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Category: Canada

  • MIL-OSI Canada: Statement from Minister Silver on the federal consumer carbon pricing program

    Statement from Minister Silver on the federal consumer carbon pricing program
    zaburke
    February 25, 2025 – 4:01 pm

    Minister of Finance Sandy Silver has issued the following statement: 

    “All candidates in the federal Liberal leadership race – one of whom will serve as Canada’s next Prime Minister – have stated their intention to end, freeze or significantly change the consumer carbon price in Canada. 

    “The leaders of the Conservative Party of Canada and the federal New Democratic Party have also stated their intent to end or significantly change the federal carbon pricing mechanism, indicating that it is highly unlikely that a carbon price will be in place following the next federal election.

    “Given that the end of the federal carbon price means the Yukon will no longer receive revenues to sustain our made-in-Yukon carbon rebate program, I have written to the federal government and asked them to work closely with the territory to ensure a systematic wind down of the program in the Yukon and a cancellation of the planned April 1, 2025, carbon levy increase.

    “Our carbon rebate programs were developed in good faith, in partnership with Canada and the territories, to address northern challenges. 

    “The Government of Yukon is calling for immediate discussions with federal officials to plan for these changes and ensure that Yukoners are not left behind as Canada shifts its approach to fighting climate change.”
     

    MIL OSI Canada News –

    February 28, 2025
  • MIL-OSI: POET Wins Lightwave Award for Its Outstanding AI Hardware Technology

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly integrated optical engines and light sources for Artificial Intelligence networks, today announced that it was the recipient of another prestigious award. Lightwave+BTR Innovation Reviews, a recognized authority in the optoelectronics industry, named POET as an Elite Score recipient for its 2025 awards.

    The publication, which recognizes excellence in a product or technology applicable to optical networks, singled out the POET Optical Interposer™ for the honor. A panel of judges, comprised of experts from the optical communications and broadband communities, awarded POET in the Optical Transceiver and Transponder category.

    “On behalf of the Lightwave+BTR Innovation Reviews, I would like to congratulate POET on achieving a well-deserved level honoree status. This competitive program enables Lightwave+BTR to showcase and applaud the most innovative products, projects, technologies, and programs that significantly impact the industry,” commented Lightwave+BTR Editor-in-Chief Sean Buckley.

    Lightwave+BTR will present POET with the award statue during the 2025 OFC Conference in San Francisco (March 31-April 3). 

    “The Lightwave+BTR honor is another in a growing list of indicators that our platform technology and the innovation it brings is gaining more attention from within our industry,” stated POET Chairman and Chief Executive Officer Dr. Suresh Venkatesan. “We are seeing strong interest from new and existing customers precisely because of the reasons that the Lightwave+BTR panelists identify. The POET Optical Interposer provides costs savings, power efficiency, and superior performance as the industry rapidly moves toward speeds of 1.6Tbps and higher.”

    The accolade is the fourth award that POET has received in the past eight months. The others include the AI Breakthrough Award for “Best Optical AI Solution”, Global Tech’s “Best in Artificial Intelligence” award and the Gold Medal from the Merit Awards as “AI Innovator of the Year”.

    Lightwave+BTR judges reviewed entries based on the following criteria:

    • Originality
    • Innovation
    • Positive impact on the customer
    • How well it addresses a new or existing requirement
    • Novelty of approach
    • Cost-effectiveness.

    The POET Optical Interposer is the foundation for the Company’s highly integrated silicon-based optical engines and light sources that are designed to power AI hardware applications and data center hyperscalers to the next level of speed and performance.

    Along with the Lightwave+BTR recognition, POET has also been featured in a number of other industry outlets since the beginning of 2025, including:

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.


    About Lightwave+BTR

    Bringing over 36 years of trusted technical insights to today’s optical communications professionals. Through our integrated media portfolio, Lightwave delivers content focused on fiber optics and optoelectronics, the technologies that enable the growth, integration and improved performance of voice, data and video communications networks and services. Our experienced editorial team provides trusted technology, application and market insights to corporate executives, department heads, project managers, network engineers and technical managers at equipment suppliers, service providers and major end-user organizations. Our unique ability to inform our audience’s business-critical decisions is based in our 35+ year relationship with the entire optical community—technology vendors, communications carriers and major enterprises—and our recognition of the interplay among its members. Lightwave’s media portfolio includes the Lightwave Direct email newsletter and LightwaveOnline magazine.

    Forward-Looking Statements
    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2 – Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network –

    February 28, 2025
  • MIL-OSI: OTC Markets Group Welcomes Perimeter Medical Imaging AI, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Perimeter Medical Imaging AI, Inc. (TSX-V: PINK; OTCQX: PYNKF), a commercial stage medical technology company, has qualified to trade on the OTCQX® Best Market. Perimeter Medical Imaging AI, Inc. upgraded to OTCQX from the Pink® market.

    Perimeter Medical Imaging AI, Inc. begins trading today on OTCQX under the symbol “PYNKF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    “Many of our shareholders are based in the United States and the U.S. is the primary target market for our current S-Series OCT system, as well as our upcoming AI-enabled B-Series product,” said Perimeter’s Chief Executive Officer, Adrian Mendes. “Accordingly, this upgrade to OTCQX from the Pink® market is a natural evolution for Perimeter, which should increase our visibility and complement our efforts to broaden our U.S. shareholder base.”

    About Perimeter Medical Imaging AI, Inc.
    Based in Toronto, Canada and Dallas, Texas, Perimeter Medical Imaging AI (TSX-V: PINK) (OTC: PYNKF) is a company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address areas of high unmet medical need. Available across the U.S., our FDA-cleared Perimeter S-Series OCT system provides real-time, cross-sectional visualization of excised tissues at the cellular level. The breakthrough-device-designated investigational Perimeter B-Series OCT with ImgAssist AI represents our next-generation artificial intelligence technology that has recently been evaluated in a pivotal clinical trial, with support from a grant of up to US$7.4 million awarded by the Cancer Prevention and Research Institute of Texas. The company’s ticker symbol “PINK” is a reference to the pink ribbons used during Breast Cancer Awareness Month.

    Perimeter B-Series OCT is limited by U.S. law to investigational use and not available for sale in the United States. Perimeter S-Series OCT has 510(k) clearance under a general indication and has not been evaluated by the U.S. FDA specifically for use in breast tissue, breast cancer, other types of cancer, margin evaluation, and reducing re-excision rates. The safety and effectiveness of these uses has not been established. For more information, please visit www.perimetermed.com/disclosures.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

    February 28, 2025
  • MIL-OSI: Enerflex Ltd. Announces Fourth Quarter 2024 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    ADJUSTED EBITDA OF $121 MILLION AND FREE CASH FLOW OF $76 MILLION1

    EI CONTRACT BACKLOG AND ES BACKLOG OF $1.5 BILLION AND $1.3 BILLION, RESPECTIVELY, PROVIDING STRONG OPERATIONAL VISIBILITY

    REDUCED BANK ADJUSTED NET DEBT-TO-EBITDA RATIO2TO 1.5X TIMES AT YEAR-END

    CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today reported its financial and operational results for the three and twelve months ended December 31, 2024.

    All amounts presented are in U.S. Dollars (“USD”) unless otherwise stated.

    Q4/24 FINANCIAL AND OPERATIONAL OVERVIEW         

    • Generated revenue of $561 million compared to $574 million in Q4/23 and $601 million in Q3/24.
    • Recorded gross margin before depreciation and amortization of $174 million, or 31% of revenue, compared to $158 million, or 28% of revenue in Q4/23 and $176 million, or 29% of revenue during Q3/24.
      • Energy Infrastructure (“EI”) and After-Market Services (“AMS”) product lines generated 67% of consolidated gross margin before depreciation and amortization during Q4/24 and 69% on a full-year basis in 2024.
      • ES gross margin before depreciation and amortization increased to 21% in Q4/24 compared to 15% in Q4/23 and 19% in Q3/24, benefiting from favorable product mix and strong project execution.
    • Adjusted earnings before finance costs, income taxes, depreciation, and amortization (“adjusted EBITDA”) of $121 million compared to $91 million in Q4/23 and $120 million during Q3/24. The year-over-year increase in adjusted EBITDA reflects improved gross margin and favorable foreign exchange rate movements.
    • Cash provided by operating activities was $113 million, which included net working capital recovery of $39 million. This compares to cash provided by operating activities of $158 million in Q4/23 and $98 million in Q3/24. Free cash flow was $76 million in Q4/24 compared to $139 million during Q4/23 and $78 million during Q3/241.
    • Invested $47 million in the business in Q4/24, consisting of $32 million in capital expenditures and $15 million for expansion of an EI project in the Eastern Hemisphere (“EH”) that will be accounted for as a finance lease.
    • Recorded ES bookings of $301 million inclusive of a $75 million derecognition, with no associated gross margin on future revenue, related to the termination of the cryogenic natural gas processing facility project contract in Kurdistan. The majority of bookings originated in the North America segment and relate to gas compression solutions. Total backlog as at December 31, 2024 was $1.3 billion, providing strong visibility into future revenue generation and business activity levels.
    • Enerflex’s USA contract compression business continues to perform well, led by increasing natural gas production in the Permian basin and continued discipline across industry competitors.
      • This business generated revenue of $36 million and gross margin before depreciation and amortization of 78% during Q4/24 compared to $33 million and 76% in Q4/23 and $37 million and 70% during Q3/24.
      • Utilization remained stable at 95% across a fleet size of approximately 428,000 horsepower. Enerflex expects its North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025.
    • The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025.

    BALANCE SHEET AND LIQUIDITY

    • Enerflex exited Q4/24 with net debt of $616 million, which included $92 million of cash and cash equivalents, a reduction of $208 million compared to Q4/23 and $76 million lower than the third quarter.
    • During Q4/24, Enerflex redeemed $62.5 million (or 10% of the aggregate principal amount originally issued) of its 9.00% Senior Secured Notes due 2027. The redemption was completed at a price of 103% of the principal amount of the Notes redeemed, plus accrued and unpaid interest up to, but excluding, the redemption date. The redemption was funded with available liquidity, which included cash and cash equivalents and the undrawn portion of Enerflex’s lower cost $800 million revolving credit facility.
    • Enerflex’s bank-adjusted net debt-to-EBITDA ratio was approximately 1.5x at the end of Q4/24, down from 2.3x at the end of Q4/23 and 1.9x at the end of Q3/24. The leverage ratio at the end of Q4/24 is within Enerflex’s target bank-adjusted net debt-to-EBITDA ratio range of 1.5x to 2.0x.
    • The Company maintains strong liquidity with access to $614 million under its credit facility.

    __________________________________________
    1 During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
    2 The Company defines bank-adjusted net debt to EBITDA as borrowings under the Revolving Credit Facility (“RCF”) and its 9.00% Senior Secured Notes due 2027 (the “Notes”) less cash and cash equivalents, divided by EBITDA as defined by the Company’s lenders for the trailing 12- months.


    MANAGEMENT COMMENTARY

    “We delivered a strong finish to the year, with solid operating results across Enerflex’s geographies and product lines,” said Marc Rossiter, Enerflex’s President and Chief Executive Officer. “Our Energy Infrastructure and After-Market Services business lines continue to provide steady, reliable performance and revenue streams, reinforcing Enerflex’s ability to deliver sustainable returns across our global platform. Our Engineered Systems business delivered solid performance throughout 2024, highlighted by strong project execution.”

    Rossiter continued, “As we enter 2025, visibility across our business remains solid, underpinned by a $1.5 billion contract backlog for our Energy Infrastructure assets, the recurring nature of our After-Market Services business, and a $1.3 billion Engineered Systems backlog. By focusing on operational execution, optimizing our core business, and maintaining disciplined capital allocation, we expect to further reduce debt and create meaningful long-term value for our shareholders.”

    Preet S. Dhindsa, Enerflex’s Senior Vice President and Chief Financial Officer, stated, “Enerflex delivered fourth-quarter results that exceeded the ranges included in our 2024 guidance. We are particularly pleased with our ongoing progress in efficiently managing working capital, lowering net finance costs, and optimizing the Company’s debt stack. Backed by Enerflex’s strong global leadership team and talented employees, we continue to enhance the profitability and resilience of our operations. Our focus remains on generating sustainable free cash flow, further improving our balance sheet health and positioning the Company for long-term growth and value creation.”

    SUMMARY RESULTS

      Three months ended
    December 31,
    Twelve months ended
    December 31,
    ($ millions, except percentages and ratios)   2024   2023   2024   2023
    Revenue $ 561 $ 574 $ 2,414 $ 2,343
    Gross margin   140   119   504   457
    Gross margin as a percentage of revenue   25.0%   20.7%   20.9%   19.5%
    Selling, general and administrative expenses (“SG&A”)   92   74   327   293
    Foreign exchange (gain) loss   (2)   16   4   43
    Operating income   50   29   173   121
    EBITDA1   92   –   364   240
    EBIT1   47   (51)   179   42
    EBT1   21   (76)   81   (52)
    Net earnings (loss)   15   (95)   32   (83)
    Cash provided by operating activities   113   158   324   206
                     
    Key Financial Performance Indicators (“KPIs”)2                
    ES bookings3 $ 301 $ 265 $ 1,401 $ 1,306
    ES backlog3   1,280   1,134   1,280   1,134
    EI contract backlog4   1,545   1,700   1,545   1,700
    Gross margin before depreciation and amortization (“Gross margin before D&A”)5   174   158   642   609
    Gross margin before D&A as a percentage of revenue5   31.0%   27.5%   26.6%   26.0%
    Adjusted EBITDA6   121   91   432   378
    Free cash flow7   76   139   222   95
    Net debt   616   824   616   824
    Bank-adjusted net debt to EBITDA ratio   1.5x   2.3x   1.5x   2.3x
    Return on capital employed (“ROCE”)8   10.3%   2.1%   10.3%   2.1%


    1
    EBITDA is defined as earnings before finance costs, income taxes, depreciation and amortization. EBIT is defined as earnings before finance costs and income taxes. EBT is defined as earnings before taxes.
    2These KPIs are non-IFRS measures. Further detail is provided in the “Non-IFRS Measures” section of the fourth quarter 2024 MD&A.
    3Refer to the “ES Bookings and Backlog” section of the MD&A for more information on these KPIs.
    4Refer to the “EI Contract Backlog” section of the MD&A.
    5Refer to the “Gross Margin by Product line” section of the MD&A for further details.
    6Refer to the “Adjusted EBITDA” section of the MD&A for further details.
    7During the fourth quarter of 2024, the Company modified its calculation of free cash flow. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. Refer to the “Free Cash Flow” section of this press release for further details.
    8Determined by using the trailing 12-month period.

    Enerflex’s consolidated financial statements and notes (the “financial statements”) and Management’s Discussion and Analysis (“MD&A”) as at December 31, 2024, can be accessed on the Company’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    OUTLOOK        

    During 2025, Enerflex’s priorities include: (1) enhancing the profitability of core operations; (2) leveraging the Company’s leading position in core operating countries to capitalize on expected increases in natural gas and produced water volumes; and (3) maximizing free cash flow to further strengthen Enerflex’s financial position, provide direct shareholder returns, and invest in selective customer supported growth opportunities.

    Industry Update

    Enerflex’s preliminary outlook for 2025 reflects steady demand across its business lines and geographic regions. Operating results will be underpinned by the highly contracted EI product line and the recurring nature of AMS, which together are expected to account for approximately 65% of our gross margin before depreciation and amortization. Enerflex’s EI product line is supported by customer contracts, which are expected to generate approximately $1.5 billion of revenue during their current terms.

    Complementing Enerflex’s recurring revenue businesses is the ES product line, which carried a backlog of approximately $1.3 billion as at December 31, 2024, the majority of which is expected to convert into revenue over the next 12 months. During 2025, ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line, reflective of the weakness in domestic natural gas prices during much of 2024 and a shift of project mix in Enerflex’s ES backlog. Notwithstanding, near-term revenue for this business line is expected to remain steady. Enerflex is encouraged by initial customer response to improved domestic natural gas prices, and the medium-term outlook for ES products and services continues to be attractive, driven by expected increases in natural gas and produced water volumes across Enerflex’s global footprint.

    The Company continues to closely monitor geopolitical tensions across North America, including the potential application of tariffs. Based on currently available information, the direct impact of tariffs on Enerflex’s business is expected to be mitigated by the Company’s diversified operations and proactive risk management. Enerflex’s operations in the USA, Canada and Mexico are largely distinct in the customers and projects they serve, and the Company has been working to mitigate the impact of potential tariffs. The United States is Enerflex’s largest operating region, generating 45% of consolidated revenue in 2024 by destination of sale, and we believe the Company is well positioned to benefit from growth in domestic energy production. Enerflex’s operations in Canada and Mexico generated 10% and 3% of consolidated revenue in 2024, respectively.

    Capital Spending

    Enerflex is targeting a disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. This includes a total of approximately $70 million for maintenance and PP&E capital expenditures. Similar to 2024, disciplined capital spending will focus on customer supported opportunities in the USA and Middle East. Notably, the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian basin and capital spending discipline from market participants. Enerflex will continue to make selective customer supported growth investments in this business.

    Capital Allocation

    Providing meaningful direct shareholder returns is a priority for Enerflex. With the Company operating within its target leverage range of bank-adjusted net debt-to-EBITDA ratio of 1.5x to 2.0x, Enerflex is positioned to increase direct shareholder returns. This is reflected through the previously announced 50% increase of the Company’s quarterly dividend.

    Going forward, capital allocation decisions will be based on delivering value to Enerflex shareholders and measured against Enerflex’s ability to maintain balance sheet strength. In addition to increases to the Company’s dividend, share repurchases, and disciplined growth capital spending, Enerflex will also consider reducing leverage below its target range to further improve balance sheet strength and lower net finance costs. Unlocking greater financial flexibility positions the Company to capitalize on opportunities to optimize its debt stack and respond to evolving market conditions.

    DIVIDEND DECLARATION

    Enerflex is committed to paying a sustainable quarterly cash dividend to shareholders. The Board of Directors has declared a quarterly dividend of CAD$0.0375 per share, payable on March 24, 2025, to shareholders of record on March 10, 2025. With this dividend declaration, Enerflex has shortened the number of calendar days between its record date and payment date to better align the Company’s dividend approach with peers.

    CONFERENCE CALL AND WEBCAST DETAILS

    Investors, analysts, members of the media, and other interested parties, are invited to participate in a conference call and audio webcast on Thursday, February 27, 2025 at 8:00 a.m. (MST), where members of senior management will discuss the Company’s results. A question-and-answer period will follow.

    To participate, register at https://register.vevent.com/register/BI3947144f36ac4488be4e38db59385a7f. Once registered, participants will receive the dial-in numbers and a unique PIN to enter the call. The audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section or can be accessed directly at https://edge.media-server.com/mmc/p/dvksnz6g/.

    NON-IFRS MEASURES

    Throughout this news release and other materials disclosed by the Company, Enerflex employs certain measures to analyze its financial performance, financial position, and cash flows, including net debt-to-EBITDA ratio and bank-adjusted net debt-to-EBITDA ratio. These non-IFRS measures are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, non-IFRS measures should not be considered more meaningful than generally accepted accounting principles measures as indicators of Enerflex’s performance. Refer to “Non-IFRS Measures” of Enerflex’s MD&A for the three months ended December 31, 2024, for information which is incorporated by reference into this news release and can be accessed on Enerflex’s website at www.enerflex.com and under the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    ADJUSTED EBITDA

    Three months ended
    December 31, 2024
    ($ millions)   NAM   LATAM   EH   Total
    Net earnings1             $ 15
    Income taxes1               6
    Net finance costs1,2               26
    EBIT3 $ 34 $ 11 $ 4 $ 47
    Depreciation and Amortization   19   12   14   45
    EBITDA $ 53 $ 23 $ 18 $ 92
    Restructuring, transaction and integration costs   1   –   –   1
    Share-based compensation   11   2   3   16
    Impact of finance leases                
    Principal payments received   –   –   10   10
    Loss on redemption options3               2
    Adjusted EBITDA $ 65 $ 25 $ 31 $ 121


    1
    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $2 million loss on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

    Three months ended
    December 31, 2023
    ($ millions)   NAM   LATAM   EH   Total
    Net loss1             $ (95)
    Income taxes1               19
    Net finance costs1,2               25
    EBIT $ 47 $ (84) $ (14) $ (51)
    Depreciation and amortization   18   14   19   51
    EBITDA $ 65 $ (70) $ 5 $ –
    Restructuring, transaction and integration costs   3   2   13   18
    Share-based compensation   (1)   –   –   (1)
    Impact of finance leases                
    Principal payments received   –   –   9   9
    Goodwill impairment   –   65   –   65
    Adjusted EBITDA $ 67 $ (3) $ 27 $ 91


    1
    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.

    Twelve months ended
    December 31, 2024
    ($ millions)   NAM   LATAM   EH   Total
    Net earnings1             $ 32
    Income taxes1               49
    Net finance costs1,2               98
    EBIT3 $ 166 $ 29 $ (33) $ 179
    Depreciation and amortization   74   53   58   185
    EBITDA $ 240 $ 82 $ 25 $ 364
    Restructuring, transaction and integration costs   7   4   3   14
    Share-based compensation   19   5   5   29
    Impact of finance leases                
    Upfront gain   –   –   (3)   (3)
    Principal payments received   –   1   44   45
    Gain on redemption options3               (17)
    Adjusted EBITDA $ 266 $ 92 $ 74 $ 432


    1
    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.
    3EBIT includes $17 million gain on redemption options associated with the Notes. Debt is managed within Corporate and is not allocated to reporting segments.

    Twelve months ended
    December 31, 2023
    ($ millions)   NAM   LATAM   EH   Total
    Net loss1             $ (83)
    Income taxes1               31
    Net finance costs1,2               94
    EBIT $ 127 $ (90) $ 5 $ 42
    Depreciation and amortization   69   48   81   198
    EBITDA $ 196 $ (42) $ 86 $ 240
    Restructuring, transaction and integration costs   11   10   23   44
    Share-based compensation   4   1   1   6
    Impact of finance leases                
    Upfront gain   –   –   (13)   (13)
    Principal payments received   –   1   35   36
    Goodwill impairment   –   65   –   65
    Adjusted EBITDA $ 211 $ 35 $ 132 $ 378


    1
    The Company included net earnings, income taxes, and net finance costs on a consolidated basis to reconcile to EBIT.
    2Net finance costs are considered corporate expenditures and therefore have not been allocated to reporting segments.


    FREE CASH FLOW AND DIVIDEND PAYOUT RATIO

    The Company modified its calculation of free cash flow to include a deduction for growth capital expenditures and exclude the deduction for dividends paid. Free cash flow is now defined as cash provided by (used in) operating activities, less total capital expenditures (growth and maintenance) for PP&E and EI assets, mandatory debt repayments, and lease payments, while proceeds on disposals of PP&E and EI assets are added back. This modification is aimed at providing additional clarity into Enerflex’s free cash flow and help users of the financial statements assess the level of free cash generated to fund other non-operating activities. These activities could include dividend payments, share repurchases, and non-mandatory debt repayments. Free cash flow may not be comparable to similar measures presented by other companies as it does not have a standardized meaning under IFRS. Management has adopted this non-IFRS measure to improve comparability with its peers.

      Three months ended
    December 31,
    Twelve months ended
    December 31,
    ($ millions, except percentages)   2024   2023   2024   2023
    Cash provided by operating activities before changes in working capital and other1 $ 74 $ 46 $ 218 $ 193
    Net change in working capital and other   39   112   106   13
    Cash provided by operating activities2 $ 113 $ 158 $ 324 $ 206
    Less:                
    Capital expenditures – Maintenance and PP&E   (21)   (13)   (53)   (45)
    Capital expenditures – Growth   (11)   (4)   (22)   (61)
    Mandatory debt repayments   –   (10)   (10)   (20)
    Lease payments   (5)   (3)   (20)   (15)
    Add:                
    Proceeds on disposals of PP&E and EI assets   –   11   3   30
    Free cash flow $ 76 $ 139 $ 222 $ 95
    Dividends paid   2   2   9   9
    Dividend payout ratio   2.6%   1.4%   4.1%   9.5%


    1
    Enerflex also refers to cash provided by operating activities before changes in working capital and other as “Funds from operations” or “FFO”.
    2Enerflex also refers to cash provided by operating activities as “Cashflow from operations” or “CFO”.


    BANK-ADJUSTED NET DEBT-TO-EBITDA RATIO

    The Company defines net debt as short- and long-term debt less cash and cash equivalents at period end, which is then divided by EBITDA for the trailing 12 months. In assessing whether the Company is compliant with the financial covenants related to its debt instruments, certain adjustments are made to net debt and EBITDA to determine Enerflex’s bank-adjusted net debt-to-EBITDA ratio. These adjustments and Enerflex’s bank-adjusted net-debt-to EBITDA ratio are calculated in accordance with, and derived from, the Company’s financing agreements.

    GROSS MARGIN BEFORE DEPRECIATION AND AMORTIZATION

    Gross margin before depreciation and amortization is a non-IFRS measure defined as gross margin excluding the impact of depreciation and amortization. The historical costs of assets may differ if they were acquired through acquisition or constructed, resulting in differing depreciation. Gross margin before depreciation and amortization is useful to present operating performance of the business before the impact of depreciation and amortization that may not be comparable across assets.

    ADVISORY REGARDING FORWARD-LOOKING INFORMATION

    This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “plan”, “potential”, “predict”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI.

    In particular, this news release includes (without limitation) forward-looking information and statements pertaining to:

    • expectations that the North American contract compression fleet will grow to over 475,000 horsepower by the end of 2025;
    • the Company’s expectations to further reduce debt, provide direct shareholder returns and create meaningful long-term value for Enerflex shareholders, and the timing associated therewith, if at all;
    • disclosures under the heading “Outlook” including:
      • steady demand will continue across our business lines and geographic regions for 2025;
      • the highly contracted EI product line and the recurring nature of AMS will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization;
      • customer contracts within Enerflex’s EI product line will generate approximately $1.5 billion of revenue during their current terms;  
      • a majority of the ES product line backlog of approximately $1.3 billion as at December 31, 2024, will convert into revenue over the next 12 months;
      • ES gross margin before depreciation and amortization is expected to be more consistent with the historical long-term average for this business line with near term revenue remaining steady;
      • the potential application of tariffs and the anticipated impact of such tariffs including the Company’s expectation that such impact to Enerflex will be mitigated by the Company’s diversified operations and proactive risk management;
      • that the Company is well positioned to benefit from growth in domestic energy production;
      • total capital expenditures in 2025 will be $110 million to $130 million which includes approximately $70 million for maintenance and PP&E capital expenditures; and
      • the fundamentals for contract compression in the USA remain strong, led by expected increases in natural gas production in the Permian and capital spending discipline from market participants;
    • the ability of Enerflex to continue to pay a sustainable quarterly cash dividend.

    FLI reflect management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:

    • any potential tariffs imposed will have a manageable impact on our operations and cost structure and increased domestic energy production will offset any negative effects of such tariffs;
    • market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s core operating countries;
    • market conditions, customer activity, and industry fundamentals will support stable demand across our business lines and geographic regions throughout 2025;
    • the high level of contractual commitments within the EI product line and the predictable, recurring revenue from AMS will continue;
    • existing customer contracts within the EI product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
    • the execution of projects within the ES product line will proceed as scheduled and the conversion to revenue will proceed without significant delays or cancellations;
    • no significant unforeseen cost overruns or project delays;
    • Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.

    As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 28, 2024, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

    The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

    The outlook provided in this news release is based on assumptions about future events, including economic conditions and proposed courses of action, based on Management’s assessment of the relevant information currently available. The outlook is based on the same assumptions and risk factors set forth above and is based on the Company’s historical results of operations. The outlook set forth in this news release was approved by Management and the Board of Directors. Management believes that the prospective financial information set forth in this news release has been prepared on a reasonable basis, reflecting Management’s best estimates and judgments, and represents the Company’s expected course of action in developing and executing its business strategy relating to its business operations. The prospective financial information set forth in this news release should not be relied on as necessarily indicative of future results. Actual results may vary, and such variance may be material.

    ABOUT ENERFLEX

    Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

    Enerflex’s common shares trade on the Toronto Stock Exchange under the symbol “EFX” and on the New York Stock Exchange under the symbol “EFXT”. For more information about Enerflex, visit www.enerflex.com.

    For investor and media enquiries, contact:

    Marc Rossiter
    President and Chief Executive Officer
    E-mail: MRossiter@enerflex.com

    Preet S. Dhindsa
    Senior Vice President and Chief Financial Officer
    E-mail: PDhindsa@enerflex.com

    Jeff Fetterly
    Vice President, Corporate Development and Investor Relations
    E-mail: JFetterly@enerflex.com

    The MIL Network –

    February 28, 2025
  • MIL-OSI: Cenovus Energy announces redemption of Series 5 Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 27, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (“Cenovus” or the “Company”) (TSX: CVE) (NYSE: CVE) announced today it will exercise its right to redeem the Company’s 4.591% Series 5 Preferred Shares (the “Series 5 Preferred Shares”) on March 31, 2025 (the “Redemption”). All 8 million Series 5 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $200 million, less required withholdings, if any, funded primarily from cash on hand.

    As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.28694 per Series 5 Preferred Share payable on March 31, 2025, to shareholders of record as of March 14, 2025. This will be the final dividend paid on the Series 5 Preferred Shares.

    Inquiries from registered holders of Series 5 Preferred Shares should be directed to Cenovus’s Registrar and Transfer Agent, Computershare Investor Services Inc. at 1-866-332-8898 or (514) 982-8717 outside North America. Beneficial holders, who are not directly registered holders of Series 5 Preferred Shares, should contact the financial institution, broker, or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

    Advisory

    This news release contains certain forward-looking statements and forward-looking information (collectively referred to as “forward-looking information”), within the meaning of applicable securities legislation, about Cenovus’s current expectations, estimates and projections about the future, based on certain assumptions made in light of the Company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward-looking information in this news release is identified by words such as “anticipate”, “continue”, “expect”, “intend”, “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the completion of the Redemption, including the timing and funding thereof and the dividend payments with respect to the Series 5 Preferred Shares.

    Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking information, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis for the period ended December 31, 2024, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada, which are available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts

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

    The MIL Network –

    February 28, 2025
  • MIL-OSI United Kingdom: UK science flies to the Moon with NASA

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK science flies to the Moon with NASA

    Advanced technology funded by the UK Space Agency began its 4-month journey to the Moon this morning, on board NASA’s Lunar Trailblazer mission.

    The Lunar Trailblazer spacecraft, which weighs 200kg and is about the size of a washing machine, aims to map the location and form of water on the Moon. This will improve scientists’ understanding of lunar resources and support future missions, when astronauts return to the lunar surface.

    On board is the Lunar Thermal Mapper (LTM) – a state-of-the-art thermal imaging camera developed by the University of Oxford with £3.1 million funding from the UK Space Agency and the Department for Science, Innovation and Technology (DSIT).

    Science Minister Sir Patrick Vallance said:

    Backed by UK Government funding, this project could be key to unlocking new insights into lunar water and in turn sustain future missions and deep space exploration for generations to come.

    Space is a fast-growing global industry, and these investments will generate important information to help grow the sector.

    The LTM is designed to measure the surface temperature and the various minerals that make up the lunar landscape, which is vital information to help confirm the presence and location of water. The instrument will work in tandem with NASA’s High-resolution Volatiles and Minerals Moon Mapper (HVM3) to produce the most detailed maps of water on the Moon’s surface to date.

    The Lunar Thermal Mapper being worked on at Oxford University. Credit: Department of Physics, University of Oxford.

    Neil Bowles, instrument scientist for LTM at Oxford University, said:

    The measurements of temperature will help confirm the presence of the water signal in HVM3’s measurements and the two instruments will work together to map the composition of the Moon, showing us details that have only been hinted at from previously.

    The UK’s role in Lunar Trailblazer demonstrates the importance of collaboration in the space sector, and the significant space expertise found in academic institutions across the country.

    The Clarendon Lab at the University of Oxford, which includes the Infrared Multilayer Laboratory, manufactured infrared filters for the mission. Durham University manufactured the precision LTM optics, mirrors, and pointing mirror. Cardiff University provided long wave infrared mesh filters, essential for the Lunar Thermal Mapper’s ability to accurately measure the surface temperature and composition of the Moon.

    Lauren Taylor, Major Projects Lead at The UK Space Agency, said:

    The UK Space Agency is thrilled to be a part of NASA’s Lunar Trailblazer mission. Our work with the University of Oxford to develop the Lunar Thermal Mapper showcases the UK’s leading role in space exploration and scientific research.

    This mission will provide invaluable data on the Moon’s water resources, supporting future human missions and enhancing our understanding of the lunar environment.

    UK companies also made significant contributions. From Ramp in Yeovil providing coatings and paint, and Micro Systems in Warrington manufacturing mechanical parts, to STFC RAL Space in Harwell providing insulation and electronics.

    Marie-Claire Perkinson, Chair of the Space, Science and Exploration Committee at the UKspace trade association, said:

    The launch of the UK Lunar Thermal Mapper instruments demonstrates the capabilities of the UK academic community working in collaboration with their industrial suppliers.

    Once in orbit around the Moon, Lunar Trailblazer will cover the surface 12 times a day and use its instruments to examine features including the permanently shadowed craters at the Moon’s South Pole, which could contain significant quantities of water ice.

    Lunar Trailblazer launched on a SpaceX Falcon 9 rocket together with Intuitive Machine’s IM-2 spacecraft, which will attempt a soft landing on the Moon next week.

    The UK Space Agency is also funding the joint UK-Canada Aqualunar Challenge to further our understanding of lunar water and its potential uses. The Aqualunar Challenge focuses on developing innovative technologies to purify water found on the Moon, which is crucial for supporting future human missions. The winners will be announced in March.

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    Published 27 February 2025

    MIL OSI United Kingdom –

    February 27, 2025
  • MIL-OSI Economics: Development Asia: Enhancing Vaccine Regulation for Pandemic Preparedness

    Source: Asia Development Bank

    Strengthening regulatory frameworks is critical in ensuring that vaccines are quickly approved and distributed. Using a systematic approach, gaps in key areas of the regulatory system can be identified, prioritized, and effectively addressed through regulatory capacity building and education of regulatory professionals.

    The World Health Organization Global Benchmarking Tool was developed to evaluate regulatory systems objectively and systematically, identify strengths and areas for improvement, guide interventions, and monitor progress in strengthening the regulatory system. Consistent and regular training of national regulators can also complement regulatory systems strengthening efforts by focusing on the identified gaps.

    The diverse and fragmented regulatory environment in Asia and the Pacific calls for regulatory convergence[1] and cooperation to facilitate timely and equitable access in the region. Stable, well-functioning national regulatory authorities in the region listed as WHO Maturity Level 3 and 4 and WHO Listed Authorities, such as those in the People’s Republic of China, India, Indonesia, Republic of Korea, Singapore, Thailand, and Viet Nam, could foster regional regulatory cooperation and serve as reference agencies for lower-resourced regulatory agencies.

    Such cooperation could be facilitated by formalized processes and relationships such as memoranda of understanding. For example, Singapore’s Health Sciences Authority has adopted a confidence-based regulatory approach that leverages the decisions of established and trusted regulatory agencies through formal recognition mechanisms and has expedited reviews without compromising the robustness of regulatory decisions. This has reduced approval timelines to 90 working days from 270 working days for the Health Sciences Authority’s full evaluation route under its verification evaluation system.

    Confidence-based approaches can be adopted in various stages of the vaccine life cycle. The ASEAN Mutual Recognition Arrangement on Good Manufacturing Practice Inspection enables member states to leverage on the regulatory inspections performed by other member states. It is legally binding for member states to recognize one another’s good manufacturing practice certificates, benchmarked against the international Pharmaceutical Inspection Cooperation Scheme.

    Regulatory cooperation can range from legally-binding mechanisms in the form of mutual recognition agreements and reliance mechanisms to other forms of cooperation such as joint collaborative assessments, report sharing and work sharing. Work sharing can promote mutual learning and the sharing of best practices among participating national regulatory authorities and can encourage regulatory convergence. For industry, the work-sharing model can be commercially attractive, providing simultaneous access to multiple countries and shorten timelines with the consolidation of questions.

    While cooperation on vaccine regulation is still nascent, there are other examples of regulatory cooperative mechanisms. Work sharing is practiced by Access Consortium, comprising the national regulatory authorities of Australia, Canada, Singapore, Switzerland and the United Kingdom. A similar coalition is the Opening Procedures at EMA to Non-EU authorities (OPEN) initiative, led by the EMA, which partners Australia, Brazil, Canada, Japan, Switzerland and WHO in joint assessments. In Asia and the Pacific, the Indo-Pacific Regulatory Strengthening Program, comprising Cambodia, Indonesia, Laos, Myanmar, Papua New Guinea, Thailand, and Viet Nam, and supported by Australia, successfully expedited approval of the antimalarial tafenoquine in Thailand in 2019 in its joint review.

    While the work-sharing model has its advantages, the following points also need to be considered:

    • Participating national regulatory authorities may have different priority drug lists and approval timelines.
    • Participating national regulatory authorities may have different technical requirements.
    • Lack of clarity in regulatory decisions could impact company filing strategies.

    Convergence of regulatory requirements can further contribute to successful work-sharing collaborations. One way to incentivize the alignment of key regulatory requirements is the creation of a consensus on indicators that measure overall efficiency of the work-sharing pathway, which participating countries can jointly work towards. Regional regulatory convergence efforts include the APEC Action Plan on Vaccination Across the Life-Course, which sets key policy targets to achieve by 2030. Priorities for alignment include post-approval change management, labeling, and packaging.

    MIL OSI Economics –

    February 27, 2025
  • MIL-OSI USA: Murkowski: In Alaska, We Do Have an Energy Emergency

    US Senate News:

    Source: United States Senator for Alaska Lisa Murkowski

    02.26.25

    Washington, DC – U.S. Senator Lisa Murkowski (R-Alaska) today voted against S.J.Res.10, a resolution to terminate the national energy emergency declared by President Trump on January 20, 2025. Murkowski spoke on the Senate floor in advance of the chamber’s vote to defeat the resolution, detailing the energy emergency in Alaska—which includes supply in Southcentral, affordability in rural and remote communities, and low throughput in the Trans-Alaska Pipeline System—while also pointing out the United States’ deep, self-inflicted vulnerabilities on mineral security.

    View Senator Murkowski’s remarks here

    A transcript of Murkowski’s floor statement is below.

    TRANSCRIPT

    Murkowski: Mr. President, I join my colleague from Utah, the Chairman of the Energy Committee, in speaking today in clear opposition to Senate Joint Resolution 10, which would terminate the energy emergency that has been declared by President Trump.

    I think my colleagues here on both sides of the aisle know that I’m not afraid to suggest when I think that the President may be heading in the wrong direction, but folks, on this one, he has absolutely, positively, clearly hit the mark. And I think that the Chairman of the Energy Committee has outlined in pretty good detail how that has come about.

    We know that our country is blessed with extraordinary, extraordinary assets. We have the potential to become the world’s leading resource superpower. But in order to do that, we have to be able to produce more energy domestically, and we have to be able to extract more minerals. We have to be able to build more transmission lines. We need to be able to overhaul what is clearly a broken federal permitting process. And we can do this.

    We can do this in a way that is cheaper, that is more reliable, more clean, than any other nation in the world. But wewe’ve got to kind of dig out now from where we have been over these past four years, where we saw setback after setback for resource producing states like mine, the state of Alaska.

    Let me give you a little detail in terms of what we’re facing in the state of Alaska, a state that, again, is known for its resource wealth.

    Right now, in the southcentral part of the state, we’re on the verge of importing LNG to meet the needs of some 75% of our population during the colder winter months. I’ll just repeat that: Alaska, the place where everybody knows we’ve got extraordinary oil resources, we have extraordinary natural gas potential, not only on the North Slope, but down in Cook Inlet. Well, Cook Inlet reserves are on the decline, and we are actually talking about importing LNG from Canada. That ought to just be considered a non-starter for anyone who knows and understands the extraordinary potential for resource development that we have in our state, with the wealth that we have.

    Right now, in some of our remote communities across the state, residents are truly in what I would describe as an energy emergency. They might not use that term anymore, because they’ve just gotten so used to the fact that they’re paying so much to keep their lights on and to keep warm. We have residents in many communities that are spending up to one half of their incomes on energy just to, again, to keep the lights on and to keep warm.

    Think about what that means when you’re spending half of what you what you make for just the basic necessities. It means that you have less to feed your family, to educate your kids. We’ve got communities where power costs 10 times the national average, where gasoline can easily exceed $10 a gallon, and that includes diesel as well. And those costs, of course, impact everything, everything – because you’ve got to move your food, your goods, usually by airplane, sometimes over the water, sometimes you’re able to drive it, but when you’re paying this much for diesel, gasoline, for avgas, it impacts everything.

    So, it’s not unusual to go into a village store and, if you can actually find a gallon of milk, see that it costs $18 a gallon. I do my comparison shopping by checking the prices of a box of Tide. People need to be able to wash their clothing for sanitary purposes. In almost every village that I’m going to, you’re looking at prices over $50 a box. $50 for a box of Tide laundry detergent. And it’s not because Tide is any more expensive than anything else, it’s just the reality of what we’re paying there. So, I think we’ve got an energy emergency when it comes to affordability.

    Right now, in our state, we also have an oil pipeline that is just one-quarter filled. We’ve had this pipeline pumping oil safely from the North Slope to delivery down in Valdez, going to other parts of the country for refining. That oil pipeline was completed in 1977 and has been producing for America ever since. But right now, it’s about one-quarter full. What’s happening is you have the federal government controlling most surrounding lands, and that has led to decreased opportunities to expand production up there, and a pipeline that again is about one-quarter full.

    I mentioned the benefits of oil here. I talked about natural gas, but we also have known deposits of about 50 critical minerals, the building blocks of our modern society and our national security. We have just about everything that our nation needs to break its deep dependence on China, to be able to rebuild our supply chains. But if you can’t access it, you can’t produce it, we can’t benefit from it.

    We tried to build a road from the Dalton Highway to the Ambler mining district that is explicitly provided by a 1980 federal law. We authorized this as part of a grand compromise. The road corridor was in exchange for creation of a massive National Park and Preserve. But we can get the Ambler project approved in one administration, only to have the next one come in, reopen it, ignore the law, and then make a political decision to reject it. And then here in Congress, we run into a partisan wall with some less interested in the rule of law than the whims of the very same environmental groups that pushed this resolution. And then meanwhile, what’s happening when we’re not able to produce in our own home states? China is cutting us off from its mineral exports, including the gallium and the germanium that we could produce from the Ambler district, if only the federal government would uphold its promise to allow Alaskans to responsibly access it.

    So, yeah, when I when I look at my home state, when I look at Alaska, I do see an energy emergency. I see several actually. And I see even more reasons to be concerned nationally. As the Chairman of the Energy Committee just noted, electricity demand is growing, and yet we can’t permit new power plants or build transmission lines. We can’t build pipelines in the Northeast or almost anything, particularly mines, on federal lands in the West. And you know, I’m listening to some of the arguments that are there being presented here, and maybe I’d feel differently if my home state was producing more than two million barrels of oil per day, as some are. But we’re not, and it’s not because we can’t, it’s because we’ve been denied the opportunity to do so. And that’s why I’m very thankful for President Trump and the administration for the focus that they have given to the state of Alaska with a specific executive order to allow us to unleash Alaska’s energy and resource potential.

    I have shared with the Secretary of the Interior, as well as the Secretary of Energy, that we need to stop treating energy like it’s some kind of an evil or a bad thing. We need to recognize that it is good. When I was chairman of the Energy Committee, we had a little bumper sticker, and I summed up my whole policy with: energy is good. I haven’t deviated from that policy. Energy makes us stronger, makes us less vulnerable, and it is an asset, not a liability, and we need to treat it as such.

    We need to be unleashing our resources, including all of our renewables, because that’s all part of the energy basket as well. So, it’s not an either-or, in my view, it’s all of the above. And that’s good for our economy. It’s good for our security, it’s good for our geopolitical power. America’s resource production is good for the global environment, because when we’re producing our resources, we stop paying countries that have little to no environmental standards, no interest in reducing their emissions, who often rely on child slave labor, and who frankly don’t even like us. So why not seize the opportunities we have here?

    Why not seize the opportunities that we have here, benefit our own people, our own economies, and again, benefit the global environment as well? If an energy emergency helps us figure this all out, then I’m good with that. And if it helps us remove the federal sanctions that we have seen on Alaska and returns my state to the heart of our national strategy for resource production, then that is also good. I think we’ll all be better off.

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI USA: 02.26.2025 Sen. Cruz, Rep. Roy Reintroduce RESULT Act to Increase Access to Life-Saving Medical Care

    US Senate News:

    Source: United States Senator for Texas Ted Cruz
    WASHINGTON, D.C. – U.S. Senator Ted Cruz (R-Texas) and U.S. Rep. Chip Roy (R-Texas-21) reintroduced the bicameralReciprocity Ensures Streamlined Use of Lifesaving Treatments (RESULT) Act. The legislation increases access to drugs, devices, and other medical therapies already approved in other trusted countries, facilitating access to life-saving treatments for Americans.
    Upon introduction, Sen. Cruz said, “Washington bureaucracy and regulations far too often interfere with the healthcare decisions of patients and their doctors.  The RESULT Act will facilitate access to life-saving drugs, devices, and medical treatments that are already proven safe and effective in other trusted countries, empowering patients to access the medications they need to improve their health. I’m proud to be advancing it, and I call upon my colleagues to expeditiously take it up and pass it.”
    Sen. Lee said, “Americans should have access to the very best medicines and treatments in the world, without government bureaucrats standing in the way. This legislation will strengthen medical freedom, increase healthcare options for patients, and allow the most brilliant innovations from our trusted allies across the globe to help countless families in the United States.”
    Rep. Roy said, “Waiting for a pencil-pusher in Washington to green-light medications that are already approved in other trusted countries is the epitome of the bureaucratic nightmare that has plagued our healthcare system. This bill would cut through a wall of red tape that separates Americans from getting the care that they need, which means prioritizing their healthcare freedom.”
    This legislation was also cosponsored by Sen. Mike Lee (R-Utah).
    Companion legislation was introduced in the House by Rep. Chip Roy (R-Texas-21).
    Read the bill text here.
    BACKGROUND
    The RESULT Act amends the Food, Drug and Cosmetic Act to allow for reciprocal approval of drugs, devices and biologics approved in certain trusted countries, including the UK, EU member countries, Israel, Australia, Canada, and Japan. Sen. Cruz previously introduced the bill in 2023 and 2021.

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI China: Trump says to impose 25% tariffs on EU products

    Source: China State Council Information Office 3

    U.S. President Donald Trump returns to the White House via Marine One in Washington, D.C., the United States, Feb. 22, 2025. [Photo/Xinhua]

    U.S. President Donald Trump said on Wednesday that his administration has made a decision to impose 25 percent tariffs on products from the European Union (EU), including cars.

    “We have made a decision. We’ll be announcing it very soon, and it’ll be 25 percent generally speaking, and that’ll be on cars and all other things,” Trump told reporters at a White House cabinet meeting.

    Trump claimed that the European Union has “taken advantage of” the United States. “They don’t accept our cars, they don’t accept, essentially, our farm products. They use all sorts of reasons why not. And we accept everything of them, and we have about a 300 billion dollar deficit with the European Union,” he said.

    Politico previously reported that the 300-billion-U.S.-dollar deficit is overstated. “In 2023, the U.S. goods trade deficit with the bloc was 155.8 billion euros, according to EU data. In services, however, the U.S. had a surplus of 104 billion euros, bringing the overall trade balance to 51.8 billion euros (roughly 56 billion U.S. dollars),” according the report.

    When asked by a reporter whether he would continue to delay tariffs on Mexico and Canada due to progress on border control, Trump said he would not prevent the tariffs from taking effect and claimed that the influx of fentanyl had caused “millions of deaths.”

    “I’m not stopping the tariffs. No,” Trump said.

    U.S. Secretary of Commerce Howard Lutnick explained two key deadlines related to the tariffs. Previously, the tariffs on Mexico and Canada had been delayed for one month and is set to take effect on March 4, and the two countries needed to prove to the president before the deadline that they had taken satisfactory actions in controlling the entry of fentanyl. Trump said that “it will be hard to satisfy.”

    Lutnick also noted that the overall tariff actions against more countries would be implemented on April 2.

    On Feb. 1, Trump signed an executive order to impose a 25 percent tariff on goods imported from Mexico and Canada, with a 10 percent tariff increase specifically for Canadian energy products. On Feb. 3, Trump announced that the additional tariffs on goods from Mexico and Canada would be deferred for one month, allowing more time for negotiations.

    On Monday, Trump said that tariffs on Mexico and Canada will “go forward.”

    MIL OSI China News –

    February 27, 2025
  • MIL-OSI Submissions: Tech and Business – Oracle Services Power IT Modernization in Asia Pacific

    Source: Information Services Group, Inc.

    Enterprises embrace providers with GenAI tools to improve enterprise cloud migrations, optimize Oracle investments, ISG Provider Lens report says.

    A growing number of enterprises in Asia Pacific are seeking Oracle ecosystem services to help them carry out digital transformations to remain competitive in rapidly changing markets, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.

    The 2024 ISG Provider Lens Oracle Cloud and Technology Ecosystem report for Asia Pacific finds many large Oracle customers are modernizing legacy systems, navigating cloud migrations and evaluating hyperscale cloud options. Service providers are helping clients optimize their Oracle investments, often with the use of AI tools, while Oracle is increasingly investing in talent development and collaboration in the region, including partnerships with governments in Singapore, Australia and India for large-scale training programs.

    “Companies in Asia Pacific need digital transformation to stay relevant,” said Michael Gale, partner and regional leader, ISG Asia Pacific. “Oracle and its partners are rising to the challenge by strengthening their expertise and developing talent in the region.”

    Large organizations in manufacturing, retail, financial services, consumer packaged goods and the public sector are increasing their use of Oracle services, the report says. In addition to modernization planning and execution, many seek help addressing regional nuances such as data sovereignty and compliance requirements, especially in India, Singapore, Malaysia, Australia and New Zealand.

    Outdated legacy systems are holding back many organizations in the region, leading to rising demand for both consulting and advisory services to plan modernization initiatives, ISG says. To reach strategic goals and maximize Oracle investments, enterprises seek providers that demonstrate domain expertise and the ability to innovate. Carrying out transitions with minimal disruption and consistent data integrity is a key requirement.

    Companies seeking to maintain Oracle performance and uptime amid cost, compliance and complexity challenges are driving up demand for managed services in Asia Pacific, the report says. Comprehensive services allow clients to optimize resource management, enhance productivity and focus on strategy.

    More enterprises in the region are adopting Oracle Cloud Infrastructure (OCI), often leveraging local data centers and integrating advanced tools, ISG says. A key requirement is the availability of generative AI for process automation and management of multicloud environments. Companies give priority to service providers that offer comprehensive support for Oracle and non-Oracle environments and enhance integration across cloud platforms.

    “Enterprises in Asia Pacific are choosing leading OCI providers with a strong local presence,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Along with competitive pricing and proven track records in Oracle migrations, this fosters trust.”

    The report also examines other trends affecting Oracle users in Asia Pacific, including enterprises consolidating providers of comprehensive application management services and the impact of OCI’s recently introduced interoperability across AWS, Azure and Google Cloud.

    For more insights into the challenges faced by enterprises using Oracle in Asia Pacific, see the ISG Provider Lens Focal Points briefing here.

    The 2024 ISG Provider Lens Oracle Cloud and Technology Ecosystem report for Asia Pacific evaluates the capabilities of 28 providers across four quadrants: Consulting and Advisory Services, Implementation and Integration Services, Managed Services and OCI Solutions and Capabilities.

    The report names Accenture, Cognizant, Deloitte, HCLTech, Infosys, LTIMindtree, TCS, Tech Mahindra and Wipro as Leaders in all four quadrants. It names PwC as a Leader in three quadrants and KPMG as a Leader in two quadrants. Capgemini is named as a Leader in one quadrant.

    In addition, Capgemini, DXC Technology and Kyndryl are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.

    In the area of customer experience, Capgemini is named the global ISG CX Star Performer for 2024 among Oracle Cloud and Technology Ecosystem providers. Capgemini earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, part of the ISG Star of Excellence program, the premier quality recognition for the technology and business services industry.

    The 2024 ISG Provider Lens Oracle Cloud and Technology Ecosystem report for Asia Pacific is available to subscribers or for one-time purchase on this webpage.

    About ISG Provider Lens Research

    The ISG Provider Lens Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

    About ISG

    ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.

    MIL OSI – Submitted News –

    February 27, 2025
  • MIL-OSI Security: Wolfville — RCMP charges man with weapons offences after threat involving knife

    Source: Royal Canadian Mounted Police

    West Hants RCMP Detachment has charged a man with weapons offences following an altercation in Windsor.

    On February 25, at approximately 12:30 a.m., RCMP officers responded to a report of a man wielding a knife at another man on Water St. Officers learned that the man with the knife was threatening the other man.

    No physical injuries were reported.

    Upon arrival at the scene, officers arrested 30-year-old James Lee Marble-Stock of Windsor. At the time of his arrest, Marble-Stock was in the possession of two knives, a box cutter and other sharp objects.

    Marble-Stock has been charged with:

    • Assault with a Weapon
    • Possession of a Weapon for a Dangerous Purpose
    • Uttering Threats
    • Failure to Comply with a Court Order

    He was remanded into custody and will return in Kentville Provincial Court today.

    The incident is still under investigation. Anyone with information is asked to contact West Hants RCMP at 902-798-2207. To remain anonymous, call Nova Scotia Crime Stoppers, toll-free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI –

    February 27, 2025
  • MIL-OSI China: Trump says to impose 25 pct tariffs on EU cars, other products

    Source: China State Council Information Office

    U.S. President Donald Trump said on Wednesday that his administration has made a decision to impose 25 percent tariffs on products from the European Union (EU), including cars.

    “We have made a decision. We’ll be announcing it very soon, and it’ll be 25 percent generally speaking, and that’ll be on cars and all other things,” Trump told reporters at a White House cabinet meeting.

    U.S. President Donald Trump returns to the White House via Marine One in Washington, D.C., the United States, Feb. 22, 2025. (Xinhua/Hu Yousong)

    Trump claimed that the European Union has “taken advantage of” the United States. “They don’t accept our cars, they don’t accept, essentially, our farm products. They use all sorts of reasons why not. And we accept everything of them, and we have about a 300 billion dollar deficit with the European Union,” he said.

    Politico previously reported that the 300-billion-U.S.-dollar deficit is overstated. “In 2023, the U.S. goods trade deficit with the bloc was 155.8 billion euros, according to EU data. In services, however, the U.S. had a surplus of 104 billion euros, bringing the overall trade balance to 51.8 billion euros (roughly 56 billion U.S. dollars),” according the report.

    When asked by a reporter whether he would continue to delay tariffs on Mexico and Canada due to progress on border control, Trump said he would not prevent the tariffs from taking effect and claimed that the influx of fentanyl had caused “millions of deaths.”

    “I’m not stopping the tariffs. No,” Trump said.

    U.S. Secretary of Commerce Howard Lutnick explained two key deadlines related to the tariffs. Previously, the tariffs on Mexico and Canada had been delayed for one month and is set to take effect on March 4, and the two countries needed to prove to the president before the deadline that they had taken satisfactory actions in controlling the entry of fentanyl. Trump said that “it will be hard to satisfy.”

    Lutnick also noted that the overall tariff actions against more countries would be implemented on April 2.

    On Feb. 1, Trump signed an executive order to impose a 25 percent tariff on goods imported from Mexico and Canada, with a 10 percent tariff increase specifically for Canadian energy products. On Feb. 3, Trump announced that the additional tariffs on goods from Mexico and Canada would be deferred for one month, allowing more time for negotiations.

    On Monday, Trump said that tariffs on Mexico and Canada will “go forward.”

    MIL OSI China News –

    February 27, 2025
  • MIL-OSI New Zealand: Animal Welfare Laws – Study reveals flaws in animal protection laws – Auckland University

    Source: University of Auckland (UoA)

    New Zealand’s animal welfare system is failing – and in urgent need of a dedicated police unit, researcher warns.

    The animal protection system in Aotearoa is ineffective, underfunded, and at risk of collapse, according to new research.

    University of Auckland law scholar associate professor Marcelo Rodriguez Ferrere warns that without major reform, animals will continue to suffer harm without adequate legal consequences.

    His doctoral thesis with the University of Alberta, which compares New Zealand’s system with Alberta, Canada, identifies deep structural flaws. These include overlapping responsibilities, jurisdictional confusion, and a reliance on the SPCA – an under-resourced charity – to carry out much of the enforcement.

    “The effect of this enforcement gap is clear: breaches of animal welfare laws go consistently undetected and under-prosecuted,” says Rodriguez Ferrere.

    “Not only does this directly harm animals, but it weakens the deterrent effect of the law, allowing a cycle of neglect and cruelty to continue. In this way, animal welfare underenforcement frustrates the rule of law.”

    A lack of financial support for the sector has resulted in inadequate training for animal protection officers, reactive and delayed enforcement, and areas where no enforcement occurs at all.
    Our reliance on private enforcement is outdated and the biggest flaw in the system. We need a specialised animal welfare unit within the police.

    In New Zealand, three agencies – police, the Society for the Prevention of Cruelty to Animals (SPCA), and Ministry for Primary Industries (MPI) – theoretically share responsibility for enforcing the Animal Welfare Act. But in reality, that enforcement falls to the MPI and the SPCA and neither of them, Rodriguez Ferrere argues, have the resources to do the job effectively.

    “The SPCA has been given the responsibility to enforce animal welfare legislation with regards to companion animals, even though police and MPI also have jurisdiction,” he says. “It’s a strange quirk of our system that we rely on a charity with limited funding to do this work. They do their best, but it’s not working.”

    He believes New Zealand should consider removing enforcement responsibilities from the SPCA, which remains one of the few charities in the world still conducting private animal welfare prosecutions. Instead, he argues that their expertise could be shifted to state-funded enforcement bodies dedicated to animal welfare.

    “The SPCA has done an amazing job, despite limited resources, but our reliance on private enforcement is outdated and the biggest flaw in the system,” he says. “We need a specialised animal welfare unit within the police.”

    Rodriguez Ferrere also sees broader issues at play, linking New Zealand’s weak enforcement to institutional speciesism. He says people prioritise the interests of their own species, while treating other animals as ‘property’.

    “The legal classification of animals as property is speciesism in action,” he says. “As long as animals are treated as commodities, their well-being is directly linked to the value they represent to their owners and society.”

    While removing the property status of animals would be too radical a shift, Rodriguez Ferrere says a more immediate and achievable step is to strengthen regulatory enforcement. A properly funded police unit focused on animal welfare, he argues, would go a long way toward ensuring the law is upheld. Such a unit operates within the city of Edmonton, Alberta, with significant success.

    MIL OSI New Zealand News –

    February 27, 2025
  • MIL-OSI Canada: Prime Minister Justin Trudeau speaks with premiers to discuss the Canada-U.S. relationship and Canada’s fight against fentanyl

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau met virtually with Canada’s premiers to discuss Canada-U.S. relations and Canada’s fight against fentanyl. The Prime Minister was joined by the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, the Minister of Public Safety, David J. McGuinty, and Canada’s Fentanyl Czar, Kevin Brosseau. The Prime Minister and the premiers welcomed the new Premier of Prince Edward Island, Rob Lantz, to the First Ministers’ table and thanked the Premier of Newfoundland and Labrador, Andrew Furey, for his contributions.

    Minister McGuinty provided an update on Canada’s fight against fentanyl, noting progress on the ongoing implementation of Canada’s Border Plan as well as his and Mr. Brosseau’s recent conversations with counterparts in the U.S. He highlighted concrete actions Canada has taken to detect, disrupt, and dismantle the fentanyl trade and protect our communities, including by adding new and expanded detection and interdiction capacity at border entries. Canada’s Border Plan also includes working with provinces, territories, and local law enforcement to create three regional hubs that bring federal, provincial, and local law enforcement officers together to support and focus enforcement capacity and intercept organized crime and illegal drugs faster. The Prime Minister reaffirmed that the federal government will strengthen its efforts to eradicate this deadly substance from our communities.

    First Ministers discussed the ongoing threat of unjustified U.S. tariffs, and they expressed their unanimous opposition to any tariffs on Canadian goods, including aluminum and steel. The Prime Minister stated that he remains hopeful that tariffs will not be imposed, but he reiterated that Canada stands ready to respond if needed.

    The Prime Minister thanked the premiers for their ongoing engagement and contributions as part of a Team Canada approach. Federal, provincial, and territorial leaders noted that tariff-free trade between Canada and the U.S. has lowered prices, created jobs, generated economic growth, and increased the standard of living for Canadians and Americans alike. The Prime Minister and the premiers reiterated their commitment to preventing the U.S. from imposing any tariffs on Canadian goods and to removing barriers to internal trade and labour mobility within Canada.

    The Prime Minister and the premiers agreed to remain united and in close contact as they confront threats to Canadian jobs and prosperity.

    Associated Links

    MIL OSI Canada News –

    February 27, 2025
  • MIL-OSI USA: Crapo Votes to Confirm USTR Nominee

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–Today, the U.S. Senate confirmed Jamieson Greer to be United States Trade Representative (USTR) by a bipartisan vote of 56-43.  In remarks delivered on the Floor, U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) called on his Senate colleagues to support the nomination, highlighting Mr. Greer’s extensive trade experience and commitment to advancing a robust trade agenda that prioritizes American farmers, ranchers, workers and businesses. 

    As delivered:
    “I rise today to urge my colleagues to vote in favor of the confirmation of Mr. Jamieson Greer, who is nominated to serve as the United States Trade Representative.
    “I think I ought to set a couple of facts straight about President Trump’s utilization of the various policies when he was President the first time. 
    “It was said that wages went down, prices went up and people were going to face terrible, dire consequences if he’s able to follow his trade policies again in this term.
    “The reality is that under President Trump, wages went up, jobs went up, unemployment went down, benefits went up, the economy grew dramatically and we had the strongest economy in our lifetimes because of the policies President Trump pursued.
    “So I don’t think people should let these politics of fear saying that everything President Trump does is going to hurt people convince them otherwise.
    “The Office of the U.S. Trade Representative, created in 1962 by Congress, develops and coordinates U.S. international trade policy and oversees trade negotiations with other countries.
    “The U.S. Trade Representative—the role for which Mr. Greer is nominated—historically and statutorily serves as the United States’ principal advisor, negotiator and spokesperson on trade issues.
    “Mr. Greer is well-suited for these roles as demonstrated during his previous tenure as USTR Chief of Staff when he worked with both sides of the aisle in negotiating and securing congressional approval of the United States-Mexico-Canada Agreement, which passed the Senate 89-10. 
    “Throughout the nomination process, Mr. Greer demonstrated his strong commitment to work with Congress in a bipartisan fashion to advance the interests of our farmers, ranchers, fishers and workers.
    “In particular, I applaud Mr. Greer’s commitment to open markets for our farmers and manufacturers by negotiating new agreements and enforcing existing ones. 
    “I fully welcome a return to a USTR that performs its statutory obligation of creating new opportunities for Americans.  And I look forward to USTR’s forthcoming reviews of foreign trade barriers that stymie U.S. investment and exports.
    “I urge my colleagues to join me, now, to advance Mr. Greer’s nomination.
    “It is critical to have a USTR at the helm of these investigations and to support the Administration’s return to an active and robust trade agenda that prioritizes American farmers, ranchers, workers and businesses.”

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI USA News: Remarks by President Trump Before Cabinet Meeting

    Source: The White House

    class=”has-text-align-center”>Cabinet Room

    11:42 A.M. EST

         THE PRESIDENT:  Okay.  Thank you very much.  We appreciate you being here.  And we’ve put together a great Cabinet.  And we’ve had tremendous success.  We’ve been given a lot of credit for having a very successful first month, and we want to make that many months — and years, actually.  But we’re going to have many good months, and we’re going to have many good years, I hope.  And we’re going to solve a lot of problems. 

         We’re doing very well with Russia-Ukraine.  President Zelenskyy is going to be coming on Friday.  It’s now confirmed.  And we’re going to be signing an agreement, which will be a very big agreement.  And I want to thank Howard and Scott for the job you guys did in putting it together.  Really did an amazing job.  And that’ll be on rare earth and other things. 

         And as you know, we’re in for, probably, $350 billion and Europe is in for $100 billion.  And that’s a big difference.  So, we’re in for, probably, three times as much.  And yet, it’s very important to everybody, but Europe is very close.  We have a big ocean separating us.  So, it’s very important for Europe.  And they, hopefully, will step up and do maybe more than they’re doing and maybe a lot more.

         The previous administration put us in a very bad position, but we’ve been able to make a deal where we’re going to get our money back and we’re going to get a lot of money in the future.  And I think that’s appropriate, because we have taxpayers that are — shouldn’t be footing the bill, and they shouldn’t be footing the bill at more than the Europeans are paying. 

         So, it’s all been worked out.  We’re happy about it.  And I think that, very importantly, we’re going to be able to make a deal. 

         Most importantly, by far, we’re going to make a deal with Russia and Ukraine to stop killing people.  They’ll stop killing young Russian soldiers and young Ukrainian soldiers and other people, in addition, in the towns and cities.  And we will consider that a very important thing and a big accomplishment, because it was going nowhere until this administration came in.  They hadn’t spoken to President Putin in two years.  And so, we’ll keep you advised.

         Before we begin the Cabinet, I’d like to have Scott

    and a couple of people say a few things.  But most importantly — where are you?

         SECRETARY TURNER:  I’m right here, sir.

         THE PRESIDENT:  This is a gentleman who’s going places — the head of HUD.  And he’s going to say — you all know him.  And you’re going to say grace —

         SECRETARY TURNER:  Yes, sir.

         THE PRESIDENT:  — and then we’ll have our meeting, right?

    SECRETARY TURNER:  Yes.

         THE PRESIDENT:  Thank you very much. 

         SECRETARY TURNER:  Thank you, Mr. President.  Let’s pray.

         Father, we thank you for this awesome privilege, Father, to be in your presence.  God, thank you that you’ve allowed us to see this day.  The Bible says that your mercies are new every morning.  And, Father God, we give you the glory and the honor.  Thank you, God, for President Trump, Father, for appointing us.  Father God, thank you for anointing us to do this job.  Father, we pray you’ll give the president and the vice president wisdom, Father God, as they lead. 

         Father, I pray for all of my colleagues that are here around the table and in this room.  Lord God, we pray that we would lead with a righteous clarity, Father God, and as we serve the people of this country and every perspective agency, every job that we have, Father, we would humble ourselves before you that we would lead in a manner that you’ve called us to lead and to serve. 

         Father, the Bible says the blessed is the nation whose God is the Lord.  But, Father, we today honor you.  And in your rightful place, Father, thank you for giving us this opportunity to restore faith in this country and be a blessing to the people of America.  And, Lord God, today in our meeting, we pray that you will be glorified in our conversation.
        
         In Jesus’ name, amen.

         PARTICIPANTS:  Amen.

         THE PRESIDENT:  Scott, that was a very good job you did.  You’ve done that before, haven’t you?  (Laughter.)  Wow. 

         So, Scott Turner is a terrific young guy.  He’s heading up HUD, and he’s going to make us all very proud, right?

         SECRETARY TURNER:  Thank you, Mr. President.  Yes, sir.

         THE PRESIDENT:  Thank you very much.  Great job. 

         In just over one month, illegal border crossings have plummeted by numbers that nobody has actually ever seen before.  It’s much more than 100 percent. 

    And we’ve unleashed American energy at levels that will soon be reported, but we think we’re going to get it going very quickly.  We have incredible people on the energy front. 

    I think we have really great people on every front.  I’ll let you know if they’re not good, but I think they really are. 

    And we’re fighting every day to get the prices down.  The inflation is stopping slowly, but part of the reason it’s stopping is because of high interest rates and other problems that we inherited.  But we have to get the prices down — not the inflation down — the prices of eggs and various other things.  Eggs are a disaster. 

         The secretary of Agriculture is going to be showing you a chart that’s actually mindboggling what’s happened — how low they were with us and how high they are now.  But I think we can do something about it —

         SECRETARY ROLLINS:  Yes, sir.

         THE PRESIDENT:  — Madam Secretary.

         SECRETARY ROLLINS:  Yes, sir.

         THE PRESIDENT:  And I think you’re going to do a fantastic job in that position. 

    One of the most important initiatives is DOGE, and we have cut billions and billions and billions of dollars.  We’re looking to get it maybe to a trillion dollars.  If we can do that, we’re going to start getting to be at a point where we can think in terms of balancing budgets, believe it or not, something you haven’t heard in many, many years — decades, actually.  And it’s a big — whether it’s this year or next year, I think we’ll be very close to balancing budgets.  And the DOGE is very important. 

    And Elon is here to give you a summary of what’s happening, some of the things they found — some of the horrible things they found — some of the theft and fraud, and we call it waste and abuse, but a lot of fraud, and probably some fraud that we’re not going to be able to prove is fraud, but when you hear the names and the places where this money is going, it’s a disgrace. 

         But we’ve requested that a lot of people — we want to make sure that the people are working.  So, letters were sent out, and I think everyone at this table is very much behind it.  And if they aren’t, I’d want them to speak up.  But they’re very much behind it. 

         Letters were sent out to people just to find out, if the people exist, do they work?  Who do they work for?  Where are they?  You know, where have they been working?  Have they been working for other companies or other entities at all and being paid by the government, so they have two jobs, but they’re supposed to have one? 

    And the letter asks some simple questions like, “What have you done lately?”  And if they can answer that — because I can.  I can tell you everything I’ve done for the last long period of time — a lot more than a week. 

    And in many cases, we haven’t gotten responses.  Usually that means that maybe that person doesn’t exist or that person doesn’t want to say they’re working for another company while being paid by the United States government. 

    So, there’s a lot of interesting things.  It’s very unique, but we have a very unique situation because we have a lot of people that were scamming our country.  We have a lot of dishonest people.  We have a lot of people that took advantage of a lot of different situations, and we’re not going to let that happen. 

    So, I’m going to ask, if it’s possible, to have Elon get up first and talk about DOGE, because it seems to be of great interest to everyone. 

    I will say that there is a large group of people in this country that have such admiration for what we’re doing.  I got elected with a tremendous vote — winning every swing state, winning the popular vote, winning the counties by thousands of counties.  I think it was 2,800 to 500.  2,800 counties to 500 counties.  Think of that. 

    And so, we have a mandate to do this, and this is part of the reason I got elected.  I got elected based on taxes and based on many things, the border, but also based on balancing budgets and getting our country back into shape, and this is a big part of it. 

    So, Elon, if you could get up and explain where you are, how you’re doing, and how much we’re cutting.  And it’s an honor to have you.  He’s been a tremendously successful guy.  He’s really working so hard.  And he’s got businesses to run.  And in many ways, they say, “How do you do this?”  And, you know, he’s sacrificing a lot and — getting a lot of praise, I’ll tell you, but he’s also getting hit.  And we would expect that, and that’s the way it works. 

    So, I’d like to have Elon Musk please say a few words.

         MR. MUSK:  Well, tha- — thank you —
        
         THE PRESIDENT:  Thank you, Elon.

    MR. MUSK:  Thank you, Mr. President.  Well, I a- — I actually just call myself humble tech support here — (laughter) — because this is actually — as crazy as it sounds, that — that is almost a literal description of the work that the DOGE team is doing is helping fix the government computer systems.  Many of these systems are extremely old.  They don’t communicate.  There are a lot of mistakes in the systems.  The software doesn’t work.  The — so, we are actually tech support.  It’s — it’s a — it’s ironic, but it’s true.

    The — the overall goal here with the DOGE team is to help address the enormous deficit.  We simply cannot sustain, as a country, $2 trillion deficits.  The interest rates — just the interest on the national debt now exceeds the Defense Department spending. 

    We spend a lot on the Defense Department, but we’re spending, like, over a trillion dollars on interest.  If this continues, the country will go — become de facto bankrupt.  It’s — it’s not an optional thing.  It is an essential thing.  That — that’s — that’s the reason I’m here and taking a lot of flak and getting a lot of death threats, by the way.  I can, like, stack them up, you know.

    But if we don’t do this, America will go bankrupt.  That’s why it has to be done.  And I’m confident, at this point — knock on wood, you know — knock on my wooden head — (laughter) — the — there’s a lot of wood up there — that we can actually find a trillion dollars in savings.  That would be roughly 15 percent of the $7 trillion budget.

    And obviously, that can only be done with the support of everyone in this room.  And I’d like to thank everyone for — for your support.  Thank you very much this.  This — this can only be done with — with your support.

    So, this is — it’s really — DOGE is a support function for the president and for the — the agencies and departments to help achieve those savings and to effect- — effectively find 15 percent in reduction in fraud and — and waste.

    And — and we bring the receipts.  So, people say, like, “Well, is this real?”  Just go to DOGE.gov.  We l- — we — line item by line item, we specify each item.  So — and w- — and I — I should say, we — also, we will make mistakes.  We won’t be perfect.  But when we make mistake, we’ll fix it very quickly. 

    So, for example, with USAID, one of the things we accidentally canceled, very briefly, was Ebola — Ebola prevention.  I think we all wanted Ebola prevention.  So, we restored the Ebola prevention immediately, and there was no interruption.

    But we do need to move quickly if we’re — if we’re to achieve a trillion-dollar deficit reduction in tw- — in — in financial year 2026.  It requires saving $4 billion per day, every day from now through the end of September.  But we can do it, and we will do it.

    Thank you. 

    THE PRESIDENT:  Well, do you have any questions of Elon while we’re on the subject of DOGE?  Because we’ll finish off with that.  And if you would have any questions, please ask — you could ask me or Elon.

    Go ahead, please. 

    Q    Thank you, Mr. President.  Thank you, Mr. Musk.  I just wanted to ask you, the — President Trump put out a Truth Social today saying that everybody in the Cabinet was — was happy with you.  I just wondered if that — if you had heard otherwise, and if you had heard anything about members of the Cabinet who weren’t happy with the way things were going.  And if so, what are you doing to address those — any dissatisfaction?

    MR. MUSK:  To the best of —

    THE PRESIDENT:  Hey, Elon, let the Cabinet speak just for a second.  (Laughter.) 

         Is anybody unhappy with Elon?  If you are, we’ll throw them out of here.  (Laughter.)  Is anybody unhappy?  (Applause.)

    They are — they have a lot of respect for Elon and that he’s doing this.  And some disagree a little bit, but I will tell you, for the most part, I think everyone is not only happy, they’re thrilled. 

    So, go ahead, Elon.

    SECRETARY ROLLINS:  And grateful.

    MR. MUSK:  And President Trump has put together, I think, the best cabinet ever, literally.  So, I — and I do not give false praise.  This — this is an incredible group of people.  I don’t think such a talented team has actually ever been assembled.  I think it’s literally the best cabinet that the country has ever had.  And I think the companies should be incredibly appreciative of the people in this room.

    Q    Mr. President —

    THE PRESIDENT:  Please.  Yeah.  Go ahead.

    Q    Mr. President, thank you.  Mr. Musk.  Are there — about half of the government employees so far appear to have responded to your request for what they’ve been doing over the past week.  Is there a timeline in place for next moves for people being fired?  And when can the American people expect to see results from that?

    MR. MUSK:  Yes.  Well, to be — to be clear, like, the — I think that email, perhaps, was misinterpreted as a performance review, but actually it was a pulse check review.  “Do you have a pulse?”  (Laughter.)  “Do you have a pulse and two neurons?”  (Laughter.)  So, if you have a pulse and two neurons, you can reply to an email.

    This is, you know, I think, not a high bar, is what I’m saying.  This is a — should be — anyone could accomplish this. 

    But what we are trying to get to the bottom of is we think there are a number of people on the government payroll who are dead, which is probably why they can’t respond, and — and some people who are not real people, like they’re literally fictional individuals that are collecting payche- — well, somebody is collecting paychecks on a fictional individual.  So, we’re just literally trying to figure out are these people real, are they alive, and can they write an email, which I think is a reasonable expectation for the Amer- — you know, the American public would have at least that expectation of someone in the public sector.

    Q    Mr. Musk —

    Q    Mr. Musk —

    Q    — roughly a million employees —

    MR. MUSK:  (Laughs.)  This is not a — this is not a high bar, guys.  Come on.  (Laughter.)

    Q    Roughly a million employees have responded so far to this email.  Does that mean that the remaining 1 million or so federal employees now risk being terminated?  And is it your understanding and expectation when you post a directive on X that the Cabinet secretaries will follow that order?  Because several agencies have instructed employees that this is voluntary or not to respond.

    MR. MUSK:  Yeah.  Well, I mean, to be cl — so, I guess there was a — like, last week, the president en- — encouraged me, via Truth Social and also via phone call, to be more aggressive.  And I was like, “Okay.”  You know, “Yes, sir, Mr. President.  We will indeed do that.”  The president is the commander in chief.  I — I do what the president asks.

    So — and I said, “Can we send out an email to everyone, just saying, ‘What did you get done last week?’”  The president said yes.  So, I — I did that. 

    And, you know, we — we got a partial response.  But we — we’re going to send another email.  But we — our — our goal is not to be capricious or — or unfair.  It’s — we want to give people every opportunity to send an email and the email could simply be “What I’m working on is too sensitive or classified to — to describe.”  Like, literally, just re- — that would be sufficient.  We’re — we’re — you know, I think this is just common sense. 

    Q    And what is your target number for — for how many workers, employees you’re looking to cut total?

    MR. MUSK:  We — we wish to keep everyone who is doing a job that is essential and doing that job well.  But if — if they’re — if the job is not essential or they’re not doing the job well, they obviously should not be on the public payroll. 

    (Cross-talk.)

    THE PRESIDENT:  No, I have to — I would like to add —

    (Cross-talk.)

    Wait a minute.  Wait.  Wait.  I’d like to add that those million people that haven’t responded, though, Elon, they are on the bubble.  You know, I wouldn’t say that we’re thrilled about it.  You know, they haven’t responded.  Now, maybe they don’t exist.  Maybe we’re paying people that don’t exist.

    Don’t forget, we just got here.  This group just got here.  But those people are on the bubble, as they say.  You know, maybe they’re going to be gone.  Maybe they’re not around.  Maybe they have other jobs.  Maybe they moved and they’re not where they’re supposed to be.  A lot of things could have happened.

    I wouldn’t say that Biden ran a very tight administration.  They spent money like nobody has ever spent money before, wasted money — the Green New Scam, all of the different things they spent money on. 

    And you’ve seen that.  You’ve seen that with some of the things that I read in speeches.  I read them, and people can’t believe, when I read them, $20 million here, $30 million here for, you know, a little educational course on something.  Circumcision, right?  Circumcision.  $20 million to inform the people of such-and-such a country on other things and other things other than that.

    So, yeah, those people are — right now, we’re trying to find out who those people are that haven’t responded.  Now, there’ll be some agencies — like Marco has people within State that are right now doing very classified, very confidential work.  And we understand that, and we’ve talked.  And, you know, we’re being a little more surgical. 

    And Marco is doing a lot of things himself.  He’s — and some of the secretaries are.  We’re going to be going to them.  We’re going to be talking about it today.  We’re going to ask them to do their own DOGE.  In other words, they’ll look in their group and who —

    I spoke with Lee Zeldin, and he thinks he’s going to be cutting 65 or so percent of the people from Environmental, and we’re going to speed up the process, too, at the same time.  He had a lot of people that weren’t doing their job — they were just obstructionists — and a lot of people that didn’t exist, I guess, Lee, too.  You found a lot of empty spots that the people weren’t there.  They didn’t exist.

    And I think Education is going to be one of those.  You go around Washington, you see all these buildings — the Department of Education.  We want to move education back to the states, where it belongs.  Iowa should have education.  Indiana should run their own education.  You’re going to see education go way up.

    Right now, we’re ranked at the very bottom of the list, but we’re at the top of the list in one thing: the cost per pupil.  We spend more money per pupil than any other country in the world, and yet it’s Denmark and Norway, Sweden.  And I — you hate to say this — and, you know, we’re going to get along very well with China, but it’s a competitor: They’re at the top of the list.  They’re among the top 10, usually.  And they’re a very big country, so we can’t use that as an excuse — right? — because we’re a very big country too.

    But we’re – we were ranked last time — under Biden, we were ranked 40 out of 40.  They do the 40 certain nations that they’ve done for a long time.  It seems to be 40, for whatever reason.  And we were ranked number 40.  A year ago, we were 38.  Then we were 39.  We’re — we hit 40.  And so, we’re last in that, and we’re first in cost per pupil.  So, I would say that’s unacceptable.

    Lawrence, do you have something?  Go ahead.

    Q    So, Mr. President, I know you like competition, and I know it’s early.  So, which department are you most impressed with? 

    And then, to Mr. Mu- — (laughter).  That’s the first one.  And, Mr. Musk, which department have you received the most resistance from? 

         Mr. President, you first.

    THE PRESIDENT:  Well, I think both of those questions are a little bit — well, you’re a pretty controversial guy.  (Laughter.)  Look, it’s very early.  Right now, I think I’m impressed with everybody.  So far, everybody.  If I wasn’t, in the first month, we’d — and some of them just got here.  They just got approved two days ago, right?

    But I think I’m very impressed with everybody.  So far, I’m very happy with all of the choices.

    I think that Elon has done incredibly with some groups.  And some groups are much easier than others.  It is true: State is a, you know, very difficult situation.  We’re right now negotiating very successfully, I think, with Russia and with Ukraine, and we have a lot of countries involved.  And we have to be a little bit careful what we do and who we’re terminating.  But Marco is doing that very — I think he’s going to be very precise.  It’s going to be —

    We’re cutting down government.  We’re cutting down the size of government.  We have to.  We’re bloated.  We’re sloppy.  We have a lot of people that aren’t doing their job.  We have a lot of people that don’t exist. 

         You look at Social Security as an example.  I mean, you have so many people in Social Security where, if you believe it, they’re 200 years old.  And what we’re doing is finding out: Are checks going out for that and is somebody cashing those checks who’s maybe 35 years old?  Okay? 

         So, there’s a lot of dishonesty.  There’s a lot of fraud. 

         But I think at this moment, I’ll take Elon off the spot.  I think that he’s impressed — he said it very well –better than I can say it — that he’s impressed with the people in this room.  Very impressed.  And I am too.  And it’s too early to say, but I think everybody is on board.  They all know — we want to balance a budget.  We want to have a balanced budget within a reasonably short period of time, meaning maybe by next year or the year after, but maybe — maybe even sooner than that. 

         Q    Mr. President, your — your number one issue was the border.  We just got new information that they’re doxing our federal agents.  They’re putting their personal information out there, these activists, and they’re disrupting the operations.  So, you got Tren de Aragua running all across the country —

         THE PRESIDENT:  Well, we have activists.  That’s true.  And a lot of those —

         Q    So, what are we going to do about the activists —

         THE PRESIDENT:  Yeah.  A lot of those activists are acting illegally.  And we’ll give that to our attorney general, and she’ll take a look at that very strongly.  But we’re also having tremendous support from Border Patrol, from ICE.  The ICE agents have been unbelievable.  Border Patrol — their leadership at Border Patrol has been incredible, and they’re working very well. 

         And, as you know — and I saw you reporting it this morning, actually — we set records on the least number of illegal aliens coming in, migrants coming into our country that we’ve had in more than 50 years.  And we did this all within a period of weeks, because we took over a mess.  The world was pouring in.  And remember, they were coming in from jails and prisons and mental institutions and insane asylums, and they were gang members and drug dealers.  Anybody who wanted to come in, they came.  And from not just South America, from all over the world.  So, it’s amazing what they’ve done. 

         And Kristi and — and Tom Homan, the job they’ve done has been absolutely amazing.  We set records for — and we want people to come into our country, by the way, but they want to come in — they have to come in legally. 

         I want that to be really understood.  We want people in our country, but they have to come in legally. 

         Q    Can I follow on that, Mr. President?

    Q    Mr. President.

    Q    About the — the Trump gold card idea —

         THE PRESIDENT:  Yeah.

         Q    — that you unveiled yesterday.

         THE PRESIDENT:  I hope you liked it.  (Laughter.)

         Q    I await more information.  But the question is: Does this reflect a view, on your part, that the American immigration system has never been properly monetized as you feel it should be?
        

         THE PRESIDENT:  Well, not so much monetized.  It hasn’t been properly run.  I get calls from, as an example, companies where they want to hire the number one student at a school.  A person comes from India, China, Japan, lots of different places, and they go to Harvard, the Wharton School of Finance.  They go to Yale.  They go to all great schools.  And they graduate number one in their class, and they are made job offers, but the offer is immediately rescinded because you have no idea whether or not that person can stay in the country.  I want to be able to have that person stay in the country. 

         These companies can go and buy a gold card, and they can use it as a matter of recruitment. 

         At the same time, the company is using that money to pay down debt.  We’re going to — we’re going to pay down a lot of debt with that.

         Q    Are they going to have to —

         THE PRESIDENT:  And I think the gold card is going to be used by — not only for that.  I mean, they’ll be used by companies.  I mean, I could see Apple — I’ve spoken with Tim Cook — and, by the way, he’s going to make a $500 billion investment in the country only because of the results of the election and, I think, because of tariffs.  He’s going to want to be in the country because of tariffs.  Because if you’re in the country, there is no tariff.  If you’re out of the country, you got to pay tariffs.  And that’s going to be a great investment, I think, that he’s making.  I know it’s going to be a great investment. 

         But we have to be able to get people in the country, and we want people that are productive people.  And I will tell you, the people that can pay $5 million, they’re going to create jobs.  They’re going to spend a lot of money on jobs.  They’re going to have to pay taxes on that too.  So, they’re going to be hiring people, they’re going to be bringing people in and companies in.  And, I don’t know, maybe it will sell like crazy.  I happen to think it’s going to sell like crazy.  It’s a bargain.

         But we’ll —

         Q    Will they have to commit to a certain number?

         THE PRESIDENT:  — know fairly soon.  I think Howard and — and Scott — a few of you, really, are responsible for it.  But, Howard, if you want to discuss that for a couple of minutes, I think I’d like to have you.  I think it’s going to be a very successful program.

         SECRETARY LUTNICK:  Sure.

         THE PRESIDENT:  This is Commerce.

         SECRETARY LUTNICK:  So, the EB-5 program, which has been around for many years, had investment of a million dollars into projects in America.  And those projects were often suspect, they didn’t really work out, there wasn’t any oversight of it.  And so, for a million-dollar investment, you got a visa, and then you came into the country and ended up with a green card. 

         So, it was poorly overseen, poorly executed.  Then you had our border open, where millions of people came through. 

         So, the idea is we will have a proper business.  We will modify the EB-5 agreement.  Kristi and I are working on it together.  For $5 million, they’ll get a license from the Department of Commerce.  Then they’ll make a proper investment on the EB-5, right?  And we think Scott and I will design the EB-5 investment model, because Scott and I are the best people together to do that.  So, this is joint. 

         This is exactly the Trump administration.  We all work together.  We work it out to be the best.  And if we sell — just remember — 200,000 — there’s a line for EB-5 of 250,000 right now — 200,000 of these gold green cards is $1 trillion

    to pay down our debt, and that’s why the president is doing it, because we are going to balance this budget, and we are going to pay off the debt under President Trump. 

         Q    Mr. —

    Q    And to qualify, do you have to promise and make commitments to create a certain number of jobs here in the U.S.?

         THE PRESIDENT:  No.  No.  Because not all these people are going to be job builders.  They’ll be successful people, or they’ll be people that were hired from colleges, like — sort of like paying an athlete a bonus.  I mean, Apple or one of the companies will go out and they’ll spend five mil- — they’ll buy five of them, and they’re going to get five people. 

         Look, I’ve had the complaint where — I’ve had the complaint from a lot of companies where they go out to hire people, and they can’t hire them b- — out of colleges.  And you know what they do?  They go back to India, or they go back to the country where they came, and they open up a company, and they become billionaires.  They become — and they’re employing thousands and there are a lot of examples. 

    There are some really big examples where they were forced out of the country.  They graduated top in their class at a great school, and they weren’t able to stay.  This is all the time you hear it. 

    And the biggest complaint I get from companies, other than overregulation, which we took care of, but we’re going to have to take care of it here, because a lot of that was put back on by Biden.  But the biggest complaint is the fact that they can’t have any longevity with people.  This way, they have pretty much unlimited longevity. 

    Also, with the $5 million, you know, that’s a path to citizenship.  So, that’s going to be — it’s sort of a green card-plus, and it’s a path to citizenship.  We’re going to call it the gold card.  And I think it’s going to be very treasured.  I think it’s going to do very well.  And we’re going to start selling, hopefully, in about two weeks.

    Now, just so you understand, if we sell a million — right? — a million, that’s $5 trillion.  Five trillion.  Howard was using a different number, but that’s $5 trillion.  If we sell 10 million, which is possible — 10 million highly productive people coming in or people that we’re going to make productive — they’ll be young, but they’re talented, like a talented athlete — that’s $50 trillion. 

    That means our debt is totally paid off, and we have $15 trillion above that.  And — now, I don’t know that we’re going to sell that many.  Maybe we won’t so many at all.  But I think we’re going to sell a lot, because I think there’s — there really is a thirst. 

    No other country can do this, because people don’t want to go to other countries.  They want to come here.  Everybody wants to come here, especially since November 5th.  (Laughter.)

    (Cross-talk.)

    SECRETARY LUTNICK:  They’ll all be vetted, by the way.  All these people will be vetted. 

    Q    How?

    SECRETARY LUTNICK:  Okay?  They’ll be vetted.

    Q    Mr. President, on Ukraine.  Can you talk a lot — a little bit about what type of security guarantees you’re willing to make?

    THE PRESIDENT:  Well, I’m not going to make security guarantees beyond very much.  We’re going to have Europe do that, because it’s in — you know, we’re talking about Europe is their next-door neighbor.  But we’re going to make sure everything goes well. 

    And as you know, we’ll be making a — we’ll be really partnering with Ukraine in terms of rare earth.  We very much need rare earth.  They have great rare earth.  We’ll be working with Secretary Burgum and with Chris.  You’ll be working on that together. 

    And we’re going to be able to have tremendous — I mean, this gives us — because we don’t have that much of it here.  We have some, but we don’t have that much, and we need a lot more to really propel us to the next level of — to lead in every way.  We’re leading right now with AI.  We’re leading with everything right now, but we have to — we need resources. 

    We have to double our electric capacity.  We have to do many things.  We have to really triple, if you think of it, the electric capacity from what we have right now, if you can believe it.  (Laughter.) 

    Q    But will the United States — can I —

    THE PRESIDENT:  So, I just say this.  So, the deal we’re making gets us — it brings us great wealth.  We get back the money that we spent, and we hope that we’re going to be able to settle this up. 

    We want to settle it.  We want to stop — I tell you what.  I’m doing it for two reasons, but the number one reason, by far, is to watch — all these people being killed.  I see pictures every week from — I assume satellite pictures, mostly, but there’s some pictures on site of thousands of soldiers that are being killed.  They’re being decimated, because equipment today — military equipment is so powerful and so devastating.  And, number one, I want to see people stop. 

    And they’re not from here.  They’re from primarily two other countries. 

    And then, by the way, let’s talk about the Middle East.  We got to solve that problem too.  And that’s come a long way.  We’re doing very well in that also.  A lot of things are happening on that.  But I’m watching soldiers being killed — Ukrainian and Russian soldiers being killed.  My number one thing is to get that stopped. 

    My number two thing is I don’t want to have to pay any more money, because we’ve — Biden has spent $350 billion without any chance of getting it back.  Now we’re going to be getting all of that money back, plus a lot more.  And we provided a great thing.  I mean, we’ve provided something very important, and we’ll be working with Ukraine and — because we’ll be taking that — we’re going to be taking what we’re entitled to take. 

    Now, they spent $350 billion, and Europe spent $100 billion.  Now, does anybody really think that’s fair?  But then we find out, a little while ago — not so long ago, a few months ago, I found out that the money they spent, they get back, but the money we spent, we don’t get back.  I said, “Well, we’re going to get it back.” 

    And we’ll be able to make a deal.  And again, President Zelenskyy is coming to sign the deal.  And it’s a great thing.  It’s a great deal for Ukraine, too, because they get us over there, and we’re going to be working over there.  We’ll be on the land.  And, you know, in that way, it’s — there’s sort of automatic security, because nobody’s going to be messing around with our people when we’re there.  And so, we’ll be there in that way. 

    But Europe will be watching it very closely.  I know that UK has said and France has said that they want to put — they volunteered to put so-called peacekeepers on the site.  And I think that’s a good thing.

    (Cross-talk.)

    Q    Mr. President, you had mentioned the high cost of eggs, and we’ve seen consumer confidence this week have a sharp drop from last month — the biggest dip in, I believe, three years.  Why is that — your assessment, why is that the case and is there anything you can do? 

    THE PRESIDENT:  Well, I think that consumer confidence — if you look at confidence in the nation, it had the biggest increase in the history of the chart.  It went up 42 points in a period of, like, days after the election, since the election.  So, since the election, the confidence in our nation — including right track, wrong track — the first time it’s ever happened, where we were on the right track, because this country has been on the wrong track for a long time. 

    So, the confidence in business, confidence in the country has reached an all-time high.  We have never reached levels like we are right now.

    Okay.

    (Cross-talk.)

    Q    Mr. President, you said — Mr. President, you’ve been very clear in saying that as long as you’re president, Iran will never get a nuclear weapon. 

    THE PRESIDENT:  That’s true. 

    Q    Is it also your policy that as long as you’re president, China will never take Taiwan by force?

    THE PRESIDENT:  I never comment on that.  I don’t comment on any — because I don’t want to ever put myself in that position.  And if I said it, I certainly wouldn’t be saying it to you.  I’d be saying it to other people, maybe people around this table — (laughter) — and very specific people around this table.  

    Q    Is it a concern (inaudible)?

    THE PRESIDENT:  So, I don’t want to put myself in that position.  But I can tell you what, I have a great relationship with President Xi.  I’ve had a great relationship with him.  We want them to come in and invest. 

    I see so many things saying that we don’t want China in this country.  That’s not right.  We want them to invest in the United States.  That’s good.  That’s a lot of money coming in.  And we’ll invest in China.  We’ll do things with China. 

    The relationship we’ll have with China would be a very good one.  I see all of these phony reports that we don’t want their money; we don’t want anything to do with them.  That’s wrong. 

    We’re going to have a good relationship with China, but they won’t be able to take advantage of us.  What they did to Biden was — he didn’t know what was happening.  He didn’t know what he was doing.  The administration didn’t know what they were doing.  It was very sad to watch. 

         But we’re going to have a good relationship with China and Russia and Ukraine and the Middle East.  We’re doing things that —

    Look, when I left, we had no wars.  We had defeated ISIS totally.  We had no inflation.  We didn’t have the Afghanistan withdrawal — the worst withdrawal anybody has ever seen.  I think that’s one of the reasons that President Putin looked at that.  He said, “Wow, these guys are a paper tiger.  Look at” — we’re no paper tiger. 

    Don’t forget: We got rid of ISIS in three weeks.  People said it would take five years.  We did it, because when I came in, I let them do what they had to do.  And the man that headed that operation is now going to be your — your chairman, right?

    SECRETARY HEGSETH:  Yes, sir.

    THE PRESIDENT:  Chairman of the Joint Chiefs. 

    SECRETARY HEGSETH:  Yes, sir.

    THE PRESIDENT:  And — “Razin” Caine.  I liked him right from the beginning.  As soon as I heard his name, I said, “That’s my guy.” 

    Okay.  Any other questions?

    (Cross-talk.)

    Q    Mr. President, has there been enough de- — decreases in crossings at the border for you to continue the pause on tariffs against Mexico and Canada?  And, if not —

    THE PRESIDENT:  No, no.  I’m going to — I’m not stopping the tariffs, no.  Millions of people have died because of the fentanyl that comes over the border. 

    Q    Even with the 90 percent drop in border crossings, though, this —

    THE PRESIDENT:  Well, that’s — well —

    Q    — last month compared to about a year ago?

    THE PRESIDENT:  Yeah, they’ve been good, but that’s also due to us.  Mostly due to us.  I mean —

    Q    Mr. President —

         Q    Mr. President, on CBS — 

    THE PRESIDENT:  — it’s very hard.  It’s, right now, very hard to come through the border.  But the — look, the damage has been done.  We’ve lost millions of people due to fentanyl.  It comes mostly from China, but it comes through Mexico, and it comes through Canada. 

    Q    Mr. Presi- —

    THE PRESIDENT:  And I have to tell you that, you know, on April 2nd — I was going to do it on April 1st, but I’m a little bit superstitious, so I made it April 2nd — the tariffs go on, not all of them but a lot of them.  And I think you’re going to see something that’s going to be amazing. 

    We’ve been taken advantage of as a country for a long period of time.  We’ve been — we’ve been tariffed, but we didn’t tariff.  Now, I did.  When I was here, I tariffed.  We took in $700 billion from China — $700 billion.  Not one president in this — in the history of our country took in 10 cents from China.  At the same time, China respected us. 

    Now, when COVID came in, that was a different deal.  I used to call it the China virus.  I guess I can call it the China virus again, but, you know, it was — it’s an accurate term, but I won’t do that out of respect to China.  Okay?

    (Cross-talk.)

    Say it again.  What?

    Q    On Gaza.  I just wondered if there’s any progress towards the second phase of the ceasefire that you can tell us about.

    THE PRESIDENT:  Well, I’m very disappointed when I see four — four bodies came in today.  These are young people.  Young people don’t die.  Okay?  Young people don’t die.  These are young people.  Four bodies came in today.  They think they’re doing us a favor by sending us bodies. 

    So, look, that’s a decision that has to be made by Israel, by Bibi, but Israel has to make that decision.  We got a lot of hostages back, but it’s very sad what happened to those people.  I mean, you had a young lady with her hand practically blown off.  You know why it blew up?  Because she put up her hand to try and stop a bullet that was coming her way, and it hit her hand and blew off her fingers, big part of her hand. 

    This is a vicious group of people, and Israel is going to have to decide what they’re doing.  Phase one is going to be ending.  Think of it: Today, they sent in four bodies.  Bodies. 

    And I will say one thing, though.  I’ve spoken to a lot of the parents and a lot of the people involved.  They want those bodies almost as much and maybe even just as much as they wanted their son or their daughter.  Amazing.  “Please, sir.  Please.  My son is dead, but they have his body.  Please can you get it for us?”  They — it’s the biggest thing.  It’s incredible the level — they want the bodies of these people.  They’re dead.  They’re dead. 

    And, you know, when I saw the ones that came in two weeks ago, they looked like they just got out of a concentration camp.  Then, the following week, a group came in, and they weren’t as bad — in as bad of shape.

    But Israel is going to have to make a decision.  You’re right, phase one, and now phase two has started.  And today, we got some, you know, very, very sad — we knew they were dead, by the way.  We knew they were going to be bodies, as opposed to people that were living.  But it’s a very sad situation. 

    At some point, somebody is going to say we got to do something about this.

    (Cross-talk.)

    Q    Mr. President, you were just talking about Afghanistan and the botched withdrawal.  Have all the generals or command staff that were involved with the withdrawal been fired or relieved of duty?

    THE PRESIDENT:  Well, that’s a great idea.  It’s — (laughter) — sorry, I’m not going to tell this man what to do, but I will say that.  If I had his place, I’d fire every single one of them, Pete.  Pete, that’s a very good question. 

    SECRETARY HEGSETH:  Well, it’s a question we’ve thought a lot about.  We’re doing a complete review of every single aspect of what happened with the botched withdrawal of Afghanistan and plan to have full accountability.  It’s one of the first things we announced at the Defense Department for that reason, sir. 

    Certainly General “Razin” Caine, who’s on his way in, was not a part of that.  Instead, was a part of leading the effort against ISIS by untying the hands of war fighters and finishing the job properly and then bringing our troops home. 

    So, we’re taking a very different view, obviously, than the previous administration, and there will be full accountability. 

    THE PRESIDENT:  I don’t see big promotions in that group.  (Laughter.)  And I think they’re going to be largely gone.  I know the man on my left.  I think they’re going to be largely gone. 

    That was a horrible display.  And, you know, I’ve dealt with the parents and the family of the 13 that were killed.  But, you know, nobody ever talks about the 40 that were so badly hurt, with the arms and the legs and the face and the whole thing — the missing arms and legs.  It was so terrible, the way that was handled.

    And it should have been gone through Bagram.  We have a big base with big fences that nobody can get in, and you have, you know, hundreds of acres, instead of a little local airport where the whole place went crazy.  That was so badly handled.  And I would think that most of those people are going to be gone. 

    Q    Are we going to take Bagram back?

    THE PRESIDENT:  So, I’ll tell you what has bothered me very much — very, very much: We give billions of dollars to Afghanistan.  Nobody knows that.  Nobody knew that.  Do you know we give billions of dollars to Afghanistan?  And yet we left behind all of that equipment, which wouldn’t have happened. 

    You know, we were getting out under me.  I’m the one that got it down to 5,000 people.  We were going to get out, but we were going to keep Bagram, not because of Afghanistan but because of China, because it’s exactly one hour away from where China makes its nuclear missiles. 

    So, we were going to keep Bagram.  We were going to keep a small force on Bagram.  We were going to have Bagram Air Base, one of the biggest air bases in the world.  One of the biggest runways, one of the most powerful runways, in the sense that it was very heavy concrete and steel.  You could carry about anything.  You could land anything on those runways. 

    We gave it up.  And you know who’s occupying it right now?  China.  China.  Biden gave it up.  So, we’re going to keep that, and we’re going to have a withdrawal, and we’re going to take our equipment.  We’re going to do it properly.  We’re going to do it very — we’re going to keep the equipment. 

         Well, they ran out.  It was — what happened there was a — in fact, you know, in all fairness to Putin, when he saw that, he said, “Well, this is our time to go and go into Ukraine,” I guess, because it was — the timing seemed to be about right. 

         But we send them billions of dollars in aid, which nobody knows.  If they — if the American public knew that — they know it now.  And if we’re doing that, I think they should give our equipment back.  And I told Pete to study that. 

    But we left billions — tens of billions of dollars’ worth of equipment behind.  Brand-new trucks.  You see them display it every year on their little roadway someplace where they have a road and they drive the — you know, waving the flag and talking about America.  Beautiful equipment that’s all — I mean, the top-of-the-line stuff, brand-new stuff.  Now it’s getting older. 

         But you know what?  We’re going to pay them.  I think we should get a lot of that equipment back. 

         You know that Afghanistan is one of the biggest sellers of military equipment in the world.  You know why?  They’re selling the equipment that we left.  We’re first.  They were second or third.  Can you believe it?  They’re selling 777,000

    rifles, 70,000 armor-plated — many of them were armor-plated trucks and vehicles — 70,000. 

         If you think of a used car lot, the biggest one in the country, you have — I would say, JD, if somebody had 500 cars, that would be a lot. 

    THE VICE PRESIDENT:  Yeah, that would be quite a lot.

    THE PRESIDENT:  This is 70,000 vehicles we had there, and we left it for them.  I think we should get it back.

         (Cross-talk.)

         Q    Mr. President, the spending bill that passed last night aims to cut $2 trillion.

         THE PRESIDENT:  Right.

         Q    Can you guarantee that Medicare, Medicaid, Social Security will not be touched?

         THE PRESIDENT:  Yeah.  I mean, I have said it so many times, you shouldn’t be asking me that question.  Okay?  This will not be “read my lips.”  It won’t be “read my lips” anymore: We’re not going to touch it.

         Now, we are going to look for fraud.  I’m sure you’re okay with that, like people that shouldn’t be on, people that are illegal aliens and others — criminals, in many cases.  And that’s with Social Security.  We have a lot of people — you see that immediately.  When you see people that are 200 years old that are being sent checks for Social Security — some of them are actually being sent checks. 

    So, we’re tracing that down, and I have a feeling that Pam is going to do a very good job with that.  But you have a lot of fraud. 

         But, no, I’m not — we’re not doing anything on that.

         Q    Mr. President, part of your mission, sir —

         Q    Mr. President — Mr. President, on CBS News.  Mr. President, you’re in litigation —
        
         Q    Part of your mission has been — thank you.  I’m sorry. 

         Part of your mission has been to restore executive control over the executive branch.  Is it your view of your authority that you have the power to call up any one of or all of the people seated at this table and issue orders that they’re bound to follow?

         THE PRESIDENT:  Oh, yeah.  They’ll follow the orders.  Yes, they will. 

         Q    No exceptions? 

         THE PRESIDENT:  No except- — well, let’s see.  Let me think.  Oh, yeah.  Yeah.  She’ll have an exception.  (The president points at Secretary Rollins.)  (Laughter.)

         Of course, no exceptions.  You know that.

         Q    Mr. President, can you clarify the Canada/Mexico tariffs.  You had put that 30-day pause. 

    THE PRESIDENT:  Yeah.

    Q    You just referred to —

         THE PRESIDENT:  It’s 25 percent.

         Q    Twenty-five percent.  When does it go into effect?

         THE PRESIDENT:  April 2nd. 

         Q    April 2nd for Canada and Mexico?

         THE PRESIDENT:  Correct.  And for —

         Q    And for the reciprocal?

         THE PRESIDENT:  — and for everything. 

         SECRETARY LUTNICK:  Well, we have the — the — fentanyl-related is a pause.  If they can prove to the president they’ve done an excellent job, that’s what they first do in 30 days.

         Q    Have you guys seen any changes?

         SECRETARY LUTNICK:  But then the overall is April 2nd.  So, the big transaction is April 2nd, but the fentanyl-related things, if they’re working hard on the border, at the end of that 30 days, they have to prove to the president that they’ve satisfied him to that regard.  If they have —

         THE PRESIDENT:  It’s going to be hard to satisfy.

         SECRETARY LUTNICK:  — then we’ll give them a pause or he won’t. 

         THE PRESIDENT:  It’s going to be hard to satisfy.

         SECRETARY LUTNICK:  But that’s up to him to see.

         THE PRESIDENT:  We lose 300,000 people a year to fentanyl.  Not 100-, not 95-, not 60-, like you read.  You know, you’ve been reading it for years. 

         We lost, in my opinion, over the last couple of years, on average, maybe close to 300,000 people dead, and the families are ruined.  You know, when they lose a daughter, when they lose a son, the families are never the same.  You’re never going to be the same.  So, you’re talking about a million people. 

         But when the daughters die, I see it — daughters die and the sons die because of fentanyl.  And in some cases, they don’t even know they’re taking it.  They — they’re buying something else, and it’s laced with fentanyl, and they end up dying.  And I’ve known many people who have lost children to fentanyl and for other reasons, but to fentanyl.  It’s such a big killer.  And those people are never the same people. 
        
         I mean, I’ve seen people that — for the rest of their lives, they’re not the same people.  They’re so different, it’s not even believable.  Dynamic people, happy people that are — they die a miserable death.  And that’s because of the crap that comes in through China and through Mexico and through Canada.  A lot of it comes through Canada. 

         The — Canada — look, we support Canada $200 billion a year in subsidies one way or the other.  We let them make millions of cars.  We let them send us lumber.  We don’t need their lumber.  We’re going to free up our lumber.  Lee is going to do — the head of environmental.  We’re going to free up our lumber.  We have the best lumber there is.  We don’t need their lumber.  What do we need their lumber for?

         When you look at the — we subsidize them $200 billion a year.  Without us, Canada can’t make it.  You know, Canada relies on us 95 percent.  We rely on them 4 percent.  Big difference.  And I say Canada should be our 51st state.  There’s no tariffs, no nothing. 
        
         And — and I say that, we give them military protection.  They have a very small military.  They spend very little money on military.  Or NATO, they’re just about last in terms of payment, because they say, “Why should we spend on military?”  That’s a tremendous cost.  Most nations can’t afford to even think about it.  “Why should we spend on military?  The United States protects us.” 

         And I would say that’s largely true.  We protect Canada.  But it’s not fair.  It’s not fair that they’re not paying their way.  And if they had to pay their way, they couldn’t exist. 

         When I spoke to — let’s call it the prime minister, rather than the governor.  (Laughter.)  But when I spoke to him, I said, “Why are we giving you $200 billion a year?”  He was unable to answer the question.  I said, “Why are we letting you make millions of cars and send them in?”  He was unable to answer the question — Justin Trudeau, a nice guy.  I think he’s a very good guy.  I call him Governor Trudeau. 

         He should be governor, because the fact is that if we don’t give them cars — we don’t have to give them cars.  The c- — tariffs will make it impossible for them to sell cars into the United States.  The tariffs will make it impossible to — for them to sell lumber or anything else into the United States. 

    And all I’m asking to do is break even or lose a little bit, but not lose $200 million.  And we love Canada.  I love Canada.  I love the people of Canada.  And — but, honestly, it’s not fair for us to be supporting Canada.  And if we don’t support them, they don’t subsist as a — as a nation. 

    Okay.

    Q    Mr. President, when you were talking to Elon —

    Q    Mr. President, on the EU tariffs.  Mr. President, have you made a decision on what level you will seek on tariffs on the European Union?

    THE PRESIDENT:  We have made a decision, and we’ll be announcing it very soon.  And it’ll be 25 percent, generally speaking, and that’ll be on cars and all other things. 

    And European Union is a different case than Canada — different kind of case.  They’ve really taken advantage of us in a different way.  They don’t accept our cars.  They don’t accept, essentially, our farm products.  They use all sorts of reasons why not.  And we accept everything of them, and we have about a $300 billion deficit with the European Union. 

    Now, I love the countries of Europe.  I guess I’m from there at some point, a long time ago, right?  (Laughter.)  But indirectly — well, pretty directly, too, I guess.  But I love the countries of Europe.  I — I love all countries, frankly.  All different.

    But European Union has been — it was formed in order to screw the United States.  I mean, look, let’s be honest.  The European Union was formed in order to screw the United States.  That’s the purpose of it, and they’ve done a good job of it, but now I’m president.

    Q    What will happen if these countries or the EU retaliate?

    THE PRESIDENT:  They can’t.  I mean, they can try, but they can’t. 

    Q    China did.  They imposed tariffs —

    Q    They are pledging to, sir.

    Q    — that are — went into effect, China’s retaliatory tariffs —

    THE PRESIDENT:  That’s right.  That’s right.  But —

    Q    — on the — the 10th of February.  Has there been any —

    THE PRESIDENT:  That’s right.

    Q    — impact that you’ve been able to observe?

    THE PRESIDENT:  That’s right.  No, they can do it, and they can try, but the numbers can never equal what ours, because we can go off.  We are the pot of gold.  We’re the one that everybody wants.  And they can retaliate, but it cannot be a successful retaliation, because we just go cold turkey.  We don’t buy anymore.  And if that happens, we win. 

    Q    Are you talking to Erik Prince about privatat- —

    THE PRESIDENT:  No.

    Q    — privatizing deportations?

    THE PRESIDENT:  No, I haven’t.  I haven’t.

    Q    Mr. President, you’re in litigation with CBS News.  Is this a case that you’d like to see go to trial, or are you open a settelm- —

    THE PRESIDENT:  With who?

    Q    CBS, the — “60 Minutes.”

    THE PRESIDENT:  CBS?

    Q    Yes.

    THE PRESIDENT:  Well, CBS did something that was amazing.  Kamala was unable to answer a question properly, and they took the question that they asked, and they inserted an answer.  They gave her an answer.  This was two days before the election, right before — the Sunday night before the election.  And they wrote out a — they put her words from another question that was asked about a half an hour later, and they put that into the question. 

    Nobody’s ever even heard of it before.  Nobody’s ever heard of anything like this before.  But they then did it, they say, on numerous occasions.  And the FCC is looking at it very strongly, and everybody’s looking at it, and I’m — but nobody’s ever seen anything. 

    Think of it.  They took her answers, and they changed them.  And I don’t mean they changed a word or two, or they cut off a half a sentence, or they cut off a couple of words.  I mean, I’ve had that happen too.  But that, you — you just say — you know, then they say, “Well, we want brevity.  You know, we wanted to do it for time.” 

    Q    Would — would you encourage —

    THE PRESIDENT:  They took out her answer, and they inserted an entirely different answer that made her sound competent.  And they did this, and nobody’s ever — I thought I’ve heard of everything when it comes to that stuff.  No — I’ve never heard of it.  Nobody has ever seen.  So, we sued, and we are in discussions of settlement. 

    Q    What would a number be?  Like a hu- — what — what’s a number that you would think would be appropriate?

    THE PRESIDENT:  I think it’s a lot.  (Laughter.) 

    Q    What’s the timeline and process —

    THE PRESIDENT:  No, I mean, it — look, it could have — it probably did affect the election.  I mean, we won by a lot.  As I said, “Too big to rig.”  But it probably did affect the election.  Yeah, probably could have won by more, but I could have lost the election because of that. 

    It’s — we have to get to honest elections.  We have to go back to paper ballots.  We have to go back to voter ID.  One-day election, ideally, or short term, not these 48-day and 61-day elections where boxes are put in a room, and, “Oh, let’s move the boxes, because we’re putting in a new air conditioning system.”  Then you see the boxes move, and then you say, “Well, where are all the boxes?”  You know, —

    Q    But would you —

    THE PRESIDENT:  “What happened to the boxes that never came back?” 

    No, our elections are extremely dishonest.  We’re the only country in the world that has mail-in voting and all of these different things that we put in.  Nobody — no other country in the world has it. 

    You know, France went to — they had some of the things that we had, and they went to same-day voting, all paper.  And, you know, paper is very sophisticated now.  It’s a very sophisticated — it’s a very sophisticated form of voting right now.  It’s a very safe form of voting. 

    You know, the other thing is for the governors.  I wish the governors would do it, because the paper ballots will cost 9 percent of the machines, and they’re 100 percent.  You know, they’re — I don’t — nothing’s foolproof, but they’re as close as you get.  So, we’ll see what happens. 

    But on the “60 Minute” thing, nobody’s ever seen anything like it. 

    Q    And would you link the FCC action to the litigation?  I mean, does it make se- —

    THE PRESIDENT:  I don’t think it’s linked, but probably the lawyers look at it, you know, because I know it’s going along.  FCC is headed by a very competent person, and you have some very competent people on the board, and so I think they’re looking at it very seriously. 

    Yeah.

    Q    Mr. President —

    Q    Sir, of all the deals that you’ve done in your life, all the people you’ve sat across from and negotiated with, is President Putin distinct in any way?

    THE PRESIDENT:  He’s a very smart guy.  He’s a very cunning person.  But I’ve dealt with some people that — I’ve dealt with some really bad people.  But I will tell you, as far as this is concerned, we’ve — you have to understand, he was — he had no intention, in my opinion, of settling this war.  I think he wanted the whole thing. 

    When I got elected, we spoke, and I think we’re going to have a deal.  I can’t guarantee you that.  You know, a deal is a deal.  Lots of crazy things happen in deals, right?  But I think we’re going to have a deal. 

    If I didn’t get elected, I believe he would have just continued to go through Ukraine, and over a period of time, a lot of people — a lot of people would have been killed.  It would have lasted for a period of time. 

    And the reason that Ukraine — and I give — I have great respect for the Ukraine as fighters.  They have great fighters.  But without our equipment, that war would have been over, like people said, in a very short period of time. 

    Q    Is there a timeline (inaudible) — 

    THE PRESIDENT:  And if you remember, I gave the Javelins, and the Javelins are the things that knocked out those tanks right at the beginning of the war.  They said that — that Obama, at the time, gave sheets, and Trump gave Javelins.  Well, I was the one that did that.  But I want to see it come to an end. 

    Q    Will he have to make concessions — President Putin?

    THE PRESIDENT:  Yeah, he will.  He will.  He’s going to have to.  And —

    Q    Can you preview that?

    THE PRESIDENT:  And I think — I believe that, because we got elected, that war will come to an end.  And I also believe, if we didn’t get elected, if this administration didn’t win the election by a lot, that that war would go on for a long time, and he would want to take the whole thing. 

    Q    What concessions?  What concessions?

    Q    On the — on the —

    THE PRESIDENT:  The big question I had is: Does he want to take the whole thing?  But the reason — and — and the Ukrainians are good fighters, I have to say, but without the equipment — without our equipment — we have the best equipment in the world.  We have the best military equipment in the world.  Without our equipment, that would have been over very quickly. 

    Q    What concessions would you like to see? 

    Q    On the (inaudible), sir?  On — on the —

    Q    What concessions would you like to see?

    THE PRESIDENT:  Oh, I don’t want to tell right now.  But I can tell you that NATO, you can forget about.  That’s been — I think that’s probably the reason the whole thing started.  And I think, JD, we can say that. 

    What — do you have a statement on that?  You’ve been very much involved. 

    THE VICE PRESIDENT:  (Laughs.)

    THE PRESIDENT:  I gave him the beauty.

    THE VICE PRESIDENT:  Great.  You gave me the — the hardest question, sir. 

    Q    Concessions from Russia.

    THE VICE PRESIDENT:  I mean, look, as the president said, we’re not going to do the negotiation in public with the American media.  He’s going to do it in private with the president of — of Russia, with the president of Ukraine, and with other leaders.  And I think that’s how this has to go. 

    I think the — I just want to push back against some of the criticism I’ve seen in the administration on this, because every single time the president engages in diplomacy, you guys preemptively accuse him of conceding to Russia.  He hasn’t conceded anything to anyone.  He’s doing the job of a diplomat, and he is, of course, the diplomat in chief as the president of the United States. 

    Q    On the gold cards, sir.  Can you talk a little bit more about the vetting process, you know —

    THE PRESIDENT:  They’ll go through a process.  The process is being worked out right now, and we’re going to be — we’re going to be very careful. 

    Q    And will there be restrictions on, for instance, can Chinese nationals get one? 

    THE PRESIDENT:  No, we’re not going to restrict. 

    Q    Can Iranian nationals get —

    THE PRESIDENT:  We’re probably not going to be restricting too much in — in terms of countries, but maybe in terms of individuals.  We want to make sure we have people that love our country and are capable of loving the country.

    Q    Is there a process, sir —

    Q    Mr. President, there is a measles outbreak in Texas at the moment in which a child is reported to have died.  Do you have concerns about that?  And have you asked Secretary Kennedy to look into that outbreak? 

    THE PRESIDENT:  Well, why don’t we — Bobby, do you want to speak on that, please?

    SECRETARY KENNEDY:  We are following the measles epidemic every day.  I think there’s 124 people who have contracted measles at this point, mainly in Gaines County, Texas; mainly, we’re told, in the Mennonite community. 

    There are two people who have died, but the — we’re watching it.  And there — there are about 20 people hospitalized, mainly for quarantine. 

    We’re watching it.  We put out a post on it yesterday, and we’re going to continue to follow it. 

    Q    Mr. President —

    SECRETARY KENNEDY:  Inci- — incidentally, there have been four measles outbreaks this year in this country.  Last year, there were 16.  So, it’s not unusual.  We have measles outbreaks every year. 

    Q    You sound a little under the weather yourself right now.  Are you all right?

    SECRETARY KENNEDY:  I just — I have a permanently bad throat. 

    Q    (Inaudible) coughing.

    Q    Mr. President, would you — would you send U.S. peacekeepers to just — to support the — the European peacekeepers?  Would you do any sort of U.S. —

    THE PRESIDENT:  No, we’re going to support Europe, yeah. 

    Q    And how would we do that?  How would the United States do that?

    THE PRESIDENT:  We’re very friendly with Europe.  We have a great relationship with Europe.  I mean, you could ask — you could talk about France.  You could talk about any of them.  Yeah, we have a great relationship with Europe. 

    Q    But how will we — how will the United States do that?  Would there be boots on —

    THE PRESIDENT:  Well, how?  I mean, you’re asking me a question: What are we doing in the — let’s worry — I hope we have that problem, where we can worry about peacekeeping.  We got to get there first.

    (Secretary Lutnick knocks on the table.)

    But I hope we have the problem of worrying about peacekeeping.  That’ll be the easiest problem, I think, JD, that we’ve ever had.  (Laughter.)

    THE VICE PRESIDENT:  I think so, sir.

    Q    That would be part of the deal, presumably, that the Ukrainians —

    THE PRESIDENT:  We’ll — we’re —

    Q    — would want —

    THE PRESIDENT:  We’ll do it at the time, but we’ll — peacekeeping is very easy.  It’s making the deal that’s very tough. 

    And, again, nobody was speaking to Russia at all.  And, you know, probably a million and a half soldiers have been killed — close to a million and a half soldiers, not to mention a treme- — I will tell you, the — the thing with that horrible war that should have never started — it would have never started if I were president, and it didn’t start for four years, and it was not even thought about starting.  But the thing with that war is that you’re highly underestimating the number of people that have been killed.  Far more people have been killed in that war than you talk about.  You know, you like to talk about numbers, like, a million people.  Well, they had much more than a million soldiers killed.

    But you have a lot of cities that have been knocked to the ground.  They’re demolition sites.  Literally, demolition sites.  Every single building is knocked to the ground, and a lot of people were killed in those buildings.  And you’ll hear a report, “Two people were minorly injured” or “just injured a little bit.”  No.  No.  People were killed by the thousands.

    And there are a lot more people killed in that war than the media wants to talk about, because Biden did a horrible, horrible job.  He should have prevented that war.  He could have prevented that war. 

    Putin would have never gone in.  I’ll tell you one thing: He would have never gone in.  That war would never have taken place if I were president. 

    Q    I think what people are trying to understand, Mr. President —

    Q    Mr. President —

    Q    — is how would the United States — what would you be willing to do to support this European peacekeeping effort?  Would there be —

    THE PRESIDENT:  Again, you’re asking me the same question?  (Laughter.)

    Q    I’m just trying —

    THE PRESIDENT:  How many times do you have to answer it?  You’re talking about after we make peace.  Let me make peace first. 

    Once we make peace, I’ll give you all the answers you want.  But how many times can you ask the same question?

    Q    Mr. President, on the Middle East.  Did you receive —

    Q    Is loosening the sanctions on —

    THE PRESIDENT:  Yeah, go ahead.  Behind.

    Q    Is loosening the sanctions on Russia a potential option as part of an overall deal?

    THE PRESIDENT:  Not now, no.  No.  We have sanctions on Russia.  No, I want to see if we make a deal first.  But I think we will.  I’ve had very —

    Q    But is it a bargaining chip, I’m asking.

    THE PRESIDENT:  I’ve had very good conversations with President Putin.  I’ve had very good conversations with President Zelenskyy.  And until four weeks ago, nobody had conversations with anybody.  It wasn’t even a consideration.  Nobody thought you could make peace.  I think you can. 

    Q    Mr. President, just —

    Q    But if Mr. Putin gets to keep his —

    Q    — just to bring this —

    Q    — the land that was claimed by force, if the Russians get to keep the territory that they — they claimed by force, doesn’t that send a dangerous message, let’s say, to China about Taiwan?

    THE PRESIDENT:  Oh, okay.  You try and take it away, right?  We’re going to do the best we can.  (Laughter.)  We’re going to do the best we can to make the best deal we can for both sides.  But for Ukraine, we’re going to try very hard to make a good deal so that they can get as much back as possible.  We want to get as much back as possible. 

    Q    Mr. President, just to bring this full —

    THE PRESIDENT:  And we’ll — we’ll cut it out after maybe this question.  Go ahead.

    Q    To bring this full circle, back to —

    THE PRESIDENT:  Unless it’s a bad question, and then we’ll (inaudible).  (Laughter.)

    Q    And back to —

    THE PRESIDENT:  You always like to finish on a good one.

    THE VICE PRESIDENT:  But, sir, they want you to negotiate with them instead of President Putin.

    THE PRESIDENT:  I know.  I know.

    Q    Back to the question about the —

    THE PRESIDENT:  They want to continue to talk about the peacekeepers.  (Laughter.)  They’re — you have a lot of confidence in us, because you assume there’s going to be peace.  You know, it’s possible it doesn’t work out.  There is possibility. 

         Q    And I had —

         THE PRESIDENT:  But I hope it does, for the sake of humanity, because if you look at the pictures that I’ve looked at, you don’t want to look at them. 

         Go ahead.

         Q    I had a question back on these cuts to the federal workforce.  You mentioned you — you’re interested in doing another round of this email.  When would you like to

    see that?  What would be the deadline?  And —

         THE PRESIDENT:  I — I’m not — I think —

         Q    — this time, would it be mandatory?

         THE PRESIDENT:  I think Elon — I think Elon wants to.  And I think it’s a good idea because, you know, those people, as I said before, they’re on the bubble.  You got a lot of people that have not responded, so we’re trying to figure out, do they exist?  Who are they?  And it’s possible that a lot of those people will be actually fired. 

         Q    And —

         THE PRESIDENT:  And if that happened, that’s okay, because that’s what we’re trying to do. 

         This country has gotten bloated and fat and disgusting and incompetently run. 

         I think we had the worst president in the history of our country.  He just left office.  I think he’s a disgrace.  What he’s done to our country by allowing millions of people to come into our country like that and all of the other things — the inflation, which he caused because of energy and stupid spending.  To spend hundreds of millions, trillions and trillions of dollars on the Green New Scam — a total scam.  I have the best energy people, the best environmental people in the world around this table, and they — they can’t even believe he got away with it. 

         And then, in leaving office, to send $20 billion here and $20 million there and $10 million and $5 million, and they couldn’t spend the money fast enough, and “Let’s get it out before Trump gets in.  Let’s just get it out to anybody.”  This is a disgrace to our nation.

         And you don’t write the fair thing.  But, look, you know the good news?  The people see it, and that’s why we won the election by so much. 

         Thank you very much, everybody.  I appreciate it.  Thank you.  Thank you.   

         Q    Thank you, Mr. President.

         THE PRESIDENT:  Thank you very much, Doug.  Pulitzer Prize.

         THE VICE PRESIDENT:  Sir, how many peacekeepers are you going to send to — (laughter) —

         THE PRESIDENT:  “What will you do?”  “How will it be?”  (Laughter.)

         SECRETARY LUTNICK:  “How will you address this?”

                                    END            12:47 P.M. EST

    MIL OSI USA News –

    February 27, 2025
  • MIL-OSI: ThreeD Capital Inc. Releases Results for the Three and Six Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 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 its unaudited results as at and for the three and six months ended December 31, 2024.

    As at December 31, 2024, the Company had cash, investments and digital assets of $42.3 million.

    As at December 31, 2024, net asset value per share was $0.76 as compared to $0.86 as at June 30, 2024. (See “Use of Non-GAAP Financial Measures” elsewhere)

    Financial Highlights for the three and six months ending December 31, 2024 with comparatives:

     Operating Results Three months ended
    December 31,
    Six months ended
    December 31,
        2024     2023     2024     2023  
     Net investment and digital assets gains (losses) $ (1,391,161 ) $ (4,251,307 ) $ (1,509,862 ) $ 3,374,507  
     Operating, general and administrative expenses   (953,520 )   (598,753 )   (1,996,968 )   (1,521,414 )
     Net income (loss) for the period   (2,216,578 )   (4,600,755 )   (3,315,158 )   2,193,938  
     Total comprehensive income (loss) for the period   (2,217,226 )   (4,600,361 )   (3,315,555 )   2,193,956  
     Basic income (loss) per common share   (0.04 )   (0.09 )   (0.06 )   0.04  
     Diluted income (loss) per common share   (0.04 )   (0.09 )   (0.06 )   0.04  
     Consolidated statement of financial position highlights December 31,
    2024
    June 30,
    2024
     Cash $ 49,110   $ 482,146  
     Investments, at fair value   39,833,331     51,577,705  
     Digital assets, at fair value less cost to sell   2,415,173     3,156,065  
     Total assets   43,875,042     56,174,715  
     Total liabilities   864,916     11,455,313  
     Share capital, contributed surplus, warrants   153,179,771     151,573,492  
     Foreign currency translation reserve   874,705     875,102  
     Deficit   (111,044,350 )   (107,729,192 )

    Sheldon Inwentash, Chairman and CEO, stated “We are optimistic that the digital assets and investments within ThreeD’s portfolio will generate future economic growth to the Company. As global markets continue to experience uncertainty, we see tremendous opportunities for innovation and sustainable growth as we continue to invest in emerging companies that align with our strategic vision.”

    Additionally, ThreeD announces that it will no longer be releasing its unaudited net asset value per share (“NAV”) on a monthly basis. Instead, the Company will include the NAV within its quarterly financial results press releases to aid shareholders with analysis of Company performance that can be analyzed with the Company’s quarterly unaudited financial statements.

    Use of Non-GAAP Financial Measures:

    This press release contains references to “net asset value per share” (“NAV”) which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in ThreeD’s consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding our performance, and may assist in the evaluation of the Company’s business relative to that of its peers.

    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
    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 –

    February 27, 2025
  • MIL-OSI Canada: Bridging to Retirement Program update

    The Bridging to Retirement Program has played a critical role in helping forestry workers and contractors transition to retirement.

    The program is now fully subscribed and is no longer accepting applications as of Wednesday, Feb. 26, 2025.

    With the threat of U.S. tariffs that could affect the entire economy, government is focused on defending B.C.’s workers, businesses and economy. This includes working with Ottawa on supports for workers and filling in the gaps as needed.

    Since the program was created in October 2019, it has supported nearly 2,220 workers, approving more than $92 million in funding. In November 2021, the program was renewed with a three-year funding commitment to assist workers 55 and older who are affected by challenges in the forestry sector.

    Government will continue to provide updates on the provincial response to tariffs.

    MIL OSI Canada News –

    February 27, 2025
  • MIL-OSI Economics: Xbox reveals agenda for developers at GDC 2025 March 17-21

    Source: Microsoft

    Headline: Xbox reveals agenda for developers at GDC 2025 March 17-21

    As we gear up for the Game Developers Conference (GDC) 2025, we couldn’t be more excited to meet up with our friends and colleagues in the industry and explore the many incredible new opportunities that await. This year, GDC takes place from March 17-21 at the Moscone Convention Center in San Francisco, California. We’ll host partner meetings, participate in conference sessions, and sponsor events like the IGF Awards and the ESA Foundation’s Nite to Unite. Attendees that come by the Xbox Lounge in Moscone South will have a chance to see the latest Xbox experience on PC, join a Q&A with an Xbox development expert, and learn about the opportunities and benefits of building with Xbox across PC, Cloud and Console.

    Xbox is expanding to any screen on any device, making it easier for anyone to play with the friends they want – whether they choose to play with Xbox console, PC, Smart TV or mobile. At GDC, we’re inviting game developers to go behind the scenes to better understand what it means for Xbox to be playable on any screen. We’re committed to empowering game developers to tap into that opportunity by building cross-capable games that take advantage of Xbox across devices. Our presence will reveal the many ways game developers can reach more players with Xbox and showcase success stories of developers who are maximizing the opportunity.

    Whether you’re an indie developer or a seasoned professional, Xbox speakers will be presenting insights for every stage of your development journey. Check out the full schedule below. If you will be engaging remotely, you can learn more by visiting our Game Development Resource Hub here and to learn more about AI for Gaming, check out our Gaming AI Resource Hub here.

    For us, GDC 2025 is as much about showcasing the Xbox developer experience as it is about fostering collaboration with partners and driving our gaming future, together. See you there!

    Monday, March 17

    UX Summit: UX Writing: A New(ish) Craft in Mobile Games
    Speaker: Patricia Gomez (King)
    Date: Monday, March 17
    Time: 9:30am – 10:30am
    Location: Room 2010, West Hall

    Community Management Summit: Social Media Microtalks: Authenticity from You and the Business “We”
    Speaker: Cindy Tran (Obsidian Entertainment), Antonio Cara (DeNA Corp.), Harper Jay MacIntyre (Double Fine Productions Inc), Livvy Hall (Xbox Game Studios Publishing), Megan Spurr (Microsoft)
    Date: Monday, March 17
    Time: 10:50am – 11:50am
    Location: Room 2014, West Hall

    Live Service Games Summit: Reinventing ‘Candy Crush Soda’ for the Next 10 years
    Speaker: Abigail Rindo (King), Paul Hellier (King)
    Date: Monday, March 17
    Time: 10:50am – 11:50am
    Location: Room 2006, West Hall

    Animation Summit: ‘Diablo 4’: Bringing to Life the Priestess of Hatred
    Speaker: Chad Waldschmidt (Blizzard Entertainment)
    Date: Monday, March 17
    Time: 3:50 pm – 4:20 pm
    Location: Room 2018, West Hall

    UX Summit: Making the World Playful: The Importance of Accessible Mobile Games
    Speaker:
    Emilio Jeldrez (King)
    Date: Monday, March 17
    Time: 5:30pm – 6:00pm
    Location: Room 2010, West Hall

    Tuesday, March 18

    Live Service Games Summit: Mass Engagement Winning Strategies: The 15M Player Tournament of ‘Candy Crush Saga’
    Speaker: Margaux Diaz (King), Roberto Kusabbi (King)
    Date: Tuesday, March 18
    Time: 9:30am – 10:30am
    Location: Room 2006, West Hall

    Thriving Players Summit: Prosocial Design Workshop
    Speaker:
    Natasha Miller (Blizzard Entertainment), Weszt Hart (Riot Games)
    Date: Tuesday, March 18
    Time: 9:30am – 11;50am
    Location: Room 3005, West Hall

    The Climate Crisis Workshop
    Speaker: Grant Shonkwiler (Shonkventures LLC), Trevin York (Dire Lark), Paula Angela Escuadra (Microsoft / Xbox), Jennifer Estaris (ustwo games), Arnaud Fayolle (Ubisoft)
    Date: Tuesday, March 18
    Time: 10:00am – 6:00pm
    Location: Room 204, South Hall

    Gaming Reimagined: Mobile’s Impact on Play Today (Presented by King)
    Speaker: Todd Green (King), Paula Ingvar (King), Peiwen Yao (Blizzard Entertainment)
    Date: Tuesday, March 18
    Time: 10:50am – 11:50am
    Location: Room 2000, West Hall

    Unpacking Anti-Toxicity Strategy in “Call of Duty” (Presented by Community Clubhouse)
    Speaker: Mark Frumkin (Modulate), Grant Cahill (Activision)
    Date: Tuesday, March 18
    Time: 2:40pm – 3:40pm
    Location: Esplanade 158, South Hall

    Live Service Games Summit: Game Designer’s Notebook
    Speakers: Marta Cortiñas (King), Kenny Dinkin (King)
    Time: 2:40pm – 3:40pm
    Location: Room 2006, West Hall

    Wednesday, March 19

    Opening a Billion Doors with Xbox (Presented by Microsoft)
    Speaker: Leo Olebe (Microsoft), Chris Charla (Microsoft)
    Date: Wednesday, March 19
    Time: 12:30pm – 1:30pm
    Location: Room 3022, West Hall

    Accelerating Your Inner Loop with Visual Studio and GitHub Copilot AI (Presented by Microsoft)
    Speaker: David Li (Microsoft), Michael Price (Microsoft)
    Date: Wednesday, March 19
    Time: 12:30pm – 1:30pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Grow Your Audience with the Updated Xbox Experience on PC (Presented by Microsoft)
    Speaker:
    Tila Nguyen (Microsoft), Jose Rady (Microsoft)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Make your Game Available ANYWHERE with Xbox Cloud Gaming (Presented by Microsoft)
    Speaker: Harrison Hoffman (Microsoft), Jordan Cohen (Microsoft)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: Room 2000, West Hall

    Masterworking Systems: Lessons Learned from the Engineering of Season of Loot Reborn in ‘Diablo IV’
    Speaker: Patrick Ferland (Blizzard Entertainment)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: Room 2006, West Hall

    Ask Game Lawyers Anything Roundtable Day 1
    Speaker: Ryan Black (DLA Piper (Canada) LLP), Brandon Huffman (Odin Law and Media), Angelo Alcid (Microsoft Corp.), Yan Perng (Netflix)
    Date: Wednesday, March 19
    Time: 3:30pm – 4:30pm
    Location: Room 308, South Hall

    Xbox Game Studios Panel: Scaling Cross-Platform Development Across Xbox and PC (Presented by Microsoft)
    Speaker: Kate Rayner (Microsoft), Soren Hannibal Nielsen (Microsoft, Chuck Rozhon (Obsidion Entertainment), Chad Dawson (Double Fine Productions) Phil Cousins (Microsoft), Magnus Auvinen (Machine Games)
    Date: Wednesday, March 19
    Time: 3:30pm – 4:30pm
    Location: Room 2000, West Hall

    Thursday, March 20

    DirectX State of the Union: Raytracing and PIX Workflows (Presented by Microsoft)
    Speaker: Claire Andrews (Microsoft), Austin Kinross (Microsoft)
    Date: Thursday, March 20
    Time: 9:30am – 10:30am
    Location: Room 2009, West Hall

    VFX Storytelling: How “Hearthstone” Breathes Life Into Hundreds of Cards
    Speaker: Alex Cortes (Blizzard Entertainment)
    Date: Thursday, March 20
    Time: 11:00am – 12:00pm
    Location: Room 2006, West Hall

    Strategies for Indie Devs: How to Succeed with Xbox (Presented by Microsoft)
    Speaker: James Lewis (Microsoft)
    Date: Thursday, March 20
    Time: 11:30am – 12:30pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    G.A.N.G. Demo Derby: Sound Design
    Speaker: Nick Hartman (Sound Lab), Scott Gershin (Sound Lab), Charles Deenen (Source Sound Inc), Gary Miranda (Injected Senses Audio), Brian Farr (Blizzard Entertainment)
    Date: Thursday, March 20
    Time: 12:15pm – 1:45pm
    Location: Room 3018, West Hall

    From Idea to Action: Lessons from a New Accessibility Initiative (Presented by The Entertainment Software Association)
    Speaker: Aubrey Quinn  (Entertainment Software Association), Paul Amadeus Lane  (Amadeus 4th Corp), Amy Lazarus  (Electronic Arts), Dara Monasch  (Google), Anna Waismeyer  (Microsoft/Xbox), Steven Evans  (Nintendo of America), David Tisserand  (Ubisoft)
    Date: Thursday, March 20
    Time: 12:15pm – 1:15pm
    Location: GDC Main Stage, West Hall, Street Level

    Windows Productivity Tools for Game Developers (Presented by Microsoft)
    Speaker: Demitrius Nelon (Microsoft), Kayla Cinnamon (Microsoft)
    Date: Thursday, March 20
    Time: 12:15pm – 1:15pm
    Location: Room 2024, West Hall

    Securing the Joy of Gaming: Xbox’s Commitment to Gaming Security and Innovation (Presented by Microsoft)
    Speaker: Temi Adebambo (Microsoft)
    Date: Thursday, March 20
    Time: 2:00pm – 3:00pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Xbox Play Anywhere Developer Roundtable (Presented by Microsoft)
    Speaker: Chris Charla (Microsoft)
    Date: Thursday, March 20
    Time: 2:00pm – 3:00pm
    Location: Room 2004, West Hall

    King: Enhancing Mobile Audio with Accessibility and Inclusion
    Speaker: Eduardo Broseta  (King)
    Date: Thursday, March 20
    Time: 2:30pm – 3:00pm
    Location: Room 3024, West Hall

    Friday, March 21

    Game Career Seminar: STR, DEX and INT: A Genre-Spanning Way to Think About Gameplay
    Speaker: Joseph Shely  (Blizzard Entertainment)
    Date: Friday, March 21
    Time: 11:50am – 12:20pm
    Location: Room 3005, West Hall

    Game Career Seminar: Killer Portfolio or Portfolio Killer Part 2: Portfolio Reviews
    Speakers:
    Greg Foertsch  (Bit Reactor), Sarah LeBlanc  (Bit Reactor), Rembert Montald  (Lightspeed LA), David Yee  (Unannounced), Jeffrey Johnson  (inXile Entertainment), Jade Law  (Wardog Studios), Gaurav Mathur  (E-Line Media), Jessica Kutrakun  (Hypixel Studios), Inmar Salvatier  (Maxis), Jeff Parrott  (Blizzard), Daanish Syed  (Bit Reactor), David Johnson  (UndertoneFX), Jeff Skalski  (Yellow Brick Games)
    Date:
    Friday, March 21
    Time:
    2:00pm – 5:00pm
    Location:
    Room 3000, West Hall

    MIL OSI Economics –

    February 27, 2025
  • MIL-OSI: TRC Announces Termination of the Tender Offer for Canadian Natural Resources Limited

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — TRC Capital Investment Corporation (“TRC”) announced today that it has terminated its previously announced cash tender offer to purchase up to 2,500,000 common shares (the “Shares”) of Canadian Natural Resources Limited. All Shares that have been validly tendered (and not validly withdrawn) will be returned promptly to the respective holders thereof without any action required on the part of the holders. No consideration will be paid in the Tender Offer for any tendered Shares.

    Consummation of the Tender Offer was subject to the satisfaction or waiver of the conditions set forth in the offer to purchase dated January 15, 2025 (the “Offer to Purchase”), including the general political, market, economic or financial condition described therein, which was not satisfied. TRC has decided to withdraw this transaction. This notice confirms the termination of the Tender Offer.

    This notice is neither an offer to purchase nor a solicitation of an offer to sell any Shares or any other securities. Persons with questions regarding the Tender Offer should contact the information agent, CNRA Financial Services Inc. at (416) 861-9446.

    For further information, contact:
    Contact: Lorne H. Albaum, President
    Phone: (416) 304-1474

          
            

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Element Reports Fourth Quarter and Record 2024 Financial Results; Reaffirms Full-Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted
     
    • Record 2024 net revenue of $1.1 billion driving record adjusted operating income, adjusted earnings per share and adjusted free cash flow per share
    • Record performance in 2024 underpinned by an 18% year-over-year increase in services revenue, and a 9% year-over-year increase in net financing revenue associated with higher net earning assets
       
    • Strong performance allowed for acceleration of strategic investments to position us for future success while delivering full-year adjusted operating margins within guidance range
       
    • Robust client demand, strong and growing pipeline, and a high-recurring-revenue business model, combined with the benefits of investments made in 2024, to drive continued growth across key financial metrics
       
    • Reaffirming 2025 guidance for net revenue growth of 6.5 to 8.5%, positive adjusted operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended December 31, 2024 and record results for full-year 2024.  The following table presents Element’s selected financial results.

      Q4 20241 Q3 20241 Q4 20231 QoQ YoY 2024   2023   YoY
    In US$ millions, except percentages and per share amount       % %     %
    Selected results – as reported                
    Net revenue 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Pre-tax income 121.4   134.0   103.4   (9)% 17% 513.6   448.9   14%
    Pre-tax income margin 44.8 % 47.9 % 42.2 % (310) bps 260  bps 47.2 % 46.8 % 40  bps
    Earnings per share (EPS) [basic] 0.23   0.24   0.20   (1)% 3% 0.96   0.84   12%
    EPS [basic] [$CAD] 0.32   0.33   0.27   (3)% 19% 1.31   1.13   16%
    Adjusted results (excludes one-time strategic project costs in  2024)1                
    Adjusted net revenue2 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Adjusted operating income (AOI)2 143.3   161.4   134.9   (11)% 6% 601.2   530.5   13%
    Adjusted operating margin2 52.9 % 57.7 % 55.0 % (480) bps (210) bps 55.3 % 55.3 % — bps
    Adjusted EPS2 [basic] 0.27   0.29   0.25   (7)% 8% 1.12   0.98   14%
    Adjusted EPS2[basic] [$CAD] 0.37   0.40   0.33   (8)% 12% 1.53   1.32   16%
    Other highlights:                
    Adjusted free cash flow per share2(FCF/sh) 0.30   0.36   0.29   (17)% 3% 1.38   1.24   11%
    Adjusted2 (FCF/sh) [$CAD] 0.41   0.49   0.40   (16)% 2% 1.89   1.67   13%
    Originations 1,498   1,716   1,490   (13)% 1% 6,732   6,340   6%
                               
    1. Strategic project costs totaled $20 million, of which $14 million was incurred in 2023 and $6 million in 2024, These costs were, attributable to leasing initiatives in Ireland, and were $2 million below planned investment as previously communicated. These costs for the quarterly periods in the above table were as follows: Q4 2023 ($11 million), Q3 2024 ($2 million), and Nil in Q4 2024. Additionally, Q3 2024 also included $7 million in acquisition-related costs, including severance, in connection with the Autofleet transaction.
    2. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP  under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

    “In 2024, we continued to execute our global growth strategy that builds on our considerable business momentum, delivering record results and value to clients, team members, and our shareholders. At the core of our efforts is a digital-first mindset and an unwavering commitment to operational excellence and prioritizing client success,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “Our robust performance relative to our plan allowed us to accelerate strategic investments aimed at enhancing our client experience, modernizing operations through digitization and automation, and strengthening our teams and culture. We achieved this while delivering within our full-year adjusted operating margin guidance and exceeding other key financial metrics. With these investments, we are building a stronger, more agile, and more innovative foundation to lead in defining the future of mobility. 

    Dottori-Attanasio continued, “We expect expense growth to moderate considerably in 2025 as the acceleration and benefits of this year’s investments begin to materialize. By optimizing costs and driving operational efficiencies through digital innovation, our disciplined approach to strategic investing in the areas that are critical to client success positions us well to both deliver on our financial targets and sustain success well into the future.”

    Net revenue growth

    Element grew 2024 net revenue 13% over 2023 (“year-over-year”) to $1.1 billion led largely by double-digit services revenue growth and higher net financing revenue.

    Q4 2024 net revenue increased $26 million or 11% on a year-over-year basis led largely by robust services revenue growth.  Q4 2024 net revenue decreased $9 million or 3% from a record Q3 2024 led largely by lower net financing revenue, lower syndication revenue and seasonal factors impacting Gains on Sale (“GOS”). This was partly offset by higher services revenue quarter-over-quarter.

    Service revenue

    Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

    2024 services revenue increased a strong 18% year-over-year to $596 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients and higher origination volumes.

    Q4 2024 services revenue grew a robust 25% year-over-year and  10% quarter-over-quarter driven primarily by higher penetration and utilization rates.

    Net financing revenue

    2024 net financing revenue grew $38 million or 9% year-over-year led largely by higher net earning assets resulting from higher originations across all geographies. This increase was partly offset by higher funding costs, including higher interest expense largely associated with financing the redemptions of our preferred shares (previously recorded below the AOI line). GOS was largely unchanged year-over-year, as increased volumes of vehicles for sale continue to mitigate used vehicle price normalization.

    Q4 2024 net financing revenue increased $1 million or 1% year-over-year led largely by the same reasons cited in the full-year 2024 explanation above. This increase was partly offset by a year-over-year decrease in GOS, and higher funding costs. A higher volume of vehicles for sale was more than offset by a decrease in used vehicle pricing in Mexico and ANZ.

    Q4 2024 net financing revenue decreased $13 million or 11% from Q3 2024. This quarter-over-quarter decrease was materially led by seasonal factors affecting GOS and for the same reasons cited directly above. Lower net earning assets and higher interest expense associated with financing the redemption of our preferred shares on September 30, 2024, and the impact of incremental debt due to the acquisition of Autofleet also contributed to the decrease.

    Syndication volume

    The Company syndicated a record $3.5 billion of assets in 2024, an increase of $984 million or 40% from 2023, and $1.0 billion in Q4 2024 – $330 million or 47% higher than Q4 2023. This growth was largely associated with higher origination volume, the Company’s ongoing focus on its capital lighter model, and management of its tangible leverage.  Overall, investor demand remains robust.

    2024 syndication revenue decreased $3 million or 6% year-over-year led largely by the bulk syndication of a Canadian lease portfolio in December 2024 (the “Bulk Sale”) in the amount of $346 million (CAD$474 million). This Bulk Sale further diversified our funding sources. Initial sale and setup costs impacted yields. Yields were further impacted by the Company’s syndication mix and scheduled reduction in bonus depreciation driving lower net yields. Gross yield, which is a measure of the value and demand for our core syndication product, was relatively unchanged from 2023. For further information on the Bulk Sale, please refer to the Element announces new strategic funding relationship section in this press release.

    Q4 2024 syndication revenue decreased $7 million or 55% year-over-year for the same reasons cited above for the full year 2024, and $11 million or 64% quarter-over-quarter largely due to lower net yields and setup costs associated with the sale of the Canadian portfolio. 

    Adjusted operating income and adjusted operating margins

    AOI was a record $601 million in 2024, an increase of $71 million or 13% year-over-year. This resulted in adjusted EPS of $1.12 in 2024, which is a 14% increase year-over-year. 2024 adjusted operating margin was 55.3%, unchanged from last year and at the mid-point of the Company’s revised 2024 guidance range between 55.0 to 55.5%. Excluding Autofleet, adjusted operating margins would have expanded 30 basis points year-over-year to 55.6%.

    Q4 2024 AOI was $143 million, an increase of $8 million or 6% year-over-year. Q4 2024 adjusted operating margin was 52.9% influenced by accelerated strategic investments, seasonal factors impacting GOS, $3 million in Autofleet operating costs, and the impact of the bulk sale of a portfolio of Canadian leases, which the Company believes will benefit 2025 and beyond. Excluding Autofleet, Q4 2024 adjusted operating margin was 54.1%.  

    Q4 2024 AOI decreased $18 million or 11% quarter-over-quarter led largely by the same reasons cited in the preceding paragraph. 

    Originations

    Element originated $6.7 billion of assets in 2024, which is a $392 million or 6% increase year-over-year led by growth across all regions. 

    Q4 2024 originations of $1.5 billion increased $8 million or 1% year-over-year; however, originations decreased $218 million or 13% quarter-over-quarter led largely by seasonal factors including historically slower client order volume during the summer months.

    Order volumes increased significantly in the last four months of 2024, reaching a record monthly high in December. This momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, is expected to drive solid origination volumes in the first half of 2025.

    The table below sets out the geographic distribution of Element’s originations for 2024 and 2023:

    (in US$000’s for stated values) December 31, 2024 December 31, 2023
      $ % $ %
    United States and Canada 5,206,339 77.34 % 4,850,411 76.50  %
    Mexico 1,035,249 15.38 % 1,028,165 16.22 %
    Australia and New Zealand 489,960 7.28 % 461,451 7.28 %
    Total 6,731,548 100.00 % 6,340,027 100.00 %
                 

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $1.38 of adjusted free cash flow (“FCF”) per share in 2024; up 11% year-over-year driven by growth in net revenues and higher originations, while investing approximately $77 million in total capital investments during the year. In Q4 2024, Element accelerated approximately $47 million of tax payments to the Australian Tax Office relating to the 2025 to 2027 taxation years. The tax payments relate to cash tax timing benefits received due to temporary accelerated depreciation available during the pandemic, effectively providing the Company with a tax deferral. The accelerated payment allows for future adjusted free cash flow to better represent the cash taxes that would be paid in the normal course of operations during those future years. This acceleration of Australian cash taxes is excluded from adjusted free cash flow per share.

    Element returned $336 million of cash to shareholders through common share dividends, common share buybacks and preferred share redemptions in 2024.

    Common dividend and share repurchases

    On February 26, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the first quarter of 2025. The dividend will be payable on April 15, 2025 to shareholders of record as at the close of business on March 31, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During 2024, the Company purchased 630,657 Common Shares for cancellation under its normal course issuer bids, for an aggregate amount of approximately $11 million at a volume weighted average price of CAD$23.77 per Common Share. During Q4 2024, the Company purchased 175,357 Common Shares under its NCIB, for cancellation, for an aggregate amount of approximately $4 million at a volume weighted average price of CAD$28.51 per Common Share.  During January and February 2025, the Company purchased 1.1 million Common Shares under its latest NCIB, for cancellation, for an aggregate amount of approximately $22 million at a volume weighted average price of CAD $28.75 per Common Share.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Preparing Element for the future

    In 2024, Element was purposeful in accelerating strategic investments in support of future growth.  The Company prioritized initiatives that elevate the client experience, modernize operations through digitization and automation, strengthen its teams and culture, and emphasized these efforts through the acquisition of Autofleet. While pursuing these strategic advancements, the Company exercised operational discipline to ensure that financial targets were achieved, maintaining operating margins within its 2024 guidance range of 55.0 to 55.5%. The Company expects expense growth to moderate considerably in 2025 as the benefits of these investments begin to materialize.

    Notable achievements include:

    • Centralizing accountability for its U.S. and Canadian leasing operations in Ireland and establishing a strategic sourcing presence in Singapore, with these initiatives expected to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028. Both units are fully operational with an expected payback period from the Company’s investments at less than 2.5 years. 
       
    • Acquiring Autofleet’s robust and highly scalable fleet optimization technology platform to substantially accelerate its digitization and automation initiatives, enhance the client experience and accelerate operational scalability, unlocking new growth and value creation potential.  The integration of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape. Priorities include developing a Digital Driver Experience app, building a digital client reporting portal, and gradually migrating Element’s applications to Autofleet’s cloud and AI-based platform.
       
    • Launching an Acceleration Office, to fast-track and prioritize strategic initiatives like our holistic digital and data analytics transformation, and our expansion into both Insurance and the Small-to Medium-Sized Fleets space.
       
    • In January 2025, the Company expanded beyond its core by announcing a new Insurance Risk solution – a fully integrated insurance and risk management offering. This new service, launched in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. The new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

    Guidance

    Full-year 2024 Guidance

    Element delivered full-year 2024 results within or above the high end of its previously provided guidance ranges on key metrics, with the exception of originations. The following table highlights our full-year 2024 guidance (as was updated alongside its Q2 2024 results release) compared to the full-year 2024 results.

    In US$, except per share amounts Full-year 2024 Guidance Full-year 2024 Actuals
    Net revenue $1.060 – $1.080 billion $1.088 billion
    YoY Growth 11-13 % 13%
    Adjusted operating margin1 55.0% – 55.5% 55.3%
    Adjusted operating income $575 – 595 million $601 million
    YoY Growth 8-12 % 13%
    Adjusted EPS [basic] $1.07 – $1.11 $1.12
    YoY Growth 9-13 % 14%
    Adjusted free cash flow per share $1.32 – 1.36 1.38
    YoY Growth 6-10 % 11%
    Originations $7.0 – 7.4 billion $6.7 billion
    YoY Growth 11-17 % 6%

     1. Excluding Autofleet, adjusted operating margin was 55.6% in 2024; representing adjusting operating margin expansion of 30 basis points year-over-year.     

    Certain year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

    Full-year 2025 Guidance

    The Company expects to see continued growth in its client base and net revenue, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. Strong order volumes over the last four months of 2024, bolstered by enhancements made through our U.S. and Canada leasing initiative in Ireland, is expected to drive solid originations volume in the first half of 2025. Originations are preceded by vehicle orders, which are binding commitments by clients to lease or purchase vehicles from Element.

    Element is committed to generating positive operating leverage in 2025, and expects to begin realizing the benefits of the investments undertaken in 2024.

    In US$, except per share amounts Full-year 2025 Initial  Guidance Full-year 2025 Guidance
    Net revenue 6.5 – 8.5% $1.160 – $1.185 billion
    Adjusted operating income High-single to low-double digit $645 – $670 million
    Adjusted operating margins   55.5 – 56.5%
    Adjusted EPS [basic] High-single to low-double digit $1.20 – $1.25
    Adjusted free cash flow per share High-single to low-double digit $1.48- $1.53
    Originations Low- to mid-single digit $6.9 – $7.1 billion

    The Company’s guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso (the Company has assumed an MXN-to-USD exchange rate of 20.5:1), higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation in the U.S. is likely to impact syndication yields. We also anticipate that our 2025 effective tax rate will average between 24.5% to 26.5%.

    The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada.

    Simplified capital structure

    To further optimize the Company’s balance sheet and simplify its capital structure, the Company redeemed the following during 2024: (1) all of its 5,126,400 issued and outstanding 6.21% Cumulative 5-Year Rate Reset Preferred Shares Series C (the “Series C Shares”) on June 20, 2024, at a price of CAD$25.00 per Series C Share for an aggregate total amount of approximately US$91.2 million; (2) all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) on September 30, 2024, at a price of CAD$25.00 per Series E Share for an aggregate amount of US$95 million approximately; and (3) all of its remaining outstanding 4.25% Convertible Unsecured Subordinated Debentures due June 30, 2024 for consideration of approximately 14.6 million Common Shares, issued from Treasury and delivered to beneficial holders.

    Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding.

    As at December 31, 2024, total Common Shares issued and outstanding were 404.5 million.

    Element announces new strategic funding relationship

    In December 2024, Element established a new strategic funding relationship with affiliates of Blackstone’s Infrastructure & Asset-Based Credit Group (“Blackstone”) involving a portfolio of Canadian fleet lease receivables valued at approximately $346 million (CAD$474 million). This initial transaction, which took place on December 20, 2024, has characteristics similar to that of a bulk syndication. Through this arrangement Element benefits from substantial derecognition of these finance lease receivables, diversifying and optimizing its funding profile, validating the high-quality of its asset origination platform, and supporting the Company’s continued growth. 

    This transaction further assists in diversifying the Company’s funding sources, reducing leverage and driving our capital lighter model. However, due to the initial sale, overall yield was negatively impacted by setup costs. These costs are not expected to recur in future transactions. Consequently, the Company expects higher syndication yields in 2025, while also benefiting from the derecognition of finance lease receivables that similar transactions would offer.

    Transitioning to debt-to-capital vs. tangible leverage ratio (“TLR”)

    In Q4 2024, in collaboration with its partners, the Company changed its banking covenants from TLR to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. Commencing in Q4 2024, the Company will prioritize the reporting and management of debt-to-capital metrics, though TLR will be still disclosed this quarter for consistency. The bank covenants are set at 80% of debt-to-capital, and the Company targets a range between 73% to 77%. The Company remains committed to maintaining a strong investment grade balance sheet and will continue to monitor TLR as a key internal metric, but it will be of reduced importance as an operating constraint.

    At December 31, 2024, the Company’s debt-to-capital ratio was 74.1% (December 31, 2023 72%) and its TLR was 7.56:1 (December 31, 2023 5.99:1).

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, February 27, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through March 27, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 3917835.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at December 31, 2024 and December 31, 2023, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended December 31, 2024 and December 31, 2023.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
     period ended
    For the year ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
                 
    Key annualized operating ratios            
                 
    Leverage ratios            
    Financial leverage ratio P/(P+R)   74.1 %   74.3 %   72.4 %   74.1 %   72.4 %
    Tangible leverage ratio P/
    (R-K)
      7.56     7.00     5.98     7.56     5.99  
    Average financial leverage ratio Q/(Q+V)   75.0 %   75.1 %   72.6 %   74.7 %   71.6 %
    Average tangible leverage ratio Q/(V-L)   7.60     6.80     5.75     6.72     5.53  
                 
    Other key operating ratios            
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.08 %   0.08 %   0.08 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.31 %   8.01 %   7.20 %   7.53 %   7.57 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   39.34 %   37.91 %   29.34 %   35.76 %   30.08 %
                 
    Per share information            
    Number of shares outstanding W   404,502     403,609     389,169     404,502     389,169  
    Weighted average number of shares outstanding [basic] X   404,578     403,609     389,115     396,880     390,297  
    Pro forma diluted average number of shares outstanding Y   404,726     403,768     404,068     404,164     405,242  
    Cumulative preferred share dividends during the period Z   —     1,434     4,418     7,222     17,625  
    Other effects of dilution on an adjusted operating income basis AA $ —   $ 0   $ 1,184   $ 2,412   $ 4,859  
    Net income per share [basic] (A-Z)/X $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    Net income per share [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
                 
    Adjusted EPS [basic] (D1)/X $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.99  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Reported results   US$ US$ US$ US$ US$
    Services income, net     161,461     146,903     129,657     595,540     502,659  
    Net financing revenue     103,453     116,090     102,211     449,130     410,853  
    Syndication revenue, net     5,976     16,643     13,261     42,890     45,587  
    Net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Operating expenses     141,234     139,367     134,085     544,681     481,749  
    Operating income     129,656     140,269     111,044     542,879     477,350  
    Operating margin     47.9 %   50.2 %   45.3 %   49.9 %   49.8 %
    Total expenses     149,463     145,669     141,716     574,003     510,153  
    Income before income taxes     121,427     133,967     103,413     513,557     448,946  
    Net income     92,057     98,565     81,567     387,137     345,599  
    EPS [basic]   $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    EPS [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
    Adjusting items            
    Impact of adjusting items on operating expenses:            
    Strategic initiatives costs – Salaries, wages, and benefits     —     4,633     5,329     5,593     5,329  
    Strategic initiatives costs – General and administrative expenses     —     4,283     5,437     7,806     8,342  
       Share-based compensation     13,687     12,242     12,346     43,435     36,429  
       Amortization of convertible debenture discount     —     —     772     1,517     3,038  
    Total impact of adjusting items on operating expenses     13,687     21,158     23,884     58,351     53,138  
    Total pre-tax impact of adjusting items     13,687     21,158     23,884     58,351     53,138  
    Total after-tax impact of adjusting items     10,265     15,667     17,667     43,763     27,478  
    Total impact of adjusting items on EPS [basic]     0.03     0.04     0.05     0.11     0.07  
    Total impact of adjusting items on EPS [diluted]     0.03     0.04     0.04     0.11     0.06  
                                     
                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Adjusted results   US$ US$ US$ US$ US$
    Adjusted net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Adjusted operating expenses     127,547     118,209     110,201     486,330     428,611  
    Adjusted operating income     143,343     161,427     134,928     601,230     530,488  
    Adjusted operating margin     52.9 %   57.7 %   55.0 %   55.3 %   55.3 %
    Provision for income taxes     29,370     35,402     21,846     126,420     103,347  
    Adjustments:            
    Pre-tax income     5,481     6,213     8,184     22,465     21,153  
    Foreign tax rate differential and other     985     275     5,092     1,474     5,607  
    Provision for taxes applicable to adjusted results     35,836     41,890     35,122     150,359     130,107  
    Adjusted net income     107,507     119,537     99,806     450,871     400,381  
    Adjusted EPS [basic]   $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.98  
    Adjusted EPS [diluted]   $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts                           For the three-month period ended For the year ended
    (in US$000’s unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
        US$ US$ US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,576,386   7,612,881   7,225,093   7,576,386   7,225,093  
    Allowance for credit losses F 6,168   6,069   5,539   6,168   5,539  
    Net investment in finance receivable G 4,968,294   5,251,679   4,964,175   4,968,294   4,964,175  
    Equipment under operating leases H 2,435,430   2,537,369   2,646,158   2,435,430   2,646,158  
    Net earning assets I=G+H 7,403,724   7,789,048   7,610,333   7,403,724   7,610,333  
    Average net earning assets J 7,848,023   8,059,992   7,494,361   7,980,144   7,008,655  
    Goodwill and intangible assets K 1,672,701   1,581,560   1,596,323   1,672,701   1,596,323  
    Average goodwill and intangible assets L 1,675,336   1,581,776   1,589,182   1,607,766   1,590,290  
    Borrowings M 8,463,789   8,472,130   8,018,132   8,463,789   8,018,132  
    Unsecured convertible debentures N —   —   127,816   —   127,816  
    Less: continuing involvement liability O (132,683 ) (125,225 ) (81,851 ) (132,683 ) (81,851 )
    Total debt P=M+N-O 8,331,106   8,346,905   8,064,097   8,331,106   8,064,097  
    Cash and restricted funds P1 408,621   337,247   350,637   408,621   350,637  
    Total net debt P2 = P-P1 7,922,485   8,009,658   7,713,460   7,922,485   7,713,460  
    Average debt Q 8,313,527   8,582,383   7,829,218   8,473,105   7,361,960  
    Total shareholders’ equity R 2,774,315   2,774,502   2,943,828   2,774,315   2,943,828  
    Preferred shares S —   —   181,077   —   181,077  
    Common shareholders’ equity T=R-S 2,774,315   2,774,502   2,762,751   2,774,315   2,762,751  
    Average common shareholders’ equity U 2,768,504   2,781,421   2,713,843   2,770,044   2,664,760  
    Average total shareholders’ equity V 2,768,504   2,843,024   2,949,789   2,868,593   2,921,281  
                           

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Reported Expenses 149,463 145,669   141,716 574,003 510,153
    Less:          
    Amortization of intangible assets from acquisitions 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Operating expenses 141,234 139,367   134,085 544,681 481,749
    Less:          
      Amortization of convertible debenture discount — —   772 1,517 3,038
      Share-based compensation 13,687 12,242   12,346 43,435 36,429
      Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
      Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total adjustments 13,687 21,158   23,884 58,351 53,138
    Adjusted operating expenses 127,547 118,209   110,201 486,330 428,611
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Income before income taxes 121,427 133,967   103,413 513,557 448,946
    Adjustments:          
    Amortization of convertible debenture discount — —   772 1,517 3,038
    Share-based compensation 13,687 12,242   12,346 43,435 36,429
    Amortization of intangible assets from acquisition 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
    Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total pre-tax impact of adjusting items — 8,916   10,766 13,399 13,671
    Adjusted operating income 143,343 161,427   134,928 601,230 530,488
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Net income 92,057   98,565   81,567   387,137   345,599  
    Amortization of convertible debenture discount —   —   772   1,517   3,038  
    Share-based compensation 13,687   12,242   12,346   43,435   36,429  
    Amortization of intangible assets from acquisition 7,819   6,970   6,971   28,734   27,912  
    Loss (gain) on investments 410   (668 ) 660   588   492  
    Strategic initiatives costs – Salaries, wages and benefits —   4,633   5,329   5,593   5,329  
    Strategic initiatives costs – General and administrative expenses —   4,283   5,437   7,806   8,342  
    Provision for income taxes 29,370   35,402   21,846   126,420   103,347  
    Provision for taxes applicable to adjusted results (35,836 ) (41,890 ) (35,122 ) (150,359 ) (130,107 )
    Adjusted net income 107,507   119,537   99,806   450,871   400,381  
                         

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios;  and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, Feb. 26, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2024. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $13.7 million in the fourth quarter, an increase of 40% year over year
    • Fourth-quarter gross profit grew 48% year over year to $10.4 million
    • Annual Recurring Revenue (ARR)1 at December 31, 2024, reaches $59.7 million, an increase of 60% year over year

    “Our sustained revenue growth, expanding margins and solid traction across all areas of Validation demonstrate the durability of our business model. With companies throughout the Life Sciences adopting new technologies to drive business value, Validation’s transition to digital is set to continue, with Kneat leading the way.”

    – said Eddie Ryan, Chief Executive Officer of Kneat. 

    Q4 2024 Highlights

    • Total revenues increased 40% to $13.7 million in the fourth quarter of 2024, compared to $9.8 million for the fourth quarter of 2023.
    • SaaS revenue for the fourth quarter of 2024 grew 41% to $12.5 million, versus $8.9 million for the fourth quarter of 2023.
    • Fourth-quarter 2024 gross profit was $10.4 million, up 48% from $7.0 million (adjusted)2 in gross profit for the fourth quarter of 2023.
    • Gross margin in the fourth quarter of 2024 was 75%, compared to 71% (adjusted)2 for the fourth quarter of 2023.
    • EBITDA3 in the fourth quarter of 2024 was $1.1 million, compared with ($0.1) million (adjusted)2 for the fourth quarter of 2023.
    • Adjusted EBITDA3 in the fourth quarter of 2024 was $2.6 million, compared with ($0.3) million (adjusted)2 for the fourth quarter of 2023.
    • Total ARR1, which includes SaaS license and recurring maintenance fees, was $59.7 million at December 31, 2024, an increase of 60% from $37.4 million at December 31, 2023.
    • SaaS ARR1, the proportion of ARR attributable to SaaS licenses, was $59.6 million at December 31, 2024, an increase of 60% from $37.3 million at December 31, 2023.

    Full Year 2024 Highlights

    • Total revenues for the full year 2024 increased 43% to $48.9 million, compared to $34.2 million for 2023.
    • SaaS revenue grew 48%, reaching $44.6 million for the full year 2024, versus $30.1 million for 2023.
    • Full-year 2024 gross profit was $36.8 million, an increase of 59% compared to $23.1 million (adjusted)2 for the full year 2023.
    • Gross margin for the full year 2024 was 75%, compared to 68% (adjusted)2 for all of 2023.
    • EBITDA3 for the full year 2024 was $5.6 million, compared with ($5.7) million (adjusted)2 for all of 2023.
    • Adjusted EBITDA3 for the full year 2024 was $7.0 million, compared with ($3.2) million (adjusted)2 for all of 2023.
    • Net Revenue Retention Rate (NRR)1, which reflects the expansion of ARR by customers on the platform at the start of 2024 over the course of the year, was 151% for the year ended December 31, 2024.

    2024 Business Highlights

    • Over the course of 2024, Kneat announced the addition of five large strategic customers, including a consumer products company; a critical care company; pharmaceutical company; a contract development and manufacturing organization; and a medical device maker.
    • In 2024, Kneat formalized its partner program further, exceeded its goal of new partner additions, and welcomed two large strategic partners, Körber and ALTEN Group, which plan to leverage Kneat Gx to digitize their own processes as well as those of their customers.
    • Throughout 2024, a number of business functions within Kneat leveraged AI tools to enhance productivity, including Customer Success, Support and R&D. Concurrently, our product team have been evaluating the potential for AI to enhance the efficiency of the Kneat Gx platform, and we expect to incorporate some AI capabilities into it this year.
    • Kneat completed two equity financings in 2024, in February and October. In total, 13,653,880 common shares of the Company were sold for aggregate gross proceeds of $55,625,110.
    • For the fourth consecutive year, Kneat was recognized as one of Ireland’s fastest-growing technology companies. At the 2024 Deloitte Technology Fast 50 Awards, which ranks the 50 fastest-growing technology companies across Ireland, Kneat was also honoured with the 2024 Scale Ireland award for global expansion.

    Kneat’s business momentum continues into 2025:

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat to digitize its validation processes.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.

    “We expected 2024 to be a year of material progress toward profitability, and it was. Gross profit grew at almost four times the rate of operating expense in 2024 as our land and expand strategy continued to deliver. We enter 2025 with a solid balance sheet and well-positioned to invest in ways that best serve the needs of companies looking to modernize their data-intensive work processes.”

    – said Hugh Kavanagh, Chief Financial Officer of Kneat. 

    _______________
    1 ARR, SaaS ARR, and NRR are supplementary measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.
    2 The Company has adjusted the comparative consolidated financial information for immaterial errors related to the accounting for share-based compensation. Refer to note 21 to the audited consolidated financial statements for the year ended December 31, 2024 for further details.
    3 EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s fourth-quarter and full-year 2024 results and hold a Q&A session for analysts and investors via webcast on February 27, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    ARR is used by Kneat to assess the expected recurring annual revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Software-as-a-Service Annual Recurring Revenue (“SaaS ARR”)

    SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Net Revenue Retention Rate (“NRR”)

    We believe that our Net Revenue Retention Rate is a key measure to provide insight into the long-term value of our customers and our ability to retain and expand revenue from our customer base over time. Our Net Revenue Retention Rate is calculated over a trailing twelve-month period by considering the cohort of customers on our platform as of the beginning of the period and dividing the ARR attributable to this group of customers at the end of the period by the ARR at the beginning of the period. By implication, this ratio excludes any ARR from new customers acquired during the period but includes revenue changes for this cohort base of customers during the period being measured. This measure provides insight into customer expansions, downgrades, and churn, and illustrates the level of scaling by those customers.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange loss (gain), and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated February 26, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

    kneat.com, inc.
    Consolidated Statements of Loss and Comprehensive Loss
    (expressed in Canadian dollars)
     
      Three-month period ended   Year ended
      December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
          (Adjusted)       (Adjusted)
    Revenue              
    SaaS License fees   12,537,109       8,922,491       44,569,846       30,066,905  
    On-premise license fees   –       –       –       436,126  
    Maintenance fees   123,667       46,819       322,335       277,199  
    Professional services and other   1,072,835       844,689       4,046,238       3,443,178  
    Total Revenue   13,733,611       9,813,999       48,938,419       34,223,408  
                   
    Cost of Revenue   (3,372,387 )     (2,811,181 )     (12,179,880 )     (11,091,576 )
    Gross Profit   10,361,224       7,002,818       36,758,539       23,131,832  
    Gross Margin   75 %     71 %     75 %     68 %
                   
    Expenses              
    Research and development   (4,545,776 )     (3,733,887 )     (17,268,722 )     (15,387,726 )
    Sales and marketing   (4,828,335 )     (4,500,992 )     (17,163,189 )     (14,266,739 )
    General and administrative   (1,823,992 )     (1,925,415 )     (8,273,995 )     (7,411,540 )
    Total Expenses   (11,198,103 )     (10,160,294 )     (42,705,906 )     (37,066,005 )
                   
    Operating Loss   (836,879 )     (3,157,476 )     (5,947,367 )     (13,934,173 )
                   
    Finance Expense   (1,034,424 )     (629,794 )     (3,665,098 )     (1,081,853 )
    Interest income   298,308       621       678,388       6,635  
    Foreign exchange loss/(gain)   (828,354 )     1,083,675       1,399,547       545,776  
                   
    Income (loss) before income taxes   (2,401,349 )     (2,702,974 )     (7,534,530 )     (14,463,615 )
    Income tax expense   (61,907 )     (47,342 )     (192,598 )     (55,891 )
                   
    Net loss for period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
                   
    Other comprehensive loss              
    Foreign currency translation adjustment to presentation currency   411,921       750,382       (995,322 )     (263,950 )
                   
    Comprehensive loss for the period   (2,051,335 )     (1,999,934 )     (8,722,450 )     (14,783,456 )
                   
    Loss per share – Basic and diluted $ (0.03 )   $ (0.04 )   $ (0.09 )   $ (0.19 )
                   
    Weighted Average Number of Common Shares Outstanding – Basic and diluted   93,005,493       78,093,350       86,545,119       77,833,268  
                   
    Reconciliation:              
    Total income (loss) for the period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
    Interest expense   863,766       629,794       3,494,441       1,081,853  
    Interest income   (298,308 )     (621 )     (678,388 )     (6,635 )
    Income taxes   61,907       47,342       192,598       55,891  
    Depreciation expense   174,751       192,038       745,639       786,085  
    Amortization expense   2,791,627       1,803,172       9,560,000       6,889,552  
    EBITDA   1,130,487       (78,591 )     5,587,162       (5,712,760 )
                   
    Adjustments to EBITDA              
    Foreign exchange (gain) loss   828,354       (1,083,675 )     (1,399,547 )     (545,776 )
    Stock-based compensation expense   669,201       834,569       2,785,906       3,049,967  
    Adjusted EBITDA   2,628,042       (327,697 )     6,973,521       (3,208,569 )
                                   
    kneat.com, inc.
    Consolidated Statements of Financial Position
    (expressed in Canadian dollars)
                   
      December 31,     December 31,  
      2024     2023  
              (Adjusted)  
    Assets              
                   
    Current assets              
    Cash   58,889,572       15,252,526  
    Amounts receivable   18,377,009       11,601,558  
    Prepayments   1,870,095       1,138,382  
        79,136,676       27,992,466  
    Non-current assets              
    Amounts receivable   2,368,006       1,650,795  
    Property and equipment   6,782,179       7,209,953  
    Intangible assets   36,290,869       29,005,092  
                   
    Total Assets   124,577,730       65,858,306  
                   
    Liabilities              
                   
    Current liabilities              
    Accounts payable and accrued liabilities   8,580,104       7,874,332  
    Contract liabilities   21,631,416       13,647,071  
    Loan payable and accrued interest   4,116,723       –  
    Lease liabilities   434,096       535,832  
        34,762,339       22,057,235  
    Non-current liabilities              
    Contract liabilities   33,393       41,084  
    Lease liabilities   5,671,952       5,976,380  
    Loan payable and accrued interest   19,038,203       21,657,423  
                   
    Total Liabilities   59,505,887       49,732,122  
                   
    Equity              
    Shareholders’ equity   65,071,843       16,126,184  
                   
    Total Liabilities and Equity   124,577,730       65,858,306  
                   
    kneat.com, inc.
    Consolidated Statement of Cash Flows
    (expressed in Canadian dollars)
    For the years ended
           
      December 31,   December 31,
        2024       2023  
          (Adjusted)
    Operating activities      
    Net loss for the year   (7,727,128 )     (14,519,506 )
    Charges to loss not involving cash:      
    Depreciation of property and equipment   745,639       786,085  
    Share-based compensation   3,825,512       3,998,749  
    Interest Expense   3,494,441       1,081,853  
    Tax expense   192,598       55,891  
    Amortization of the intangible asset   9,389,343       6,828,213  
    Amortization of loan issuance costs   171,593       61,164  
    Write-off of property and equipment   –       26,721  
    Impact of lease termination   –       (67,600 )
    Foreign exchange (gain)   (1,399,547 )     (545,776 )
    Decrease in non-current contract liabilities   (9,436 )     (905,846 )
    Net change in non-cash working capital related to operations   1,107,145       2,868,609  
    Net cash provided by/(used in) operating activities   9,790,160       (331,443 )
           
    Financing activities      
    Payment of principal and interest on loans payable   (2,475,283 )     (630,410 )
    Proceeds from the exercise of stock options   2,086,699       295,350  
    Repayment of lease liabilities   (744,061 )     (752,802 )
    Proceeds received from loan financing   –       21,978,000  
    Issuance costs associated with loan financing   –       (624,596 )
    Proceeds received from public equity financing   55,625,110       –  
    Share issuance costs associated with public equity financing   (3,869,212 )     –  
    Net cash provided by financing activities   50,623,253       20,265,542  
           
    Investing activities      
    Additions to the intangible asset   (19,716,562 )     (17,879,014 )
    Collection of research and development tax credits   2,360,342       1,185,720  
    Additions to property and equipment   (165,592 )     (181,358 )
    Net cash used in investing activities   (17,521,812 )     (16,874,652 )
           
    Effects of exchange rates on cash   745,445       (89,399 )
           
    Net change in cash during the year   43,637,046       2,970,048  
           
    Cash – Beginning of year   15,252,526       12,282,478  
           
    Cash – End of year   58,889,572       15,252,526  
                   
                   

    The MIL Network –

    February 27, 2025
  • MIL-OSI Canada: RTR Bill Improves Housing, Trades and Charities

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

    February 27, 2025
  • MIL-OSI: Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

    STRONG FULL-YEAR RESULTS REINFORCES ORMAT’S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028

    HIGHLIGHTS

    • TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTS
    • FULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELY
    • FOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELY
    • ORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS

    RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    KEY FINANCIAL RESULTS

      Q4
    2024
    Q4
    2023
    Change (%) 12 months 2024 12 months 2023 Change (%)  
    GAAP Measures              
    Revenues ($ millions)              
    Electricity 180.1   183.9   (2.1)%   702.3   666.8   5.3%    
    Product 39.6   50.4   (21.4)%   139.7   133.8   4.4%    
    Energy Storage 11.0   7.0   56.7%   37.7   28.9   30.6%    
    Total Revenues 230.7   241.3   (4.4)%   879.7   829.4   6.1%    
    Gross Profit              
    73.6   78.5   (6.2)%   272.6   264.0   3.3%    
    Gross margin (%)              
    Electricity 34.9%   39.5%     34.6%   36.6%      
    Product 24.5%   12.6%     18.4%   13.4%      
    Energy Storage 9.5%   (8.9)%     10.9%   6.4%      
    Gross margin (%) 31.9%   32.5%     31.0%   31.8%      
                   
    Operating income ($ millions) 49.1   51.6   (4.9)%   172.5   166.6   3.5%    
    Net income attributable to the Company’s stockholders 40.8   35.7   14.3%   123.7   124.4   (0.5)%    
    Diluted EPS ($) 0.67   0.59   13.6%   2.04   2.08   (1.9)%    
                   
    Non-GAAP Measures              
    Adjusted Net income attributable to the Company’s stockholders 43.6   40.5   7.7%   133.7   121.9   9.7%    
    Adjusted Diluted EPS ($) 0.72   0.67   7.5%   2.20   2.05   7.3%    
    Adjusted EBITDA1($ millions) 145.5   139.0   4.6%   550.5   481.7   14.3%    

    “2024 was another successful year for Ormat and our growth trajectory, highlighted by a top-line improvement of 6.1%, translating into a 3.5% increase in operating income and a 14.3% increase in adjusted EBITDA, with solid growth performance across all three of our business segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “In 2024, we added 253MW of new capacity organically and through strategic, accretive M&A, with 133MW added to our Electricity segment and 120MW to our Energy Storage business.”

    “Within our Electricity segment, the Enel assets Ormat acquired at the beginning of the year have been immediately accretive and have played a key role in our year-over-year growth. Our performance was further supported by the Heber complex repowering project, the enhanced output at the Olkaria power plant, and the improved generation performance and pricing at the Puna power plant, helping to more than offset the impact of unplanned maintenance at Dixie Valley and the previously disclosed curtailments in the U.S.”

    “We continue to make great progress towards improving the revenue and margin profile of our Energy Storage business, positioning the segment to become a more stable and consistent factor in our consolidated growth. This strategic effort is reflected by the 56.7% and 30.6% increase in revenue on a quarter-over-quarter and year-over-year basis, respectively. We expect this improved performance to carry forward into 2025 as we begin to recognize the benefits of the recent CODs at our 80MW/320MWh Bottleneck and 20MW/20MWh Montague facilities, as well as the other Energy Storage projects in our development pipeline that are expected to come online later this year.”

    Blachar continued, “Looking ahead, we expect to benefit from the growing global demand for renewable power needed to support data centers and the transition to a cleaner energy future. We are currently in negotiations for approximately 250MW with hyper-scalers with favorable conditions for both new projects and expiring PPAs at rates exceeding $100 per MWh. To help ensure that we are well-positioned to meet the growing level of demand we have taken strategic actions to safe harbor, for PTC eligibility (pursuant to the current provisions of the Inflation Reduction Act and related guidance), all geothermal projects with expected CODs through 2028, as well as the associated ITC benefits for all energy storage projects through 2026. This has strengthened our confidence in our trajectory, and we believe will help us remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the fourth quarter and for the full year 2024 was $40.8 million and $123.7 million, respectively, an increase of 14.3% and a decrease of 0.5%, respectively, compared to last year. Diluted EPS for the fourth quarter and for the full year 2024 were $0.67 and $2.04 per share, respectively, an increase of 13.6% and a decrease of 1.9%, respectively, compared to last year.
    • Adjusted net income attributable to the Company’s stockholders and diluted EPS for the fourth quarter increased 7.7% and 7.5% compared to last year. Adjusted net income attributable to the Company’s stockholders and diluted EPS for the full year 2024 increased 9.7% and 7.3% compared to last year.
    • Adjusted EBITDA for the fourth quarter and for the year was $145.5 million, and $550.5 million, respectively, an increase of 4.6% and 14.3%, respectively, compared to 2023. The year-over-year increase in Adjusted EBITDA was driven, in the Electricity segment, by the contribution of the acquired assets in the first quarter of 2024, the improved performance of the Olkaria complex in Kenya, higher pricing of our Puna power plant and the sale of tax benefits from newly built plants. In the Product segment, the increase was derived from the improved contracts’ margin and Energy Storage drove improved performance due to the contribution of the new assets as well as a legal settlement with a battery supplier, which we expect to continue to receive over the next 5 quarters, to compensate us for lost revenues as a result of battery non- supply.
    • Electricity segment revenues decreased by 2.1% for the fourth quarter and increased by 5.3% in the full year 2024, compared to 2023. The year-over-year decrease in fourth quarter revenue was driven by the partial outage at our Dixie Valley power plant, which returned to full operation in November 2024. Additionally, in the fourth quarter we experienced heavy curtailments mainly to our McGinness complex due to maintenance on the transmission line by the local grid operator. Full-year revenue growth was driven by the contribution of our acquired Enel assets, Heber complex repowering, and higher generation and pricing at Puna.
    • Product segment revenues decreased by 21.4% in the fourth quarter and increased by 4.4% in the full year 2024, largely due to the timing of revenue recognition. Gross margin increased from 12.6% in the fourth quarter 2023 to 24.5% in 2024 and from 13.4% in the full year 2023 to 18.4% in 2024.
    • Product segment backlog stands at a record of approximately $340.0 million as of February 25, 2025, and includes approximately $210.0 million from the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand.
    • Energy Storage segment revenues increased 56.7% for the fourth quarter and 30.6% for the full year compared to 2023, supported by a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 as well as new assets that came online during the second half of 2023.

    BUSINESS HIGHLIGHTS:

    • Won a tender, in February 2025, issued by the Israeli Electricity Authority and was awarded two separate 15-year tolling agreements for two energy storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh and we will have 50% equity interest.
    • In February 2025, commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, in which the Company holds a 49% equity interest.
    • Signed a 10-year Power Purchase Agreement (PPA), in January 2025, with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms that will replace the current lower price PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • In December 2024, commenced commercial operations at the Montague energy storage facility to deliver 20MW/20MWh of energy storage capacity to the PJM market.
    • In October 2024, commenced commercial operations of the 80MW/320MWh Bottleneck Energy Storage facility in the Central Valley of California. The Bottleneck facility is the Company’s largest energy storage facility in its portfolio.

    2025 GUIDANCE TBU

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $23 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and twelve months ended December 31, 2024. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On February 26, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on March 26, 2025, to stockholders of record as of the close of business on March 12, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, February 27, 2025, at 10:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9044930. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9044930. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and incentives and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the three and twelve month periods Ended December 31, 2024, and 2023

      Three Months Ended
    December 31,
    Year Ended 
    December 31,
      2024   2023   2024   2023  
      (Dollars in thousands, except per share data)
    Revenues:        
    Electricity 180,147   183,921   702,264   666,767  
    Product 39,643   50,432   139,661   133,763  
    Energy storage 10,951   6,987   37,729   28,894  
    Total revenues 230,741   241,340   879,654   829,424  
    Cost of revenues:        
    Electricity 117,340   111,201   459,526   422,549  
    Product 29,929   44,073   113,911   115,802  
    Energy storage 9,911   7,610   33,598   27,055  
    Total cost of revenues 157,180   162,884   607,035   565,406  
    Gross profit 73,561   78,456   272,619   264,018  
    Operating expenses:        
    Research and development expenses 1,391   2,452   6,501   7,215  
    Selling and marketing expenses 4,153   4,307   17,694   18,306  
    General and administrative expenses 19,583   18,654   80,119   68,179  
    Other operating income (3,125)   —   (9,375)   —  
    Impairment of long-lived assets —   —   1,280   —  
    Write-off of unsuccessful exploration activities and storage activities 2,474   1,415   3,930   3,733  
    Operating income 49,085   51,628   172,470   166,585  
    Other income (expense):        
    Interest income 1,389   2,363   7,883   11,983  
    Interest expense, net (34,525)   (25,803)   (134,031)   (98,881)  
    Derivatives and foreign currency transaction gains (losses) (4,319)   712   (4,187)   (3,278)  
    Income attributable to sale of tax benefits 20,020   18,676   73,054   61,157  
    Other non-operating income (expense), net 66   1,272   188   1,519  
    Income from operations before income tax and equity in earnings (losses) of investees 31,716   48,848   115,377   139,085  
    Income tax (provision) benefit 11,771   (8,188)   16,289   (5,983)  
    Equity in earnings (losses) of investees (862)   (1,827)   (425)   35  
    Net income 42,625   38,833   131,241   133,137  
    Net income attributable to noncontrolling interest (1,804)   (3,107)   (7,508)   (8,738)  
    Net income attributable to the Company’s stockholders 40,821   35,726   123,733   124,399  
    Earnings per share attributable to the Company’s stockholders:        
    Basic: 0.67   0.59   2.05   2.09  
    Diluted: 0.67   0.59   2.04   2.08  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:        
    Basic 60,480   60,367   60,455   59,424  
    Diluted 60,770   60,505   60,790   59,762  
             

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Periods Ended December 31, 2024, and 2023

      December 31,
    2024
      December 31,
    2023
    ASSETS
    Current assets:      
    Cash and cash equivalents 94,395     195,808  
    Restricted cash and cash equivalents (primarily related to VIEs) 111,377     91,962  
    Receivables:      
    Trade less allowance for credit losses of $224 and $90, respectively (primarily related to VIEs) 164,050     208,704  
    Other 50,792     44,530  
    Inventories 38,092     45,037  
    Costs and estimated earnings in excess of billings on uncompleted contracts 29,243     18,367  
    Prepaid expenses and other 59,173     41,595  
    Total current assets 547,122     646,003  
    Investment in an unconsolidated company 144,585     125,439  
    Deposits and other 75,383     44,631  
    Deferred income taxes 153,936     152,570  
    Property, plant and equipment, net ($3,271,248 and $2,802,920 related to VIEs, respectively) 3,501,886     2,998,949  
    Construction-in-process ($251,442 and $376,602 related to VIEs, respectively) 755,589     814,967  
    Operating leases right of use ($13,989 and $9,326 related to VIEs, respectively) 32,114     24,057  
    Finance leases right of use (none related to VIEs) 2,841     3,510  
    Intangible assets, net 301,745     307,609  
    Goodwill 151,023     90,544  
    Total assets 5,666,224     5,208,279  
           
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable and accrued expenses 234,334     214,518  
    Short term revolving credit lines with banks (full recourse) —     20,000  
    Commercial paper (less deferred financing costs of $23 and $29, respectively) 99,977     99,971  
    Billings in excess of costs and estimated earnings on uncompleted contracts 23,091     18,669  
    Current portion of long-term debt:      
    Limited and non-recourse (primarily related to VIEs):
    (primarily related to VIEs and less deferred financing costs of $8,473 and $7,889, respectively)
    70,262     57,207  
    Full recourse 161,313     116,864  
    Financing Liability 4,093     5,141  
    Operating lease liabilities 3,633     3,329  
    Finance lease liabilities 1,375     1,313  
    Total current liabilities 598,078     537,012  
    Long-term debt, net of current portion:      
    Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,849 and $7,889, respectively) 578,204     447,389  
    Full recourse (less deferred financing costs of $4,671 and $3,056, respectively) 822,828     698,187  
    Convertible senior notes (less deferred financing costs of $6,820 and $8,146, respectively) 469,617     423,104  
    LT Financing liability-Dixie 216,476     220,619  
    Operating lease liabilities 22,523     19,790  
    Finance lease liabilities 1,529     2,238  
    Liability associated with sale of tax benefits 152,292     184,612  
    Deferred income taxes 68,616     66,748  
    Liability for unrecognized tax benefits 6,272     8,673  
    Liabilities for severance pay 10,488     11,844  
    Asset retirement obligation 129,651     114,370  
    Other long-term liabilities 29,270     22,107  
    Total liabilities 3,105,844     2,756,693  
           
    Redeemable noncontrolling interest 9,448     10,599  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,500,580 and 60,358,887 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 61     60  
    Additional paid-in capital 1,635,245     1,614,769  
    Treasury stock, at cost (258,667 shares held as of December 31, 2024 and 2023, respectively) (17,964)     (17,964)  
    Retained earnings 814,518     719,894  
    Accumulated other comprehensive loss (6,731)     (1,332)  
    Total stockholders’ equity attributable to Company’s stockholders 2,425,129     2,315,427  
    Noncontrolling interest 125,803     125,560  
    Total equity 2,550,932     2,440,987  
    Total liabilities, redeemable noncontrolling interest and equity 5,666,224     5,208,279  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the three and twelve month period ended December 31, 2024 and 2023

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve month periods ended December 31, 2024, and 2023:

      Three Months Ended
    December 31,
      Year Ended December 31,
      2024     2023     2024     2023  
      (Dollars in thousands)   (Dollars in thousands)
    Net income 42,625     38,833     131,241     133,137  
    Adjusted for:              
    Interest expense, net (including amortization of deferred financing costs) 33,136     23,440     126,148     86,898  
    Income tax provision (benefit) (11,771)     8,188     (16,289)     5,983  
    Adjustment to investment in unconsolidated companies: our Proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 4,964     5,243     17,637     16,069  
    Depreciation, amortization and accretion 68,907     59,331     259,151     221,415  
    EBITDA 137,861     135,035     517,888     463,502  
    Mark-to-market on derivative instruments (14)     (2,490)     856     (2,206)  
    Stock-based compensation 5,310     4,243     20,197     15,478  
    Impairment of long-lived assets —     —     1,280     —  
    Allowance for bad debts 13     —     355     —  
    Merger and acquisition transaction costs 570     816     1,949     1,234  
    Legal fees related to a settlement agreement with a third-party battery systems supplier (750)     —     4,000     —  
    Write-off of unsuccessful exploration and Storage activities 2,474     1,415     3,930     3,733  
    Adjusted EBITDA 145,464     139,019     550,455     481,741  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three and twelve-month periods ended December 31, 2024, and 2023

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted EPS for the three and twelve -month periods ended December 31, 2024, and 2023.

                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024     2023   2024   2023  
                   
    GAAP Net income attributable to the Company’s stockholders 40.8     35.7   123.7   124.4  
    Impact of changes in the Kenya Finance Act 2023 —     2.0   —   (7.4)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.9     1.0   0.9   1.0  
    Impairment of long-lived assets —     —   1.0   —  
    Write-off of unsuccessful exploration activities and Storage activities 2.0     1.1   3.1   2.9  
    Merger and acquisition transaction costs 0.5     0.6   1.5   1.0  
    Allowance for bad debts 0.0     —   0.3   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.6)     —   3.2   —  
    Adjusted Net income attributable to the Company’s stockholders 43.6     40.5   133.7   121.9  
    GAAP diluted EPS 0.67     0.59   2.04   2.08  
    Impact of changes in the Kenya Finance Act 2023 —     0.03   —   (0.12)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.01     0.02   0.01   0.02  
    Impairment of long-lived assets         0.02    
    Write-off of unsuccessful exploration activities and Storage activities 0.03     0.02   0.05   0.05  
    Merger and acquisition transaction costs 0.01     0.01   0.03   0.02  
    Allowance for bad debts 0.00     —   0.00   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.01)     —   0.05   —  
    Diluted Adjusted EPS ($) 0.72     0.67   2.20   2.05  
    Ormat Technologies Contact: Investor Relations Agency Contact:
    Smadar Lavi Joseph Caminiti or Josh Carroll
    VP Head of IR and ESG Planning & Reporting Alpha IR Group
    775-356-9029 (ext. 65726) 312-445-2870
    slavi@ormat.com ORA@alpha-ir.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Trupanion to Participate in the 46th Annual Raymond James Institutional Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Feb. 26, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today that Fawwad Qureshi, Chief Financial Officer, will present at the 46th Annual Raymond James Institutional Investor Conference on Monday, March 3, 2025, at 8:05 a.m. ET and will participate in meetings with investors throughout the day.

    The presentation will be webcast live and can be accessed on Trupanion’s Investor Relations website at http://investors.trupanion.com.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, certain countries in Continental Europe, and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Athene Names Louis-Jacques Tanguy Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Feb. 26, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), the leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced today that it has appointed Louis-Jacques (LJ) Tanguy as Executive Vice President and Chief Financial Officer, effective March 1, 2025.

    LJ has served as the Chief Accounting Officer for Apollo since early 2022 and has over 25 years of extensive accounting and financial experience. Prior to joining Apollo, he spent 13 years at Deutsche Bank as a Managing Director in various finance leadership roles in London and New York. Prior to that, LJ was the Head of the Asia Pacific Product Valuation Group for Merrill Lynch Japan Securities in Tokyo and has also worked at Société Générale in Paris and Asia in various roles in Finance and Risk. He holds a Ph.D. in Business Management, a Master’s in Finance and a Bachelor’s in Economics from the University of Aix-Marseille.

    “We are very pleased that LJ will be Athene’s new CFO,” said Jim Belardi, CEO of Athene. “As Apollo’s Chief Accounting Officer, he successfully built and led a multifaceted organization spanning across the asset manager and retirement services businesses and played a key role in our successful merger. LJ is a champion for excellence and cross-functional collaboration, and his appointment appropriately supports the business now and for the long term.”

    “I am excited to support the continued growth and innovation of our firm by serving as Athene’s next CFO,” said Tanguy. “I look forward to working even more closely with my outstanding colleagues who have driven Athene to be the leading retirement services provider and partnering with them to achieve the next phase of our growth.”

    About Athene
    Athene is the leading retirement services company, with over $360 billion of total assets as of December 31, 2024 and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI Canada: In-person learning exemption update: Minister Nicolaides

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

    February 27, 2025
  • MIL-OSI: Gibson Energy Announces 2024 Key Industry-Leading Sustainability Achievements and Safety Leadership

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 26, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”), a leading North American energy infrastructure company, today highlights the significant progress in its annual sustainability performance. The Company’s exceptional operational management and safety commitment to achieve zero harm to people, the environment and assets is foundational to these efforts. 2024 marked the Company’s latest safety leadership milestone by recording 8.8 million hours without a lost time injury for its employee and contract workforce.

    “Sustainable practices and operational safety will always be embedded into our day-to-day, and I’m proud of our team reaching this latest safety milestone,” said Curtis Philippon, President and Chief Executive Officer. “Looking broadly at our sustainability commitments, to be externally recognized by key global rating agencies, including the A- we recently received from the Climate Disclosure Project, scoring 96 out of 100 points in the Globe and Mail Board Games Governance Ranking and placing in the 97th percentile of all energy companies by the S&P Global Corporate Sustainability Assessment, reinforces the progress we made this year. Our focus will not change in 2025, we remain committed to safety, innovation, collaboration and accountability as we continue to work toward our ambitious goals.”

    Gibson’s sustainability strategy is built on strong governance and strategic initiatives that focus on long-term value for our shareholders, employees, communities, Indigenous Peoples, governments, customers and suppliers.

    “On behalf of the Management team, I’d also like to extend sincere thanks to our employees for their commitment to safety and our sustainability goals,” said Riley Hicks, Senior Vice President, Chief Financial Officer. “We will continue to build off this momentum, further leverage our world-class asset base and identify additional strategic growth opportunities to meet the evolving global energy demands.”

    2024 Ratings:

    The Company is proud to continue to rank at the top among its Canadian and US midstream peers, reaffirming its position as a global leader in sustainability.

    Rating Agency   Score / Ranking   Description of Score / Ranking
             
    MSCI ESG Risk Ratings   AAA   Gibson is one of only 10% of companies globally in the Oil & Gas Refining, Marketing, Transportation & Storage industry to receive this leadership rating

    Measurement of resilience to long-term, industry material ESG risks on a relative ranking from AAA being the best to CCC being the worst

    More information is available at www.msci.com

    CDP – Climate Change   A-   Maintained this leadership position within the CDP and among midstream peers for the fifth year in a row

    A- Supplier Engagement Rating

    A detailed and independent methodology is used by CDP with more information available at www.cdp.net

    S&P Global Corporate Sustainability Assessment   66   Gibson placed in the 97th percentile of all energy companies and was the highest scoring Canadian midstream company

    Gibson was recognized in the S&P Global Sustainability Yearbook for the fourth year in a row

    More information about The Sustainability Yearbook can be found here

    Sustainalytics ESG Risk Rating   16.0   Top 1% within Refiners & Pipelines industry group (2nd out of 208 companies)

    Gibson was once again recognized on the Sustainalytics 2024 Industry Top-Rated List

    More information about Sustainalytics is available at www.sustainalytics.com

    Globe and Mail Board Games Governance Ranking   12th   Top quartile, ranking 12th out of 215 companies and trusts in the S&P/TSX Composite Index

    Received a score of 96 based on a rigorous set of governance criteria on a scale of 100 being the best to 1 being the worst, tying the Company with a peer as the highest ranked energy company

             
    ISS Governance Quality Score   1   Denotes decile ranking score on a scale of 1 being the best to 10 being the worst, with a score of 1 indicating top 10% performance within Energy industry group
           
    ISS Environmental Quality Score   1  
           
    ISS Social Quality Score   2  


    Note: ESG ratings as at February 21, 2025

    Key Achievements:

    Environmental and Operations Impact

    • Published the 2023 Sustainability Report, detailing progress toward ambitious 2025 and 2030 ESG targets, including the Net Zero by 2050 commitment for Scope 1 and 2 emissions
    • Gibson, in its pursuit of Mission Zero, recorded 8.8 million hours without a lost time injury for its employee and contract workforce
    • Successfully completed the Gateway Terminal acquisition and implemented several key mitigation strategies to safeguard marine environments
    • Gibson received the ‘Union Pacific Railroad Pinnacle Award’, which recognizes customers who implement release prevention protocols, corrective action plans and have zero non-accident releases of regulated hazardous materials shipments
    • Continued to regularly conduct Process Hazard Analysis to proactively identify, monitor and mitigate any potential impacts to operational excellence

    Social Responsibility

    • Exceeded its 2025 target with over 24% racial and ethnic minority representation and 5% Indigenous representation in the workforce
    • Successfully implemented Gibson’s inaugural Indigenous Peoples Development Program and announced a partnership with the Canadian Council for Indigenous Business by participating in the PAIR program at the Committed level, both of which further embeds Indigenous Peoples culture, decision-making and business practices at all levels of the organization
    • Named as one of Alberta’s Top Employers and Canada’s Best Diversity Employers by the annual Canada’s Top 100 Employers Project for the third consecutive year
    • Maintained a best-in-class position in employee participation in our community giving program with a rate of 94%
    • Gibson was awarded the ‘Better Benefits Award’ from Fertility Matters Canada for its leadership position in creating a family-friendly benefit plan and also, the ‘Best Wellness Program’ at the Canada’s Safest Employers Awards

    Governance and Transparency

    • In the Globe & Mail annual Board Games results, Gibson ranked 12th out of 215 companies, scoring 96 out of 100 points, which recognized the company’s approach to strong governance practices and tied the Company with a peer as the highest ranked energy company
    • Ahead of the 2025 target dates, achieved both Governance ESG targets by having 50% female representation and three racial, ethnic and or Indigenous representation on its Board of Directors
    • In line with the Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act, published its inaugural Modern Slavery Report
    • Demonstrated a commitment to responsible procurement with 100% participation and completion of Supply Chain Human Rights training by members of Supply Chain Management, Legal and Sustainability teams
    • Published Gibson’s Sustainability Policy, which formalizes the Company’s long-standing sustainability commitments and enhances the governance approach

    Additional information on Gibson’s approach to Sustainability and ESG, is available at: https://www.gibsonenergy.com/sustainability.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Advisory Statements

    Definitions
    Scope 1 emissions are direct emissions from facilities owned and operated by Gibson.

    Scope 2 emissions are indirect emissions from the generation of purchased energy for Gibson’s owned and operated facilities.

    All references in this press release to Net Zero include Scope 1 and Scope 2 emissions only. Targets currently do not include the Gateway Terminal.

    All references in this press release to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “aim”, “target”, “goal”, “contemplate”, “continue”, “commit”, “estimate”, “expect”, “future”, “forecast”, “forward”, “further”, “intend”, “long-term”, “propose”, “might”, “may”, “maintain”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “opportunity”, “predict”, “pursue”, “potential” and “progress” and similar expressions are intended to identify forward-looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, its commitment to sustainability, ESG leadership and strong governance practices, its focus areas for 2025, its commitment to, and ability to maintain, its position as an industry ESG and sustainability leader; its ability to identify and realize opportunities to advance its sustainability journey and leverage its asset base and growth opportunities to a more secure and resilient energy future; its commitment to a safe and effective working environment; its sustainability strategy generating long-term value for key stakeholders; its Mission Zero commitment and the efforts undertaken to achieve such goal; the anticipated benefits of its renewable PPA and the timing thereof; the impact of the acquisition of STGT on Gibson’s sustainability profile; its ability to improve its operations, including with respect to emission reductions, biodiversity and Indigenous relations; its ESG goals, including its 2025 and 2030 ESG goals and its Net Zero by 2050 commitment; embedding Truth and Reconciliation principles into its culture and business practices; Gibson’s future climate and ESG targets and metrics and future ambitions, the global energy transition, and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein.

    Forward-looking statements involve known and unknown risks, assumptions, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, Gibson’s ability to execute its current strategy, related milestones; Gibson’s ability to meet its sustainability and ESG goals; risks inherent in applicable laws and government policies; economic, societal, political and industry trends; Gibson’s ability to access capital; Gibson’s ability to obtain the anticipated benefits of the acquisition of STGT and its renewable PPA; risks inherent our business and the businesses of our industry partners; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, materials, services and infrastructure; the development and execution of projects; prices of crude oil, natural gas, natural gas liquids and renewable energy; the development, performance and viability of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; assumptions relating to long-term energy future scenarios; carbon price outlook; the cooperation of joint venture partners in reaching the Net Zero by 2050 commitment and other ESG goals; the power system transformation and grid modernization; levels of demand for our services and the rate of return for such services; the likelihood, timing and financial impact of certain risks and uncertainties described under the heading “Risk Factors” and “Forward-Looking Information” in our current annual and interim management’s discussion and analysis and Annual Information Form (“AIF”) and identified in other documents the Company files from time to time with securities regulatory authorities, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    The forward-looking statements contained in this press release represent Gibson’s expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. ​Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see “Risk Factors” in our current annual and interim management’s discussion and analysis and AIF, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    The MIL Network –

    February 27, 2025
  • MIL-OSI: Trisura Chief Executive Officer David Clare to Hold Virtual Fireside Chat With TD Securities

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU) Chief Executive Officer, David Clare, will join TD Securities Analyst, Mario Mendonca, in a virtual fireside chat to discuss the company’s 2024 results and outlook for 2025 on Thursday March 6, 2025 at 10:00 AM ET.

    To listen to the call via live audio webcast, please follow the link below:
    https://www.veracast.com/webcasts/tds/meetings/XL6A16.cfm

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

    February 27, 2025
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