Category: Canada

  • MIL-OSI: Cardinal Energy Ltd. Announces $40 Million Bought Deal Offering of Senior Subordinated Unsecured Debentures

    Source: GlobeNewswire (MIL-OSI)

    THE BASE SHELF PROSPECTUS IS ACCESSIBLE, AND THE PROSPECTUS SUPPLEMENT AND ANY AMENDMENT TO THE FOREGOING DOCUMENTS WILL BE ACCESSIBLE WITHIN TWO BUSINESS DAYS, ON SEDAR+

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW

    CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) — Cardinal Energy Ltd. (“Cardinal” or the “Company”) (TSX: CJ) is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the “Underwriters”) co-led by CIBC Capital Markets, RBC Capital Markets and ATB Capital Markets, with CIBC Capital Markets and RBC Capital Markets acting as joint-bookrunners, pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, $40 million aggregate principal amount of senior subordinated unsecured debentures due September 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). The Company has also granted the Underwriters an option to purchase up to an additional $5 million aggregate principal amount of Debentures, such option to be exercised in whole or in part at the sole discretion of the Underwriters, at any time until two business days prior to the Closing Date (as defined below). The Offering is expected to close on or about March 4, 2025 (the “Closing Date”).

    The Company intends to use the net proceeds of the Offering to first repay and reduce the indebtedness of its outstanding senior credit facility, then to de-risk the completion of the Company’s Reford thermal facility and accelerate the de-risking of the Company’s Kelfield thermal oil opportunity. As well the Company may use some of the proceeds for land and seismic acquisitions to delineate other thermal oil opportunities available to the Company.

    The Debentures will bear interest at a rate of 8.25% per annum, payable semi-annually in arrears on the last business day of March and September of each year commencing on September 30, 2025. The first payment will include accrued and unpaid interest for the period from the Closing Date to, but excluding, September 30, 2025. The Debentures will mature on September 30, 2030 (the “Maturity Date”).

    The Debentures will not be redeemable by the Company before September 30, 2028 (the “First Call Date”). On and after the First Call Date and prior to September 30, 2029, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at a redemption price equal to 104.125% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after September 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures. The Company has the option to satisfy its obligations to repay the principal amount of and premium (if any) on the Debentures due at redemption or on maturity of the Debentures by issuing and delivering that number of freely tradeable common shares of the Company to Debenture holders in accordance with the terms of the debenture indenture that will govern the terms of the Debentures.

    The Debentures will be distributed in all provinces of Canada (other than the province of Quebec) by way of a prospectus supplement to the Company’s base shelf prospectus dated March 28, 2024 and by private placement in the United States to “qualified institutional buyers” pursuant to Rule 144A of the U.S. Securities Act of 1933.

    Access to the Base Shelf Prospectus, the Prospectus Supplement, and any amendments to the documents are provided in accordance with securities legislation relating to procedures for providing access to a base shelf prospectus, a prospectus supplement and any amendment to the documents. The Base Shelf Prospectus, the Prospectus Supplement (when filed) and any amendments to these documents may be accessed for free on the System for Electronic Document Analysis and Retrieval (“SEDAR+”) at www.sedarplus.ca. Alternatively, electronic or paper copies of the foregoing documents may be obtained, without charge, from: CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at mailbox.canadianprospectus@cibc.com or from RBC Dominion Securities Inc., Attention: Distribution Centre, 180 Wellington Street West, 8th Floor, Toronto, ON M5J 0C2 or by email at Distribution.RBCDS@rbccm.com, by providing the contact with an email address or address, as applicable. The Offering is subject to customary regulatory approvals, including the approval of the TSX.

    This new release is not an offer of securities of Cardinal for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and the securities may not be offered or sold in the United States except pursuant to an applicable exemption from such registration. No public offering of securities is being made in the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to Cardinal’s plans and other aspects of Cardinal’s anticipated future operations, management focus, objectives, strategies, financial, operating and production results. Forward-looking information typically uses words such as “anticipate”, “believe”, “project”, “expect”, “goal”, “plan”, “intend”, “may”, “would”, “could” or “will” or similar words suggesting future outcomes, events or performance. The forward-looking statements contained in this press release speak only as of the date thereof and are expressly qualified by this cautionary statement. Specifically, this press release contains forward-looking statements relating to the anticipated closing date of the Offering and the use of proceeds of the Offering.

    Although Cardinal believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Cardinal can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the net proceeds of the Offering may change if the board of directors of Cardinal determines that it would be in the best interests of Cardinal to deploy the proceeds for some other purpose and the closing date for the Offering may be changed. The forward looking statements contained in this press release are made as of the date hereof and Cardinal undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws

    About Cardinal Energy Ltd.

    Cardinal is a Canadian oil and natural gas company with operations focused on low decline oil in Western Canada. Cardinal differentiates itself from its peers by having the lowest decline conventional asset base in Western Canada. Cardinal has recently announced the commencement of its first thermal SAGD oil development project which will further increase the long-term sustainability of the Company.

    For further information:

    M. Scott Ratushny, CEO or Shawn Van Spankeren, CFO, Laurence Broos, VP Finance or Cody Kwong, Manager Business Development Email: info@cardinalenergy.ca Phone: (403) 234-8681

    The MIL Network

  • MIL-OSI Security: Minneapolis Woman Pleads Guilty in $250 Million Feeding Our Future Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS – A Minneapolis woman has pleaded guilty for her role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, Najmo M. Ahmed, 35, helped her husband Said Ereg run a small storefront grocery store in Minneapolis called Evergreen Grocery and Deli. In April 2020, Ereg enrolled Evergreen Grocery and Deli in the Federal Child Nutrition Program as a food distribution site under the sponsorship of Feeding Our Future. Under the direction of her husband, Ahmed signed falsified meal count sheets, including one dated December 31, 2020, claiming Evergreen Grocery and Deli served 3,250 children – twice a day – during the week of January 24, 2021. Between April 2020 and April 2021, Evergreen Grocery and Deli claimed to have served over 1.4 million meals to children.

    According to court documents, Evergreen Grocery and Deli received over $4.2 million in payments from Feeding Our Future based on fraudulent claims. Ereg transferred funds from Evergreen’s business accounts into personal accounts in his name and Ahmed’s name, and Ahmed knew that the large sums of money her husband deposited into her account were proceeds from illegal activity. Ahmed transferred at least $1,147,348 in funding from her personal bank accounts to foreign textile and trading companies such as Shaoxing Aifan Textile Co. She also used the money to fund her lavish lifestyle and made purchases from Burberry, Louis Vuitton, and Canada Goose. Ltd. In total, Ahmed laundered $1,381,048 in Federal Child Nutrition Program funds through her personal bank accounts.

    Ahmed pleaded guilty yesterday in U.S. District Court before Judge Nancy E. Brasel. A sentencing hearing will be scheduled at a later date.

    The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys Harry M. Jacobs, Joseph H. Thompson, Matthew S. Ebert, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

    MIL Security OSI

  • MIL-OSI: Westland Insurance acquires Youngs Insurance Brokers’ West Burlington Office

    Source: GlobeNewswire (MIL-OSI)

    Surrey, BC/Territories of the Coast Salish (Kwantlen, Katzie, Semiahmoo, Tsawwassen First Nations), Feb. 25, 2025 (GLOBE NEWSWIRE) — Westland Insurance, one of Canada’s fastest-growing insurance brokers, today announced that it acquired Youngs Insurance Brokers’ West Burlington operation. The acquisition was effective on February 21.  

    Youngs – Burlington West is a P&C brokerage that has served the Greater Toronto Area for over 20 years. With deep roots in its community, Youngs – Burlington West is experienced in providing custom-tailored insurance solutions to its clients. With this acquisition, Westland deepens its roots in Ontario, a province that is strategically important as the brokerage continues expanding across Canada.  

    “We’re thrilled to welcome Youngs’ West Burlington location to the Westland team,” says Jamie Lyons, Westland’s President & CEO. “As we continue our growth journey across Canada, we feel privileged to partner with a brokerage with such a long and rich insurance history. We’re looking forward to joining forces with their team to continue providing their community with best-in-class insurance solutions and service.”  

    Westland continues to invest in and grow its business in Canada, both organically and through strategic acquisitions.  

    – 30 –   

    About Westland Insurance Group   

    Westland Insurance Group is one of the largest and fastest-growing insurance brokers in Canada. Trading nearly $4 billion of premium, Westland continues to expand coast to coast. Westland’s brokers provide expertise and advisory-based services across commercial, personal, employee benefits, farm, and specialty insurance segments. Since its founding in 1980, Westland has remained committed to supporting its clients, industry partners and local communities. For more information, please visit westlandinsurance.ca

    The MIL Network

  • MIL-OSI Economics: Secretary-General of ASEAN meets with Canada’s Special Envoy for the Indo-Pacific

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with Canada’s Special Envoy for the Indo-Pacific Ian McKay, on the sidelines of the 2nd ASEAN Future Forum, where they discussed ASEAN-Canada cooperation in alignment with the ASEAN Outlook on the Indo-Pacific (AOIP) and ASEAN-Canada’s mutual interests.

    The post Secretary-General of ASEAN meets with Canada’s Special Envoy for the Indo-Pacific appeared first on ASEAN Main Portal.

    MIL OSI Economics

  • MIL-OSI: Data Storage Corporation’s CloudFirst Completes Major Cloud Upgrade for Leading Food Distributor

    Source: GlobeNewswire (MIL-OSI)

    MELVILLE, N.Y., Feb. 25, 2025 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (“DSC” and the “Company”), a leading provider of multi-cloud hosting, managed cloud services, disaster recovery, cybersecurity, and IT automation, that integrates with AWS, Microsoft Azure, and Google Cloud, today announced that its CloudFirst subsidiary has successfully completed a major on-premise infrastructure upgrade for a leading food distributor and long-time enterprise customer, reinforcing its position as a trusted partner for complex IT transformations.

    The migration involved moving the customer to the latest processors with significantly higher performance, reliability, and scalability to support the demands of enterprise-scale operations. This upgrade delivers scalability and efficiency while ensuring seamless integration with leading cloud providers, including AWS, Microsoft Azure, and Google Cloud to enhance and optimize their multi-cloud environment.

    The project was very complex due to the customer’s older OS, reliance on older processors, and they faced growing operational challenges, including system performance limitations, capacity constraints, and increasing IT costs. CloudFirst conducted a comprehensive assessment and determined that moving them to its most advanced processing environment would eliminate bottlenecks, provide the scalability needed for future growth, and enhance backup and disaster recovery capabilities.

    By leveraging its deep experience with IBM power systems and working closely with the customer’s IT team, CloudFirst executed the transition with minimal disruption, ensuring continuous business operations. The upgrade also enables the customer to leverage CloudFirst’s deep integration with hyperscale cloud providers, allowing for greater flexibility, workload optimization, and long-term cost efficiencies.

    Chuck Piluso, CEO of Data Storage Corporation, commented, “CloudFirst has a precision approach and commitment to excellence allowing them to continue to earn the trust of enterprise customers who are navigating complex IT. This project highlights our expertise in delivering strategic solutions that seamlessly integrate with hyperscale environments, ensuring reliability, security, and scalability.”

    About Data Storage Corporation

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

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

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

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

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

    Safe Harbor Provision
    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include the Company’s ability to grow its presence in Europe. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.

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

    The MIL Network

  • MIL-OSI: Jade Power Announces Stock Option Grant

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Jade Power Trust (“Jade Power” or the “Trust”) (TSXV – NEX:JPWR.H) announces that effective February 24, 2025, it has granted 889,194 incentive stock options (the “Options”) to directors of the Trust pursuant to the Trust’s stock option plan. The Options have an exercise price of $0.135 per share and an expiry date of February 24, 2030.

    For further information please contact:

    David Barclay
    Chief Executive Officer
    +1 954-895-7217
    david.barclay@bellsouth.net

    About Jade Power

    The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. All material information about the Trust may be found under Jade Power’s issuer profile at www.sedarplus.ca.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of securities legislation in Canada and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “could”, “believe”, “plans”, “intends” or the negative of these words or other variations on these words or comparable terminology. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

    Details of the risk factors relating to Jade Power and its business are discussed under the heading “Business Risks and Uncertainties” in the Trust’s annual Management’s Discussion & Analysis for the year ended December 31, 2023, a copy of which is available on Jade Power’s SEDAR+ profile at www.sedarplus.ca. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Jade Power expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

    Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network

  • MIL-OSI: DIAGNOS to File for FDA Pre-Market Authorization of Its AI-Powered CARA SYSTEM and Engages Ora as Regulatory Specialist

    Source: GlobeNewswire (MIL-OSI)

    BROSSARD, Quebec, Feb. 25, 2025 (GLOBE NEWSWIRE) — Diagnos Inc. (“DIAGNOS” or the “Corporation”) (TSX Venture: ADK, OTCQB: DGNOF, FWB: 4D4A), a pioneer in early detection of critical health issues through the use of its FLAIRE platform based on Artificial Intelligence (AI), is pleased to announce that it is officially filing for U.S. Food and Drug Administration (FDA) pre-market authorization of its CARA SYSTEM, a machine-learning-enabled medical device (MLMD). To ensure a smooth regulatory process, DIAGNOS has engaged ORA, a leading clinical research organization specializing in regulatory affairs and clinical development for ophthalmic products.

    The CARA SYSTEM is designed to assist optometrists and frontline healthcare professionals in analyzing fundus images for the early detection of diabetic retinopathy, age-related macular degeneration, and hypertensive retinopathy. By leveraging Artificial Intelligence, DIAGNOS aims to enhance diagnostic accuracy, streamline workflows, and improve patient outcomes on a global scale.

    Strategic Partnership to Facilitate U.S. Market Entry

    This collaboration with ORA represents a major milestone in DIAGNOS’ expansion strategy. With extensive experience in guiding ophthalmic products through regulatory approvals, ORA will play a pivotal role in navigating the U.S. regulatory landscape and ensuring a successful FDA submission process.

    “DIAGNOS is committed to revolutionizing eye health through Artificial Intelligence technologies,” said André Larente, CEO of DIAGNOS. “Our expertise in Artificial Intelligence driven diagnostics is helping to improve patient outcomes worldwide. The optometry market comprises over 300,000 sites globally, and our recent partnership with the largest player in the industry will significantly boost our visibility. Additionally, our government-related business initiatives are resuming, marking an exciting phase of growth for DIAGNOS.”

    About ORA
    ORA is the world’s leading full-service ophthalmic drug and device clinical research organization. For over 45 years, we have proudly helped our clients earn more than 85 product approvals. We support a wide array of organizations, from start-ups to global pharmaceutical and device companies, to efficiently bring new therapies from concept to market. We bring together the world’s most extensive and experienced team of ophthalmic experts, operations professionals, and management executives to maximize the value of new product initiatives. For more information, please visit www.oraclinical.com and follow us on LinkedIn.

    About DIAGNOS
    DIAGNOS is a publicly traded Canadian corporation dedicated to early detection of critical health problems based on its FLAIRE Artificial Intelligence (AI) platform. FLAIRE allows for quick modifying and developing of applications such as CARA (Computer Assisted Retina Analysis). CARA’s image enhancement algorithms provide sharper, clearer and easier-to-analyze retinal images. CARA is a cost-effective tool for real-time screening of large volumes of patients.

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

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

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

    The MIL Network

  • MIL-OSI Global: If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation

    Source: The Conversation – USA – By Tamar Gutner, Associate Professor, American University

    Donald Trump is no fan of international organizations. Just hours after taking office on Jan 20, 2025, the U.S. president announced his intention to withdraw from the World Health Organization and the Paris agreement on climate change.

    Could the International Monetary Fund and the World Bank be next?

    Certainly, supporters of the twin institutions – that have formed the backbone of global economic order for 80 years – are concerned. A Trump-ordered review of Washington’s support of all international organizations has led to fears of the U.S. reducing funding or pulling it altogether.

    But any shrinking of U.S. leadership in international financial institutions would, I believe, run counter to the administration’s ostensible geopolitical goals, creating a vacuum for China to step into and take on a bigger global role. In particular, weakening the World Bank and other multilateral development banks, or MDBs, that have a large U.S. presence could present an opportunity for a little-known, relatively new Chinese-led international organization: the Asian Infrastructure Investment Bank – which, since its inception, has supported the very multilateralism the U.S. is attacking.

    AIIB’s paradoxical role

    The Asian Infrastructure Investment Bank (AIIB) was created by China nine years ago as a way to invest in infrastructure and other related sectors in Asia, while promoting “regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.”

    Since then, it has served as an example of an international body willing to deeply cooperate with other major multilateral organizations and follow international rules and norms of development banking.

    This may run counter to the image of Beijing’s global efforts portrayed by China hawks, of which there are many in the Trump administration, who often present a vision of a China intent on undermining the Western-led liberal international order.

    But as a number of scholars and other China experts have suggested, Beijing’s strategies in global economic governance are often nuanced, with actions that both support and undermine the liberal global order.

    As I explore in my new book, it is clear that today the AIIB is a paradox: an institution connected to the rules and norms of the liberal international order, but one created by an illiberal government.

    Chinese Finance Minister Lou Jiwei speaks during the signing ceremony of the Asian Infrastructure Investment Bank on Oct. 24, 2014, in Beijing.
    Takaki Yajima-Pool/Getty Images

    The AIIB is deeply tied to the rules-based order as displayed through its many cooperative connections with other major multilateral development banks, such as the World Bank and the Japan-led Asian Development Bank.

    As such, the AIIB may present a Chinese counterpoint in a landscape where U.S. leadership is receding.

    The cooperative design of the AIIB

    For decades, multilateral development banks have served the important task of lending billions of dollars a year to support economic and social development.

    They can be vital sources of funding for poverty reduction, inclusive economic growth and sustainable development, with a newer emphasis on climate change. These international lenders have also been remarkably durable in today’s climate of fragmentation and crisis, with member nations actively considering ways of further strengthening them.

    At the same time, MDBs perennially face criticism from civil society organizations who highlight areas of weak performance and are concerned about potential downsides of the major MDBs’ greater emphasis on working more closely with the private sector. MDB expert Chris Humphrey has also noted that major “MDBs were built around a set of geopolitical and economic power relationships that are coming apart before our eyes.”

    When Chinese President Xi Jinping in 2013 proposed creating the AIIB to lend for infrastructure development in Asia, there was a lot of suspicion among major nations about China’s intentions.

    The Obama administration responded to the move by urging other countries not to join. Its concern was that China would use lending to gain further influence in the region, but without adhering to strong environmental and social standards.

    Nonetheless, all the other major nonborrowing nations, with the exception of Japan, joined the new bank. Today, the AIIB is the second-largest multilateral development bank in terms of member countries, behind only the World Bank. It currently has 110 member nations, which translates to over 80% of the global population. With US$100 billion in capital, it is one of the medium-sized multilateral lenders.

    From the get-go, the AIIB was designed to be cooperative. Jin Liqun, who became the bank’s first president, is a longtime multilateralist with a long career at China’s finance ministry and past positions on the boards of the World Bank and the Global Environmental Facility, as well as a vice presidency of the Asian Development Bank.

    The international group of experts that helped design the AIIB also included former executive directors and staff from the IMF and other development banks, as well as two Americans with long careers at the World Bank who played leading roles in designing the bank’s articles of agreement and its environmental and social framework.

    How the AIIB took its cue from others

    The bank fits into the landscape of other multilateral development banks in a variety of ways. The AIIB’s charter is directly modeled on the Asian Development Bank’s foundation, and built into the AIIB’s charter is the bank’s mission of promoting “regional cooperation and partnership in addressing development challenges.”

    The AIIB shares similar norms and policies with other major multilateral development banks, including its environmental and social standards.

    Alongside borrowing foundational principles, the AIIB also works in close conjunction with its peers. The World Bank initially ran the AIIB’s treasury operations. The AIIB has also co-financed a high percentage of its projects with other multilateral development banks, particularly in its first years.

    In a recent sign of cooperation, in 2023, a deal between the AIIB and World Bank’s International Bank for Reconstruction and Development (IBRD) saw the AIIB issue up to $1 billion in guarantees against IBRD sovereign-backed loans. This increased the IBRD’s ability to lend more money, while diversifying the AIIB’s loan portfolio.

    As of Feb. 6, 2025, the AIIB has 306 approved projects totaling $59 billion. Energy and transportation are its two largest sectors of lending. Recently approved projects include loans to support wind power plants in Uzbekistan and Kazakhstan, and a solar plant in India. India, which has a bumpy relationship with China, is one of the bank’s largest borrowers, along with Turkey and Indonesia.

    Cooperating and competing with China

    From its birth until recently, the multilateral AIIB has repeatedly distinguished itself from China’s bilateral initiatives. Chief among those is China’s Belt and Road Initiative, an umbrella term for infrastructure lending by Chinese institutions that has been criticized for lacking transparency and accountability.

    Indeed, some Belt and Road Initiative-linked projects have faced concerns about corruption, costs and the opacity of the loan agreements.

    In the past several years, the AIIB has made more mention of synergy with Belt and Road lenders, and the bank now hosts the secretariat of a facility, the Multilateral Cooperation Center for Development Finance, that offers grants and support to developing countries seeking to finance infrastructure in countries where Belt and Road lending takes place. This may blur the line between the AIIB and lending under the Belt and Road umbrella, but it does not appear to weaken the bank’s standards.

    Concerns about the level of Chinese government influence at the AIIB are not new. Canada froze its ties with the bank in June 2023, pending a review of allegations by a Canadian staff member, who dramatically quit after accusing the bank of being dominated by members of China’s Communist Party.

    No other member nations expressed such concern, and Canada has not yet published any review. A group of AIIB executive directors oversaw an internal review that found no evidence to support the allegations.

    As the new U.S. administration formulates its policies toward China, it would do well to take into account the variation in China’s strategies in global economic governance, as a recognition of areas of cooperation, competition and conflict requires more nuanced responses. In many areas, the U.S. will both cooperate and compete with China.

    Paradoxically, any moves by the Trump administration to pull back from multilateral organizations may leave the AIIB, whether or not it is an anomaly, in a position to offer a better model of cooperation than leading multilateral development banks with a powerful U.S. role.

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

    ref. If US attempts World Bank retreat, the China-led AIIB could be poised to step in – and provide a model of global cooperation – https://theconversation.com/if-us-attempts-world-bank-retreat-the-china-led-aiib-could-be-poised-to-step-in-and-provide-a-model-of-global-cooperation-244595

    MIL OSI – Global Reports

  • MIL-OSI Video: Young Trade Leaders: Hugh, Canada

    Source: World Trade Organization – WTO (video statements)

    The Young Trade Leaders Programme was established to connect young people with the work of the WTO. Hugh Jones, from Canada, works at Tereposky & DeRose, an international trade and investment law firm in Ottawa.

    Hugh talks about the importance of including indigenous voices in international trade.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=5_2sjkA__RM

    MIL OSI Video

  • MIL-OSI: Purpose Investments Inc. Announces Final February 2025 Distribution Rate for Purpose High-Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. announced today the final February 2025 distribution rates for Purpose High-Interest Savings Fund, Purpose US Cash Fund, Purpose Cash Management Fund, and Purpose USD Cash Management Fund.

    The following table reflects the final distribution amounts for the month of February. Ex-distribution date is February 26, 2025.

    Open-End Fund Ticker Symbol Final distribution
    per unit
    Record Date Payable Date Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $ 0.3407 02/26/2025 03/04/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $ 0.2701 02/26/2025 03/04/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $ 0.1130 02/26/2025 03/04/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $ 0.3244 02/26/2025 03/04/2025 Monthly


    About Purpose Investments Inc.

    Purpose Investments Inc. is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network

  • MIL-OSI: Helium Evolution Provides Significant Update on Production Facilities, Preliminary Results of 5-30 Well, and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is excited to announce plans for production facilities in the Mankota area, with anticipated production slated for the fourth quarter of 2025. Additionally, the Company is providing preliminary test results from its 5-30-3-8W3 helium discovery well (the “5-30 Well”), located along the Mankota helium fairway. HEVI holds a 20% working interest in the 5-30 Well, in partnership with the operator, North American Helium Inc. (“NAH”).

    Looking Ahead to Production

    HEVI continues to work closely with NAH to plan the next phase of development in the Mankota area. With four helium discovery wells in close proximity to one another, NAH is actively pursuing the licensing and installation of processing facilities in the area. The size and specifications of the facility will be determined following the final analysis of the 5-30 Well results. It is anticipated that the facilities will be operational in the fourth quarter of 2025, contingent on surface, licensing and installation considerations. HEVI fully supports this initiative, as the establishment of processing facilities is a crucial step in HEVI’s strategy to transition toward commercial helium production. 

    “We are very excited about moving to production in the Mankota area,” said Greg Robb, CEO of HEVI. “The results thus far are promising, and we are optimistic about our ability to achieve commercial production in the near future. This is a major milestone for our development in the Mankota region. Our ongoing partnership with NAH will be critical as we move towards the installation of processing facilities and scaling up production.”

    5-30 Well Preliminary Test Results

    Completion, perforation and initial production testing of the 5-30 Well are ongoing. After an extended 5-day flow testing period, the 5-30 Well was producing approximately 9.7 million standard cubic feet per day (“MMscf/d”) at 10,700 kiloPascal (“kPa”) flowing tubing pressure. The preliminary test results also confirmed a helium content of 0.76%, significantly higher than the commercially viable threshold of 0.3%. Furthermore, the 5-30 Well produced negligible water, signaling strong potential for efficient helium recovery and processing.

    Following the extended production flow period, the 5-30 Well will be shut in for 14 days to gather reservoir pressure data. This data will be analyzed to further evaluate the resource potential and optimize future development.

    Flow Test Results from Select HEVI Wells:

    Well Bottom Hole
    Pressure
    (kPa)
    Bottom Hole
    Temperature
    (°C)
    Helium
    Content
    Rate
    (MMscf/d)
    Tubing
    Pressure
    (kPa)
    Water
    5-30 Well (Preliminary)1 23,959 82 0.76% 9.7 10,700 Negligible
    10-36 Well (Preliminary)2 23,600 78 0.81% 11.5 13,100 Negligible
    10-1 Well3 24,069 78 0.75% 9.5 10,800 Negligible
    9-35 Well4 23,928 81 0.64% 7.0 9,000 Negligible
    2-31 Well5 24,189 81 0.95% 4.0 5,500 Negligible

    1The 5-30 Well preliminary results are subject to further analysis.
    2Well located at 10-363-9W3 (the “10-36 Well”); preliminary results are subject to further analysis.
    3Well located at 10-14-9W3 (the “10-1 Well”)
    4Well located at 9-35-3-9W3 (the “9-35 Well”)
    5Well located at 2-31-2-8W3 (the “2-31 Well”)

    Operations Update

    HEVI provides the following operations update on its other wells:

    • 3-19-3-8W3 well (the “3-19 Well”): Drilling has ceased prior to reaching the targeted zone due to operational challenges and the early onset of spring weather in the Mankota area. As a result, NAH has made the decision to abandon the 3-19 Well. The target will be re-evaluated as part of the fall drilling program.
    • 12-29-2-8W3 (the “12-29 Well”): Completion operations have been suspended until the latter half of 2025 due to environmental restrictions in the area. Operations on the 12-29 Well had to cease by February 22, 2025, in compliance with these regulations.

    HEVI and NAH intend to resume drilling in the Mankota area after September 1, 2025, given the environmental and surface restrictions that will be in place until that time.

    Stay Connected to Helium Evolution

    Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.

    About Helium Evolution Incorporated

    Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

    For further information, please contact:

    Statement Regarding Forward-Looking Information

    This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

    Forward-looking statements in this document include statements regarding the Company’s expectations regarding future production from the 2-31 Well, the 9-35 Well, the 5-30 Well, the 10-36 Well and the 10-1 Well, abandoning the 3-19 Well, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans with respect to shutting in the 5-30 Well for a 14-day period and the interpretation of results, reevaluation of the target for the 3-19 Well, resumption of drilling after September 1, 2025, installation of production facilities including the size, specifications and timing, the Company’s plans to do further analysis on the 10-36 Well, the Company and/or NAH’s plans for the 12-29 Well including timing, the Company’s intention to provide further updates regarding significant updates and developments, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, the Company’s beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; the Company may not provide future updates; the Company and/or NAH may abandon or defer plans for continuing the completion, testing and evaluation of the 10-36 Well and the 5-30 Well; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans; the Company and/or NAH may determine not to bring the 9-35 Well, the 10-1 Well, the 10-36 Well, the 5-30 Well or the 2-31 Well onto production; the Company and/or NAH may not unsuspend the 12-29 Well; the Company and/or NAH may change intentions with regards to the 3-19 Well; the Company and/or NAH may choose to not reevaluate the 3-19 Well target in the fall drilling program; the Company and/or NAH may abandon, defer or accelerate plans and decisions regarding production facilities; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a73189c4-a966-46ba-a570-d23d1b1538a1

    The MIL Network

  • MIL-OSI: Bitdeer Reports Unaudited Financial Results for the Fourth Quarter and Full Year of 2024

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 25, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today released its unaudited financial results for the fourth quarter ended December 31, 2024.

    Q4 2024 Financial Highlights
    All amounts compared to Q4’23 unless otherwise noted

    • Total revenue was US$69.0 million vs. US$114.8 million.
    • Cost of revenue was US$63.9 million vs. US$87.8 million.
    • Gross profit was US$5.1 million vs. US$27.0 million.
    • Net loss was US$531.9 million vs. US$5.0 million.
    • Adjusted EBITDA1 was negative US$3.8 million, vs. positive US$33.32 million.
    • Cash and cash equivalents were US$476.3 million as of December 31, 2024.
    • Crypto balance: US$77.5 million as of December 31, 2024.

    Management Commentary

    “Last year, we strategically prioritized resources to the development of our proprietary ASIC technology, which temporarily limited our hashrate growth and impacted our financial performance. However, this investment resulted in substantial progress in our ASIC technology roadmap, strengthening our competitive moat and positioning Bitdeer for a transformative 2025 and beyond. Owning and deploying our own mining ASICs is an integral part of our full vertical integration strategy. It will provide us distinct advantages – such as rapid hashrate deployment, a lower cost structure, enhanced capital efficiency, and a dramatically improved supply chain compared to the broader industry. In addition, commercializing SEALMINER ASICs allows us to diversify our revenue streams into the multi-billion dollar ASICs market where we see strong demand for alternative suppliers of ASIC solutions,” stated Matt Kong, Chief Business Officer at Bitdeer.

    Mr. Kong added, “In 2025, for our self-mining operation, we plan to energize all of our mass production SEALMINER A1s and 28 EH/s of SEALMINER A2s on top of our existing 8.7 EH/s of self-mining hashrate for the time being. This will bring Bitdeer’s total self-mining hashrate to approximately 40 EH/s by Q4 2025. This target does not factor in additional wafer allocation anticipated from TSMC for SEAL02 or SEAL03, which could be additive to the Q4 2025 target of 40 EH/s, depending on manufacturing schedule. For sales to external customers, the approximately 7 EH/s of SEALMINER A2s that we allocated was quickly over-subscribed, 20% of the total price as the down payment has been fully collected and volume shipments to these customers will begin in March 2025.”

    Mr. Kong continued, “In Q4 2024, we also advanced the development of our 3rd and 4th generation chips. Upon successful tapeouts, we believe these chips will position Bitdeer as the leading supplier of the world’s most energy efficient mining ASICs. Having the most efficient ASIC is the key factor to winning share of the growing ASICs market, as energy efficiency remains most important single metric influencing buying decisions. We look forward to the substantial value these chips will unlock for our company and our shareholders.”

    Mr. Kong concluded, “In terms of our energy assets, our global power capacity now exceeds 2.6 GWs, following the Foxcreek, Alberta acquisition, and over 1 GW is scheduled to be energized over the course of 2025. This puts us in an advantageous position to deploy our SEALMINER machines for self-mining and also capitalize on the significant demand for HPC and AI datacenters. We are actively working with top datacenter developers and advisors to establish long-term partnerships, which will position Bitdeer to play a significant role in addressing the shortage of reliable power for AI datacenters.”

    Operational Summary

    Metrics Three Months Ended Dec 31
      2024 2023
    Total hash rate under management (EH/s) 21.6 21.0
    – Proprietary hash rate 8.9 8.4
    – Self-mining 8.5 6.7
    – Cloud Hash Rate 0.0 1.7
    – Delivered but not yet hashing 0.4
    – Hosting 12.7 12.6
    Mining rigs under management 175,000 215,000
    – Self-owned 85,000 86,000
    – Hosted 90,000 129,000
    Bitcoin mined (self-mining only) 469 1,299
    Bitcoins held 594 43
    Total power usage (MWh) 857,000 1,336,000
    Average cost of electricity ($/MWh) 41 44
    Average miner efficiency (J/TH) 30.4 31.7


    Power Infrastructure Summary

    Site / Location Capacity (MW) Status Timing3
    Electrical capacity      
    – Rockdale, Texas 563 Online Completed
    – Knoxville, Tennessee 86 Online Completed
    – Wenatchee, Washington 13 Online Completed
    – Molde, Norway 84 Online Completed
    – Tydal, Norway 50 Online Completed
    – Gedu, Bhutan 100 Online Completed
    Total electrical capacity 8954    
    Pipeline capacity      
    – Tydal, Norway Phase 1 40 In progress Pending Regulatory Approval
    – Tydal, Norway Phase 2 135 In progress Mid 2025
    – Massillon, Ohio 221 In progress Mid-to-late 2025
    – Clarington, Ohio Phase 1 266 In progress Q3 2025
    – Clarington, Ohio Phase 2 304 Pending approval Estimate 2026
    – Jigmeling, Bhutan 500 In progress Mid-to-late 2025
    – Rockdale, Texas 179 In planning Estimate 2026
    – Alberta, Canada 99 In planning Q4 2026
    Total pipeline capacity 1,744    
    Total global electrical capacity 2,639    


    Financial MD&A
    All variances are current quarter compared to the same quarter last year. All figures in this section are rounded.

    Q4 2024 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Three Months Ended
      Dec 31, 2024 Sep 30, 2024 Dec 31, 2023
    Total revenue 69.0  62.0  114.8 
    Cost of revenue (63.9) (59.2) (87.8)
    Gross profit 5.1  2.8  27.0 
    Net loss (531.9) (50.1) (5.0)
    Adjusted EBITDA (3.8) (8.5) 33.32 
    Cash and cash equivalents 476.3  291.3  144.7 
    US $ in millions Three Months Ended Dec 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 41.5 2.3 8.5 12.4
    Cost of revenue        
    – Electricity cost in operating mining rigs (22.3) (0.1) (5.8) (7.0)
    – Depreciation and share-based payment expenses (12.2) (0.6) (1.2) (1.8)
    – Other cash costs (4.0) (0.3) (0.8) (1.2)
    Total cost of revenue (38.5) (1.0) (7.8) (10.0)
    Gross profit 3.0 1.3 0.7 2.4
    US $ in millions Three Months Ended Dec 31, 2023
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 46.9 16.2 25.2 23.4
    Cost of revenue        
    – Electricity cost in operating mining rigs (20.3) (4.3) (16.1) (17.2)
    – Depreciation and share-based payment expenses (9.7) (3.8) (2.6) (2.4)
    – Other cash costs (3.0) (1.0) (1.6) (1.6)
    Total cost of revenue (33.0) (9.1) (20.3) (21.2)
    Gross profit 13.9 7.1 4.9 2.2


    Full Year 2024 High-Level P&L and Disaggregated Revenue Details:

    US $ in millions Years Ended
      Dec 31, 2024 Dec 31, 2023
    Total revenue 349.8 368.5
    Cost of revenue (283.4) (290.7)
    Gross profit 66.4 77.8
    Net loss (599.2) (56.7)
    Adjusted EBITDA 39.4 97.02
    Cash and cash equivalents 476.3 144.7
    US $ in millions Year Ended Dec 31, 2024
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 163.1 39.8 67.6 64.0
    Cost of revenue        
    – Electricity cost in operating mining rigs (91.1) (7.5) (39.6) (41.0)
    – Depreciation and share-based payment expenses (39.1) (8.4) (8.4) (8.2)
    – Other cash costs (11.8) (2.5) (4.3) (4.5)
    Total cost of revenue (142.0) (18.4) (52.3) (53.7)
    Gross profit 21.1 21.4 15.3 10.3
    US $ in millions Year Ended Dec 31, 2023
    Business lines Self-Mining Cloud Hash Rate General Hosting Membership Hosting
    Revenue 111.7 67.9 97.3 79.9
    Cost of revenue        
    – Electricity cost in operating mining rigs (52.3) (17.1) (54.6) (55.5)
    – Depreciation and share-based payment expenses (29.2) (19.7) (13.2) (10.7)
    – Other cash costs (8.3) (5.3) (7.5) (6.6)
    Total cost of revenue (89.8) (42.1) (75.3) (72.8)
    Gross profit 21.9 25.8 22.0 7.1


    Q4 2024 Management’s Discussion and Analysis (compared to Q4 2023)

    Revenue

    • Total revenue was US$69.0 million vs. US$114.8 million.
    • Self-mining revenue was US$41.5 million vs. US$46.9 million, primarily due to the effect of the April 2024 halving and higher global network hashrate, partially offset by the increase in the average self-mining hashrate for the quarter by 20.0% to 8.4 EH/s from 7.0 EH/s last year and higher year-over-year Bitcoin prices.
    • Cloud Hash Rate revenue was US$2.3 million vs. US$16.2 million. The decline was primarily due to expiration of long-term Cloud Hashrate contracts and subsequent reallocation of nearly all machines to self-mining operations over the course of 2024.
    • General Hosting revenue was US$8.5 million vs. US$25.2 million. The decline was primarily due to the expiration of certain hosting customer contracts as well as the removal of older and less efficient machines by other hosting customers following the April 2024 halving as a result of reduced mining economics.
    • Membership Hosting revenue was US$12.4 million vs. US$23.4 million. Similar to general hosting, the decline was primarily driven by customers scaling down operations for older and less efficient rigs following the April 2024 halving as a result of reduced mining economics.

    Cost of Revenue

    • Cost of revenue was US$63.9 million vs US$87.8 million. The decrease was primarily driven by lower depreciation expenses as certain mining rigs became fully depreciated and the decrease of power usage along with the reduced hosted mining rigs.

    Gross Profit and Margin

    • Gross profit was US$5.1 million vs. US$27.0 million.
    • Gross margin was 7.4% vs. 23.5%.

    Operating Expenses

    • The sum of the operating expenses below was US$42.5 million vs. US$27.4 million.
      • Selling expenses were US$2.0 million vs. US$2.0 million, flat year-over-year.
      • General and administrative expenses were US$17.7 million vs. US$17.1 million. The increase was primarily due to an increase in staff costs for general and administrative personnel and consulting fee for capital market and compliance activities, partially offset by lower share-based payment expenses.
      • Research and development expenses were US$22.9 million vs. US$8.3 million, primarily due to higher R&D costs related to higher engineering costs related to the Company’s ASIC development roadmap and non-cash amortization expenses of intangible assets related to the acquisition of FreeChain.

    Other Net Loss

    • In Q4 2024, we recorded US$479.8 million other net loss primarily due to the non-cash expense of fair value changes of derivative liabilities, which are the US$413.7 million of loss on fair value changes for the convertible notes issued in August and November and the US$55.8 million of loss on fair value changes for the Tether warrants.

    Net Loss

    • Net loss was US$531.9 million vs. US$5.0 million.

    Adjusted Profit / (Loss) (Non-IFRS)5

    • Adjusted loss was US$36.9 million vs. adjusted profit of US$4.52 million. The change was primarily due to the year-over-year revenue decline, lower gross profit margins and higher operating expenses as described above.

    Adjusted EBITDA (Non-IFRS)

    • Adjusted EBITDA was negative US$3.8 million vs. positive US$33.32 million. The decrease was primarily due to the year-over-year revenue decline, lower gross profit margins as a result of the halving and higher R&D as described above.

    Cash Flows

    • Net cash used in operating activities was US$325.1 million, primarily driven by electricity costs and operating expenses for the quarter as well working capital payments to TSMC of US$190.6 million for SEAL02 and US$52.8 million for the tapeout of SEAL03, including risk wafers.
    • Net cash used in investing activities was US$10.0 million, which included US$48.4 million of capital expenditures for infrastructure construction and mining rigs, offset by US$38.8 million of proceeds from disposal of cryptocurrencies received from our principal business.
    • Net cash generated from financing activities was US$522.8 million, primarily driven by the proceeds from our convertible note issuance in November and ATM program.

    Balance Sheet
    As of December 31, 2024 unless stated otherwise (compared to December 31, 2023)

    • US$476.3 million in cash and cash equivalents, US$77.5 million in cryptocurrencies and US$208.1 million in borrowing.
    • US$310.2 million prepayments and other assets, up from US$97.1 million. Change primarily driven by advanced payments to TSMC for our SEAL02 mass volume production.
    • US$64.9 million inventories, up from nearly zero. Increase mainly including wafers, chips, WIP and finished SEALMINER inventory.
    • US$83.2 million intangible assets and US$35.8 million goodwill mainly raised from acquisition of Norway and Freechain during the year of 2024.
    • US$763.9 million derivative liabilities mainly due to the issuance of warrants to Tether, and convertible senior notes issued in August and November.

    Further information regarding the Company’s fourth quarter 2024 financial and operations results can be found on the SEC’s website https://sec.gov and the Company’s Investor Relations website https://ir.bitdeer.com.

    CEO 10b5-1 Trading Plan
    In December 2024, Jihan Wu, Chairman of the Board and Chief Executive Officer of the Company, entered into a plan designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Plan”). The Plan provides for sales of securities of the Company and is in accordance with the Company’s Insider Trading Policy. Subject to minimum price thresholds specified in the Plan, up to 4,000,000 of ordinary shares of the Company may be sold on multiple pre-determined dates starting in March 2025 and ending no later than the earlier of June 15, 2025 or the date that the aggregate number of ordinary shares sold under the Plan reaches 4,000,000.

    About Bitdeer Technologies Group
    Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, please visit https://ir.bitdeer.com/ or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.

    Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

    Forward-Looking Statements
    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward- looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.


    BITDEER GROUP 
    UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
             
        As of December 31,   As of December 31,
    (US $ in thousands)   2024   2023
    ASSETS        
    Cash and cash equivalents   476,270     144,729  
    Cryptocurrencies   77,537     15,371  
    Trade receivables   9,627     17,277  
    Amounts due from a related party   15,512     187  
    Prepayments and other assets   310,173     97,087  
    Inventories   64,888     346  
    Financial assets at fair value through profit or loss   42,521     37,775  
    Restricted cash   17,356     9,538  
    Mining rigs   67,324     63,477  
    Right-of-use assets   69,273     58,626  
    Property, plant and equipment   251,377     154,860  
    Investment properties   30,723     34,346  
    Intangible assets   83,235     4,777  
    Goodwill   35,818      
    Deferred tax assets   6,220     991  
    TOTAL ASSETS   1,557,854     639,387  
             
    LIABILITIES        
    Trade payables   31,471     32,484  
    Other payables and accruals   42,267     32,151  
    Amounts due to a related party   8,747     33  
    Income tax payables   2,729     3,367  
    Derivative liabilities   763,939      
    Deferred revenue   129,229     144,337  
    Borrowings   208,127     22,618  
    Lease liabilities   78,133     70,211  
    Deferred tax liabilities   16,614     1,620  
    TOTAL LIABILITIES   1,281,256     306,821  
             
    NET ASSETS   276,598     332,566  
             
    EQUITY        
    Share capital   *     *  
    Treasury equity   (160,926)     (2,604)  
    Accumulated deficit   (649,004)     (49,853)  
    Reserves   1,086,528     385,023  
    TOTAL EQUITY   276,598     332,566  
             

    * Amount less than US$1,000


    BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
                     
        Three months ended Dec 31,   Years ended Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
             
    Revenue6   69,018     114,848     349,782     368,554  
    Cost of revenue   (63,919)     (87,804)     (283,382)     (290,745)  
    Gross profit   5,099     27,044     66,400     77,809  
    Selling expenses   (1,952)     (2,005)     (8,044)     (8,246)  
    General and administrative expenses   (17,668)     (17,134)     (64,317)     (66,454)  
    Research and development expenses   (22,898)     (8,306)     (76,946     (29,534)  
    Listing fee               (33,151)  
    Other operating income / (expenses)   (3,670)     3,073     727     3,791  
    Other net gain / (loss)   (479,778)     1,068     (507,479)     3,538  
    Profit / (loss) from operations   (520,867)     3,740     (589,659)     (52,247)  
    Finance income / (expenses)   (11,811)     1,179     (11,935)     1,276  
    Profit / (loss) before taxation   (532,678)     4,919     (601,594)     (50,971)  
    Income tax benefit / (expenses)   761     (9,950)     2,443     (5,685)  
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Other comprehensive loss                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Other comprehensive loss for the periods                
    Item that may be reclassified to profit or loss                
    – Exchange differences on translation of financial statements   (234)     (43)     (218)     (26)  
    Other comprehensive loss for the periods, net of tax   (234)     (43)     (218)     (26)  
    Total comprehensive loss for the periods   (532,151)     (5,074)     (599,369)     (56,682)  
                     
    Loss per share (Basic and diluted)   (3.22)     (0.05)     (4.36)     (0.51)  
                     
    Weighted average number of shares outstanding (thousands) (Basic and diluted)   165,427     111,055     137,426     110,494  
    BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                     
        Three months ended
    Dec 31,
      Years ended
    Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
                     
    Cash flows from operating activities                
    Cash used in operating activities   (321,629)     (76,963)     (613,167)     (283,868)  
    Interest paid on leases   (902)     (659)     (3,473)     (2,605)  
    Interest paid on borrowings   (2,216)     (940)     (3,952)     (2,181)  
    Interest received   1,653     2,033     7,115     7,572  
    Income tax paid   (1,964)     (1,347)     (8,596)     (1,500)  
    Income tax refund       10,795         10,795  
    Net cash used in operating activities   (325,058 )   (67,081)     (622,073)     (271,787)  
                     
    Cash flows from investing activities                
    Purchase of property, plant and equipment, investment properties and intangible assets   (42,617)     (25,324)     (119,487)     (63,305)  
    Purchase of mining rigs   (5,766)     (107)     (7,731)     (63,041)  
    Purchase of financial assets at fair value through profit or loss, net of refund received   (425)         (2,776)     (4,400)  
    Proceeds from disposal of financial assets at fair value through profit or loss               31,111  
    Repayments from a related party       322         322  
    Lending to a third party               (61)  
    Proceeds from disposal of property, plant and equipment   54     44     298     73  
    Proceeds from disposal of mining rigs       27         27  
    Proceeds from disposal of cryptocurrencies   38,794     97,083     248,447     299,128  
    Cash paid for business acquisitions, net of cash acquired           (6,051)      
    Net cash generated from / (used in) investing activities   (9,960)     72,045     112,700     199,854  
                     
    Cash flows from financing activities                
    Capital element of lease rentals paid   (6,540)     (1,183)     (9,676)     (5,191)  
    Net payment related to Business Combination               (7,662)  
    Repayments of borrowings   (10,000)         (15,000)     (7,000)  
    Proceeds from issuance of shares for exercise of share rewards   4,412     412     5,170     412  
    Proceeds from issuance of ordinary shares and warrants, net of transaction costs   321,918     9,494     485,108     9,494  
    Payment for the future issuance cost       (942)         (942)  
    Acquisition of treasury shares       (2,495)     (617)     (2,604)  
    Proceeds from convertible senior notes, net of transaction costs   387,917         554,214      
    Repayment to convertible senior notes in connection with note extinguishment   (14,932)         (14,932)      
    Purchase of zero-strike call option   (160,000)         (160,000)      
    Net cash generated from / (used in) financing activities   522,775     5,286     844,267     (13,493)  
                     
    Net increase / (decrease) in cash and cash equivalents   187,757     10,250     334,894     (85,426)  
    Cash and cash equivalents at the beginning of the period   291,314     134,512     144,729     231,362  
    Effect of movements in exchange rates on cash and cash equivalents held   (2,801)     (33)     (3,353)     (1,207)  
    Cash and cash equivalents at the end of the period   476,270     144,729     476,270     144,729  
                     

    Use of Non-IFRS Financial Measures
    In evaluating the Company’s business, the Company considers and uses non-IFRS measures, adjusted EBITDA and adjusted profit / (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables, and defines adjusted profit/(loss) as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.

    The Company presents these non-IFRS financial measures because they are used by its management to evaluate its operating performance and formulate business plans. The Company also believes that the use of these non-IFRS measures facilitate investors’ assessment of its operating performance. These measures are not necessarily comparable to similarly titled measures used by other companies. As a result, investors should not consider these measures in isolation from, or as a substitute analysis for, the Company’s loss for the periods, as determined in accordance with IFRS. The Company compensates for these limitations by reconciling these non-IFRS financial measures to the nearest IFRS performance measure, all of which should be considered when evaluating its performance. The Company encourages investors to review its financial information in its entirety and not rely on a single financial measure.

    The following table presents a reconciliation of loss for the relevant period to adjusted EBITDA and adjusted profit / (loss), for the three and twelve months ended December 31, 2024 and 2023.


    BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION
                     
        Three months ended Dec 31,   Years ended Dec 31,
    (US $ in thousands)   2024   2023   2024   2023
                     
    Adjusted EBITDA                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Add:                
    Depreciation and amortization   25,116     19,654     81,096     75,541  
    Income tax (benefit) / expenses   (761)     9,950     (2,443)     5,685  
    Interest (income) / expense, net   8,729     (753)     10,050     (2,872)  
    Listing fee               33,151  
    Share-based payment expenses   8,658     11,322     33,968     45,488  
    Changes in fair value of derivative liabilities   469,501         498,167      
    Loss on extinguishment of debt   8,172         8,172      
    Changes in fair value of holdback shares for acquisition of FreeChain   2,970         3,186      
    Changes in fair value of cryptocurrency-settled receivables and payables   5,733     (1,810)     6,362     (3,305)  
    Total of Adjusted EBITDA   (3,799)     33,3322     39,407     97,0322  
                     
    Adjusted Profit / (loss)                
    Loss for the periods   (531,917)     (5,031)     (599,151)     (56,656)  
    Add:                
    Listing fee               33,151  
    Share-based payment expenses   8,658     11,322     33,968     45,488  
    Changes in fair value of derivative liabilities   469,501         498,167      
    Loss on extinguishment of debt   8,172         8,172      
    Changes in fair value of holdback shares for acquisition of FreeChain   2,970         3,186      
    Changes in fair value of cryptocurrency-settled receivables and payables   5,733     (1,810)     6,362     (3,305)  
    Total of Adjusted Profit / (loss)   (36,883)     4,4812     (49,296)     18,6782  
                     

    For investor and media inquiries, please contact:

    Investor Relations
    Yujia Zhai
    Orange Group
    bitdeerIR@orangegroupadvisors.com

    Public Relations
    Nishant Sharma
    BlocksBridge Consulting
    bitdeer@blocksbridge.com


    1 “Adjusted EBITDA” is defined as earnings before interest, taxes, depreciation and amortization, further adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
    2 During the current period, we revised definition of our previously reported non-IFRS Adjusted Profit and Adjusted EBITDA and recast the prior period for comparability. This revision, which resulted in a US$1.8 million and US$3.3 million revision to Q4 2023 and Year-ended 2023 metrics, respectively, reflects non-cash fair value changes in crypto settled receivables and payables as they do not represent normal operating expenses (or income) necessary to operate our business.
    3 Indicative timing. All timing references are to calendar quarters and years.
    4 Figures may not add due to rounding.
    5 “Adjusted profit/(loss)” is defined as profit/(loss) adjusted to exclude the listing fee and share-based payment expenses under IFRS 2, changes in fair value of derivative liabilities, loss on extinguishment of debt, changes in fair value of holdback shares for acquisition of FreeChain, and changes in fair value of cryptocurrency-settled receivables and payables.
    6 Included nil and approximately US$17.2 million generated from hosting service provided to a related party for the three months and year ended December 31, 2024.

    The MIL Network

  • MIL-OSI: Defense Trade Solutions Simplifies Export Compliance with Descartes Solution

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Defense Trade Solutions (DTS), a leading provider of export compliance and global trade services for the defense industry, is using the Descartes GlobalEASE solution to streamline and automate export compliance requirements for its clients. This furthers DTS’ mission to simplify and enable access to responsible and effective trade across the defense industry. DTS is using Descartes GlobalEASE with its managed services clients, helping them to realize reduced compliance costs and greater confidence in meeting global regulatory requirements, such as International Traffic in Arms Regulations (ITAR) and Export Administration Regulations (EAR).

    “This marks a major step forward in our commitment to streamlining export compliance for the U.S. defense industry,” said Steven A. Casazza, President of DTS. “By integrating Descartes GlobalEASE into our managed service delivery model, we are providing defense contractors with cutting-edge automation to navigate the complexities of ITAR and EAR with greater speed and accuracy. This technology enhances compliance workflows, accelerates export approvals, and helps minimize risk—so that our clients can focus on delivering critical defense solutions to U.S. allies without delays.”

    Used by blue-chip, multinational organizations around the world to stay current in an increasingly complex regulatory environment, Descartes GlobalEASE is a web-based, centralized global trade management platform that helps manage end-to-end trade compliance—from complex licensing and documentation requirements to OFAC and EAR regulations—and provides the necessary visibility and governance to help mitigate risk and avoid penalties while powering critical business decisions with real-time information.

    “We’re pleased our solution is helping DTS support the unique needs of the defense industry and set a new standard for efficiency and accountability in its export compliance operations,” said Brian Hodgson, General Manager, Trade Compliance at Descartes. “With the potential for increased tariffs and trade barriers, rapidly shifting regulatory policies, and ongoing geopolitical instability making it more difficult to move and source goods, Descartes’ global trade intelligence solutions help organizations better navigate today’s complex trade landscape.”

    About Defense Trade Solutions

    Defense Trade Solutions (DTS) is a leading provider of export compliance, global trade authorizations, security cooperation and technology security & foreign disclosure solutions for the defense industry. With a focus on Foreign Military Sales (FMS), Direct Commercial Sales (DCS), and U.S. Government contracts, DTS helps clients achieve their strategic objectives while maintaining the highest standards of integrity and accountability. For more information, visit www.defense-trade.com or connect with us on LinkedIn.

    About Descartes

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

    Global Media Contact
    Cara Strohack                                                                     
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

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

    The MIL Network

  • MIL-OSI: Barnwell Industries, Inc. Informs Ned Sherwood of Defective and Insufficient Director Nomination Notice and Investigation of Circumstances that May Have Triggered Shareholder Rights Plan

    Source: GlobeNewswire (MIL-OSI)

    Actions Continue Ned Sherwood’s Long History of Disruption, Breaches of Settlement Agreements and Blatant Disregard for Established Bylaws and Shareholder Protections

    Board Forms Executive Committee to Protect Shareholder Interests

    Executive Committee Believes Sherwood’s Nomination of Himself, His Friends and His Affiliates Underscores Desire to Take Control of Barnwell at Shareholders’ Expense and Without Paying a Premium for Control

    HONOLULU, Feb. 25, 2025 (GLOBE NEWSWIRE) — Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today announced that it has informed Ned Sherwood, a shareholder who recently submitted a control slate of five nominees comprising friends and affiliates, that his nomination notice is defective and insufficient. Sherwood’s nomination notice fails to include material information required by the Company’s bylaws, and in light of these material deficiencies and omissions required both by the bylaws and federal securities regulations, the Executive Committee of the Barnwell Board of Directors is strongly inclined to reject the nomination notice as defective and insufficient and to disqualify Sherwood’s nominees.

    In light of the inherent conflicts of interest of Sherwood’s candidates, one of who is a current Board member, the Board has formed an Executive Committee comprising independent Vice Chairman, Kenneth Grossman, independent director Joshua Horowitz and Executive Chairman, Alexander Kinzler, to protect the interests of all other shareholders.

    The Executive Committee has requested that a Special Committee consisting of independent directors Grossman and Horowitz investigate, among other things, the facts and circumstances of the relationship between Sherwood and his board nominee, Ben Pierson, who has privately purchased shares of Barnwell while also currently serving as the Chief Investment Officer of Sherwood’s family office, to determine whether a distribution under the Company’s Shareholder Rights Plan has been triggered.

    Sherwood is Nominating Himself, His Friends and His Business Associates to
    Steal Control of the Company

    Notwithstanding the obvious conflicts, the Board remains open to considering new candidates and intends to vet the individuals proposed by Sherwood through its usual governance process. However, the Executive Committee cautions shareholders that a preliminary review shows clearly that two of the four nominees other than Sherwood cannot be expected to exercise judgement independent of Sherwood, and three of Sherwood’s five nominees have no public company Board experience.

    • Ben Pierson has been employed by the Sherwood Family Office as its Chief Investment Officer since 2021.
    • Doug Woodrum has been a Director at Barnwell since 2020 as Sherwood’s designee having joined the Board following an earlier proxy contest and then through a prior settlement with the Company. Woodrum has been the mouthpiece for all of Sherwood’s misguided policy proposals, including the sale of assets at fire sale prices and various attempts at co-opting day-to-day control, which have only resulted in damaging management morale and creating distrust of Sherwood’s motives, as well as incurring significant costs for the Company to address these matters.
    • Woodrum has been reprimanded on multiple occasions for leaking confidential board matters to Sherwood. Woodrum has also attempted to end-run the Board of Directors by directly interfering with management. Sherwood has stated many times he would elevate Woodrum to CEO or CFO, but no member of management or director not affiliated with Sherwood has endorsed or supports Woodrum as qualified for either position.

    The Company further notes that Sherwood’s nomination of a control slate continues his long history of disrupting the Company’s governance processes and interfering with the Company’s operations, while creating significant expense to the Company. Sherwood’s nomination of himself, his friends and business associates, without any credible plan for the Company and without paying a premium to shareholders for control, flies directly in the face of shareholder interests.

    Sherwood and His Director Appointees Have Hid Investments and
    Acted to Intentionally Undermine Management and the Board

    • Sherwood made a significant investment in a Canadian Oil and Gas venture founded and operated by one of his former director designees, which investment was only belatedly and incompletely disclosed. The Executive Committee believes this arrangement was undertaken as a quid pro quo so that Sherwood’s nominee would execute on Sherwood’s self-serving agenda.
    • From 2021-2022, Sherwood and Woodrum offered a then-new member of the Board, Colin O’Farrell, the Company’s CEO position. Sherwood and Woodrum did so without consulting the Board and seemingly to co-opt O’Farrell’s independence. This conduct was in breach of a then-valid standstill agreement, resulted in a costly investigation, severely damaged the morale of the Canadian-based management team, and resulted in O’Farrell’s resignation from the Board only seven months after his appointment.
    • In April 2024, without prior Board discussion or direction, Sherwood and his director appointee Woodrum demanded that management immediately begin a search for a Calgary-based CFO and that Woodrum would help lead the search.
    • Sherwood continues to interfere with the Company’s executive leadership transition. Ten months ago, Craig Hopkins succeeded Kinzler as CEO of the Company with the support of Sherwood’s nominees and as part of an overall succession plan for the retirement of the Company’s prior senior management and expense reduction efforts. Both Kinzler and Russell Gifford, the Company’s longtime CFO, have expressed their desire to retire from day-to-day operations of the Company by the end of the fiscal year and have indicated their willingness to support CEO Craig Hopkins during the transition to the extent desired by him and the Board. Multiple directors supported by Sherwood, including former director Laurance Narbut, have expressed the belief that the decades of experience and knowledge held by Kinzler and Gifford will enable the Company to undertake a smooth transition and maintain its excellent track record of accounting and legal compliance.

    Despite Repeated Requests, Sherwood Has Failed to Propose a Different Plan or
    Business Strategy

    Sherwood has NO PLAN for Barnwell Other than to Take Over the Company
    Without Paying a Control Premium

    The Company has repeatedly asked Sherwood to specify what Company plans and policies he opposes or would change. The only response has been incessant demands “to shut down Hawaii,” which lacks any semblance of thoughtful consideration. It has no backing from a single budget, spreadsheet or alternative strategy that would adequately support the back-office functions of a publicly listed company. Barnwell can only conclude that Sherwood’s current nomination notice is merely an attempt to take full control of a company where he holds a 30% stake and no articulated plan to change any personnel, policies or business practices. Sherwood and his designees on the Board have been engaged in a steady stream of actions interfering with management and compromising Board confidentiality and function, all in pursuit of full control of the Company and often in violation of the standstill agreement that the Company and Sherwood entered into in 2023.

    Sherwood has accused the Company of excessive expenditures for lawyers and other professionals when the vast majority of these expenditures were necessitated by the abusive, improper and often illegal actions of Sherwood and his designees on the Board. Sherwood’s group recently served the Company with a books and records request, which will require significant legal expense to address, ironically asking for shareholder records when Sherwood’s own group has played fast and loose with their own Section 16 and Section 13 SEC reporting obligations.

    The Barnwell Executive Committee Comprises Majority Independent and
    Highly Experienced Directors Acting on Behalf of All Shareholders

    The current Board was expressly approved by Sherwood under a 2023 settlement whereby the Company and Sherwood each designated two directors and a fifth director, Joshua Horowitz, was selected as a compromise board member who was vetted by Sherwood and expressly endorsed by both parties to the settlement agreement.

    The current Board is overseeing the transition out of the Company’s water well drilling activities and is currently completing its final well project. The water well subsidiary recently sold one of its rigs for approximately $585,000 and will shut down its operations and sell its remaining assets in the near term. This is part of a larger plan to transition out of the Company’s Hawaii main office and move those executives to transitional roles, to streamline the Company’s accounting operations and further reduce general and administrative expenses in order to increase funds available for investment.

    The Company’s Twining oil & gas property in Alberta continues to be the engine for the Company’s future growth. We are pleased that our newest development well is online and producing as expected. There are approximately 50 additional wells that can be drilled, which would enable the Company to grow its revenues and results organically, as a major portion of the costs of the operations are fixed.

    Forward-Looking Statements

    The information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, and other similar statements. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell’s expectations are set forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s annual report on Form 10-K for the last fiscal year and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.

    Important Additional Information and Where to Find It

    Barnwell Industries, Inc. (the “Company”) plans to file proxy materials with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Company’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”). Prior to the 2025 Annual Meeting, the Company will file a definitive proxy statement (the “Proxy Statement”) together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain, free of charge, copies of the Proxy Statement, any amendments or supplements thereto and any other documents (including the WHITE proxy card) when filed by the Company with the SEC in connection with the 2025 Annual Meeting at the SEC’s website (http://www.sec.gov) or at the Company’s website at https://ir.brninc.com/ or by contacting Alexander Kinzler, Secretary and General Counsel of the Company, by phone at (808) 531-8400, by email at akinzler@brninc.com or by mail at Barnwell Industries, Inc., 1100 Alakea Street, Suite 500, Honolulu, Hawaii 96813.

    Certain Information Regarding Participants

    The Company, its directors and certain of its executive officers and other employees may be deemed to be “participants” (as defined in Section 14(a) of the Securities Exchange Act of 1934, as amended) in the solicitation of proxies from stockholders in connection with the 2025 Annual Meeting. Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement and other materials to be filed with the SEC in connection with the 2025 Annual Meeting. Information relating to the foregoing can also be found in the Company’s definitive proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 2, 2024. To the extent holdings of such participants in the Company’s securities have changed since the amounts described in the Proxy Statement, such changes have been reflected on Statements of Change in Ownership on Form 3 and Form 4 filed with the SEC: Form 3, filed by Craig Hopkins, with the filings of the Company on May 16, 2024; Form 4, filed by Craig Hopkins, with the filings of the Company on May 20, 2024, August 29, 2024, January 13, 2025 and January 17, 2025; Form 4, filed by Joshua Horowitz, with the filings of the Company on August 23, 2024 and October 28, 2024; Form 4, filed by Kenneth Grossman, with the filings of the Company on October 28, 2024; and Form 4, filed by Douglas Woodrum, with the filings of the Company on October 28, 2024. These filings can be found at the SEC’s website at www.sec.gov. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests (by security holdings or otherwise), will be set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above.

    CONTACT: Kenneth S. Grossman
      Vice Chairman of the Board of Directors
      Email: kensgrossman@gmail.com

    The MIL Network

  • MIL-OSI: Stable versus Struggling: Canada’s Financial Divide Widens

    Source: GlobeNewswire (MIL-OSI)

    – Mortgage Delinquencies Rising in Ontario Amidst Rising Consumer Debt –

    Equifax Canada Market Pulse Quarterly Consumer Credit Trends Report

    TORONTO, Feb. 25, 2025 (GLOBE NEWSWIRE) — A growing financial divide is emerging across Canada, with some borrowers benefiting from lower interest rates while others struggle under mounting debt. According to Equifax Canada’s Q4 2024 Market Pulse Consumer Credit Trends Report, some Ontario mortgage holders are experiencing severe financial distress, with delinquencies more than 50 per cent higher than pre-pandemic levels.

    Total consumer debt in Canada reached $2.56 trillion at the end of 2024, a 4.6 per cent increase over 2023. Non-bank auto loans drove much of this increase, rising 11.7 per cent year-over-year, while the average non-mortgage debt per consumer reached $21,931, exceeding pre-pandemic levels.

    “While some consumers are doing better and seeing financial improvements from lower interest rates, financial pressures have intensified for some Canadians, as well as mortgage holders in certain regions, in particular in Ontario and British Columbia,” said Rebecca Oakes, Vice President of Advanced Analytics at Equifax Canada. “At first glance, the numbers are not concerning, but when we look deeper at a more granular level, many are feeling the strain of high living costs and mortgage renewals with higher payments, while other consumers are doing better and seeing financial improvements from lower interest rates and income growth.”

    For some homeowners, rate cuts have provided some relief. Some borrowers with home equity lines of credit have seen delinquency rates stabilize. Many of these consumers have improved their credit card repayment habits, with more people paying off balances in full.

    Ontario Mortgage Holders Under Pressure and Missing Payments
    More than 11,000 mortgages in Ontario recorded a missed payment in Q4 2024 — nearly three times the number seen in 2022. Mortgage holders who are falling behind in their payments are also carrying substantially higher mortgage balances, reflecting the continued financial strain of higher than pre-pandemic interest rates. The 90+ day mortgage balance delinquency rate in Ontario surged 90.2 per cent year-over-year to 0.22%, far outpacing the change in delinquency rates in other provinces, with BC at 37.7 per cent, Alberta at -3.6 per cent, Quebec at 41.2 per cent, the Prairies (MB and SK) at 0.6 per cent, and the Atlantic provinces (NL, PE, NB, NS) at 15.7 per cent.

    Ontarian mortgage holders are struggling with other forms of debt as well. The 90+ day non-mortgage balance delinquency rate jumped 46.1 per cent from Q4 2023, while other provinces saw smaller rate jumps, with BC at 21.6 per cent, Quebec at 23.3 per cent, Alberta at 6.1 per cent, the Prairies (MB and SK) at 4.1 per cent, and the Atlantic provinces (NL, PE, NB, NS) at 1.5 per cent. In addition, Ontario’s overall rise in non-mortgage delinquency rate was 23.9 per cent, above the national average of 18 per cent.

    “Mortgage holders will typically do everything they can to keep up with payments,” Oakes explained. “The fact that we’re seeing missed payments rise so sharply suggests deeper financial strain. Depending on the type of credit, missed payments have increased from 10 to 80 per cent, compared to pre-pandemic levels.”

    In Toronto, 90+ day non mortgage delinquency rates hit 2.06 per cent, higher than most major cities, reflecting the region’s unique financial challenges.

    Canadian Housing Market: Rebound Tempered by Renewal Challenges

    The overall Canadian mortgage market showed signs of recovery, with new mortgage originations rising 39 per cent year-over-year. First-time homebuyers returned, with a 28.2 per cent increase from the extreme lows of purchases in Q4 2023. Although the average loan amount for first-time buyers remains 6.6 per cent higher than Q4 2023, monthly payments have decreased 7.9 per cent, or $200 lower, to an average loan amount of $2,330.

    Mortgage renewals and refinancing accounted for over 50 per cent of new mortgage originations in Q4 2024, increasing 10.6 per cent from 2023. The average loan amount and balance on mortgage renewals in 2024 surpassed those in 2023 and 2022, with the average balance increasing by 2.9 per cent in 2024 compared to 2023.

    Many consumers renewing their mortgage continue to have higher monthly payments due to elevated interest rates compared to pre-pandemic and pandemic levels, when they last locked in their low rates. This reality is expected to affect around a million mortgages due for renewal in 2025, originating from the low-interest-rate environment of 2020. These borrowers may face significantly higher payments despite recent rate reductions. A quarter of mortgage-holders saw their monthly mortgage payment increase by over $150 at renewal in Q4 2024.

    Consumer Spending and Credit Behaviour

    Credit card debt climbed 7.8 per cent in Q4 2024, though at the slowest rate since 2022. Seasonal spending in December hit a two-year high, with average credit card purchases adjusted for inflation reaching $2,228 per cardholder, a 2.2 per cent increase from 2023.

    Younger and lower income Canadians are experiencing missed payments on credit cards, auto loans, and lines of credit, signaling financial strain among these groups.

    “Despite recent rate cuts and GST tax relief, challenges persist for certain consumers, particularly in consumer debt and housing. The added uncertainty of U.S. tariffs underscores the need for a balanced approach to debt, affordability, and trade. The coming year will be critical for Canada’s economic stability,” said Oakes.

    Age Group Analysis – Debt & Delinquency Rates (excluding mortgages)

      Average
    Debt
    (Q4 2024)
    Average Debt Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Delinquency Rate ($)
    (Q4 2024)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    18-25 $8,483 3.84% 1.92% 15.17%
    26-35 $17,467 0.87% 2.24% 21.24%
    36-45 $27,042 1.96% 1.85% 23.20%
    46-55 $34,564 3.71% 1.33% 19.04%
    56-65 $28,714 5.53% 1.11% 14.26%
    65+ $14,635 3.82% 1.11% 5.55%
    Canada $21,931 2.98% 1.53% 17.98%


    Major City Analysis
    – Debt & Delinquency Rates (excluding mortgages)

    City Average
    Debt
    (Q4 2024)
    Average Debt Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Delinquency Rate ($)
    (Q4 2024)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Calgary $24,078 0.81% 1.67% 16.23%
    Edmonton $23,665 -0.22% 2.17% 19.00%
    Halifax $21,278 1.46% 1.53% 21.37%
    Montreal $17,057 3.16% 1.43% 20.48%
    Ottawa $19,634 1.75% 1.47% 24.45%
    Toronto $21,054 3.34% 2.06% 23.75%
    Vancouver $23,251 4.12% 1.24% 15.81%
    St. John’s $23,968 1.02% 1.47% 3.62%
    Fort McMurray $37,861 0.26% 2.41% 11.72%


    Province Analysis
    – Debt & Delinquency Rates (excluding mortgages)

    Province Average
    Debt
    (Q4 2024)
    Average Debt Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Delinquency Rate ($)
    (Q4 2024)
    Delinquency Rate ($) Change
    Year-over-Year
    (Q4 2024 vs. Q4 2023)
    Ontario $22,597 3.51% 1.64% 23.91%
    Quebec $19,156 2.83% 1.08% 16.88%
    Nova Scotia $21,349 2.45% 1.66% 9.28%
    New Brunswick $21,548 2.71% 1.68% 5.80%
    PEI $23,664 3.44% 1.23% 14.34%
    Newfoundland $24,843 3.82% 1.49% 0.05%
    Eastern Region $22,272 2.88% 1.59% 6.32%
    Alberta $24,537 0.74% 1.91% 17.11%
    Manitoba $18,150 2.64% 1.69% 3.14%
    Saskatchewan $23,265 2.29% 1.77% 11.09%
    British Columbia $22,583 3.61% 1.36% 14.16%
    Western Region $22,911 2.34% 1.64% 14.09%
    Canada $21,931 2.98% 1.53% 17.98%

    * Based on Equifax data for Q4 2024

    About Equifax
    At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.ca.

    Contact:

    Andrew Findlater
    SELECT Public Relations
    afindlater@selectpr.ca
    (647) 444-1197

    Angie Andich
    Equifax Canada Media Relations
    MediaRelationsCanada@equifax.com

    The MIL Network

  • MIL-OSI China: China firmly opposes Canada’s sanctions against Chinese entities

    Source: China State Council Information Office

    Canada’s practice of sanctioning Chinese entities is unreasonable and very wrong, foreign ministry spokesperson Lin Jian said at a regular news briefing on Tuesday.

    China firmly opposes it and has made solemn representations to the Canadian side, Lin said.

    MIL OSI China News

  • MIL-OSI Economics: Trump’s tariffs threaten profitability of North American insurers, says GlobalData

    Source: GlobalData

    Trump’s tariffs threaten North American insurers’ profitability, says GlobalData

    Posted in Insurance

    On 1 February 2025, US President Donald Trump signed three executive orders to impose tariffs on imports from Canada, Mexico, and China. In retaliation, Canada announced it would impose a 25% tariff on CAD155 billion ($117.8 billion) worth of US goods. Moreover, Trump increased the US tariff rate on steel and aluminum to 25% on 10 February, removing country-specific exceptions and quota arrangements. Consequently, North American region insurers may see increased claims costs in 2025 across various insurance lines, potentially affecting their profitability, says GlobalData, a leading data and analytics company.

    After discussions between the US President and leaders from Mexico and Canada, the proposed tariffs on imports from Canada and Mexico and the retaliatory tariff are delayed by a month. In its retaliation, Canada specified that tariffs on CAD30 billion ($22.8 billion) would take effect immediately from 4 February 2025, and tariffs on the remaining CAD125 billion ($95 billion) would follow within 21 days. Set to take effect on 12 March 2025, the US tariffs will impact imports of millions of tons of steel and aluminum, affecting goods previously duty-free from countries like Canada, Brazil, Mexico, and South Korea.

    Manogna Vangari, Insurance Analyst at GlobalData, comments: “Upon implementation, high tariffs will significantly affect trade throughout North America, not solely due to the substantial volume of commerce but also owing to the critical role of supply chains, which account for more than half of intra-regional trade, as per GlobalData’s estimates.

    “Furthermore, the Trump administration plans to raise tariffs on oil and gas in March 2025. This is expected to have a detrimental impact on the insurance industry, manifested by reduced economic activity and consumer spending. However, it is expected that Canada, Mexico, and China will soon contest these tariffs by initiating a legal case with the World Trade Organization (WTO).”

    The North America region’s property and motor insurance claims are projected to represent a 13.4% and 16.1% share of total general insurance claims in 2025. However, the full and actual implementation of the tariff rates may push actual claims even higher. Consequently, the profitability of North America’s general insurance sector is expected to be notably affected, with claims projected to grow at a rate of 6.9% in 2025 from 3.3% in 2024.

    According to GlobalData’s Global Insurance Database, North America’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 6.7% over 2025–29, from $2.7 trillion in 2025 to $3.5 trillion in 2029, in terms of written premiums.

    Vangari continues: “Tariffs on imported materials like building supplies, car parts, and electronics will increase the cost of vehicle repairs and property reconstruction after disasters, causing insurers to pay more claims across the region. Insurance companies may raise premiums for property and motor policies.”

    Around 90% of auto exports from Mexico and Canada go to the US, according to the Mexican and Canadian Automotive Manufacturers’ Associations. High tariffs and supply chain delays will increase repair times, causing higher costs for living arrangements and rental vehicles, and protracted business interruptions. This could impact the competitiveness of the North American production and manufacturing industry, and the insurance industry.

    Vangari concludes: “A global trade war is a looming concern. If tariffs escalate or supply chains get tangled, economic growth could take a hit, which would change the fundamental risk pool for insurers across North America’s region. As broader tariffs on Canada and Mexico remain on hold, businesses and insurance companies must prepare for potential adverse outcomes across the region in the next few years.”

    MIL OSI Economics

  • MIL-Evening Report: The major parties want 9 in 10 GP visits bulk billed by 2030. Here’s why we shouldn’t aim for 100%

    Source: The Conversation (Au and NZ) – By Yuting Zhang, Professor of Health Economics, The University of Melbourne

    Drazen Zigic/Shutterstock

    Unaffordable GP visits has become a pressing issue amid the increasing cost-of-living crisis. About 30% of Australians delayed or didn’t see a GP in 2023–24.

    To solve this problem, Labor has proposed extending bulk billing incentives to all Australians. It hopes to increase bulk billing from 78% to 90% by 2030.

    The Coalition has promised to match Labor’s plan.

    Why not aim for 100%? It might seem a worthy goal to make GP care free for everyone, for every visit. But the evidence suggests there’s benefit to getting those on higher incomes to contribute a small amount to the cost of seeing a GP.

    GP care should be free for these Australians

    We should aim for access to GP care to be affordable and equitable. For some people, this should mean they can access the services for free.

    Appointments for children should be free. Making health checks regular and accessible during childhood is an effective long-term investment which can delay the onset of disease.

    GP visits should also be free for people with low incomes. Free primary care can mean people who would otherwise avoid seeing a GP can have their ongoing conditions managed, undergo preventive health checks, and fill prescriptions.

    When people skip GP visits and can’t afford to fill their prescriptions, their conditions can worsen. This can reduce the person’s quality of life, and require higher-cost emergency department visits and hospital care.

    Appointments in rural and remote areas should also be free. Australians living in rural and remote areas currently pay more to see a GP, have less access to care when they need it, and experience poorer health outcomes and shorter lives than their city counterparts.

    Making GP visits free for rural and remote Australians would help reduce this rural–urban gap.

    Rural Australians find it harder to see a GP when they need one.
    Michael Leslie/Shutterstock

    However, providing free GP care for everyone can cause unnecessary strain on health budgets and make the policy unsustainable in the long run.

    What can happen if you make care free for all?

    In general, when the price is low, or something is free, people use these services more. This includes medical care and medications. Free GP care may encourage more people to see their GP more than is necessary.

    Previous research showed that free care increased the use of health care but does not necessarily improve health outcomes, especially for those who are relatively healthy.

    If people are using GP services when they’re not really needed, this takes limited resources from those who really need them and can increase waiting times.

    Australia is already experiencing a GP shortage. Higher patient volumes could leave existing GPs overwhelmed and overstretched. This can reduce the quality of care.

    Countries that have made primary health care free for all, such as Canada and the United Kingdom, still report issues with access and equity. In Canada, 22% of Canadian adults do not have access to regular primary care. In the United Kingdom, people who live in poor areas struggle to get access to care.

    Make co-payments more affordable

    To balance affordability for patients with the financial viability of primary care, Australians who can afford to contribute to the cost of their GP care should pay a small amount.

    However, the A$60 many of us currently pay to visit a GP is arguably too expensive, as it may prompt some to forego care when they need it.

    A relatively smaller co-payment in the range of around $20 to $30 to visit the GP would help discourage unnecessary visits when resources are limited, but be less likely to turn patients off seeking this care.

    Providing free GP visits for all may not be efficient or sustainable, but making it more affordable and equitable can lead to a more efficient and sustainable care system and doing so is within our reach.




    Read more:
    Should we aim to bulk-bill everyone for GP visits? We asked 5 experts


    Yuting Zhang has received funding from the Australian Research Council (future fellowship project ID FT200100630), Department of Veterans’ Affairs, the Victorian Department of Health, and National Health and Medical Research Council. In the past, Professor Zhang has received funding from several US institutes including the US National Institutes of Health, Commonwealth fund, Agency for Healthcare Research and Quality, and Robert Wood Johnson Foundation. She has not received funding from for-profit industry including the private health insurance industry.

    Karinna Saxby has previously received funding from the Department of Health and Aged Care,

    ref. The major parties want 9 in 10 GP visits bulk billed by 2030. Here’s why we shouldn’t aim for 100% – https://theconversation.com/the-major-parties-want-9-in-10-gp-visits-bulk-billed-by-2030-heres-why-we-shouldnt-aim-for-100-249605

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Global: The gold price has surged to record highs. What’s behind the move?

    Source: The Conversation – Global Perspectives – By Dirk Baur, Professor of Finance, The University of Western Australia

    The gold price has surged to a new all-time high above US$2,900 (A$4,544) an ounce this month.

    It has risen by 12% since the start of the year and clearly outperformed US and Australian stock markets. The US stock index S&P500 is up 4% and the ASX 200 has gained just 2% in that time.

    That follows an extraordinary run in 2024, when the precious metal surged 27%, the biggest rise in 14 years.

    The drivers behind this surge include heightened uncertainty and fear of inflation that has been stoked by US President Donald Trump’s threats of tariffs, together with increased demand from central banks.



    What explains gold’s recent rally?

    There are many factors at play.

    The supply of gold through gold mine production and recycling is relatively constant over time. But the demand is more variable, and consists of four major components: jewellery, technology, investment and central banks.

    In 2024, jewellery accounted for about 50% of total demand, technology or industrial demand was 5%, investment demand was 25% and central bank demand was 20%.

    Investment demand refers to investors who buy gold as an asset. Central banks generally buy gold to diversify their reserve holdings.

    As all four demand components vary over time (some more than others), gold price movements are sometimes driven by jewellery demand, sometimes by investor demand, and sometimes – as has happened recently – by central bank demand.

    What adds to the difficulty is that both the gold supply and gold demand are global. The supply comes from gold mines across the globe, from emerging countries in Africa and industrial countries such as Australia and Canada.

    The same is true for demand. While China and India dominate jewellery demand, the demand comes from many countries, as does investment demand. Central bank demand stems from large and small central banks around the world.

    Why is there demand for gold?

    One key reason for the popularity of gold is that it is considered to be a store of value. This means gold rises with inflation and maintains its value in the long run.

    In other words, an ounce of gold buys the same basket of goods (or more) today than 20 years ago. This is not the case for money (or fiat currency) such as the US or Australian dollars.

    Due to inflation, the value of money is not constant but depreciates over time. Because gold holds its value, it is also called an inflation hedge.

    While the store of value property holds in the long run, there is another important property that is more short-lived and particularly relevant during crisis periods.

    Gold is seen as a safe haven in troubled times

    The safe haven property of gold means gold prices increase when investors seek shelter in response to a shock or crisis. For example, investors bought gold in reaction to the September 11 2001 terrorist attacks, the start of the global financial crisis in 2008, and the outbreak of COVID in 2020.

    The safe haven effect of gold is generally short-lived, often resulting in falling gold prices after about 15 days.

    Russia’s invasion of Ukraine in February 2022, and the subsequent sanctions on Russia – especially the freeze of Russia’s foreign government bond holdings abroad – has highlighted the risk to governments of losing access to foreign currency holdings.

    It appears some governments or central banks reacted to this with increased gold purchases. This led to a record high of 1,082 tonnes of central bank gold purchases in 2022.

    2023 saw the second-highest annual purchase in history at 1,051 tonnes, followed by 1,041 tonnes in 2024.

    The potential reaction of central banks to the Russian invasion of Ukraine is akin to investors seeking a safe haven, but is a rather new phenomenon for central banks.



    There is an additional, secondary, effect of such central bank purchases and rebalancing from US dollars to gold.

    Selling US dollars for gold implies a weakening US dollar, which increases the price of gold. (If the US dollar weakens, you need more US dollars to buy gold.) The inverse relationship between gold prices and currencies also makes gold a currency hedge. That means gold can protect investors from potential losses due to fluctuating exchange rates. This effect is particularly strong for rather volatile currencies such as the Australian dollar.

    In contrast to the shock caused by the Russian invasion of Ukraine, the more recent increase in gold prices is harder to associate with a single shock.

    Broader economic worries

    The election of Trump has not only increased the risk of higher inflation due to tariffs and a trade war, it has also increased geopolitical risk as the US government reassesses its alliances with other countries.

    The relative unpredictability of Trump compared with his predecessors and with politicians more generally may have increased uncertainty and gold prices.
    The recent gold price trend highlights that “gold loves bad news”.

    Gold prices may anticipate geopolitical shocks or higher inflation. Gold prices rose well before inflation increased after the pandemic and started to fall when inflation had peaked in 2022.

    It is not clear exactly why gold has risen to all-time highs in 2025, but it’s possibly not good news for the world economy.

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

    ref. The gold price has surged to record highs. What’s behind the move? – https://theconversation.com/the-gold-price-has-surged-to-record-highs-whats-behind-the-move-250391

    MIL OSI – Global Reports

  • MIL-Evening Report: The gold price has surged to record highs. What’s behind the move?

    Source: The Conversation (Au and NZ) – By Dirk Baur, Professor of Finance, The University of Western Australia

    The gold price has surged to a new all-time high above US$2,900 (A$4,544) an ounce this month.

    It has risen by 12% since the start of the year and clearly outperformed US and Australian stock markets. The US stock index S&P500 is up 4% and the ASX 200 has gained just 2% in that time.

    That follows an extraordinary run in 2024, when the precious metal surged 27%, the biggest rise in 14 years.

    The drivers behind this surge include heightened uncertainty and fear of inflation that has been stoked by US President Donald Trump’s threats of tariffs, together with increased demand from central banks.



    What explains gold’s recent rally?

    There are many factors at play.

    The supply of gold through gold mine production and recycling is relatively constant over time. But the demand is more variable, and consists of four major components: jewellery, technology, investment and central banks.

    In 2024, jewellery accounted for about 50% of total demand, technology or industrial demand was 5%, investment demand was 25% and central bank demand was 20%.

    Investment demand refers to investors who buy gold as an asset. Central banks generally buy gold to diversify their reserve holdings.

    As all four demand components vary over time (some more than others), gold price movements are sometimes driven by jewellery demand, sometimes by investor demand, and sometimes – as has happened recently – by central bank demand.

    What adds to the difficulty is that both the gold supply and gold demand are global. The supply comes from gold mines across the globe, from emerging countries in Africa and industrial countries such as Australia and Canada.

    The same is true for demand. While China and India dominate jewellery demand, the demand comes from many countries, as does investment demand. Central bank demand stems from large and small central banks around the world.

    Why is there demand for gold?

    One key reason for the popularity of gold is that it is considered to be a store of value. This means gold rises with inflation and maintains its value in the long run.

    In other words, an ounce of gold buys the same basket of goods (or more) today than 20 years ago. This is not the case for money (or fiat currency) such as the US or Australian dollars.

    Due to inflation, the value of money is not constant but depreciates over time. Because gold holds its value, it is also called an inflation hedge.

    While the store of value property holds in the long run, there is another important property that is more short-lived and particularly relevant during crisis periods.

    Gold is seen as a safe haven in troubled times

    The safe haven property of gold means gold prices increase when investors seek shelter in response to a shock or crisis. For example, investors bought gold in reaction to the September 11 2001 terrorist attacks, the start of the global financial crisis in 2008, and the outbreak of COVID in 2020.

    The safe haven effect of gold is generally short-lived, often resulting in falling gold prices after about 15 days.

    Russia’s invasion of Ukraine in February 2022, and the subsequent sanctions on Russia – especially the freeze of Russia’s foreign government bond holdings abroad – has highlighted the risk to governments of losing access to foreign currency holdings.

    It appears some governments or central banks reacted to this with increased gold purchases. This led to a record high of 1,082 tonnes of central bank gold purchases in 2022.

    2023 saw the second-highest annual purchase in history at 1,051 tonnes, followed by 1,041 tonnes in 2024.

    The potential reaction of central banks to the Russian invasion of Ukraine is akin to investors seeking a safe haven, but is a rather new phenomenon for central banks.



    There is an additional, secondary, effect of such central bank purchases and rebalancing from US dollars to gold.

    Selling US dollars for gold implies a weakening US dollar, which increases the price of gold. (If the US dollar weakens, you need more US dollars to buy gold.) The inverse relationship between gold prices and currencies also makes gold a currency hedge. That means gold can protect investors from potential losses due to fluctuating exchange rates. This effect is particularly strong for rather volatile currencies such as the Australian dollar.

    In contrast to the shock caused by the Russian invasion of Ukraine, the more recent increase in gold prices is harder to associate with a single shock.

    Broader economic worries

    The election of Trump has not only increased the risk of higher inflation due to tariffs and a trade war, it has also increased geopolitical risk as the US government reassesses its alliances with other countries.

    The relative unpredictability of Trump compared with his predecessors and with politicians more generally may have increased uncertainty and gold prices.
    The recent gold price trend highlights that “gold loves bad news”.

    Gold prices may anticipate geopolitical shocks or higher inflation. Gold prices rose well before inflation increased after the pandemic and started to fall when inflation had peaked in 2022.

    It is not clear exactly why gold has risen to all-time highs in 2025, but it’s possibly not good news for the world economy.

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

    ref. The gold price has surged to record highs. What’s behind the move? – https://theconversation.com/the-gold-price-has-surged-to-record-highs-whats-behind-the-move-250391

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: President Lai meets Japanese House of Representatives Member Tamaki Yuichiro

    Source: Republic of China Taiwan

    Details
    2025-02-21
    President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan
    On the morning of February 21, President Lai Ching-te met with Abe Akie, the wife of late Prime Minister Abe Shinzo of Japan. In remarks, President Lai thanked Mrs. Abe for carrying on the legacy of former Prime Minister Abe, being a benevolent and determined force for regional peace and prosperity, and calling on all parties to continue to place attention on peace in the Taiwan Strait. The president stated that Taiwan will carry on the legacy and spirit of former President Lee Teng-hui and former Prime Minister Abe, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. A translation of President Lai’s remarks follows: Last May, Mrs. Abe came to Taiwan to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao, and we reminisced about the past here at the Presidential Office. I would like to warmly welcome her back today. I am also delighted to be meeting with all guests in attendance. Yesterday, Mrs. Abe and I attended the opening of the very first Halifax Taipei forum, for which Mrs. Abe also delivered a keynote speech earlier today. In her speech, she offered valuable input on global security and democratic development. I would like to thank Mrs. Abe for making this special trip to Taiwan to take part, showing her strong support for Taiwan. Former Prime Minister Abe pioneered the vision of a free and open Indo-Pacific, and called on the international community to pay attention to peace and stability in the Taiwan Strait and Indo-Pacific. These have become common strategic goals of democratic countries around the world and will have a far-reaching influence over international developments and Taiwan’s security. They were important contributions that former Prime Minister Abe made in regard to the Taiwan Strait and the Indo-Pacific region. Recently, current Prime Minister of Japan Ishiba Shigeru and United States President Donald Trump held a meeting and jointly reiterated the importance of peace and stability across the Taiwan Strait, as well as opposed unilateral changes to the status quo by force or coercion. They also expressed support for Taiwan’s participation in international organizations. This shows that Prime Minister Ishiba is furthering the legacy of former Prime Minister Abe. We are very grateful for the former prime minister’s friendship toward Taiwan, and to Mrs. Abe for carrying on his legacy. Mrs. Abe is a benevolent and determined force for regional peace and prosperity, and has called on all parties at numerous public venues to continue to place attention on peace in the Taiwan Strait. Last December, for instance, she traveled at the invitation of President Trump and his wife to the US, where she addressed cross-strait issues and spoke up for Taiwan. We were deeply moved by this. As authoritarian states continue to expand, Taiwan will keep working alongside like-minded nations such as Japan and the US, as well as the European Union, to jointly contribute to regional and global peace and prosperity. I look forward to continued advancement of regional peace and prosperity with the help of Mrs. Abe’s efforts. Mrs. Abe will also be meeting with daughter of former President Lee and Lee Teng-hui Foundation Chairperson Annie Lee (李安妮) tomorrow. Former President Lee and former Prime Minister Abe were both fully devoted to promoting Taiwan-Japan relations. We will carry on their legacy and spirit, safeguard the values of freedom and democracy, and deepen the Taiwan-Japan friendship. In closing, I wish you all a smooth and successful visit. Mrs. Abe then delivered remarks, first expressing her sincere thanks to President Lai for taking the time to meet. She said that former Prime Minister Abe hailed from Yamaguchi Prefecture, and that accompanying her that day were House of Councillors Member Kitamura Tsuneo, Yamaguchi Prefecture Governor Muraoka Tsugumasa, Yamaguchi Prefectural Assembly Deputy Speaker Shimata Noriaki, and many other important figures from Yamaguchi. If former Prime Minister Abe’s spirit could look upon this scene, she said, he would certainly be very pleased. Mrs. Abe recalled that when the former prime minister passed away, then-Vice President Lai traveled to their official residence to express his condolences and pay tribute. She said that she will never forget such a gesture of deep friendship, heartfelt condolences, and care. The year before last, she indicated, a memorial photo exhibition for former Prime Minister Abe was held in Taiwan, and many Taiwanese people from all walks of life came to view it. Last year, Mrs. Abe continued, she had the privilege of attending President Lai’s inauguration ceremony, where she met with many friends from Taiwan and personally felt the close and beautiful ties that Taiwan and Japan share. Mrs. Abe stated that she will carry out the wishes of former Prime Minister Abe and do her utmost to help raise Taiwan-Japan relations to new heights, saying that she looks forward to hearing the advice that President Lai and all those present have to offer. The delegation also included Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki.

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    2025-02-21
    President Lai attends opening of 2025 Halifax Taipei forum
    On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era. A transcript of President Lai’s remarks follows: To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide. I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum. As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one. I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability. Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community. I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs. As we face a complex global landscape, I call on the international community to take the following actions: First, as authoritarianism consolidates, democratic nations must also come closer in solidarity. Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost. I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP.  Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world. Second, let’s create non-red global supply chains.  For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains. As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position.  We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security. Third, let’s unite to usher in peace. China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait. As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security. Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you. Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.

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    2025-02-21
    President Lai meets British-Taiwanese All-Party Parliamentary Group delegation
    On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there.  Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.  

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    2025-02-21
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

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    2025-02-21
    President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
    On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples.  A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.

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    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI: DMG Blockchain Solutions Inc. Announces MOU to Purchase 10-Megawatt Data Center Infrastructure

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 24, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, announces it has signed a memorandum of understanding (MOU) with an undisclosed counterparty (“Counterparty”) to purchase the infrastructure for a prefabricated 10-megawatt air-cooled data center (“PDC”) that meets Sensitive Compartmented Information Facility (SCIF) specifications (which is generally a military requirement) for its deployment of Generative Artificial Intelligence (Gen AI) computation facilities. DMG and Counterparty have agreed to work towards a definitive agreement within the next 90 days, during which time DMG will perform its due diligence as a follow-up to its already performed initial inspection of the PDC at Counterparty’s site. DMG will issue an additional news release related to the final structure and terms of the potential transaction, and other material information if and when it becomes available.

    Upon execution of the definitive agreement, DMG would pay Counterparty for the PDC US$5 million as an upfront payment and the balance of the to-be-agreed-upon price based on future DMG revenue resulting from Gen AI computing off-take agreements as part of vendor financing being offered to DMG. Revenue from off-take agreements may be derived from either GPUs that DMG purchases or the colocation of customer-purchased GPUs. DMG is currently focused on securing off-take agreements, which may be sourced from entities that require SCIF requirements, such as federal government agencies/departments, non-governmental entities (potentially with enterprise SCIF requirements), Counterparty and/or with other parties with whom the Company has a relationship to develop Gen AI business opportunities, which may be outside of Canada.

    DMG intends to deploy the PDC at one or more locations, as the PDC can be partitioned into smaller units due to its modular nature. While the infrastructure forms the basis for a Gen AI data center, it does not include medium-voltage power distribution, battery storage or backup power generation, the configuration and amount of which have yet to be determined. Additionally, the PDC is not facilitated with computing, networking nor storage systems, all of which will need to be installed to realize revenue from off-take agreements.

    DMG’s CEO Sheldon Bennett stated, “This MOU catalyzes our entry into Generative AI in a very meaningful way. Not only does the PDC shorten our time to deployment by at least a year, but it also gives us the needed credibility as a new AI entrant to secure off-take agreements in a timely manner. Given the SCIF (military-grade) nature of the infrastructure, we will be focused on off-take opportunities that prioritize this need, as we believe we can garner a revenue premium for offering this capability. This MOU also enables us to proceed with our Gen AI strategy in a most-capital efficient manner, helping us to maximize our return to shareholders.”

    About DMG Blockchain Solutions Inc.

    DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move bitcoin in a sustainable and regulatory-compliant manner.

    For more information on DMG Blockchain Solutions visit: www.dmgblockchain.com
    Follow @dmgblockchain on X and subscribe to DMG’s YouTube channel.

    For further information, please contact:

    On behalf of the Board of Directors,

    Sheldon Bennett, CEO & Director
    Tel: +1 (778) 300-5406
    Email: investors@dmgblockchain.com
    Web: www.dmgblockchain.com

    For Investor Relations:
    investors@dmgblockchain.com

    For Media Inquiries:
    Chantelle Borrelli
    Head of Communications
    chantelle@dmgblockchain.com

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

    Cautionary Note Regarding Forward-Looking Information

    This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include the execution of a definitive agreement for the MDC and the timing thereof, the expected benefits and outcomes of the MDC including the potential Gen AI computing off-take agreements, the Company’s strategy for growth, the planned monetization of certain product and service offerings, developing and executing on the Company’s products, services and business plans, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.

    Future changes in the Bitcoin network-wide mining difficulty or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate and mining difficulty.

    Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.

    Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.

    The MIL Network

  • MIL-OSI China: US stocks waver amid renewed tariff concerns from Trump administration

    Source: China State Council Information Office

    U.S. stocks ended mixed on Monday, as investors assessed the potential impact of U.S. President Donald Trump’s tariff policies while shifting their attention to Nvidia’s upcoming earnings report.

    The Dow Jones Industrial Average edged up by 33.19 points, or 0.08 percent, to 43,461.21. In contrast, the S&P 500 declined by 29.88 points, or 0.50 percent, to 5,983.25, while the Nasdaq Composite fell by 237.08 points, or 1.21 percent, to 19,286.92.

    Among the 11 primary sectors in the S&P 500, six ended lower, with technology and consumer discretionary stocks leading the losses, falling by 1.43 percent and 0.87 percent, respectively. Meanwhile, health and financials were the top gainers, rising by 0.75 percent and 0.45 percent, respectively.

    During a press conference on Monday, Trump reaffirmed that tariffs on Mexico and Canada would proceed as scheduled following a one-month delay, which is set to expire next week.

    Trump, announcing the new agreements on Truth Social on Feb. 3, said the tariffs on Canadian goods would be paused for 30 days while the duties on Mexican imports would be postponed for one month.

    Meanwhile, AI chipmaker Nvidia, set to report quarterly results on Wednesday, recently lost 3.09 percent after a decline of more than 4 percent on last Friday, as its shares bounced between gains and losses throughout the day.

    “If Nvidia comes out on Wednesday with an amazing earnings report,” said Larry Tentarelli, chief technical strategist for Blue Chip Daily Trend Report, “then that could turn these AI stocks up. But right now, the market has been rotating out of AI and tech.”

    Apple gained 0.63 percent following an announcement that it will invest over 500 billion dollars in the United States over the next four years. Among other major tech stocks, both Meta Platforms and Broadcom dropped by more than 2 percent, while Microsoft, Amazon, and Tesla each lost about 1 percent, and Alphabet managed to post gains.

    Although Monday’s earnings calendar was relatively light, it is expected to pick up in the coming days with quarterly reports from Home Depot, Lowe’s, Salesforce, and Dell Technologies, with Dell shares falling by more than 2 percent this afternoon.

    The yield on the 10-year U.S. Treasury, which is sensitive to interest rate expectations, was trading at 4.4 percent as of 4:30 p.m., slightly down from 4.42 percent at the close of last week and near its lowest level for the month. 

    MIL OSI China News

  • MIL-OSI China: Trump says tariffs on Mexico, Canada to ‘go forward’

    Source: China State Council Information Office

    U.S. President Donald Trump speaks at a press conference at the White House in Washington, D.C., the United States, on Feb. 24, 2025. [Photo/Xinhua]

    U.S. President Donald Trump said on Monday that tariffs on Mexico and Canada will “go forward.”

    When asked about an upcoming deadline for tariffs on Mexico and Canada, Trump told reporters at a joint press conference with French President Emmanuel Macron at the White House that “the tariffs are going forward.”

    “We’re on time with the tariffs, and it seems like that’s moving along very rapidly,” Trump said. “Now the tariffs are going forward, on time, on schedule.”

    Trump again claimed that “we’ve been mistreated very badly by many countries, not just Canada and Mexico. We’ve been taken advantage of.”

    “All we want is reciprocal. We want reciprocity. We want to have the same, so if somebody charges us, we charge them,” Trump said.

    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.

    MIL OSI China News

  • MIL-OSI USA: ICE and Mount Pleasant Police arrest childcare worker, seeks public’s help to identify victims

    Source: US Immigration and Customs Enforcement

    CHARLESTON, S.C. — U.S. Immigration and Customs Enforcement in partnership with the Mount Pleasant Police Department, are seeking the public’s help to identify possible victims in an ongoing child sexual exploitation investigation involving a low country man who worked at a local daycare before becoming a private babysitter in Sullivans Island, Moncks Corner, and Mount Pleasant.

    On Feb. 19, ICE and the MPPD arrested Brandon Brill on child exploitation charges after local law enforcement initiated an investigation into a minor being extorted for child sexual abuse material images. This criminal act is commonly referred to as Sextortion. Brill had been employed as a private babysitter since at least 2021 and worked at a local daycare in 2022. Between 2023 and 2025, Brill had advertised his babysitting services on Facebook and Nanny Lane for the low country area.

    Due to his online sextortion activity and employment, authorities with the two agencies are seeking information that may help identify potential victims Brill may have engaged or exploited. If your child, or a child you know, was in contact with Brandon Brill, please contact the tip line.

    ICE encourages the public to report suspected child predators, sextortion activity related to minors, and any suspicious activity through its toll-free tip line at 866-DHS-2-ICE (866-347-2423) or by completing its online tip form. Both are staffed around the clock. From outside the United States and Canada, dial 802-872-6199. Hearing impaired users may call TTY 802-872-6196. Please mention your tip is related to this press release.

    ICE Homeland Security Investigations takes a victim-centered approach to child exploitation investigations by working to identify, rescue and stabilize victims. ICE works in partnership with the National Center for Missing and Exploited Children, ICAC partners and other federal, state and local agencies to help solve cases and rescue sexually exploited children. You can report suspected child sexual exploitation or missing children to the National Center for Missing and Exploited Children’s toll-free, 24-hour hotline at 800-THE-LOST.

    MIL OSI USA News

  • MIL-OSI Canada: Statement from Premier Pillai on the third anniversary of the Russian invasion of Ukraine

    Statement from Premier Pillai on the third anniversary of the Russian invasion of Ukraine
    jlutz

    Premier Ranj Pillai has issued the following statement:

    “Three years ago today, Russia launched its illegal and unprovoked war of aggression against Ukraine. This war has caused immense suffering and its effects have been felt around the world, including here in the Yukon.

    “Ukrainians living in the Yukon are an important part of our community and I want to express my deepest condolences to them and to everyone affected by this ongoing conflict. We stand with them in hope for peace.

    “For the past three years, Ukrainians have shown incredible strength and resilience – they are not only fighting for their own freedom but also for the principles of sovereignty, democracy and international law.

    “Today, we think of our brothers and sisters in Chortkiv, Ukraine, a sister city of Whitehorse. I think back fondly to my meeting with Mayor Volodymyr Shmatko and his delegation of Chortkiv residents who visited the Yukon in 2023.

    “I want to acknowledge the hard work and dedication of members of the Ukrainian Canadian Association of Yukon, who have helped welcome Ukranian newcomers to the territory and have worked with Yukoners to collect and deliver medicines, supplies and supports to hospitals and other agencies in Ukraine. Their work is not just important – it is an example of the kindness, compassion and strength of all Yukoners.

    “Today – and every day – let us reaffirm our support for Ukraine and its right to remain free and independent. Ukraine’s fight is a fight for democracy everywhere. We honour those who have suffered and never forget the importance of standing together in the face of injustice.

    “Слава Україні! Героям Слава! Glory to Ukraine! Glory to the Heroes!”

    MIL OSI Canada News

  • MIL-OSI: BlackRock® Canada Announces Final February Cash Distributions for the iShares® Premium Money Market ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the final February 2025 cash distributions for the iShares Premium Money Market ETF. Unitholders of record on February 25, 2025 will receive cash distributions payable on February 28, 2025.

    Details regarding the final “per unit” distribution amounts are as follows:

    Fund Name Fund
    Ticker
    Cash
    Distribution
    Per Unit
    iShares Premium Money Market ETF CMR $0.123

    Further information on the iShares ETFs can be found at http://www.blackrock.com/ca.

    About BlackRock
    BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

    About iShares ETFs
    iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

    iShares® ETFs are managed by BlackRock Asset Management Canada Limited.

    Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.  

    Contact for Media:
    Sydney Punchard
    Email: Sydney.Punchard@blackrock.com

    The MIL Network

  • MIL-OSI Security: Prince Albert — Prince Albert RCMP investigating structure fire

    Source: Royal Canadian Mounted Police

    Prince Albert RCMP are investigating a suspicious structure fire in the Rural Municipality of Garden River, SK.

    On February 21, 2025 at approximately 11:00 p.m., Prince Albert RCMP received a report of a fire at a church that is no longer in use in the RM of Garden River. The church is located approximately five kilometres south of Highway #55.

    The Garden River Fire Department responded to the fire and Prince Albert RCMP attended the scene. The building was destroyed. No one was in the church at the time and no injuries have been reported to police. Prince Albert RCMP are investigating.

    Prince Albert RCMP are asking anyone who saw anything suspicious in the area of the church on the evening of February 21, or who has information about the fire, to report it to police by calling 310-RCMP.

    Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    MIL Security OSI

  • MIL-OSI Security: Whitehorse — Police arrest robbery suspect

    Source: Royal Canadian Mounted Police

    As a result of an investigation into a robbery at the Edgewater Hotel on February 17, 2025, Whitehorse RCMP identified the perpetrator as Marcus Hickey, a 34-year-old male resident of Whitehorse.

    On February 21, 2025 at approximately 6 pm, Whitehorse RCMP officers and members of the Crime Reduction Unit located Mr. Hickey at his residence in downtown Whitehorse. The residence was contained by the police in order to obtain a warrant to enter the residence as Mr. Hickey refused to exit.

    Shortly after 9 pm Mr. Hickey was arrested after surrendering to the police without incident. Mr. Hickey appeared in court on February 22, 2025 and has been remanded until March 5, 2025. He has been charged with the following offences:

    • Robbery
    • Disguise with intent
    • Carry a concealed weapon
    • Possession of weapon for dangerous purpose
    • Breach of Probation

    Yukon RCMP would like to thank the public for their tips and information regarding the public plea for assistance to identify the suspect in the robbery.

    Links: Whitehorse RCMP seek the public’s assistance to identify an armed robbery suspect | Royal Canadian Mounted Police

    MIL Security OSI

  • MIL-OSI: Alaris Equity Partners Provides Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION IN THE UNITED STATES.
    FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

    CALGARY, Alberta, Feb. 24, 2025 (GLOBE NEWSWIRE) — (all numbers in this release are in US dollars (US$) unless otherwise noted) Alaris Equity Partners Income Trust (the “Trust“) (TSX: AD.UN) is pleased to announce that its subsidiary, Alaris Equity Partners USA Inc. (collectively, with the Trust and its other subsidiaries, “Alaris“) has made an investment of $21.0 million into Berg Demo Holdings, LLC (“Berg“) (the “Berg Investment”) and $61.1 million into Professional Electric Contractors of Connecticut, Inc. (“PEC“) (the “PEC Investment“). Alaris is also pleased to announce the redemption of Alaris’ investment in Unify Consulting LLC (“Unify“), which closed in December, and resulted in gross proceeds of $12.3 million to Alaris (the “Unify Redemption“).

    “A productive start to 2025 with the closing of two new partnerships and the successful exit of another. Berg and PEC both signify the forming of partnerships with very strong entrepreneurs. David Berg and Jim Bisson from Berg and PEC respectively are exactly what we look for in partners. Long track records of success and a strong passion to continue to grow their businesses. Both partners have the capacity and desire to grow through acquisitions in addition to continued organic growth.

    I’d like to thank Darren Alger and his team at Unify for a wonderful eight years as our partner. Alaris originally funded a management buyout for Darren and we are proud of how well he has done as majority owner. Crystallizing another investment with an IRR of 20% is also an excellent result for our management team,” said Steve King, Chief Executive Officer, Alaris.

    Berg Investment

    The Berg Investment consists of: (i) $17.15 million (the “Berg Preferred Contribution“) of preferred equity, entitling Alaris to an initial annualized distribution of $2.40 million (the “Berg Distribution“); and (ii) $3.85 million (the “Berg Common Equity“) for a minority common equity ownership in Berg. The Berg Distribution will reset annually based on the percentage change in gross profit, subject to a collar of +/- 7%.

    Berg has an earnings coverage ratio between 1.5x and 2.0x based on Berg’s trailing twelve-month financial results and giving effect to certain other changes to Berg’s capital structure. The Berg Investment will be used for capital investment and to provide partial liquidity to equity holders.

    “We are thrilled to partner with Alaris, a partnership that strengthens our leadership team’s ability to drive future growth. As a third-generation demolition, scrap, and hazardous materials company, Berg has built a legacy of excellence. With Alaris’s strategic support and expertise, we are confident that Berg will continue to thrive as an industry leader for generations to come,” said David Berg, Founder, Berg.

    Berg is a leading demolition solutions provider serving public, commercial and industrial end markets in the Baltimore and DC, Maryland & Virginia (“DMV”) metropolitan area in the United States. Founded in 1998 by David Berg and headquartered in Baltimore, MD, Berg has become the preeminent hazardous material abatement, selective structural and building razing operation in the region.

    PEC Investment

    The PEC Investment of $61.1 million consists of a $37.0 million investment in debt and preferred equity (the “PEC Contribution“) as well as an investment of $24.1 million in exchange for a minority common equity ownership in PEC (the “PEC Common Equity“). Included within the $37.0 million PEC Contribution is $10.0 million of preferred equity redeemable at par. The PEC Contribution will result in an annualized cash distribution to Alaris of $5.18 million (the “PEC Distribution“), an initial combined annual yield of 14% and will reset annually +/- 7% based on changes in PEC’s revenue. The proceeds from the PEC Investment were used for partial liquidity to existing PEC shareholders.

    PEC has an earnings coverage ratio between 1.5x and 2.0x, based on PEC’s trailing twelve-month financial results and giving effect to changes to PEC’s capital structure following the Alaris investment.

    “When we first met Alaris, we liked their people and their unique model immediately; Alaris’ combination of financial strength and M&A acumen will allow us to focus on growth, while their approach recognizes our desire to protect and preserve PEC’s culture, which has always been a competitive advantage and our defining attribute,” said Jim Bisson, Jr., President and Chief Executive Officer, PEC.

    PEC is a full-service electrical contracting firm with a broad range of capabilities ranging from commercial installations, historical structural retrofits and large scale Photovoltaic (PV) projects. In addition, through its subsidiary North American Renewables, Inc, PEC is a leading solar engineering, procurement and construction (“EPC”) contractor. PEC serves the Greater New England and New York area.

    Unify Redemption

    Alaris successfully exited its partnership with Unify after eight years resulting in total gross proceeds over the life of the investment of CAD$51.6 million. Alaris’ total return on the Unify investment is CAD$38.6 million, equating to an unlevered IRR of 20% and MOIC of 1.9x.

    Following the Berg and PEC Investment, and the Unify Redemption, Alaris will have approximately CA$412.9 million drawn on its senior credit facility (the “Facility“) and $87.1 million available for investment purposes while the total senior debt to EBITDA on a proforma basis is approximately 2.43x. Alaris estimates its run rate payout ratio to be approximately 57.6% following today’s announcement.

    About Alaris:

    The Trust, through its subsidiaries, invests in a diversified group of private businesses (“Private Company Partners“) primarily through structured equity. The primary goal of our structured equity investments is to deliver stable and predictable returns to our unitholders through both cash distributions and capital appreciation. This strategy is enhanced by common equity positions, which allow us to generate returns in alignment with the founders of our Private Company Partners.

    NON-IFRS MEASURES:

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

    Normalized EBITDA refers to EBITDA excluding items that are non-recurring in nature and is calculated by adjusting for non-recurring expenses and gains to EBITDA. Management deems non-recurring charges to be unusual and/or infrequent charges that our Partners incur outside of its common day-to-day operations.

    EBITDA refers to earnings determined in accordance with IFRS, before depreciation and amortization, net of gain or loss on disposal of capital assets, interest expense and income tax expense. EBITDA is used by management and many investors to determine the ability of an issuer to generate cash from operations.

    IRR is a supplementary financial measure and refers to internal rate of return, which is a metric used to determine the discount rate that derives a net present value of cash flows to zero. Management uses IRR to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    MOIC is a supplementary financial measure and refers to multiple of capital invested, which is a financial metric used to evaluate the value of an investment relative to the initial capital. Management uses MOIC to analyze partner returns. The Trust’s method of calculating this supplementary financial measure may differ from the methods used by other issuers. Therefore, it may not be comparable to similar measures by other issuers.

    The terms Earnings Coverage Ratio, Normalized EBITDA, EBITDA, IRR and MOIC (the “Non-IFRS Measures“) are not standard measures under IFRS. Alaris’ calculation of the Non-IFRS Measures may differ from those of other issuers and, therefore, should only be used in conjunction with the Trust’s annual audited and unaudited interim financial statements, which are available under the Trust’s (and its predecessor’s) profile on SEDAR+ at www.sedarplus.ca.

    FORWARD LOOKING STATEMENTS

    This news release contains forward-looking statements, including forward-looking statements within the meaning of “safe harbor” provisions under applicable securities laws (“forward-looking statements”). Statements other than statements of historical fact contained in this news release may be forward-looking statements, including, without limitation, management’s expectations, intentions and beliefs concerning the Berg and PEC Investments and the Unify redemption. Many of these statements can be identified by words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words or the negative thereof. Forward looking statements in this news release include, without limitation, statements regarding: the annualized distributions for the Berg and PEC Investments; the earnings coverage ratios for Berg and PEC; and Alaris’ outstanding indebtedness and use of the balance of the Facility. Any forward-looking statements herein which constitute a financial outlook or future-oriented financial information (including the impact on Run Rate Payout Ratio) were approved by management as of the date hereof and have been included to provide an understanding of Alaris’ financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

    By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris’ business and that of its Partners are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: interest rates will not rise in a matter materially different from the prevailing market expectations over the next 12 to 24 months; no widespread global health crisis will impact the economy or any Partners’ operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; the businesses of new Partners and those of existing partners will perform in line with Alaris’ expectations and diligence; more private companies will require access to alternative sources of capital and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate expectations over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

    Forward-looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward-looking statements contained herein as a result of certain risk factors, including, but not limited to: the ability of our Partners and, correspondingly, Alaris to meet performance expectations for 2025 and beyond; any change in the senior lenders’ outlook for Alaris’ business; management’s ability to assess and mitigate the impacts of any local, regional, national or international health crises like COVID-19 or its variants; the dependence of Alaris on the Partners; reliance on key personnel; general economic conditions in Canada, North America and globally; failure to complete or realize the anticipated benefit of Alaris’ financing arrangements with the Partners; a failure of the Trust or any Partners to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions in a timely fashion, or at all; a change in the ability of the Partners to continue to pay Alaris’ distributions; a material change in the unaudited information provided to Alaris by the Partners; a failure of a Partner (or Partners) to realize on their anticipated growth strategies; a failure to achieve the expected benefits of the third-party asset management strategy or similar new investment structures and strategies; conflicts of interest that may arise under the asset management strategy or otherwise; a failure to achieve resolutions for outstanding issues with Partners on terms materially in line with management’s expectations or at all; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading “Risk Factors” and “Forward Looking Statements” in the Trust’s Management Discussion and Analysis for the year ended December 31, 2023, which is filed under the Trust’s profile at www.sedar.com and on its website at www.alarisequitypartners.com.

    This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about increases to the Trust’s net operating cash from activities and revenues, each of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI and forward-looking statements. Alaris’ actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and FOFI, or if any of them do so, what benefits the Trust will derive therefrom. The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris’ future operations and such information may not be appropriate for other purposes. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. Statements containing forward-looking information reflect management’s current beliefs and assumptions based on information in its possession on the date of this news release. Although management believes that the assumptions reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations will prove to be correct.

    The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date of this news release and Alaris does not undertake or assume any obligation to update or revise such statements to reflect new events or circumstances except as expressly required by applicable securities legislation.

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

    For further information please contact:

    ir@alarisequity.com
    P: (403) 260-1457
    Alaris Equity Partners Income Trust
    Suite 250, 333 24th Avenue S.W.
    Calgary, Alberta T2S 3E6

    www.alarisequitypartners.com

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