Category: Canada

MIL-OSI China: Trump grants one-month exemption to big three automakers from Mexico, Canada tariffs: White House

Source: China State Council Information Office

The White House said on Wednesday that U.S. President Donald Trump is granting a one-month exemption to three major automakers from the newly imposed 25-percent tariffs on Mexico and Canada.

“We spoke with the big three auto dealers (makers), we are going to give a one-month exemption on any autos coming through USMCA. Reciprocal tariffs will still go into effect on April 2,” White House Press Secretary Karoline Leavitt told reporters at a press briefing.

Levitt said Trump has spoken with three companies — Ford, General Motors, and Stellantis — and they made this request. The president agreed to grant them a one-month tariff exemption.

Bloomberg News reported earlier Wednesday that Trump is exempting automakers from newly imposed tariffs on Mexico and Canada for one month, “as a temporary reprieve following pleas from industry leaders.”

The United States-Mexico-Canada Agreement (USMCA) is a trade agreement negotiated, signed, and ultimately enacted during Trump’s first term, aimed at replacing the former North American Free Trade Agreement (NAFTA).

Under the USMCA, auto parts procurement must meet specific rules to qualify for duty-free treatment. These rules are designed to encourage regional production and sourcing within North America. For passenger vehicles and light trucks, at least 75 percent of the vehicle’s value must originate in North America, while the minimum requirement for heavy trucks is 70 percent.

On Feb. 1, Trump signed an executive order imposing a 25-percent tariff on products imported from Mexico and Canada, with a 10 percent tariff increase on Canadian energy products. On Feb. 3, Trump announced a 30-day delay in implementing the tariffs on both countries and continued negotiations. According to this decision, the relevant tariff measures took effect on March 4.

Trump on Tuesday night defended his tariff strategy when delivering an address to a joint session of Congress, but acknowledged that such policies will cause “a little disturbance.”

Nevertheless, economists and observers have expressed deep concerns about the potential impact of tariffs on the U.S. economy.

The Tax Foundation estimated that, without considering retaliatory measures, Trump’s 25 percent tariffs on Canada and Mexico, which went into effect Tuesday, will reduce long-term GDP by 0.2 percent, reduce hours worked by 223,000 full-time equivalent jobs, and reduce after-tax incomes by an average of 0.6 percent.

MIL OSI China News –

March 6, 2025
MIL-OSI China: Canadian, US leaders talk trade, fentanyl in first call since tariffs launched

Source: China State Council Information Office

Canadian Prime Minister Justin Trudeau made a call with U.S. President Donald Trump on Wednesday, discussing trade and fentanyl, local media reported.

It’s the first time the two have spoken since Trump launched a trade war on Tuesday.

The call lasted 50 minutes about “trade and fentanyl”, CBC News reported.

More discussions between the two leaders’ teams are expected throughout the afternoon, according to the report.

Trump decided to give a one-month exemption on any autos coming through USMCA, the trilateral trade deal that Trump signed in his first term, known in Canada as CUSMA, the report said.

It wasn’t immediately clear what Trump’s supposed exemption means for Canadian auto exports to the United States, but it seems like that form of cross-border trade will be able to go on as before, CBC News reported.

MIL OSI China News –

March 6, 2025
MIL-OSI Canada: Ratification vote upcoming on K’ómoks Treaty, Constitution
Source: Government of Canada regional news

Eligible voters are voting whether to ratify the K’ómoks Treaty and Constitution on Saturday, March 8, 2025.

In July 2024, the chief negotiators from all three parties — K’ómoks First Nation (K’ómoks), the Government of Canada (Canada) and the Government of British Columbia (B.C.) — initialed the K’ómoks Treaty. This milestone in the treaty negotiations process signalled the conclusion of substantive negotiations subject to certain caveats, such as ongoing legal and technical review, and consultation with neighbouring First Nations. The legal and technical review of the treaty concluded in November 2024, resulting in the ratification version of the K’ómoks Treaty.

Ratification follows initialling of the treaty and is the approval process that treaties must go through before they can come into effect. The first step in this process is the K’ómoks ratification vote. To ratify, the treaty and constitution require a double majority vote outcome by K’ómoks eligible voters. This means more than 50% of eligible voters on the voters list cast a ballot, and more than 50% of those voters cast a ballot in favour of the treaty and constitution.

Should eligible voters vote in favour of ratifying the K’ómoks Treaty and Constitution, B.C. and Canada will undergo their own respective ratification approval processes. This includes introducing provincial, then federal treaty implementation legislation to bring the K’ómoks Treaty into law. If ratified by all three parties, the treaty is anticipated to have an effective date in 2028.

K’ómoks entered treaty negotiations in the early 1990s. Working closely with the BC Treaty Commission, an independent facilitator of the made-in-B.C. treaty negotiations framework, negotiators for K’ómoks, Canada and B.C. reached an agreement-in-principle (AIP) in 2012. The AIP established agreement on the substantive elements to be detailed in the completed treaty.

In the years since, K’ómoks, B.C. and Canada have engaged with all levels of government, industry, interest holders and people in the region about various elements of the proposed treaty. K’ómoks has worked closely with its local government partners to invest in shared services and regional economic development. B.C. and Canada are also continuing Crown consultation with neighbouring and overlapping First Nations.

Engagement has provided opportunities for people to share their needs and shape treaty provisions. As a result, the ratification version of the K’ómoks Treaty reflects work together on shared regional priorities established in the 2012 AIP.

If ratified, the proposed treaty would:
- ensure Aboriginal rights are recognized, and not extinguished, for K’ómoks, and describe the parties’ agreement on the exercise of rights;
- clarify that the treaty does not infringe or extinguish the rights of neighbouring First Nations;
- lay out negotiated approaches to self-governance and confirm land parcels to be owned and governed by K’ómoks;
- address existing interests and tenures on proposed treaty lands (interest holders have been engaged on the proposed approach to their tenure or interest); and
- formalize consultation and opportunities for co-management of resources within the First Nations’ traditional territory.
Once the ratification vote is complete, there will be further opportunities for regional and public engagement, as well as ongoing consultation with neighbouring First Nations.

Learn More:

More information, including the ratification version of the K’ómoks Treaty, is available here: https://engage.gov.bc.ca/govtogetherbc/engagement/komoks-treaty

Treaty and enrolment information for eligible voters is available here: https://komoks.ca/treaty/

MIL OSI Canada News –
March 6, 2025
MIL-OSI Australia: NSW Women of the Year 2025 award recipients honoured
Source: New South Wales Government 2

Headline: NSW Women of the Year 2025 award recipients honoured

The NSW Women of the Year Awards are the centrepiece of NSW Women’s Week, which runs from Sunday 2 March and concludes on International Women’s Day on Saturday 8 March.

The five 2025 Award recipients are:

Dr Jessica Luyue Teoh (Hornsby), NSW Young Woman of the Year

Dr Jessica Luyue Teoh is a domestic violence advocate and 2023 Churchill Fellow – one of only two women under 30 in Australia to receive this honour.

Sandy Rogers (Tweed), NSW Community Hero

Sandy Rogers has dedicated 40 years to improving the lives of children with intellectual and physical disability and their families.

Dr Vanessa Pirotta (Canada Bay), Premier’s NSW Woman of Excellence

Dr Vanessa Pirotta is a wildlife scientist renowned for her impact on marine conservation and science communication.

Kirsty Evans (Orange), NSW Regional Woman of the Year

Kirsty Evans has led efforts to provide pro bono legal advice to the community of Molong, affected by severe flooding in 2022.

Marjorie Anderson (Georges River), NSW Aboriginal Woman of the Year

Marjorie Anderson is a dedicated leader who has been pivotal in the success of 13YARN – the first national crisis support service for Aboriginal & Torres Strait Islander people in crisis, since its inception.

The Ones to Watch (girls aged 7-15 years)
- Aish Khurram (The Hills Shire)
- Ashleen Khela (The Hills Shire)
- Aurora Iler (Campbelltown)
- Chloe Croker (Goulburn Mulwaree)
- Emilia Trustum (Richmond Valley)
- Hayley Paterson (Hornsby)
- Jiayi Fang (Ku-ring-gai)
- Kat Mulcair (Yass Valley)
- Lydia Tofaeono (Strathfield)
- Waniya Syed (Camden)
This year, a special In Memoriam was added to the Awards ceremony for Maddy Suy, a vibrant girl whose love for life inspired many. Diagnosed with a brain tumour at age six, Maddy faced the challenge with bravery and positivity. Maddy advocated for those who could not. She wanted to leave a legacy and to inspire others to contribute through the Maddy & Co hubs.

Local Woman of the Year 2025 recipients, who were nominated by their local MP also attended the Awards ceremony today and received certificates for exemplary service to their communities. The Local Woman Honour Roll will be published on the Women of the Year Awards webpage.

The NSW Women of the Year Awards have been running since 2012, recognising and celebrating the New South Wales’s revolutionary thinkers, everyday heroes, social advocates and innovative role models.

More details about the NSW Women of the Year Awards program and recorded livestream of 2025 ceremony are available on the Women of the Year Awards webpage.

Premier Chris Minns said:

“I’m delighted to congratulate NSW’s most remarkable women and girls, for breaking barriers and achieving the highest success in their respective fields.”

“You are the future of NSW, inspiring everyone right across the state with your dedication, passion and lasting impacts in the community.”

Minister for Women Jodie Harrison said:

“Congratulations to the recipients of the NSW Women of the Year Awards. You are truly deserving of the recognition you received today. The New South Wales Government is proud to celebrate your incredible success and highlight your role in inspiring other women and girls across the state.

“You can’t be what you can’t see, and you all are paving the way forward for women and girls with your strength, resilience and achievements.

“The program also recognises women at the core of communities and families, with our Local Women of the Year recognition.

“I also look forward to following the journeys of our incredible young recipients. You are all already hitting goals and making waves in your communities, so I’m sure you have bright futures ahead.”

NSW Young Woman of the Year 2025 recipient Jessica Teoh said:

“To stand alongside such a diverse and passionate group of women, each making impactful contributions to their communities and fields, is truly inspiring. This recognition highlights the collective strength of women driving change, and I am grateful to be part of this incredible journey.”

NSW Community Hero 2025 recipient Sandy Rogers said:

“I have been fortunate enough to be given great opportunities to help many in our community. Being able to support those needing a ‘little helping hand’ when times and money are tough, make me feel good and I know it means a lot to those we support.”

Premier’s NSW Woman of Excellence 2025 recipient Dr Vanessa Pirotta said:

“This recognition is so powerful and means a lot to me as an early career researcher in science and as a mum. So much of my work is intergenerational and community based, which enables me to ask questions to help equip future generations with important information now about our marine environment. This recognition will help make waves – pardon the pun – across the state to encourage communities to connect with the sea, regardless of whether they live in Bondi, Forbes or where I grew up in Murrumbateman.”

NSW Regional Woman of the Year 2025 recipient Kirsty Evans said:

“It’s a privilege to be acknowledged among such inspiring women who are making a meaningful impact across our state. This recognition is not just a personal milestone but also a reflection of the incredible support I’ve received from my community, my colleagues and family.”

NSW Aboriginal Woman of the Year 2025 recipient, Marjorie Anderson said:

“I am passionate about having healthy, sustainable and safe Aboriginal communities. This award reflects my important work in the community and delivery of a world first national crisis line for Indigenous people. Women need to be recognised for the outstanding work they do and supported to continue to achieve greatness.”

MIL OSI News –
March 6, 2025
MIL-OSI Canada: First Ministers’ statement on eliminating internal trade barriers in Canada
Source: Government of Canada – Prime Minister

“In the face of the United States’ unjustified decision to impose tariffs on Canadian goods, Canada’s First Ministers recognize this is a pivotal moment for Canada to take bold and united action. We must increase our economic resilience, reduce dependence on one market, and strengthen our domestic economy for the benefit of Canadian workers and businesses now and in the future. One key step is to make it easier for Canadians to do business with each other from coast to coast to coast.

“At their meeting yesterday, the Prime Minister and Canada’s premiers agreed to build on the foundational work of the Committee on Internal Trade and strengthen Canada’s domestic economy by reducing barriers to internal trade and labour mobility across the country. All First Ministers agreed that now is the time to take meaningful action to further liberalize and support the Canadian market so that goods, services, and workers can move freely.

“First Ministers agreed that certified professionals with credentials in one jurisdiction should be able to work anywhere in Canada. Whether relocating for family reasons or pursuing job opportunities elsewhere, workers should be free to do what they are trained to do and contribute to the Canadian economy. Due to its linguistic specificity among other things, Quebec, while adhering to the overall goal of increasing workforce mobility, intends to implement measures for credentials recognition when it deems it in line with its own objectives.

“The Prime Minister and premiers directed the Committee on Internal Trade to work with the Forum of Labour Market Ministers, to develop a service standard of 30 days or better to get people working faster, and provide a plan for Canada-wide credential recognition, while taking into account jurisdictional specificities such as language provisions, by June 1.

“First Ministers also agreed that now is the time to choose Canada. We must ensure that all Canadians have access to Canadian-made goods, no matter where they are in the country. The Prime Minister and premiers applauded Internal Trade Ministers for undertaking a review of exceptions under the Canadian Free Trade Agreement by June 1 in addition to those removed by governments in recent years, and for their efforts to reconcile and reduce regulatory differences between jurisdictions, particularly through the negotiation of mutual recognition requirements in the trucking sector and the movement of consumer goods. Most First Ministers also committed to allowing direct-to-consumer alcohol sales for Canadian products. These efforts will benefit Canadian businesses and citizens by opening new domestic markets, reducing the cost of consumer goods at a time when U.S. tariffs will impact affordability.

“First Ministers recognized that removing these barriers will make it easier for businesses in Canada to access new revenue and market opportunities here at home, while attracting greater foreign investment and trade.

“The Prime Minister and the premiers agreed to continue working together as they implement the shared plan to strengthen internal trade in Canada. Team Canada stands firm, united, resolute, and ready to face this challenge, and any others that come our way.”

Quick Facts
- Last year, more than $530 billion worth of goods and services moved across provincial and territorial borders, representing almost 20 per cent of Canada’s gross domestic product.
- Trade within Canada is an essential driver of the Canadian economy, and eliminating barriers to internal trade will lower prices, increase productivity, and add up to $200 billion to the Canadian economy. Internal trade without barriers means more affordable everyday items and a greater choice for Canadians.
- The Canadian Free Trade Agreement (CFTA) came into force on July 1, 2017, to reduce and eliminate barriers to the free movement of persons, goods, services, and investments within Canada and to establish an open, efficient, and stable domestic market.
- The Committee on Internal Trade (CIT) consists of all federal, provincial, and territorial ministers responsible for internal trade, and is responsible for supervising the implementation of the CFTA, including providing oversight over a number of CFTA working groups; assisting in the resolution of disputes; approving the annual operating budget of the Internal Trade Secretariat (ITS); and considering any other matter that may affect the operation of the CFTA.
- Committee on Internal Trade (CIT): On February 28, 2025, the Federal, Provincial, Territorial Committee on Internal Trade was convened and agreed to the following actions:
  - Enhancing the commitments under the Canadian Free Trade Agreement (CFTA): All governments committed to conducting a rapid review of all remaining party-specific exceptions in the CFTA and swiftly conclude negotiations for incorporating the financial services Sector into the Agreement. This will ensure a free and open internal market for Canadian businesses and workers. Building on removals some governments have completed since 2017, to date, a minimum of 40 exceptions have been identified for removal by five governments, with all exception reviews to be completed by June 1, 2025.
  - Reducing regulatory and administrative burden through mutual recognition: A strong domestic market starts with goods freely moving between provinces and territories. Building on the pilot project on mutual recognition in trucking, all governments have now agreed to immediately launch negotiations for mutual recognition of all consumer goods (excluding food). This would guarantee that a good certified in one province can be bought and sold in any other, without additional red tape. Parties may also pursue a broader mutual recognition agreement covering most or all sectors of the economy through unilateral, bilateral, or multilateral initiatives. The CIT committed to tabling an Action Plan for Mutual Recognition of Consumer Goods by March 31, 2025.
  - Facilitating labour mobility: Internal trade and labour market ministers will prioritize efforts to further improve transparency and reduce administrative burden for labour mobility applicants to support the timely and seamless mobility of workers to fill jobs wherever they are available, including by adopting a service standard of 30 days or better to process applications.
  - Launching pan-Canadian direct-to-consumer alcohol sales for Canadian products: The Governments of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, and Canada have committed to improve the trade of alcohol products between participating jurisdictions by advancing direct-to-consumer sales for Canadian products. Currently, British Columbia allows for direct-to-consumer sales for wine, while Manitoba is already open to direct-to-consumer sales on all alcoholic beverages. The Yukon is exploring options for direct-to-consumer alcohol sales within the territory.
  - Employing a Team Canada approach to promote the domestic economy: All governments committed to working together to promote growth and resiliency in the domestic market by helping Canadian businesses identify and access new opportunities in other provinces and territories including through domestic trade missions.
MIL OSI Canada News –
March 6, 2025

MIL-OSI: South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2024 financial and operational results and provides its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars.

Highlights

Spinoff transaction

Launched as an independent company on Oct. 1, 2024, completing the planned separation (the Spinoff) from TC Energy Corp. (TC Energy).
Completed an initial notes offering on Aug. 28, 2024, raising approximately $5.8 billion, in aggregate, of U.S. and Canadian dollar-denominated senior unsecured notes and U.S. dollar-denominated junior subordinated notes. As part of the Spinoff, South Bow repaid the outstanding long-term debt owed to affiliates of TC Energy on Oct. 1, 2024.

Safety and operational performance

Demonstrated safety excellence in 2024, achieving record occupational and process safety performance during a transformative period.
Delivered record system availability in 2024, with an annual System Operating Factor (SOF) of 95% for the Keystone Pipeline due to continued improvements in system reliability.
Recorded annual average throughput on the Keystone Pipeline of approximately 626,000 barrels per day (bbl/d) in 2024, an increase of 5% relative to 2023. Throughput on the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 795,000 bbl/d, increasing by 15% relative to 2023.
- Fourth-quarter 2024 throughput on the Keystone Pipeline and the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 621,000 bbl/d and approximately 784,000 bbl/d, respectively.
Advanced the Blackrod Connection Project in Alberta, anticipated to be ready for in-service in early 2026. South Bow is in the final stages of completing construction of the project’s 25-km crude oil and natural gas pipeline segments, with welding complete and hydrostatic testing activities underway. Facility construction, including the tank terminal, is expected to be completed in late 2025.
Received approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA) in Jan. 2025 of South Bow’s remedial work plan, substantially completing the conditions in the Amended Corrective Action Order (ACAO) related to the Milepost 14 incident (MP-14). In early March 2025, South Bow received approval from PHMSA to lift the pressure restriction on the affected segment to 72% of the specified minimum yield strength of the pipeline. The affected segment includes the section of the pipeline where the MP-14 incident occurred.

Financial performance

Delivered strong financial performance in 2024, underscored by the highly contracted nature of South Bow’s assets. Revenue and normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA) increased relative to 2023 due to significant demand for uncommitted capacity on the Keystone Pipeline in the first quarter of 2024, and strong demand for capacity on the U.S. Gulf Coast segment of the Keystone Pipeline System throughout the year.
- Generated revenue of $488 million and $2,120 million for the three months and year ended Dec. 31, 2024, respectively.
- Recognized net income of $55 million ($0.26/share) and $316 million ($1.52/share) during the three months and year ended Dec. 31, 2024, respectively.
- Recorded normalized EBITDA¹ of $290 million for the three months ended Dec. 31, 2024, an increase of 11% from the three months ended Sept. 30, 2024, primarily due to the timing of trade settlements within South Bow’s Marketing segment. Normalized EBITDA for the year ended Dec. 31, 2024 was $1,091 million, an increase of 2% from 2023.
- Delivered distributable cash flow¹ of $183 million and $608 million for the three months and year ended Dec. 31, 2024, respectively.
Exited 2024 with total long-term debt and net debt¹ outstanding of $5.7 billion and $4.9 billion, respectively. South Bow’s net debt-to-normalized EBITDA ratio¹ was 4.5 times at Dec. 31, 2024, supported by the Company’s starting working capital balances and strong normalized EBITDA generated in 2024.
- South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.

Returns to shareholders

Committed to paying a strong and sustainable dividend, declared South Bow’s inaugural quarterly dividend of $104 million ($0.50/share) on Nov. 7, 2024. The dividend was paid on Jan. 31, 2025 to shareholders of record on Dec. 31, 2024.
South Bow’s board of directors (the Board) has approved a quarterly dividend of $0.50/share, payable on April 15, 2025 to shareholders of record at the close of business on March 31, 2025. The dividends will be designated as eligible dividends for Canadian income tax purposes.

South Bow’s audited consolidated financial statements and notes (the financial statements), management’s discussion and analysis (MD&A), and annual information form (AIF) as at and for the year ended Dec. 31, 2024 are available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the U.S. Securities and Exchange Commission (SEC) at www.sec.gov. The disclosure under the section “Non-GAAP Financial Measures” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024 is incorporated by reference into this news release.

South Bow’s standalone financial statements were prepared using information derived from the consolidated financial statements and accounting records of TC Energy, including the historical cost basis of assets and liabilities comprising the Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company, using the historical accounting policies applied by TC Energy. The presentation of certain prior period comparatives have been updated for consistency with current year presentation.

_________________________

¹ Non-GAAP financial measure or ratio that do not have standardized meanings under generally accepted accounting principles (GAAP) and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.

Financial and operational results

$ millions, unless otherwise noted	Three Months Ended					Year Ended
$ millions, unless otherwise noted	Sept. 30, 2024		Dec. 31, 2024	Dec. 31, 2023		Dec. 31, 2024	Dec. 31, 2023
FINANCIAL RESULTS
Revenue	534		488	540		2,120	2,005
Income from equity investments	12		12	13		49	50
Net income	61		55	103		316	442
Per share¹	0.29		0.26	0.50		1.52	2.13
Normalized net income²	86		112	94		383	504
Per share^{1 2}	0.41		0.54	0.45		1.84	2.43
Normalized EBITDA²	262		290	278		1,091	1,074
Keystone Pipeline System	257		250	264		1,028	981
Marketing	(7	)	24	(2	)	12	42
Intra-Alberta & Other	12		16	16		51	51
Distributable cash flow²	163		183	161		608	785
Dividends declared	—		104	—		104	—
Per share¹	—		0.50	—		0.50	—
Capital expenditures³	61		28	11		122	37
Total long-term debt	10,452		5,716	5,967		5,716	5,967
Net debt^{2 4}	4,827		4,901	5,715		4,901	5,715
Net debt-to-normalized EBITDA (ratio)²	4.5		4.5⁵	5.3		4.5⁵	5.3
Common shares outstanding, weighted average diluted (millions)⁶	207.6		208.4	207.6		208.2	207.6
Common shares outstanding (millions)⁶	207.6		208.0	207.6		208.0	207.6

OPERATIONAL RESULTS
Keystone Pipeline SOF (%)	95		96	92		95	93
Keystone Pipeline throughput (Mbbl/d)	616		621	612		626	595
U.S. Gulf Coast segment of Keystone Pipeline System throughput (Mbbl/d)⁷	815		784	783		795	694
Marketlink throughput (Mbbl/d)	636		615	610		614	537

Per share amounts, with the exception of dividends, are based on weighted average diluted common shares outstanding.
Non-GAAP financial measure or non-GAAP ratio that do not have standardized meanings and may not be comparable to measures presented by other entities. See “Non-GAAP financial measures” of this news release.
Capital expenditures per the investing activities of the consolidated statements of cash flows of the financial statements.
Includes 50% equity treatment of South Bow’s junior subordinated notes.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
The common shares issued on Oct. 1, 2024 have been used for comparative periods, as the Company had no common shares outstanding prior to the Spinoff. For periods prior to Oct. 1, 2024, it is assumed there were no dilutive equity instruments, as there were no equity awards of South Bow outstanding prior to the Spinoff.
Comprises throughput originating in Hardisty, Alta. transported on the Keystone Pipeline, and throughput originating in Cushing, Okla. transported on Marketlink for destination in the U.S. Gulf Coast.

Outlook

Capital allocation priorities

South Bow takes a disciplined approach to capital allocation to preserve optionality and maximize total shareholder returns over the long term. The Company’s capital allocation priorities are built on a foundation of financial strength and supported by South Bow’s stable, predictable cash flows. South Bow’s capital allocation priorities include:
- paying a sustainable base dividend;
- strengthening the Company’s investment-grade financial position; and
- leveraging existing infrastructure within South Bow’s strategic corridor to offer customers competitive connections and enhanced optionality.

Market outlook

Every day, South Bow safely and reliably transports crude oil to key demand and refining markets in the U.S. Midwest and Gulf Coast. With substantially all of the crude oil imported into the U.S. Midwest originating from Canada, and refining facilities in the U.S. Gulf Coast set up to process heavy crude oil, these markets rely heavily on Canadian crude oil supplies to meet their energy needs.
While approximately 90% of South Bow’s normalized EBITDA is contracted through committed arrangements, which carry minimal commodity price or volumetric risk, demand for uncommitted capacity on the Keystone System is anticipated to remain subdued in 2025 as Western Canadian Sedimentary Basin (WCSB) crude oil pipeline capacity exceeds supply.
The potential for, and continuation of, tariffs on energy imposed by the U.S. government and counter-tariffs imposed by the Canadian government have created economic and geopolitical uncertainty, resulting in volatility in pricing differentials. Persistence of this uncertainty may create additional headwinds for uncommitted capacity on South Bow’s pipeline systems and impact South Bow’s Marketing segment results. Given the uncertainty, South Bow’s guidance for 2025 does not account for the future potential impact of sustained tariffs.

2025 guidance

South Bow’s guidance aims to inform readers about Management’s expectations for financial and operational results in 2025. Readers are cautioned that these estimates may not be suitable for any other purpose. See “Forward-looking information and statements” of this news release for additional information regarding factors that could cause actual events to be significantly different from those expected.
The financial outlook for South Bow in 2025 is supported by the Company’s highly contracted cash flows and strong structural demand for services. Normalized EBITDA is projected to be approximately $1.01 billion, within a range of 3%, with approximately 90% secured through committed arrangements. South Bow reaffirms its long-term normalized EBITDA growth outlook of 2% to 3%.
South Bow has reduced its outlook for normalized EBITDA for its Marketing segment by approximately $30 million relative to 2024, due to continued impacts of WCSB crude oil pipeline capacity exceeding supply and South Bow’s response to market uncertainty caused by the potential for, and continuation of, tariffs, including the unwinding of certain positions to minimize South Bow’s exposure to further pricing volatility.
South Bow anticipates that its interest expense for 2025 will be approximately $325 million, within a range of 2%, and that the Company’s current tax rate will range from 23% to 24%.
Distributable cash flow is expected to be approximately $535 million, within a range of 3%, which South Bow will use to fund its expected annual dividend of $416 million ($2.00/share), subject to approval and declaration by the Board, and investments required to continue advancing the Blackrod Connection Project.
South Bow expects that its net debt-to-normalized EBITDA ratio will increase modestly through the course of 2025 as the Company continues to invest in the Blackrod Connection Project and incur one-time costs of approximately $40 million to $50 million associated with the Spinoff. Consistent with the Company’s outlook on leverage, South Bow anticipates exiting 2025 with a net debt-to-normalized EBITDA ratio of approximately 4.8 times and that the Company will begin reducing its leverage once the Blackrod Connection Project starts generating cash flow in 2026.
South Bow plans to invest approximately $110 million, within a range of 3%, in growth capital expenditures for the Blackrod Connection Project in 2025. The total expected capital cost of the project is estimated to be $180 million, targeted to be ready for in-service in early 2026. As of Dec. 31, 2024, South Bow has invested $62 million in the project.
Maintenance capital expenditures are estimated to be approximately $65 million, within a range of 3%, in 2025, as South Bow proactively completes maintenance activities while demand for uncommitted capacity is expected to be subdued, and invests in information services infrastructure. These expenditures are generally recoverable through South Bow’s tolling arrangements.

South Bow’s 2025 annual guidance and a review of 2024 actual results are outlined below:

$ millions, except percentages ¹	2024 Actuals	2025 Guidance
Normalized EBITDA	1,091	1,010 ± 3%
Interest expense	388	325 ± 2%
Current tax rate (%)	23%	23% – 24%
Distributable cash flow	608	535 ± 3%
Capital expenditures
Growth	73	110 ± 3%
Maintenance ²	61	65 ± 3%

Assumes average foreign exchange rate of C$/U.S.1.4286.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Refer to the section entitled “Guidance” in South Bow’s MD&A as at and for the year ended Dec. 31, 2024, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Conference call and webcast details

South Bow’s senior leadership will host a conference call and webcast to discuss the Company’s fourth-quarter and year-end 2024 results and 2025 outlook on March 6, 2025 at 8 a.m. MT (10 a.m. ET).


Date	March 6, 2025
Time	8 a.m. MT (10 a.m. ET)
Webcast link	https://edge.media-server.com/mmc/p/fqe5oacv
Conference call link	https://register.vevent.com/register/BIbb6663202d26443895983db438ccaf6e

Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

Visit www.southbow.com/investors for the replay following the event.

Non-GAAP financial measures

In this news release, South Bow references certain non-GAAP financial measures and non-GAAP ratios that do not have standardized meanings under GAAP and may not be comparable to similar measures presented by other entities. These non-GAAP measures include or exclude adjustments to the composition of the most directly comparable GAAP measures. Management considers these non-GAAP financial measures and non-GAAP ratios to be important in evaluating and understanding the operational performance and liquidity of South Bow. These non-GAAP measures and non-GAAP ratios should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

South Bow’s non-GAAP financial measures and non-GAAP ratios include:

normalized EBITDA;
normalized net income;
normalized net income per share;
distributable cash flow;
net debt; and
net debt-to-normalized EBITDA ratio.

These measures and ratios are further described below, with a reconciliation to their most directly comparable GAAP measure.

Normalizing items

Normalized measures are, or include, non-GAAP financial measures and ratios and include normalized EBITDA, normalized net income, normalized net income per share, distributable cash flow, and net debt-to-normalized EBITDA ratio. Management uses these normalized measures to assess the financial performance of South Bow’s operations and compare period-over-period results. During certain reporting periods, the Company may incur costs that are not indicative of core operations or results. These normalized measures represent income (losses), adjusted for specific normalizing items that are believed to be significant; however, they are not reflective of South Bow’s underlying operations in the period.

These specific items include gains or losses on sales of assets or assets held for sale, unrealized fair value adjustments related to risk management activities, acquisition, integration, and restructuring costs, and other charges, including but not limited to, impairment, contractual costs, and settlements.

South Bow excludes the unrealized fair value adjustments related to risk management activities, as these represent the changes in the fair value of derivatives, but do not accurately reflect the gains and losses that will be realized at settlement and impact income. Therefore, South Bow does not consider them reflective of the Company’s underlying operations, despite providing effective economic hedges. Realized gains and losses on grade financial contracts are adjusted to improve comparability, as they settle in a subsequent period to the underlying transaction they are hedged against.

Separation costs relate to internal costs and external fees incurred specific to the Spinoff. These items have been excluded from normalized measures, as Management does not consider them reflective of ongoing operations and they are non-recurring in nature.

Normalized EBITDA

Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Company’s operations and to identify and evaluate trends. This measure is useful for investors as it allows for a more accurate comparison of financial performance of the Company across periods for ongoing operations. Normalized EBITDA represents income before income taxes, adjusted for the normalizing items, in addition to excluding charges for depreciation and amortization, interest expense, and interest income.

The following table reconciles income (loss) before income taxes to normalized EBITDA for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest expense	115		84		105		388		220
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 costs	—		4		—		4		—
Separation costs	20		(1	)	3		29		3
Keystone XL costs and other	15		(13	)	—		2		10
Normalized EBITDA	262		290		278		1,091		1,074

The following table reconciles income (loss) before income taxes to normalized EBITDA by operating segment for the indicated periods:

$ millions	Three Months Ended Sept. 30, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	173		17		(100	)	90
Adjusted for specific items:
Depreciation and amortization	59		—		2		61
Interest expense	(1	)	—		116		115
Interest income and other	—		(1	)	(26	)	(27	)
Risk management instruments	—		(23	)	—		(23	)
Keystone variable toll disputes	11		—		—		11
MP-14 costs	—		—		—		—
Separation costs	—		—		20		20
Keystone XL costs and other	15		—		—		15
Normalized EBITDA	257		(7	)	12		262

$ millions	Three Months Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	205		(32	)	(101	)	72
Adjusted for specific items:
Depreciation and amortization	59		—		3		62
Interest expense	(1	)	—		85		84
Interest income and other	(1	)	(1	)	30		28
Risk management instruments	—		57		—		57
Keystone variable toll disputes	(3	)	—		—		(3	)
MP-14 costs	4		—		—		4
Separation costs	—		—		(1	)	(1	)
Keystone XL costs and other	(13	)	—		—		(13	)
Normalized EBITDA	250		24		16		290

$ millions	Three Months Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	203		14		(86	)	131
Adjusted for specific items:
Depreciation and amortization	60		—		1		61
Interest expense	3		1		101		105
Interest income and other	(2	)	(2	)	(3	)	(7	)
Risk management instruments	—		(15	)	—		(15	)
Keystone variable toll disputes	—		—		—		—
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	—		—		—		—
Normalized EBITDA	264		(2	)	16		278

$ millions	Year Ended Dec. 31, 2024
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	778		6		(366	)	418
Adjusted for specific items:
Depreciation and amortization	238		—		8		246
Interest expense	1		1		386		388
Interest income and other	(3	)	(3	)	(6	)	(12	)
Risk management instruments	—		8		—		8
Keystone variable toll disputes	8		—		—		8
MP-14 costs	4		—		—		4
Separation costs	—		—		29		29
Keystone XL costs and other	2		—		—		2
Normalized EBITDA	1,028		12		51		1,091

$ millions	Year Ended Dec. 31, 2023
$ millions	Keystone Pipeline System		Marketing		Intra-Alberta & Other		Total
Income (loss) before income taxes	687		19		(144	)	562
Adjusted for specific items:
Depreciation and amortization	239		—		5		244
Interest expense	7		2		211		220
Interest income and other	(4	)	(4	)	(24	)	(32	)
Risk management instruments	—		25		—		25
Keystone variable toll disputes	42		—		—		42
MP-14 costs	—		—		—		—
Separation costs	—		—		3		3
Keystone XL costs and other	10		—		—		10
Normalized EBITDA	981		42		51		1,074

Normalized net income and normalized net income per share

Normalized net income represents net income adjusted for the normalizing items described above and is used by Management to assess the earnings that are representative of South Bow’s operations. By adjusting for non-recurring items and other factors that do not reflect the Company’s ongoing performance, normalized net income provides a clearer picture of the Company’s continuing operations. This measure is particularly useful for investors as it allows for a more accurate comparison of financial performance and trends across different periods. On a per share basis, normalized net income is derived by dividing the normalized net income by the weighted average common shares outstanding at the end of the period. This per share measure is valuable for investors as it provides insight into South Bow’s profitability on a per share basis, assisting in evaluating the Company’s performance.

The following table reconciles net income to normalized net income for the indicated periods:

$ millions, except common shares outstanding and per share amounts	Three Months Ended						Year Ended
	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Net income	61		55		103		316		442
Adjusted for specific items:
Risk management instruments	(23	)	57		(15	)	8		25
Keystone variable toll disputes	11		(3	)	—		8		42
MP-14 settlement	—		4		—		4		—
Separation costs	20		27		3		67		3
Keystone XL costs and other	15		(13	)	3		2		17
Tax effect of the above adjustments	(8	)	(15	)	—		(22	)	(25	)
Normalized net income	76		112		94		383		504
Common shares outstanding, weighted average diluted (millions)	207.6		208.4		207.6		208.2		207.6
Normalized net income per share	0.41		0.54		0.45		1.84		2.43

Distributable cash flow

Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bow’s capital allocation decisions, helping investors understand the Company’s cash-generating capabilities and its potential for returning value to shareholders. Distributable cash flow is based on income before income taxes, adjusted for depreciation and amortization, interest income and other, the normalizing items discussed above, and further adjusted for specific items, including income and distributions from the Company’s equity investments, maintenance capital expenditures, which are capitalized and generally recoverable through South Bow’s tolling arrangements, and current income taxes.

The following table reconciles income before income taxes to distributable cash flow for the indicated periods:

$ millions	Three Months Ended						Year Ended
$ millions	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Income before income taxes	90		72		131		418		562
Adjusted for specific items:
Depreciation and amortization	61		62		61		246		244
Interest income and other	(27	)	28		(7	)	(12	)	(32	)
Normalizing items, net of tax¹	18		34		(9	)	39		62
Income from equity investments	(12	)	(12	)	(13	)	(49	)	(50	)
Distributions from equity investments	17		20		15		70		71
Maintenance capital expenditures²	(22	)	(15	)	(2	)	(61	)	(19	)
Current income tax recovery (expense)	38		(6	)	(15	)	(43	)	(53	)
Distributable cash flow	163		183		161		608		785

Normalizing items per normalized EBITDA reconciliation, net of tax.
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.

Net debt and net debt-to-normalized EBITDA ratio

Net debt is used as a key leverage measure to assess and monitor South Bow’s financing structure, providing an overview of the Company’s long-term debt obligations, net of cash and cash equivalents. This measure is useful for investors as it offers insights into the Company’s financial health and its ability to manage and service its debt obligations. Net debt is defined as the sum of total long-term debt with 50% treatment of the Company’s junior subordinated notes, operating lease liabilities, and dividends payable, less cash and cash equivalents, per the Company’s consolidated balance sheets.

Net debt-to-normalized EBITDA ratio is used to monitor the South Bow’s leverage position relative to its normalized EBITDA for the trailing four quarters. This ratio provides investors with insight into the Company’s ability to service its long-term debt obligations relative to its operational performance. A lower ratio indicates stronger financial health and greater capacity to meet its debt obligations.

$ millions, except ratios	Sept. 30, 2024		Dec. 31, 2024		Dec. 31, 2023
Current portion of long-term debt to affiliates of TC Energy	4,677		—		—
Senior unsecured notes	4,686		4,629		5,967
Junior subordinated notes	1,089		1,087		—
Total long-term debt	10,452		5,716		5,967
Adjusted for:
Hybrid treatment for junior subordinated notes¹	(545	)	(544	)	—
Operating lease liabilities	22		22		10
Dividends payable	—		104		—
Cash and cash equivalents	(622	)	(397	)	(262	)
Restricted cash held in escrow²	(4,480	)	—		—
Net debt	4,827		4,901		5,715
Normalized EBITDA	1,079		1,091		1,074
Net debt-to-normalized EBITDA (ratio)	4.5		4.5		5.3

Includes 50% equity treatment of South Bow’s junior subordinated notes.
Senior unsecured notes and junior subordinated notes were issued on Aug. 28, 2024, of which $1.25 billion was used to repay long-term debt to affiliates of TC Energy; the remaining proceeds were held in escrow until completion of the Spinoff on Oct. 1, 2024.

Forward-looking information and statements

This news release contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the meaning of the “safe harbor” provisions of applicable securities legislation, that are based on South Bow’s current expectations, estimates, projections, and assumptions in light of its experience and its perception of historical trends. All statements other than statements of historical facts may constitute forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as, “anticipate”, “will”, “expect”, “estimate”, “potential”, “future”, “outlook”, “strategy”, “maintain”, “ongoing”, “intend”, and similar expressions suggesting future events or future performance.

In particular, this news release contains forward-looking statements, including certain financial outlooks, pertaining to, without limitation, the following: South Bow’s corporate vision and strategy, including its strategic priorities and outlook; the Blackrod Connection Project, including completion of crude oil and natural gas pipeline segments, testing activities, in-service dates, and costs thereof; expected in-service dates and costs related to announced projects and projects under construction; PHMSA approvals and completion of the ACAO; expected interest expense and tax rate; expected capital expenditures; expected dividends; expected one-time costs relating to the Spinoff; expected shareholder returns and asset returns; demand for uncommitted capacity on the Keystone System; treatment under current and future regulatory regimes, including those relating to taxes, tariffs, and the environment; South Bow’s financial guidance for 2025 and beyond, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures; and South Bow’s financial strength and flexibility.

The forward-looking statements are based on certain assumptions that South Bow has made in respect thereof as of the date of this news release regarding, among other things: oil and gas industry development activity levels and the geographic region of such activity; that favourable market conditions exist and that South Bow has and will have available capital to fund its capital expenditures and other planned spending; prevailing commodity prices, interest rates, inflation levels, carbon prices, tax rates, and exchange rates; the ability of South Bow to maintain current credit ratings; the availability of capital to fund future capital requirements; future operating costs; asset integrity costs; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner; and prevailing regulatory, tax, and environmental laws and regulations.

Although South Bow believes the assumptions and other factors reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking statements are not guarantees of future performance. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and related decisions and requirements; the impact of competitive entities and pricing; reliance on third parties to successfully operate and maintain certain assets; the strength and operations of the energy industry; weakness or volatility in commodity prices; non-performance or default by counterparties; actions taken by governmental or regulatory authorities; the ability of South Bow to acquire or develop and maintain necessary infrastructure; fluctuations in operating results; adverse general economic and market conditions; the ability to access various sources of debt and equity capital on acceptable terms; and adverse changes in credit. The foregoing list of assumptions and risk factors should not be construed as exhaustive. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the results implied by forward-looking statements, refer to South Bow’s AIF dated March 5, 2025, available under South Bow’s SEDAR+ profile at www.sedarplus.ca and, from time to time, in South Bow’s public disclosure documents, available on South Bow’s website at www.southbow.com, under South Bow’s SEDAR+ profile at www.sedarplus.ca, and in South Bow’s filings with the SEC at www.sec.gov.

Management approved the financial outlooks contained in this news release, including 2025 normalized EBITDA and long-term normalized EBITDA growth, 2025 interest expense, 2025 distributable cash flow, and 2025 capital expenditures as of the date of this news release. The purpose of these financial outlooks is to inform readers about Management’s expectations for the Company’s financial and operational results in 2025, and such information may not be appropriate for other purposes.

The forward-looking statements contained in this news release speak only as of the date hereof. South Bow does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

About South Bow

South Bow safely operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast through our unrivalled market position. We take pride in what we do – providing safe and reliable transportation of crude oil to North America’s highest demand markets. Based in Calgary, Alberta, South Bow is the spinoff company of TC Energy, with Oct. 1, 2024 marking South Bow’s first day as a standalone entity. To learn more, visit www.southbow.com.

Contact information

*Investor Relations*	*Media Relations*
Martha Wilmot investor.relations@southbow.com	Katie Stavinoha communications@southbow.com

The MIL Network –

March 6, 2025

MIL-OSI: Wilmington Announces 2024 Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) — Wilmington Capital Management Inc. (TSX: WCM.A, WCM.B) (“Wilmington” or the “Corporation”) reported a net loss for the three months ended December 31, 2024, of $0.9 million or ($0.07) per share and net income for the twelve months ended December 31, 2024 of $0.4 million or $0.03 per share, compared to net loss of $0.2 million or ($0.02) per share and $2.3 million and $0.18 per share for the same periods in 2023.

Beginning in August 2023, the Corporation took steps to monetize a significant number of its investments in order to unlock the embedded value which had been substantially realized, simplify its business and return capital to its shareholders. The Corporation has been able to reward shareholders through the payment of a dividend and return of capital in May 2024 totaling $2.75 per share.

Outlook
As at December 31, 2024, the Corporation had substantially completed the monetization of its investments and had cash on hand of approximately $36 million. The Corporation is currently reviewing a range of alternatives aimed at providing liquidity to shareholders by scaling its public platform or alternatively by other means.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

(audited)	Three months ended December 31,				Twelve months ended December 31,
($ thousands, except per share amounts)	2024		2023		2024		2023
Revenues
Management fee revenue	221		193		861		833
Distribution income	—		(18	)	68		1,276
Interest and other income	474		427		1,807		1,793
	695		602		2,736		3,902
Expenses
General and administrative	(1,955	)	(789	)	(3,842	)	(2,120	)
Amortization	(7	)	(6	)	(28	)	(28	)
Finance costs	(1	)	(2	)	(5	)	(7	)
Stock-based compensation	—		(23	)	(18	)	(117	)
	(1,963	)	(820	)	(3,893	)	(2,272	)
Fair value adjustments and other activities
Fair value changes to investments	—		397		164		1,577
Gain (loss) from sale of investments	—		(52	)	947		(52	)
Share of equity accounted loss	—		(116	)	—		(122	)
	—		229		1,111		1,403
Income (loss) before income taxes	(1,268	)	11		(46	)	3,033
Current income tax recovery (expense)	47		294		(434	)	(246	)
Deferred income tax recovery (expense)	399		(531	)	852		(493	)
Provision for income taxes	446		(237	)	418		(739	)
Net income (loss)	(822	)	(226	)	372		2,294
Other comprehensive income
Items that will not be reclassified to net income (loss):
Fair value changes to investments	(60	)	1,471		(60	)	783
Related income taxes	37		53		73		36
Other comprehensive income (loss), net of income taxes	(23	)	1,524		13		819
Comprehensive income (loss)	(845	)	1,298		385		3,113


Net income (loss) per share – basic	(0.07	)	(0.02	)	0.03		0.18
Net income (loss) per share – diluted	(0.07	)	(0.02	)	0.03		0.18

CONSOLIDATED BALANCE SHEETS

(audited)	December 31,	December 31,
($ thousands)	2024	2023

Assets
NON-CURRENT ASSETS
Investment in Maple Leaf Partnership	—	22,910
Investment in Bay Moorings Partnership	850	—
Investment in Sunchaser Partnership	—	4,700
Investment in Energy Securities	—	7,584
Land held for development	—	6,632
Deferred income tax assets	240	—
Right-of-use asset	36	64
	1,126	41,890
CURRENT ASSETS
Cash	36,307	10,664
Short term securities	—	17,000
Amounts receivable and other	1,253	4,616
Total assets	38,686	74,170

Liabilities
NON-CURRENT LIABILITIES
Deferred income tax liabilities	—	1,773
Lease liabilities	52	85
	52	1,858
CURRENT LIABILITIES
Lease liabilities	38	38
Income taxes payable	725	171
Amounts payable and other	1,638	800
Total liabilities	2,453	2,867

Equity
Shareholders’ equity	35,619	51,324
Contributed surplus	—	1,132
Retained earnings	418	10,364
Accumulated other comprehensive income	196	8,483
Total equity	36,233	71,303
Total liabilities and equity	38,686	74,170

Executive Officers of the Corporation will be available at 403-705-8038 to answer any questions on the Corporation’s financial results.

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND OTHER MEASUREMENTS
Certain statements included in this document may constitute forward-looking statements or information under applicable securities legislation. Forward-looking statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial conditions, expected financial results, performance, opportunities, priorities, ongoing objectives, strategies and outlook of the Corporation and its investee entities and contain words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, or similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation.

While the Corporation believes the anticipated future results, performance or achievements reflected or implied in those forward-looking statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Corporation’s control, which may cause the actual results, performance and achievements of the Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors and risks that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include but are not limited to: the ability of management of Wilmington and its investee entities to execute its and their business plans; availability of equity and debt financing and refinancing within the equity and capital markets; strategic actions including dispositions; business competition; delays in business operations; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; operational matters related to investee entities business; incorrect assessments of the value of acquisitions; fluctuations in interest rates; stock market volatility; general economic, market and business conditions; risks associated with existing and potential future law suits and regulatory actions against Wilmington and its investee entities; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities; changes in income tax laws, tax laws; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; and other risks, factors and uncertainties described elsewhere in this document or in Wilmington’s other filings with Canadian securities regulatory authorities.

The foregoing list of important factors that may affect future results is not exhaustive. When relying on the forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statements or information, that may be as a result of new information, future events or otherwise. These forward-looking statements are effective only as of the date of this document.

The MIL Network –

March 6, 2025

MIL-OSI Submissions: Economy – Tariffs are an act of economic war – The global fallout begins – deVere Group

Source: deVere Group

March 5 2025 – Tariffs are “an act of economic war,” and the latest US tariffs are a direct assault on the global economy, warns the CEO of one of the world’s largest independent financial and asset management organizations.

The comments from deVere Group’s Nigel Green comes as President Donald Trump’s joint congressional address made it clear: his administration is deploying tariffs as a weapon, not just a policy.

The sweeping 25% duties on Canada and Mexico, an additional 10% on Chinese imports, and threats against the European Union mark an economic confrontation that will redefine global markets.

Beijing wasted no time in firing back, saying they are prepared for a tariff war or “any other type of war,” signaling that the world’s second-largest economy is ready to retaliate with full force.

Investors are now bracing for a prolonged and destabilizing economic war, with market volatility and financial uncertainty taking center stage.

Nigel Green, CEO of deVere Group, warns: “Tariffs are an act of economic war.

“This aggressive escalation could cause the most severe economic disruption since the global financial crisis, barring the pandemic.

“The fallout will extend far beyond tariffs themselves, with ripple effects threatening corporate profits, inflation levels, and supply chains.

“Trade barriers of this scale are not a pathway to strength. They’re self-inflicted wounds that create higher costs for businesses, dampen consumer spending, and erode economic resilience.

“Tariffs are not a show of power; they are a tax on prosperity.”

Despite Trump’s insistence that tariffs will restore America’s economic dominance, reality is painting a different picture.

Increased costs on imports mean businesses will either absorb the financial hit or pass it along to consumers, leading to inflationary pressures that weaken household purchasing power. The result? A slowing economy disguised as a policy win.

“From manufacturing to tech, industries are now forced to face a storm of rising costs and shrinking global competitiveness,” says Nigel Green.

“This is not a win, it’s reckless brinkmanship with high stakes for the US and global economy.”

Trump’s vow to roll out even more trade penalties by April 2 is triggering concern through global markets.

Washington’s latest trade war salvos are setting off countermeasures from Beijing, Brussels, and beyond.

China’s retaliatory tariffs are expected to hit US exports where it hurts—targeting agriculture, technology, and other key industries with strategic precision. The European Union is weighing its response, while Mexico and Canada have already signaled their intent to push back.

“Trade conflicts don’t happen in isolation. They trigger chain reactions—capital flight, fractured supply chains, and heightened uncertainty for investors,” explains the deVere CEO.

The notion that tariffs will fortify the US economy is fundamentally flawed.

“The cost of this economic war will be borne by households, businesses, and investors worldwide. And unless there’s a change in course, the worst may still be ahead.”

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

MIL OSI – Submitted News –

March 6, 2025
MIL-OSI United Kingdom: Opportunity for girls to become British Ambassador for a day
Source: United Kingdom – Executive Government & Departments
World news story

Opportunity for girls to become British Ambassador for a day

English

العربيَّة

To mark International Women’s Day, the Embassies of the United Kingdom, Canada and Jordan are collaborating on the ‘Ambassador for a Day’ competition for the third year.
Ambassador For A Day 2025

We encourage girls from all backgrounds living in Lebanon, aged 15 to 18 years old to apply. The competition closes Monday 7 April 2025.

Ambassador for a Day is a national essay competition for girls between 15-18 years of age. Each AFAD winner will get to shadow an Ambassador or senior UN Official in Lebanon for one day, to see first-hand how girls can become leaders and advocates for change. This promises to be an unforgettable opportunity to build skills in diplomacy, confidence, and leadership.

The theme for this year’s International Women’s Day is For ALL women and girls: Rights, Equality, Empowerment. To enter the competition, participants should submit either a video or short essay in English or Arabic answering the question:

“If you were an Ambassador for a Day, what actions would you take to accelerate gender equality including equal rights, power and opportunities?’’

For more details, see:

how to enter Ambassador for a Day competition (ODT, 328 KB)

كيفية المشاركة (ODT, 119 KB)

Terms and conditions (ODT, 32.2 KB)

شروط المسابقة (ODT, 109 KB)

Follow us on social media for updates: Facebook/X/Instagram: @UKinLebanon / @CanadaLebanon

Instagram: @embassyofjordanbeirut //Facebook: سفارة المملكة الاردنية الهاشمية لدى الجمهورية اللبنانية / X: @joembassybeirut

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Updates to this page

Published 6 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI: Petrolympic Announces Closing of Private Placement

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Petrolympic Ltd. (the “Company“) (TSX.V: PCQ – OTCQB:PCQRF) is pleased to announce the closing of a non-brokered private placement (the “Offering“), consisting of 3,000,000 units (“Units“) at a price of $0.05 per Unit to raise aggregate gross proceeds of $150,000.

Each Unit consists of one common share (“Common Share“) of the Company and one Common Share purchase warrant (“Warrant“). Each Warrant entitles the holder thereof to purchase a Common Share at $0.10 per share for a period of 24 months from closing, subject to acceleration in the event that the Common Shares trade at or above $0.20 for 20 consecutive trading days.

All securities issued in connection with this Offering are subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

About Petrolympic

Petrolympic is a Junior Canadian gold and lithium mining company in North America. The Company is presently focused on its lithium exploration assets in the James Bay region, Basserode and Fournière in Abitibi region as well as its gold exploration assets at Vauquelin and Rayon d’Or in the Val d’Or region, all in the Province of Quebec, Canada.

For further information please contact:

Mendel Ekstein – President & CEO

82 Richmond St East
Toronto, ON M5C 1P1
Tel. 845-656-0184 Fax 845-231-6665

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any information regarding the proposed acquisition, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: economic and global market impacts of the COVID-19 pandemic, fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.

The MIL Network –

March 6, 2025
MIL-OSI USA: Senator Reverend Warnock Statement on Extreme Tariffs on Everyday Goods, Agriculture

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock Statement on Extreme Tariffs on Everyday Goods, Agriculture

Senator Reverend Warnock is the Ranking Member of the Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness
Tariffs will impact cost of produce, canned soda, beer, lumber for housing, aluminum for cars and manufacturing equipment, fertilizer for producers, and more
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA), ranking member of the Senate Finance Subcommittee on International Trade, Customs, and Global Competitiveness, issued the following statement on the newly announced 25% tariffs on Canada and Mexico.
“When I hear from ordinary Georgians, they tell me the cost of everything from housing to prescription drugs to groceries are too expensive. Georgians feel like their dollar isn’t going far enough, and these tariffs only make the problem worse.”
“These sweeping tariffs and this impending trade war will hurt our farmers, who are now seeing a hike in fertilizer prices going into planting season. With retaliatory tariffs already being implemented, I fear that my years of bipartisan efforts to open up international markets for our farmers will be erased. This will make produce in the grocery stores more expensive and producers losing their farms more likely.”
“I’m not opposed to all tariffs. They can be a useful tool to protect American jobs and coerce bad actors like China to play by the rules. But these chaotic and impulsive tariffs do nothing but punish Georgians who are just trying to balance their checkbook and save for the future. I will continue to speak out against policies that hurt Georgia families and farmers.”

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: PREPARED REMARKS: Sanders, Democratic Senators Force Republicans to Confront Hypocrisy on Ukraine and Putin
US Senate News:
Source: United States Senator for Vermont – Bernie Sanders

WASHINGTON, March 5 – Sen. Bernie Sanders (I-Vt.), alongside Sens. Chuck Schumer (D-N.Y.), Dick Durbin (D-Ill.), Chris Van Hollen (D-Md.), Richard Blumenthal (D-Conn.), Peter Welch (D-Vt.) and Michael Bennet (D-Colo.), today asked for unanimous consent on the Senate floor to pass a series of straightforward resolutions condemning Russia’s illegal, unprovoked invasion of Ukraine. The senators offered six resolutions clarifying that the United States stands with the people of Ukraine in defense of their democracy and condemns the dictator Vladimir Putin’s crimes against humanity. Republicans rose in opposition to every one.

The senators’ resolutions are statements of fact and principle, backed by evidence and long-standing American foreign policy, including:
- Clarifying that Russia started the war against Ukraine.
- Condemning Putin and Russian forces for their widespread war crimes and crimes against humanity in Ukraine.
- Condemning Russia’s forcible abduction of at least 20,000 Ukrainian children and calls for their return to their families.
- Reaffirming the support of the United States for Ukraine’s sovereignty in the face of Russia’s invasion.
- Restating a simple but fundamental principle of international law and global stability: that you do not take the territory of another country by force.
- Demanding that Putin immediately withdraw Russian forces from Ukraine, cease his attacks, and end this terrible war.
Sanders’ remarks on the Senate floor were livestreamed here and are available below.

I am here tonight with colleagues who have worked extremely hard to protect the sovereignty of Ukraine and to defend democracy in that country and, in fact, throughout the world.

And I thank my colleagues for getting on the floor this evening and for the resolutions that they will be bringing forth.

M. President, I am not a historian. But I do know that for the last 250 years, since the inception of our great country, despite our imperfections, the United States has stood in the world as a symbol of democracy. And all over the world people have looked to our country as an example of freedom and self-governance to which the rest of the world could aspire. People have long looked to our Declaration of Independence and Constitution as blueprints for how to establish governments of the people, by the people and for the people.

M. President, tragically, all of that is now changing. As President Trump moves this country towards authoritarianism, he is aligning himself with dictators and despots who share his disdain for democracy and the rule of law.

Just last week, in a radical departure from long-standing U.S. policy, the Trump administration voted against a United Nations resolution which clearly stated that Russia began the horrific war in Ukraine.

That U.N. resolution also called on Russia to withdraw its forces from occupied Ukraine, in line with international law. The resolution was brought forward by our closest allies, including the United Kingdom, Australia, Canada, France, Germany, Japan and dozens of other democratic nations. Ninety-three countries at the U.N. voted YES on that resolution.

Rather than side with our long-standing allies to preserve democracy and uphold international law, President Trump voted with authoritarian nations like Russia, North Korea, Iran and Belarus to oppose the resolution. Many of the other opponents of that resolution are undemocratic nations propped up by Russian military aid.

But it wasn’t just the U.N. vote. Pathetically, President Trump also told an outrageous lie, claiming that it was Ukraine that started the war, not Russia. He also called President Zelensky a dictator, rather than the leader of a democratic nation, as he is.

M. President, as we discuss Ukraine tonight, it is terribly important that we not forget who Vladimir Putin is and why he is no friend of the United States, and why we should not be in an alliance with him against Ukraine.

Putin is the man who crushed Russia’s movement towards democracy after the end of the Cold War. Putin is a man who steals elections, murders political dissidents and crushes freedom of the press. He has maintained control in Russia by offering the oligarchs there a simple deal: If they grant him absolute power and share the spoils, he would let them steal as much as they wanted from the Russian people. The result: while the vast majority of the Russian population struggles economically, Putin and his fellow oligarchs stash trillions of dollars in offshore tax havens.

And so today, 26 years after he took power, Putin is the absolute ruler of Russia. And I think as everyone knows, Russia’s elections are blatantly fraudulent. A sham.

And Putin is the man who sparked the bloodiest war in Europe since World War II.

More than three years ago, on February 24, 2022, Putin ordered a full-scale invasion of Ukraine, in clear violation of the Charter of the United Nations and international law. Russian land, air and naval forces have attacked and occupied territory across Ukraine.

Since that terrible day, more than a million people have been killed or injured because of Putin’s war. Putin’s forces have massacred civilians and kidnapped thousands of Ukrainian children, bringing them back to Russian “re-education” camps. These atrocities led the International Criminal Court to issue an arrest warrant for Putin in 2023 as a war criminal. That’s who we are allying ourselves with.

And still, today, Russia continues its attacks, raining down hundreds of missiles and drones on Ukrainian cities. Russian forces illegally occupy about 20 percent of Ukraine’s sovereign territory.

M. President, this war could end today if Putin gave up his outrageous effort to conquer a neighboring country. The war could end today. The killing could stop right now, if Putin gave that order.

And that, simply, M. President, is what my resolution says to Vladimir Putin: Stop the killing. Obey international law. Withdraw your forces and cease your attacks on Ukraine. And I, honestly, don’t understand how anyone in the United States Senate could object to that simple demand.

M. President, now, more than at any time in recent history, it is imperative that the Senate come together in a bipartisan manner to make it clear that we stand for democracy, not authoritarianism; that we stand for international law, not conquest by force; and that we stand with Ukraine and fellow democracies throughout the world, and not with the murderous dictator of Russia.
MIL OSI USA News –
March 6, 2025
MIL-OSI USA: AI pioneers Andrew Barto and Richard Sutton win 2025 Turing Award for groundbreaking contributions to reinforcement learning
Source: US Government research organizations

NSF funded Barto’s research journey from basic science to pioneering breakthroughs in artificial intelligence
The computing world is celebrating a major milestone as Andrew Barto, professor emeritus at the University of Massachusetts Amherst, and Richard Sutton, professor of computer science at the University of Alberta, Canada, have been awarded the 2024 Association for Computing Machinery A.M. Turing Award — often called the “Nobel Prize of computing” — for “developing the conceptual and algorithmic foundations of reinforcement learning.”

The legacy in reinforcement learning

Barto and Sutton are widely recognized as pioneers of the modern computational reinforcement learning (RL), a field that addresses the challenge of learning how to act based on evaluative feedback. Their work has laid the conceptual and algorithmic foundations of RL, shaping the future of artificial intelligence and decision-making systems.

The influence of RL extends across multiple disciplines, including computer science (machine learning), engineering (optimal control), mathematics (operations research), neuroscience (optimal decision-making), psychology (classical and operant conditioning) and economics (rational choice theory). Researchers in these fields continue to be profoundly shaped by the contributions of Sutton and Barto.

From NSF Grants to AI Breakthroughs

Barto’s contributions were made possible through a series of U.S. National Science Foundation-funded projects that sustained AI research long before its recent boom. His research was supported through grants from NSF programs including the National Robotics Initiative, Robust Intelligence, Collaborative Research in Computation Neuroscience, Human-Centered Computing, Biological Information Technology and Systems, Artificial Intelligence and Cognitive Science, which have driven the long-term, fundamental advances in machine learning that we see today.

“Barto’s research exemplifies the power of foundational computational research that has not only advanced state-of-the-art decision-making machines and intelligent systems but has also provided critical insights into understanding intelligence itself,” said Greg Hager, NSF assistant director for Computer and Information Science and Engineering.

“Andy Barto’s work laid the foundation for modern reinforcement learning, influencing generations of researchers, including myself. His insights with Rich Sutton into how agents can learn and adapt in complex environments form the backbone of how automated behavior is generated in the field of artificial intelligence. Without his pioneering research, many of today’s — and tomorrow’s — AI breakthroughs wouldn’t be possible,” said Michael Littman, director for the NSF Division of Information and Intelligent Systems.

The impact of Barto and Sutton’s work

For decades, NSF has supported fundamental research in AI, with Barto’s work being among the most influential. Barto and Sutton formalized RL concepts through decades of research, beginning with Sutton’s time as Barto’s first doctoral student. Their collaboration continued as Sutton later joined Barto at the UMass Amherst as a senior research scientist from 1995 to 1998 and beyond, producing many of the foundational RL approaches that remain in use today.

Reinforcement learning methods built on Sutton and Barto’s work today underpin:
- Chatbots: Conversational AI agents learn to answer questions helpfully and accurately with the help of a technique called reinforcement learning from human feedback, as deployed in ChatGPT and other leading bots.
- Games: From Jeopardy to Go to video games, RL algorithms have made it possible for computer players to achieve world-class performance and have even influenced the strategies of the best human players.
- Robot motor skill learning: RL enables robots to learn autonomously through trial and error how to carry out intricate tasks.
- Microprocessor layout and circuit design: RL systems make decisions for composing components that make up computer chips
- Personalized recommendations: Online services like Netflix and YouTube rely on RL techniques to tailor recommendations.
- Autonomous vehicles: RL models help self-driving cars learn how to navigate complex traffic environments.
- Supply chain optimization: RL-enabled systems learn what items need to be stored where so that customers can receive goods quickly and cheaply.
- Algorithm design: Researchers have broken new ground and solved long-standing problems with the help of RL systems.
Breakthroughs in RL have fueled a multibillion-dollar industry, with major companies like DeepMind and OpenAI relying on RL as a core technology. Additionally, many major tech firms now have dedicated RL research teams. It is also recognized as a core topic of study. For example, RL was added to the Computer Science Standards of Learning for Virginia Public Schools earlier this year.

Bridging AI and neuroscience

The influence of Barto and Sutton’s work extends far beyond computer science and AI, forging crucial connections between RL and brain sciences, including cognitive science, psychology and neuroscience. Their research has provided groundbreaking insights into how learning can occur, both in machines and in the human brain.

One of their earliest breakthroughs came in 1981 when they showed that temporal difference (TD) learning could explain certain learning behaviors that the existing Rescorla-Wagner model couldn’t. This discovery opened the door to a new way of understanding how learning happens. Building on this idea, a 1995 study found a connection between the TD algorithm and how dopamine neurons in the brain behave. This insight laid the groundwork for later experiments that confirmed that TD learning accurately describes how dopamine influences reward-based learning.

With the 2025 A.M. Turing Award recognizing Barto and Sutton’s lifetime achievements, their legacy underscores the importance of sustained federal investment in basic research — the kind of support that has fueled AI’s breakthroughs over the last four decades.

For more details on this year’s award, please visit https://amturing.acm.org/
MIL OSI USA News –
March 6, 2025
MIL-OSI: Mount Logan Capital Inc. Schedules Release of 2024 Fiscal Year Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (CBOE: MLC) (“Mount Logan” or the “Company”) will release its financial results for the fiscal year ended December 31, 2024 after market close on Thursday, March 13, 2025. The Company will host a conference call on Friday, March 14, 2025, at 9:00 a.m. Eastern Time to discuss these results. Shareholders, prospective shareholders, and analysts are welcome to listen to the conference call. To join the call, please use the dial-in information below. A recording of the conference call will be available on Mount Logan’s website www.mountlogancapital.ca in the Investor Relations section under “Events”.

Canada Dial-in Toll Free: 1-833-950-0062
US Dial-in Toll Free: 1-833-470-1428
International Dial-in:
Access Code: 601424

About Mount Logan Capital Inc.

Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies acquired by Mount Logan in the fourth quarter of fiscal year 2021.

This press release is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this release is not, and under no circumstances is it to be construed as, an offer to sell or an offer to purchase any securities in the Company or in any fund or other investment vehicle. This press release is not intended for U.S. persons. The Company’s shares are not and will not be registered under the U.S. Securities Act of 1933, as amended, and the Company is not and will not be registered under the U.S. Investment Company Act of 1940 (the “1940 Act”). U.S. persons are not permitted to purchase the Company’s shares absent an applicable exemption from registration under each of these Acts. In addition, the number of investors in the United States, or which are U.S. persons or purchasing for the account or benefit of U.S. persons, will be limited to such number as is required to comply with an available exemption from the registration requirements of the 1940 Act.

Contacts:
Mount Logan Capital Inc.

365 Bay Street, Suite 800
Toronto, ON M5H 2V1
info@mountlogancapital.ca

Nikita Klassen
Chief Financial Officer
Nikita.Klassen@mountlogancapital.ca

Scott Chan
Investor Relations
Scott.Chan@mountlogan.com

The MIL Network –

March 6, 2025
MIL-OSI: ThreeD Capital Inc. Announces Private Placement Financing

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — ThreeD Capital Inc. (“ThreeD” or the “Company”) (CSE:IDK / OTCQX:IDKFF) a Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors, is pleased to announce terms to a proposed private placement financing (the “Private Placement”).

The Private Placement will consist of the sale of up to 7,000,000 units of the Company (“Units”) at a price of $0.10 per Unit, for total gross proceeds raised of $700,000. Each Unit is comprised of one common share and one common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder thereof to acquire one common share of the Company at an exercise price of $0.20 per common share for a period of 60 months. No commission or finders’ fees are expected paid as part of the Private Placement.

All securities issued and issuable in connection with the Private Placement will be subject to a four-month and a day hold period. Proceeds received from the Private Placement are intended to be used for general working capital purposes and purchase of investments.

In connection with the Private Placement, certain directors of the Company (collectively the “Insiders”), intend to purchase a total of 2,000,000 Units. Insiders’ participation in the Private Placement constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the valuation and minority shareholder approval requirements under MI 61-101, as the fair market value of the Insiders’ participation in the Private Placement does not exceed 25% of the market capitalization of the Company.

The Private Placement remains subject to the approval of the Canadian Securities Exchange.

About ThreeD Capital Inc.

ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.

For further information:

Matthew Davis, CPA

Chief Financial Officer and Corporate Secretary
davis@threedcap.com

Phone: 416-941-8900

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Forward-Looking Statements

This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of Canadian securities laws including, without limitation, statements with respect to the future investments by the Company. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur. Although the Company believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause the Company’s actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

The MIL Network –

March 6, 2025
MIL-OSI: Capstone Infrastructure Corporation Reports Fourth Quarter and Fiscal 2024 Results and Declares a Quarterly Dividend
Source: GlobeNewswire (MIL-OSI)

Toronto, Ontario, March 05, 2025 (GLOBE NEWSWIRE) — Capstone Infrastructure Corporation (TSX: CSE.PR.A) (the “Corporation” or “Capstone”) today announced and filed its financial results for the fourth quarter and fiscal year ended December 31, 2024. The Corporation’s 2024 Management’s Discussion and Analysis (“MD&A”) and audited consolidated financial statements are available at www.capstoneinfrastructure.com and on SEDAR+ at www.sedarplus.ca. Capstone’s MD&A details the “Results of Operations” and provides a “Financial Position Review” for the quarter ended December 31, 2024.

Dividend Declarations

Today, the Board of Directors declared a quarterly dividend on the Corporation’s Cumulative Five-Year Rate Reset Preferred Shares, Series A (the “Preferred Shares”) of $0.2314 per Preferred Share to be paid on or about April 30, 2025 to shareholders of record at the close of business on April 15, 2025. The dividend on the Preferred Shares covers the period from January 31, 2025 to April 29, 2025.

The dividends paid by the Corporation on its Preferred Shares are designated “eligible” dividends for the purposes of the Income Tax Act (Canada). An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.

About Capstone Infrastructure Corporation

Capstone is generating our low-carbon future, driving the energy transition forward through creative thinking, strong partnerships, and a commitment to quality and integrity in how we do business. A developer, owner, and operator of clean and renewable energy projects across North America, Capstone’s portfolio includes approximately 885 MW gross installed capacity across 35 facilities, including wind, solar, hydro, biomass, and natural gas power plants. Please visit www.capstoneinfrastructure.com for more information.

Caution Regarding Forward-Looking Statements

Certain of the statements contained within this document are forward-looking and reflect management’s expectations regarding the future growth, results of operations, performance and business of the Corporation based on information currently available to the Corporation. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “intend”, “estimate”, “plan”, “believe” or other similar words. These statements are subject to known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results. The forward-looking statements within this document are based on information currently available and what the Corporation currently believes are reasonable assumptions, including the material assumptions set out in the management’s discussion and analysis of the results of operations and the financial condition of the Corporation (“MD&A”) for the year ended December 31, 2024, as updated in subsequently filed MD&A of the Corporation (such documents are available under the Corporation’s SEDAR+ profile at www.sedarplus.ca).

Although the Corporation believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements due to inherent risks and uncertainties. For a comprehensive description of these risk factors, please refer to the “Risk Factors” section of the Corporation’s Annual Information Form dated March 21, 2024, as supplemented by disclosure of risk factors contained in any subsequent annual information form, material change reports (except confidential material change reports), business acquisition reports, interim financial statements, interim management’s discussion and analysis and information circulars filed by the Corporation with the securities commissions or similar authorities in Canada (which are available under the Corporation’s SEDAR+ profile at www.sedarplus.ca).

The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. The forward-looking statements within this document reflect current expectations of the Corporation as at the date of this document and speak only as at the date of this document. Except as may be required by applicable law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

Attachment
- 2024 Annual Report
The MIL Network –
March 6, 2025
MIL-OSI Economics: Recovering From Daylight Savings May Take More Than Three Weeks, Youngest Hit Hardest

Source: Samsung

Do you find yourself feeling more tired once the clocks spring forward for Daylight Savings Time (DST)? Well, you’re not alone. Although losing an hour the night of DST may seem insignificant, examining the sleep patterns of global Samsung Health users1 from the US, Canada, and more than 40 European countries reveals a ripple effect that causes weeks-long disruptions to sleep patterns, hitting younger age groups the hardest.
DST Takes a Toll on Sleep, With Younger Generations Most Disrupted
When looking into how much of an impact DST has on people the morning after, one thing is clear, everyone’s sleep patterns are thrown off. In fact, people spent a little too much time counting sheep the night of the time change, falling asleep 33 minutes later than the previous night, waking up 19 minutes earlier. While losing sleep isn’t easy at any age, those in their 20s likely felt it the most thanks to an extremely late bedtime and a seeming inability to sleep in.

Moreover, Sleep Score — calculated based on an evaluation of a users’ total sleep time, awake time, sleep cycle, plus physical and mental recovery — was at the worst level for weeks after DST — and again, people in their 20s appeared to be most affected. When examining the seven-day Sleep Score average, the 20s age group demonstrated the slowest score recovery rate, while older age groups adapted much quicker. By the third week, Sleep Score for all age groups were still not stable as normal, showing fluctuations in the quality of a good night’s rest.

Useful Tips to Help You Get a Good Night’s Sleep and a Quicker Recovery
The transition into DST clearly affects the sleep patterns of all age groups long after the clocks change, but for younger generations, prioritizing sleep management during this time couldn’t be more important. In recognition of World Sleep Day, Samsung is sharing useful tips that make understanding your sleep patterns and habits as seamless and effortless as possible for a better night’s rest.

Creating an ideal sleep environment is critical to a good night’s sleep. Later this month, Samsung Health app update2 will make this possible by providing guidance and analysis on the key factors that influence sleep quality, including temperature, humidity, CO2, and illuminance via a Sleep Environment Report3 — leveraging SmartThings and the power of Samsung’s extensive device ecosystem. With a better understanding of how your environment affects sleep, easily optimize your room conditions for an improved night’s rest.
In addition to perfecting your sleep environment, understanding how activity can impact energy level is key. Samsung Health app updates also bring enhancements to Energy Score,4 which provides an indicator of how much energy users can expend throughout the day. In addition to sleep and heart rate,5 a new detailed factor about activity — Activity Consistency — will help you understand your overall condition in greater detail by evaluating your activity levels over the past four weeks.
It’s also important to understand how you’re sleeping and make necessary adjustments through sleep training. Sleep Coaching makes this simple by seamlessly tracking your sleep patterns over 7 days and assigning a sleep animal based on the results. With a personalized coaching program, develop healthy habits and routines that set you on a positive path to achieving your sleep goals.

World Sleep Day serves as an important reminder of the importance of sleep. With the latest Samsung Health app updates and the Galaxy ecosystem, Samsung remains committed to helping users optimize their sleep and lead healthier, more balanced life.

MIL OSI Economics –

March 6, 2025
MIL-Evening Report: Weakening currents in the Atlantic may mean a wetter northern Australia and drier New Zealand

Source: The Conversation (Au and NZ) – By Himadri Saini, Research Associate at Climate Change Research Centre, UNSW Sydney

Deborah Wallace Tasmanian/Shutterstock

Europe is warmed by heat from ocean currents, which move water from the warm tropics to the colder North Atlantic. Once the warm, salty water from the tropics reach the polar region, they cool enough to sink to the depths and flow back towards the Southern Ocean.

This enormous system of currents is known as the Atlantic Meridional Overturning Circulation (AMOC). Climate scientists are increasingly worried about the AMOC, which appears to be slowing down.

While there’s still debate over whether the AMOC has weakened over the last decades, climate models consistently show the AMOC will significantly weaken over the coming century due to the increase in heat-trapping atmospheric greenhouse gases. As more heat stays in the system, the ocean heats up and ice melts, adding fresh water to polar oceans. The overall effect is to slow these currents. The AMOC could weaken 30% by 2060.

A weaker AMOC would mean big changes in Europe, which benefits directly from the warmer waters it brings. But it would also change the climate in the Southern Hemisphere. Our new research shows a weakening of the AMOC would lead to a large change in rainfall patterns, leading to wetter summers in northern Australia and a drier New Zealand year-round. Indonesia and northern Papua New Guinea would also become drier.

Running AMOC?

In the Earth’s long history, the AMOC has gone through many periods of weakening. These were most common during ice ages, when glaciers expanded, but they also occurred during periods as warm as today.

To reconstruct past climates, researchers use data from ice cores, marine sediment cores and speleothems (mineral deposits in caves such as flowstone and stalagmites), as well as simulations performed with climate models. These data show a weaker AMOC strongly affected the climate in the Northern Hemisphere. When flows of warmer water faltered, sea ice expanded in the North Atlantic, while Europe endured colder, drier conditions and the northern tropics became drier.

If the AMOC weakens significantly, it will mean major change for Northern Hemisphere nations. Average temperatures could actually drop 3°C in Western Europe.

At present, the AMOC’s flows of warmer water give European nations more pleasant climates and keeps ports ice free, while the Canadian side of the North Atlantic has a much more severe climate.

What does it mean for the Southern Hemisphere?

Data from ice cores and marine sediment cores also showed Antarctica and the Southern Ocean became warmer during these past AMOC weakening events. Until now, we haven’t understood what an AMOC weakening would mean for rainfall in the Australasian region.

To find out, we ran climate model simulations with the Australian Earth system model, ACCESS-ESM1.5. Our modelling reveals a complex and regionally varied response, primarily shaped by large-scale atmospheric changes.

As the AMOC weakens, it sets off a chain reaction in the oceans and atmosphere which alter rainfall and temperatures across Australasia.

A weaker AMOC would affect ocean temperatures, cooling surface waters in the northern hemisphere and warming waters in the southern hemisphere. This would push the Intertropical Convergence Zone – a belt of heavy rain near the equator – further south.

This means areas such as northern Papua New Guinea and Indonesia will get less rain, while northern Australia will cop wetter summers.

Next, a warmer south equatorial Atlantic triggers atmospheric waves – large-scale movements of air that travel across the globe. These waves lower air pressure over northern Australia, pulling in more moisture and making summer rainfall even heavier.

At the same time, a weaker AMOC disrupts the usual tropical Pacific and Indian Ocean dynamics, altering wind patterns and pressure systems in the Southern Hemisphere. High pressure systems shift southward, affecting storm tracks. The overall effect is fewer storms reaching southern Australia and New Zealand, leading to drier winters.

Last, as the Atlantic currents peter out, heat builds up in Southern Hemisphere oceans rather than being carried to the poles. This results in hotter summers, particularly in southern Australia and New Zealand.

Deluges and droughts

It’s likely we will see these important currents weaken this century, bringing major change to both hemispheres.

Those in Australia and New Zealand are likely to see a magnification of some existing climate shifts, such as a drier south and wetter north.

Policymakers and resource managers need to prepare for a future where water becomes an increasingly uncertain resource.

In the north, more rain over summer could mean a greater reliance on water storage and flood mitigation. In the south, drier conditions may force increased water use efficiency and drought planning.

In New Zealand, a year-round drying trend could challenge farm productivity and hydropower generation. Long-term water management will be critical.

What happens in the North Atlantic doesn’t stay there. It ripples through the atmosphere and oceans, with far-reaching consequences.

Himadri Saini receives funding from the Australian Research Council.

Laurie Menviel receives funding from the Australian Research Council.

– ref. Weakening currents in the Atlantic may mean a wetter northern Australia and drier New Zealand – https://theconversation.com/weakening-currents-in-the-atlantic-may-mean-a-wetter-northern-australia-and-drier-new-zealand-248679

MIL OSI Analysis – EveningReport.nz –

March 6, 2025

MIL-OSI: Descartes Announces Fiscal 2025 Fourth Quarter and Annual Financial Results

Source: GlobeNewswire (MIL-OSI)

Record Income from Operations

WATERLOO, Ontario and ATLANTA, March 05, 2025 (GLOBE NEWSWIRE) — The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2025 fourth quarter (Q4FY25) and year (FY25) ended January 31, 2025. All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).

“Fiscal 2025 was another year of growth for Descartes, highlighted by the addition of numerous complementary services to the Global Logistics Network,” said Edward J. Ryan, Descartes’ CEO. “We believe these investments can help shippers, carriers, and logistics services providers manage the increased uncertainty and complexity that’s recently been introduced to the global trade environment. Our customers benefit from our diversity in international and domestic supply chains, our expertise with tariffs, sanctions and other global trade issues, and our expansive roster of connected trading partners as they navigate a quickly evolving trade landscape.”

FY25 Financial Results
As described in more detail below, key financial highlights for Descartes’ FY25 included:

Revenues of $651.0 million, up 14% from $572.9 million in the same period a year ago (FY24);
Revenues were comprised of services revenues of $590.2 million (91% of total revenues), professional services and other revenues of $55.1 million (8% of total revenues) and license revenues of $5.7 million (1% of total revenues). Services revenues were up 13% from $520.9 million in FY24;
Cash provided by operating activities of $219.3 million, up 6% from $207.7 million in FY24. Cash provided by operating activities was negatively impacted in FY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition;
Income from operations of $181.1 million, up 27% from $142.8 million in FY24;
Net income of $143.3 million, up 24% from $115.9 million in FY24. Net income as a percentage of revenues was 22%, compared to 20% in FY24;
Earnings per share on a diluted basis of $1.64, up 22% from $1.34 in FY24; and
Adjusted EBITDA of $284.7 million, up 15% from $247.5 million in FY24. Adjusted EBITDA as a percentage of revenues was 44%, compared to 43% in FY24.

Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). These items are considered by management to be outside Descartes’ ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release.

The following table summarizes Descartes’ results in the categories specified below over FY25 and FY24 (dollar amounts in millions):

	FY25		FY24
Revenues	651.0		572.9
Services revenues	590.2		520.9
Gross margin	76	%	76	%
Cash provided by operating activities*	219.3		207.7
Income from operations	181.1		142.8
Net income	143.3		115.9
Net income as a % of revenues	22	%	20	%
Earnings per diluted share	1.64		1.34
Adjusted EBITDA	284.7		247.5
Adjusted EBITDA as a % of revenues	44	%	43	%

(*) FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

Q4FY25 Financial Results
As described in more detail below, key financial highlights for Q4FY25 included:

Revenues of $167.5 million, up 13% from $148.2 million in the fourth quarter of fiscal 2024 (Q4FY24) and down from $168.8 million in the previous quarter (Q3FY25);
Revenues were comprised of services revenues of $156.5 million (93% of total revenues), professional services and other revenues of $10.7 million (6% of total revenues) and license revenues of $0.3 million (1% of total revenues). Services revenues were up 15% from $135.7 million in Q4FY24 and up 5% from $149.7 million in Q3FY25;
Cash provided by operating activities of $60.7 million, up 19% from $50.8 million in Q4FY24 and up 1% from $60.1 million in Q3FY25;
Income from operations of $47.1 million, up 27% from $37.0 million in Q4FY24 and up 3% from $45.8 million in Q3FY25;
Net income of $37.4 million, up 18% from $31.8 million in Q4FY24 and up 2% from $36.6 million in Q3FY25. Net income as a percentage of revenues was 22%, compared to 21% in Q4FY24 and 22% in Q3FY25;
Earnings per share on a diluted basis of $0.43, up 16% from $0.37 in Q4FY24 and up 2% from $0.42 in Q3FY25; and
Adjusted EBITDA of $75.0 million, up 14% from $65.7 million in Q4FY24 and up 4% from $72.1 million in Q3FY25. Adjusted EBITDA as a percentage of revenues was 45%, compared to 44% in Q4FY24 and 43% in Q3FY25, respectively.

The following table summarizes Descartes’ results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions):

	Q4 FY25		Q3 FY25		Q2 FY25		Q1 FY25		Q4 FY24
Revenues	167.5		168.8		163.4		151.3		148.2
Services revenues	156.5		149.7		146.2		137.8		135.7
Gross margin	76	%	74	%	75	%	77	%	76	%
Cash provided by operating activities*	60.7		60.1		34.7		63.7		50.8
Income from operations	47.1		45.8		45.9		42.4		37.0
Net income	37.4		36.6		34.7		34.7		31.8
Net income as a % of revenues	22	%	22	%	21	%	23	%	21	%
Earnings per diluted share	0.43		0.42		0.40		0.40		0.37
Adjusted EBITDA	75.0		72.1		70.6		67.0		65.7
Adjusted EBITDA as a % of revenues	45	%	43	%	43	%	44	%	44	%

(*) Q2FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition but was paid due to post-acquisition performance exceeding expectations at the time of acquisition

Cash Position
At January 31, 2025, Descartes had $236.1 million in cash. Cash increased by $54.8 million in Q4FY25 and decreased by $84.9 million in FY25. The table set forth below provides a summary of cash flows for Q4FY25 and FY25 in millions of dollars:

	Q4FY25		FY25
Cash provided by operating activities	60.7		219.3
Additions to property and equipment	(2.1	)	(6.8	)
Acquisitions of subsidiaries, net of cash acquired	(3.7	)	(290.2	)
Payment of debt issuance costs			(0.1	)
Issuances of common shares, net of issuance costs	2.5		12.4
Payment of withholding taxes on net share settlements	–		(6.7	)
Payment of contingent consideration	–		(9.2	)
Effect of foreign exchange rate on cash	(2.6	)	(3.6	)
Net change in cash	54.8		(84.9	)
Cash, beginning of period	181.3		321.0
Cash, end of period	236.1		236.1

Conference Call
Descartes’ executive management team will hold a conference call to discuss the company’s financial results at 5:30 PM ET on Wednesday, March 5. Designated numbers are +1 289 514 5100 or +1 800 717 1738 for North America Toll-Free, using Passcode 45440#.

The company will simultaneously conduct an audio webcast on the Descartes website at https://www.descartes.com/who-we-are/investor-relations/financial-information. Phone conference dial-in or webcast login is required approximately 10 minutes beforehand.

Replays of the conference call will be available until March 12, 2025, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 45440#. An archived replay of the webcast will be available at https://www.descartes.com/who-we-are/investor-relations/financial-information.

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 X (Twitter).

Descartes Investor Contact
Laurie McCauley
(519) 746-2969
investor@descartes.com

Cautionary Statement Regarding Forward-Looking Statements

This release may contain forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relates to Descartes’ expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the “Russia-Ukraine Conflict”), and between Israel and Hamas (“Israel-Hamas Conflict”), or other potentially catastrophic events, on our business, results of operations and financial condition; continued growth and acquisitions including our assessment of any increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth and Adjusted EBITDA margin operating range; demand for Descartes’ solutions; growth of Descartes’ Global Logistics Network (“GLN”); customer buying patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing at levels generally consistent with those experienced historically; the Russia-Ukraine Conflict and Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes’ continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes’ continued ability to identify and source attractive and executable business combination opportunities; Descartes’ ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes’ business or industry, 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, Descartes’ ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes’ ability to successfully design and develop enhancements to our products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes’ ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes’ market capitalization; and other 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 purpose 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.

Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues

We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.

The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

Management considers these non-operating expenses to be outside the scope of Descartes’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed seven acquisitions since the beginning of fiscal 2024 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our audited Consolidated Statements of Operations for FY25 and FY24, which we believe is the most directly comparable GAAP measure.

(US dollars in millions)	FY25		FY24
Net income, as reported on Consolidated Statements of Operations	143.3		115.9
Adjustments to reconcile to Adjusted EBITDA:
Interest expense	1.0		1.4
Investment income	(11.5	)	(9.7	)
Income tax expense	48.3		35.2
Depreciation expense	5.6		5.5
Amortization of intangible assets	69.4		60.5
Stock-based compensation and related taxes	21.1		17.1
Other charges	7.5		21.6
Adjusted EBITDA	284.7		247.5

Revenues	651.0		572.9
Net income as % of revenues	22	%	20	%
Adjusted EBITDA as % of revenues	44	%	43	%

The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q4FY25, Q3FY25, Q2FY25, Q1FY25, and Q4FY24, which we believe is the most directly comparable GAAP measure.

(US dollars in millions)	Q4FY25		Q3FY25		Q2FY25		Q1FY25		Q4FY24
Net income, as reported on Consolidated Statements of Operations	37.4		36.6		34.7		34.7		31.8
Adjustments to reconcile to Adjusted EBITDA:
Interest expense	0.2		0.2		0.2		0.3		0.3
Investment income	(1.9	)	(2.9	)	(2.7	)	(4.1	)	(3.4	)
Income tax expense	11.4		11.9		13.6		11.5		8.3
Depreciation expense	1.5		1.4		1.4		1.4		1.4
Amortization of intangible assets	19.4		17.5		17.4		15.0		15.1
Stock-based compensation and related taxes	5.4		5.6		5.8		4.3		4.7
Other charges	1.6		1.8		0.2		3.9		7.5
Adjusted EBITDA	75.0		72.1		70.6		67.0		65.7

Revenues	167.5		168.8		163.4		151.3		148.2
Net income as % of revenues	22	%	22	%	21	%	23	%	21	%
Adjusted EBITDA as % of revenues	45	%	43	%	43	%	44	%	44	%

The Descartes Systems Group Inc.
Consolidated Balance Sheets
(US dollars in thousands; US GAAP)

	January 31,		January 31,
	2025		2024
ASSETS
CURRENT ASSETS
Cash	236,138		320,952
Accounts receivable (net)
Trade	53,953		51,569
Other	16,931		12,193
Prepaid expenses and other	45,544		33,468
	352,566		418,182
OTHER LONG-TERM ASSETS	24,887		24,737
PROPERTY AND EQUIPMENT, NET	12,481		11,552
RIGHT-OF-USE ASSETS	7,623		6,257
DEFERRED INCOME TAXES	3,802		2,097
INTANGIBLE ASSETS, NET	321,270		251,047
GOODWILL	924,755		760,413
	1,647,384		1,474,285
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	20,650		17,484
Accrued liabilities	79,656		91,824
Lease obligations	3,178		3,075
Income taxes payable	9,313		6,734
Deferred revenue	104,230		84,513
	217,027		203,630
LEASE OBLIGATIONS	4,718		3,903
DEFERRED REVENUE	978		1,464
INCOME TAXES PAYABLE	5,531		6,153
DEFERRED INCOME TAXES	34,127		21,101
	262,381		236,251

SHAREHOLDERS’ EQUITY
Common shares – unlimited shares authorized; Shares issued and outstanding totaled 85,605,969 at January 31, 2025 (January 31, 2024 – 85,183,455)	568,339		551,164
Additional paid-in capital	503,133		494,701
Accumulated other comprehensive loss	(50,497	)	(28,586	)
Retained earnings	364,028		220,755
	1,385,003		1,238,034
	1,647,384		1,474,285

The Descartes Systems Group Inc.
Consolidated Statements of Operations
(US dollars in thousands, except per share and weighted average share amounts; US GAAP)

	January 31,		January 31,		January 31,
Year Ended	2025		2024		2023

REVENUES	651,000		572,931		486,014
COST OF REVENUES	158,574		138,295		113,326
GROSS MARGIN	492,426		434,636		372,688
EXPENSES
Sales and marketing	73,692		68,161		56,573
Research and development	95,497		84,103		70,353
General and administrative	65,248		57,373		49,710
Other charges	7,466		21,649		5,441
Amortization of intangible assets	69,399		60,501		60,177
	311,302		291,787		242,254
INCOME FROM OPERATIONS	181,124		142,849		130,434
INTEREST EXPENSE	(1,004	)	(1,363	)	(1,167	)
INVESTMENT INCOME	11,513		9,666		4,461
INCOME BEFORE INCOME TAXES	191,633		151,152		133,728
INCOME TAX EXPENSE (RECOVERY)
Current	53,402		41,223		28,248
Deferred	(5,042	)	(5,978	)	3,244
	48,360		35,245		31,492
NET INCOME	143,273		115,907		102,236
EARNINGS PER SHARE
Basic	1.68		1.36		1.21
Diluted	1.64		1.34		1.18
WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)
Basic	85,443		85,068		84,791
Diluted	87,323		86,818		86,451

The Descartes Systems Group Inc.
Consolidated Statements of Cash Flows
(US dollars in thousands; US GAAP)

Year Ended	January 31,		January 31,		January 31,
	2025		2024		2023
OPERATING ACTIVITIES
Net income	143,273		115,907		102,236
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	5,589		5,474		5,225
Amortization of intangible assets	69,399		60,501		60,177
Stock-based compensation expense	19,962		16,480		13,667
Other non-cash operating activities	23		114		53
Deferred tax expense (recovery)	(5,042	)	(5,978	)	3,244
Changes in operating assets and liabilities	(13,932	)	15,182		7,793
Cash provided by operating activities	219,272		207,680		192,395
INVESTING ACTIVITIES
Additions to property and equipment	(6,743	)	(5,563	)	(6,071	)
Acquisition of subsidiaries, net of cash acquired	(290,204	)	(142,700	)	(115,561	)
Cash used in investing activities	(296,947	)	(148,263	)	(121,632	)
FINANCING ACTIVITIES
Payment of debt issuance costs	(53	)	(43	)	(1,118	)
Issuance of common shares for cash, net of issuance costs	12,391		9,272		1,730
Payment of withholding taxes on net share settlements	(6,745	)	(4,886	)	–
Payment of contingent consideration	(9,223	)	(19,084	)	(5,215	)
Cash used in financing activities	(3,630	)	(14,741	)	(4,603	)
Effect of foreign exchange rate changes on cash	(3,509	)	(109	)	(3,212	)
Increase (decrease) in cash	(84,814	)	44,567		62,948
Cash, beginning of year	320,952		276,385		213,437
Cash, end of year	236,138		320,952		276,385

The MIL Network –

March 6, 2025

MIL-OSI: Clairvest Announces New Normal Course Issuer Bid

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — Clairvest Group Inc. (TSX: CVG) today announced that the Toronto Stock Exchange has accepted a notice filed by Clairvest of its intention to make a new normal course issuer bid (“NCIB”). Clairvest’s current NCIB expires on March 7, 2025. The notice provides that the Corporation may, during the 12-month period commencing March 10, 2025 and ending March 9, 2026, purchase on The Toronto Stock Exchange, or other alternative Canadian trading systems, up to 718,192 common shares in total, being approximately 5% of the outstanding common shares. The average daily trading volume for the six months ending January 31, 2025 was 419 common shares. Daily purchases will be limited to 1,000 common shares, other than block purchase exceptions. Any shares purchased will be cancelled. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by the Corporation. In total 3,806,532 common shares at a cost of approximately $56 million have been purchased under previous normal course issuer bids. The Corporation purchased 82,500 common shares on the Toronto Stock Exchange, out of an approved maximum repurchase amount of 742,620 under its current bid within the last twelve months at a weighted average price of $70.17 per share. There were 14,363,842 common shares of the Corporation outstanding on February 28, 2025.

The Corporation believes, depending upon future price movements and other factors, that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.

Clairvest also announced today that, in connection with its NCIB, Clairvest has renewed its automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its common shares under the NCIB, once effective, at times when Clairvest normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods. Before the commencement of any internal trading black-out period, Clairvest may, but is not required to, instruct its designated broker to make purchases of Clairvest’s common shares under the NCIB during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Clairvest prior to commencement of the applicable black-out period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these black-out periods, common shares will be purchasable by Clairvest at its discretion under its NCIB, once effective.

The ASPP will commence on the effective date of the NCIB and will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the NCIB has been reached; (b) the NCIB expires; or (c) Clairvest terminates the ASPP in accordance with its terms. The ASPP constitutes an “automatic securities purchase plan” under applicable Canadian securities laws.

About Clairvest

Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $4.6 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 67 different platform companies and generated top quartile performance over an extended period.

For further information, please contact:

Stephanie Lo
Director of Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
stephaniel@clairvest.com

The MIL Network –

March 6, 2025

MIL-OSI: AGF Reports February 2025 Assets Under Management and Fee-Earning Assets

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) — AGF Management Limited reported total assets under management (AUM) and fee-earning assets¹ of $53.8 billion as at February 28, 2025.

AUM ($ billions)	February 28, 2025	January 31, 2025	% Change Month-Over-Month	February 29, 2024	% Change Year-Over-Year
Total Mutual Fund	$31.1	$31.4		$26.1
Exchange-traded funds + Separately managed accounts	$2.9	$2.7		$1.7
Segregated accounts and Sub-advisory	$6.6	$6.8		$7.3
AGF Private Wealth	$8.6	$8.6		$7.8
Subtotal (before AGF Capital Partners AUM and fee-earning assets¹)	$49.2	$49.5		$42.9
AGF Capital Partners	$2.5	$2.8		$0.1
Total AUM	$51.7	$52.3	-1.1%	$43.0	20.2%
AGF Capital Partners fee-earning assets¹	$2.1	$2.1		$2.0
Total AUM and fee-earning assets¹	$53.8	$54.4	-1.1%	$45.0	19.6%

Average Daily Mutual Fund AUM	$31.2	$30.8		$25.8
¹ Fee-earning assets represent assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

Mutual Fund AUM by Category ($ billions)	February 28, 2025	January 31, 2025	February 29, 2024
Domestic Equity Funds	$4.5	$4.5	$4.2
U.S. and International Equity Funds	$19.3	$19.7	$15.2
Domestic Balanced Funds	$0.1	$0.1	$0.1
U.S. and International Balanced Funds	$1.7	$1.7	$1.6
Domestic Fixed Income Funds	$2.0	$1.9	$1.7
U.S. and International Fixed Income Funds	$3.2	$3.2	$3.1
Domestic Money Market	$0.3	$0.3	$0.2
Total Mutual Fund AUM	$31.1	$31.4	$26.1

AGF Capital Partners AUM and fee-earning assets ($ billions)	February 28, 2025	January 31, 2025	February 29, 2024
AGF Capital Partners AUM	$2.5	$2.8	$0.1
AGF Capital Partners fee-earning assets	$2.1	$2.1	$2.0
Total AGF Capital Partners AUM and fee-earning assets	$4.6	$4.9	$2.1

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Nick Smerek
VP, Financial Planning & Analysis
416-865-4337, InvestorRelations@agf.com

The MIL Network –

March 6, 2025

MIL-OSI: AGF Management Limited to Release First Quarter 2025 Financial Results on April 8, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO, March 05, 2025 (GLOBE NEWSWIRE) —

AGF Management Limited (TSX: AGF.B) will release its financial results for Q1 2025 on Tuesday, April 8, 2025 at approximately 7:00 a.m. ET. AGF will hold a conference call and webcast to discuss these results at 11:00 a.m. ET.

The discussion will feature remarks by Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, and Ken Tsang, Chief Financial Officer. Judy G. Goldring, President and Head of Global Distribution, and Ash Lawrence, Head of AGF Capital Partners, will also be available for the question-and-answer period with investment analysts following the presentation.

The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/4ch7jtxw. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With nearly $54 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts and media, please contact:

Nick Smerek
VP, Financial Planning & Analysis
416-865-4337, InvestorRelations@agf.com

The MIL Network –

March 6, 2025
MIL-OSI Canada: Budget 2025: Investing in Alberta’s future | Budget 2025 : Investir dans l’avenir de l’Alberta
As Alberta continues work to address increasing domestic and international economic pressures, Budget 2025 works to strengthen Alberta’s economy. This budget helps build communities, secure Alberta’s southern border and boost investments in the province’s economic future.

“While we work closely with partners to find solutions to a possible trade conflict, we will continue our work to make sure Alberta’s economy is strong – in and outside of the energy sector – so that we can manage any turbulence that comes our way. Budget 2025 carves our path forward in the face of this uncertainty.”

Nate Horner, President of Treasury Board and Minister of Finance

Budget 2025: Supporting a strong workforce

Alberta’s workforce is the backbone of the provincial economy. Budget 2025 continues the commitment to training and developing a skilled and resilient labour force to further grow Alberta’s economy and help businesses succeed, including:
- $26.1 billion over three years from the Capital Plan, to support about 26,500 direct and 12,000 indirect jobs each year through 2027-28.
- $135 million for skilled trade programs such as apprenticeship and adult learning initiatives to help Albertans gain the skills and training needed for successful careers, and support access to job opportunities.
- $2 billion in 2025-26 to support and expand early learning and child-care system so parents and caregivers can participate in training, education or work opportunities.
Budget 2025: Securing our borders
- Alberta’s government is committed to being a good neighbour and trading partner, and part of this commitment involves taking measures to secure the Alberta-US border. Budget 2025 includes $29 million in 2025-26 for a new Interdiction Patrol Team within the Alberta Sheriffs to tackle illegal drug and gun smuggling, human trafficking, apprehension of persons attempting to cross the border illegally, and other illegal activities along Alberta’s international land border. Budget 2025 also includes a $15 million investment over two years for three new vehicle inspection stations located near borders to the USA.
Budget 2025: Investing in post-secondary education

Budget 2025 invests a total of $7.4 billion in post-secondary education, with an operating budget of $6.6 billion in 2025-26. This includes:
- $78 million per year over the next three years to create more seats in apprenticeship classes across the province to build skilled trades and apprenticeship education that will respond to the needs of industry, support the economy and connect Albertans with jobs.
- $113 million to support greater demand for scholarships and the Alberta Student Grant, with $60 million funded from the Alberta Heritage Scholarship Fund.
- $4 million to the First Nations Colleges Grant which is distributed equally across five colleges in rural and remote Indigenous communities.
“Our government is ensuring that Alberta students have the skills and training they need to meet the needs of today while preparing for the economy of the future. Budget 2025 makes foundational investments to meet the challenge of a rapidly growing population while supporting a sustainable post-secondary education system.”

Rajan Sawhney, Minister of Advanced Education

Budget 2025: Building communities

Alberta’s vibrant communities make Alberta the best place in Canada to live, work and raise a family. Budget 2025 invests in stronger communities across Alberta, including:
- $17.2 million to increase grants made to municipalities in lieu of property taxes on government-owned property to 75 per cent, up from the current 50 per cent. By next year, the province will cover 100 per cent of the amount that would be paid if the property was taxable.
- $820 million this year and $2.5 billion over three years in Local Government Fiscal Framework capital funding to help fund local infrastructure priorities.
Budget 2025: Supporting trade and diversification

Alberta continues to champion economic growth and policies that support productivity. Through Budget 2025, Alberta’s government will continue to build on current successes through:
- Attracting more investment through low corporate income taxes. At eight per cent, Alberta’s corporate income tax rate is 30 per cent lower than the next lowest province.
- Providing greater incentive for small- and medium-sized firms that increase their spending on research and development, with Alberta’s Innovation Employment Grant.
- Promoting Alberta as a reliable partner in supporting North American and global energy security to investors. The province will optimize new and existing infrastructure to access new markets for Alberta’s energy and mineral resources.
- Supporting Alberta’s agriculture producers and value-added processors, addressing barriers to trade by cultivating export markets, and working to increase market access for Alberta products.
- Reinforcing Alberta as a critical contributor to North American energy security by continuing to advocate for our remarkable energy sector across Canada, the U.S., Germany, Japan and the rest of the world.
Budget 2025: Investing in business and industry

Budget 2025 continues to find ways to help Alberta’s economy grow through investments in business and industry and help our economy grow, including:
- Support to attract investment in Alberta’s energy and mineral resource sector to accelerate opportunities in emerging resources.
- $45 million over three years for the Investment and Growth Fund to attract investment into Alberta’s economy.
- $1.8 million in Western Crop Innovations for industry-leading crop research.
- $780,000 to support small- and medium-sized meat processors.
- $3.1 million for the University of Calgary’s Faculty of Veterinary Medicine to expand toward a full-service veterinary diagnostic laboratory. This will give livestock producers and vets access to quicker, more affordable livestock diagnostics closer to home.
“Budget 2025 builds a stronger Alberta by growing industries, creating high-quality jobs and expanding opportunities for workers and families. With strategic investments in innovation, infrastructure and workforce development, Alberta is rising to the challenge, strengthening our province for many years to come.”

Matt Jones, Minister of Jobs, Economy and Trade

“We are advancing cutting-edge research in agriculture and supporting small and medium-sized businesses. Additionally, we are strengthening our agricultural infrastructure, ensuring quicker and more affordable services for livestock producers and veterinarians. We’re supporting innovation, attracting investment, and building a resilient economy for the future.”

RJ Sigurdson, Minister of Agriculture and Irrigation

Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.

Related information
- Budget 2025
Related news
- Budget 2025: Meeting the challenge (Feb 27, 2025)
- Budget 2025: Meeting the challenge in health and education (Feb 27, 2025)
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Le budget de 2025 relève le défi de l’incertitude en matière de commerce et de sécurité en mettant l’accent sur l’économie.

À mesure que l’Alberta continue de répondre aux pressions économiques intérieures et internationales, le budget de 2025 vise à renforcer l’économie albertaine. Il contribue à bâtir des communautés, à assurer la sécurité de la frontière au sud de la province et à renforcer les investissements dans notre avenir économique.

« Alors que nous travaillons en étroite collaboration avec des partenaires pour trouver des solutions à un différend commercial potentiel, nous poursuivons notre travail pour nous assurer que l’économie de l’Alberta est forte, dans le secteur de l’énergie et ailleurs, afin de pouvoir gérer toute perturbation. Le budget de 2025 trace la voie à suivre face à cette incertitude. »

Nate Horner, président du Conseil du Trésor et ministre des Finances

Budget 2025 : Soutenir une main-d’œuvre solide

La main-d’œuvre albertaine est l’épine dorsale de l’économie provinciale. Le budget de 2025 maintient l’engagement envers la formation et le perfectionnement d’une main-d’œuvre qualifiée et résiliente de sorte à faire croître l’économie et aider les entreprises à réussir :
- 26,1 milliards de dollars sur trois ans provenant du plan d’immobilisations afin d’appuyer environ 26 500 emplois directs et 12 000 emplois indirects chaque année jusqu’en 2027-2028.
- 135 millions de dollars pour des programmes de métiers spécialisés, comme des initiatives d’apprentissages et d’éducation des adultes de sorte à aider les Albertains à acquérir les compétences et à suivre la formation nécessaires pour mener des carrières fructueuses, ainsi qu’à soutenir l’accès aux possibilités d’emploi.
- 2 milliards de dollars en 2025-26 pour appuyer et élargir le système d’apprentissage et de garde des jeunes enfants afin que les parents et les gardiens tirent parti de possibilités de formation, d’éducation ou d’emploi.
Budget 2025 : Assurer la sécurité de nos frontières
- Le gouvernement de l’Alberta est résolu à être un bon voisin et un bon partenaire commercial, ce qui implique la prise de mesures pour assurer la sécurité de la frontière entre l’Alberta et les États-Unis. Le budget de 2025 prévoit 29 millions de dollars en 2025-26 pour une nouvelle équipe de « patrouille d’interdiction » (Interdiction Patrol Team) qui fait partie des shérifs de l’Alberta et sera chargée de lutter contre le trafic de drogue et d’armes et la traite de personnes, d’appréhender les personnes qui tentent de traverser la frontière illégalement et de surveiller d’autres activités illégales le long de la frontière internationale de la province. Le budget de 2025 comprend en outre un investissement de 15 millions de dollars sur deux ans pour trois nouveaux postes d’inspection de véhicules près de la frontière des États-Unis.
Budget 2025 : Investir dans l’enseignement postsecondaire

Le budget de 2025 investit en tout 7,4 milliards de dollars dans l’enseignement postsecondaire, le budget d’exploitation étant de 6,6 milliards de dollars en 2025-2026. Cette somme comprend :
- 78 millions de dollars par années sur trois ans pour créer un plus grand nombre de places dans les cours d’apprentissage de toute la province en vue de renforcer les métiers spécialisés et les formations en apprentissage qui répondront aux besoins de l’industrie, soutiendront l’économie et mettront les Albertains en rapport avec des emplois.
- 113 millions de dollars pour contribuer à satisfaire à la demande croissante de bourses et appuyer la bourse aux étudiants de l’Alberta (Alberta Student Grant), dont 60 millions de dollars provenant de l’Alberta Heritage Scholarship Fund.
- 4 millions de dollars pour la subvention aux collèges des Premières Nations (First Nations Colleges Grant), cette somme étant répartie également entre cinq collèges dans des communautés autochtones rurales et éloignées.
« Notre gouvernement veille à ce que les étudiants en Alberta possèdent les compétences et la formation nécessaires pour répondre aux besoins actuels, tout en se préparant à l’économie future. Le budget de 2025 réalise des investissements fondamentaux de sorte à relever les défis posés par une population en pleine croissance, tout en appuyant un système d’éducation postsecondaire durable. »

Rajan Sawhney, ministre de l’Enseignement postsecondaire

Budget 2025 : Bâtir des communautés

Les communautés dynamiques de notre province font de l’Alberta le meilleur endroit au Canada où vivre, travailler et élever une famille. Le budget de 2025 investit dans des communautés plus fortes partout en Alberta :
- 17,2 millions de dollars pour augmenter de 50 % à 75 % les subventions accordées aux municipalités en remplacement d’impôts fonciers à l’égard des propriétés qui appartiennent au gouvernement. D’ici l’année prochaine, la province couvrira 100 $ du montant qui serait versé si la propriété était imposable.
- 820 millions de dollars cette année et 2,5 milliards de dollars sur trois ans en dépenses en capital du cadre fiscal des administrations locales (Local Government Fiscal Framework) afin d’aider à financer les travaux d’infrastructures prioritaires.
Budget 2025 : Soutenir le commerce et la diversification

L’Alberta continue de favoriser la croissance économique et des politiques qui appuient la productivité. Par l’entremise du budget de 2025, le gouvernement de l’Alberta continuera de tirer parti des réussites actuelles en faisant ce qui suit :
- Attirer plus d’investissements grâce à un faible taux d’imposition sur le revenu des sociétés. En Alberta, le taux de 8 % est de 30 % inférieur à celui de la province qui se classe deuxième.
- Offrir de plus grands stimulants aux petites et moyennes entreprises qui augmentent leurs dépenses en recherche et développement, par l’entremise de la subvention pour l’emploi et l’innovation (Alberta’s Innovation Employment Grant).
- Promouvoir l’Alberta en tant que partenaire fiable pour soutenir la sécurité énergétique nord-américaine et mondiale auprès des investisseurs. La province optimisera les infrastructures nouvelles et existantes afin d’accéder à de nouveaux marchés pour les ressources énergétiques et minérales de l’Alberta.
- Soutenir les producteurs agricoles albertains et les transformateurs à valeur ajoutée de l’Alberta, s’attaquer aux obstacles au commerce en cultivant les marchés d’exportation et s’employer à améliorer l’accès au marché pour les produits de l’Alberta.
- Renforcer la position de l’Alberta en tant que contributrice essentielle à la sécurité énergétique de l’Amérique du Nord en continuant de promouvoir notre secteur énergétique remarquable au Canada, aux États-Unis, en Allemagne, au Japon et dans le reste du monde.
Budget 2025 : Investir dans les entreprises et les industries

Le budget de 2025 continue de trouver des moyens de favoriser la croissance de l’économie albertaine en investissant dans les entreprises et les industries :
- Soutien visant à attirer des investissements dans le secteur de l’énergie et des ressources minérales de sorte à accélérer les possibilités dans le domaine des ressources émergentes.
- 45 millions de dollars sur trois ans pour le fonds d’investissement et de croissance (Investment and Growth Fund) en vue d’attirer des investissements dans l’économie albertaine.
- 1,8 million de dollars versés à Western Crop Innovations au titre de la recherche de pointe sur les cultures.
- 780 000 $ pour appuyer les petites et moyennes entreprises de transformation de viande.
- 3,1 millions de dollars pour la Faculté de médecine vétérinaire de l’Université de Calgary en vue d’un agrandissement menant à un laboratoire de diagnostic vétérinaire complet. Les éleveurs de bétail et les vétérinaires auront alors accès à un diagnostic plus rapide, plus abordable et plus proche.
« Le budget de 2025 bâtit une Alberta plus forte en développant les industries, en créant des emplois de haute qualité et en élargissant les possibilités offertes aux travailleurs et aux familles. Grâce à des investissements stratégiques en innovation, infrastructure et perfectionnement de la main-d’œuvre, l’Alberta relève le défi pour être plus forte pendant de nombreuses années à venir. »

Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

« Nous faisons progresser la recherche de point en agriculture et nous appuyons les petites et moyennes entreprises. De plus, nous renforçons notre infrastructure agricole pour offrir des services plus rapides et plus abordables aux éleveurs de bétail et aux vétérinaires. Nous soutenons l’innovation, nous attirons les investissements et nous bâtissons une économie résiliente pour l’avenir. »

RJ Sigurdson, ministre de l’Agriculture et de l’Irrigation

Le budget de 2025 relève le défi auquel fait face l’Alberta grâce à des investissements continus dans l’éducation et la santé, une baisse des impôts pour les familles et un accent sur l’économie.

Renseignements connexes
- Budget 2025
Nouvelles connexes
- Budget 2025: Meeting the challenge | Budget 2025 : Relever le défi (27 février 2025)
- Budget 2025: Meeting the challenge in health and education | Budget 2025 : Relever le défi dans la santé et l’éducation (27 février 2025)
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MIL OSI Canada News –
March 6, 2025
MIL-OSI USA: 25 Canadian nationals connected to nationwide multi-million dollar “grandparent scam” charged in Vermont
Source: US Immigration and Customs Enforcement

Burlington, Vt. – Canadian law enforcement provisionally arrested 23 Canadian nationals March 4 after they were indicted by federal grand jury in Vermont for participation in a “grandparent scam” uncovered by U.S. Immigration and Customs Enforcement. The scam allegedly defrauded elderly individuals in more than 40 states of over $21 million.

According to the indictment returned by the grand jury Feb. 20 and unsealed on March 4, between the summer of 2021 and June 4, 2024, the defendants engaged in a “grandparent scam” involving phone calls made from call centers in and around Montreal, Québec. During these phone calls, defendants falsely claimed to be an elderly victim’s relative, typically a grandchild, who had been arrested following a car crash and needed money for “bail.” Other defendants posed as an “attorney” representing the elderly victim’s relative. Elderly victims were often told that there was a “gag order” in place to prevent the elderly victim from telling anyone about their family member’s supposed arrest. Elderly victims were convinced to provide bail money to an individual falsely posing as a bail bondsman, who would come to the elderly victim’s home to collect the money. This money was later transmitted to Canada following cash deliveries and financial transactions, sometimes involving cryptocurrency, which, the indictment alleges, obscured the source of the money and the identities of defendants.

When Canadian law enforcement executed search warrants on June 4, 2024, at several call centers, many of the defendants were found in the act of placing phone calls to elderly victims in Virginia. The Indictment alleges the call centers were managed by Gareth West, Usman Khalid, Andrew Tatto, Stephan Moskwyn, and Ricky Ylimaki, and also charges these five defendants with conspiring to commit money laundering. The conspiracy defrauded elderly Americans out of more than $21 million.

“These individuals are accused of an elaborate scheme using fear to extort millions of dollars from victims who believed they were helping loved ones in trouble. Today’s arrests are the result of domestic collaboration as well as our critical international partnerships with our colleagues in Canada, Sûreté du Québec and the Royal Canadian Mounted Police. Tackling transnational crime is one of our greatest priorities and we’re working hand-in-hand with our neighbors to dismantle organized criminal groups that threaten our safety and security,” said ICE Homeland Security Investigations Special Agent in Charge New England Michael J. Krol.

“Today’s operation is an excellent example of ICE Canada’s partnership with the Sûreté du Québec and resulted in the disruption of a significant transnational criminal organization. We will continue to partner with the SQ, the Royal Canadian Mounted Police and other law enforcement agencies to identify and dismantle criminal organizations operating throughout North America and abroad that exploit our shared border and vulnerable population for illicit gain,” said ICE HSI Attache for Ottawa Magdalena Sigur.

“The transnational criminal conspiracy described in the Indictment preyed on vulnerable Americans throughout the United States,” observed Acting United States Attorney Michael P. Drescher. “These charges reflect the painstaking investigatory work of the Vermont-based agents from Homeland Security Investigations and the Internal Review Service-Criminal Investigations. In addition, we recognize the extensive investigative assistance provided by Sûreté du Québec and the Royal Canadian Mounted Police.”

“Today’s arrest of Gareth West and his co-conspirators demonstrates IRS-CI’s commitment to protecting the American people from bad actors, no matter where they are hiding.” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “West and his associates lead a transnational criminal enterprise with the sole intent of defrauding hundreds of retirees of their life savings by preying on their emotions and deceiving them into thinking that their loved ones were in peril. IRS-CI is committed to continued collaboration with our law enforcement partners, both at home and abroad, to stop and deter anyone who seeks to profit off the hard work of U.S. citizens.”

“For the Quebec Provincial Police and Homeland Security Investigations, transnational criminal organizations are a significant concern that requires close collaboration. Criminal networks operate beyond borders; thus, it is crucial to have strong partnerships among law enforcement. Today’s arrests highlight the efficiency of our joint efforts, demonstrating that our cooperation delivers concrete results in enhancing public safety on both sides of the border,” said Chief Inspector Michel Patenaude

An indictment contains only allegations, and defendants are presumed innocent until and unless proven guilty.

West, Khalid, Tatto, Moskwyn and Ricky Ylimaki face up to 40 years of imprisonment if convicted, and the remaining defendants face up to 20 years of imprisonment if convicted.

The investigation was led by ICE and IRS-CI with the assistance of U.S. Customs and Border Protection and the Quebec Provincial Police (Sûreté du Québec) in Canada. The Royal Canadian Mounted Police conducted the provisional arrests in Canada. Significant assistance was provided by the U.S. Department of Justice Office of International Affairs as well as the International Assistance Group at Justice Canada. This case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.

More information about Organized Crime Drug Enforcement Task Forces

Individuals charged in the indictment:
- Gareth West, a.k.a. “Buddy” and “Muscles,” (38 – Burlington, Ontario)
- Usman Khalid, a.k.a. “Paul” and “Pauly,” (36 – Les Coteaux, Québec)
- Andrew Tatto, a.k.a. “Chevy” and “Truck,” (43 – Pierrefonds, Québec)
- Stephan Moskwyn, a.k.a. “HK,” (42 – Pierrefonds, Québec)
- Ricky Ylimaki, a.k.a. “Ruffles,” (31 – Notre-Dame-de-l’Île-Perrot, Québec)
- Richard Frischman, a.k.a. “Styx,” (31 – Montréal, Québec)
- Adam Lawrence, a.k.a. “Carter,” (41 – Lasalle, Québec)
- Michael Filion, a.k.a. “Elvis,” (45 – Pierrefonds, Québec)
- Jimmy Ylimaki, a.k.a. “Coop,” (35 – Notre-Dame-de-l’Île-Perrot, Québec)
- Nicolas Gonzalez, a.k.a. “Brady,” (27 – Kirkland, Québec)
- Ryan Melanson, a.k.a. “Parker,” (27 – Montréal, Québec)
- Joy Kalafatidis, a.k.a. “Blondie,” (31 – Pointe-Claire, Québec)
- David Arcobelli, a.k.a. “Phil,” (36 – Pierrefonds, Québec)
- Jonathan Massouras, a.k.a. “Borze,” (35 – Dollard-Des Ormeaux, Québec)
- Nicholas Shiomi, a.k.a. “Keanu,” (42 – Montréal, Québec)
- Antonio Iannacci, a.k.a. “DJ,” (33 – Pierrefonds, Québec)
- Jonathan Ouellet, a.k.a. “Sunny,” (29 – Saint-Eustache, Québec)
- Kassey-Lee Lankford, a.k.a. “Lex,” (28 – Vaudreuil-Dorion, Québec)
- Sara Burns, a.k.a. “Ginger,” (31 – Dollard-Des Ormeaux, Québec)
- Justin Polenz, a.k.a. “Happy,” (34 – Montréal, Québec)
- Ryan Thibert, a.k.a. “Toast,” (37 – Vaudreuil-Dorion, Québec)
- Michael Farella, a.k.a. “Honda,” (29 – Sainte-Geneviève, Québec)
- Sebastian Guenole, a.k.a. “Tweeter,” (30 – Pierrefonds, Québec)
- Ryan Bridgman, a.k.a. “Clint,” (37 – Deux-Montagnes, Québec)
- Stephanie-Marie Samaras, a.k.a. “North” (29 – Laval, Québec)
All but two of the above-named individuals were arrested in Canada on March 4. West and Jimmy Ylimaki remain at large.

An additional nine individuals have previously been charged in the District of Vermont in connection with this grandparent scam, including Otmane Khalladi (32 – Miami, Florida), Jean Richard Audate (39 – New York, New York), Philippe Alvarez (34 – Montréal, Québec), Paul Conneh (37 – Guangzhou, China), Dave Leblanc (37 – Greenacres, Florida), Zavier Buchanan (27 – Wellington, Florida), William Comfort (29 – Los Angeles, California), Alejandro Garcia (34 – Miami, Florida), and Enmanuel Castillo (31 – Miami, Florida).

If you or someone you know has been a victim of elder fraud, help is standing by at the National Elder Fraud Hotline (833-FRAUD-11). This hotline is a free resource created by the U.S. Department of Justice, Office for Victims of Crime for people to report fraud against anyone age 60 or older.

View the indictment

MIL OSI USA News –
March 6, 2025
MIL-OSI: Quick Custom Intelligence (QCI) and Seven Feathers Casino Resort in Canyonville, OR, Celebrate Successful Deployment of QCI Enterprise Platform

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, March 05, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a leading provider of advanced data analytics solutions, and Seven Feathers Casino Resort are pleased to announce the successful deployment of the QCI Enterprise Platform. This collaborative effort marks a significant milestone in data management and analytics for Seven Feathers Casino Resort, positioning them at the forefront of cutting-edge technology in the gaming and hospitality industry.

The implementation of the QCI Enterprise Platform at Seven Feathers Casino Resort has been meticulously executed, with all data successfully verified for accuracy and security. This achievement showcases the commitment of both QCI and Seven Feathers Casino Resort to providing the most advanced and reliable data analytics capabilities available.

Jay Ellenberger, General Manager of Seven Feathers Casino Resort, expressed his enthusiasm for this milestone, stating, “The successful deployment of the QCI Enterprise Platform represents a significant step forward in our commitment to providing exceptional experiences for our guests. With QCI’s innovative solutions, we are able to make more informed decisions, tailor our services, and ultimately elevate the level of satisfaction among our valued patrons.”

Andrew Cardno, CTO of Quick Custom Intelligence, commented on the partnership, saying, “We are delighted to collaborate with Seven Feathers Casino Resort and support their mission to deliver world-class experiences. Our QCI Enterprise Platform is designed to empower organizations like Seven Feathers with actionable insights derived from data, and we are excited to see our technology driving innovation and success within their operations.”

The deployment of the QCI Enterprise Platform at Seven Feathers Casino Resort reinforces QCI’s commitment to delivering cutting-edge solutions that drive business growth and enhance customer experiences. This partnership exemplifies how organizations in the gaming and hospitality industry can leverage data analytics to gain a competitive edge and create memorable moments for their guests.

ABOUT Seven Feathers Casino Resort
Discover the ultimate getaway at Seven Feathers Casino Resort in Southern Oregon! With a modern gaming floor, award-winning dining, luxurious River Rock Spa, and top-notch entertainment, it’s the perfect blend of excitement and relaxation. Enjoy a 300-room hotel, heated pool, and exceptional service. Seven Feathers—where fun and comfort meet! Visit us at www.SevenFeathers.com

ABOUT QCI
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354

The MIL Network –

March 6, 2025
MIL-OSI USA: Kaine, Klobuchar & Warner Unveil Legislation to Undo President Trump’s Senseless Taxes on Canadian Goods

US Senate News:

Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – Today, U.S. Senators Tim Kaine, Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, (D-VA), Amy Klobuchar (D-MN), and Mark R. Warner (D-VA) unveiled legislation to undo President Donald Trump’s wildly unpopular tariffs on Canadian goods, which amount to a 25 percent tax on goods imported from one of America’s top trading partners and closest allies.

“Americans want prices to go down—not skyrocket, which is exactly what will happen if Congress lets President Trump slap new taxes on goods from one of our largest trading partners and closest allies,” said Kaine. “We don’t need to guess what kind of damage these senseless new taxes will do. During Trump’s first term, his trade wars spelled disaster for Virginians, particularly for farmers and foresters who were hit especially hard. Congress has a responsibility to stop that from happening again, and I urge all of my colleagues to join me in blocking Trump from destroying our economy.”

“This Administration is igniting a reckless trade war and regular Americans are paying the price,” said Klobuchar. “Costs for everyone will go up and our farmers and businesses will suffer. Canada is Minnesota’s top trading partner and is a key U.S. ally. We must reverse these damaging tariffs before it’s too late.”

“Virginians can’t afford the cost of President Trump’s tariffs, which will raise prices on everything from groceries to houses and cars,” said Warner. “Congress must step in before President Trump tanks our economy.”

In Virginia in 2024, Canada was the largest export market and accounted for 15 percent of Virginia exports. In Virginia in 2022, top goods exports to Canada included motor vehicles and transportation equipment, such as medium- and heavy-duty trucks. 56.1 percent of Southwest Virginia’s economic output is dependent on trade.

Polls have overwhelmingly demonstrated that the American people do not support Trump’s trade wars. According to a recent survey by Public First, just 28 percent of American adults supported specifically applying tariffs to Canada, while 43 percent opposed.

Specifically, the senators’ legislation would work by terminating the February 1 emergency that Trump used to launch his trade war with Canada, and thus eliminate the tariffs on Canadian imports implemented as a result. Trump’s order cites the International Economic Emergency Powers Act (IEEPA), an unprecedented use of IEEPA in its nearly half century history. After an initial one-month delay, President Trump decided to move forward with the tariffs, with the import taxes starting to be collected on March 4, 2025. In total, President Trump’s IEEPA tariffs will cost the average American household up to $2,000 a year, with the Canada tariffs making up a significant portion of that. These IEEPA tariffs represent the largest tax increase on American families in recent history.

Full text of the legislation is available here.

MIL OSI USA News –

March 6, 2025
MIL-OSI Canada: Alberta pushes back on illegal U.S. tariffs
As part of its non-tariff retaliatory measures, Alberta is altering its procurement practices to ensure Alberta’s government, as well as agencies, school boards, Crown corporations and Alberta municipalities, purchase their goods and services from Alberta companies, Canadian companies or countries with which Canada has a free trade agreement that is being honoured.

“I will always put the best interests of Alberta and Albertans first. These non-tariff actions are measured, proportionate and put an emphasis on defending Alberta and Canada against these economically destructive tariffs imposed by U.S. President Donald Trump, while breaking down restrictive provincial trade barriers so we can fast-track nation building resource projects and allow for the unrestricted movement of goods, services and labour across the country. I understand this is an uncertain time for many Albertans, and our government will continue to do all it can to prioritize Alberta’s and Canada’s world-class products and businesses as we face this challenge together. I also look forward to working with my provincial counterparts to help unite Canada and ensure free and fair trade throughout our country.”

Danielle Smith, Premier

Alberta’s government has also directed Alberta Gaming, Liquor and Cannabis to suspend the purchase of U.S. alcohol and video lottery terminals (VLTs) from American companies until further notice. This will ensure Alberta and Canadian brands take priority in restaurants, bars and on retail shelves.

“We are committed to putting Canadian businesses first. By suspending the purchase of U.S. produced alcohol, slot machines and VLTs, we are ensuring that Alberta and Canadian brands take priority in our restaurants, bars and retail stores. We will continue to take bold steps to support local industries and strengthen our economy.”

Dale Nally, Minister of Service Alberta and Red Tape Reduction

To encourage the purchase of stock from vendors in Alberta, Canada and other countries with which Canada has a free trade agreement, the government will help all Alberta grocers and other retailers with labelling Canadian products in their stores. In the coming weeks, Alberta’s government will augment these efforts by launching a “Buy Alberta” marketing campaign. Spearheaded by Minister of Agriculture and Irrigation RJ Sigurdson, this campaign will remind Albertans of their options for local food and the importance of supporting Alberta’s agriculture producers and processers.

“Alberta’s agriculture producers and processers are the best in the world. Although these U.S. tariffs are incredibly concerning, this “Buy Alberta” campaign will put a spotlight on Alberta’s farmers, ranchers and agri-food businesses and support Albertans in choosing goods from right here at home.”

RJ Sigurdson, Minister of Agriculture and Irrigation

Building on Alberta’s reputation as a leader in removing barriers to trade within Canada, Alberta’s government will continue to push other provinces to match our ambition in providing full labour mobility and eliminating trade barriers through work like mutual recognition of regulations. This will allow for goods, services and labour from other provinces to flow into and out of Alberta without having to undergo additional regulatory assessments.

“While no one wins in a tariff war, this situation underscores the need to develop Canada’s trade infrastructure and the diversification of our trading partners and could be the catalyst to unlocking Canada’s true potential. As we look at how best to support Albertans and our businesses, we must also work to reduce internal trade and labour mobility barriers while expanding markets for Alberta energy, agricultural and manufactured products into Europe, Asia, the Americas and beyond. Albertans and Canadians are counting on us.”

Matt Jones, Minister of Jobs, Economy and Trade

Alberta’s government is also focused on doubling oil production. With U.S. tariffs in place on Canadian energy products, Alberta is looking elsewhere for additional pipeline infrastructure, including east and west, in order to get our products to new markets.

Alberta’s government will continue to engage with elected officials and industry leaders in the U.S. to reverse these tariffs on Canadian goods and energy and rebuild Canada’s relationship with its largest trading partner and ally.

Quick facts
- On March 4, U.S. President Trump implemented a 25 per cent tariff on all Canadian goods and a 10 per cent tariff on Canadian energy.
- The U.S. is Alberta’s – and Canada’s – largest trading partner.
- Alberta is the second largest provincial exporter to the U.S. after Ontario.
  - In 2024, Alberta’s exports to the U.S. totalled C$162.6 billion, accounting for 88.7 per cent of total provincial exports.
  - Energy products accounted for approximately C$132.8 billion or 82.2 per cent of Alberta’s exports to the U.S. in 2024.
- About 10 per cent of liquor products in stock in Alberta are imported from the United States.
  - U.S. products represent a small minority of the beer and refreshment beverage categories; however, a significant number of wines originate in the U.S.
  - In 2023-24, about $292 million in U.S. liquor products were sold in Alberta.
- Alberta has been a longstanding supporter of reducing barriers to trade within Canada. In 2019, the province removed 21 of 27 exceptions, including all procurement exceptions, and narrowed the scope of two others. Since then, the province has only added 2 exceptions, which allow for the management the legalization of cannabis.
  - Removing party-specific exemptions has helped facilitate even greater access to the Alberta market for Canadian companies in the areas of government tenders, Crown land acquisition, liquor, energy and forest products, among others.
Related information
- Premier Smith’s speaking notes
- Response to U.S. tariffs: Premier Smith
MIL OSI Canada News –
March 6, 2025
MIL-OSI Canada: More tax relief on the way for Jasper
Source: Government of Canada regional news (2)
Alberta’s government is committed to ensuring Jasper residents and businesses are supported as the community recovers from last summer’s wildfire. Since the beginning of the wildfire, more than $178 million has been provided from across the provincial government to support Jasper residents and businesses as the community recovers and rebuilds.

Budget 2025, if passed, further supports the province’s commitment to the recovery of the Municipality of Jasper by providing more than $3 million in additional revenue stabilization funding to help compensate for lower municipal revenues, reducing the burden on municipal taxpayers.

“As people visit and move back home to Jasper, more people are relying on the municipality to deliver the essential services they need. That’s why we are providing more revenue stabilization to the municipality to counteract the municipal revenue that they lost during the wildfires. This will help reduce the tax burden on the remaining homes and businesses in Jasper.”

Ric McIver, Minister of Municipal Affairs

With more than $3 million in additional support for the Municipality of Jasper, Alberta’s government has now provided a total assistance package of more than $181 million. The additional municipal revenue stabilization funding builds upon the more than $3 million that was previously provided, bringing the total to over $6 million. This additional funding will help the Municipality of Jasper deliver essential services such as snow clearing, transit, roadwork and more to its residents.

“These funds for revenue stabilization are a welcome support for Jasper and will help further economic recovery. Last year’s wildfires were devastating, but I am continually encouraged with the tenacity and resolve of residents and businesses. Every piece of support helps along the journey to rebuild and recover, and I am grateful for this funding to help further reduce financial burdens.”

Martin Long, Minister of Infrastructure and MLA for West Yellowhead

“On behalf of the Municipality of Jasper, I extend our sincere gratitude to the Government of Alberta for its continuing support. The additional revenue stabilization funding announced today, for the 2025 tax year, will provide much-needed relief as our community continues to recover from last summer’s wildfire. This support ensures that we can maintain essential services for our residents and businesses while easing the financial strain on taxpayers.”

Richard Ireland, mayor, Municipality of Jasper

Alberta’s total assistance package of over $181 million during and after the wildfire includes:
- Up to $149 million in Disaster Recovery Program funding.
- $7.5 million in emergency evacuation payments to more than 6,500 Jasperites.
- More than $12 million in matching funds to support the Canadian Red Cross in providing support to residents and business owners in Jasper.
- $2.5 million in tourism support.
- $121,400 to support the Jasper Food Bank.
- $3.02 million in tax relief for lease holders of residential and business properties.
- $6.5 million in revenue stabilization for the Municipality of Jasper.
- $2 million one-time grant to support contracted transit services.
Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.
MIL OSI Canada News –
March 6, 2025

MIL-OSI: Climb Global Solutions Reports Record Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

FY 2024 Net Income up 51% to $18.6 Million or $4.06 per share; Adjusted Net Income up 64% to $24.0 Million or $5.26 per share; Adjusted EBITDA up 61% to $39.6 Million

Q4 & FY 2024 Net Sales, Gross Profit, Net Income, EPS and Adjusted EBITDA Increase to Record Levels

EATONTOWN, N.J., March 05, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Summary vs. Same Year-Ago Quarter

Net sales increased 51% to $161.8 million.
Net income increased 33% to $7.0 million or $1.52 per diluted share.
Adjusted net income (a non-GAAP financial measure defined below) increased 87% to $10.3 million or $2.26 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 75% to $16.1 million.
Gross billings (a key operational metric defined below) increased 52% to $605.0 million. Distribution segment gross billings increased 57% to $582.0 million, and Solutions segment gross billings decreased 9% to $23.0 million.

FY 2024 Summary vs. FY 2023

Net sales increased 32% to $465.6 million.
Net income increased 51% to $18.6 million or $4.06 per diluted share.
Adjusted net income (a non-GAAP financial measure defined below) increased 64% to $24.0 million or $5.26 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 61% to $39.6 million.
Gross billings (a key operational metric defined below) increased 42% to $1.8 billion. Distribution segment gross billings increased 44% to $1.7 billion, and Solutions segment gross billings increased 7% to $89.8 million.

Management Commentary

“Our fourth quarter performance capped off an exceptional 2024, marking another year of record results across all key financial metrics,” said CEO Dale Foster. “Throughout the year, we evaluated over 120 vendors and signed agreements with only 13 of them, demonstrating our commitment to partnering with the most innovative technologies in the market. We also added scale and expertise to our North America operations through the acquisition of Douglas Stewart Software & Services, LLC (“DSS”), which was immediately accretive to earnings. I’m proud of our team’s hard work in generating double-digit organic growth in both the U.S. and Europe, reinforcing our commitment to deepening relationships with our partners across our global footprint.

“Looking ahead, we have a solid foundation in place to continue driving strong organic growth while further improving operating leverage through the implementation of our ERP system. We will also continue to evaluate M&A opportunities that can enhance our service and solutions offerings, as well as expand our geographic footprint in the U.S. and overseas. These initiatives, coupled with our demonstrated track record of execution and a robust balance sheet, will enable us to deliver on our organic and inorganic growth initiatives in 2025.”

Dividend

Subsequent to quarter end, on February 28, 2025, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on March 21, 2025, to shareholders of record on March 17, 2025.

Fourth Quarter 2024 Financial Results

Net sales in the fourth quarter of 2024 increased 51% to $161.8 million compared to $106.8 million for the same period in 2023. This reflects organic growth from new and existing vendors, as well as contribution from the Company’s acquisition of DSS on July 31, 2024. In addition, gross billings in the fourth quarter of 2024 increased 52% to $605.0 million compared to $397.0 million in the year-ago period.

Gross profit in the fourth quarter of 2024 increased 48% to $31.2 million compared to $21.1 million for the same period in 2023. The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS.

Selling, general, and administrative (“SG&A”) expenses in the fourth quarter of 2024 were $17.1 million compared to $12.4 million in the year-ago period. DSS represented $2.2 million of the increase. SG&A as a percentage of gross billings decreased to 2.8% for the fourth quarter of 2024 compared to 3.1% in the year-ago period.

Net income in the fourth quarter of 2024 increased 33% to $7.0 million or $1.52 per diluted share, compared to $5.2 million or $1.15 per diluted share for the same period in 2023. Net income was impacted by a $2.5 million charge related to a change in fair value of acquisition contingent consideration associated with Spinnakar Limited. Adjusted net income increased 87% to $10.3 million or $2.26 per diluted share, compared to $5.5 million or $1.21 per diluted share for the year-ago period.

Adjusted EBITDA in the fourth quarter of 2024 increased 75% to $16.1 million compared to $9.2 million for the same period in 2023. The increase was primarily driven by organic growth from both new and existing vendors, as well as contribution from the Company’s acquisition of DSS. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased 780 basis points to 51.5% compared to 43.7% for the same period in 2023.

On December 31, 2024, cash and cash equivalents were $29.8 million compared to $36.3 million on December 31, 2023, while working capital decreased by $9.3 million during this period. The decrease in cash was primarily attributed to $20.4 million of cash paid at closing for the acquisition of DSS, as well as the timing of receivable collections and payables. Climb had $0.8 million of outstanding debt on December 31, 2024, with no borrowings outstanding under its $50 million revolving credit facility.

For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

Conference Call

The Company will conduct a conference call tomorrow, March 6, 2025, at 8:30 a.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2024.

Climb management will host the conference call, followed by a question-and-answer period.

Date: Thursday, March 6, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 225-9448
International dial-in number: (203) 518-9708
Conference ID: CLIMB
Webcast: Climb’s Q4 & FY 2024 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

About Climb Global Solutions

Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

Additional information can be found by visiting www.climbglobalsolutions.com.

Non-GAAP Financial Measures

Climb Global Solutions uses non-GAAP financial measures, including adjusted net income and adjusted EBITDA, as supplemental measures of the performance of the Company’s business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Climb’s financial results under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The attached tables provide definitions of these measures and a reconciliation of each non-GAAP financial measure to the most nearly comparable measure under U.S. GAAP.

Key Operational Metric

Gross Billings

Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, includes amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

Forward-Looking Statements

The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisitions of Data Solutions Holdings Limited and Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, interest rate risk and impact thereof, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

Company Contact

Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com


CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
	(Unaudited)
(Amounts in thousands, except share and per share amounts)

		December 31, 2024			December 31, 2023

ASSETS

Current assets
	Cash and cash equivalents	$	29,778		$	36,295
	Accounts receivable, net of allowance for doubtful accounts of $588 and $709, respectively		341,597			222,269
	Inventory, net		2,447			3,741
	Prepaid expenses and other current assets		6,874			6,755
Total current assets			380,696			269,060

Equipment and leasehold improvements, net			12,853			8,850
Goodwill			34,924			27,182
Other intangibles, net			36,550			26,930
Right-of-use assets, net			1,965			878
Accounts receivable long-term, net			1,174			797
Other assets			824			1,077
Deferred income tax assets			193			324

Total assets		$	469,179		$	335,098

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
	Accounts payable and accrued expenses	$	370,397		$	249,648
	Lease liability, current portion		654			450
	Term loan, current portion		560			540
Total current liabilities			371,611			250,638

	Lease liability, net of current portion		1,685			879
	Deferred income tax liabilities		4,723			5,554
	Term loan, net of current portion		191			752
	Non-current liabilities		381			2,505

Total liabilities			378,591			260,328


Stockholders’ equity
	Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares
	issued, and 4,601,302 and 4,573,448 shares outstanding , respectively		53			53
	Additional paid-in capital		37,977			34,647
	Treasury stock, at cost, 683,198 and 711,052 shares, respectively		(13,337	)		(12,623	)
	Retained earnings		68,787			53,215
	Accumulated other comprehensive loss		(2,892	)		(522	)
Total stockholders’ equity			90,588			74,770
Total liabilities and stockholders’ equity		$	469,179		$	335,098

CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in thousands, except per share data)

		Year ended						Three months ended
		December 31,						December 31,
			2024			2023			2024			2023

Net Sales		$	465,607		$	352,013		$	161,760		$	106,783

Cost of sales			374,527			287,766			130,513			85,713

Gross profit			91,080			64,247			31,247			21,070

Selling, general and administrative expenses			56,508			44,330			17,075			12,400
Depreciation & amortization expense			4,269			2,798			1,336			864
Acquisition related costs			2,311			629			1,110			352
Total selling, general and administrative expenses			63,088			47,757			19,521			13,616

Income from operations			27,992			16,490			11,726			7,454

Interest, net			917			927			162			168
Foreign currency transaction (loss) gain			(273	)		(636	)		415			(536	)
Change in fair value of acquisition contingent consideration			(3,618	)		–			(2,466	)		–
Income before provision for income taxes			25,018			16,781			9,837			7,086
Provision for income taxes			6,408			4,458			2,847			1,840

Net income		$	18,610		$	12,323		$	6,990		$	5,246

Income per common share – Basic		$	4.06		$	2.72		$	1.52		$	1.15
Income per common share – Diluted		$	4.06		$	2.72		$	1.52		$	1.15

Weighted average common shares outstanding – Basic			4,465			4,401			4,485			4,427
Weighted average common shares outstanding – Diluted			4,465			4,401			4,485			4,427

Dividends paid per common share		$	0.68		$	0.68		$	0.17		$	0.17


Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)
(Amounts in thousands, except per share data)

The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (1):

		Year ended						Three months ended
		December 31,			December 31,			December 31,			December 31,
			2024			2023			2024			2023

Net income		$	18,610		$	12,323		$	6,990		$	5,246
	Provision for income taxes		6,408			4,458			2,847			1,840
	Depreciation and amortization		4,269			2,798			1,336			864
	Interest expense		335			264			69			170
EBITDA			29,622			19,843			11,242			8,120
	Share-based compensation		4,070			4,148			1,260			726
	Acquisition related costs		2,311			629			1,110			352
	Change in fair value of acquisition contingent consideration		3,618			–			2,466			–
Adjusted EBITDA		$	39,621		$	24,620		$	16,078		$	9,198


		Year ended						Three months ended
		December 31,			December 31,			December 31,			December 31,
Components of interest, net			2024			2023			2024			2023

	Amortization of discount on accounts receivable with extended payment terms	$	(34	)	$	(50	)	$	(11	)	$	(9	)
	Interest income		(1,218	)		(1,141	)		(220	)		(329	)
	Interest expense		335			264			69			170
Interest, net		$	(917	)	$	(927	)	$	(162	)	$	(168	)

(1) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest, acquisition related costs and change in fair value of acquisition contingent consideration. We define effective margin as adjusted EBITDA as a percentage of gross profit. We provided a reconciliation of adjusted EBITDA to net income, which is the most directly comparable US GAAP measure. We use adjusted EBITDA as a supplemental measure of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. Adjusted EBITDA is also a component to our financial covenants in our credit facility. Our use of adjusted EBITDA has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

The table below presents net income reconciled to adjusted net income (Non-GAAP) (2):

		Year ended				Three months ended
		December 31,		December 31,		December 31,		December 31,
			2024		2023		2024		2023

	Net income	$	18,610	$	12,323	$	6,990	$	5,246
	Acquisition related costs, net of income taxes		1,733		472		833		264
	One-time CEO stock grant		–		1,796		–		–
	Change in fair value of acquisition contingent consideration		3,618		–		2,466		–
	Adjusted net income	$	23,961	$	14,591	$	10,289	$	5,510

	Adjusted net income per common share – diluted	$	5.26	$	3.24	$	2.26	$	1.21

(2) We define adjusted net income as net income excluding acquisition related costs, net of income taxes, the stock compensation expense recognized for the one-time CEO stock grant, and the change in fair value of acquisition contingent consideration. We provided a reconciliation of adjusted net income to net income, which is the most directly comparable U.S. GAAP measure. We use adjusted net income and adjusted net income per common share as supplemental measures of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that adjusted net income and adjust net income per common share provide useful information to investors and others in understanding and evaluating our operating results. Our use of adjusted net income has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. In addition, other companies, including companies in our industry, might calculate adjusted net income, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

The table below presents the operational metric of gross billings by segment (3):

		Year ended				Three months ended
		December 31,		December 31,		December 31,		December 31,
			2024		2023		2024		2023

	Distribution gross billings	$	1,695,538	$	1,176,866	$	581,963	$	371,673
	Solutions gross billings		89,764		83,516		23,045		25,370
	Total gross billings	$	1,785,302	$	1,260,382	$	605,008	$	397,043

(3) Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, include amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

The MIL Network –

March 6, 2025

MIL-OSI Global: Investors value green labels — but not always for the right reasons

Source: The Conversation – Canada – By Vasundhara Saravade, Postdoctoral Fellow, Institute of the Environment, L’Université d’Ottawa/University of Ottawa

Imagine you are choosing between two similar investment options. One has a green label, promising to fund climate-friendly projects and assets. The other offers a slightly higher return, but has no green label. Which do you choose?

My recent study explored this question. My co-researchers and I found that, for most retail investors — individual, non-professional investors — the presence of a green label mattered more than the actual environmental impact of the bond or the higher financial return of a non-green option.

This finding raises critical questions about how sustainable finance is marketed and whether green labels alone are enough to drive real environmental change.

Green bonds and retail investors

Green bonds are a financial tool designed to fund environmentally friendly projects. Institutional investors and governments have embraced them, but their adoption by everyday retail investors remains low.

The Canadian market was one of the first to provide access to retail-level green bonds, but demand for such bonds was always oversubscribed. Low interest rates made it difficult to balance investor returns with lending profits. This imbalance squeezed sustainable investment firms like CoPower, which ultimately led to its green bond model winding down.

With the urgent need to attract capital for climate financing, the role of retail investors is now a key topic of discussion. In 2021, these investors accounted for 52 per cent of global assets under management in 2021 — a figure expected to jump to nearly 61 per cent by 2030. This presents a massive opportunity to mobilize private capital toward sustainable finance.

However, before retail investors venture into the green bond market, the sustainable finance sector must address a key question: do people invest in green bonds because they believe in their environmental benefits or simply because of the “green” label?

And, more importantly, does the green label alone persuade retail investors to accept a “greenium” — choosing a lower-return green bond over a higher-return non-green bond — like professional investors do?

The ‘green-label effect’ is real

To determine this, my co-researchers and I conducted an experiment with over 1,000 self-identified retail investors to see how different framing techniques — such as labels, environmental impact and reporting descriptions — shaped their willingness to invest in green bonds.

Our study identified a “green label effect.” Most retail investors relied on green labels as a shortcut to save time and avoid having to evaluate the environmental impact of a bond. Investors often relied on simplified decision cues like labels and financial returns to navigate complex financial information.

Read more:
Sustainable finance: Canada risks being left behind in low-carbon economy

However, a small subset of environmentally conscious investors researched the validity of green bonds and aligned their investments with their values, even at the cost of lower returns.

This highlights the need for green bonds that offer a competitive return, given that a majority still invest based on financial returns in addition to labelling. Labelling alone is not enough to drive mainstream retail investment in sustainable finance.

Our study also found that certain types of personal characteristics made people more likely to invest in labelled green bonds, even if those bonds had the lowest financial returns. Investors with a high-risk tolerance were more likely to invest in green bonds.

Additionally, previous investment experience played a role. Those who had moderately invested in stocks, had none to high levels of experience investing in bonds.

The greenwashing challenge

Our findings highlight both the potential and pitfalls of sustainable finance. The popularity of green-labelled bonds suggests that retail investors are open to sustainable investment and would help to drive growth in this market considerably.

However, the fact that many choose labels without finding out whether the bond is actually green raises concerns about greenwashing. This practice occurs when companies exploit sustainability branding and use green labels on non-green bonds to avoid delivering environmental impact.

If investors rely too much on green labels without verifying the actual impact of their investments, they may inadvertently support projects that fail to make a meaningful difference.

As green finance regulations evolve, governments must strengthen labelling standards and transparency. This would ensure that labelled green bonds deliver on their promises.

Stronger green taxonomies and consumer oversight mechanisms would help prevent misleading claims, protect investors and ensure sustainable finance can scale quickly. Without these safeguards, green bonds could lose credibility and fail to scale effectively.

What should policymakers do?

To expand the green bond market and align it with Canada’s climate goals, policymakers could introduce tax-free government green bonds or green infrastructure bonds. These would incentivize retail investors and raise their awareness of sustainable finance.

Policymakers could allow banks to add green bonds to registered products like tax-free savings accounts or registered retirement savings plans. They could create new green registered products that would encourage individual-level savings and investment, like the first home savings account.

Making verified climate-related financial disclosures easier to use could help retail investors better understand the impact of green products. This would reduce reliance on labels alone and encourage more informed decision-making.

Green bonds have the potential to be a powerful tool in the fight against climate change, but only if they’re backed by real accountability. As our study shows, labels matter a lot — but what’s behind them matters most.

Vasundhara Saravade is affiliated with the Smart Prosperity Institute.

– ref. Investors value green labels — but not always for the right reasons – https://theconversation.com/investors-value-green-labels-but-not-always-for-the-right-reasons-251021

MIL OSI – Global Reports –

March 6, 2025

Category: Canada

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