the Sask Parks reservation website in advance, so they can quickly identify their favourite campsites and start planning their trip ahead of reservation launch day.

Campers are reminded there is a queuing system in place and they need to refresh the page at 7 a.m. CST to be placed in the queue or pushed through to make a reservation on launch days.

Campers can purchase an annual, weekly or daily entry permit online or in the park upon arrival. A full list of fees is available on the Sask Parks reservation website.

The complete reservation schedule for 2025 is as follows:

Seasonal campsites:
- April 7: All parks with seasonal camp sites available.
Nightly, day-use facilities, Camp-Easy yurt and group campsites:
- April 8: Candle Lake, Good Spirit Lake, Meadow Lake, Saskatchewan Landing;
- April 9: Break;
- April 10: Buffalo Pound, Bronson Forest, Duck Mountain, Moose Mountain, Porcupine Hills;
- April 11: Danielson, Great Blue Heron, Greenwater Lake, Rowan’s Ravine, The Battlefords;
- April 14: Douglas, Echo Valley, Makwa Lake, Narrow Hills, Pike Lake; and
- April 15: Blackstrap, Fort Carlton, Crooked Lake, Cypress Hills, Lac La Ronge.
To learn more about Saskatchewan’s Provincial Parks, please visit: SaskParks.com.

-30-

For more information, contact:

MIL OSI Canada News –
April 1, 2025
MIL-OSI Global: Who really killed Canada’s carbon tax? Friends and foes alike

Source: The Conversation – Canada – By Ryan M. Katz-Rosene, Associate Professor, School of Political Studies, with Cross-Appointment to Geography, Environment and Geomatics, L’Université d’Ottawa/University of Ottawa

In his very first act as prime minister, Mark Carney did what critics had long demanded — he axed the federal carbon tax. Yet while Carney was the one who dealt the final blow, there were many who aided and abetted in its death.

Since it was first proposed nearly a decade ago, the Liberal government’s keystone climate policy, the consumer carbon tax, became the target of both legal and political attacks. Nevertheless, these attacks were held at bay thanks in part to the 2021 Supreme Court ruling that upheld the constitutionality of carbon pricing and the Liberals’ success in maintaining power.

The axing of the consumer carbon tax marks a major turning point in Canadian climate policy. It shifts the discussion from the effects of the fuel charge on household budgets to how to best compel large industrial emitters to reduce their climate impact in a swiftly evolving global trade context.

Read more:
The carbon tax needs fixing, not axing — Canada needs a progressive carbon tax

The Liberals now propose instead a system of financial incentives for household-level purchases, while expanding the existing industrial pricing mechanism and potentially applying a carbon adjustment levy on imports from countries with lax environmental standards.

The Conservatives, on the other hand, are vowing to do away with the industrial carbon pricing system, promoting clean tech innovation and manufacturing through financial incentives at the producer level, and offering greater autonomy to the provinces to set their own climate policies.

Cost-effective, regressive

The death of the consumer carbon tax serves as a predictable political tragedy in the Shakespearean sense of the word: widely regarded by scholars and other experts as a cost-effective and non-regressive tool to further reduce the carbon emissions, the tax ultimately fell to relentless populist attacks when its original proponents and supporters caved to this pressure.

It’s useful to break down the various layers of support for — and opposition to — the tax to examine the role each played in its death.

Read more:
What the Supreme Court ruling on national carbon pricing means for the fight against climate change

The most obvious contributors involved the political opponents of the Liberal Party and critics of former prime minister Justin Trudeau. This included not only the federal Conservative Party and provincial Conservative premiers, but also the rising anti-Trudeau populism that manifested early on, even before the tax’s introduction.

These sentiments were seen in the Canadian Yellow Vests movement; “Wexit” and subsequently the so-called Freedom Convoy, which started as an anti-COVID-19 vaccine, anti-lockdown movement but morphed into a “carbon tax convoy” in the post-lockdown years.

The role of inflation

These populist movements were in part nourished by the Conservative Party under Pierre Poilievre after he became leader in 2022, and helped drive further support for the party in the years to follow.

Circumstantial factors — such as the global inflation crisis — played a key role too. By 2023, Poilievre capitalized on the first annual carbon tax rate increase to associate it with ongoing inflation, launching the widely popular “Axe the Tax” campaign.

This campaign, bolstered by a significant amount of misinformation, played a significant role in driving popular discontent with the policy.

Read more:
The Canada Carbon Rebate is still widely misunderstood — here’s why

Former allies

In responding to this rising popular discontent, some of the federal Liberals’ allies and original supporters of carbon pricing also played a role in further weakening the policy.

For instance, sympathetic provincial premiers who in principle supported federal climate policy began to distance themselves from the carbon tax. In 2024, Manitoba’s NDP Premier Wab Kinew, British Columbia’s NDP Premier David Eby, Newfoundland and Labrador’s Liberal Premier Andrew Furey and New Brunswick’s Liberal Premier Susan Holt all made public comments seeking an end (or an alternative) to the carbon levy.

Yet the most significant loss of support from a former ally came when NDP Leader Jagmeet Singh withdrew the federal NDP from the supply-and-confidence agreement it made with the Liberals, citing concerns that the carbon tax was placing a burden on everyday working Canadians.

This withdrawal of support put the government on track for either a non-confidence vote or prorogation, which in turn fuelled an even further slide in voter support for the carbon tax.

Read more:
What does the end of the Liberal-NDP agreement mean for Canadians?

Party leadership

It was the Liberal Party’s own inside leadership circle that dealt the final blows to the tax.

Chrystia Freeland’s surprise resignation late in 2024 hastened Trudeau’s political downfall earlier this year. Both leading candidates to replace Trudeau — including Freeland herself and the eventual winner, Carney — centred their campaigns around bringing an end to the tax, noting how the policy was too divisive.

Yet the Liberal leadership also made several strategic missteps in recent years that contributed to the demise of the tax.

For one, the party’s 2023 exemption for heating oil undermined the credibility of the policy and gave rise to charges of regional favouritism. Similarly, the party’s consistently poor communications around the carbon tax rebate — including difficulties in properly labelling the reimbursement cheques sent to Canadians — was yet another self-inflicted wound.

Policy death

Six years after its introduction, the federal consumer carbon tax was scrapped — ironically by the very party that had championed it for years.

Yet the list of those who aided and abetted includes a secondary group of previous allies and other entities who in recent years publicly turned their backs on the carbon tax. That eroded public support for a policy that was already facing concerted attacks from Conservative political opponents and growing anti-Trudeau populism.

While the tax could conceivably be replaced by an equally effective tool, its repeal increases uncertainty about Canada’s ability to meet its already faltering international commitments to support climate change mitigation.

Ryan M. Katz-Rosene receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. Who really killed Canada’s carbon tax? Friends and foes alike – https://theconversation.com/who-really-killed-canadas-carbon-tax-friends-and-foes-alike-252364

MIL OSI – Global Reports –

April 1, 2025
MIL-OSI Canada: Parliamentary secretary’s statement on Transgender Day of Visibility

Source: Government of Canada regional news

Jennifer Blatherwick, parliamentary secretary for gender equity, has released the following statement in honour of Transgender Day of Visibility:

“Every year on March 31, B.C. celebrates Transgender Day of Visibility and the achievements and contributions of transgender, gender-diverse, and Two-Spirit people.

“This day of recognition was started in 2010 by Rachel Crandall-Crocker to shift the focus away from the violence and the devastating impacts of transphobia on trans people’s lives and to uplift the many positive stories about the trans community.

“It is important to recognize the contributions of transgender, gender-diverse, and Two-Spirit people. That’s why today, we recognize the more than 18,000 British Columbians who identify as transgender, gender-diverse, or Two-Spirit. They are our friends, family members, neighbours and colleagues, and today we celebrate them.

“Transgender Day of Visibility is important because everyone benefits when we can all be our most authentic selves and be seen and loved for who we really are. B.C. is a diverse province and visibility matters, because everyone has the right to see themselves represented in our communities and our society.

“The University of Victoria hosts the world’s largest Transgender Archives, which span more than 120 years of records, including materials in 15 languages, from 23 countries and six continents. The Transgender Archives play an important role in preserving and highlighting trans history, and are a reminder that transgender, gender-diverse, and Two-Spirit people have always been here, and will always continue to be.

“On this Transgender Day of Visibility, I invite all British Columbians to join me in celebrating and uplifting the transgender, gender-diverse, and Two-Spirit people from our communities, and working hard every day to make sure that transphobia, discrimination, and hate have no place in B.C.”

MIL OSI Canada News –

April 1, 2025
MIL-OSI United Kingdom: Dame June Raine: How innovations are transforming regulation and speeding new treatments to healthcare
Source: United Kingdom – Government Statements

News story

Dame June Raine: How innovations are transforming regulation and speeding new treatments to healthcare

As Dame June Raine gets ready to pass the baton on after nearly 40 years at the agency, the last five of which she has been CEO, she reflects on how new innovations are transforming regulation and how honoured she feels to have worked with such inspiring people through a period she has not just lived through but helped to shape.
When I entered the world of regulation in the mid-1980s, approvals for new medicines or the trials investigating them were arduous and subjective, requiring the review of juggernauts of paper files with thousands of graphs and tables of data in each file – not to mention a retentive memory, a very big desk and many painstaking hours of review.

Fast forward to today, and healthcare product regulation is being transformed by technology. Just as Lord Darzi called for a major tilt to technology in the heath service, so MHRA is working to take time out of the development and review process for transformative medicines and MedTech.

For example, new AI tools can reduce the length of time taken to assess vital aspects of clinical trial applications from 3 hours to as few as 35 seconds, without compromising on safety. By rapidly pinpointing common errors in applications made by companies to the regulator, AI has sped up the overall assessment process and is helping to make it consistent and predictable.

The intention of this is not to replace the expertise of our experienced and knowledgeable scientific assessors but rather to give them more time to focus on higher risk analyses and more finely balanced judgements. This will see clinical trials being set up more swiftly, saving companies valuable funds and giving patients quicker access to the potentially life-saving medicines being studied.

Thanks to successful pilots, this AI technology is now coming on stream in regulation, with international approval of the work we are doing at MHRA. It shows how far regulation has come from the days of paper-based assessments, and how exciting regulation is today – and you don’t often hear the words ‘exciting’ and ‘regulation’ in the same sentence.

We’re in a new era of medicine – one defined by technological advancements like AI and genomics; a focus on meeting the needs of the individual rather than the whole population. A continued challenge for the next decade will be to ensure that regulation doesn’t just keep pace with this innovation but enables it.

That’s why last week saw the launch of our first Centres of Excellence of Regulatory Science and Innovation, two of which are driving forward AI and health technology and one active in improving safety through pharmacogenomics.

As I get ready to pass the CEO baton on after nearly 40 years at the MHRA, the last five of which I have been Chief Executive, I have been reflecting on what has been accomplished during my time holding the reins. My leadership was one dominated by two main events that in many ways came to set the pace and direction of change.

The first of these was EU Exit, which offered new freedom to form novel international partnerships with trusted healthcare agencies both at home and abroad. Our ACCESS consortium of the regulatory agencies of Australia, Canada, Singapore and Switzerland has created an attractive market for innovative industry of close on 160 million people.

The second event was one that few saw coming. The COVID-19 pandemic brought devastation and hardship to many people’s lives. But in 10 months it ushered in the level of innovative change you would expect to see in 10 years. When we announced our world-first approval of the COVID-19 vaccine made by Pfizer and BioNTech, we didn’t cut any corners. We developed innovative approaches to delivering the same high scientific standards and worked hand in hand with NICE and the NHS.

These two seismic events have come to define my leadership, and probably rightly so. But advances in AI and the strides we’ve made towards a more personalised regulatory approach are also vitally important and will set the trajectory for regulation in years to come.

The next few years will be defining ones for medicines regulation. I have absolutely no doubt that the agency I am leaving behind will continue to step up to the job, never losing sight of paramount importance of patient safety. I feel truly honoured to have worked with inspiring people in a period we have not just lived through but helped to shape.

I look forward to watching – this time from the sidelines with a much warmer cup of tea in hand.

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Published 31 March 2025
MIL OSI United Kingdom –
April 1, 2025
MIL-OSI: DIAGNOS Opens First US Office in Florida

Source: GlobeNewswire (MIL-OSI)

BROSSARD, Quebec, March 31, 2025 (GLOBE NEWSWIRE) — Diagnos Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK, OTCQB: DGNOF, FWB: 4D4A), a pioneer in early detection of certain ophthalmic health issues using advanced technology based on Artificial Intelligence (AI), is excited to announce the opening of a new office in Fort Lauderdale that will serve to meet potential clients and conduct demos to key stakeholders in the ophthalmic and optometry sectors in Florida.

As part of its growth strategy, DIAGNOS has identified Florida to establish its first office in the United States due its pro-business climate, talented workforce, global connectivity, demographics and quality of life. “We are thrilled to have established an office in the USA and further extend our reach to new clients,” said André Larente, President and CEO of DIAGNOS. Mr. Larente added “our expansion into Florida aligns with our strategic vision of meeting our clients’ needs wherever they may be located.” DIAGNOS plans on hiring its first US employees in the state of Florida.

On February 25, 2025, DIAGNOS announced that it is working on the US FDA certification related to major advances of its AI-assisted fundus image analysis platform that should be available later this year. The updated platform has been redesigned to assist healthcare professionals in the assisted analysis of fundus images as it relates to indicators used in the identification and stratification of diabetic retinopathy, hypertensive retinopathy, and age-related macular degeneration.

DIAGNOS also announces the engagement of DS Market Solutions Inc. (“DSMS”) to maintain an orderly market in the Corporation’s tradeable securities.

As per the agreement signed between DSMS and DIAGNOS, DSMS is entitled to a compensation of CA$5,000 per month, payable in advance in cash, starting April 1, 2025, renewable on a month-to-month basis. DIAGNOS may terminate the agreement upon a 30-day written notice. DIAGNOS will use its own liquidities to pay the monthly compensation of CA$5,000.

Headquartered in Mississauga, in the province of Ontario, Canada, DSMS will provide market-making services with respect to the Corporation’s tradeable securities with the objective of enhancing market depth and increasing liquidity for the Corporation’s securities. Mr. David Sears is the sole owner of DSMS and will be providing the services on behalf of DSMS. DSMS contact is davidsears@dsmarketsolutions.com.

DSMS is acting at arm’s length to the Corporation. As of the date of this announcement, DSMS, together with any of its principals and key employees, do not have any interest, directly or indirectly, in the securities of the Corporation.

The engagement of DSMS remains subject to the acceptance of the TSX Venture Exchange.

DIAGNOS is also announcing the resignation of Mr. Francis Bellido, effective March 27, 2025, from his position as member of the board of directors (the “Board”) and his role as chairman of the audit committee of DIAGNOS.

The Board would like to extend its sincere gratitude to Mr. Bellido for his dedication, hard work, and valuable contribution to DIAGNOS. Mr. Bellido remains a shareholder of DIAGNOS and continues to serve as CEO and director of Quantum eMotion. The Board wishes him continued success in his current role and in all future endeavors.

About DIAGNOS
DIAGNOS is a publicly traded Canadian corporation dedicated to early detection of critical eye-related health problems. By leveraging Artificial Intelligence, DIAGNOS aims to provide more information to healthcare clinicians to enhance diagnostic accuracy, streamline workflows, and improve patient outcomes on a global scale.

Additional information is available at www.diagnos.com and www.sedarplus.ca.

This news release contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

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

The MIL Network –

April 1, 2025

MIL-OSI: High Arctic Announces 2024 Fourth Quarter and Year End Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A”), and annual information form for the year ended December 31, 2024 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at www.haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated.

Mike Maguire, Interim Chief Executive Officer commented:

“With 2024 complete High Arctic has effectively been reset and is now a Canadian focused platform characterized by minimal debt, investment holdings, and an established and viable high margin rental business.

Our rental business footprint, while still small in scale, was bolstered by the Delta Acquisition completed in late 2023, an acquisition that is indicative of the type and structure of accretive investments High Arctic looks to pursue going forward.

The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan which is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry.”

In the following discussion, the three months ended December 31, 2024 may be referred to as the “Quarter” or “Q4 2024”, and similarly the year ended December 31, 2023 may be referred to as “YTD 2023”. The comparative three months ended December 31, 2023 may be referred to as “Q4 2023” and similarly the year ended December 31, 2022 may be referred to as “YTD 2022”. References to other quarters may be presented as “QX 20XX” with X being the quarter/year to which the commentary relates.

2024 Highlights

Successful integration of Delta Rental Services.
Completed the reorganization of High Arctic including the return of $37.8 million to shareholders.
Maintained operational excellence and safety as evidenced by the continuation of recordable incident free work.
Exited Q4 with net positive working capital of $2.7 million, including $3.1 million of cash.

2025 Strategic Objectives

With the corporate restructuring and spinoff of the PNG business complete, the Corporation’s 2025 strategic objectives include:

Relentless focus on safety excellence and quality service delivery;
Grow the core businesses through selective and opportunistic investments;
Actively manage direct operating costs and general and administrative costs;
Steward capital to preserve balance sheet strength and financial flexibility; and
Execute on accretive acquisitions in Canada to drive shareholder value and optimize available tax loss carry-forwards.

2024 Strategic Objectives

At the beginning of 2024, High Arctic established a set of strategic priorities. Our priorities and highlights of objectives met include:

Continued relentless focus on safety excellence and quality service delivery.
- High Arctic’s Canadian business completed 2024 without any recordable incidents, contributing to the Corporation’s second calendar year running with a zero Total Recordable Incident Frequency Rate (“TRIF”) rate.
- High Arctic extended its recordable incident free activity in PNG, with 7 years and 353 days of continuous recordable incident free work conducted to the date of the spin-out, representing over 4 million work hours.
The creation of appropriate capital and corporate structures for the current businesses, providing the opportunity to consider transactions which would create value for the Corporation’s shareholders.
- The Arrangement was overwhelmingly supported by shareholders and resulted in separate public companies each focused upon their area of expertise.
A return of significant capital and spin out of the PNG Business to shareholders.
- The Arrangement resulted in separate public companies while also delivering a tax efficient return of capital totaling $37.8 million to shareholders.
- The Corporation retained its position on the main TSX (TSX: HWO); with High Arctic Overseas Holdings Corp. being listed on the TSX Venture Exchange (TSXV: HOH).
Grow the core businesses through selective and opportunistic investments.
- The Corporation focused on the very successful integration and rebranding of its rentals business in 2024, following its acquisition and amalgamation of the Delta Acquisition at the end of 2023.
- The middle of the year was dedicated to the business of the Arrangement and the resulting transitionary work, however later in the year, the Corporation commenced the examination of selective investment opportunities, with this work continuing into 2025.
Capital stewardship that preserves balance sheet strength and financial flexibility.
- The Delta acquisition has provided incremental free cash flow and operational synergies.
- The Corporation currently maintains low debt levels and associated leverage ratios.
- Exited 2024 with a working capital ratio of 1.6:1
Building up the Canadian business with acquisitions that allow the Corporation to optimize its available tax loss carry-forwards.
- The Delta acquisition creates a blueprint for accretive acquisitions that position the Corporation to improve its ability to utilize its significant tax loss carry-forwards.
- The Corporation, under the stewardship of the Board, continues its strategic review of potential acquisition targets with strong underlying intrinsic value and that will be accretive for shareholders.

RESULTS OVERVIEW
The following is a summary of select financial information of the Corporation:

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of Canadian Dollars, except per share amounts)	2024		2023		2024		2023
Operating results from continuing operations:
Revenue – continuing operations	2,443		1,037		10,470		3,384
Net loss – continuing operations	(715	)	219		(2,117	)	(989	)
Per share (basic & diluted)	(0.06	)	0.02		(0.17	)	(0.08	)
Oilfield services operating margin – continuing operations	1,143		664		5,207		2,058
Oilfield services operating margin as a % of revenue	46.8	%	64.0	%	49.7	%	60.8	%
EBITDA – continuing operations	178		(918	)	(527	)	(2,311	)
Adjusted EBITDA – continuing operations	133		(672	)	795		(2,703	)
Operating loss – continuing operations	(533	)	(1,408	)	(2,965	)	(5,163	)
Cash flow from continuing operations:
Cash flow from (used in) continuing operating activities	226		(874	)	184		(515	)
Per share (basic & diluted)	0.02		(0.07	)	0.01		(0.04	)
Funds flow from (used in) continuing operating activities	530		(335	)	484		(1,292	)
Per share (basic & diluted)	0.04		(0.03	)	0.04		(0.11	)
2024 return of capital / 2023 dividends	–		–		37,842		2,190

	As at December 31
(thousands of Canadian Dollars, except per share amounts)	2024	2023	2022
Financial position:
Working capital	2,692	62,985	59,461
Cash and cash equivalents	3,123	50,331	19,559
Total assets	30,867	123,137	133,957
Long-term debt	3,178	3,352	4,028
Shareholders’ equity	21,105	99,332	115,231
Per share (basic)	1.70	8.09	9.47
Common shares outstanding	12,448,166	12,280,568	12,172,958

Fourth Quarter 2024 Summary

Revenue from continuing operations increased 136% to $2,443 in the quarter compared to $1,037 in Q4 2023. The increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
Oilfield services operating margin from continuing operations was $1,143 in the current year quarter compared to $664 in the prior year quarter, an increase of $479 or 72%, driven by the Delta Acquisition as noted above.
EBITDA from continuing operations was $178 in the current year quarter compared to EBITDA loss of $918 in the prior year quarter. EBITDA from continuing operations benefitted from the acquisition of Delta Rental Services Ltd. (“Delta”) or (the “Delta Acquisition”) in late 2023.
Operating loss from continuing operations of $553 in the quarter compared to $1,408 in Q4 2023. The decrease in operating loss is attributable to higher oilfield services operating margin and reduced general and administrative costs, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations is directly related to the Delta Acquisition.
Net loss from continuing operations was $715 in Q4 2024 compared to net income from continuing operations of $219 in Q4 2023. Net loss from continuing operations was impacted by the same items impacting operating loss (as above) with a substantial contribution from the Delta Acquisition combined with reduced interest income, net higher non-cash accretion on contingent payments and notes receivable, fair value related adjustments, reduced income from equity accounted investment in Team Snubbing, and the positive change in foreign exchanges loss in Q4 2023 to gain in Q4 2024.

Annual 2024 Summary:

Revenue from continuing operations increased 209% to $10,470 compared to revenue of $3,384 achieved in 2023. Consistent with the summary of the fourth quarter results, the increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
Oilfield services operating margin from continuing operations was $5,207 in the current year quarter compared to $2,058 in the prior year quarter, an increase of $3,149 or 153%, driven by the Delta Acquisition as noted above.
EBITDA loss from continuing operations was $527 in the current year compared to EBITDA loss of $2,311 in the prior year. EBITDA from continuing operations benefitted from the Delta Acquisition.
Operating loss from continuing operations improved to $2,965 in the year compared to $5,163 in 2023. The decrease in operating loss is attributable to higher oilfield services operating margin, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations was directly related to the Delta Acquisition.
Net loss from continuing operations was $2,117 compared to $989 in FY 2023. The net loss, despite an improvement of $2,198 in operating income, is primarily due to the 2023 $615 gain on sale of the nitrogen business, a 2023 $915 deferred income tax recovery, $729 lower interest income from cash on guaranteed investment certificates (“GICs”) and term deposits in 2024 with the July 2024 distributed return of capital to shareholders, $1,493 lower equity investment income from Team Snubbing, and the net impact of higher non-cash accretion related expenses.
Production Service’s 42% equity investment share of Team Snubbing Services Inc. net loss was $690 for the year ended December 31, 2024, compared to net income of $803 in the comparative period in 2023. Weak international operating results in 2024 combined with costs incurred to restructure the international business in Alaska dragged down Team Snubbing’s results while the Canadian business performed in line with 2023.
Cash from operating activities from continuing operations was $184 for the year, an improvement of $699 as compared to the prior year use of $515, driven by strong operational performance from the Delta Acquisition, partially offset by the significant additional general and administrative expenses incurred in 2024 due to the Arrangement.

Rental services segment

	Three months ended Dec 31,				Years ended Dec 31,
(thousands of Canadian Dollars, unless otherwise noted)	2024		2023		2024		2023
Revenue – continuing operations	2,443		1,037		10,470		3,384
Oilfield services expense – continuing operations	(1,300	)	(373	)	(5,263	)	(1,326	)
Oilfield services operating margin⁽¹⁾	1,143		664		5,207		2,508
*Operating margin (%)*	46.8	%	64.0	%	49.7	%	60.8	%

The Rental Services segment consists of High Arctic’s oilfield rental equipment in Canada, centred upon pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells in the WCSB.

The increase in revenue for the three and twelve month periods ended December 31, 2024, versus the comparable periods in 2023 is a direct result of the contribution from the Delta business that was acquired in late 2023. Specifically, Q4 2024 revenues increased by $1,406 or 136% compared to Q3 2023, with annual 2024 revenues increasing by $7,086 or 209% when compared to annual 2023. Operating margins of 46.8% and 49.7% for the three and twelve months ended December 31, 2024, respectively, are approximately 17 percent and 11 percent lower (on a gross basis) than the comparable periods in 2023, respectively. The reduction in operating margins is primarily a result of the Delta Acquisition, as Delta utilizes a combination of owned and third-party rental equipment in its operations, with third-party rental equipment resulting in higher operating expenses.

Production Services segment
The Production Services segment operations consist of High Arctic’s idled snubbing units in Colorado, U.S., and its equity investments in the Seh’ Chene Partnership and Team Snubbing Services Inc. in Canada. Though the Seh’ Chene Partnership has experienced limited business activity since the 2022 Canadian sales transactions, the partnership is still active and the Corporation together with its partner will look to reposition its customer offerings and explore other avenues for business activity.

Team Snubbing Services Inc.
High Arctic accounts for the results of its 42% equity interest in Team Snubbing using the equity method of accounting, with Team Snubbing’s net earnings recorded as income from equity investments in the respective reporting period. As reported in the Corporation’s 2024 Financial Statements (Note 12), Team Snubbing achieved gross revenues of $26,064 for 2024 versus gross revenues of $21,252 for the comparative period in 2023. This increase in revenues is primarily a result of the consolidation of the results of Team Snubbing International Inc. (“Team International”) for the first time following Team Snubbing’s April 1, 2024, acquisition of control of Team International.

Team International’s operations experienced lower than anticipated activity levels in the Alaskan market in both Q4 2024, and for the year 2024. In addition, during Q2 2024, Team International incurred additional costs for restructuring management and operational teams. The restructuring initiative consolidated Team International’s workforce, “right sizing” it to the needs of the overall customer base and aligning the service delivery with Team Snubbing’s successful Canadian model. Team Snubbing’s domestic Canadian operations experienced similar activity levels in both Q4 2024 and year-to-date 2024, when compared to the same periods of 2023.

High Arctic’s proportionate share of Team Snubbing’s net loss for 2024 was $690 compared to an income inclusion of $803 for the comparable period in 2023, representing a decrease in income from equity investment of $1,493. This year-over-year decline in income from equity investment realized in 2024 was primarily due to the results of Team International.

Liquidity and capital resources

	Three months ended Dec 31,				Years ended Dec 31,
(thousands of Canadian Dollars)	2024		2023		2024		2023
Cash provided by (used in) continued operations:
Operating activities	226		(874	)	184		(515	)
Investing activities	(310	)	(3,160	)	(997	)	25,638
Financing activities	(430	)	45		(38,659	)	(2,967	)
Effect of exchange rate changes on cash	(469	)	(745	)	717		(720	)
Increase (decrease) in cash from continuing operations	(983	)	(4,734	)	(38,755	)	21,436

(thousands of Canadian Dollars, unless otherwise noted)	As at Dec 31, 2024		As at Dec 31, 2023
Current assets	7,221		79,438
Working capital⁽¹⁾	2,692		62,985
Working capital ratio⁽¹⁾	1.6:1		4.8:1
Cash and cash equivalents	3,123		50,331
Net cash⁽¹⁾	(230	)	46,804

Operating Activities
In Q4 2024, cash from operating activities from continuing operations was $226, as compared with an outflow of $874 from operating activities from continuing operations in Q4 2023. Funds from operating activities from continuing operations totaled $530 in the quarter versus funds used of $335 for Q4 2023 (see “Non-IFRS Measures”). In Q4 2024, changes in non-cash operating working capital from continuing operations totaled an outflow of $304 compared to an outflow of $539 in Q4 2023.

For the year ended 2024, cash from operating activities from continuing operations was $184 as compared to a use of cash of $515 of cash from operating activities from continuing operations in 2023. Funds from operating activities from continuing operations totaled $484 for the year ended 2024, versus a use of funds of $1,292 for 2023.

Changes in cash from operating activities from continuing operations and funds from operating activities from continuing operations for both the three and twelve months ended December 31, 2024, when compared to the same periods in 2023, were largely the result of the positive impact on the business from the Delta Acquisition. In addition, operating related cash flows in the fourth quarter of 2024 benefitted from reduced G&A costs associated with the Arrangement transaction which was completed in the third quarter of 2024.

Investing Activities
During the fourth quarter, the Corporation’s net cash used in investing activities from continuing operations totaled $310 compared to $3,160 for the prior year comparative quarter. For the year ended 2024, net cash used in investing activities from continuing operations totaled $997 compared to an inflow of $25,638 in the prior year. For the fourth quarter of 2024 and YTD 2024, the majority of expenditures incurred related to sustaining and growth capital for the Rental Services Segment combined with investments in information technology and systems required to support the Corporation upon completion of the Arrangement transaction. YTD 2023 investing activities were impacted by proceeds received on the sale of assets (net of costs) of $29,569, offset in part by the Delta Acquisition in Q4 2023 for $3,430.

Financing Activities
During the fourth quarter, the Corporation’s net cash used in financing activities from continuing operations was $430 compared to an inflow of $45 in the prior year comparative quarter. For the year ended 2024, net cash used in financing activities from continuing operations was $38,659 compared to $2,967 in the prior year. Cash flow from financing activities for the year ended 2024 was impacted by a one-time $37,842 distribution to shareholders in accordance with the completion of the Arrangement transaction. Excluding the impact of the one-time distribution, cash flows related to finance activities were impacted by the normal course receipts and payments on the Corporation’s existing note receivables, lease liabilities and long-term debt.

Working Capital
As at December 31, 2024, the Corporation’s working capital balance was $2,692 compared to $62,985 as at December 31, 2023. The change in working capital is largely due to the spinout of the Corporation’s PNG business combined with the $37,842 return of capital distribution paid during 2024, both of which were completed in connection with the Arrangement transaction.

Long-term Debt

(thousands of Canadian Dollars)	As at Dec 31, 2024	As at Dec 31, 2023
Current	175	175
Non current	3,178	3,352
Total	3,353	3,527

The Corporation has mortgage financing secured by lands and buildings owned by High Arctic located within Alberta, Canada. The mortgage has a remaining initial term of under two years with a fixed interest rate of 4.30% with payments occurring monthly. The mortgage financing contains certain non-financial covenants requiring lenders’ consent including changes to the underlying business. As at December 31, 2024, the Corporation was compliant with all covenants associated with the mortgage financing.

2025 Earn-Out Shares issued pursuant to the 2023 share purchase agreement with Delta Rental Services Ltd.
Subsequent to December 31, 2024, the Corporation issued 248,793 shares as part of the settlement of the first-year contingent consideration payable pursuant to the Acquisition of Delta Rental Services Ltd.

Outlook
As a result of the successful execution of the Arrangement and corporate reorganization during 2024, High Arctic has transformed itself. After a decade of significant cash flow generation and cash dividends and distribution to shareholders in excess of $105 million, bold measures were taken to adjust for the decade ahead. The 2024 Arrangement provided shareholders with a separate investment holding and future flexibility through a new publicly traded entity containing the former PNG business (TSXV: HOH) plus a tax efficient cash distribution in the form of a $37.8 million return of capital. It also provided shareholders with a continuing investment in a refined, Canadian focused, and reset High Arctic publicly traded entity.

High Arctic’s Canadian platform is characterized by minimal debt and its continuing operations now consist of:

A western Canadian high-margin equipment rental business – centred on pressure ‎control and well stimulation;
A minority 42% interest in Canada’s largest oilfield snubbing services business, Team Snubbing; and
Two industrial properties, located in Clairmont and Whitecourt, Alberta.

High Arctic anticipates that its Rental Services segment will continue to generate funds flow from operations commensurate with oil and gas well completion fundamentals in western Canada. The rental business footprint, while still small in scale, was bolstered by the 2023 Delta Acquisition. This acquisition is indicative of the type and structure of accretive investment High Arctic will look to pursue going forward. For 2025, the Rental Services segment is expected to be at a stage whereby operating cash flow covers Corporate segment costs and yields modest funds for organic growth.

High Arctic is at the early stages of a new chapter in its corporate history. The 2024 transformational developments provide a clean platform to enable a new strategic direction. The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan. High Arctic’s current intent is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry. Complementary new service lines with high margin, low headcount and low fixed costs, are also being considered.

In summary for 2025, the Corporation expects to continue to execute on the initial phases of its strategic business plan, with progress to date being evidenced by selective capital expenditure investments in its rental business throughout 2024. High Arctic continues to assess acquisition targets that are both complimentary and new to existing customer offerings. Potential benefits of an acquisition for High Arctic include enhancing the scope and scale of its operations; the ability to provide a broader customer service offering; and formalizing/augmenting the leadership team for the Corporation.

Execution of the strategic plan remains opportunistic and is ongoing. The timing and ability to execute on certain underlying objectives, however, has become challenging due to recent divisive global geopolitical developments and resulting global economic uncertainties. These developments include changes and potential changes in global trade policies and tariffs, threats of additional or retaliatory tariffs, and policy shifts as a result of new government leadership in many jurisdictions around the world. The federal election in Canada, set for April 28, 2025, may have a significant impact on long term investment in Canada’s energy industry.

Western Canadian oil and gas activity levels, despite volatility in underlying commodity prices, have benefited from resurgent Canadian upstream activity to meet, and then sustain, growing oil and natural gas export infrastructure capacity. This includes tidewater access off the west coast of Canada through the 2024 Trans Mountain pipeline expansion, expected 2025 LNG Canada pipeline commencement, and land pipeline expansion to the United States through completed projects such as the Line 3 expansion.

NON – IFRS MEASURES
This press release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies High Arctic uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Long-term financial liabilities. These do not have standardized meanings.

These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s MD&A, which is available online at www.sedar.com and through High Arctic’s website at www.haes.ca.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this press release.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this press release include, among others, statements pertaining to the following: general economic and business conditions, which will include, among other things, the outlook for the energy industry inclusive of commodity prices, producer activity levels and general energy supply and demand fundamentals that may impact the energy industry as a whole; the impact (if any) of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute its 2025 strategic objectives; fluctuations in interest rates and commodity prices; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; the Corporation’s ability to seek and execute accretive acquisitions including the timing thereof and the potential operational and financial benefits; the ability to recruit and retain executive officers and other key personnel; management of general and administrative costs; the maintenance of a strong balance sheet and related financial flexibility; the performance of the Corporation’s investment in Team Snubbing; operational and financial performance of the Corporation’s Canadian rental equipment in 2025; scaling the Canadian business, execution on one or more corporate transactions; and estimated credit risks.

With respect to forward-looking statements contained in this press release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; obtain equity and debt financing on satisfactory terms and manage its liquidity risk.

The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this press release, along with the risk factors set out in the most recent Annual Information Form filed on SEDAR+ at www.sedarplus.ca.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this press release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

About High Arctic Energy Services
High Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment ‎on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta‎.

For further information contact:

Lonn Bate
Chief Financial Officer
P: 587-318-2218
P: +1 (800) 688 7143

High Arctic Energy Services Inc.
Suite 2350, 330 – 5^th Ave SW
Calgary, Alberta, Canada T2P 0L4
website: www.haes.ca
Email: info@haes.ca

The MIL Network –

April 1, 2025

MIL-OSI Canada: Veterans Affairs Canada and the Department of National Defence mark 15th anniversary of the end of Operation Hestia

Source: Government of Canada News

Ottawa, ON – Today, Veterans Affairs Canada and the Department of National Defence, issued the following statement:

“Fifteen years ago, one of the deadliest earthquakes in history struck the Caribbean nation of Haiti. The need for urgent, international aid was clear, and Canada answered the call.

“The earthquake left more than 200,000 people dead and destroyed or damaged most of the buildings in the capital of Port-au-Prince. More than a million Haitians became instantly homeless, and one-third of the population was affected by the quake as water, power and other basic services collapsed and healthcare facilities became swamped.

“Within less than a week, the Canadian Armed Forces deployed Joint Task Force Haiti (JTFH) to bring critical aid to the country. The frigate His Majesty’s Canadian Ship (HMCS) Halifax and the destroyer HMCS Athabaskan, carrying a CH-124 Sea King helicopter detachment, brought emergency medical services, engineering expertise, mobility by sea, land and air, and security and defence support. The JTFH also included Search and Rescue technicians and firefighters, a field hospital, the Disaster Assistance Response Team, and security and defence personnel.

“At its peak, JTFH included some 2,050 personnel from many branches of our military.

“For two months, the Canadian contingent delivered food, clean water, and medical and security services. They set up a military clinic on the beach in Jacmel and food distribution points in Léogâne. Airport operations personnel and others worked to restore critical airport infrastructure so they could be operated safely.

“While their mission ended 15 years ago today, their contributions demonstrate Canada’s enduring commitment of being a good neighbour.

In 2025, Veterans Affairs Canada will focus on commemorating the efforts of the Canadian Armed Forces in the Americas. In addition to Haiti, our troops have helped provide aid in the United States after Hurricane Katrina, and in places like Nicaragua, Honduras and Guatemala.

“Today, we pause to remember and thank Veterans and the brave members of the Canadian Armed Forces for their dedication and professionalism toward others in need.”

Associated Links

Haiti – Veterans Affairs Canada

Operation HESTIA – Canada.ca

MIL OSI Canada News –

April 1, 2025
MIL-OSI Canada: Government of Canada highlights International Transgender Day of Visibility 2025

Source: Government of Canada News

March 31, 2025 – Ottawa, Ontario — Women and Gender Equality Canada

Today, the Honourable Steven Guilbeault, Minister of Canadian Culture and Identity, Parks Canada and Quebec Lieutenant, who is responsible for the Department for Women and Gender Equality, issued the following statement on the International Transgender Day of Visibility:

“On this International Transgender Day of Visibility, the Government of Canada pays tribute to the resilience of transgender people and celebrates the diversity they bring to our society, as well as their important contributions.

The actions of the Government of Canada, guided by the Federal 2SLGBTQI+ Action Plan, aim to build a more just and equitable society for 2SLGBTQI+ communities, for both current and future generations, in Canada and around the world.

Last fall, Canada’s Action Plan on Combatting Hate was launched to better enable 2SLGBTQI+ communities, including transgender people, to thrive. It includes a series of initiatives to help community organizations. Recognizing the courage of transgender people and supporting them means helping to put an end to hateful rhetoric.

Everyone deserves to live an authentic life, free from discrimination and harassment, whatever their gender identity or expression. Yet transgender people continue to face this mistreatment and to suffer significant repercussions, especially on their mental health. In fact, a national study found that young transgender people aged 15 and 17 are 7.6 times more likely to attempt suicide than cisgender and heterosexual youth.

Let’s offer transgender people our support, today and throughout the year, so that they can feel free to be themselves, in welcoming and respectful environments. Let’s show our pride in living in an inclusive and diverse country. Let’s be empathetic. Let’s stand together.”

MIL OSI Canada News –

April 1, 2025
MIL-OSI: Hampton Financial Corporation Announces The Completion of A Non-Brokered Private Placement of Debentures

Source: GlobeNewswire (MIL-OSI)

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

TORONTO, March 31, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) is pleased to announce the closing of a non-brokered private placement of debentures (the “Debentures”) in the principal amount of $1,267,000.

The Debentures will mature five (5) years and one day after the issue date (the “Maturity Date”) and will bear interest at the rate of 10.5% per annum, payable quarterly in arrears on the last day of March, June, September and December in each year until the Maturity Date. The first interest payment will be made at the end of the first calendar quarter following the closing date (the “Initial Interest Payment Date”) and will consist of interest accrued from and including the closing date to the Initial Interest Payment Date. Interest will be payable in cash only and will cease to accrue on the Maturity Date.

Proceeds of the offering will be used for working capital and general corporate purposes.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements“) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –

April 1, 2025

MIL-OSI: Data Storage Corporation Reports 2024 Fiscal Year Financial Results and Provides Business Update

Source: GlobeNewswire (MIL-OSI)

Expanded CloudFirst platform in 2024 with 4 new Tier III data centers (UK & Chicago), totaling 10 globally to enhance multi-cloud and continuity services across North America and Europe
Completed Flagship Solutions Group integration into CloudFirst, boosting efficiency and cross-sell potential to clients; secured major 2024 contracts across motorsports, insurance, healthcare, and education sectors
Net income improved by approximately 71% for the 2024 fiscal year
compared to 2023 fiscal year and achieved Adjusted EBITDA* of $2.37 million for 2024
Ends 2024 with $12.3 million in cash and marketable securities
and no long-term debt
Conference Call to be held today at 11:00 am ET

MELVILLE, N.Y., March 31, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, with direct connection to AWS, Microsoft Azure, and Google Cloud, today provided a business update and reported financial results for the year ended December 31, 2024.

“We made consistent progress in 2024 — both financially and strategically,” said Chuck Piluso, CEO of Data Storage Corporation. “To start, total revenue for the year increased to $25.4 million, a modest 2% gain from 2023, reflecting a shift from lower-margin, one-time equipment sales toward long term, recurring subscription revenue streams. This strategy builds on our already $39.2 million remaining contract value with disaster recovery and cloud hosting solutions. Importantly, we ended the year with an estimated $22 million Annual Recurring Revenue run rate, demonstrating the scalability and consistency of our subscription-based model with over 80% of our revenue recurring. Furthermore, net income rose approximately 71% to $513 thousand, while Adjusted EBITDA* increased to $2.37 million — both strong indicators of improved margins and greater operational efficiency. Finally, with $12.3 million in cash and marketable securities and no long-term debt, we remain well-positioned to invest in future growth.”

“In 2024, we also took steps to expand our footprint. Internationally, we launched CloudFirst Europe Ltd. supported by three Tier III data centers in the UK through three strategic partnerships. This expansion positions us to provide our Power platform serving clients across the U.S., Canada, and the UK — we are one of the few single source global providers. To lead our European operations, we appointed Colin Freeman as Managing Director, and early traction in the region has been promising. Domestically, we added a Tier III data center in Chicago, bringing our total to ten global sites while enhancing redundancy and performance across North America.”

“We also completed the full integration of our Flagship Solutions Group subsidiary into our CloudFirst Technologies subsidiary, which has streamlined operations and improved our ability to deliver integrated cloud and managed services to clients. Key new contracts in 2024 included engagements with a Canadian division of a major motorsports manufacturer, a billion-dollar insurance provider, and a U.S. medical center — each reflecting our strength in delivering compliant, mission-critical high processing infrastructure solutions.”

“Overall, 2024 was a year of meaningful execution across all fronts. We advanced our shift to a high-margin, recurring revenue model, expanded into new international markets, strengthened our infrastructure, and delivered improved financial results. These accomplishments reinforce our long-term vision and position us to scale further in 2025 and beyond as demand for compliant, enterprise-grade cloud solutions continues to rise globally.”

Conference Call

The Company plans will host a conference call at 11:00 a.m. Eastern Time on Monday, March 31, 2025, to discuss the Company’s financial results for the 2024 fiscal year which ended December 31, 2024, as well as corporate progress and other developments.

The conference call will be available via telephone by dialing toll-free 877-407-9219 for U.S. callers or for international callers +1-201-689-8852. A webcast of the call may be accessed at  DSC 2024 Fiscal Year Earnings Call or on the Company’s News & Events section of the website,  www.dtst.com/news-events.

A webcast replay of the call will be available on the Company’s website (www.dtst.com/news-events) through September 30, 2025. A telephone replay of the call will be available approximately three hours following the call, through April 7, 2025, and can be accessed by dialing 877-660-6853 for U.S. callers or + 1-201-612-7415 for international callers and entering conference ID: 13751220.

About Data Storage Corporation

Data Storage Corporation (Nasdaq: DTST) through its subsidiaries is a leading provider of multi-cloud hosting, fully managed cloud services, disaster recovery, cybersecurity, IT automation, and voice & data solutions. Recognizing that data migration is a critical step in transitioning from on-premises systems to the cloud, DSC provides comprehensive migration services to ensure seamless, secure, and efficient data transfer, minimizing downtime and optimizing performance.

Through its owned and operated cloud platform, built on IBM Power Cloud infrastructure, DSC delivers high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners, AWS, Microsoft Azure, and Google Cloud.

With data centers supporting its CloudFirst platform deployments across the United States, Canada, and the United Kingdom, DSC provides mission-critical solutions to a diverse clientele, including Fortune 500 companies, government agencies, educational institutions, and healthcare organizations.

As a leader in the multi-billion-dollar cloud hosting and business continuity market, DTST is recognized for its expertise in cloud infrastructure, IT modernization, and data migration, enabling clients to transition to the cloud with confidence and operational continuity.

For more information, please visit www.dtst.com or follow us on X @DataStorageCorp.

*Adjusted EBITDA is a non-GAAP measure. Please refer to the Company’s financial disclosures for a reconciliation to the most directly comparable GAAP measure.

Safe Harbor Provision

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and include statements regarding being well-positioned to invest in future growth, the Company’s Power platform serving clients across the U.S., Canada and the UK and the Company’s recent accomplishments positioning it to scale further in 2025 and beyond as demand for compliant, enterprise-grade cloud solutions continues to rise globally, and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, the Company’s ability to grow its presence in Europe, the Company being well-positioned to invest in future growth, the Company’s successful transition from on-premises systems to the cloud, and DSC delivering high-performance, scalable, and secure cloud solutions with interoperability across its infrastructure partners. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

Contact:
Crescendo Communications, LLC
212-671-1020
DTST@crescendo-ir.com

DATA STORAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	December 31, 2024			December 31, 2023
ASSETS
Current Assets:
Cash	$	1,070,097		$	1,428,730
Accounts receivable (less allowance for credit losses of $31,472 and $7,915 in 2024 and 2023, respectively)		2,225,458			1,259,972
Marketable securities		11,261,006			11,318,196
Prepaid expenses and other current assets		859,502			513,175
Total Current Assets		15,416,063			14,520,073

Property and Equipment:
Property and equipment		9,598,963			7,838,225
Less—Accumulated depreciation		(6,159,307	)		(5,105,451	)
Net Property and Equipment		3,439,656			2,732,774

Other Assets:
Goodwill		4,238,671			4,238,671
Operating lease right-of-use assets		575,380			62,981
Other assets		183,439			48,436
Intangible assets, net		1,427,006			1,698,084
Total Other Assets		6,424,496			6,048,172

Total Assets	$	25,280,215		$	23,301,019

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued expenses	$	3,183,379		$	2,608,938
Deferred revenue		212,390			336,201
Finance leases payable		17,641			263,600
Finance leases payable related party		33,879			235,944
Operating lease liabilities short term		98,860			63,983
Total Current Liabilities		3,546,149			3,508,666

Operating lease liabilities		523,070			—
Finance leases payable		—			17,641
Finance leases payable related party		—			20,297
Deferred Tax Liability		39,031			—
Total Long-Term Liabilities		562,101			37,938

Total Liabilities		4,108,250			3,546,604

Commitments and contingencies (Note 7)

Stockholders’ Equity:
Preferred stock, par value $.001; 10,000,000 shares authorized; 1,401,786 designated as Series A Preferred Stock, par value $.001; 0 shares issued and outstanding on December 31, 2024 and 2023		—			—
Common stock, par value $.001; 250,000,000 shares authorized; 7,045,108 and 6,880,460 shares issued and outstanding on December 31, 2024 and 2023, respectively		7,045			6,881
Additional paid in capital		40,417,813			39,490,285
Accumulated deficit		(18,982,589	)		(19,505,803	)
Accumulated other comprehensive loss		(23,214	)		—
Total Data Storage Corporation Stockholders’ Equity		21,419,055			19,991,363
Non-controlling interest in consolidated subsidiary		(247,090	)		(236,948	)
Total Stockholders’ Equity		21,171,965			19,754,415
Total Liabilities and Stockholders’ Equity	$	25,280,215		$	23,301,019

DATA STORAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

	Year Ended December 31,
	2024			2023

Sales	$	25,371,303		$	24,959,576

Cost of sales		14,267,936			15,383,251

Gross Profit		11,103,367			9,576,325

Selling, general and administrative		11,023,476			9,744,736

Income (loss) from Operations		79,891			(168,411	)

Other Income (Expense)
Interest income		592,819			542,229
Interest expense		(119,008	)		(74,502	)
Loss on disposal of equipment		(1,599	)		—
Total Other Income		472,212			467,727

Income before provision for income taxes		552,103			299,316

Provision for income taxes		(39,031	)		—

Net Income		513,072			299,316

Loss in Non-controlling interest in consolidated subsidiary		10,142			82,259

Net Income Attributable to Common Stockholders	$	523,214		$	381,575

Earnings per Share – Basic	$	0.08		$	0.06
Earnings per Share – Diluted	$	0.07		$	0.05
Weighted Average Number of Shares – Basic		6,931,399			6,841,094
Weighted Average Number of Shares – Diluted		7,347,779			7,424,228

DATA STORAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2024			2023
Cash Flows from Operating Activities:
Net income	$	513,072		$	299,316
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,350,238			1,301,594
Stock based compensation		794,687			506,205
Change in expected credit losses		45,394			119,524
Loss on disposal of equipment		1,599			—
Changes in Assets and Liabilities:
Accounts receivable		(1,010,880	)		2,123,340
Other assets		(135,003	)		—
Prepaid expenses and other current assets		(347,717	)		71,491
Right of use asset		135,559			163,520
Accounts payable and accrued expenses		567,930			(598,638	)
Deferred revenue		(123,811	)		55,141
Deferred tax liability		39,031			—
Operating lease liability		(90,010	)		(168,446	)
Net Cash Provided by Operating Activities		1,740,089			3,873,047
Cash Flows from Investing Activities:
Capital expenditures		(1,800,364	)		(1,545,017	)
Purchase of marketable securities		(842,810	)		(2,307,228	)
Sale of marketable securities		900,000			—
Net Cash Used in Investing Activities		(1,743,174	)		(3,852,245	)
Cash Flows from Financing Activities:
Repayments of finance lease obligations related party		(222,362	)		(520,624	)
Repayments of finance lease obligations		(263,600	)		(359,869	)
Cash received for the exercise of stock options		133,005			1,699
Net Cash Used in Financing Activities		(352,957	)		(878,794	)

Effect of exchange rates on cash		(2,591	)		—

Decrease in Cash		(358,633	)		(857,992	)

Cash, Beginning of Year		1,428,730			2,286,722

Cash, End of Year	$	1,070,097		$	1,428,730
Supplemental Disclosures:
Cash paid for interest	$	23,549		$	65,057
Cash paid for income taxes	$	—		$	—
Non-cash investing and financing activities:
Assets acquired by operating lease	$	647,958		$	—

The following table shows the Company’s reconciliation of net income (loss) to adjusted EBITDA for the years ended December 31, 2024, and 2023:

For the year ended December 31, 2024

	CloudFirst Technologies		CloudFirst Europe Ltd.			Nexxis Inc.			Corporate			Total

Net income (loss)	$	3,562,622	$	(290,219	)	$	(93,514	)	$	(2,665,817	)	$	513,072

Non-GAAP adjustments:
Depreciation and amortization		1,348,534		79			850			775			1,350,238
Sales tax settlement		142,021		—			—			—			142,021
Interest income		—		—			—			(592,819	)		(592,819	)
Interest expense		119,008		—			—			—			119,008
Provision for income tax		—		—			—			39,031			39,031
Stock-based compensation		295,688		—			25,991			473,008			794,687

Adjusted EBITDA	$	5,467,873	$	(290,140	)	$	(66,673	)	$	(2,745,822	)	$	2,365,238

For the year ended December 31, 2023

	CloudFirst Technologies		CloudFirst Europe Ltd.		Nexxis Inc.			Corporate			Total

Net income	$	2,625,879	$	—	$	(229,377	)	$	(2,097,186	)	$	299,316

Non-GAAP adjustments:
Depreciation and amortization		1,300,237		—		705			652			1,301,594
Interest income		—		—		—			(542,229	)		(542,229	)
Interest expense		74,502		—		—			—			74,502
Stock-based compensation		162,004		—		17,603			326,598			506,205

Adjusted EBITDA	$	4,162,622	$	—	$	(211,069	)	$	(2,312,165	)	$	1,639,388

The MIL Network –

April 1, 2025

MIL-OSI Security: NATO Secretary General to attend a meeting of European leaders in France

Source: NATO

On Thursday, 27 March 2025, the NATO Secretary General, Mr Mark Rutte, will travel to Paris, France, to attend a meeting of European leaders and Canada with Ukraine.

MIL Security OSI –

April 1, 2025
MIL-OSI Security: Secretary General reaffirms transatlantic unity in Warsaw: There is no alternative to NATO

Source: NATO

NATO Secretary General Mark Rutte visited Warsaw on Wednesday (26 March 2025), where he met Polish President Andrzej Duda, Prime Minister Donald Tusk, Deputy Prime Minister and Defence Minister Władysław Kosiniak-Kamysz, and Foreign Minister Radosław Sikorski. The Secretary General then gave a speech at a public event co-hosted by the Warsaw School of Economics and the Polish Institute of International Affairs.

Secretary General Rutte praised Poland for its leadership within the Alliance, including its strong support to Ukraine and record-high defence spending, set to reach 4.7% of GDP this year. “Poland’s investment in defence is an example to all Allies. Not only do you top the NATO charts, you plan to spend even more,” he said.

In his keynote speech, the Secretary General underlined the strength of the transatlantic bond and laid out NATO’s path to the upcoming Summit in The Hague.

“When it comes to keeping Europe and North America safe, there is no alternative to NATO,” he said, stressing that it is not possible to imagine the defence of Europe without the Alliance.

As Russia’s war against Ukraine rages on and its military cooperation with China, Iran, and North Korea intensifies, Mr Rutte warned that President Putin “has not given up on his ambition to reshape the global security order.” He underlined that a strong transatlantic Alliance remains the foundation of European security and that stronger European Allies are a unique strategic asset to the United States – allowing America, he said, to “promote peace through strength on the global stage.”

Secretary General Rutte reiterated his confidence in the United States’ continued commitment to NATO and Article 5. “Listen to President Trump, who has repeatedly stated his commitment to a strong NATO. Listen to the strong bipartisan support in the US Congress,” he said. “And listen to the American people,” three-quarters of whom support NATO according to a recent Gallup poll.

Mr Rutte also emphasised that the US commitment to NATO comes with a clear expectation: that European Allies and Canada take on greater responsibility for our shared security.

Looking ahead to the NATO Summit in The Hague, the Secretary General said the Alliance would “begin a new chapter for our transatlantic Alliance. Where we build a stronger, fairer and more lethal NATO, to face a more dangerous world.”

MIL Security OSI –

April 1, 2025
MIL-OSI: Rapid7 Recognizes Top Global Partners With 2025 Partner Of The Year Awards
Source: GlobeNewswire (MIL-OSI)

BOSTON, March 31, 2025 (GLOBE NEWSWIRE) — Rapid7, Inc. (NASDAQ: RPD), a leader in extended risk and threat detection, today announced the winners of its 2025 Partner of the Year Awards. Now in its 5th year, the annual awards program recognizes both private and public sector partners for exceptional collaboration as well as their positive influence on customers’ security postures.

Rapid7 recently announced significant updates to its global PACT partner program, uniting and energizing partners with tailored engagement programs and specializations, an all-new Partner Training Academy, and a modernized and expanded partner portal. The new program was rolled out to Rapid7’s full channel community, which includes resellers, distributors, systems integrators, and service providers, in a series of in person and virtual events that took place around the world.

“The global Rapid7 partner community is essential in furthering our mission to give customers command of their attack surface with the most adaptive, predictive, and responsive cybersecurity platform,” said Alex Page, vice president of global channel and emerging technology sales, Rapid7. “Through the annual Partner of the Year Awards, we acknowledge the various ways our partners excel in specialization, collaboration, and—most importantly—customer outcomes.”

This year, Rapid7 is recognizing 24 partners across 13 categories in four major geographic regions.

North America Region Winners:
- North America Partner of the Year: SHI
- Canada Partner of the Year: Softchoice
- Public Sector Partner of the Year: CDW•G
- Best Customer Retention Partner of the Year: GuidePoint Security
- Cloud Security Partner of the Year: SHI
- Detection & Response Partner of the Year: CDW
- Exposure Management Partner of the Year: SHI
- MSSP Partner of the Year: Novawatch
- Distributor of the Year: Carahsoft
- Emerging Partner of the Year: The Redesign Group
Latin America Region Winners:
- Latin America Partner of the Year: Netconn
EMEA Region Winners:

APJ Region Winners:

Partner of the Year Quotes:
- North America Partner of the Year – Jared Crowley, senior director of partner software and security sales, SHI, said: “It is an honor for SHI to be recognized as the North America Partner of the Year, Cloud Partner of the Year, and VM Partner of the Year. These awards are a reflection of our team’s dedication and expertise in delivering innovative solutions to our customers. We are excited to continue strengthening our partnership with Rapid7 to drive even greater success together in the future.”
- EMEA Partner of the Year – Will Day, cybersecurity alliances lead at Softcat, said: “I am delighted that the hard work and commitment of the teams has been recognized in this award. It is testament to the strength of partnership between Softcat and Rapid7, refined over the last 10-plus years, yet still fueled by a joint desire to win new customers and provide them with market-leading SecOps solutions. I’m looking forward to seeing what the next 12 months of growth in the partnership will bring.”
- APJ Partner of the Year – Jordan Del-Grande, CEO and founder, DGplex, said: “We at DGplex are incredibly honored to be recognized as the APJ Partner of the Year by Rapid7. This award is a testament to our team’s dedication and expertise in delivering innovative cybersecurity solutions. We look forward to continuing our partnership with Rapid7 to drive excellence and provide unparalleled value to our clients across the region.”
To learn more about Rapid7 partnerships and to explore partnership opportunities, visit https://www.rapid7.com/partners/.

About Rapid7
Rapid7, Inc. (NASDAQ: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. We empower security professionals to manage a modern attack surface through our best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7’s comprehensive security solutions help more than 11,000 global customers unite cloud risk management with threat detection and response to reduce attack surfaces and eliminate threats with speed and precision. For more information, visit our website, check out our blog, or follow us on LinkedIn or X.

Rapid7 Media Relations
Stacey Holleran
Sr. Manager, Global Communications
press@rapid7.com
(857) 216-7804

Rapid7 Investor Contact
Elizabeth Chwalk
Vice President, Investor Relations
investors@rapid7.com
(617) 865-4277

The MIL Network –
April 1, 2025
MIL-OSI Global: As ‘right to die’ gains more acceptance, a scholar of Catholicism explains the position of the Catholic Church

Source: The Conversation – USA – By Mathew Schmalz, Professor of Religious Studies, College of the Holy Cross

In recent years, euthanasia and assisted death rates have risen worldwide. Cavan Images / Raffi Maghdessian via Getty images

An individual’s “right to die” is becoming more accepted across the globe. Polls show that most Americans support allowing doctors to end a patient’s life upon their request. Assisted suicide is now permitted in 10 U.S. states and in Washington. In 2025,five more states are set to consider “right to die” legislation.

The “right to die” can refer to several means of dying. In “euthanasia,” death can either be “voluntary” – when a physician administers lethal drugs with the patient’s consent – or “nonvoluntary,” without a person’s consent, as when a person is in a vegetative state. In such cases, consent is usually given by a legal guardian or relative.

By contrast “assisted suicide” refers to a person being aided in ending their life by being given lethal drugs and then administering the dose themselves. This practice is sometimes called “assisted dying.” These terms make crucial distinctions between who carries out the final act of ending life.

Worldwide, euthanasia and assisted death rates have risen in recent years.

In 2023, almost 1 in 20 deaths in Canada were from assisted dying; in the Netherlands, the number reached 5.4% from assisted dying and euthanasia. The Netherlands has also legalized assisted dying related to mental disorders, not just terminal illnesses.

In November 2024, an assisted dying bill passed the British parliament, with a similar bill now pending in Scotland. Assisted suicide and euthanasia are already legal in Spain, Belgium and Luxembourg, among other countries in Europe and Latin America.

The right-to-die debate

Advocates of a person’s right to die argue that individuals should make their own end-of-life decisions because it is their life – and their death. Advocates also maintain that euthanasia and assisted suicide not only prevent further suffering, but also safeguard an individual’s dignity by avoiding senseless pain and severely diminished quality of life.

However, right-to-die advocates have critics; among the more forceful ones is the Roman Catholic Church. For example, speaking about the potential legalization of euthanasia in France in 2022, Pope Francis argued that euthanasia, in all its forms, only leads to “more killing.”

But as a scholar of Catholic thought and practice, I also recognize that the Catholic position is a nuanced one. It opposes euthanasia and assisted dying, but it does not support extraordinary or disproportionate treatments when unavoidable death is close at hand.

‘A sin against God’

Francis has called euthanasia and assisted suicide “a sin against God.” He also has linked euthanasia to abortion, saying, “you don’t play with life, not at the beginning, and not at the end.”

The fullest, most recent explanation of the Catholic view on the right to die can be found in the 2020 Vatican letter “The Good Samaritan,” a title that refers to the biblical story of a stranger who was the only one to assist a man beaten and stripped by robbers.

The parable of The Good Samaritan.
David Teniers the Younger/ The Metropolitan Museum of Art

Agreeing with many other Christian denominations, “The Good Samaritan” letter makes the point that our lives are not our own but belong to God. As God’s creations, we do not have the right to end our own lives. Euthanasia also involves a doctor actively killing their own patient. Euthanasia and assisted suicide thus violate the biblical commandment “thou shalt not kill.”

Beyond this basic point, the letter maintains that euthanasia undermines society because the right to life is the basis of all other rights. Also, debates about “quality of life” can lead to the idea that “poor-quality” lives have no right to continue.

A failure of love

“The Good Samaritan” letter observes that human beings are joined together by compassion – a word that literally means “co-suffering.” In the letter’s words, which have been repeated by Francis many times, euthanasia is “false compassion” because it ignores the “spiritual and interpersonal aspects” of human life such as accompanying – or simply being with – someone in and through their suffering.

Connected to this opposition to euthanasia and assisted suicide is a point that Francis often makes about “throwaway culture,” which “discards” the poor, needy and dependent. In Francis’ words, euthanasia is “a failure of love.”

End-of-life care

Given the Catholic church’s stand against assisted suicide and euthanasia, it might seem surprising that the church does allow refusing “overzealous” treatments that prolong suffering in the face of unavoidable death. Such procedures could include mechanical ventilation or dialysis, for example.

Catholic ethics would point out that killing is a basic part of the act of assisted suicide and euthanasia. Killing is also the intent behind the action.

But declining disproportionate treatment is not intended to kill the patient, although death is the foreseeable outcome. Death is the result of the disease, not the result of a method that actively ends the patient’s life. Also, even in terminal cases, normal care, such as providing nutrition and hydration, should be continued unless it causes additional pain.

A difference that matters

In the Catholic Church’s view, it matters that there is a difference between assisted suicide and euthanasia, on the one hand, and discontinuing disproportionate care, on the other. The difference lies in the nature of particular actions and the intent behind them.

And the difference also matters in a broader sense. In the debate between right-to-die advocates and those who, like Francis, oppose them, there are very different understandings of how society should respond to those who suffer.

Mathew Schmalz is a Roman Catholic and registered as an Independent.

– ref. As ‘right to die’ gains more acceptance, a scholar of Catholicism explains the position of the Catholic Church – https://theconversation.com/as-right-to-die-gains-more-acceptance-a-scholar-of-catholicism-explains-the-position-of-the-catholic-church-146737

MIL OSI – Global Reports –

April 1, 2025
MIL-OSI Global: Donald Trump likes tariffs, but they damage the economies of everyone involved

Source: The Conversation – UK – By Muhammad Ali Nasir, Associate Professor in Economics, University of Leeds

Donald Trump is calling April 2 2025 “Liberation Day”. For the rest of the world it will just be the day when they discover the details of his latest round of tariffs.

Those tariffs have already become the stand out economic feature of Trump’s second term in the White House. And frankly, it’s been hard to keep track.

There have been tariffs imposed and then lifted, tariffs with exemptions, tariffs on metal and tariffs on wood. Now Trump has announced a 25% tariff on all imported cars to take effect on April 2, when he also plans to reveal his “reciprocal tariffs” on other trading partners.

Trump thinks the US has been “ripped off for decades by nearly every country on Earth”. He also counts “tariff” as his favourite word, and a tool which is “”very powerful, both economically and in getting everything else you want”.

Whether or not the president gets everything he wants remains to be seen. But the frequent changes in tariff policies over the past few weeks have definitely created uncertainty in trade with the US, which research shows can be harmful in itself.

And the evidence clearly shows that the reasons for the US trade deficit are more to do with domestic issues such as productivity and fiscal discipline than international trade.

So what are the possible outcomes if Trump continues to pursue this policy?

The worst case

Our analysis shows that in the worst-case scenario, non-reciprocated tariffs on Canada and Mexico could result in a significant fall in GDP for all three countries. Canada would be the worst affected (a dip of 16.5%) followed by Mexico (6.6%). GDP in the US would fall by 0.19%.

Canada is particularly dependent on selling its oil and gas – and the US is heavily reliant on its northern neighbour for its fuel supply. In 2024, total trade between the two nations reached US$762.1 billion (£589 billion).

The impact on Mexico would also be devastating. Over 40% of the country’s GDP is derived from exports – and 80% of those exports go to the US.

High tariffs and subsequent retaliations would quickly reduce the confidence of companies on both sides. Costs passed on to consumers would reduce demand and then profits, forming a vicious cycle of economic recession. Trade protectionism could then rise further, potentially even turning a recession into a depression

Middle ground

We also found that even if the economic effects of tariffs were less severe, no nation involved would manage to achieve GDP growth. And Canada and Mexico would still suffer the most.

In this situation, some kind of stalemate could emerge, where tariffs lead to rising inflation, reducing the political appetite for escalation. Trade friction would likely continue until 2026, when a renegotiation of the trade agreement between the US, Mexico and Canada is due to take place.

Best case

Even under the best-case scenario, with reduced economic impact, GDP for all three countries still falls. Put simply, imposing tariffs creates no winners.

Since the tariff has been seen as a bargaining chip, the best option for Canada and Mexico will be to enter trade negotiations with the US, aiming for a balanced trade policy that is beneficial to all parties.

Read more:
Donald Trump is planning more trade barriers if he becomes president – but they didn’t work last time

In the meantime, they should cooperate with other economies affected by US tariffs – such as the EU and China – in the hope that this encourages Trump to make concessions.

All three countries could then revert to their original low-tariff levels before the trade war. This constitutes the optimal scenario within our projected framework – and could be what happens eventually.

US treasury secretary, Scott Bessent, has said that Trump’s second favourite word is “reciprocal”. If that’s true, then it is possible that the Trump administration has the overall intention of cooling down the intensity of this trade war ahead of negotiating a new version of its trade deal with Canada and Mexico – and a new one with China too.

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. Donald Trump likes tariffs, but they damage the economies of everyone involved – https://theconversation.com/donald-trump-likes-tariffs-but-they-damage-the-economies-of-everyone-involved-252322

MIL OSI – Global Reports –

April 1, 2025
MIL-OSI: New Stratus Energy Announces Pricing and Upsizing of Previously Announced Concurrent Offerings

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — New Stratus Energy Inc. (TSX.V – NSE) (“New Stratus”, “NSE” or the “Corporation”) is pleased to announce that it has priced and increased the size of its previously announced brokered private placement offering of (i) subscription receipts (the “Subscription Receipts” and the “Subscription Receipt Offering”) and (ii) common shares (the “Common Shares” and the “Common Share Offering”, and together with the Subscription Receipt Offering, the “Concurrent Offerings”).

The Concurrent Offerings are being co-led by Ventum Financial Corp. (“Ventum”) and Cormark Securities Inc. (“Cormark” and together with Ventum, the “Lead Agents”) on their own behalf, and in respect of the Subscription Receipt Offering, on behalf of a syndicate of agents (the “Agents”).

Pursuant to the Concurrent Offerings, New Stratus intends to issue (i) 572,000,000 Subscription Receipts at a price of C$0.30 per Subscription Receipt (the “Offering Price”) for gross proceeds of up to approximately US$120.0 million (C$171.6 million); and (ii) 33,385,400 Common Shares at the Offering Price per Common Share for gross proceeds of up to approximately US$7.0 million (C$10.0 million). As a result of the upsized Concurrent Offerings, New Stratus does not expect to require any additional subordinate or convertible debt financing.

The Concurrent Offerings are expected to close on or about April 10, 2025, subject to TSXV approval and other customary closing conditions.

In all other respects, the terms of the Concurrent Offerings and use of proceeds therefrom will remain as previously announced.

Contact Information

Jose Francisco Arata
Chairman & Chief Executive Officer
jfarata@newstratus.energy

Wade Felesky
President & Director
wfelesky@newstratus.energy

Mario Miranda
Chief Financial Officer
mmiranda@newstratus.energy – (647) 498-9109

Note on Currency and Exchange Rates

In this news release, references to “C$” or “$” are to Canadian dollars and references to “US$” are to United States dollars. In this news release, the Corporation has used a currency exchange rate of US$1.00 = C$1.43.

Forward-Looking Information

Certain information set forth in this news release constitutes “forward-looking statements”, and “forward-looking information” under applicable securities legislation (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements may be identified by the use of conditional or future tenses or by the use of words such as “will”, “expects”, “intends”, “may”, “should”, “estimates”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions, including variations thereof and negative forms. Forward-looking statements in this news release include, among others, the pricing, terms, timing and completion of the Concurrent Offerings, and the amount thereof. Forward-looking statements are based on the Corporation’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them.

In respect of the forward-looking statements contained herein, the Corporation has provided them in reliance on certain key expectations and assumptions made by management, including expectations and assumptions concerning the receipt of all approvals and satisfaction of all conditions to the completion of Concurrent Offerings, the availability of debt and equity financing on terms acceptable to the Corporation, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, commodity prices and exchange rates.

Although NSE believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because NSE can give no assurance that they will prove to be correct. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks); risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; the impact of general economic conditions in Canada and Ecuador; prolonged volatility in commodity prices; the risk that the new U.S. administration imposes tariffs affecting the oil and gas industry in Ecuador or globally, and that such tariffs (and/or retaliatory tariffs in response thereto) adversely affect the demand for the Corporation’s production, or otherwise adversely affects the Corporation’s business or operations; the risk that Oriente Blend oil prices are lower than anticipated; determinations by OPEC and other countries as to production levels; the risk of changes in government policy on resource development; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; the timing for conducting planned operations and the results of such operations, including flow rates and resulting production; the availability of the requisite personnel and equipment to conduct operations; the ability to successfully integrate operations and realize the anticipated benefits of acquisitions; the ability to increase production, and the anticipated cost associated therewith; failure of counterparties to perform under contracts; changes in currency exchange rates; interest rate fluctuations; the ability to secure adequate equity and debt financing; and management’s ability to anticipate and manage the foregoing factors and risks.

There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. New Stratus undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits may be derived therefrom.

General Advisory

This announcement does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, nor may any securities referred to herein be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and the rules and regulations thereunder. The securities referred to herein have not been and will not be registered under the U.S. Securities Act or any state securities laws. Accordingly, the securities may not be offered or sold within the United States except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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

The MIL Network –

April 1, 2025
MIL-OSI: Westhaven Announces Leadership Changes; Appoints Armstrong President & CEO

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westhaven Gold Corp. (TSX-V:WHN) today announced that Gareth Thomas will step down as President and Chief Executive Officer, effective April 30, 2025 with the Board of Directors appointing Ken Armstrong as the new President and CEO, effective May 1, 2025. Thomas, who has served in an executive capacity with Westhaven since 2010 and CEO since 2018, will remain as a director and advisor to the Board.

Eira Thomas, Chairperson commented: “Gareth led Westhaven from an early-stage, grass roots gold exploration concept, through multiple high-grade gold drilling discoveries and most recently, the completion of a PEA outlining a robust development opportunity at Shovelnose, the Company’s flagship project in southern BC. We are indebted to Gareth for his commitment and leadership during this critical phase in the Company’s development.” She further stated that: “This planned transition represents a strategic renewal of leadership as we work to rapidly advance the Shovelnose project towards feasibility in parallel with ongoing gold exploration efforts across our highly prospective Spences Bridge portfolio of properties. We are delighted to be welcoming industry veteran Ken Armstrong as CEO to lead this effort.”

Gareth Thomas, stated, “I am very proud of what we’ve accomplished on the Spences Bridge Gold Belt since Westhaven’s inception in 2010. This transition marks a new chapter for the Company, as we advance towards development at Shovelnose, and I am excited for what the future holds under Ken’s leadership. The relationships that we have established within the Nlaka’pamux Nation are particularly important to me. These relationships are founded on respect, trust and collaboration, and I remain fully committed to continuing to work with the Nlaka’pamux Nation in my role as a director and advisor to Westhaven.”

Ken Armstrong is a seasoned exploration and mining professional with over thirty years of experience, including twenty years as a corporate executive for publicly listed exploration and mining companies covering a range of commodities including diamonds, gold, nickel, and tin. Ken has a distinguished track record in mineral exploration, corporate leadership, and strategic project development and has also received recognition for excellence in community and government engagement. His diverse leadership roles include serving most recently as CEO and director of North Arrow Minerals, Director and Interim CEO of Cornish Metals Inc., Executive Director of the NWT and Nunavut Chamber of Mines, and previously leading Strongbow Exploration Inc. (now Cornish Metals Inc.). He is a registered Professional Geoscientist in the Northwest Territories, Nunavut, and the Province of Ontario.

Westhaven has granted 1,000,000 incentive stock options to Mr. Armstrong pursuant to the terms of its 10% Rolling Equity Incentive Plan which was approved by Shareholders at the Annual General Meeting held on June 24, 2024. The stock options have an exercise price of $0.15 per share, a 5-year term, and will vest in thirds over a period of 18 months from the date of grant. Following this grant of stock options, there are 16,555,000 stock options outstanding, representing 8.8% of the Company’s issued and outstanding common shares.

On behalf of the Board of Directors
WESTHAVEN GOLD CORP.

“Eira Thomas”

Eira Thomas, Chairperson & Director

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

About Westhaven Gold Corp.

Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls ~61,512 hectares (~615 square kilometres) with four gold properties spread along this underexplored belt. The Shovelnose property is situated off a major highway, near power, rail, large producing mines, and within commuting distance from the city of Merritt, which translates into low-cost exploration. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavengold.com

The MIL Network –

April 1, 2025
MIL-OSI: Skypace Enhances Speed and Accuracy of Freight Bookings with Descartes Rate Management Solution

Source: GlobeNewswire (MIL-OSI)

ATLANTA, March 31, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that international freight forwarder Skypace is using the Descartes Global Price Management™ (GPM) solution to populate its self-service quote-to-book platform with accurate shipping rates and provide a digital-first experience for its growing customer base.

“As the momentum for digitization accelerates, customer demand for on-demand rating and booking continues to grow,” said Vlad Nikalayeu, Chief Executive Officer at Skypace. “By integrating Descartes GPM into our pricing ecosystem, we’ve cut rate processing times by 85%, with updates completed in under 48 hours. This allows us to deliver quotes with 99% pricing accuracy, ensuring our customers receive the most reliable freight rates. The solution has also helped Skypace achieve a 5% increase in accuracy on surcharges across 16 million rates. All of these benefits contribute to higher levels of customer satisfaction and significant operating efficiencies.”

The Descartes GPM solution helps freight forwarders streamline rate management, quoting, and surcharge calculations while increasing operational efficiency. By leveraging Descartes’ advanced rate management capabilities, Skypace is optimizing pricing workflows and delivering a seamless quoting experience for shipper customers worldwide. The combined solution enables rapid processing of over 20,000 freight quotes per hour, significantly reducing the time it takes to generate and confirm rates. With a fully digital and automated approach, Skypace provides real-time rate visibility, transforming a process that traditionally took hours or days into a matter of seconds.

“We’re pleased our solution is helping to drive tangible operational benefits for Skypace and its customers,” said Scott Sangster, General Manager, Logistics Services Providers at Descartes. “Digitization continues to be a fundamental initiative for freight forwarders and our technology helps these organizations simplify the complex process of presenting accurate rates in real-time to more effectively manage the end-to-end transportation of freight.”

About Skypace

Skypace is a global freight forwarder and logistics service provider for U.S. shippers and freight forwarders. The company’s goal is to accelerate global trade logistics with an innovative product accessible to the broadest range of industries worldwide. Skypace aims to enhance the behavior of supply chain logistics participants within an adaptive framework, architected by supply chain, transportation, and technology experts. The company features digital platform with a fast operating cycle for ocean freight transportation from door-to-door. The platform enables planning, pricing, freight, and documentation management, and financing services for cargo shippers. From booking to delivery, Skypace ensures a seamless freight forwarding process every step of the way. Learn more at www.skypace.com.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

Global Media Contact
Cara Strohack
Tel: 226-750-8050
cstrohack@descartes.com

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ broker and forwarder enterprise solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

The MIL Network –

April 1, 2025
MIL-OSI USA: Spectacular waterfalls are an often-hidden gem of Yellowstone National Park
Source: US Geological Survey

Yellowstone Caldera Chronicles is a weekly column written by scientists and collaborators of the Yellowstone Volcano Observatory. This week’s contribution is from Shaul Hurwitz, research hydrologist with the U.S. Geological Survey.

“After gathering a sufficient supply of water, they commence wearing their channels down into the volcanic rocks, which continue to grow deeper as they descend. Each one has its water-fall, which would fill an artist with enthusiasm.” So wrote Ferdinand V. Hayden, who explored Yellowstone starting in 1871 (Hayden report of 1872, p. 75).

Yellowstone National Park abounds in waterfalls. But how do they form, and why are there so many in the Yellowstone region?

Schematic illustration of waterfall formation in which a hard rock that is more resistant to erosion is atop a softer rock that is less resistant to erosion. Source: Wikimedia (https://commons.wikimedia.org/wiki/File:WaterfallCreationDiagram.svg).

Although there are several definitions for a waterfall, a common one is “a very steep commonly vertical fall of some magnitude in a river course”. Various classifications of waterfalls were developed based on their origin and characteristics, such as height and rock type. The most common model to explain waterfall formation suggests that they form where rock units with different hardness meet laterally or vertically. If a stream flows over harder rocks that are more resistant to erosion than the rocks immediately downstream, a ledge or bench will form across the streambed because the softer and less resistant rocks are worn away faster. As the ledge becomes higher, the softer downstream rocks will erode faster. This undercutting of the less-resistant rock causes the overhanging rock to shear off, and typically a plunge pool at the base of a waterfall is created where the water impacts.

The highest waterfall in the world is Angel Falls in Venezuela (3,212 feet, or 979 meters), and in the United States it is Oloʻupena Falls on the Island of Molokai in Hawaii (2,953 feet, or 900 meters). There are 52 sites In UNESCO’s World Heritage List with waterfalls, of which three are in the United States (in Yellowstone, Grand Canyon, and Yosemite National Parks). A USGS dataset and a US Fish and Wildlife Service waterfall database contain information about waterfalls and rapids for the continental United States.

Photo of Fairy Falls in the Lower Geyser Basin, near Grand Prismatic Spring. Yellowstone National Park photo by Jacob W. Frank, October 28, 2018.

The rivers flowing in Yellowstone National Park are fed by large volumes of water from snow and rain falling over the Yellowstone Plateau. Many stretches of these rivers are nearly flat bottomed, but in some sections the rivers contain narrow valleys where deep gorges were carved. Some waterfalls in Yellowstone formed where rocks with differences in hardness meet in these deep gorges, while others formed at the edges of thick rhyolite lava flows. There are approximately 350 waterfalls of more than 15 feet in the park. Many of these can be viewed by hiking a short distance, for example, Gibbon Falls near Madison Junction, Tower Falls near Tower Junction, Mystic Falls near Biscuit Basin, and Fairy Falls near Grand Prismatic Spring(the latter named by Colonel Barlow, who explored the Yellowstone region 1871 and 1872, “from the graceful beauty with which the little stream dropped down a clear descent of 250 feet” (Hayden report of 1872, p.112).

There are two prominent waterfalls in the Grand Canyon of the Yellowstone: the Upper (33 meters, or 109 feet) and the Lower Falls (94 meters, or 308 feet). The Lower Falls is the tallest waterfall in the park and is significantly taller that the total height of Niagara Falls (51 meters, or 167 feet for the Canadian and American Falls). The Upper and Lower Falls can be viewed from several locations along the rim of the Grand Canyon of the Yellowstone.

Like many prominent waterfalls, those in the Grand Canyon of the Yellowstone exist because rock layers change laterally from soft to hard. At the end of the last glacial period, about 14,000 years ago, ice dams at the mouth of Yellowstone Lake failed, and the large volumes of water that were released caused massive floods downstream. These floods led to erosion of the present-day canyon, which is a classic, narrow, V-shaped valley, indicative of erosion by rivers rather than by glaciation (which tends to form broad, U-shaped valleys). The canyon is approximately 24 miles (39 kilometers) long, and its depth is between 800 and 1,200 feet (240 and 370 meters). The thick rhyolite flows at the base of the canyon were hydrothermally altered and weakened by hot groundwater. After the canyon formed, the weakened rhyolite was less resistant to flow of the Yellowstone River downstream from the falls.

Photo of Colonnade Falls on the Bechler River in southwest Yellowstone National Park, also called the “Cascade corner”. Yellowstone National Park photo by Diane Renkin, September 15, 2012.

A large number of impressive waterfalls are in Yellowstone’s southwest corner, which is unofficially named the “Cascade Corner” as a result. Snow accumulation in this area is the highest across the Yellowstone Plateau, and most of the rivers and creeks mainly drain the Pitchstone Plateau, the site of the last volcanic eruption in Yellowstone. To see some of these remote waterfalls requires long hikes. In the Bechler River drainage, these include Colonnade (67 feet, or 20 meters), Albright (260 feet, or 79 m), and Ouzel (230 feet, or 70 meters) Falls. Bechler River was named after Gustavus Bechler, a surveyor and cartographer with the 1872 expedition led by Ferdinand Hayden, and Albright Falls was named after Horace Albright, an assistant and acting director of the National Park Service and later superintendent of Yellowstone National Park. Some other notable waterfalls in the “Cascade Corner” include Silver Scarf (250 feet, or 76 meters) and Dunanda (150 feet, or 46 meters) Falls along Boundary Creek, and Union Falls (250 feet, or 76 m) on Mountain Ash Creek.

When planning a visit to explore Yellowstone National Park’s many wonders, consider taking the time to view some of its many waterfalls. Perhaps you might be able to identify different rocks on either side of the waterfall, or perhaps see the edge of a thick rhyolite lava flow. If you are adventurous and ready to visit the park’s backcountry (having obtained the necessary permit, of course), you will be rewarded by many waterfalls with significantly fewer people. In the “Cascade Corner,” where the annual precipitation is more than 50 inches (about 130 centimeters), you will be challenged by many stream crossings and a pesky mosquito population in the early summer months. Most hikes in that area start at the Bechler ranger station trailhead.

Additional Reading
- The Guide to Yellowstone Waterfalls and Their Discovery (2000) by Paul Rubinstein, Lee H. Whittlesey, Mike Stevens
- Waterfalls of Yellowstone National Park by Charles W. Maynard (1996)
- Ribbons of Water: The Waterfalls and Cascades of Yellowstone National Park (1984) by John Barber
- Goudie, A.S., 2020. Waterfalls: forms, distribution, processes and rates of recession. Quaestiones Geographicae, 39, 59-77.
- Final Sculpting of the Landscape based on The geologic story of Yellowstone National park by William R. Keefer, U.S. Geological Survey Bulletin 1347, 1971
- Wikipedia sites: List of waterfalls in Yellowstone National Park, Yellowstone River Falls, Grand Canyon of the Yellowstone, and List of world’s waterfalls by height
MIL OSI USA News –
March 31, 2025
MIL-OSI: Westport Announces Agreement to Divest the Light-Duty Segment for $73.1 Million

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX:WPRT / Nasdaq:WPRT), has entered into a binding agreement (the “Agreement”) to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm (the “Transaction”). The Transaction provides for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments, and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Agreement.

Moving forward, Westport intends to concentrate fully on providing affordable solutions for hard-to-decarbonize mobility and industrial applications, centered around the unique opportunities created by the HPDI technology and our Cespira joint venture. The Transaction also strengthens Westport’s balance sheet and enables Westport to consider strategic acquisition opportunities consistent with the above strategic focus and extend its runway to fund near-term growth.

“This Transaction marks a significant milestone in our evolution as an alternative fuel systems enterprise. By returning to our roots and focusing on our core strengths, providing solutions in hard-to-decarbonize mobility and industrial applications, we are positioning Westport for sustainable growth and enhanced operational efficiency. The Light-Duty segment has been an important part of our history, and we are confident that Heliaca Investments is the right partner to continue its development. This Transaction allows us to streamline our operations, sharpen our focus on innovation, and create long-term value for our stakeholders. We are excited about the opportunities ahead and look forward to building on our momentum,” said Dan Sceli, Chief Executive Officer of Westport Fuel Systems.

Under the terms of the Agreement, Heliaca Investments through its subsidiary will acquire Westport’s Light-Duty segment, including its related assets and customer contracts. The Transaction is subject to shareholder approval and other customary closing conditions and is expected to close in late Q2 of 2025.

The proceeds from the proposed Transaction are expected to enable Westport to significantly improve its financial stability, while also supporting key growth initiatives focused on providing solutions for hard-to-decarbonize mobility and industrial applications. Following closing, Westport intends to align its cost structure to be more reflective of a smaller, more efficient organization, while also seeking further opportunities for efficiency gains.

Strategic Transformation

The proposed divestiture is a pivotal step in refocusing Westport on its competitive strengths. Westport remains committed to providing affordable, alternative fuel solutions for the heavy-duty truck, off-road, and industrial markets. Westport believes that hydrogen will play a role in decarbonizing mobility applications long-term. However, Westport’s products are timeline-agnostic, allowing the Company to leverage its High-Pressure Controls and Systems segment and its stake in Cespira, which both have solutions available now, to address decarbonization with net zero and low carbon fuels while also providing affordable solutions utilizing zero carbon hydrogen in the future. Westport’s remaining assets, when combined, create the potential for fuel agnostic high-pressure storage solutions, complementing HPDI and Cespira’s growth aspirations.

As the hydrogen ecosystem evolves, Westport views the natural gas market, including LNG, CNG and RNG as our foundation, with strong economics in many geographies and diverse growth opportunities. The Company’s GFI products are already industry leading on a global scale and backed by intellectual property rights that are expected to strengthen our already significant competitive advantage in high-pressure fuel solutions.

Moreover, the Company will consider strategic merger and acquisition opportunities that align with the reimagined strategic focus.

Creating Focus

The resurgence of natural gas and renewable natural gas globally provides a market opportunity for Westport. In particular, while HPDI technology is well positioned and established in Europe, the North American market presents many growth opportunities. North America is again embracing natural gas and renewable natural gas as an important part of the solution to reduce the cost and the carbon footprint of heavy-duty long-haul trucking. Natural gas infrastructure is abundant and RNG production is growing.

As we wait for hydrogen adoption, both Cespira and our High-Pressure Controls & Systems segment have products and technologies enabling the use of lower-carbon fuels today. These same products are equally viable in the future as hydrogen adoption ramps up. In the near-term, our High-Pressure Controls and Systems business has expertise in high-pressure components, providing the capability to rapidly develop CNG high pressure solutions for heavy-duty, off-road and industrial applications, providing effective solutions for decarbonization by utilizing alternative fuels today while advancing zero-emissions hydrogen solutions for the future. Additionally, the Company holds extensive intellectual property assets related to high-pressure fuels for HPDI engines. These initiatives are being designed to strengthen Westport’s competitive position and reinforce its role in advancing low-carbon fuel solutions for hard-to-decarbonize mobility applications.

Advisors

J.P. Morgan is acting as financial advisor to Westport and is providing a fairness opinion to the board of directors in connection with the Transaction. Bennett Jones LLP and Delfino Willkie are acting as legal advisors to Westport, and E&Y is acting as tax advisor to the Company.

Gianni & Origoni, NautaDutilh, Wardyński & Partners and PwC are advising Heliaca Investments in connection with the Transaction.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the closing of, and timing for closing of, the Transaction, shareholder approval of the Transaction, the anticipated benefits of the Transaction, including potential earn-out payments, the Transaction alleviating liquidity concerns, the ability to strengthen our balance sheet and align our cost structure, the ability to capitalize on growth initiatives, including fund strategic acquisitions, the ability to transition to a smaller, more efficient organization and our expectations regarding the future success of our business, the adoption of hydrogen and the future growth and development of HPDI. Other forward-looking statements included in the release include those relating to Westport’s future strategic plans, business opportunities and use of the Transaction proceeds. These statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties, and assumptions include those related to completion and satisfaction of all conditions to closing of the Transaction set out in the Agreement, governmental policies, regulation and approval, the achievement of the performance criteria required for the earn out described above, purchase price adjustments contained in the Agreement, the demand for high-pressure storage solutions and other products, as well as other risk factors and assumptions that may affect our actual results, performance, or achievements, as discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website referenced in this press release are not incorporated by reference herein.

Investor Inquiries:

Investor Relations
T: +1 604-718-2046
E: invest@wfsinc.com

The MIL Network –

March 31, 2025

MIL-OSI: Westport Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport”) (TSX: WPRT / Nasdaq: WPRT) today reported financial results for the fourth quarter and year ended December 31, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

“The past year has been transformative for Westport as we sharpened our strategic focus, advanced our clean transportation technologies, and enhanced operational efficiencies. We have made significant strides in aligning our operations with our competitive strengths, improving margins, and reinforcing our commitment to delivering cost-effective solutions that drive decarbonization in the transportation sector. We have also transformed our culture to be one built on discipline and excellence, driving a high-performance mindset in everything we do.

The launch of Cespira, our joint venture with Volvo Group, was a key milestone for us in 2024. Cespira is committed to accelerating the commercialization of HPDI™ technology with carbon-neutral fuels like hydrogen and renewable natural gas. This partnership underscores the industry’s recognition of HPDI as a leading solution to enable affordable, sustainable heavy transport.

Additionally, we are taking bold steps to streamline our operations and strengthen our financial footing, allowing us to focus on areas with the highest growth potential. A prime example of this strategic realignment is our recently announced proposed divestiture of the Light-Duty business. This decision is expected to enable us to concentrate fully on providing affordable solutions for hard to decarbonize mobility applications like long haul and heavy-duty trucking that can take advantage of the unique, practical and affordable HPDI technology and our world class high-pressure components and systems technologies and scalable alternative fuel solutions, ensuring that we remain at the forefront of emissions-reducing innovations that are cost effective.

Looking ahead, we are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape. Hydrogen remains a critical component of the future but, in the meantime, we are delivering practical, commercially viable low-carbon solutions today such as natural gas and renewable natural gas solutions which, in some cases, can represent a lower total cost of ownership than incumbent technologies. Driven by these environmental and economic considerations we are seeing a global resurgence of interest in the heavy-duty transport sector towards utilizing natural gas as an alternative to diesel. While we will continue to invest in technology, we are positioned to take advantage of markets that are embracing products enabled by our years of investment in innovation as the world pivots to more practical and cost-effective solutions to decarbonize.

We are committed to providing sustainable, high-performance solutions that help our customers achieve their commercial and environmental goals, now and for years to come.”

Dan Sceli, Chief Executive Officer

2024 Highlights

Revenue was $302.3 million for 2024 and $75.1 million for the fourth quarter. Full year results were primarily driven by the transition of the Heavy-Duty OEM business into Cespira, partially offset by an increase in revenue in our Light-Duty segment. Cespira earned $22.8 million for the three months ended December 31, 2024 and $43.1 million for the period from June 3, 2024 through to December 31, 2024.
Net loss for the year ended December 31, 2024 was $21.8 million, or $1.27 loss per share, compared to net loss of $49.7 million for the prior year. Net loss for the fourth quarter in 2024 was $10.1 million, or $0.59 loss per share, compared to net loss of $13.9 million, or $0.81 loss per share, for the same period in 2023. For the year, the net positive change was primarily a result of improvements in gross margin, a $15.2 million gain on deconsolidation of the HPDI business in the formation of the joint venture with Volvo Group on June 3, 2024, reductions in operating expenditures and depreciation and amortization expense due to continuation of the HPDI business in Cespira, partially offset by higher income tax expense and foreign exchange losses in the year.
Adjusted EBITDA¹ loss of $11.2 million, compared to a loss of $21.5 million in the prior year. Adjusted EBITDA for the fourth quarter was a loss of $1.8 million.
Cash and cash equivalents were $37.6 million for the year ended December 31, 2024. Cash provided by operating activities during the year was $7.2 million.
Announced the closing the HPDI joint venture, Cespira, with Volvo Group, working together to accelerate the commercialization and global adoption of the HPDI™ fuel system technology for long-haul and off-road applications.

¹ Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

Consolidated Results
($ in millions, except per share amounts)			Over / (Under) %			Over / (Under) %
	4Q24	4Q23	Over / (Under) %	FY24	FY23	Over / (Under) %
Revenue	$75.1	$87.2	(14)%	$302.3	$331.8	(9)%
Gross Profit⁽²⁾	14.3	8.0	79%	57.6	48.9	18%
Gross Margin⁽²⁾	19%	9%	—	19%	15%	—
Income (loss) from Investments Accounted for by the Equity Method⁽¹⁾	(2.0)	0.1	(2,100)%	(5.4)	0.8	(775)%
Net Loss	(10.1)	(13.9)	27%	(21.8)	(49.7)	56%
Net Loss per Share – Basic	(0.59)	(0.81)	27%	(1.27)	(2.90)	56%
Net Loss per Share – Diluted	(0.59)	(0.81)	27%	(1.27)	(2.90)	56%
EBITDA ⁽²⁾	(6.1)	(10.9)	44%	(6.6)	(35.9)	82%
Adjusted EBITDA ⁽²⁾	(1.8)	(10.0)	82%	(11.2)	(21.5)	48%

⁽¹⁾This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
⁽²⁾Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

Segment Information

Light-Duty Segment

Revenue for the three months and year ended December 31, 2024 was $68.0 million and $262.2 million, respectively, compared with $63.4 million and $263.6 million for the three months and year ended December 31, 2023.

Light-Duty revenue increased by $4.6 million for the three months ended December 31, 2024 as compared to the prior year. This was primarily driven by a significant increase in sales of LPG fuel system solutions to a global Original Equipment Manufacturer (“OEM”) for their Euro 6 vehicle applications in our light-duty OEM business and an increase in delayed OEM business, partially offset by lower revenues in other business lines.

Light-Duty revenue decreased by $1.4 million for the year ended December 31, 2024 compared to the prior year. This was primarily driven by a decrease in sales in our delayed OEM business in the first half of 2024, decrease in sales to customers in developing markets, and our fuel storage business. This was partially offset by the aforementioned increase in sales of LPG fuel system solutions in our light-duty OEM business.

Gross profit increased by $2.0 million to $14.0 million, or 21% of revenue for the three months ended December 31, 2024, as compared to $12.0 million, or 19% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions along with an increase in sales volumes.

Gross profit for the year ended December 31, 2024 increased by $6.3 million to $55.4 million, or 21% of revenue, compared to $49.1 million, or 19% of revenue, for the prior year. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions. The segment’s manufacturing operations continues to implement operational improvement initiatives lowering its manufacturing overhead costs in the year. For the year ended December 31, 2024, Light-Duty recorded inventory write-downs of $2.1 million related to our restructuring activities in India for $0.9 million and $0.5 million related to components for markets that we have exited, and the remainder due to our periodic analysis of excess and obsolete inventory.

Westport began supplying its Euro 6 LPG fuel system to its global OEM customer in early 2024. This production supply agreement has been instrumental in improving revenue and delivering higher margins, which more than offset the decline in revenue as a result of a key delayed OEM customer continuing to work through their inventory. Production for the Euro 7 LPG fuel system for the same global OEM customer is anticipated to begin mid-to-late 2025.

High-Pressure Controls & Systems Segment

Revenue for the three months and year ended December 31, 2024 was $1.4 million and $8.8 million, respectively, compared with $2.5 million and $12.0 million for the three months and year ended December 31, 2023. Revenue for the three months ended December 31, 2024 decreased by $1.1 million compared to the prior year period. Revenue for the year ended December 31, 2024 decreased $3.2 million compared to the prior year.

The decrease in revenue for the three months and year ended December 31, 2024 compared to the prior year periods continues to be primarily driven by the general slowdown in hydrogen infrastructure development, leading to a slower adoption of automotive and industrial applications powered by hydrogen.

Gross profit for the three months ended December 31, 2024 decreased by $0.4 million to nominal, or 0% of revenue, compared to $0.4 million, or 16% of revenue, for the same prior year period. This was primarily driven by lower sales volumes, increasing the per unit manufacturing costs in the quarter.

Gross profit for the year ended December 31, 2024 decreased by $1.3 million to $1.5 million, or 17% of revenue, compared to $2.8 million, or 23% of revenue, for the prior year. This was primarily driven by decrease in sales volume for the year. The segment recorded $0.8 million in inventory write-downs in the year due to slow-moving inventory.

Heavy-Duty OEM Segment

Revenue for the three months and year ended December 31, 2024 includes revenue until the closing of the transaction to form Cespira, which occurred on June 3, 2024. Revenue for the three months and year ended December 31, 2024 was $5.7 million and $31.3 million, respectively, compared with $21.3 million and $56.2 million for the three months and year ended December 31, 2023.

The decrease in revenue for the three months and year ended December 31, 2024 is a result of the continuation of the business in Cespira. Refer to the “Selected Cespira Financial Information” for more information on the performance of the business. Revenue earned in the three months ended December 31, 2024 reflects revenue earned from a transitional services agreement in place with Cespira that we expect to expire by the end of Q2 2026.

Gross profit for the three months ended December 31, 2024 increased by $4.7 million to $0.3 million, or 5% of revenue, compared to negative $4.4 million or negative 21% of revenue, for the three months ended December 31, 2023. The Heavy-Duty OEM segment was impacted by a $4.5 million inventory write-down in the prior year period.

Gross profit increased by $3.7 million to $0.7 million, or 2% of revenue, for the year ended December 31, 2024 compared to negative $3.0 million, or negative 5% of revenue, for the prior year. Heavy-Duty OEM recorded $0.4 million in inventory write-downs in the year. The segment was impacted by the aforementioned inventory write-down of $4.5 million in the prior year.

Selected Cespira Financial Information

We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain financial information from Cespira in notes 8 and 22 in our consolidated financial statements for the year ended December 31, 2024 and the period from June 3, 2024 to December 31, 2024.

The following table sets forth a summary of the financial results of Cespira for the three months ended December 31, 2024 and the period between June 3, 2024 to December 31, 2024:

(in millions of U.S. dollars)	Three months ended December 31,						Change					Year ended December 31,						Change
	2024			2023			$			%		2024			2023			$			%
Revenue	$	22.8		$	—		$	22.8		—	%	$	43.1		$	—		$	43.1		—	%
Gross profit		1.4			—			1.4		—	%		0.5			—			0.5		—	%
Gross margin¹		6	%		—	%							1	%		—	%
Operating loss		(4.8	)		—			(4.8	)	—	%		(12.1	)		—			(12.1	)	—	%
Net loss attributable to the Company		(2.6	)		—			(2.6	)	—	%		(6.7	)		—			(6.7	)	—	%

¹Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

Cespira revenue was $22.8 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment, which included our HPDI business, earned $21.3 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

Cespira gross profit was $1.4 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment had negative $4.4 million in gross profit primarily driven by the aforementioned $4.5 million inventory write-down in the prior year period.

Cespira incurred operating losses of $4.8 million for the three months ended December 31, 2024. For the prior year quarter, the Heavy-Duty OEM had operating losses of $9.3 million. Aside from the aforementioned inventory write-down in the prior year period, the Heavy-Duty OEM had comparable operating losses compared to Cespira.

As previously announced, Westport and Weichai are parties to a technology development and supply agreement which contains an obligation for Weichai to order, and Westport to supply, certain volumes of HPDI fuel system components prior to December 31, 2024. Significant orders for HPDI fuel system components against this agreement were not received prior to year-end. Westport and Cespira continue to collaborate with Weichai Power Co. Ltd (“Weichai Power”) on an HPDI fuel system equipped version of the Weichai Power engine platforms. The parties are currently discussing the next stages of this work and the obligations of each party going forward.

Liquidity and Going Concern

In addition, as disclosed in Westport Management Discussion & Analysis, for the year ended December 31, 2024, we continue to sustain operating losses and use cash to support our business activities. Cash provided by operating activities was $7.2 million for the year ended December 31, 2024 was primarily driven by reductions in working capital.

As at December 31, 2024, we had cash and cash equivalents of $37.6 million and long-term debt of $33.7 million, of which $14.7 million was current. Based on our projected capital expenditures, debt servicing obligations and operating requirements under our current business plan, we are projecting that our cash and cash equivalents will not be sufficient to fund our operations through the next twelve months from the date of the issuance of this MD&A. These conditions raise substantial doubt about Westport’s ability continue as a going concern within one year after the date our December 31, 2024 Consolidated Financial Statements are issued.

We plan to improve our liquidity position by selling certain subsidiaries in Europe and Argentina which comprise substantially all the assets and liabilities reported within the Light-Duty segment and continue our cost reduction initiatives. On March 30, 2025, we entered into a share purchase agreement (“SPA”) with a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm, to sell all of the issued and outstanding shares of Westport Fuel Systems Italia S.r.l for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. If we are successful in closing the sale, we will receive sufficient cash to fund our operations for the next twelve months and alleviate the risk of substantial doubt identified. As of the date of issuance of our December 31, 2024 financial statements, we are seeking shareholder approval of the plan to complete the sale of these businesses to the buyer. As such, there can be no assurances that Westport will be successful in obtaining sufficient funding. Accordingly, we concluded under the accounting standards that these plans do not alleviate the substantial doubt about Westport’s ability to continue as a going concern.

Divestment of the Light-Duty Business and 2025 Outlook

Westport recently announced the proposed divestment of its Light-Duty business, which includes the light-duty OEM, delayed OEM, and independent aftermarket businesses (the “Transaction”). The Transaction is designed to focus the Company’s strategy and streamline its operations allowing Westport to direct its energy on solution to address hard to decarbonize sectors like long-haul, heavy-duty trucking and off-road applications that can take advantage of Cespira and our High-Pressure Controls & Systems technology – where Westport sees the largest opportunities to grow and where the Company has a unique and differentiated offering generating interest with customers as the world transitions to a more practical and easier to adopt approach to decarbonization.

Highlights of the Transaction include:

Provides immediate up front proceeds to alleviate liquidity concerns, strengthening the balance sheet and funds near-term growth in Cespira and the High-Pressure Controls & Systems business;
Brings forward more cash today than the Light-Duty business was projected to earn over 5-years on an undiscounted cash basis; and
Enables management to focus exclusively on the higher growth HPDI and high-pressure segments.

In light of the evolving market and regulatory environment, over the long term, the Light-Duty business’ ability to grow LPG / CNG sales in developed markets is expected to continue facing increased competition from pure electrification or petrol – electrification hybrids.

The base purchase price of the Transaction is $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an additional $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. The purchaser is a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm.

Net proceeds from the transaction are to be used to bolster the balance sheet, fund organic growth opportunities through Cespira and High-Pressure Controls & Systems over the near term as well as opportunistic bolt on acquisitions. The Transaction ultimately eliminates future restructuring costs required by the Italian operations in the light-duty business.

Westport is shifting to a smaller, more focused organization, that is positioned to provide solutions to decarbonize challenging segments of the mobility and industrial markets. Westport has 30 years of experience delivering component solutions and developing HPDI fuel technology. We are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape.

The Company anticipates that the closing of the transaction will occur late in Q2 2025, subject to receiving shareholder approval.

Conference call

Westport has scheduled a conference call for Monday, March 31, 2025, at 10:30 am Pacific Time (1:30 pm Eastern Time) to discuss these results. To access the conference call please register at https://register.vevent.com/register/BI1ba7402b85a5491292e48354a2e80b90.

The live webcast of the conference call can be accessed through the Westport website at https://investors.wfsinc.com/.

Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

The webcast will be archived on Westport’s website at https://investors.wfsinc.com.

Financial Statements and Management’s Discussion and Analysis

To view Westport full financials for the fourth quarter and year ended December 31, 2024, please visit https://investors.wfsinc.com/financials/.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen) including testing to the HPDI fuel system, scaling our alternative fuel-based solutions, our expectations for 2025 and beyond, including the demand for our products, the future success of our business and technology strategies, shareholder approval of the Transaction, our ability to successfully close the Transaction and realize the benefits therefrom, including, potential earn-out payments, the Transaction alleviating liquidity concerns, our focus on providing affordable solutions to decarbonize long haul and heavy-duty trucking, our ability to bolster our balance sheet, fund organic growth as well as opportunistic bolt on acquisitions, a shift to operating as a smaller, more efficient organization. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, changes in business strategy, shifts in market demand, the general economy including impacts due to inflation, the effects of competition and pricing pressures, conditions of and access to the capital and debt markets, solvency, governmental policies, trade restrictions or other changes to international trade agreements, sanctions and regulation including the imposition of tariffs, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

Inquiries:
Investor Relations
T: +1 604-718-2046
invest@wfsinc.com

GAAP and Non-GAAP Financial Measures

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP“). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

Segment Information

EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

	Year ended December 31, 2024
	Light-Duty		High-Pressure Controls & Systems			Heavy-Duty OEM			Cespira			Total Segment
Revenue	$	262.2	$	8.8		$	31.3		$	43.1		$	345.4
Cost of revenue		206.8		7.3			30.6			42.6			287.3
Gross profit		55.4		1.5			0.7			0.5			58.1
Operating expenses:
Research & development		13.0		4.4			4.2			4.7			26.3
General & administrative		19.2		1.0			3.1			5.6			28.9
Sales & marketing		9.9		0.7			0.9			1.0			12.5
Depreciation & amortization		2.6		0.3			0.1			1.7			4.7
Equity income		1.3		—			—			—			1.3
Add back: Depreciation & amortization¹		6.4		0.5			1.4			3.8			12.1
Segment EBITDA	$	18.4	$	(4.4	)	$	(6.2	)	$	(8.7	)	$	(0.9	)

	Year ended December 31, 2023
	Light-Duty		High-Pressure Controls & Systems			Heavy-Duty OEM			Total Segment
Revenue	$	263.6	$	12.0		$	56.2		$	331.8
Cost of revenue		214.5		9.2			59.2			282.9
Gross profit		49.1		2.8			(3.0	)		48.9
Operating expenses:
Research & development		13.1		3.6			9.3			26.0
General & administrative		21.6		1.3			6.4			29.4
Sales & marketing		10.6		0.7			2.9			14.1
Depreciation & amortization		3.2		0.2			0.4			3.8
Equity income		0.8		—			—			0.8
Add back: Depreciation & amortization¹		6.7		0.4			4.9			11.9
Segment EBITDA	$	8.1	$	(2.6	)	$	(17.1	)	$	(11.6	)

NON-GAAP FINANCIAL MEASURES RECONCILIATION

Gross Profit	Years ended December 31,
(expressed in millions of U.S. dollars)	2024		2023
Revenue	$	302.3	$	331.8
Less: Cost of revenue	$	244.7	$	282.9
Gross Profit	$	57.6	$	48.9

Gross Margin as a percentage of Revenue	Years ended December 31,
(expressed in millions of U.S. dollars)		2024			2023
Revenue	$	302.3		$	331.8
Gross Margin	$	57.6		$	48.9
Gross Margin as a percentage of Revenue		19	%		15	%

	Year ended December 31, 2024
	Total Segment		Less: Cespira		Add: Corporate & unallocated			Total Consolidated
Revenue	$	345.4	$	43.1	$	—		$	302.3
Cost of revenue		287.3		42.6		—			244.7
Gross profit		58.1		0.5		—			57.6
Operating expenses:
Research & development		26.3		4.7		—			21.6
General & administrative		28.9		5.6		14.4			37.7
Sales & marketing		12.5		1.0		1.2			12.7
Depreciation & amortization		4.7		1.7		0.4			3.4
Equity income (loss)		1.3		—		(6.7	)		(5.4	)

	Year ended December 31, 2023
	Total Segment		Add: Corporate & unallocated		Total Consolidated
Revenue	$	331.8	$	—	$	331.8
Cost of revenue		282.9		—		282.9
Gross profit		48.9		—		48.9
Operating expenses:
Research & development		26.0		—		26.0
General & administrative		29.4		14.8		44.2
Sales & marketing		14.1		2.2		16.3
Depreciation & amortization		3.8		0.5		4.3
Equity income		0.8		—		0.8

Reconciliation of Segment EBITDA to Loss before income taxes	Years ended December 31,
		2024			2023
Total Segment EBITDA	$	(0.9	)	$	(11.6	)
Adjustments:
Depreciation and amortization		8.7			12.5
Cespira’s Segment EBITDA		(8.7	)		—
Cespira’s equity loss		6.7			—
Corporate and unallocated operating expenses		15.6			17.0
Foreign exchange loss		6.2			4.0
Loss on sale of assets		0.7			—
Gain on deconsolidation		(15.2	)		—
Loss on sale of investment		0.4			—
Impairment of long-term investment		—			0.4
Loss on extinguishment of royalty payable		—			2.9
Interest on long-term debt and accretion of royalty payable		2.8			3.0
Interest and other income, net of bank charges		(1.2	)		(2.7	)
Loss before income taxes	$	(16.9	)	$	(48.7	)

EBITDA and Adjusted EBITDA
Three months ended	31-Mar-23			30-Jun-23			30-Sep-23			31-Dec-23			31-Mar-24			30-Jun-24			30-Sep-24			31-Dec-24
Income (loss) before income taxes	$	(9.7	)	$	(13.0	)	$	(12.0	)	$	(14.0	)	$	(12.9	)	$	6.8		$	(2.5	)	$	(8.3	)
Interest expense, net		0.4			(0.1	)		0.2			(0.2	)		0.5			0.5			0.4			0.2
Depreciation and amortization		3.0			3.0			3.2			3.3			3.2			1.7			1.8			2.0
EBITDA	$	(6.3	)	$	(10.1	)	$	(8.6	)	$	(10.9	)	$	(9.2	)	$	9.0		$	(0.3	)	$	(6.1	)
Stock based compensation (recovery)	$	0.7		$	0.8		$	(0.3	)	$	1.4		$	0.3		$	1.2		$	(0.1	)	$	—
Unrealized foreign exchange (gain) loss	$	1.1		$	2.4		$	1.4		$	(0.9	)	$	1.8		$	0.1		$	(1.1	)	$	5.4
Loss on extinguishment of royalty payable	$	—		$	2.9		$	—		$	—		$	—		$	—		$	—		$	—
Severance costs	$	—		$	—		$	4.5		$	—		$	0.5		$	0.2		$	0.1		$	0.1
Gain on deconsolidation	$	—		$	—		$	—		$	—		$	—		$	(13.3	)	$	—		$	(1.9	)
Loss on sale of investment	$	—		$	—		$	—		$	—		$	—		$	—		$	0.4		$	—
Restructuring costs	$	—		$	—		$	—		$	—		$	—		$	0.8		$	0.2		$	—
Loss on sale of assets	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	0.7
Impairment of long-term investment	$	—		$	—		$	—		$	0.4		$	—		$	—		$	—		$	—
Adjusted EBITDA	$	(4.5	)	$	(4.0	)	$	(3.0	)	$	(10.0	)	$	(6.6	)	$	(2.0	)	$	(0.8	)	$	(1.8	)

WESTPORT FUEL SYSTEMS INC.

Consolidated Balance Sheets

(Expressed in thousands of United States dollars, except share amounts)

December 31, 2024 and 2023

	December 31,
		2024			2023
Assets
Current assets:
Cash and cash equivalents (including restricted cash)	$	37,646		$	54,853
Accounts receivable		73,054			88,077
Inventories		53,526			67,530
Prepaid expenses		5,660			6,323
Total current assets		169,886			216,783
Long-term investments		39,732			4,792
Property, plant and equipment		41,956			69,489
Operating lease right-of-use assets		19,019			22,877
Intangible assets		5,277			6,822
Deferred income tax assets		9,695			11,554
Goodwill		2,876			3,066
Other long-term assets		3,180			20,365
Total assets	$	291,621		$	355,748
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities	$	88,123		$	95,374
Current portion of operating lease liabilities		2,624			3,307
Short-term debt		—			15,156
Current portion of long-term debt		14,660			14,108
Current portion of warranty liability		3,861			6,892
Total current liabilities		109,268			134,837
Long-term operating lease liabilities		16,433			19,300
Long-term debt		19,067			30,957
Warranty liability		1,456			1,614
Deferred income tax liabilities		4,029			3,477
Other long-term liabilities		4,343			5,115
Total liabilities		154,596			195,300
Shareholders’ equity:
Share capital:
Unlimited common and preferred shares, no par value
17,282,934 (2023 – 17,174,502) common shares issued and outstanding		1,245,805			1,244,539
Other equity instruments		9,472			9,672
Additional paid-in-capital		11,516			11,516
Accumulated deficit		(1,096,275	)		(1,074,434	)
Accumulated other comprehensive loss		(33,493	)		(30,845	)
Total shareholders’ equity		137,025			160,448
Total liabilities and shareholders’ equity	$	291,621		$	355,748

WESTPORT FUEL SYSTEMS INC.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(Expressed in thousands of United States dollars, except share and per share amounts)
Years ended December 31, 2024 and 2023

	Years ended December 31,
		2024			2023
Revenue	$	302,299		$	331,799
Cost of revenue		244,708			282,862
Gross profit		57,591			48,937
Operating expenses:
Research and development		21,587			26,003
General and administrative		37,679			44,234
Sales and marketing		12,676			16,278
Foreign exchange loss		6,248			3,974
Depreciation and amortization		3,367			4,299
Loss on sale of assets		703			32
		82,260			94,820
Loss from operations		(24,669	)		(45,883	)

Income from investments accounted for by the equity method		(5,402	)		780
Gain on deconsolidation		15,198			—
Loss on sale of investment		(352	)		—
Loss on extinguishment of royalty payable		—			(2,909	)
Interest on long-term debt and accretion of royalty payable		(2,797	)		(2,981	)
Impairment of long-term investment		—			(413	)
Interest and other income, net of bank charges		1,161			2,690
Loss before income taxes		(16,861	)		(48,716	)
Income tax expense (recovery):
Current		3,183			1,786
Deferred		1,797			(784	)
		4,980			1,002
Net loss for the year		(21,841	)		(49,718	)
Other comprehensive income (loss):
Cumulative translation adjustment		(2,535	)		4,473
Ownership share of equity method investments’ other comprehensive loss	$	(113	)	$	—
	$	(2,648	)	$	4,473
Comprehensive loss	$	(24,489	)	$	(45,245	)
Loss per share:
Net loss per share – basic and diluted	$	(1.27	)	$	(2.90	)
Weighted average common shares outstanding:
Basic and diluted		17,248,090			17,173,016

WESTPORT FUEL SYSTEMS INC.

Consolidated Statements of Cash Flows

(Expressed in thousands of United States dollars)

Years ended December 31, 2024 and 2023

	Years ended December 31,
		2024			2023

Operating activities:
Net loss for the year	$	(21,841	)	$	(49,718	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		8,661			12,490
Stock-based compensation expense		1,066			1,727
Unrealized foreign exchange loss		6,248			3,974
Deferred income tax expense (recovery)		1,797			(784	)
Loss (income) from investments accounted for by the equity method		5,402			(780	)
Interest on long-term debt and accretion of royalty payable		74			9
Impairment of long-term investment		—			413
Change in inventory write-downs to net realizable value		3,283			7,066
Gain on deconsolidation		(15,198	)		—
Loss on sale of investment		352			—
Net loss on sale of assets		627			32
Loss on extinguishment of royalty payable		—			2,909
Change in bad debt expense		282			56
Changes in operating assets and liabilities:
Accounts receivable		25,567			5,340
Inventories		(6,836	)		9,481
Prepaid expenses		(153	)		2,869
Accounts payable and accrued liabilities		2,233			(2,448	)
Warranty liability		(4,380	)		(5,829	)
Net cash provided by (used in) operating activities		7,184			(13,193	)
Investing activities:
Purchase of property, plant and equipment		(16,923	)		(15,574	)
Proceeds on sale of investments		29,994			—
Proceeds on sale of assets		998			161
Dividends received from investments accounted for by the equity method		297			—
Capital contributions to investments accounted for by the equity method		(9,900	)		—
Net cash provided by (used in) investing activities		4,466			(15,413	)
Financing activities:
Drawings on operating lines of credit and long-term facilities		19,336			46,367
Repayment of operating lines of credit and long-term facilities		(44,546	)		(39,904	)
Payment of royalty payable		—			(8,687	)
Net cash used in financing activities		(25,210	)		(2,224	)
Effect of foreign exchange on cash and cash equivalents		(3,647	)		(501	)
Net decrease in cash and cash equivalents		(17,207	)		(31,331	)
Cash and cash equivalents, beginning of year (including restricted cash)		54,853			86,184
Cash and cash equivalents, end of year (including restricted cash)		37,646			54,853

The MIL Network –

March 31, 2025

MIL-OSI Global: The best space telescope you never heard of just shut down

Source: The Conversation – Global Perspectives – By Laura Nicole Driessen, Postdoctoral Researcher in Radio Astronomy, University of Sydney

ESA / Gaia / DPAC, CC BY-SA

On Thursday 27 March, the European Space Agency (ESA) sent its last messages to the Gaia Spacecraft. They told Gaia to shut down its communication systems and central computer and said goodbye to this amazing space telescope.

Gaia has been the most successful ESA space mission ever, so why did they turn Gaia off? What did Gaia achieve? And perhaps most importantly, why was it my favourite space telescope?

Running on empty

Gaia was retired for a simple reason: after more than 11 years in space, it ran out of the cold gas propellant it needed to keep scanning the sky.

The telescope did its last observation on 15 January 2025. The ESA team then performed testing for a few weeks, before telling Gaia to leave its home at a point in space called L2 and start orbiting the Sun away from Earth.

L2 is one of five “Lagrangian points” around Earth and the Sun where gravitational conditions make for a nice, stable orbit. L2 is located 1.5 million kilometres from Earth on the “dark side”, opposite the Sun.

L2 is a highly prized location because it’s a stable spot to orbit, it’s close enough to Earth for easy communication, and spacecraft can use the Sun behind them for solar power while looking away from the Sun out into space.

It’s also too far away from Earth to send anyone on a repair mission, so once your spacecraft gets there it’s on its own.

Keeping L2 clear

L2 currently hosts the James Webb Space Telescope (operated by the USA, Europe and Canada), the European Euclid mission, the Chinese Chang’e 6 orbiter and the joint Russian-German Spektr-RG observatory. Since L2 is such a key location for space missions, it’s essential to keep it clear of debris and retired spacecraft.

A final status update from Gaia.
ESA, CC BY-SA

Gaia used its thrusters for the last time to push itself away from L2, and is now drifting around the Sun in a “retirement orbit” where it won’t get in anybody’s way.

As part of the retirement process, the Gaia team wrote farewell messages into the craft’s software and sent it the names of around 1,500 people who worked on Gaia over the years.

What is Gaia?

Gaia looks a bit like a spinning top hat in space. Its main mission was to produce a detailed, three-dimensional map of our galaxy, the Milky Way.

To do this, it measured the precise positions and motions of 1.46 billion objects in space. Gaia also measured brightnesses and variability and those data were used to provide temperatures, gravitational parameters, stellar types and more for millions of stars. One of the key pieces of information Gaia provided was the distance to millions of stars.

A cosmic measuring tape

I’m a radio astronomer, which means I use radio telescopes here on Earth to explore the Universe. Radio light is the longest wavelength of light, invisible to human eyes, and I use it to investigate magnetic stars.

But even though I’m a radio astronomer and Gaia was an optical telescope, looking at the same wavelengths of light our eyes can see, I use Gaia data almost every single day.

I used it today to find out how far away, how bright, and how fast a star was. Before Gaia, I would probably never have known how far away that star was.

This is essential for figuring out how bright the stars I study really are, which helps me understand the physics of what’s happening in and around them.

A huge success

Gaia has contributed to thousands of articles in astronomy journals. Papers released by the Gaia collaboration have been cited well over 20,000 times in total.

Gaia has produced too many science results to share here. To take just one example, Gaia improved our understanding of the structure of our own galaxy by showing that it has multiple spiral arms that are less sharply defined than we previously thought.

Not really the end for Gaia

It’s difficult to express how revolutionary Gaia has been for astronomy, but we can let the numbers speak for themselves. Around five astronomy journal articles are published every day that use Gaia data, making Gaia the most successful ESA mission ever. And that won’t come to a complete stop when Gaia retires.

The Gaia collaboration has published three data releases so far. This is where the collaboration performs the processing and checks on the data, adds some important analysis and releases all of that in one big hit.

And luckily, there are two more big data releases with even more information to come. The fourth data release is expected in mid to late 2026. The fifth and final data release, containing all of the Gaia data from the whole mission, will come out sometime in the 2030s.

This article is my own small tribute to a telescope that changed astronomy as we know it. So I will end by saying a huge thank you to everyone who has ever worked on this amazing space mission, whether it was engineering and operations, turning the data into the amazing resource it is, or any of the other many jobs that make a mission successful. And thank you to those who continue to work on the data as we speak.

Finally, thank you to my favourite space telescope. Goodbye, Gaia, I’ll miss you.

Laura Nicole Driessen is an ambassador for the Orbit Centre of Imagination at the Rise and Shine Kindergarten, in Sydney’s Inner West.

– ref. The best space telescope you never heard of just shut down – https://theconversation.com/the-best-space-telescope-you-never-heard-of-just-shut-down-253343

MIL OSI – Global Reports –

March 31, 2025
MIL-OSI Global: Nigerians having babies abroad: women explain their reasons

Source: The Conversation – Africa – By Aduragbemi Banke-Thomas, Associate professor, London School of Hygiene & Tropical Medicine

Nigerian women make up a significant proportion of foreign women giving birth in several countries.

A study done in Calgary in Canada found 24.5% of foreign women identified as having travelled abroad to give birth were from Nigeria.

Research in Chicago in the US found the majority (88%) of those seeking obstetric care in a hospital were Nigerian citizens.

In the UK, the phenomenon is labelled by some as the “Lagos Shuttle”, highlighting the high number of Nigerian women said to be so-called “birth tourists”.

It is estimated that over 23% of pregnant Nigerian women would like to travel abroad to give birth.

Why is this? As medical and legal scholars we asked women who had travelled overseas for the birth of their babies to share their experiences.

Existing research has not done enough to capture their voices, which matter in framing service delivery and immigration policies.

We reported findings from this first-of-its-kind study in PLOS Global Public Health.

As there is no registry of foreign pregnant women who gave birth abroad, it is a challenge to find them. For our study, we used social media platforms to recruit 27 Nigerian women who had given birth to at least one child abroad and conducted in-depth interviews with them to understand their motivations and experiences.

Why women do it

Of all recruited, 23 gave birth to at least one child in the US, and four gave birth to at least one child in the UK. One woman each gave birth in Canada, Ireland and Zambia.

All the women in the study had at least a university degree.

We found that reasons for seeking childbirth abroad varied.

Some women were motivated by both perceived and experienced gains of foreign citizenship, which they believed might give their children a good education, a better living environment, and easier access to jobs and loans.

However, it was not all about citizenship. Another motivation was to benefit from “better healthcare”, especially for those who had either had bad experiences during previous births in Nigeria or were concerned because they were carrying what they called a “precious baby”, for example after years of infertility.

Many women in the study also sought childbirth abroad because it is where they had loved ones to support them through pregnancy, childbirth and having a newborn – a motivation not previously reported.

Indeed, the number of Nigerians living in the US has increased over time and as of 2023, over 760,000 Americans identify as being of Nigerian origin. Essentially, more than one in 10 African immigrants in the US are Nigerians.

Some Nigerian women planned to give birth abroad long before they even got pregnant. Others were encouraged to do so by family, friends or colleagues.

Some decided to seek childbirth abroad after their income increased.

Mostly positive

Childbirth abroad is mostly a positive experience, but some women reported feeling treated badly because they were “self-paying” patients, “black”, or not native to the country.

While travel for many was mostly uneventful, some experienced life-threatening situations en route to their destination or upon arrival.

They found the cost of care to be exorbitant, but many reported that they were able to pay it off in instalments, or negotiated rebates or discounts from hospitals. A separate study showed that four in five foreign pregnant women who gave birth in a Canadian hospital, including some from Nigeria, had no outstanding bill after discharge.

In our study, those who struggled to pay said they incurred unexpected costs due to complications that resulted in caesarean sections or other surgical procedures.

Support during childbirth abroad was considered crucial and included loved ones from Nigeria who would travel with the pregnant woman to their destination.

Push and pull syndrome

With an ongoing exodus of Nigerians out of the country due to push and pull factors, known locally as jàpa, it is more likely that there will be more Nigerian pregnant women who have their support system abroad.

Countries like Nigeria should do more to improve the quality of care obtainable in their health systems.

Clearly motivations vary, and it is not always about birthright citizenship. While most women have mostly positive experiences, some have negative experiences that require attention and safeguards. For example, care guidelines in host countries specifically assuring good quality care for all pregnant women, including women who have crossed the border to seek childbirth.

The return of US president Donald Trump makes the need to install these safeguards particularly urgent. In his first term he ordered the United States Department of State to discontinue the approval of visas for pregnant women.

In his second term he has focused on abolishing birthright citizenship altogether.

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. Nigerians having babies abroad: women explain their reasons – https://theconversation.com/nigerians-having-babies-abroad-women-explain-their-reasons-251067

MIL OSI – Global Reports –

March 31, 2025
MIL-OSI Global: Canada should recognize celebrations like Eid, Diwali and Lunar New Year as public holidays

Source: The Conversation – Canada – By Rahat Zaidi, Professor, Werklund School of Education, University of Calgary

“For Eid we have to call in sick and I don’t like that. You should have the day off school. And everybody gets a holiday….Not everybody celebrates it, people just want to have a day off. Having Eid, I fasted 30 days, like a month and I had to call in school and say, I’m not showing up because it’s Eid.’ They should know and I shouldn’t have to call in.” — Abdoul, research participant.

“When it’s Christmas, we have two weeks off, right? Even though we don’t celebrate, we still take two weeks. But in Eid time…we have to come to school. So if we can get [a day] off, that will be a big encouragement to our religion.” — Fatma, research participant.

These were some of the sentiments racially diverse students in Brooks Composite High School in southern Alberta expressed when my research assistants and I interviewed them for our inquiry into the challenges they experienced as they integrated into the Canadian school system.

I am a research professor in the Werklund School of Education at the University of Calgary. In 2021, my team and I at the university’s Transliteracies Lab (which studies the experiences of refugees, immigrants, newcomers and settlers in Alberta’s schools and communities) began working with Brooks Composite High School, located in a rural town in Alberta.

Every December, students across Canada enjoy a two-week break to celebrate Christmas. In spring, Good Friday and Easter Monday bring further celebrations and a long weekend.

In contrast, for millions of Canadians who mark celebrations such as Diwali, Eid or Lunar New Year — some of the world’s most widely observed religious and cultural festivals — there is no formal acknowledgement, and for those students wishing to recognize these traditional celebrations, it often means being marked absent from school.

This gives us pause to reflect: What would it mean to make space in our school calendars to include different religious and cultural celebrations?

A moment of change in Alberta

Since the 1990s, the establishment of a meat-packing plant in Brooks has driven significant demographic changes, attracting a large immigrant and refugee population and increasing the racialized population from around three per cent in 1996 to over 45 per cent in 2021. Today, more than 75 per cent of students at the school are newcomers or children of immigrants, and approximately one-third are Muslim.

Our research emerged from senior school administrators expressing the challenges racially and culturally minoritized learners experience as they navigate the school system.

We engaged 13 English language learner (ELL) students in Grades 10 to 12 in a series of dynamic structured educational workshops we call Critically Engaged Language and Literacy Workshops (CELLWs). The students were mostly Muslim and of Arab and Somali descent, and were identified as facing more pressing issues that needed to be addressed.

CELLWs provide a space for self-reflection that promotes fair, inclusive and diverse education. They recognize the unique experiences of racially diverse students and help teachers create educational practices that connect past and present experiences across different environments.

Student voices encapsulated through arts-based initiatives at Brooks Composite High School, Brooks, Alta.
(Rahat Zaidi)

Students reflected on their lived experiences, religious identities and feelings of exclusion. The workshop conversations resulted in efforts to raise community awareness (including social media posts on Instagram, Tik Tok and YouTube) around a variety of social justice issues pertaining to the participants’ lived reality.

In May 2022, the students at Brooks made national headlines when the southeast Alberta school district agreed to acknowledge the religious celebration of Eid al-Fitr on the school calendar. This decision was a direct result of Muslim students and their families expressing frustration about being marked absent while celebrating one of the most sacred days in the Islamic calendar.

The school district’s decision wasn’t just symbolic. It demonstrated what meaningful inclusion can look like when education systems listen to their communities and reflect the lives and cultures of their students.

A call to action

As part of our research, our team also produced the documentary Bridging the Gap and its accompanying resource guide. The film showcases how using students’ voices and arts-based methods can break down systemic barriers related to race, language and religion in schools.

In a poignant moment, one student recalls feeling like an outsider and putting in extra effort to “fit in.” A parent in the documentary later states: “We have to keep our traditions for our children.”

As the first of its kind in western Canada, the film serves as a resource to support racially diverse families’ integration into education, highlighting their stories and building positive partnerships with schools and universities.

A trailer for the documentary ‘Bridging the Gap.’

Canada’s public holidays and school calendars tell a story about power, the stories that get told and, right now, the ones left out. Through open dialogue and building relationships of trust using platforms that encourage meaningful interaction, we worked together with the school, community and parents, to help racially diverse students bring about change.

Being recognized matters, and acknowledging diverse cultural practices in school policy is one tangible way to combat the marginalization many racialized people experience. This scholarship provides a model for future reference and reveals a forward-thinking perspective on how education systems ought to understand the deeper issues and challenges faced by racially diverse students and communities.

We were able to give these students an opportunity to tell their stories; stories of power, resistance and victory as they made their voices heard. When schools make space for cultural and religious traditions, they affirm students’ identities and help foster a stronger sense of belonging critical for their well-being, academic success and civic engagement.

Rahat Zaidi received funding from the Social Sciences and Humanities Research Council of Canada.

– ref. Canada should recognize celebrations like Eid, Diwali and Lunar New Year as public holidays – https://theconversation.com/canada-should-recognize-celebrations-like-eid-diwali-and-lunar-new-year-as-public-holidays-252871

MIL OSI – Global Reports –

March 31, 2025
MIL-OSI Global: ‘Adolescence’ pulls in audiences with its dramatic critique of teenage masculinity

Source: The Conversation – Canada – By Michael Kehler, Research Professor, Masculinities Studies, School of Education, University of Calgary

Owen Cooper plays Jamie Miller in Adolescence which looks at the experiences of youth at a British school, showcasing their messy and disturbing experiences. (Netflix/Adolescence)

This story contains spoilers about ‘Adolescence.’

Adolescence is a turbulent time. And the transition to adulthood from youth is complicated.

The recently released British series Adolescence on Netflix has struck a chord for many viewers. The show delves into the messy and often disturbing experiences of youth at a British school including bullying, misogyny, gender-based violence and the manosphere.

Adolescence explores the impact of masculinity on gender-based violence and youth identities. Viewers step into the life of Jamie (Owen Cooper), a 13-year-old boy who is accused of killing a 13-year-old girl, Katie (Emilia Holliday). Exploring Katie’s violent stabbing death reveals the troubling ways masculinity and gender are manifested in the lives of students.

An equally compelling part of the narrative is the familiar struggle of parents trying to communicate with, make sense of and support the young people in their lives.

The routine interactions among the students and the exchanges between parents makes this a disturbing yet compelling part of the series.

Throughout Adolescence, it’s made clear that too often, parents do not see or hear what is playing out before their very eyes.

Silences between youth and parents

We know too well the struggles of adolescence: trying to fit in, experiences with bullying, the impact of Instagram and other social media platforms, incels, the popularity of athletic boys, avoiding phys-ed classes when fearing they’re not athletic, homophobia and the silence between parents and their children.

Adolescence viewers are unsettled by what we see, but desperate to hear and see more.

The school depicted in the show portrays almost all students struggling to be heard. It also reveals a rebelliousness and a resistance among teachers required to enforce rules of cellphone bans and uniform regulations amid a chaotic school environment.

The challenging communication between father and sons is highlighted in this show. Here, Jamie’s father (played by Stephen Graham) speaks with Jamie (played by Owen Cooper).
(Netflix)

At the centre of the story is Jamie, the 13-year-old accused boy. He is a child, fearing needles while a teddy bear is nestled on his bed. Ostensibly, he is any boy. And Katie is any girl.

But Katie is murdered, leaving the viewer to sort though a tangled web of adolescent relationships in which Jamie shows what he believes about being a man, about being masculine. He is both innocent and deeply troubling.

Gender-based violence

Police detective Luke Branscombe (Ashley Walters) cannot fathom the anger expressed by Katie’s best friend, Jade (Fatima Bojang), about the murder. He thinks her furious reaction is out of kilter with the murder. He questions why she is over-reacting.

In his reaction, he shows just how normalized, how routine, gender-based violence has become.

Katie’s best friend, portrayed by Fatima Bojang, expresses her grief.
(Netflix)

A violent outburst by Jamie, who verbally attacks the counsellor who is struggling to understand what being a man feels like for Jamie, is chilling.

He belittles the counsellor (played by Erin Doherty), suggesting she should be ashamed to be afraid of a 13-year-old boy. The counsellor is subjected to extreme anger and violence pent up in an adolescent boy who has been harbouring feelings of inadequacy but struggling to express them.

It becomes clear that Jamie had no venue nor language to speak about his feelings about masculinity, his relationships or his deeply held belief that he is “ugly.”

Like many young people, the youth in Adolescence — Jamie, Jade, Katie, Ryan and Tommy — navigate online sexual harrassment alone. They do so, in part, because they lack support and education in critical media literacy, digital consent and online harassment.

Teaching them to be boys

Watching adults struggling to talk with teenagers is not shocking. Notions that boys don’t talk or aren’t emotional are familiar stereotypes of masculinity.

But what might be shocking to viewers in Adolescence is the raw and unfiltered ways some boys talk violently, aggressively, dismissively and defensively.

“You do not control what I fucking [do]. Look at me now!” Jamie screams at his counsellor, struggling to express his emotions and his pent-up feelings.

Boys are not supposed to be vulnerable or emotionally honest, and as Jamie points out, parents are supposed to ignore how boys are feeling or whether they have feelings at all. Like many boys, Jamie has been taught to be a particular kind of boy, which includes years of surveillance, bullying and being ostracized by other, more popular boys.

Boys learn to hide feelings, repress vulnerabilities and present stoicism and strength above all else.

Read more:
Why are school-aged boys so attracted to hateful ideologies?

Struggling to fit in, desperate to be heard

Adolescence is a story about adolescent youth with a sharp focus on how they negotiate and embody power. It is a complex story about the ways youth communicate through bullying, surveillance and social media harrassment that is evident both in school lives as well as behind closed doors.

The viewer is invited to look more closely at the subtle and not so subtle ways gender, power and violence manifest themselves. The show questions how complicit we might be in what young people are learning and how we might respond to both the rebellion as well as the silences, particularly among boys.

The lure of the manosphere, the attraction of incel groups and the banning of cell phones in schools reflect a deep failure to understand how to communicate with youth. The character Adam, (played by Amari Bacchus), son of the detective investigating the case, is understated and overlooked as he reveals just how little parents understand emojis as yet another language among youth.

Read more:
Social media misogyny: The new way Andrew Tate brought us the same old hate

The circulation of intimate images and picture collecting further speaks to relationships, power and adolescence that is punctuated by a lesson from Adam to his dad about emojis that go far beyond red hearts.

Adam extends a hand to educate his dad, to open up communication even in the face of assumptions that “boys don’t talk.” He demonstrates a counter-narrative to rigid rules and stereotypes about boys.

‘Boys will be boys’

After all, we are in an era when boys and men are aware of the narratives of masculinity — as muscled, dominant and controlling. But the rules for being a man are being questioned. At the same time, far-right conservatives and online manfluencers have asserted that boys/men are victims in a system that won’t let “boys just be boys.”

In all of this, we — the viewers, the critics and myself, the masculinity scholar — tread dangerously close to forgetting to say “Katie,” the victim’s name. We focus on boys as pawns with no agency or accountability for what they do in their daily efforts to be accepted as real men.

We are left then with an invitation to see and hear boys differently, not through stereotypes of masculinity. The loss of membership in the boys club is often too much for many boys to withstand. This includes alienation, bullying, and verbal and physical attacks. And so too many remain silent and complicit, as just “one of the boys.”

Michael Kehler 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. ‘Adolescence’ pulls in audiences with its dramatic critique of teenage masculinity – https://theconversation.com/adolescence-pulls-in-audiences-with-its-dramatic-critique-of-teenage-masculinity-253093

MIL OSI – Global Reports –

March 31, 2025
MIL-OSI Global: Trump’s tariffs could push grocery prices even higher, but there are steps Canada could take to protect consumers

Source: The Conversation – Canada – By Mathew Iantorno, Doctoral Candidate, Faculty of Information,, University of Toronto

The first months of Donald Trump’s presidency have been defined by a single word: tariffs. He has framed tariffs as a panacea to the woes of the American economy, promising they will restore the country’s manufacturing sector and reduce the national deficit.

As the United States’ largest trading partner, Canada’s smaller economy is poised to suffer the most from a prolonged trade war. Although the price of all consumer goods will be affected, the grocery aisle has become a particular battleground.

Canadians have remained defiant, with vows to “buy Canadian” already spurring rapid drops in the sale of American products.

But with calls for the country to strengthen its economic backbone and reduce dependence on the U.S., perhaps it’s also time to consider rebooting Canada’s grocery sector to better serve Canadians as well.

Read more:
Canada is now in a trade war with the U.S. — here’s what you need to know to prepare for it

Canada’s supermarket problem

Rising grocery bills have been an ongoing concern for Canadians long before Trump’s inauguration. Today, an estimated 18 per cent of Canadians are struggling with food insecurity owing to persistent inflation and the rising cost of living. Food banks saw a record number of monthly visits in 2024 as a result.

Yet, even as consumers feel the squeeze, Canada’s grocery giants have been posting record profits. Loblaw Companies Limited, whose supermarkets hold a dominant 28 per cent share of the sector, has become the poster child for this trend.

In the final quarter of 2022, as Canadians were grappling with rapid inflation on their grocery bills, Loblaw posted $529 million in profits — up 30 per cent from the previous year.

This has led customers to accuse Loblaw and other large grocery chains of profiteering, provoking both a 100,000 signature petition against “greedflation” and a month-long boycott of Loblaw chains. All this while Loblaw was still reeling from a bread price-fixing scandal yielding a $500 million antitrust settlement.

Read more:
Food giants reap enormous profits during times of crisis

In response to the mounting concerns, the federal government met with the heads of Loblaw, Sobeys, Metro, Costco and Walmart in 2023 to discuss stabilizing grocery prices in Canada. Former Prime Minister Justin Trudeau would threaten and later implement amendments to the Competition Act through Bill C-56, although these reforms were focused less on immediately lowering grocery bills and more on giving new tools to Canada’s competition watchdog.

Investing in the future

Another area of concern is the initiatives supermarket chains such as Loblaw and Metro have been investing their profits in.

Since 2020, supermarkets in Canada have invested heavily in self-checkout aisles. While initially a concession to the social distancing measures of the COVID-19 pandemic, these kiosks have become a ubiquitous — and often unwelcome — part of the retail experience for both workers and consumers.

Beyond the concern that self-checkouts pressure customers to perform more work, they have also increased the precarity of supermarket employees. These technologies generally reduce total worker hours and eliminate well-paying full-time positions, all with an eye towards boosting profit margins.

Read more:
The rise of robo-retail: Who gets left behind when retail is automated?

Loblaw has also invested in automating their fleet of delivery vehicles, jeopardizing jobs in the logistics sector at a time when Canada’s unemployment rate, already struggling to recover, is expected to rise due to Trump’s tariffs.

There is also the looming concern of dynamic pricing. Following the lead of American grocery stores such as Kroger, chains run by Loblaw, Metro and Sobeys have begun to implement electronic price tags. These tags enable retailers to instantaneously update prices based on supply and demand, similar to surge pricing on ride-sharing apps like Uber.

Electronic price labels seen at a Walmart in Los Angeles in 2024.
(Shutterstock)

While online commentators were quick to mock fast food chain Wendy’s for potentially using dynamic pricing to charge more for a Frosty on a hot day, this practice becomes more problematic as the availability of family staples like baby formula, which already experiences perennial scarcity, are affected by the trade war.

The sector won’t reform itself

There is little reason to believe Canada’s grocery industry will reform itself. Many of the pro-consumer and pro-worker initiatives put forth by these chains have amounted to little more than public relations moves.

The much-lauded COVID hero pay for front-line grocery workers disappeared only months into the pandemic, despite pressure from unions and MPs during the Omicron wave.

Loblaw’s widely publicized price freeze on No Name products was similarly criticised for its short duration and for merely repackaging seasonal price freezes as a pro-consumer initiative.

When Loblaw froze prices on No Name products in 2022, its competitor Metro quickly pointed out that seasonal price freezes are in fact a standard industry practice. (CBC News)

The company’s promise to create a discounted version of its already discounted grocery chain No Frills drew further scepticism, with the stock being entirely sourced from Loblaw brands that generate higher revenue for the company.

The question remains: what concrete measures can be implemented to safeguard Canadian grocery bills as our country navigates this next crisis?

Lowering grocery bills for Canadians

A report from the Broadbent Institute suggests the idea of a windfall profit tax, which would incentivize grocery companies to invest excess profits into price reductions or higher wages.

A more durable reform would involve creating a central bank-style regulatory entity to oversee the grocery industry, instead of relying on industry-born measures such as Canada’s recently introduced grocery code of conduct.

Read more:
The new Grocery Code of Conduct should benefit both Canadians and the food industry

Federal or provincial legislation could be also passed that places guardrails on dynamic pricing in the grocery aisle, if not banning the controversial practice altogether. Government grants and tax incentive programs could be withheld from companies that invest heavily into automating workforces so the government isn’t inadvertently subsidizing job losses.

The Competition Bureau’s 2023 report highlights another key issue: there is a need for all levels of government to shift from subsidizing large chains and encourage the growth of independent grocers in the Canadian market, driving down prices for consumers through meaningful, local competition.

Trump’s trade war has filled Canadians with a newfound pride and motivation to buy local to support the economy. Perhaps it’s time our grocery chains showed the same commitment to the people they serve.

Mathew Iantorno 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. Trump’s tariffs could push grocery prices even higher, but there are steps Canada could take to protect consumers – https://theconversation.com/trumps-tariffs-could-push-grocery-prices-even-higher-but-there-are-steps-canada-could-take-to-protect-consumers-252879

MIL OSI – Global Reports –

March 31, 2025
MIL-OSI Global: AI is for the birds: How machine learning can help predict and manage avian flu outbreaks

Source: The Conversation – Canada – By Rozita Dara, Assistant Professor, Computer Science, University of Guelph

The active and ongoing global spread of avian influenza virus has impacted more than 14 million birds in Canada and 160 million in the USA.

This recent outbreak has resulted in major economic losses, and a rise in egg prices in the past few years. This trend can cause disruptions in poultry supply chain and significant increases in the price of other poultry products.

A virus like avian influenza is carried by birds, but it can “jump” species and infect livestock such as dairy or sheep or even pets like dogs and cats.

Read more:
Bird flu detected in Colorado dairy cattle − a vet explains the risks of the highly pathogenic avian influenza virus

And most, if not all, human pandemic influenza viruses have had an avian origin in the past few decades. Experts warn it is only a matter of time before we face another pandemic threat.

The good news is, we are better prepared than ever to meet that challenge. Not just because we have vaccines or treatments, although those are critical. But because we have something that can change the game entirely: artificial intelligence (AI).

CBC News covers an outbreak of avian flu among Canadian geese in Prince Edward Island.

Vast amounts of information

AI can offer much in the way of advance pandemic information and planning. Remember the early days of COVID-19? What if we had more time to prepare? What if health officials had known weeks earlier where the virus was spreading, which neighbourhoods were most at risk, and what we needed to do to stop it?

AI can analyze vast amounts of information, from wildlife health reports, geographical data, satellite images to social media trends, online content, farm data and even weather patterns to answer some questions about how, when and why pandemics happen. It spots patterns, anomalies and relationships humans cannot see in real-time.

AI can alert monitors to where an avian influenza outbreak might occur before a region is impacted, how severe an outbreak might be and what type of intervention may be most effective. AI can help responders and governments act quickly, precisely and efficiently.

Predicting outbreaks

At the University of Guelph, my research team and I are working on AI solutions to help track and predict the avian influenza outbreaks. Our research — which is currently under review — has used AI to filter out misinformation about avian influenza from social media platforms and Reddit, as well as Google search data, and other online sources.

This helps us understand public discussion about avian influenza. We have also combined these online activities with other data sources to monitor avian influenza online mentions and trends — we’ve found that AI can use this information to predict if an outbreak might occur in a specific area.

With the availability of online and social media data, an outbreak surge can be predicted up to four weeks in advance in specific regions.

Our research team has also created and tested decision support tools that use different types of information from wild bird reports, satellite images, climate change data and farm information. These tools help predict avian influenza outbreaks and how serious they might be in a certain area; through testing, we achieved an accuracy of 85 per cent.

We’re currently in the process of building a Canadian tool to predict where bird flu might emerge, helping farmers and public health officials get ahead of outbreaks — this could mean the difference between a contained outbreak and a global crisis.

More than a public health issue

A sign warning hikers about an avian flu outbreak along the Skerwink Hiking Trail in Newfoundland.
(Shutterstock)

Avian influenza spreads through the food chain, wildlife and global trade. An outbreak in poultry can devastate agriculture and threaten our food security. Worse, it can jump to human populations with little warning.

This issue is not just a public health issue. It is also an economic and social concern. But if we harness AI properly, we can give ourselves a better chance at combating these threats. We can predict where the next outbreak might come from and take action before it spreads.

Read more:
Soaring U.S. egg prices and millions of dead chickens signal the deep problems and risks in modern poultry production

Using AI to predict avian flu outbreaks and spread can be applied to other situations, including other illnesses and the weather and environmental conditions that could contribute to disease spread.

AI-based decision tools can also include augmented reality that enables the testing of thousands of hypothetical scenarios related to avian influenza. These include how outbreaks might spread, what the impacts of different intervention strategies could be, how changes in the economy and environment might occur, and how the supply chain could be impacted.

We have the technology in our labs. But to make it work, we need strong partnerships between government, universities, farmers, industry and communities. We need to make sure that we generate high quality data, use the data ethically in a privacy-preserving manner, develop the AI tool responsibly and apply it fairly to ensure that no one is left behind.

Rozita Dara receives funding from Ontario Ministry of Agriculture, Food and Agribusiness Alliance Tier I, funding and the University of Guelph’s Food from Thought.

– ref. AI is for the birds: How machine learning can help predict and manage avian flu outbreaks – https://theconversation.com/ai-is-for-the-birds-how-machine-learning-can-help-predict-and-manage-avian-flu-outbreaks-252550

MIL OSI – Global Reports –

March 31, 2025

MIL-OSI: VAALCO Energy, Inc. to Present Live Via Investor Meet Company

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 31, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) announced that George Maxwell, Chief Executive Officer, and Ron Bain, Chief Financial Officer, will provide a live presentation via Investor Meet Company Thursday, April 17, 2025. The presentation will begin at 10 a.m. British Summer Time (4 a.m. Central Time).

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until April 16, 2025, 09:00 BST (3 a.m. Central Time), or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Vaalco via:
https://www.investormeetcompany.com/vaalco-energy-inc/register-investor. Interested parties can also access the presentation on Vaalco’s web site, www.vaalco.com, under the “Investors” tab. An archived version will be available on Vaalco’s web site after the presentation.

Investors who already follow Vaalco on the Investor Meet Company platform will automatically be invited.

About Vaalco
Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information


Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	Vaalco@buchanan.uk.com

Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities law (collectively “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) expectations of future equity and enterprise value.

Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2024 Annual Report on Form 10-K filed with the SEC on March 17, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

The MIL Network –

March 31, 2025

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