Category: Canada

MIL-OSI Global: I research rap lyrics and testified in a Toronto rapper’s murder trial

Source: The Conversation – Canada – By Jabari M. Evans, Assistant Professor of Race and Media, School of Journalism and Mass Communications, University of South Carolina

Toronto rapper Top5 appearing in his music video ‘Movie’ featuring the rappers Why G and Bundog. The Crown recently stayed murder charges against Top5 after a judge ruled his lyrics and social media content could not be used as evidence. (YouTube/Top5)

In May, I was in my office grading papers when an email came through from Arika, a paralegal working for Toronto lawyer Gary Grill. They were reaching out to me about potentially serving as an expert witness in a murder trial. The case involved Hassan Ali, better known as the rapper Top5, who was charged in 2021 with first-degree murder in the shooting of 20-year-old accounting student Hashim Omar Hashi.

Arika mentioned that they had come across my research on drill rap and hoped I could testify on the inadmissibility of rap lyrics and music videos as criminal evidence. Without hesitation, I agreed.

As an academic expert on hip-hop culture, Black youth, the music industry and the digitization of artistic expression, my research explores the intersection of cultural production, race and legal systems, focusing particularly on drill music culture.

Drill music is a subgenre of hip-hop that originated in Chicago, characterized by its gritty, raw lyrics focused on street life, violence and survival, often reflecting the harsh realities of inner-city environments.

Lyrics as evidence

In September, a judge ruled that Top5’s social media posts, music videos and lyrics were inadmissible as evidence, recognizing that much of what he posted was part of his artistic persona. As a result, the charges against him were stayed.

The Canadian legal system, like its U.S. counterpart, has allowed these forms of creative expression to be weaponized against artists. This was evident in the case of Chael Mills and Lavare Williams, where rap lyrics were used as evidence contributing to their convictions for murder. That case (and others like it) opened the door for rap lyrics to be used against artists in court, further entrenching harmful stereotypes about Black men and violence. This practice is unjust and perpetuates racial biases.

Though Top5’s lyrics didn’t explicitly threaten the victim in this case, the prosecution used songs and social media posts in which he alludes to the Go Getem Gang (his crew) being a criminal group. In 2023, he appeared in a music video while in prison where he said: “I was 18 when I bought a gun, 22 when I shot your son.”

Using rap lyrics and music videos as evidence is not only unfair but it perpetuates the dangerous assumption that rappers’ personas are entirely authentic representations of who they are. This often results in creative expression being misinterpreted as autobiographical fact, jeopardizing someone’s freedom based on their art.

However, when I delved into Top5’s online presence, I was struck by just how sensational his persona was. Beyond the music videos, he is an avid vlogger and live streamer, frequently discussing recent shootings, open cases involving his friends and making overt threats toward his rivals — all while name-dropping his connections, including Drake. He was using social media in a way that blurred the line between artistic performance and self-incrimination.

This placed me in a difficult moral position. Reviewing all the evidence and seeing Top5’s brazen online behaviour made me wonder whether defending him would undermine my larger argument: that rap lyrics and videos shouldn’t be used as evidence because they are artistic expressions, not confessions.

However, this internal debate led me to reaffirm my stance: the very assumptions I was grappling with were precisely what I had been fighting against. Even if Top5 seemed to push the boundaries, it was still unjust for the legal system to interpret his art and social media as literal truths.

‘Heard of Me’ by Top5 featuring Why G.

Clout chasing

What became clear to me was that Top5, like many young rappers, was caught in the grip of clout chasing — a phenomenon driven by the need for attention and validation in today’s social media age.

Clout chasing isn’t just about gaining followers; it reflects deeper issues in society, especially among Black youth.

As sociologist Elijah Anderson described, the tension between earning respect in the streets and striving for middle-class success is central to understanding drill rappers like Top5. On one side, Black youth are encouraged to adopt “decency” as defined by white society and achieve upward mobility through socially acceptable means.

On the other, they must navigate the “code of the streets,” where respect is earned through fearlessness and survival, often in defiance of mainstream societal norms.

Top5’s rise illustrates this tension vividly. His strategy for visibility online relied heavily on broadcasting the most sensational aspects of his life — threats, rivalries and bravado — all while crafting a persona as a street entrepreneur.

However, Top5’s lyrics, videos and social media posts exist in a gray area between reality and performance art. What Hassan Ali creates as Top5 is a carefully constructed character, not a confession to crimes.

This distinction is crucial in understanding why these forms of expression should not be used as evidence in court. The very nature of rap as a genre involves exaggeration, metaphor and artistic license, and treating it as literal truth is both unjust and misleading.

The broader implications of clout chasing and the digital age on legal proceedings are significant. Top5’s use of digital clout is, in many ways, a symptom of what some scholars have called “emotional illiteracy” among some young Black men — a kind of bravado or fearlessness that manifests as aggression or recklessness online.

Yet, this behaviour is often misunderstood. It’s not about incriminating oneself. It’s about asserting one’s worth and survival in a society that has long marginalized young Black voices.

A trailer for ‘As We Speak: Rap Music on Trial,’ a documentary that explores the weaponization of rap lyrics in the U.S. criminal justice system.

Legal implications

The judge’s decision in Top5’s case was groundbreaking. It underscored that even in an era of social media oversharing, courts must be careful not to conflate performance with reality. For the first time, a court acknowledged that an artist’s social media content could be as much a part of their creative self-expression as their lyrics or music videos.

This ruling was not only significant for rap and hip-hop artists who have long been subjected to legal scrutiny based on their work. It also signals a growing recognition that creative expression — whether in the form of lyrics, videos or even Instagram posts — cannot be treated as literal fact without risking injustice.

As rap music continues to evolve and engage with social issues, it’s imperative that the legal system evolves alongside it, developing a more nuanced understanding of artistic expression in the digital age.

Using rap music as evidence in criminal trials is not just a legal issue but a cultural one. It speaks to how society views Black art and Black lives. By treating rap lyrics as confessions, the legal system perpetuates harmful stereotypes about Black men as inherently violent or criminal.

The decision in Top5’s case represents a step forward, but the fight for justice is far from over. We must remain vigilant in protecting the creative freedoms of all artists, regardless of how controversial their work may seem.

Jabari M. Evans 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. I research rap lyrics and testified in a Toronto rapper’s murder trial – https://theconversation.com/i-research-rap-lyrics-and-testified-in-a-toronto-rappers-murder-trial-241884

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Canada: People urged to be prepared, stay safe this Halloween
Source: Government of Canada regional news
As Halloween approaches, the Province is reminding parents and caregivers to be on alert and check all candy and treats their kids receive to ensure no cannabis products were accidently handed out.

The dangers posed to young people by illegal, colourful packaging are frequently compounded by a high THC concentration in the unregulated product. All legal cannabis producers must follow strict packaging and labelling rules to ensure products do not appeal to children and youth.

In British Columbia, only adults 19 and older may purchase, possess and consume non-medical cannabis products. Strict penalties are in place for those who sell or provide these products to minors.

Some tips for parents and caregivers while checking candy and treats include looking for labels such as “THC” or “Cannabis” and discard any suspicious items. If anything seems off, people are encouraged to report it to the police immediately.

It is also important that partygoers plan a safe ride home if they consume cannabis or alcohol as part of Halloween celebrations.

Quick Facts:

Since Canada legalized non-medical cannabis in October 2018, B.C. has implemented a zero-tolerance framework for specific drugs, including cannabis for new drivers in the Graduated Licensing Program.

The Province has extended administrative driving prohibitions to cover drug-affected driving.

Learn More:

To learn more about a recent seizure of counterfeit cannabis-laced candy bars on Vancouver Island, visit: https://bc-cb.rcmp-grc.gc.ca/ViewPage.action?siteNodeId=2087&languageId=1&contentId=85905

To learn more about impaired driving laws in B.C., visit: https://www2.gov.bc.ca/gov/content/transportation/driving-and-cycling/roadsafetybc/high-risk/drugs-alcohol

To learn more about cannabis regulation in B.C., visit: https://www2.gov.bc.ca/gov/content/safety/public-safety/cannabis
Media Contacts

Ministry of Public Safety and Solicitor General

Media Relations
778 405-3306

https://news.gov.bc.ca/31764

MIL OSI Canada News –
January 25, 2025
MIL-OSI Economics: African Development Bank Approves a $75 Million Participation in Export Trading Group’s Sustainability Linked Loan for Core Value Chain Financing…

Source: African Development Bank Group

The African Development Bank Group has approved a $75 million financing package to support Export Trading Group (ETG), a Mauritius-based conglomerate with extensive operations across Africa. ETG boasts a diverse portfolio spanning agricultural inputs, logistics, merchandising and processing, supply chain optimization, digital transformation, and energy.

This package includes a $65 million participation from the Bank’s own resources, along with $10 million in concessional co-financing from the Agri-Food Catalytic Financing Mechanism (ACFM) into ETGs Sustainable Linked Loan facility for financing its core value chain assets. The Agri-Food Catalytic Financing Mechanism is an internally managed Special Fund, capitalized by Canada’s Department of Foreign Affairs, Trade and Development, to build markets and mobilize finance for gender-oriented and underserved agri-SMEs in Africa.

Through participation in the Sustainable Linked Loan facility, the financing will be deployed to ETG’s core value chains in 14 countries, namely Benin, Ghana, Ivory Coast, Senegal, Nigeria, Burkina Faso, Ethiopia, Kenya, Tanzania, Uganda, Malawi, Mozambique, Zimbabwe, and Zambia. This will support ETG’s processing and packaging facilities and warehouses and provide farmers with fertilizers and other agri-inputs. The Bank’s financing may be deployed to up to 28 African countries based on ETG’s emerging needs.

The Sustainable Linked Loan facility establishes annual sustainability key performance indicators and targets focused on decarbonization, reforestation, zero deforestation, farmer extension services, and gender empowerment with inherent direct financial consequences for non-compliance.

“The African Development Bank Group is thrilled to expand our work with Export Trade Group and support its commitment to strengthen women’s economic development in Africa. Access to finance and training in agriculture will contribute to food security and economic growth,” said Dr. Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.

ETG plans to engage 600,000 smallholder farmers by 2027, with a 25 percent target for women farmers. This includes training on sustainable farming and improved access to resources. The project is expected to boost exports from Bank regional member countries and enhance intra-regional trade, particularly within the Economic Community of West African States, Southern African Development Community, and East African Community regional economic blocks.

The Bank’s investment in ETG capitalizes on the Group’s proven track record and resilience in agriculture, aiming to mobilize private sector financing into a critical yet underserved sector of the economy. ETG will manage the project, with oversight from the company’s Board of Directors and support from specialized departments within the Group.

The project aligns with the Bank’s ‘High 5’ priorities, specifically “Feed Africa,” “Integrate Africa,” and “Improve the quality of life for the people of Africa,” as well as the Bank’s Ten-Year Strategy 2024-2033. It is expected to contribute to Africa’s agricultural transformation into a business-oriented and commercially viable sector, driving the continent’s food self-sufficiency.

“By partnering with ETG, the African Development Bank continues to champion strategic enterprises that operate across multiple countries, furthering its mission to support agricultural development and improve the livelihoods of millions across the continent. The decision to continue funding ETG is just not a financial transaction. It is a strategic collaboration with a purpose – a mission to transform African agriculture and a commitment to optimize the influence of their investments, “said Richard Ofori-Mante, Director of the Agricultural Finance and Rural Development Department at the Bank.

“By tying loan conditions to performance indicators related to sustainability, ETG is more likely to engage in activities that advance the Sustainable Development Goals. This alignment will drive better environmental, social, and governance outcomes. The transaction not only promotes sustainable practices within ETG’s operations but also influences its supply chain and partners, amplifying the impact on sustainable development,” Ofori-Mante added.

MIL OSI Economics –

January 25, 2025
MIL-OSI Canada: Preparation, swift response define wildfire season
Source: Government of Canada regional news

Aerial view of wildfires near Fox Lake and Garden River in July.

Through effective investments, including a historic $155-million wildfire base budget, Alberta’s government ensured the province was prepared to respond throughout the 2024 wildfire season. In anticipation of the wildfire season, Alberta’s government recruited 100 additional wildland firefighters and an additional 40 contract wildland firefighters – in addition to securing more airtankers, heavy equipment, and helicopters equipped with night vision technology. As a result of this preparation, front-line crews were able to respond quickly and fight fires around the clock, containing 85 per cent of wildfires within 24 hours of detection.

“While the 2024 wildfire season was challenging, our coordinated efforts and the resilience of Albertans have been crucial in mitigating the impact. We will continue to adapt and strengthen our wildfire management strategies to protect our communities and natural resources.”

Todd Loewen, Minister of Forestry and Parks

“This wildfire season has tested our resolve, especially in areas like Fox Lake and Jasper. The coordinated efforts of our firefighters and support teams were instrumental in protecting our communities. We will build on this experience to continue to improve response strategies and initiate new strategies to ensure the safety of all Albertans.”

Martin Long, MLA for West Yellowhead

The 2024 wildfire season began earlier than usual, with 64 carryover wildfires stemming from a mild winter and extremely dry conditions. In response to this elevated danger, Alberta’s government activated an early start to the wildfire season on February 20, 2024, implementing a fire ban and fire permit system to prevent additional human-caused wildfires.

Despite significant challenges, including large wildfires near Jasper that led to evacuations and the tragic loss of an Alberta wildland firefighter, as well as the loss of homes and businesses in the community, Alberta Wildfire demonstrated remarkable coordination, offering immediate aid and resources to Parks Canada, including support personnel, firefighters, aircraft and equipment.

While supporting the Jasper response led by Parks Canada, Alberta Wildfire crews continued to tackle substantial wildfires throughout the province, deploying personnel, aircraft and equipment to combat wildfires and assist impacted communities. Throughout the season, residents of Garden River, John D’Or Prairie, Fox Lake in the Little Red River Cree Nation, and the Chipewyan Cree Nation were also evacuated. Additionally, an area near Peace River and four neighborhoods in Fort McMurray faced short-term evacuations due to wildfires.

“In the wake of the heartbreaking loss from the Jasper wildfire, we are reminded of the strength found in collaboration – with each other and among all orders of government. We are reminded also of the compelling need to invest together in training, preparation, mitigation and adaptation, ensuring that we not only respond effectively, but that we also build a more resilient future.”

Richard Ireland, mayor, Town of Jasper

“The 2024 wildfire season underscored the importance of early planning and preparation. Investments in people, resources and new technology proved invaluable in our response efforts.”

Trevor Lamabe, executive director Wildfire Management Branch

During the 2024 wildfire season, Alberta Wildfire responded to more than 1,210 wildfires in the Forest Protection Area, exceeding last year’s record-breaking total. While the number of fires in 2024 exceeded the total number of fires in 2023, wildfires this season burned less than a third of the area compared with 2023, underscoring the effectiveness of Alberta’s preparation and investments.

Although Oct. 31 marks the end of Alberta’s wildfire season, Alberta Wildfire remains vigilant and ready to respond to any potential wildfires across the province.

Quick Facts
- Alberta Wildfire responded to more than 1,210 wildfires this year with more than 705,000 hectares burned.
- In 2023, there were 1,080 wildfires and more than 2.2 million hectares burned.
- Alberta Wildfire had almost 1,900 firefighters, contractors and support staff working on Alberta’s provincial response.
- Alberta Wildfire also received assistance from other agencies with more than 1,300 firefighters and support staff arriving from around the world to assist.
- While most wildfires were caused by people, we had 410 lightning-caused wildfires in July, the highest number in 20-years.
Related information
- Alberta Wildfire
- Alberta Wildfire app
- Alberta Wildfire Status Dashboard
MIL OSI Canada News –
January 25, 2025
MIL-OSI Security: Westchester Valley — Missing person: Help the RCMP find Matthew Bishop

Source: Royal Canadian Mounted Police

Cumberland District RCMP is asking for the public’s assistance in locating 31-year-old Matthew Eugene Bishop. He was last seen at approximately 7:30 p.m. on October 29; he’s believed to have been involved in a collision on Hwy. 104 in Westchester Valley.

Bishop has brown hair and blue eyes. He’s approximately 5’7″ tall, 135 pounds. No clothing description is available.

When someone goes missing, it has deep and far-reaching impacts for the person and those who know them. We ask that people spread the word through social media respectfully.

Anyone with information on the whereabouts of Matthew Bishop is asked to contact Cumberland District RCMP at 902-667-3859. To remain anonymous, call Nova Scotia Crime Stoppers, toll free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

MIL Security OSI –

January 25, 2025

MIL-OSI: Falcon Oil & Gas Ltd. – Results of Special Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

FALCON OIL & GAS LTD.

(“Falcon”)

Results of Special Meeting of Shareholders

30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.

All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

Falcon Oil & Gas Ltd. is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

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 –

January 25, 2025

MIL-OSI Canada: Governments of Canada and Quebec to Announce Investments in Forest Industry Transformation

Source: Government of Canada News

Media advisory

TROIS-RIVIÈRES — The Minister of Innovation, Science and Industry and Member of Parliament for Saint-Maurice, the Honourable François-Philippe Champagne, on behalf of the Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, joined by Quebec Minister of Labour, Minister responsible for the Mauricie region, the Abitibi-Témiscamingue region and the Nord-du-Québec region and Member of Parliament for Trois-Rivières, Jean Boulet, will announce investments in forest industry transformation. A media availability will follow.

TROIS-RIVIÈRES — The Minister of Innovation, Science and Industry and Member of Parliament for Saint-Maurice, the Honourable François-Philippe Champagne, on behalf of the Minister of Energy and Natural Resources, the Honourable Jonathan Wilkinson, joined by Quebec Minister of Labour, Minister responsible for the Mauricie region, the Abitibi-Témiscamingue region and the Nord-du-Québec region and Member of Parliament for Trois-Rivières, Jean Boulet, will announce investments in forest industry transformation. A media availability will follow.

Date: November 1, 2024

Time: 1:30 p.m. ET

All accredited media are asked to pre-register by emailing media@nrcan-rncan.gc.ca.

Contacts

Media Relations
Natural Resources Canada
Ottawa
343-292-6096
media@nrcan-rncan.gc.ca

Cindy Caturao
Press Secretary
Office of the Minister of Energy and Natural Resources
Cindy.Caturao@nrcan-rncan.gc.ca

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MIL OSI Canada News –

January 25, 2025
MIL-OSI Canada: Construction update on new 45-unit residence in downtown Whitehorse
Source: Government of Canada regional news

This news release has been updated to correct a mathematical error.

The Government of Yukon is investing in a new 45-unit residence at 6095 6th Avenue in downtown Whitehorse in response to the community’s housing needs. The building’s 45 units will comprise studios and units ranging from one to three bedrooms, with 12 designated accessible units.

This development will give people a place to call home once completed and help reduce the housing waitlist.
- Read more about Construction update on new 45-unit residence in downtown Whitehorse
- Add new comment
MIL OSI Canada News –
January 25, 2025
MIL-OSI Canada: Statement from Premier Pillai on Saskatchewan election
Source: Government of Canada regional news

Premier Ranj Pillai has issued the following statement:

“On behalf of the Government of Yukon, I would like to congratulate Premier Scott Moe and the Saskatchewan Party on their success in yesterday’s provincial election.

“I also want to congratulate the Saskatchewan NDP on their historic surge in support as they continue as Saskatchewan’s official opposition.
- Read more about Statement from Premier Pillai on Saskatchewan election
- Add new comment
MIL OSI Canada News –
January 25, 2025
MIL-OSI Canada: Statement from Premier Pillai on British Columbia election
Source: Government of Canada regional news

Premier Ranj Pillai has issued the following statement:

“On behalf of the Government of Yukon, I would like to congratulate Premier David Eby and the British Columbia New Democratic Party on their success in the B.C. provincial election.
- Read more about Statement from Premier Pillai on British Columbia election
- Add new comment
MIL OSI Canada News –
January 25, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on YBIT (65.28%), TSLY (60.58%), TSMY (54.47%), YMAX (66.23%), YMAG (41.16%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share	Distribution Frequency	Distribution Rate^2,4,5	30-Day SEC Yield³	Ex-Date & Record Date	Payment Date
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$0.2247	*Weekly*	66.23%	50.85%	10/31/24	11/1/2024
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$0.1528	*Weekly*	41.16%	62.93%	10/31/24	11/1/2024
TSLY	YieldMax™ TSLA Option Income Strategy ETF	TSLA	$0.5986	Every 4 Weeks	60.58%	3.09%	10/31/24	11/1/2024
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	TSLA	$0.4489	Every 4 Weeks	51.38%	3.61%	10/31/24	11/1/2024
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	GOOGL	$0.3771	Every 4 Weeks	31.69%	3.28%	10/31/24	11/1/2024
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Bitcoin ETP	$0.6717	Every 4 Weeks	65.28%	4.07%	10/31/24	11/1/2024
OARK	YieldMax™ Innovation Option Income Strategy ETF	ARKK	$0.2818	Every 4 Weeks	35.18%	3.37%	10/31/24	11/1/2024
XOMO	YieldMax™ XOM Option Income Strategy ETF	XOM	$0.3373	Every 4 Weeks	26.26%	3.32%	10/31/24	11/1/2024
SNOY	YieldMax™ SNOW Option Income Strategy ETF	SNOW	$0.5589	Every 4 Weeks	43.15%	3.44%	10/31/24	11/1/2024
TSMY	YieldMax™ TSM Option Income Strategy ETF	TSM	$0.8897	Every 4 Weeks	54.47%	3.48%	10/31/24	11/1/2024
Scheduled for next week: YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

¹ All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

² The Distribution Rate shown is as of close on October 29, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ YieldMax™ ETF distributions may contain return of capital, but an estimate cannot be provided at this time. Please refer to the 19a-1 notices here for additional details regarding the distributions’ composition, once available.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here.

Prospectuses

Click here.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX^®, SNOW, ABNB, BABA, TSM, SMCI, PLTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX^®), which subjects the Fund to some of the same risks as if it owned GDX^®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

The MIL Network –

January 25, 2025

MIL-OSI: Dayforce Reports Third Quarter 2024 Results¹

Source: GlobeNewswire (MIL-OSI)

Dayforce® recurring revenue of $333.2 million, up 19%

Total revenue of $440.0 million, up 17%

Year-to-date net cash provided by operating activities of $200.1 million, up 54%

MINNEAPOLIS and TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (“HCM”) technology, today announced its financial results for the third quarter ended September 30, 2024.

“Our dedicated team achieved excellent results in the third quarter, positioning us to finish 2024 with strength,” said David Ossip, Chair and CEO of Dayforce. “Dayforce recurring revenue grew 19% year-over-year, and year-to-date cash flows from operating activities were up 54%, underscoring our ability to both grow and generate profits at scale. We continue to see organizations across the globe realize greater value as they simplify their people operations with the all-in-one Dayforce platform.”

“In the third quarter, we repurchased approximately $30 million worth of shares under our $500 million share repurchase program that we launched last quarter highlighting our progress in enhancing our overall profit profile and the flexibility of our cash-generative business model,” said Jeremy Johnson, CFO of Dayforce. “Looking forward, we are excited to meet many of our investors in-person at our inaugural Investor Day alongside our Dayforce Discover conference in Las Vegas where we will outline our strategy for future growth.”

Financial Highlights for the Third Quarter 2024¹

Total revenue was $440.0 million, an increase of 16.6%, or 16.7% on a constant currency basis.
Dayforce recurring revenue was $333.2 million, an increase of 19.2%, or 19.3% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $292.0 million, an increase of 18.9%, or 19.0% on a constant currency basis.
Cloud recurring gross margin was 79.0%, compared to 77.0%. Adjusted cloud recurring gross margin was 79.9%, compared to 78.3%.
Operating profit was $20.8 million compared to $26.5 million. Adjusted operating profit was $103.2 million compared to $89.4 million.
Net income was $2.0 million, compared to net loss of $3.8 million. Adjusted net income was $74.5 million, compared to $58.3 million.
Adjusted EBITDA was $126.1 million, compared to $107.2 million.
Diluted net income per share was $0.01, compared to diluted net loss per share of $0.02. Adjusted diluted net income per share was $0.47, compared to $0.37.
Net cash provided by operating activities for the nine months ended September 30, 2024 was $200.1 million, compared to $129.6 million for the nine months ended September 30, 2023. Free cash flow for the nine months ended September 30, 2024 was $117.3 million, compared to $41.3 million for the nine months ended September 30, 2023.

Supplemental Detail

6,730 customers were live on the Dayforce platform as of September 30, 2024, an increase of 73 customers since June 30, 2024 and an increase of 384 customers since September 30, 2023, or 6.1% year-over-year.²
Dayforce recurring revenue per customer was $159,496 for the trailing twelve months ended September 30, 2024, an increase of 14.9%.³
The average float balance for Dayforce’s customer funds during the quarter was $4.48 billion and the average yield on Dayforce’s float balance was 4.0%, an increase of 20 basis points year-over-year. Float revenue from invested customer funds was $45.6 million for the three months ended September 30, 2024.
The average U.S. dollar to Canadian dollar foreign exchange rate was $1.36 for the three months ended September 30, 2024, compared to $1.34 for the three months ended September 30, 2023. Dayforce presents percentage change in revenue on a constant currency basis in order to exclude the effect of foreign currency rate fluctuations, which it believes is useful to management and investors. Percentage change in revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

¹ The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S. (“GAAP”), unless otherwise stated.
² Excluding Ascender, ADAM HCM, and eloomi.
³ Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.

Business Highlights

Dayforce was named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for the fifth consecutive year in October 2024. The Company also scored highest in both North American Compliance Suite 1,000-2,500 and North American Compliance Suite 2,500+ in the 2024 Critical Capabilities report for Cloud HCM Suites for Enterprises with 1000+ Employees.
The Company earned a 2024 Top HR Products of the Year Award from Human Resources Executive Magazine for Dayforce Career Explorer and placed on the Constellation ShortList™ within four categories: Workforce Management Suites, HCM Suites with a North American Focus, Global HCM Suites, and Payroll for North American SMBs.
Dayforce attained a five-star rating for the second year in a row on Newsweek’s list of America’s Greenest Companies 2025, recognized by TIME Magazine as one of the World’s Most Sustainable Companies 2024, named a Top 10 company for workers by JUST Capital, placed on the Most Loved Workplaces list for young professionals, and awarded a TrustRadius Tech Cares award for the company’s efforts in social responsibility and volunteerism.

Sales Highlights

A North American hospitality company that specializes in managing and developing luxury hotels and resorts selected the full Dayforce suite to support 22,000 employees across U.S., Mexico, and Canada.
A major multi-brand Australian retailer has selected Dayforce as its unified HCM solution to support their 12,000 employees across Australia and New Zealand.
A global manufacturing and distribution leader, operating in over 12 countries, selected the full Dayforce suite to enhance the experience of 8,500 employees across the United States and Canada.
A wholesale distributor of food service and janitorial supplies, with 7,200 employees in the U.S. and Canada chose Dayforce as its comprehensive human capital management solution, opting for the full Dayforce suite of products with Managed Benefits.
A world-leading manufacturer and retailer of footwear chose the full Dayforce suite to support its 5,300 employees globally.
A U.S.-based online gaming and sports entertainment company chose Dayforce Managed Payroll Services to support its 4,100 employees across the U.S., Canada, and the United Kingdom (“U.K.”).
A U.K.-based clothing retailer chose the full Dayforce Talent suite and Global Payroll to effectively manage its workforce of 3,800 employees across 12 countries.
A U.S. construction company selected the full Dayforce suite for consolidating and modernizing its systems across 48 states and 32 unique FEINs for its 3,500 employees.
A regional commuter railroad corporation in the U.S. has chosen Dayforce as its unified HCM solution, including the full Talent Suite, to effectively manage its workforce of 3,300 employees.
A global manufacturer and distributor of medical devices operating in 33 countries, chose Dayforce for Global Pay, Time, and Managed Benefits in the U.S. to support 2,300 employees.

New Customer Highlights

A British multinational hotel and restaurant company with 38,000 employees went live across the U.K. with Dayforce Managed Payroll, HR, Workforce Management, and Talent.
A prominent U.S. manufacturer recently went live with Dayforce HR, Payroll, Time, Wallet, Document Management for its 10,000 employees.
A U.K. fashion retailer with 400 stores and 10,000 employees has recently implemented Dayforce HR, Workforce Management, Payroll, and Dayforce Wallet.
A leading senior living organization recently deployed the full Dayforce suite, supporting 6,300 active employees across the U.S.
A well-established U.S. logistics company has gone live with the full Dayforce suite to support its 5,200 employees.
A well-established U.S.-based insurance company has gone live with the full Dayforce suite supporting its 4,800 employees across North America.
A North American technology company migrated to Dayforce Managed Payroll to support nearly 4,700 U.S. employees.
A global office furniture manufacturer has implemented Dayforce HR, Payroll, Time, Analytics, and Dayforce Wallet for almost 4,000 U.S. employees.
A U.S.-based energy services company with 1,200 employees has implemented Dayforce Payroll, Benefits, Time, Core HR, Onboarding, and Recruiting.
A nonprofit organization dedicated to the governance and promotion of golf in America recently undertook a full-suite implementation of Dayforce to support its 400 employees.

Product Roadmap Highlights

In the third quarter, Dayforce launched new product capabilities to help Dayforce customers realize quantifiable value through enriched workforce engagement, enhanced analytics, and improved employee financial wellness, and to update their compliance capabilities.

The new Dayforce Learning was announced, with enhancements that will better equip organizations with the advanced learning and development capabilities needed to grow, engage, and enrich their workforces.
Dayforce People Analytics enhancements include:
- Measures, a new KPI and performance management tool, that surfaces performance across 28+ metrics, allowing organizations to configure intelligent nudges that can surface changes requiring their attention
- Data Cards display Measures in the Advanced Experience Hub, embedding awareness of performance metrics across the organization
- Machine learning enhanced prediction gives organizations a view into future performance
Dayforce Wallet updates include a new Savings feature, which allows users to route some of their earnings into a saving plan, a new Cashless Tips feature, which allows employers to pay out pre-tax or net tips by automating their distribution at the end of a shift, and a new Dayforce Wallet widget that integrates on-demand pay into Dayforce Hub, allowing employees to view and request available pay directly. As of September 30, 2024, over 1,290 customers were live on Dayforce Wallet.
Dayforce Payroll enhancements include a reimagined payroll experience that offers real-time insight into pay variances, helping users detect anomalies by highlighting areas needing attention.
240+ compliance updates up to the end of the third quarter, will bolster the Company’s industry-leading position in compliance by addressing changes in regional taxes, workers’ compensation, garnishments, and multiple state and city rate changes.

Business Outlook

Based on information available as of October 30, 2024, Dayforce is issuing the following guidance for the fourth quarter and full year of 2024 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

Guided Metrics	Full Year 2024	Fourth Quarter 2024
Total revenue	$1,747 million to $1,752 million, an increase of 15% to 16% on a GAAP basis or 16% on a constant currency basis.	$452 million to $457 million, an increase of 13% to 14% on a GAAP basis or 13% to 15% on a constant currency basis.
Dayforce recurring revenue, excluding float	$1,163 million to $1,168 million, an increase of 21% on a GAAP and on a constant currency basis.	$311 million to $316 million, an increase of 21% to 23% on a GAAP and on a constant currency basis.
Float revenue	$192 million	$37 million
Adjusted EBITDA	$492 million to $507 million	$120 million to $135 million

Dayforce is also providing an initial outlook for full year 2025 as follows:

Total revenue growth, excluding float, between 14% and 15%, on a constant currency basis
Adjusted EBITDA margin above 31%
Free cash flow as a percentage of total revenue above 12%

Dayforce has not reconciled the Adjusted EBITDA ranges, Adjusted EBITDA margin, or free cash flow for the fourth quarter or full years of 2024 or 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations would be based, is not available without unreasonable efforts due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

Foreign Exchange

For the fourth quarter of 2024, Dayforce’s guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.38, which results in an average rate of $1.37 for the full year of 2024, compared to an average rate of $1.36 and $1.35 for the fourth quarter and full year of 2023, respectively.

Conference Call Details

Dayforce will host a live webcast and conference call to discuss the third quarter 2024 earnings at 8:00 a.m. Eastern Time on October 30, 2024. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

About Dayforce

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Dayforce’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the fourth quarter and full fiscal years of 2024 and 2025, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “assume”, “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Dayforce has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Dayforce’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

its inability to maintain its high Cloud solutions growth rate, manage its domestic and international growth effectively, or execute on its growth strategy;
the impact of disruptions to the movement of funds to initiate payroll-related transactions on behalf of customers;
its failure to manage its aging technical operations infrastructure;
system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information, including its ongoing consent order with the Federal Trade Commission regarding data protection;
its failure to comply with applicable privacy, data protection, information security, and financial services laws, regulations and standards;
its inability to successfully compete in the markets in which Dayforce operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
its failure to properly update its solutions to enable its customers to comply with applicable laws;
its failure to provide new or enhanced functionality and features, including those that may involve artificial intelligence or machine learning;
its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
its inability to offer and deliver high-quality technical support, implementation, and professional services;
its inability to attract and retain senior management employees and highly skilled employees;
the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock;
its ability to maintain effective internal control over financial reporting, and the effect of the existing material weakness in its internal control over financial reporting on its business, financial condition, and results of operations; or
the impact of adverse economic and market conditions on its business, operating results, or financial condition.

Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce’s assumptions prove incorrect, its actual financial condition, results of operations, future performance, and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Dayforce’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce will continue to attract qualified personnel to support its development requirements and the support of its new and existing customers; and that the risk factors noted above, individually or collectively, do not have a material impact on Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.


Dayforce, Inc. Condensed Consolidated Balance Sheets (Unaudited)

	September 30,			December 31,
	2024			2023
(In millions, except per share data)
Assets
Current assets:
Cash and equivalents	$	494.1		$	570.3
Restricted cash		—			0.8
Trade and other receivables, net		255.8			228.8
Prepaid expenses and other current assets		153.3			126.7
Total current assets before customer funds		903.2			926.6
Customer funds		4,000.7			5,028.6
Total current assets		4,903.9			5,955.2
Right of use lease assets, net		14.7			19.1
Property, plant, and equipment, net		228.3			210.1
Goodwill		2,394.5			2,293.9
Other intangible assets, net		228.3			230.2
Deferred sales commissions		215.6			192.1
Other assets		131.7			110.3
Total assets	$	8,117.0		$	9,010.9

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt	$	7.3		$	7.6
Current portion of long-term lease liabilities		6.0			7.0
Accounts payable		73.1			66.7
Deferred revenue		42.7			40.2
Employee compensation and benefits		77.9			92.9
Other accrued expenses		66.3			30.4
Total current liabilities before customer funds obligations		273.3			244.8
Customer funds obligations		4,004.6			5,090.1
Total current liabilities		4,277.9			5,334.9
Long-term debt, less current portion		1,209.9			1,210.1
Employee benefit plans		25.0			27.7
Long-term lease liabilities, less current portion		14.0			18.9
Other liabilities		34.2			21.1
Total liabilities		5,561.0			6,612.7
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par, 500.0 shares authorized, 157.8 and 156.3 shares issued and outstanding, respectively		1.6			1.6
Additional paid in capital		3,291.5			3,151.1
Accumulated deficit		(340.5	)		(317.8	)
Accumulated other comprehensive loss		(396.6	)		(436.7	)
Total stockholders’ equity		2,556.0			2,398.2
Total liabilities and stockholders’ equity	$	8,117.0		$	9,010.9


Dayforce, Inc. Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024		2023
(In millions, except per share data)
Revenue:
Recurring	$	375.9		$	325.4		$	1,123.6	$	958.2
Professional services and other		64.1			52.1			171.2		155.8
Total revenue		440.0			377.5			1,294.8		1,114.0
Cost of revenue:
Recurring		87.4			80.5			265.1		239.4
Professional services and other		75.1			66.1			210.8		197.0
Product development and management		55.4			53.3			166.8		153.5
Depreciation and amortization		20.8			17.1			58.6		47.4
Total cost of revenue		238.7			217.0			701.3		637.3
Gross profit		201.3			160.5			593.5		476.7
Selling and marketing		86.4			61.8			248.5		177.5
General and administrative		94.1			72.2			269.4		204.9
Operating profit		20.8			26.5			75.6		94.3
Interest expense, net		8.8			8.9			33.2		27.2
Other (income) expense, net		(6.3	)		5.1			5.7		6.6
Income before income taxes		18.3			12.5			36.7		60.5
Income tax expense		16.3			16.3			29.4		51.3
Net income (loss)	$	2.0		$	(3.8	)	$	7.3	$	9.2
Net income (loss) per share:
Basic	$	0.01		$	(0.02	)	$	0.05	$	0.06
Diluted	$	0.01		$	(0.02	)	$	0.05	$	0.06
Weighted average shares outstanding:
Basic		158.1			155.7			157.6		155.0
Diluted		159.7			155.7			159.9		158.2


Dayforce, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
	2024			2023
(In millions)
Cash flows from operating activities
Net income	$	7.3		$	9.2
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax (benefit) expense		(27.5	)		13.9
Depreciation and amortization		151.5			84.1
Amortization of debt issuance costs and debt discount		3.2			3.3
Loss on debt extinguishment		4.3			—
Provision for doubtful accounts		4.7			4.2
Net periodic pension and postretirement cost		7.6			0.9
Share-based compensation expense		118.4			118.0
Change in fair value of contingent consideration		9.0			11.8
Other		(1.2	)		0.3
Changes in operating assets and liabilities, excluding effects of acquisitions:
Trade and other receivables		(26.2	)		(62.0	)
Prepaid expenses and other current assets		(4.5	)		(20.1	)
Deferred sales commissions		(22.9	)		(25.9	)
Accounts payable and other accrued expenses		5.9			8.5
Deferred revenue		(6.5	)		7.5
Employee compensation and benefits		(16.1	)		(23.2	)
Accrued taxes		22.5			11.0
Payment of contingent consideration		(20.9	)		—
Other assets and liabilities		(8.5	)		(11.9	)
Net cash provided by operating activities		200.1			129.6

Cash flows from investing activities
Purchases of customer funds marketable securities		(483.2	)		(252.0	)
Proceeds from sale and maturity of customer funds marketable securities		283.4			326.4
Purchases of marketable securities		(10.0	)		—
Proceeds from sale and maturity of marketable securities		7.6			—
Expenditures for property, plant, and equipment		(8.7	)		(15.4	)
Expenditures for software and technology		(74.1	)		(72.9	)
Acquisition costs, net of cash acquired		(173.1	)		—
Other		—			(1.0	)
Net cash used in investing activities		(458.1	)		(14.9	)

Cash flows from financing activities
(Decrease) increase in customer funds obligations, net		(1,049.9	)		311.0
Proceeds from issuance of common stock under share-based compensation plans		22.0			40.3
Repurchases of common stock		(28.8	)		—
Proceeds from debt issuance		650.0			—
Repayment of long-term debt obligations		(646.5	)		(6.0	)
Payment of debt refinancing costs		(11.4	)		—
Payment of contingent consideration		(3.0	)		—
Net cash (used in) provided by financing activities		(1,067.6	)		345.3

Effect of exchange rate changes on cash, restricted cash, and equivalents		(18.2	)		5.1
Net (decrease) increase in cash, restricted cash, and equivalents		(1,343.8	)		465.1
Cash, restricted cash, and equivalents at beginning of period		3,421.4			3,151.2
Cash, restricted cash, and equivalents at end of period	$	2,077.6		$	3,616.3

Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets
Cash and equivalents	$	494.1		$	510.3
Restricted cash		—			0.8
Restricted cash and equivalents included in customer funds		1,583.5			3,105.2
Total cash, restricted cash, and equivalents	$	2,077.6		$	3,616.3


Dayforce, Inc. Revenue Financial Measures (Unaudited)

	Three Months Ended September 30,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	292.0	$	245.6		18.9	%		(0.1	)%		19.0	%
Dayforce float		41.2		34.0		21.2	%		(0.3	)%		21.5	%
Total Dayforce recurring		333.2		279.6		19.2	%		(0.1	)%		19.3	%
Powerpay recurring, excluding float		20.2		19.6		3.1	%		(2.0	)%		5.1	%
Powerpay float		4.2		4.4		(4.5	)%		(2.2	)%		(2.3	)%
Total Powerpay recurring		24.4		24.0		1.7	%		(2.0	)%		3.7	%
Total Cloud recurring		357.6		303.6		17.8	%		(0.3	)%		18.1	%
Other recurring (b)		18.3		21.8		(16.1	)%		0.9	%		(17.0	)%
Total recurring revenue		375.9		325.4		15.5	%		(0.2	)%		15.7	%
Professional services and other (c)		64.1		52.1		23.0	%		(—	)%		23.0	%
Total revenue	$	440.0	$	377.5		16.6	%		(0.1	)%		16.7	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $0.2 million and $0.4 million for the three months ended September 30, 2024, and 2023, respectively.
c)	For the three months ended September 30, 2024, Professional services and other consisted of $61.8 million and $2.3 million associated with Dayforce and Other, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $48.2 million, $3.8 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.

	Nine Months Ended September 30,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	852.1	$	706.5		20.6	%		(0.2	)%		20.8	%
Dayforce float		139.9		112.5		24.4	%		(0.2	)%		24.6	%
Total Dayforce recurring		992.0		819.0		21.1	%		(0.2	)%		21.3	%
Powerpay recurring, excluding float		60.6		58.8		3.1	%		(1.2	)%		4.3	%
Powerpay float		14.4		13.4		7.5	%		(0.7	)%		8.2	%
Total Powerpay recurring		75.0		72.2		3.9	%		(1.1	)%		5.0	%
Total Cloud recurring		1,067.0		891.2		19.7	%		(0.3	)%		20.0	%
Other recurring (b)		56.6		67.0		(15.5	)%		(1.0	)%		(14.5	)%
Total recurring revenue		1,123.6		958.2		17.3	%		(0.3	)%		17.6	%
Professional services and other (c)		171.2		155.8		9.9	%		(0.2	)%		10.1	%
Total revenue	$	1,294.8	$	1,114.0		16.2	%		(0.3	)%		16.5	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $0.9 million and $1.6 million for the nine months ended September 30, 2024, and 2023, respectively.
c)	For the nine months ended September 30, 2024, Professional services and other consisted of $164.4 million, $6.6 million, and $0.2 million associated with Dayforce, Other, and Powerpay, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $144.6 million, $11.1 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.


Dayforce, Inc. Share-Based Compensation Expense and Related Employer Taxes (Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Cost of revenue – Cloud	$	3.0	$	3.9	$	9.6	$	11.9
Cost of revenue – Other		0.6		0.5		1.7		1.2
Professional services and other		4.0		4.4		11.7		13.5
Product development and management		8.1		7.8		25.0		25.7
Sales and marketing		9.4		6.4		27.2		19.0
General and administrative		14.5		13.4		43.2		47.0
Total	$	39.6	$	36.4	$	118.4	$	118.3


Dayforce, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

The following tables reconcile Dayforce’s reported results to its non-GAAP financial measures:

	Three Months Ended September 30, 2024
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	75.1		79.0	%	$	3.0	$	—	$	0.1		$	72.0		79.9	%

Operating profit	$	20.8		4.7	%	$	39.6	$	29.6	$	13.2		$	103.2		23.5	%

Net income	$	2.0		0.5	%	$	39.6	$	29.6	$	3.3		$	74.5		16.9	%
Interest expense, net		8.8					—		—		—			8.8
Income tax expense (c)		16.3					—		—		(4.0	)		20.3
Depreciation and amortization		52.1					—		29.6		—			22.5
EBITDA	$	79.2				$	39.6	$	—	$	7.3		$	126.1		28.7	%

Net income per share – diluted (d)	$	0.01				$	0.25	$	0.19	$	0.02		$	0.47

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net (loss) income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $3.2 million of restructuring expenses, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, $1.0 million of fees associated with initiating the receivables securitization program, and $9.1 million of foreign exchange gain, along with a $4.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 159.7 million weighted average shares of common stock.

	Three Months Ended September 30, 2023
	As reported			As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	69.9			77.0	%	$	3.9	$	—	$	—		$	66.0		78.3	%

Operating profit	$	26.5			7.0	%	$	36.4	$	20.5	$	6.0		$	89.4		23.7	%

Net (loss) income	$	(3.8	)		(1.0	)%	$	36.4	$	20.5	$	5.2		$	58.3		15.4	%
Interest expense, net		8.9						—		—		—			8.9
Income tax expense (c)		16.3						—		—		(5.5	)		21.8
Depreciation and amortization		38.7						—		20.5		—			18.2
EBITDA	$	60.1					$	36.4	$	—	$	10.7		$	107.2		28.4	%

Net (loss) income per share – diluted (d)	$	(0.02	)				$	0.23	$	0.13	$	0.03		$	0.37

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $4.7 million of foreign exchange loss, $4.6 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $1.2 million of restructuring expenses, and $0.2 million related to the abandonment of certain leased facilities, along with a $5.5 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP diluted net loss per share is calculated based upon 155.7 weighted average shares of common stock, and Adjusted diluted net income per share is calculated based upon 158.8 million weighted average shares of common stock.

	Nine Months Ended September 30, 2024
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	228.5		78.6	%	$	9.6	$	—	$	0.9		$	218.0		79.6	%

Operating profit	$	75.6		5.8	%	$	118.4	$	87.5	$	25.7		$	307.2		23.7	%

Net income	$	7.3		0.6	%	$	118.4	$	87.5	$	5.5		$	218.7		16.9	%
Interest expense, net		33.2					—		—		—			33.2
Income tax expense (c)		29.4					—		—		(27.0	)		56.4
Depreciation and amortization		151.5					—		87.5		—			64.0
EBITDA	$	221.4				$	118.4	$	—	$	32.5		$	372.3		28.8	%

Net income per share – diluted (d)	$	0.05				$	0.74	$	0.55	$	0.03		$	1.37

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $15.7 million of restructuring expenses, $9.7 million of costs associated with the planned termination of its frozen U.S. pension plan, $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $1.0 million of fees associated with initiating the receivables securitization program, and $2.9 million of foreign exchange gain, along with a $27.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 159.9 million weighted average shares of common stock.

	Nine Months Ended September 30, 2023
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	204.8		77.0	%	$	11.9	$	—	$	—		$	192.9		78.4	%

Operating profit	$	94.3		8.5	%	$	118.3	$	32.7	$	15.6		$	260.9		23.4	%

Net income	$	9.2		0.8	%	$	118.3	$	32.7	$	(1.8	)	$	158.4		14.2	%
Interest expense, net		27.2					—		—		—			27.2
Income tax expense (c)		51.3					—		—		(22.7	)		74.0
Depreciation and amortization		84.1					—		32.7		—			51.4
EBITDA	$	171.8				$	118.3	$	—	$	20.9		$	311.0		27.9	%

Net income per share – diluted (d)	$	0.06				$	0.75	$	0.21	$	(0.01	)	$	1.00

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $11.8 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $5.3 million of foreign exchange loss, $3.4 million of restructuring expenses, and $0.4 million related to the abandonment of certain leased facilities, along with a $22.7 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 158.2 million weighted average shares of common stock.


Dayforce, Inc. Reconciliation of Free Cash Flow (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In millions)
Net cash provided by operating activities	$	91.8		$	36.6		$	200.1		$	129.6
Expenditures for property, plant, and equipment		(2.0	)		(5.3	)		(8.7	)		(15.4	)
Expenditures for software and technology		(26.4	)		(26.5	)		(74.1	)		(72.9	)
Free cash flow	$	63.4		$	4.8		$	117.3		$	41.3

Non-GAAP Financial Measures

Dayforce uses certain non-GAAP financial measures in this release including:

Non-GAAP Financial Measure		GAAP Financial Measure
EBITDA		Net (loss) income
Adjusted EBITDA		Net (loss) income
Adjusted EBITDA margin		Net profit margin
Adjusted Cloud recurring gross margin		Cloud recurring gross margin
Adjusted operating profit		Operating profit
Adjusted operating profit margin		Operating profit margin
Adjusted net income		Net (loss) income
Adjusted net profit margin		Net profit margin
Adjusted diluted net income per share		Diluted net (loss) income per share
Free cash flow		Net cash provided by operating activities
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis		Percentage change in revenue, including total revenue and revenue by solution
Dayforce recurring revenue per customer		No directly comparable GAAP measure

Dayforce believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Dayforce’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin and Adjusted operating profit are components of certain performance based equity awards for its named executive officers. Additionally, Dayforce believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of Dayforce’s liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The exclusion of capital expenditures facilitates comparisons of Dayforce’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce’s liquidity.

These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

Dayforce defines its non-GAAP financial measures as follows:

EBITDA is defined as net (loss) income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
Adjusted net income is defined as net (loss) income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average common shares outstanding. When adjusted diluted net income per share is positive, diluted weighted average common shares outstanding incorporate the effect of dilutive equity instruments.
Free cash flow is defined as net cash provided by operating activities, as adjusted to exclude capital expenditures.
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, the Company starts with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. The Company has not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

Source: Dayforce, Inc.

For further information, please contact:

Investor Relations
1-844-829-9499
investors@dayforce.com

Public Relations
1-647-417-2117
teri.murphy@dayforce.com

The MIL Network –

January 25, 2025

MIL-OSI: DeFi Technologies’ Subsidiary Valour Expands Offerings with First-Ever Valour Bittensor (TAO) SEK ETP in the Nordics on Spotlight Stock Market
Source: GlobeNewswire (MIL-OSI)
- Introduction of Valour Bittensor (TAO) SEK ETP: DeFi Technologies’ subsidiary Valour Inc. has launched the Valour Bittensor (TAO) ETP on Sweden’s Spotlight Stock Market, marking the first Bittensor ETP in the Nordics and expanding its suite of digital asset products with this cutting-edge decentralized machine learning asset. With a market cap of $3.9 billion, TAO ranks #25 among digital assets globally.
- Investment Opportunities in Decentralized Machine Learning: The Valour Bittensor (TAO) SEK ETP provides Nordic investors with unique exposure to TAO, the native token of the Bittensor network, now accessible for the first time in the region. Bittensor revolutionizes machine learning by creating a decentralized, peer-to-peer marketplace where machine intelligence can be exchanged, fostered, and traded. This network functions as a hive mind, pooling AI model intelligence into an ever-growing digital knowledge base and incentivizing global collaboration among developers.
- Strategic Product Expansion: The launch of the first Valour Bittensor ETP in the Nordics underscores Valour’s commitment to bringing innovative digital assets to the market. Listed on the Spotlight Stock Market, this ETP offers Nordic investors the opportunity to invest in groundbreaking advancements within decentralized AI and machine learning, representing a significant step forward in providing regional access to transformative digital assets.
TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — DeFi Technologies Inc. (the “Company” or “DeFi Technologies”) (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a crypto-native technology company at the forefront of merging traditional capital markets with decentralized finance (“DeFi“), proudly announces that its subsidiary Valour Inc. (“Valour“), a leading issuer of exchange-traded products (“ETPs“) providing simplified access to digital assets, has listed the first-ever Valour Bittensor (TAO) ETP in the Nordics on the Spotlight Stock Market. This launch provides investors with seamless access to TAO, the token that fuels Bittensor’s decentralized machine learning protocol. With a market cap of $ 3.9 billion, TAO ranks #25 among digital assets globally.

The Valour Bittensor (TAO) SEK ETP (ISIN: CH1213604619) is the latest addition to Valour’s range of innovative digital asset products, now available to Nordic investors. The ETP brings unparalleled exposure to the Bittensor network, which turns machine intelligence into a tradable asset within a decentralized marketplace. TAO’s unique utility extends beyond traditional token use by representing individual contributions to this shared intelligence pool, embodying the collective insights within the Bittensor ecosystem. Featuring a 1.9% management fee, this ETP provides streamlined access to the rapidly growing world of decentralized AI.

“With the TAO ETP, we’re setting a new standard for AI-backed investments, linking investors to the future of decentralized intelligence,” commented Elaine Buehler, Head of Product at Valour. “This launch brings traditional investors into a dynamic AI ecosystem, pushing the boundaries of digital asset investment in the Nordics for the first time.”

Unlike traditional centralized machine learning models, Bittensor allows AI models to exchange capabilities and predictions directly in a peer-to-peer network. This decentralized structure encourages diversity and innovation, making Bittensor a key driver in the evolution of machine learning.

“By launching the Valour Bittensor ETP in Sweden, we’re expanding investor access to the transformative potential of decentralized machine learning,” said Johanna Belitz, Head of Nordics at Valour. “Our focus remains on providing high-quality products that reflect current market demands and foster innovation. This is an important milestone as the first Bittensor ETP in the Nordics.”

About DeFi Technologies
DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionising the way individuals and institutions interact with the evolving financial ecosystem. Follow DeFi Technologies on Linkedin and Twitter, and for more details, visit https://defi.tech/

About Valour
Valour Inc. and Valour Digital Securities Limited (together, “Valour”) issues exchange traded products (“ETPs”) that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF).

In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour’s existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TON), Internet Computer (ICP), Chainlink (LINK), Hedera (HBAR), Core (CORE), Enjin (ENJ), Valour Bitcoin Staking (BTC), Bitcoin Carbon Neutral (BTCN), Sui (SUI), Valour Digital Asset Basket 10 (VDAB10) and 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETPs with low management fees. Valour’s flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free. For more information about Valour, to subscribe, or to receive updates, visit valour.com.

Cautionary note regarding forward-looking information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the the listing of Valour Bittensor (TAO) ETP; the development of the TAO token; investor confidence in Valour’s ETPs; investor interest and confidence in digital assets; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

For further information, please contact:

Olivier Roussy Newton
Chief Executive Officer
ir@defi.tech
(323) 537-7681

The MIL Network –
January 25, 2025
MIL-OSI: InspireSemi Announces Annual General and Special Meeting and Appointment of Director

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia and AUSTIN, Texas, Oct. 30, 2024 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“Inspire” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, is pleased to announce that the Annual General and Special meeting (the “AGSM“) for the year ended December 31, 2023 will be held in person at the Company’s offices at 11305 Four Points Drive, Suite 2-250, Austin, TX 78726 at 9:30 a.m. (Austin time) on November 20, 2024.

The Notice of AGSM, Management Information Circular (the “Circular”), Financial Statements Request Form, Form of Proxy and Voting Instruction Form (the “Materials”) will be mailed to shareholders and posted on the Company’s profile on SEDAR+ at www.sedarplus.ca not later than the date of this release. The Materials can also be found on the Company’s website at www.inspiresemi.com, investors tab.

Shareholders of record as of October 11, 2024 are entitled to vote their shares of the Company at the AGSM. The Company encourages its shareholders to vote in advance of the AGM using the instructions on the Voting Instruction Form or the Form of Proxy that were mailed to them with the Materials. Shareholders are reminded that proxies must be received by 9.30 a.m. (Austin Time) on November 18, 2024.

In addition to the usual matters presented to shareholders at an annual general meeting, the Company will be seeking the approval of its shareholders to delist its subordinate voting shares from the TSX Venture Exchange. For reasons further explained in the Circular, the Company deems the delisting to be an extremely important matter for the Company. The Company encourages all shareholders to review the information in the Circular and to vote in favour of the delisting at the AGSM.

If any shareholder has not received their voting instructions by mail by mid November and wishes to vote at the AGSM, the Company encourages those shareholders to contact the Corporate Secretary by email to secretary@inspiresemi.com who will be happy to assist with retrieving your individual voting instructions.

Advance Notice

This press release is deemed notice, in accordance with the Company’s Advance Notice By-Law (the “By-Law”), which amongst other things, includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (British Columbia) (the “Act”); or (ii) a shareholder proposal made pursuant to the provisions of the Act.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that, in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. Therefore, in this case of the AGSM notice of any nomination must be received by the Company by November 9, 2024.

Shareholders must provide notice of any nomination for director to the Corporate Secretary by email to secretary@inspiresemi.com and in proper written form and including all the details required in accordance with the By Law, a copy of which can be found on the Company’s website at www.inspiresemi.com, investors tab.

Appointment of Director

The Company is also pleased to announce that it has appointed Mr. Jeff Brown to its board of directors effective October 29, 2024.

Mr. Brown has had a long and successful career in the media industry, with extensive experience in distribution, digital marketing and brand management. He currently owns and runs JB & Associates, a strategic and business building consulting firm and is a Faculty Lecturer in Entertainment Media Management, Cinema and Television Arts at California State University.

Previously he was with Warner Bros for over 26 years as a prominent executive in the Home Entertainment division, ending as Executive Vice President in January 2023. He helped lead Warner Bros. with its move into streaming, digital (VOD/EST) and physical media (DVD/Blu-ray). He managed P&L for distribution of television content, including WBTV, HBO, Turner productions and third-party partner brands such as the BBC and Peanuts, leading to Warner Bros. holding the top placed market share for nearly 20 years. He
oversaw the implementation of new customer acquisition strategies and adherence to best-in-class data driven analytics. He also previously worked in brand management and finance for other large brands including Nestle, General Mills and the Gap.

Mr. Brown holds an MBA from Stanford Graduate School of Business, a BSE in Finance from Wharton, University of Pennsylvania and a BA in Political Science from University of Pennsylvania.

The Company welcomes Mr. Brown to the board and looks forward to his future contributions to the success of Inspire.

Mr. Brown was nominated as a director by Humanitario Capital LLC pursuant to nomination rights granted to it under the Convertible Loan Agreement between it and the Company dated September 23, 2024. Further information regarding the Convertible Loan Agreement can be found in the Company’s press released dated September 23, 2024.

About InspireSemi

InspireSemi (TSXV: INSP) provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.

For more information visit https://inspiresemi.com
Follow InspireSemi on LinkedIn

Company Contact
Ron Van Dell, CEO
(737) 471-3230
rvandell@inspiresemi.com

Cautionary Statement on Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

Forward-looking information includes, but is not limited to, information regarding: (i) the business plans and expectations of the Company including expectations with respect to production and development; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: (i) statements relating to the business and future activities of, and developments related to, the Company after the date of this press release; (ii) expectations for other economic, business, regulatory and/or competitive factors related to the Company or the technology industry generally; (iv) the risk factors referenced in this news release and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca; and (v) other events or conditions that may occur in the future. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. 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 such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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

The MIL Network –

January 25, 2025
MIL-OSI USA: Crude oil imports from Canada reached a record after pipeline expansion

Source: US Energy Information Administration

In-brief analysis

October 30, 2024

U.S. imports of crude oil from Canada reached a record of 4.3 million barrels per day (b/d) in July 2024 following the expansion of Canada’s Trans Mountain pipeline. July is the most recent month for which data are available in our Petroleum Supply Monthly (PSM).

The Trans Mountain Expansion (TMX) tripled the line’s previous 300,000-b/d capacity when it began commercial operation in May 2024, bringing additional crude oil produced in the landlocked province of Alberta to Canada’s west coast, where it can be exported. Historically, most crude oil exports out of Alberta have made their way either to refiners in the U.S. Midwest via pipeline or to the U.S. Gulf Coast by rail shipments, where they are either consumed by refiners or loaded onto tankers for seaborne re-exports. TMX was added alongside the previous Trans Mountain pipeline to move larger volumes of crude oil to the coast of British Columbia to then be exported directly to Pacific Ocean buyers.

Since TMX came online in May, early data indicate that refiners on the U.S. West Coast have been key buyers of the new export volumes. Between June and September, the U.S. West Coast accounted for just over half of all maritime crude oil exports out of Western Canada, with the rest going to destinations in Asia, according to data from Vortexa Analytics. The U.S. West Coast imported 498,000 b/d of crude oil in July 2024, according to our PSM, a record high for the region and an increase of 115% compared with July 2023.

Data source: Vortexa Analytics

The Western Canadian Select (WCS) crude oil spot price at Hardisty is used as a benchmark price to reflect regional crude oil production in Alberta. Historically, WCS spot prices are significantly discounted to other benchmarks because of WCS’s quality and the region’s landlocked geography, which limit its market. Unlike Brent (the global crude oil benchmark grade), WCS has a higher sulfur content and a lower API gravity, and additional costs are necessary to move WCS from its inland pricing location to a coastal seaborne export location.

Data source: Bloomberg L.P.
Note: Price premiums are calculated using the Dated Brent price minus the WCS spot market price at Hardisty.

Since TMX came online in May, added takeaway capacity has had a mixed impact on WCS prices. In July 2024, the monthly average Brent price premium to WCS was $21 per barrel (b), $5/b higher than it was at the same time last year despite the additional capacity provided by TMX. The August price differential was between the five-year (2019–23) average and last year’s level. The September average price differential, however, was slightly below the five-year average level. As of October 29, the Brent price premium to WCS for October is narrower by $10/b compared with October 2023.

The WCS price differential to Brent and other benchmarks often widens in the fall, when Midwestern refiners reduce runs to undergo maintenance, limiting the pool of buyers from Alberta’s primary customers. If the price differentials remain near current levels through the end of the year, it may suggest that the added TMX capacity has helped to insulate Canada’s crude oil producers from the operational decisions of refiners in the U.S. Midwest.

Principal contributor: Kevin Hack

MIL OSI USA News –

January 25, 2025
MIL-OSI Security: Harbour Grace — Charges anticipated against off-road vehicle operator who attempted to evade traffic stop

Source: Royal Canadian Mounted Police

Charges are pending against a 42-year-old operator of an off-road vehicle who attempted to evade Harbour Grace RCMP during a traffic stop in Harbour Grace on October 26, 2024.

At approximately 11:30 p.m. on Saturday, police observed a side-by-side, with two occupants who were not wearing helmets, travelling at a high rate of speed on Harvey Street. The officer was unable to initiate a traffic stop and engaged another officer, who was also on Harvey Street, for assistance. In anticipation of the off-road vehicle approaching, the second officer positioned the police vehicle in the middle of the road and activated emergency lights. Upon approach of the police vehicle, the off-road vehicle operator attempted to evade the traffic stop by turning around in the roadway and subsequently crashed the side-by-side on the roadway.

The passenger, a 48-year-old woman, was transported to Carbonear General Hospital with non-life-threatening injuries. The driver, who was without insurance or registration, was uninjured.

The side by side was impounded as part of the investigation. Charges are anticipated. The investigation is continuing.

RCMP NL continues to fulfill its mandate to protect public safety, enforce the law, and ensure the delivery of priority policing services in Newfoundland and Labrador.

MIL Security OSI –

January 25, 2025
MIL-OSI: 94% of Canadians expect holiday spending to cause financial stress
Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — As the holiday season approaches, a startling 94 per cent of Canadians say they expect it to cause financial stress, according to a new survey from CPA Canada and BDO Debt Solutions.

Nearly 40 per cent (39%) of respondents reported they expect to feel more financially stressed this year, while 55 per cent said they anticipate the same amount as last year.

Additionally, 56 per cent of respondents suggest they’ll rely on credit cards to cover their holiday expenses.

Canadians are planning to spend eight per cent less this year on holiday gifts—an average of $595, down from $645 last year.

“The notion that this should be a time of joy and generosity is sharply contrasted by the reality that many will start the new year in debt,” says Li Zhang, financial literacy leader at CPA Canada. “Given consumers are grappling with a consistently rising cost of living, it’s not surprising that the festive season has become a major source of anxiety.”

“It’s concerning that more than half of Canadians are relying on credit cards for holiday expenses.” says Nancy Snedden, Licensed Insolvency Trustee and President at BDO Debt Solutions. “Using credit cards for holiday shopping may ease the immediate financial burden, but it can create a much bigger problem down the line if balances aren’t paid off quickly.”

Other stand-out findings:
- Generational stress: Stress peaks among younger generations—Millennials and Gen Z report feeling the highest levels of stress during the holiday season.
- Expecting to overspend: While most respondents plan to maintain the same budget as last year, 18 per cent said they are likely to overspend.
- Credit card crutch: Credit cards were tied with savings and regular income as the primary way Canadians planned to finance their holiday spending. Younger generations mostly feel the weight of this burden, with 59 per cent of respondents ages 18 to 34 relying on credit cards.
- To travel or not to travel: 57 per cent of respondents are choosing not to travel this holiday season—with those who do plan to travel expecting to spend an average of 33 per cent more at $1,623 compared with $1,219 last year.
- Not feeling philanthropic: Only 24 per cent of respondents intend to donate to charity this holiday season, reflecting a drop in generosity from last year’s 30 per cent.
Survey methodology
Survey methodology Leger conducted the 2024 Holiday Spending OMNIbus online survey from Sept. 27 to Sept.29, 2024, among 1,626 randomly selected Canadians aged 18 and over. For the full survey results including regional breakdowns or to schedule an interview, please contact media@cpacanada.ca.

The MIL Network –
January 25, 2025
MIL-OSI: Boba Mint Holdings Announces Major Milestones for Blockchain Game Tanjea Amidst Surging User Growth

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Oct. 30, 2024 (GLOBE NEWSWIRE) — Boba Mint Holdings Ltd. (CSE: TNJ) (“Boba Mint” or the “Company”) is excited to celebrate remarkable growth milestones for its flagship blockchain mobile game, Tanjea. Since the last user download update in May, game downloads have doubled, now surpassing 409,670 total downloads, with over 24,000 monthly active users on the Android platform alone.

“I am impressed with the increase in game downloads—it’s a testament to the two engaging game modes we now have in the Tanjea ecosystem,” said CEO Rody Lazar. This impressive surge in user engagement underscores Boba Mint’s impact in the blockchain gaming industry and its commitment to redefining the mobile gaming experience.

TNJ Token Update

We anticipate that full withdrawal capabilities for our TNJ token will be available by the end of calendar year 2024, with plans for the token to trade on Uniswap in the future.

About Boba Mint Holdings Ltd.

Boba Mint Holdings Ltd. is focused on the development of blockchain mobile games that integrate ERC20 tokens and ERC721 NFTs. Its primary product is a mobile blockchain gaming ecosystem called Tanjea, where gamers collect NFT characters (primarily birds and wolves) in multiple mobile games and use them to earn $TNJ tokens.

Boba Mint is a pioneering blockchain gaming company dedicated to creating immersive, decentralized gaming experiences. Boba Mint has become synonymous with innovation and excellence in the blockchain gaming industry.

On Behalf of the Board of Directors,

Boba Mint Holdings Ltd.

“Rody Lazar” CEO

For further information, please contact:

Rody Lazar – CEO

Phone: 1-800-556-1015

Email: info@bobamint.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for this release’s adequacy or accuracy.

Forward-Looking Statements

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 Boba’s 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. Such statements include those relating to game development and the Company’s expectations and plans. Although Boba believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, 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.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments in the blockchain sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mobile video game industry and markets in Canada and generally; the ability of Boba to implement its business strategies; competition; and other assumptions, risks and uncertainties. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws. The foregoing statements expressly qualify any forward- looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Boba’ Form 2A Listing Statement dated April 19, 2024 which is available on Boba’s profile at http://www.sedarplus.ca and on the CSE website at https://thecse.com/listings/boba-mint-holdings- ltd/.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
We seek Safe Harbor.

The MIL Network –

January 25, 2025
MIL-OSI China: China, Canada to increase direct flights to satisfy travel, trade demands

Source: People’s Republic of China – State Council News

BEIJING, Oct. 30 — China and Canada will increase direct flights to meet demands for travel and trade between the two countries, the Civil Aviation Administration of China (CAAC) said Wednesday.

Air Canada plans to increase the frequency of its weekly round-trip flights from Vancouver to Shanghai from the current four to seven from Dec. 7 onwards, according to the CAAC.

Furthermore, Air Canada will resume the operation of its route from Vancouver to Beijing from Jan. 15, 2025 — offering seven round-trip flights per week.

Meanwhile, Chinese airlines are also expediting their application process for additional flights.

The surge in direct flights between China and Canada will help satisfy personnel exchange and economic and trade demands, and promote the further recovery of their shared air transport market, the CAAC said.

MIL OSI China News –

January 25, 2025
MIL-OSI Security: Dartmouth — Nova Scotia RCMP release impaired statistics for July to September 2024
Source: Royal Canadian Mounted Police

As Nova Scotia’s provincial police, road safety is a top priority for the Nova Scotia RCMP. For the months of July, August, and September, 274 drivers in the province were charged with impaired-related offences.
- 234 charged with Impaired Operation of a Conveyance by Alcohol
- 12 charged with Impaired Operation of a Conveyance by Drug
- 28 charged with Refusal of a Demand Made by a Peace Officer
In addition to investigations that resulted in charges, a further 130 people were issued administrative driving suspensions for Operating a Conveyance While Having Consumed Alcohol.

Failure or refusal to comply with a peace officer’s request to provide a sample for sobriety testing can result in criminal charges that have the same penalties as impaired driving. There are a range of fines and periods of driving prohibition for those convicted of driving under the influence of alcohol or drugs.

Citizens are asked to call 911 immediately if they see a driver who’s driving erratically or unsafely. Here are some signs that an impaired driver might be behind the wheel:
- Driving unreasonably fast, slow or at an inconsistent speed
- Drifting in and out of lanes
- Tailgating and changing lanes frequently
- Making exceptionally wide turns
- Changing lanes or passing without sufficient clearance
- Overshooting or stopping well before stop signs or stop lights
- Disregarding signals and lights
- Approaching signals or leaving intersections too quickly or slowly
- Driving without headlights, failing to lower high beams or leaving turn signals on
The 911 dispatcher will ask for:
- Your location
- A description of the vehicle, including the licence plate number, colour, make and model
- The direction of travel for the vehicle
- A description of the driver if visible
The Nova Scotia RCMP asks motorists to plan ahead and drive sober.

MIL Security OSI –
January 25, 2025
MIL-OSI China: China’s first ‘smart factory’ for offshore oil, gas equipment fully operational

Source: China State Council Information Office

China’s first intelligent manufacturing base for offshore oil and gas equipment was put into full operation on Wednesday in north China’s Tianjin Municipality.

Covering an area of about 575,000 square meters, this base built along the coast of the Bohai Sea focuses on producing offshore oil and gas platforms and high-end offshore products such as liquefied natural gas modules, according to its constructor China Offshore Oil Engineering Company (COOEC), a subsidiary of the China National Offshore Oil Corporation.

The base consists of four intelligent production workshops, eight production auxiliary centers, 16 final assembly stations and core facilities such as docks facilitating product transportation via large ships. There are also over 600 intelligent production machines at this base.

Compared to the traditional manufacturing process, a series of operations such as material retrieval, pipe coiling, cutting and hydraulic bending can be achieved via a single click through an intelligent manufacturing management platform available at the Tianjin facility.

According to Wang Lei, one of the senior executives of the Tianjin branch of COOEC, there are a variety of offshore oil and gas equipments, and in the past, producing them featured complicated manufacturing processes, and customized and non-standard requirements.

As a result, COOEC opted to develop an intelligent manufacturing management platform to achieve intelligent production under complex conditions, said Wang. “More manufacturing processes are now achieved through the use of equipment, while only a small number of workers are needed to undertake detail adjustment tasks.”

The base was constructed in two phases. The first phase of the project was put into use in June 2022, and delivered 35 offshore oil and gas platforms to countries such as China and Canada, with total weight exceeding 87,000 tonnes.

In the second construction phase of this project, eight final assembly stations and an intelligent pipe production line were added, while the capacity of docks was increased.

“Production efficiency achieved by the intelligent pipe production line has increased by about 20 percent when compared to what was possible in the first phase, and the overall production capacity of the factory has doubled through digital intelligent manufacturing and precise management,” Wang revealed.

In 2023, China’s offshore crude oil production had exceeded 62 million tonnes, a year-on-year increase of 3.4 million tonnes — accounting for about 70 percent of China’s total crude oil production increase last year.

MIL OSI China News –

January 25, 2025
MIL-OSI Canada: Biographical note

Source: Government of Canada News

Michael Callan becomes High Commissioner in the Republic of Trinidad and Tobago. Mr. Callan replaces Arif Keshani.

Michael Callan (BA Hons [Political Studies], Queen’s University, 2000; MSc Econ [International Security], University of Wales, Aberystwyth, 2002). Prior to joining Global Affairs Canada, Michael Callan served in the Canadian Armed Forces and worked with the Aga Khan Foundation in Bangladesh and the Carnegie Endowment for International Peace in Moscow. Upon joining the Canadian International Development Agency in 2004, Mr. Callan took on assignments with the Humanitarian Assistance Division and the Afghanistan Task Force. Abroad, Mr. Callan was the Government of Canada’s first civilian deployed to Kandahar, Afghanistan, where he served as director, development, for Canada’s Provincial Reconstruction Team (2005 to 2006). His subsequent deployments included assignments as head of aid in Khartoum (2008 to 2010) and director, development, for the Middle East and North Africa in Cairo and Amman (2012 to 2016). He was then seconded to the Privy Council Office (2016 to 2017) before taking up a fellowship with the Weatherhead Center for International Affairs at Harvard University (2018). Mr. Callan served as director of conflict prevention, stabilization and peacebuilding (2019 to 2021) prior to his most recent assignment as ambassador to Algeria (2021 to 2024).

MIL OSI Canada News –

January 25, 2025
MIL-OSI Canada: Announcement of new diplomatic appointment

Source: Government of Canada News (2)

The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced the following diplomatic appointment.

October 30, 2024 – Ottawa, Ontario – Global Affairs Canada

The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced the following diplomatic appointment:

Michael Callan becomes High Commissioner in the Republic of Trinidad and Tobago. Mr. Callan replaces Arif Keshani.

MIL OSI Canada News –

January 25, 2025
MIL-OSI Security: Southend — Waskesiu RCMP seeking public assistance to locate missing female

Source: Royal Canadian Mounted Police

Waskesiu Detachment is asking for the public’s assistance in locating 63-year-old Margaret (also goes by Harder) Sinclair from Southend, Saskatchewan. She was reported missing on October 29 around 9:00 p.m.

Margaret/Harder was a passenger in a vehicle and got out on Highway #2 near Weyakwin this evening – we don’t have a specific location. It is unknown if she caught a ride with anyone.

RCMP are concerned for her well-being, especially given the cold temperatures.

Margaret/Harder is described as: 170 pounds, 5’1″ tall, brown and grey coloured hair, wearing a black jacket. She was not dressed for the weather. She had a walker with her, which she requires for mobility.

Anyone with information on the whereabouts of Margaret/Harder is asked to contact their nearest police service or Waskesiu RCMP at 310-RCMP or 911.

MIL Security OSI –

January 25, 2025
MIL-OSI Canada: Prime Minister Justin Trudeau speaks with President of Republic of Korea Yoon Suk Yeol

Source: Government of Canada – Prime Minister

Yesterday, Prime Minister Justin Trudeau spoke with the President of the Republic of Korea, Yoon Suk Yeol.

The leaders discussed recent developments and expressed their deep concern and condemnation over North Korea’s troop deployment to support Russia’s ongoing war of aggression against Ukraine.

The Prime Minister and the President welcomed Canada and Korea’s first High-Level Foreign and Defence Policy Dialogue (2+2) between ministers of Foreign Affairs and Defence later this week. They also noted the value of our growing defence partnerships and reaffirmed the importance of bilateral co-operation on regional and global issues, including in the Indo-Pacific.

Prime Minister Trudeau and President Yoon agreed to remain in close contact and looked forward to meeting soon.

Associated Links

MIL OSI Canada News –

January 25, 2025
MIL-OSI Canada: Ministerial statement on the Investment Canada Act review of Cleveland-Cliffs acquisition of Stelco
Source: Government of Canada News

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement:
October 30, 2024 – Ottawa, Ontario

Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement:

“Foreign investment encourages economic growth, innovation, and employment opportunities in Canada. At the same time, the Government of Canada has a responsibility to make sure the most significant foreign investments will benefit Canadians.

“On July 15, 2024, Stelco Holdings Inc. and Cleveland-Cliffs announced an agreement pursuant to which Cleveland-Cliffs would acquire all of the outstanding shares of Stelco.

“Following an extensive review under the Investment Canada Act, yesterday, I approved the investment. This approval is contingent on a significant package of binding, five-year-long undertakings to support Cleveland-Cliffs’ net benefit case which it provided as part of the review process, including:
- To respect Stelco’s historic brand by carrying on operations under the name, “Stelco, a Cleveland-Cliffs Company”;
- To maintain Stelco’s head office in Hamilton, with responsibility for Stelco’s day-to-day operations;
- To continue to employ at least the same number of unionized employees and the vast majority of non-unionized employees as were employed when the transaction was announced;
- To honour all existing collective bargaining agreements and Stelco’s employee benefit and pension commitments;
- To make significant capital and research and development expenditures in support of Stelco’s operations; and
- To ensure Stelco’s Scope 1 and Scope 2 greenhouse gas emission intensity do not increase and continue to be at least 25 percent below the global average for integrated steel mills.
“While Canada welcomes foreign investment, the Government is committed to considering all factors laid out in the Investment Canada Act when reviewing transactions to ensure they are beneficial to Canadian workers and Canada’s economic interests.”
Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca

MIL OSI Canada News –
January 25, 2025
MIL-OSI: ServiceTrade 2024 Benchmark Reports Reveal Fire Protection and Mechanical Service Customers Outperform Industry Peers

Source: GlobeNewswire (MIL-OSI)

DURHAM, N.C., Oct. 30, 2024 (GLOBE NEWSWIRE) — ServiceTrade, Inc., a leading software platform for commercial mechanical and fire system service contractors, is pleased to announce the release of its 2024 ServiceTrade Benchmark Reports. The annual reports provide commercial fire and mechanical contractors with critical insights to evaluate their business performance against peers, enabling them to identify optimization opportunities and strengthen their businesses.

The 2024 ServiceTrade Benchmark Reports offer a data-driven analysis of the operational performance of US and Canada-based commercial fire and mechanical contractor businesses. Specifically, the reports reveal contractors’ performance in year-over-year revenue, driven by smart strategies such as uncovering proactive pull-through revenue opportunities from existing customers, prioritizing high-value work, and optimizing back-end processes. The reports also provide insights and proven best practices to help contractors take advantage of operational trends and identify sustainable growth, revenue performance, and efficiency opportunities.

ServiceTrade Customers Outperform Industry Average

Per the reports, ServiceTrade customers consistently outperform industry averages. The reports measure two key industry sectors: fire protection and commercial mechanical HVAC service.

The median YoY growth rate for mechanical contractors using the ServiceTrade platform was 12.3%, while top performers (those in the 75th percentile) grew at 30.1%. This far outpaces the industry average CAGR for heating and air conditioning contractors’ revenue in the US market, which has shown minimal overall growth of less than 1% over the last five years. Looking forward, the US HVAC services market is expected to witness a CAGR of 3.4% during 2024-2030.

In the fire industry, the median YoY growth rate for ServiceTrade customers was 14.9%, while top performers grew at 33.2%. This far outpaces the industry average performance. Fire Protection contractors’ revenue has contracted at a rate of 1.6% over the last 5 years, despite a post-Covid jump of 1.2% in 2023.

“As the leading provider of field service management software for commercial contractors, we’re proud to provide the industry with these comprehensive benchmarks,” said Shawn Mims, VP of Marketing at ServiceTrade. “The ServiceTrade annual benchmark reports are known for critical data and market insights that help companies focus on the right strategies, tactics and opportunities to improve their business performance.”

The full ServiceTrade Benchmark Reports are available for free download:

To learn more about ServiceTrade:

About ServiceTrade:
ServiceTrade, Inc. is a software platform for commercial mechanical, fire, and life safety contractors. During a chronic skilled labor shortage, ServiceTrade helps commercial contractors increase profit by improving service and project operations, increasing technician productivity, selling more service agreements, and growing customer loyalty. Located in Durham, North Carolina, ServiceTrade was founded in 2012 to automate and streamline the commercial mechanical and fire protection industry and has grown to have more than 1,300 customers. More than 10% of the commercial or industrial buildings in the United States are serviced by contractors using ServiceTrade. Learn more at www.servicetrade.com.

Sources:

Heating & Air-Conditioning Contractors in the US – Market Size, Industry Analysis, Trends and Forecasts (2024-2029), IBIS World, July 2024

US HVAC Services Market Size and Share Analysis – Trends, Drivers, Competitive Landscape, and Forecasts (2024-2030) PS Market Research

U.S. Fire Protection System Market Size, Share & Trends Analysis Report By Product (Detection, Suppression, Response, Analysis, Sprinkler System), By Service, By Application, And Segment Forecasts, 2024 – 2030, Grandview Research, February 2024

Fire Protection and Security System Installation Contractors in the US – Market Size, Industry Analysis, Trends and Forecasts (2024-2029), IBIS World, January 2024

Contact:
Media@KTCMarketingandPR.com

The MIL Network –

January 25, 2025
MIL-OSI: Backblaze and Opti9 Partner to Bring High Performance and Low Cost Cloud Storage to Joint Customers

Source: GlobeNewswire (MIL-OSI)

SAN MATEO, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, and Opti9, an international leader in hybrid cloud solutions, today announced a partnership to bring the performance of Backblaze B2 Cloud Storage to Opti9’s suite of managed service offerings and solutions.

As part of the partnership, Backblaze announced plans to open a new data region in Canada. Opti9 will be the exclusive Canadian channel for Backblaze B2 Reserve and the Powered by Backblaze program.

“Backblaze and Opti9 focus on empowering businesses with the best cloud solutions available,” said Jim Stechyson, President of Opti9. “Being able to integrate the high performance and low total cost of ownership of Backblaze’s object storage into our set of solutions will greatly enhance our ability to drive success for our customers.”

Opti9 delivers managed cloud services, application development and modernization, backup and disaster recovery, security, and compliance solutions to businesses around the world. B2 Cloud Storage is secure, compliance-ready, always-hot object storage that is one-fifth the price of traditional cloud storage providers and can be used in any of the solutions Opti9 provides.

Increasingly, companies seeking managed services support are demanding solutions made up of best-in-breed providers. While traditional cloud platforms work against this principle, Backblaze and solution providers like Opti9 are committed to delivering cloud solutions without the limitations, complexity, and high pricing that are holding businesses back.

“Businesses want modern storage solutions that serve their needs without worrying about out-of-control fees, complexity, or other limits,” said Gleb Budman, CEO of Backblaze. “Opti9 and Backblaze are both committed to delivering this value to customers—coming together means we can unlock growth for even more businesses around the world.”

The new Canadian data region gives businesses the freedom to access Backblaze’s open, interoperable cloud solution, while still allowing customers to benefit from local storage and compliance. Located in Toronto, Ontario, the data center has been assessed and maintains a security program that addresses the requirements of SOC 1 Type 2, SOC 2 Type 2, ISO 27001, PCI DSS, and HIPAA. The region will be available to customers in the first quarter of 2025. For more information on the Opti9 partnership and Canadian data region, please visit the Backblaze blog.

About Backblaze

Backblaze is the cloud storage innovator providing a modern alternative to traditional cloud providers. We deliver high performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com.

About Opti9

Opti9 is a hybrid cloud solutions provider with offices in Garden City, NY, Omaha, NE, Overland Park, KS, St. Louis, MO, and Ottawa, ON and data centers in North America, Europe, and the APAC region. As an AWS Advanced Consulting Partner, Platinum Veeam Cloud & Service Provider, and Zerto Alliance Partner, Opti9 specializes in managed cloud services, application development and modernization, backup and disaster recovery, security, and compliance. With a business-first focus, Opti9 combines experience with innovation to deliver on its “Right Workload, Right Cloud, Right Time” approach. www.opti9tech.com

Press Contact

Jeanette Foster
Communications Manager, Backblaze
jfoster@backblaze.com

The MIL Network –

January 25, 2025
MIL-OSI: Applied Rating Index Q3 2024 Released
Source: GlobeNewswire (MIL-OSI)

Toronto, ON., Oct. 30, 2024 (GLOBE NEWSWIRE) — Applied Systems^® today announced the third quarter of 2024 results of the Applied Rating Index™, the Canadian insurance industry’s premium rate index. In Q3 2024, average premiums for both Personal Auto lines and Personal Property lines increased year over year. Quarter over quarter, the premium rate for Personal Auto experienced an increase, whereas the rate for Personal Property saw a decrease compared to Q2 2024.

Key findings for Q3 2024 include:
- Personal Auto: In Q3 2024, Personal Auto premium rate change increased 12.2% versus Q3 2023. Personal Auto premium rate change increased 4.7% versus Q2 2024.
- Personal Property: In Q3 2024, Personal Property premium rate change increased 7.7% versus Q3 2023. Personal Property premium rate change decreased -0.4% versus Q2 2024.
- Provinces: Across Personal Auto, the Alberta and Ontario provinces experienced increased premium rate change, while the Atlantic and Quebec provinces experienced decreased premium rate change year over year with Alberta, Ontario, Quebec and the Atlantic Provinces seeing 12.9%, 11.6%, 6.8% and 9.7% respectively. Relative to Q2 2024, all provinces experienced an increase in quarter over quarter premium rate change with Alberta, Ontario, Quebec and the Atlantic Provinces experiencing 7.7%, 4.2%, and 4.4% and 5.7% respectively.
  Personal Property lines for Alberta, Ontario and Saskatchewan & Manitoba experienced increases in premium rate change, while British Columbia, Quebec, the Atlantic provinces, experienced decreases in premium rate change year over year with 5.5%, 10.4%, 7.6%, 7.5%, 4.9%, 5.4% and respectively. Relative to Q2 2024, premium rate change for Alberta, British Columbia, Ontario, Quebec, the Atlantic provinces and Saskatchewan & Manitoba experienced -1.5%, -1.4%, 0.2%, 3.1%, 0.8% and 1.9% respectively.
“The results highlight an ongoing rising trend in premium rates for both Personal Auto and Personal Property lines across all provinces,” said Steve Whitelaw, senior vice president and general manager, Applied Systems Canada. “As we approach the final quarter of the year, the Applied Rating Index will continue to follow rate trends to provide brokers with the information needed in their end-of-year renewal conversations.”

The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property (Homeowners) insurance premium rates. Analyzing quotes completed, the Applied Rating Index measures the increase or decrease in average premium rate trends across Canada. The Applied Rating Index is the most complete depiction of the premium rate trends being experienced by consumers, brokerages, and their insurers across the Canadian market.

Access the complete quarterly report here.

# # #

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

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

The MIL Network –
January 25, 2025
MIL-OSI: Stack Capital Group Inc. Completes $15.8 Million Main Tranche of a Total $16.7 Million Best Efforts Financing

Source: GlobeNewswire (MIL-OSI)

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Stack Capital Group Inc. (“Stack Capital”) (TSX: STCK) is pleased to announce that it has closed the main tranche of its previously announced private placement (the “Offering”) of up to 1,515,908 units (the “Units”) of Stack Capital (including pursuant to the exercise in full of the agents option) for aggregate gross proceeds of up to $16.675 million, priced at $11.00 per Unit. The main tranche consisted of the sale of 1,437,839 Units for gross proceeds of $15,816,229. A second additional tranche has been committed for the balance of the Units that may be issued under the Offering and is expected to close in mid-November 2024. The Offering was conducted on a best efforts basis by a syndicate of agents (the “Agents”) bookrun by Raymond James Ltd., Canaccord Genuity Corp., RBC Capital Markets and TD Securities Inc., and includes Scotia Capital Inc., Wellington-Altus Financial Inc. and National Bank Financial Inc., pursuant to the terms and conditions of an agency agreement between Stack Capital, SC Partners Ltd. (the manager of Stack Capital) and the Agents.

Each Unit is comprised of one common share (a “Common Share”) and one-half of one common share purchase warrant of Stack Capital (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of Stack Capital (a “Warrant Share”) at any time prior to 4:00 p.m. (Toronto, Ontario time) on October 30, 2027 at an exercise price of $11.00 per Warrant Share, subject to adjustment in certain events. The Warrants are being issued pursuant to a warrant indenture entered into between Stack Capital and Computershare Trust Company of Canada, as warrant agent (the “Warrant Indenture”). A copy of the Warrant Indenture can be found on Stack Capital’s profile on www.sedarplus.ca.

The net proceeds of the Offering will be used for general corporate purposes and investments in accordance with Stack Capital’s investment principles. The securities issued under the main tranche of the Offering have a hold period of four months and one day from today.

The Offering and the listing of the Common Shares and Warrant Shares issuable under the Offering has been conditionally approved by the Toronto Stock Exchange (the “TSX”) subject to the satisfaction of customary conditions.

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of Stack Capital in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered, sold or delivered, directly or indirectly, within the United States, its possessions and other areas subject to its jurisdiction or for the account or for the benefit of U.S. Persons (as defined under applicable securities laws) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About Stack Capital

Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to the diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares on the TSX. At the same time, the public structure also allows Stack Capital to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. has taken the initiative in creating Stack Capital and acts as Stack Capital’s administrator and is responsible to source and advise with respect to all investments for Stack Capital.

Cautionary Note Regarding Forward-Looking Information

Certain information in this news release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “intend” and similar expressions. Forward-looking information contained or referred to in this news release includes, but may not be limited to, the details of the second tranche of the Offering, the completion of the second tranche of the Offering and the business of Stack Capital.

Forward-looking statements are based on assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking statements. The material assumptions supporting these forward-looking statements include, among others, that Stack Capital will satisfy the commercial closing conditions of the second tranche of the Offering. Additional risk factors that may impact Stack Capital or cause actual results and performance to differ from the forward looking statements contained herein are set forth in Stack Capital’s current Annual Information Form under the heading Risk Factors (a copy of which can be obtained under Stack Capital’s profile on www.sedarplus.ca).

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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. Except as required by applicable law, Stack Capital undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

For further information, please contact

Brian Viveiros
VP Corporate Development and IR

647-280-3307
Info@stackcapitalgroup.com

www.stackcapitalgroup.com

The MIL Network –

January 25, 2025

Category: Canada

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