NewzIntel.com

Category: Canada

  • MIL-OSI: Stifel Declares Quarterly Common Stock Cash Dividend and Declares Preferred Stock Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced that its Board of Directors has declared a cash dividend on shares of its common stock of $0.42 per share, payable December 16, 2024, to shareholders of record at the close of business on December 2, 2024.

    The Board of Directors also declared a quarterly cash dividend on the outstanding shares of its 6.25% Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), 6.125% Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), and 4.50% Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). The declared cash dividend on the Series B Preferred Stock, Series C Preferred Stock, and Series D Preferred Stock is for the period from September 17, 2024, up to, but excluding, December 16, 2024. The declared cash dividend equated to approximately $0.390625 per depositary share, or $390.625 per share of the Series B Preferred Stock outstanding. The declared cash dividend equated to approximately $0.3828125 per depositary share, or $382.8125 per share of the Series C Preferred Stock outstanding. The declared cash dividend equated to approximately $0.281250 per depositary share, or $281.250 per share of the Series D Preferred Stock outstanding. The cash dividends are payable on December 16, 2024 to shareholders of record on December 2, 2024.

    The Company’s Series B Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrB”, the Company’s Series C Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrC”, and the Company’s Series D Preferred Stock trades on the New York Stock Exchange under the symbol “SF PrD.”

    Stifel Company Information
    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    Stifel Investor Relations Contact
    Joel Jeffrey, Senior Vice President
    (212) 271-3610 direct
    investorrelations@stifel.com                                

    The MIL Network –

  • MIL-OSI Global: New insights from Shakespeare’s England reveal striking parallels to contemporary climate change

    Source: The Conversation – Canada – By Madeline Bassnett, Professor of Early Modern English Literature, Western University

    Unprecedented storms and devastating drought. Flash floods and wildfires ignited by the air’s dry heat. This is the experience for many in our modern world. But it was also the experience for those living amid England’s Little Ice Age.

    The Little Ice Age is a period from around 1300 to 1850, when global temperatures dropped significantly. While the exact cause of this phenonemon is unknown, theories range from volcanic eruptions to European colonization of the Americas.

    Our research into England’s Little Ice Age during the 16th and 17th centuries has unearthed more than 1,800 unique pieces of weather observations, hidden in documents like diaries and letters. Local and national chronicles embedded reports of extreme weather among accounts of war and monarchs. Extreme weather pamphlets publicized tragic effects of earthquakes, floods and storms, much like our media today.

    Our team has created an open access database called the Weather Extremes in England’s Little Ice Age 1500-1700. This database visually maps both extreme and temperate weather in the age of Shakespeare and can help to advance modern climate science.

    More fundamentally, these experiential accounts provide a fascinating window into a world not too different from our own. While the causes of the climate change of today are well known, and likely different from that of the Little Ice Age, the experiences of living through both events are at times eerily similar. Understanding these past experiences can help us to better understand our present day and to develop more robust policies in the here and now.



    Read more:
    The Canadian Arctic shows how understanding the effects of climate change requires long-term vision

    Frosts and freezes

    Frost fairs on the River Thames have become a familiar cultural reference point for England’s Little Ice Age. Our data shows that the river froze over a mere four times in the 16th century — in 1516, 1537, 1564 and 1590 — and there were only intermittent observations of unusual cold or snow.

    The 17th century was markedly different. Reports of cold came thick and fast, with the exception of a few years between 1620 and 1643.

    Title page from The Great Frost: ‘Cold doings in London, except it be at the lotterie. With newes out of the country. A familiar talk betwene a country-man and a citizen touching this terrible frost and the great lotterie, and the effects of them.’ Printed at London: For Henry Gosson, 1608. Attributed to Thomas Dekker.
    (Houghton Library, Harvard University)

    This was the century of frost fairs on the Thames. With the first 17th century fair in 1608, these events were celebrated by English playwright Thomas Dekker in his pamphlet The Great Frost.

    Drinking, barbering and games were on display as London’s citizens marvelled at the novelty of entertainment on the ice. The freezes were frequent enough to become an institution.

    By the winter of 1683-1684, the frost fair had become a city within a city, expanding across the ice with avenues of booths, bear and bull-baiting rings and boats-turned-chariots pulled by enterprising watermen across the now solid river.

    But these iconic events were just one aspect of Little Ice Age weather in England.

    Storms and floods

    In the 16th century, severe rain storms were far more common than cold snaps.

    On Oct. 5, 1570, “a terrible tempest of wind and raine” caused flooding from Lincolnshire to London as rivers overflowed their banks, drowning towns, fields, crops and cattle. Storm surges inundated the coastline.

    Four years later, towns from Newport to St. Ives suffered “raging floods,” and a “giant sea fish” (whale) washed up in the Thames from a massive surge up river. In May 1594, “soddane showres of haile [and] raine” destroyed houses, iron mills, crops and cattle in Sussex and Surrey. September of that year saw another deluge, with bridges taken down in Cambridge and Ware.

    This all changed in the 17th century, following the Great Flood that struck Bristol and surrounding areas in 1607. Extreme cold spells then became more frequent, and major storm events were less common. The winter of 1612-1613 saw a number of violent storms recorded in the pamphlet Wonders of this Windie Winter, with livestock lost from Newcastle to Dover and bodies from shipwrecks washing aground in the Thames.

    In the next 40 years, though, only the years of 1626 and 1637 contain reports of significant storm events causing loss of life or livestock. Instead of extreme storms, this century was marked more by regular but moderate rainfall, consistent with colder, wetter conditions normally associated with the Little Ice Age.

    Fire and heat

    If colder, wetter weather was a new normal for 17th century Britons, the hot, dry spring of 1666 caught Londoners unprepared. The Great Fire of London was one of the worst disasters of the age, and diarist John Evelyn recounts that “the heate … had even ignited the aire,” a comment reminiscent of descriptions of wildfire spread today.

    Yet periods of extreme heat were surprisingly frequent during the previous century, especially in the England that Shakespeare knew. More than a dozen droughts were recorded across England in the 16th century, usually broken by extreme storms or floods. It never rained, it seems, but it poured. The Thames dried up completely in 1592.

    As Thomas Short wrote in his Chronological History of English Weather, “an excessive drought, great death of cattle from want of water; springs and brooks were dried up; horsemen could ride the Thames.” Locals went into the mud to retrieve items long lost to the river.

    Shakespeare’s hometown of Stratford-upon-Avon was nearly destroyed by fire twice, in 1594 and 1595, due to severe drought and heat. The warning signs were there for Londoners to beware of hot spells in the next century, but frost fairs and wet weather may have bred complacency.

    Lessons for today

    The Weather Extremes in England’s Little Ice Age 1500-1700 database is revealing a picture of the world of Shakespeare and early modern England that upends a simplified picture of the Little Ice Age. More than just a world of frosts and freezes, the English Little Ice Age could be known as well as an age of fire and rain.



    Read more:
    The B.C. election could decide the future of the province’s species at risk laws

    The documents in our database are the reports of people who lived in a climatically changing world and saw its shifts firsthand. It shows how important weather crowd-sourcing can be, even centuries later. Contemporary projects like the Community Collaborative Rain, Hail and Snow Network, or the Northern Tornadoes Project, continue in the spirit of this work.

    But our data could also provide insight into today’s extreme weather. Historical flooding patterns might provide reference points to better manage and understand the unstable weather experienced in the British Isles today.

    Madeline Bassnett has received funding from SSHRC for the Weather Extremes in England’s Little Ice Age 1500-1700 project.

    Laurie Johnson 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. New insights from Shakespeare’s England reveal striking parallels to contemporary climate change – https://theconversation.com/new-insights-from-shakespeares-england-reveal-striking-parallels-to-contemporary-climate-change-240755

    MIL OSI – Global Reports –

  • MIL-OSI Canada: Fleet Diving Unit (Pacific) returns from Multinational Mine Warfare Exercise 

    Source: Government of Canada News (2)

    Members of the Fleet Diving Unit (Pacific) (FDU(P)) have returned to Victoria, B.C., after participating in Multinational Mine Warfare Exercise 24 (MN-MIWEX 24), hosted by the Republic of Korea Navy from October 14-25, 2024, off the coast of Busan, South Korea.

    October 29, 2024 – Esquimalt, B.C. – National Defence / Canadian Armed Forces

    Members of the Fleet Diving Unit (Pacific) (FDU(P)) have returned to Victoria, B.C., after participating in Multinational Mine Warfare Exercise 24 (MN-MIWEX 24), hosted by the Republic of Korea Navy from October 14-25, 2024, off the coast of Busan, South Korea.

    Eleven members from FDU(P), alongside two support staff, participated in the exercise aboard the Republic of Korea Ship (ROKS) Cheon Wang Bong, focusing on mine countermeasures and promoting collective deterrence. During the exercise, the teams conducted drills aimed at detecting and neutralizing mines to establish safe navigation routes, enhancing interoperability among participating nations and improving understanding of the mine warfare environment in the Korean theatre of operations.

    Nations participating alongside FDU(P) on ROKS Cheon Wang Bong included the United States Navy, Royal Australian Navy, and the Philippine Navy. In total, 19 nations took part in MN-MIWEX 24, with dive teams operating on multiple ships throughout. The exercise also included a mine countermeasures symposium held prior to sailing.

    This year, MN-MIWEX 24 was conducted under Operation HORIZON, Canada’s mission to enhance peace and stability in the Indo-Pacific region. This initiative expands the Royal Canadian Navy’s (RCN) opportunities to collaborate closely with partners and allies in the region, allowing Canada to play a more active role in strengthening regional security.

    Media Relations
    Department of National Defence
    Phone: 613-904-3333
    Email: mlo-blm@forces.gc.ca

    MIL OSI Canada News –

  • MIL-OSI Canada: Manitoba Government Announces Anti-Islamophobia Working Group

    Source: Government of Canada regional news

    October 29, 2024

    Manitoba Government Announces Anti-Islamophobia Working Group

    The Manitoba government is taking steps to address Islamophobia by forming a working group to tackle the issue in the province’s kindergarten to Grade 12 education system, Premier Wab Kinew announced today. 

    “Hate has no place in our province,” said Kinew. “It is important that we come together as Manitobans and stand united against all acts of hatred. We have a role as a government to keep things together here in Manitoba and we want Manitobans from all walks of life to know that your government is going to show up for you.” 

    The working group will focus on building awareness of Islamophobia and its impacts on all students and staff, developing training and professional opportunities and resources for educators, and providing input to Manitoba Education and Early Childhood Learning regarding K-12 anti-racism and anti-oppression policy initiatives. 

    “Over the last year, incidents of Islamophobia have increased in our classrooms and schools,” said Sadaf Ahmed, advocacy officer, National Council of Canadian Muslims (NCCM). “This is why an anti-Islamophobia strategy is imperative and NCCM welcomes the government of Manitoba‘s leadership to promote inclusivity in our education system.” 

    The working group will include members from the department, faith leaders, community advocacy groups and educators. The working group members are:

    • Sadaf Ahmed, National Council of Canadian Muslims;
    • Brahim Ould Baba, Manitoba Teachers’ Society;
    • Sarah Gazan, acting director, Indigenous Excellence Directorate, Education and Early Childhood Learning;
    • Muhamed Hammad, Faizan-E-Makkah Winnipeg (youth representative);
    • Humaira Jaleel, executive director, Healthy Muslim Families;
    • Kate McNeil, senior advisor to the deputy minister of Education and Early Childhood Learning;
    • Muhiadin Omar, Bilal Community and Family Centre; 
    • Rhonda Shaw, director, learning and outcomes branch, Education and Early Childhood Learning;
    • Eve Sotiriadou, executive director, Canadian Muslim Women’s Institute;
    • Youcef Sufi, Manitoba Islamic Association; and
    • Ayesha Sultan, president, University of Manitoba Muslim Students Association.

    The premier noted this work will build upon the successful development of the Manitoba Islamic Association’s Embracing Diversity in Manitoba Education K-12 Toolkit, which was developed to respond to Islamophobia in school communities. 

    – 30 –

    MIL OSI Canada News –

  • MIL-OSI Security: Tisdale — Update: RCMP investigating school bus collision 22 kilometers southwest of Tisdale

    Source: Royal Canadian Mounted Police

    October 29, 2024
    Tisdale, Saskatchewan

    News release

    Tisdale RCMP continue to investigate the collision that occurred near the intersection of Township Road 424 and Range Road 2160 with the assistance of a Saskatchewan RCMP collision reconstructionist. As the investigation is ongoing, we are unable to provide additional information about any potential cause or details of the collision at this time.

    At the time of the collision, 27 children approximately 14-17 years old and an adult bus driver were on the bus. All the bus occupants were from the Tisdale detachment area. 26 children and the bus driver were transported to hospital by EMS and parents. One child was taken to hospital in Saskatoon by STARS Air Ambulance. 21 children have injuries described as non-life threatening and 6 children have injuries described as serious in nature. The adult driver of the bus has injuries described as serious in nature. We are not able to share further details of their injuries or treatment/status at the hospital, as this is considered their personal health information.

    Tisdale RCMP thanks the first responders who assisted in the response to the collision, including Melfort RCMP and Melfort, Tisdale and Naicam EMS. Thank you to the teachers, parents, and community members of Kinistin Saulteaux Nation who offered their support at the scene.

    –30–

    Backgrounder

    RCMP investigating school bus collision 22 kilometers southwest of Tisdale

    2024-10-29

    Tisdale RCMP are currently on scene and investigating a single vehicle collision involving a school bus that occurred at approximately 3:55 p.m. on October 28, 2024. The collision occurred near the intersection of Township Road 424 and Range Road 2160, approximately 22 kilometers southwest of Tisdale, SK. Local fire and EMS also responded.

    The investigation is in its preliminary stages and at this time we do not have details to provide about the collision. The bus is currently upright in the ditch.

    The adult driver of the school bus has injuries described as non-life threatening in nature. The school bus was transporting children at the time of the collision– we cannot confirm the number or ages of the children at this time. Some children are being treated for various injuries – we do not have specific details about their injuries or how many children require hospital treatment at this time.

    The children’s families have been notified and we are asking news partners and the public to please respect their privacy at this time.

    Tisdale RCMP continue to investigate with the assistance of a Saskatchewan RCMP collision reconstructionist. We do not anticipate further updates this evening.

    A road closure is in place between Range Road 2160 and Range Road 2155 for an undetermined amount of time. Detours are in place but motorists should expect delays in the area. Please slow down and follow the instructions of emergency personnel on scene. Please visit the Highway Hotline for road closure updates.

    MIL Security OSI –

  • MIL-OSI Security: Whitewood — Broadview RCMP investigating robbery

    Source: Royal Canadian Mounted Police

    On October 28, 2024 at approximately 11:45 p.m., Broadview RCMP received a report of a robbery at a business in Whitewood, SK.

    Investigation determined an individual was parked outside of the business. An adult male approached the victim, deployed bear spray at him, then physically forced him from the vehicle. The suspect then stole the vehicle, striking the victim with it as he fled. The victim, an adult male, was taken to hospital with injuries described as non-life-threatening in nature.

    Officers immediately responded and located the vehicle on the Cowessess First Nation. They activated their emergency lights and sirens and attempted a traffic stop. The vehicle did not stop immediately, but later came to a stop and the four occupants fled on foot.

    Saskatchewan RCMP’s Police Dog Services and Remotely Piloted Aircraft System arrived to assist.

    Two of the four occupants have been located. No charges have been laid against them at this time.

    Broadview RCMP continue to search for suspect in the robbery, as well as the fourth occupant in the vehicle.

    The suspect is described as approximately 25 to 30 years old and six feet tall. He was last seen wearing a white/grey hoodie and sweat pants.

    The investigation continues. Broadview RCMP ask members of the public to report all sightings of the suspect and information on his identity.

    If seen, do not approach him. Report sightings and information to Broadview RCMP immediately by dialling 310-RCMP. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    Updates will be provided as they become available.

    MIL Security OSI –

  • MIL-OSI Security: Dundurn — Saskatchewan RCMP SERT lays charges after human trafficking investigation

    Source: Royal Canadian Mounted Police

    Saskatchewan RCMP’s Human Trafficking and Counter Exploitation Unit (HTCEU), part of the Saskatchewan Enforcement Response Teams (SERT), and Saskatoon RCMP Detachment has laid multiple charges against an adult male following a human trafficking investigation that began in Dundurn, SK.

    On October 23, 2024 at approximately 5:15 a.m., Saskatoon RCMP were called to a business in Dundurn for a report of kidnapping.

    Officers responded and located an adult female from Ontario at the business. Initial investigation determined she was being held against her will. Officers contacted HTCEU investigators, who began a human trafficking investigation. HTCEU investigators determined the woman had been forcibly taken from Toronto and that human trafficking had occurred in various locations in Ontario, Manitoba and Saskatchewan.

    As a result of investigation, 51-year-old Pierre Andre Bouchard of Chambly, QC, is charged with:

    • one count, trafficking in persons, Section 279.01, Criminal Code;
    • one count, trafficking in persons – material benefit, Section 279.02(1), Criminal Code;
    • one count, forcible confinement, Section 279(2), Criminal Code;
    • one count, sexual assault, Section 271, Criminal Code;
    • one count, sexual assault with other weapon, Section 272(1)(a), Criminal Code;
    • one count, material benefit from sexual services, Section 286.2(1), Criminal Code;
    • one count, obtaining sexual services for consideration, Section 286.1(1), Criminal Code;
    • two counts, procuring, Section 286.3(1), Criminal Code;
    • one count, uttering threats against a person, Section 264.1(1)(a), Criminal Code;
    • one count, assault with weapon, Section 267(a), Criminal Code;
    • one count, fail to comply probation order, Section 733.1(1), Criminal Code;
    • one count, identity theft, 402.2(1), Criminal Code; and
    • one count, possession of property obtained by crime over $5,000, Section 354(1)(a), Criminal Code.

    Bouchard was arrested by Saskatoon Police Service on October 23, 2024. He appeared in Saskatoon Provincial Court on October 24, 2024 and made his second court appearance in Saskatoon on October 28, 2024. Bouchard was remanded into custody for his next court appearance in Saskatoon on November 5, 2024.

    Saskatchewan RCMP’s Saskatoon Detachment, Yorkton Saskatchewan Trafficking Response Team, Saskatoon General Investigation Section, Saskatoon Police Services’ VICE Unit and Victim Services, Regina Police Service’s VICE Unit, Toronto Police Service and Brandon Police Service assisted in this continuing investigation, along with additional community partners.

    If you have information about this or any other incident of human trafficking, or if you or someone you know may be a victim of it, call 310-RCMP.

    How to recognize and report human trafficking

    “Human trafficking affects communities of all sizes, not just urban centres. It’s a reality that exists in big cities and small towns, including those here at home in Saskatchewan,” says Insp. Jeff Smoliak, RCMP’s Saskatchewan Enforcement Response Teams (SERT) senior investigative officer.

    “It’s also a crime that has no borders, which is why the Saskatchewan RCMP works interjurisdictionally to investigate these complex files and works closely with municipal police agencies and partners across the country.”

    Saskatchewan RCMP reminds the public that anyone can be a target for human trafficking. Victims may be trafficked by someone they know: a former or current partner, family member, friend, or trustworthy person. Recruiting tactics can be subtle; often victims don’t even know they’re being trafficked.

    Traffickers may approach potential victims by:

    • pretending to be a potential love interest, friend or support person;
    • connecting over social media or in person;
    • offering gifts or money;
    • introducing drugs or alcohol; or
    • threatening potential victims’ loved ones if they don’t comply.

    Additional information on recognizing human trafficking can be found here.

    In addition to contacting the RCMP, the public can also contact the Canadian Human Trafficking Hotline at 1-833-900-1010. This hotline is confidential, available 24/7 and offers services in more than 200 languages. Information can also be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    Background

    The Saskatchewan Enforcement Response Teams (SERT) consists of Saskatchewan RCMP’s Crime Reduction Team (CRT), Warrant Enforcement Suppression Team (WEST), Saskatchewan Trafficking Response Team (STRT), the Offender Management Unit, and Human Trafficking and Counter Exploitation Unit (HTCEU). SERT helps the Saskatchewan RCMP continue to fulfil its mandate as the province’s police force – keeping our communities safe.

    The Human Trafficking and Counter Exploitation Unit (HTCEU) is a specialized unit that conducts enforcement activities related to human trafficking, facilitates victim support, and educates partners and stakeholders.

    MIL Security OSI –

  • MIL-OSI: Precision Drilling Announces 2024 Third Quarter Unaudited Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 29, 2024 (GLOBE NEWSWIRE) — This news release contains “forward-looking information and statements” within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the “Cautionary Statement Regarding Forward-Looking Information and Statements” later in this news release. This news release contains references to certain Financial Measures and Ratios, including Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), Funds Provided by (Used in) Operations, Net Capital Spending, Working Capital and Total Long-term Financial Liabilities. These terms do not have standardized meanings prescribed under International Financial Reporting Standards (IFRS) Accounting Standards and may not be comparable to similar measures used by other companies. See “Financial Measures and Ratios” later in this news release.

    Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) delivered strong third quarter financial results, demonstrating the resilience of the business and its robust cash flow potential. Year to date, Precision has already achieved the low end of its debt reduction target range and is well on track to allocate 25% to 35% of its free cash flow to share buybacks in 2024.

    Financial Highlights

    • Revenue was $477 million and exceeded the $447 million realized in the third quarter of 2023 as activity increased in Canada and internationally, which more than offset lower activity in the U.S.
    • Adjusted EBITDA(1) was $142 million, including a share-based compensation recovery of $0.2 million. In 2023, third quarter Adjusted EBITDA was $115 million and included share-based compensation charges of $31 million.
    • Net earnings was $39 million or $2.77 per share, nearly doubling the $20 million or $1.45 per share in 2023.
    • Completion and Production Services revenue increased 27% over the same period last year to $73 million, while Adjusted EBITDA rose 40% to $20 million, reflecting the successful integration of the CWC Energy Services (CWC) acquisition in late 2023.
    • Internationally, revenue increased 21% over the third quarter of last year as the Company realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
    • Debt reduction during the quarter was $49 million and total $152 million year to date. Share repurchases during the quarter were $17 million and total $50 million year to date.
    • Increased our 2024 planned capital expenditures from $195 million to $210 million to fund multiple contracted rig upgrades and the strategic purchase of drill pipe for use in 2025.

    Operational Highlights

    • Canada’s activity increased 25%, averaging 72 active drilling rigs versus 57 in the third quarter of 2023. Our Super Triple and Super Single rigs are in high demand and approaching full utilization.
    • Canadian revenue per utilization day was $32,325 and comparable to the $32,224 in the same period last year.
    • U.S. activity averaged 35 drilling rigs compared to 41 for the third quarter of 2023.
    • U.S. revenue per utilization day was US$32,949 versus US$35,135 in the same quarter last year.
    • International activity increased 33% compared to the third quarter of 2023, with eight drilling rigs fully contracted this year following rig reactivations in 2023. International revenue per utilization day was US$47,223 compared to US$51,570 in the third quarter of 2023 due to fewer rig moves and planned rig recertifications completed in 2024.
    • Service rig operating hours increased 34% over the same quarter last year totaling 62,835 hours driven by the CWC acquisition.
    • Formed a strategic Joint Partnership (Partnership) with Indigenous partners to provide well servicing operations in northeast British Columbia.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    MANAGEMENT COMMENTARY

    “Precision’s international and Canadian businesses led our third quarter results, with revenue, Adjusted EBITDA, and net income all improving over the same period last year, demonstrating the resilience of our High Performance, High Value strategy and geographic exposure. Our cash flow conversion this quarter enabled us to repay debt, buy back shares, and continue to invest in our Super Series fleet. We have already achieved the low end of our debt repayment target range for this year and expect to be less than a year away from meeting our long-term target of a Net Debt to Adjusted EBITDA ratio(1) of less than one time.

    “Canadian fundamentals for heavy oil, condensate, and LNG remain strong due to the additional takeaway capacity. The Trans Mountain oil pipeline expansion is driving higher and stable returns for producers, who are accelerating heavy oil and condensate targeted drilling plans, while Canada’s first LNG project is expected to stabilize natural gas pricing and further stimulate activity in the Montney in 2025. As the leading provider of high-quality and reliable services in Canada, demand for our Super Series fleet remains high. Today, we have 75 rigs operating, with our Super Triple and Super Single rigs nearly fully utilized. We expect strong customer demand and utilization to continue well beyond 2025.

    “In the U.S., our rig count has been range-bound for the last several months, with 35 rigs operating today. Volatile commodity prices, customer consolidation, and budget exhaustion are all headwinds that we expect will continue to suppress activity for the remainder of the year. We are encouraged by recent momentum in our contract book with seven new contracts secured for oil and natural gas drilling projects that are expected to begin late this year for 2025 drilling programs. Looking ahead, we anticipate that the next wave of additional Gulf Coast LNG export facilities, coal plant retirements, and a build-out of AI data centers should drive further natural gas drilling and support sustained natural gas demand.

    “Precision’s international operations provide a stable foundation for earnings and cash flow as our rigs are under long-term contracts that extend into 2028. Our well servicing business further complements our stability as we remain the premier well service provider in Canada where demand continues to outpace manned service rigs. In 2023, we repositioned these businesses with rig reactivations and our CWC acquisition and as a result, each business is on track to increase its 2024 Adjusted EBITDA by approximately 50% over the prior year.

    “I am proud of the discipline Precision continues to show throughout the organization and we remain focused on our strategic priorities, which include generating free cash flow, improving capital returns to shareholders, and delivering operational excellence. With robust Canadian market fundamentals, an improving long-term outlook for the U.S., and a focused strategy, I am confident we will continue to drive higher total shareholder returns. I would like to thank our team for executing at the highest operating levels and generating strong financial performance and value for our customers,” stated Kevin Neveu, Precision’s President and CEO.

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    SELECT FINANCIAL AND OPERATING INFORMATION

    Financial Highlights

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars, except per share amounts)   2024       2023     % Change       2024       2023     % Change  
    Revenue   477,155       446,754       6.8       1,434,157       1,430,983       0.2  
    Adjusted EBITDA(1)   142,425       114,575       24.3       400,695       459,887       (12.9 )
    Net earnings   39,183       19,792       98.0       96,400       142,522       (32.4 )
    Cash provided by operations   79,674       88,500       (10.0 )     319,292       330,316       (3.3 )
    Funds provided by operations(1)   113,322       91,608       23.7       342,837       388,220       (11.7 )
                                       
    Cash used in investing activities   38,852       34,278       13.3       141,032       157,157       (10.3 )
    Capital spending by spend category(1)                                  
    Expansion and upgrade   7,709       13,479       (42.8 )     30,501       39,439       (22.7 )
    Maintenance and infrastructure   56,139       38,914       44.3       127,297       108,463       17.4  
    Proceeds on sale   (5,647 )     (6,698 )     (15.7 )     (21,825 )     (20,724 )     5.3  
    Net capital spending(1)   58,201       45,695       27.4       135,973       127,178       6.9  
                                       
    Net earnings per share:                                  
    Basic   2.77       1.45       91.0       6.74       10.45       (35.5 )
    Diluted   2.31       1.45       59.3       6.73       9.84       (31.6 )
    Weighted average shares outstanding:                                  
    Basic   14,142       13,607       3.9       14,312       13,643       4.9  
    Diluted   14,890       13,610       9.4       14,317       14,858       (3.6 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    Operating Highlights

      For the three months ended September 30,     For the nine months ended September 30,  
      2024     2023     % Change     2024     2023     % Change  
    Contract drilling rig fleet   214       224       (4.5 )     214       224       (4.5 )
    Drilling rig utilization days:                                  
    U.S.   3,196       3,815       (16.2 )     9,885       13,823       (28.5 )
    Canada   6,586       5,284       24.6       17,667       15,247       15.9  
    International   736       554       32.9       2,192       1,439       52.3  
    Revenue per utilization day:                                  
    U.S. (US$)   32,949       35,135       (6.2 )     33,011       35,216       (6.3 )
    Canada (Cdn$)   32,325       32,224       0.3       34,497       32,583       5.9  
    International (US$)   47,223       51,570       (8.4 )     51,761       51,306       0.9  
    Operating costs per utilization day:                                  
    U.S. (US$)   22,207       21,655       2.5       22,113       20,217       9.4  
    Canada (Cdn$)   19,448       18,311       6.2       20,196       19,239       5.0  
                                       
    Service rig fleet   165       121       36.4       165       121       36.4  
    Service rig operating hours   62,835       46,894       34.0       194,390       144,944       34.1  


    Drilling Activity

      Average for the quarter ended 2023   Average for the quarter ended 2024  
      Mar. 31     June 30     Sept. 30     Dec. 31     Mar. 31     June 30     Sept. 30  
    Average Precision active rig count(1):                                        
    U.S.   60       51       41       45       38       36       35  
    Canada   69       42       57       64       73       49       72  
    International   5       5       6       8       8       8       8  
    Total   134       98       104       117       119       93       115  

    (1) Average number of drilling rigs working or moving.

    Financial Position

    (Stated in thousands of Canadian dollars, except ratios) September 30, 2024     December 31, 2023(2)  
    Working capital(1)   166,473       136,872  
    Cash   24,304       54,182  
    Long-term debt   787,008       914,830  
    Total long-term financial liabilities(1)   858,765       995,849  
    Total assets   2,887,996       3,019,035  
    Long-term debt to long-term debt plus equity ratio (1)   0.32       0.37  

    (1) See “FINANCIAL MEASURES AND RATIOS.”
    (2) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

    Summary for the three months ended September 30, 2024:

    • Revenue increased to $477 million compared with $447 million in the third quarter of 2023 as a result of higher Canadian and international activity, partially offset by lower U.S. activity, day rates and lower idle but contract rig revenue.
    • Adjusted EBITDA was $142 million as compared with $115 million in 2023, primarily due to increased Canadian and international results and lower share-based compensation. Please refer to “Other Items” later in this news release for additional information on share-based compensation.
    • Adjusted EBITDA as a percentage of revenue was 30% as compared with 26% in 2023.
    • Generated cash from operations of $80 million, reduced debt by $49 million, repurchased $17 million of shares, and ended the quarter with $24 million of cash and more than $500 million of available liquidity.
    • Revenue per utilization day, excluding the impact of idle but contracted rigs was US$32,949 compared with US$33,543 in 2023, a decrease of 2%. Sequentially, revenue per utilization day, excluding idle but contracted rigs, was largely consistent with the second quarter of 2024. U.S. revenue per utilization day was US$32,949 compared with US$35,135 in 2023. The decrease was primarily the result of lower fleet average day rates and idle but contracted rig revenue, partially offset by higher recoverable costs. We did not recognize revenue from idle but contracted rigs in the quarter as compared with US$6 million in 2023.
    • U.S. operating costs per utilization day increased to US$22,207 compared with US$21,655 in 2023. The increase is mainly due to higher recoverable costs and fixed costs being spread over fewer activity days, partially offset by lower repairs and maintenance. Sequentially, operating costs per utilization day were largely consistent with the second quarter of 2024.
    • Canadian revenue per utilization day was $32,325, largely consistent with the $32,224 realized in 2023. Sequentially, revenue per utilization day decreased $3,750 due to our rig mix, partially offset by higher fleet-wide average day rates.
    • Canadian operating costs per utilization day increased to $19,448, compared with $18,311 in 2023, resulting from higher repairs and maintenance and rig reactivation costs. Sequentially, daily operating costs decreased $2,204 due to lower labour expenses due to rig mix, recoverable expenses and repairs and maintenance.
    • Internationally, third quarter revenue increased 21% over 2023 as we realized revenue of US$35 million versus US$29 million in the prior year. Our higher revenue was primarily the result of a 33% increase in activity, partially offset by lower average revenue per utilization day. International revenue per utilization day was US$47,223 compared with US$51,570 in 2023 due to fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
    • Completion and Production Services revenue was $73 million, an increase of $16 million from 2023, as our third quarter service rig operating hours increased 34%.
    • General and administrative expenses were $23 million as compared with $44 million in 2023 primarily due to lower share-based compensation charges.
    • Net finance charges were $17 million, a decrease of $3 million compared with 2023 as a result of lower interest expense on our outstanding debt balance.
    • Capital expenditures were $64 million compared with $52 million in 2023 and by spend category included $8 million for expansion and upgrades and $56 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Increased expected capital spending in 2024 to $210 million, an increase of $15 million, due to the strategic purchase of drill pipe before new import tariffs take effect and additional customer-backed upgrades.
    • Income tax expense for the quarter was $14 million as compared with $8 million in 2023. During the third quarter, we continue to not recognize deferred tax assets on certain international operating losses.
    • Reduced debt by $49 million from the redemption of US$33 million of 2026 unsecured senior notes and US$3 million repayment of our U.S. Real Estate Credit Facility.
    • Renewed our Normal Course Issuer Bid (NCIB) and repurchased $17 million of common shares during the third quarter.

    Summary for the nine months ended September 30, 2024:

    • Revenue for the first nine months of 2024 was $1,434 million, consistent 2023.
    • Adjusted EBITDA for the period was $401 million as compared with $460 million in 2023. Our lower Adjusted EBITDA was primarily attributed to decreased U.S. drilling results and higher share-based compensation, partially offset by the strengthening of Canadian and international results.
    • Cash provided by operations was $319 million as compared with $330 million in 2023. Funds provided by operations were $343 million, a decrease of $45 million from the comparative period.
    • General and administrative costs were $97 million, an increase of $14 million from 2023 primarily due to higher share-based compensation charges.
    • Net finance charges were $53 million, $10 million lower than 2023 due to our lower interest expense on our outstanding debt balance.
    • Capital expenditures were $158 million in 2024, an increase of $10 million from 2023. Capital spending by spend category included $31 million for expansion and upgrades and $127 million for the maintenance of existing assets, infrastructure, and intangible assets.
    • Reduced debt by $152 million from the redemption of US$89 million of 2026 unsecured senior notes and $31 million repayment of our Canadian and U.S. Real Estate Credit Facilities.
    • Repurchased $50 million of common shares under our NCIB.

    STRATEGY

    Precision’s vision is to be globally recognized as the High Performance, High Value provider of land drilling services. Our strategic priorities for 2024 are focused on increasing our capital returns to shareholders by delivering best-in-class service and generating free cash flow.

    Precision’s 2024 strategic priorities and the progress made during the third quarter are as follows:

    1. Concentrate organizational efforts on leveraging our scale and generating free cash flow.
      • Generated cash from operations of $80 million, bringing our year to date total to $319 million.
      • Increased utilization of our Super Single and Double rigs in the third quarter, driving Canadian drilling activity up 25% year over year.
      • Increased our third quarter Completion and Production Services operating hours and Adjusted EBITDA 34% and 40%, respectively, year over year. Achieved our $20 million annual synergies target from the CWC acquisition, which closed in November 2023.
      • Internationally, we realized US$35 million of contract drilling revenue versus US$29 million in 2023. Revenue for the third quarter of 2024 was negatively impacted by fewer rig moves and planned rig recertifications that accounted for 44 non-billable utilization days.
    2. Reduce debt by between $150 million and $200 million and allocate 25% to 35% of free cash flow before debt repayments for share repurchases.
      • Reduced debt by redeeming US$33 million of our 2026 unsecured senior notes and repaying US$3 million of our U.S. Real Estate Credit Facility. For the first nine months of the year, we have reduced debt by $152 million and already achieved the low end of our debt repayment target range.
      • Returned $17 million of capital to shareholders through share repurchases. Year to date we allocated $50 million of our free cash flow to share buybacks, which represents over 25% of free cash flow for the first nine months of the year and within our annual target range of 25% to 35%.
      • Remain firmly committed to our long-term debt reduction target of $600 million between 2022 and 2026 ($410 million achieved as of September 30, 2024), while moving direct shareholder capital returns towards 50% of free cash flow.
    3. Continue to deliver operational excellence in drilling and service rig operations to strengthen our competitive position and extend market penetration of our Alpha™ and EverGreen™ products.
      • Increased our Canadian drilling rig utilization days and well servicing rig operating hours over the third quarter of 2023, maintaining our position as the leading provider of high-quality and reliable services in Canada.
      • Nearly doubled our EverGreen™ revenue from the third quarter of 2023.
      • Continued to expand our EverGreen™ product offering on our Super Single rigs with hydrogen injection systems. EverGreenHydrogen™ reduces diesel consumption resulting in lower operating costs and greenhouse gas emissions for our customers.

    OUTLOOK

    The long-term outlook for global energy demand remains positive with rising demand for all types of energy including oil and natural gas driven by economic growth, increasing demand from third-world regions, and emerging energy sources of power demand. Oil prices are constructive, and producers remain disciplined with their production plans while geopolitical issues continue to threaten supply. In Canada, the recent commissioning of the Trans Mountain pipeline expansion and the startup of LNG Canada projected in 2025 are expected to provide significant tidewater access for Canadian crude oil and natural gas, supporting additional Canadian drilling activity. In the U.S., the next wave of LNG projects is expected to add approximately 11 bcf/d of export capacity from 2025 to 2028, supporting additional U.S. natural gas drilling activity. Coal retirements and a build-out of AI data centers could provide further support for natural gas drilling.

    In Canada, we currently have 75 rigs operating and expect this activity level to continue until spring breakup, except for the traditional slowdown over Christmas. Our Canadian drilling activity continues to outpace 2023 due to increased heavy oil drilling activity and strong Montney activity driven by robust condensate demand and pricing. Since the startup of the Trans Mountain pipeline expansion in May, customer activity in heavy oil targeted areas has exceeded expectations, resulting in near full utilization of our Super Single fleet. Customers are benefiting from improved commodity pricing and a weak Canadian dollar. Our Super Triple fleet, the preferred rig for Montney drilling, is also nearly fully utilized and with the expected startup of LNG Canada in mid-2025, demand could exceed supply.

    In recent years, the Canadian market has witnessed stronger second quarter drilling activity due to the higher percentage of wells drilled on pads in both the Montney and in heavy oil developments. Once a pad-equipped drilling rig is mobilized to site, it can walk from well to well and avoid spring break up road restrictions. We expect this higher activity trend to continue in the second quarter of 2025.

    In the U.S., we currently have 35 rigs operating as drilling activity remains constrained by volatile commodity prices, customer consolidation and budget exhaustion. We view these headwinds as short-term in nature, which will continue to suppress activity for the remainder of the year and into 2025. However, looking further ahead, we expect that a new budget cycle, the next wave of Gulf Coast LNG export facilities, and new sources of domestic power demand should begin to stimulate drilling.

    Internationally, we expect to have eight rigs running for the remainder of 2024, representing an approximate 40% increase in activity compared to 2023. All eight rigs are contracted through 2025 as well. We continue to bid our remaining idle rigs within the region and remain optimistic about our ability to secure additional rig activations.

    As the premier well service provider in Canada, the outlook for this business remains positive. We expect the Trans Mountain pipeline expansion and LNG Canada to drive more service-related activity, while increased regulatory spending requirements are expected to result in more abandonment work. Customer demand should remain strong, and with continued labor constraints, we expect firm pricing into the foreseeable future.

    We believe cost inflation is largely behind us and will continue to look for opportunities to lower costs.

    Contracts

    The following chart outlines the average number of drilling rigs under term contract by quarter as at October 29, 2024. For those quarters ending after September 30, 2024, this chart represents the minimum number of term contracts from which we will earn revenue. We expect the actual number of contracted rigs to vary in future periods as we sign additional term contracts.

    As at October 29, 2024   Average for the quarter ended 2023     Average     Average for the quarter ended 2024     Average  
        Mar. 31     June 30     Sept. 30     Dec. 31     2023     Mar. 31     June 30     Sept. 30     Dec. 31     2024  
    Average rigs under term contract:                                                            
    U.S.     40       37       32       28       34       20       17       17       16       18  
    Canada     19       23       23       23       22       24       22       23       24       23  
    International     4       5       7       7       6       8       8       8       8       8  
    Total     63       65       62       58       62       52       47       48       48       49  


    SEGMENTED FINANCIAL RESULTS

    Precision’s operations are reported in two segments: Contract Drilling Services, which includes our drilling rig, oilfield supply and manufacturing divisions; and Completion and Production Services, which includes our service rig, rental and camp and catering divisions.

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars)   2024     2023     % Change       2024     2023     % Change  
    Revenue:                                  
    Contract Drilling Services   406,155       390,728       3.9       1,215,125       1,257,762       (3.4 )
    Completion and Production Services   73,074       57,573       26.9       225,987       178,257       26.8  
    Inter-segment eliminations   (2,074 )     (1,547 )     34.1       (6,955 )     (5,036 )     38.1  
        477,155       446,754       6.8       1,434,157       1,430,983       0.2  
    Adjusted EBITDA:(1)                                  
    Contract Drilling Services   133,235       131,701       1.2       406,662       468,302       (13.2 )
    Completion and Production Services   19,741       14,118       39.8       50,786       39,031       30.1  
    Corporate and Other   (10,551 )     (31,244 )     (66.2 )     (56,753 )     (47,446 )     19.6  
        142,425       114,575       24.3       400,695       459,887       (12.9 )

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    SEGMENT REVIEW OF CONTRACT DRILLING SERVICES

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023     % Change  
    Revenue   406,155       390,728       3.9       1,215,125       1,257,762       (3.4 )
    Expenses:                                  
    Operating   262,933       247,937       6.0       776,210       759,750       2.2  
    General and administrative   9,987       11,090       (9.9 )     32,253       29,710       8.6  
    Adjusted EBITDA(1)   133,235       131,701       1.2       406,662       468,302       (13.2 )
    Adjusted EBITDA as a percentage of revenue(1)   32.8 %     33.7 %           33.5 %     37.2 %      

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    United States onshore drilling statistics:(1) 2024     2023  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   38       602       60       744  
    June 30   36       583       51       700  
    September 30   35       565       41       631  
    Year to date average   36       583       51       692  

    (1) United States lower 48 operations only.
    (2) Baker Hughes rig counts.

    Canadian onshore drilling statistics:(1) 2024     2023  
      Precision     Industry(2)     Precision     Industry(2)  
    Average number of active land rigs for quarters ended:                      
    March 31   73       208       69       221  
    June 30   49       134       42       117  
    September 30   72       207       57       188  
    Year to date average   65       183       56       175  

    (1) Canadian operations only.
    (2) Baker Hughes rig counts.

    SEGMENT REVIEW OF COMPLETION AND PRODUCTION SERVICES

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars, except where noted)   2024       2023     % Change       2024       2023        
    Revenue   73,074       57,573       26.9       225,987       178,257       26.8  
    Expenses:                                  
    Operating   50,608       41,612       21.6       167,128       133,325       25.4  
    General and administrative   2,725       1,843       47.9       8,073       5,901       36.8  
    Adjusted EBITDA(1)   19,741       14,118       39.8       50,786       39,031       30.1  
    Adjusted EBITDA as a percentage of revenue(1)   27.0 %     24.5 %           22.5 %     21.9 %      
    Well servicing statistics:                                  
    Number of service rigs (end of period)   165       121       36.4       165       121       36.4  
    Service rig operating hours   62,835       46,894       34.0       194,390       144,944       34.1  
    Service rig operating hour utilization   41 %     42 %           43 %     44 %      

    (1) See “FINANCIAL MEASURES AND RATIOS.”

    OTHER ITEMS

    Share-based Incentive Compensation Plans

    We have several cash and equity-settled share-based incentive plans for non-management directors, officers, and other eligible employees. Our accounting policies for each share-based incentive plan can be found in our 2023 Annual Report.

    A summary of expense amounts under these plans during the reporting periods are as follows:

      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars) 2024     2023     2024     2023  
    Cash settled share-based incentive plans   (1,626 )     30,105       28,810       20,091  
    Equity settled share-based incentive plans   1,440       701       3,517       1,834  
    Total share-based incentive compensation plan expense   (186 )     30,806       32,327       21,925  
                           
    Allocated:                      
    Operating   221       7,692       8,159       6,732  
    General and Administrative   (407 )     23,114       24,168       15,193  
        (186 )     30,806       32,327       21,925  


    CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

    Because of the nature of our business, we are required to make judgements and estimates in preparing our Condensed Consolidated Interim Financial Statements that could materially affect the amounts recognized. Our judgements and estimates are based on our past experiences and assumptions we believe are reasonable in the circumstances. The critical judgements and estimates used in preparing the Condensed Consolidated Interim Financial Statements are described in our 2023 Annual Report.

    EVALUATION OF CONTROLS AND PROCEDURES

    Based on their evaluation as at September 30, 2024, Precision’s Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the United States Securities Exchange Act of 1934, as amended (the Exchange Act)), are effective to ensure that information required to be disclosed by the Corporation in reports that are filed or submitted to Canadian and U.S. securities authorities is recorded, processed, summarized and reported within the time periods specified in Canadian and U.S. securities laws. In addition, as at September 30, 2024, there were no changes in the internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the three months ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting. Management will continue to periodically evaluate the Corporation’s disclosure controls and procedures and internal control over financial reporting and will make any modifications from time to time as deemed necessary.

    Based on their inherent limitations, disclosure controls and procedures and internal control over financial reporting may not prevent or detect misstatements, and even those controls determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

    FINANCIAL MEASURES AND RATIOS

    Non-GAAP Financial Measures
    We reference certain additional Non-Generally Accepted Accounting Principles (Non-GAAP) measures that are not defined terms under IFRS Accounting Standards to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA We believe Adjusted EBITDA (earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals and depreciation and amortization), as reported in our Condensed Interim Consolidated Statements of Net Earnings and our reportable operating segment disclosures, is a useful measure because it gives an indication of the results from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.

    The most directly comparable financial measure is net earnings.
      For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars)   2024       2023       2024       2023  
    Adjusted EBITDA by segment:                      
    Contract Drilling Services   133,235       131,701       406,662       468,302  
    Completion and Production Services   19,741       14,118       50,786       39,031  
    Corporate and Other   (10,551 )     (31,244 )     (56,753 )     (47,446 )
    Adjusted EBITDA   142,425       114,575       400,695       459,887  
    Depreciation and amortization   75,073       73,192       227,104       218,823  
    Gain on asset disposals   (3,323 )     (2,438 )     (14,235 )     (15,586 )
    Foreign exchange   849       363       772       (894 )
    Finance charges   16,914       19,618       53,472       63,946  
    Gain on repurchase of unsecured notes   —       (37 )     —       (137 )
    Loss (gain) on investments and other assets   (150 )     (3,813 )     (330 )     6,075  
    Incomes taxes   13,879       7,898       37,512       45,138  
    Net earnings   39,183       19,792       96,400       142,522  
    Funds Provided by (Used in) Operations We believe funds provided by (used in) operations, as reported in our Condensed Interim Consolidated Statements of Cash Flows, is a useful measure because it provides an indication of the funds our principal business activities generate prior to consideration of working capital changes, which is primarily made up of highly liquid balances.

    The most directly comparable financial measure is cash provided by (used in) operations.
    Net Capital Spending We believe net capital spending is a useful measure as it provides an indication of our primary investment activities.

    The most directly comparable financial measure is cash provided by (used in) investing activities.

    Net capital spending is calculated as follows:
        For the three months ended September 30,     For the nine months ended September 30,  
    (Stated in thousands of Canadian dollars)     2024       2023       2024       2023  
    Capital spending by spend category                        
    Expansion and upgrade     7,709       13,479       30,501       39,439  
    Maintenance, infrastructure and intangibles     56,139       38,914       127,297       108,463  
          63,848       52,393       157,798       147,902  
    Proceeds on sale of property, plant and equipment     (5,647 )     (6,698 )     (21,825 )     (20,724 )
    Net capital spending     58,201       45,695       135,973       127,178  
    Business acquisitions     —       —       —       28,000  
    Proceeds from sale of investments and other assets     —       (10,013 )     (3,623 )     (10,013 )
    Purchase of investments and other assets     7       3,211       7       5,282  
    Receipt of finance lease payments     (207 )     (64 )     (591 )     (64 )
    Changes in non-cash working capital balances     (19,149 )     (4,551 )     9,266       6,774  
    Cash used in investing activities     38,852       34,278       141,032       157,157  
    Working Capital We define working capital as current assets less current liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Working capital is calculated as follows:
      September 30,     December 31,  
    (Stated in thousands of Canadian dollars)   2024       2023  
    Current assets   472,557       510,881  
    Current liabilities   306,084       374,009  
    Working capital   166,473       136,872  
    Total Long-term Financial Liabilities We define total long-term financial liabilities as total non-current liabilities less deferred tax liabilities, as reported in our Condensed Interim Consolidated Statements of Financial Position.

    Total long-term financial liabilities is calculated as follows:
      September 30,     December 31,  
    (Stated in thousands of Canadian dollars)   2024       2023  
    Total non-current liabilities   920,812       1,069,364  
    Deferred tax liabilities   62,047       73,515  
    Total long-term financial liabilities   858,765       995,849  
    Non-GAAP Ratios
    We reference certain additional Non-GAAP ratios that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Adjusted EBITDA % of Revenue We believe Adjusted EBITDA as a percentage of consolidated revenue, as reported in our Condensed Interim Consolidated Statements of Net Earnings, provides an indication of our profitability from our principal business activities prior to consideration of how our activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges.
    Long-term debt to long-term debt plus equity We believe that long-term debt (as reported in our Condensed Interim Consolidated Statements of Financial Position) to long-term debt plus equity (total shareholders’ equity as reported in our Condensed Interim Consolidated Statements of Financial Position) provides an indication of our debt leverage.
    Net Debt to Adjusted EBITDA We believe that the Net Debt (long-term debt less cash, as reported in our Condensed Interim Consolidated Statements of Financial Position) to Adjusted EBITDA ratio provides an indication of the number of years it would take for us to repay our debt obligations.
    Supplementary Financial Measures
    We reference certain supplementary financial measures that are not defined terms under IFRS to assess performance because we believe they provide useful supplemental information to investors.
    Capital Spending by Spend Category We provide additional disclosure to better depict the nature of our capital spending. Our capital spending is categorized as expansion and upgrade, maintenance and infrastructure, or intangibles.


    CHANGE IN ACCOUNTING POLICY

    Precision adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants – Amendments to IAS 1, as issued in 2020 and 2022. These amendments apply retrospectively for annual reporting periods beginning on or after January 1, 2024 and clarify requirements for determining whether a liability should be classified as current or non-current. Due to this change in accounting policy, there was a retrospective impact on the comparative Statement of Financial Position pertaining to the Corporation’s Deferred Share Unit (DSU) plan for non-management directors which are redeemable in cash or for an equal number of common shares upon the director’s retirement. In the case of a director retiring, the director’s respective DSU liability would become payable and the Corporation would not have the right to defer settlement of the liability for at least twelve months. As such, the liability is impacted by the revised policy. The following changes were made to the Statement of Financial Position:

    • As at January 1, 2023, accounts payable and accrued liabilities increased by $12 million and non-current share-based compensation liability decreased by $12 million.
    • As at December 31, 2023, accounts payable and accrued liabilities increased by $8 million and non-current share-based compensation liability decreased by $8 million.

    The Corporation’s other liabilities were not impacted by the amendments. The change in accounting policy will also be reflected in the Corporation’s consolidated financial statements as at and for the year ending December 31, 2024.

    JOINT PARTNERSHIP

    On September 26, 2024, Precision formed a strategic Partnership with two Indigenous partners to provide well servicing operations in northeast British Columbia. Precision contributed $4 million in assets to the Partnership. Precision holds a controlling interest in the Partnership and the portions of the net earnings and equity not attributable to Precision’s controlling interest are shown separately as Non-Controlling Interests (NCI) in the consolidated statements of net earnings and consolidated statements of financial position.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

    Certain statements contained in this release, including statements that contain words such as “could”, “should”, “can”, “anticipate”, “estimate”, “intend”, “plan”, “expect”, “believe”, “will”, “may”, “continue”, “project”, “potential” and similar expressions and statements relating to matters that are not historical facts constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information and statements”).

    In particular, forward-looking information and statements include, but are not limited to, the following:

    • our strategic priorities for 2024;
    • our capital expenditures, free cash flow allocation and debt reduction plans for 2024 through to 2026;
    • anticipated activity levels, demand for our drilling rigs, day rates and daily operating margins in 2024;
    • the average number of term contracts in place for 2024;
    • customer adoption of Alpha™ technologies and EverGreen™ suite of environmental solutions;
    • timing and amount of synergies realized from acquired drilling and well servicing assets;
    • potential commercial opportunities and rig contract renewals; and
    • our future debt reduction plans.

    These forward-looking information and statements are based on certain assumptions and analysis made by Precision in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These include, among other things:

    • our ability to react to customer spending plans as a result of changes in oil and natural gas prices;
    • the status of current negotiations with our customers and vendors;
    • customer focus on safety performance;
    • existing term contracts are neither renewed nor terminated prematurely;
    • our ability to deliver rigs to customers on a timely basis;
    • the impact of an increase/decrease in capital spending; and
    • the general stability of the economic and political environments in the jurisdictions where we operate.

    Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

    • volatility in the price and demand for oil and natural gas;
    • fluctuations in the level of oil and natural gas exploration and development activities;
    • fluctuations in the demand for contract drilling, well servicing and ancillary oilfield services;
    • our customers’ inability to obtain adequate credit or financing to support their drilling and production activity;
    • changes in drilling and well servicing technology, which could reduce demand for certain rigs or put us at a competitive advantage;
    • shortages, delays and interruptions in the delivery of equipment supplies and other key inputs;
    • liquidity of the capital markets to fund customer drilling programs;
    • availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed;
    • the impact of weather and seasonal conditions on operations and facilities;
    • competitive operating risks inherent in contract drilling, well servicing and ancillary oilfield services;
    • ability to improve our rig technology to improve drilling efficiency;
    • general economic, market or business conditions;
    • the availability of qualified personnel and management;
    • a decline in our safety performance which could result in lower demand for our services;
    • changes in laws or regulations, including changes in environmental laws and regulations such as increased regulation of hydraulic fracturing or restrictions on the burning of fossil fuels and greenhouse gas emissions, which could have an adverse impact on the demand for oil and natural gas;
    • terrorism, social, civil and political unrest in the foreign jurisdictions where we operate;
    • fluctuations in foreign exchange, interest rates and tax rates; and
    • other unforeseen conditions which could impact the use of services supplied by Precision and Precision’s ability to respond to such conditions.

    Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2023, which may be accessed on Precision’s SEDAR+ profile at www.sedarplus.ca or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

    CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

    (Stated in thousands of Canadian dollars)   September 30,
    2024    		     December 31,
    2023(1)    		     January 1,
    2023(1)    		  
    ASSETS            
    Current assets:                  
    Cash   $ 24,304     $ 54,182     $ 21,587  
    Accounts receivable     401,652       421,427       413,925  
    Inventory     41,398       35,272       35,158  
    Assets held for sale     5,203       —       —  
    Total current assets     472,557       510,881       470,670  
    Non-current assets:                  
    Income tax recoverable     696       682       1,602  
    Deferred tax assets     27,767       73,662       455  
    Property, plant and equipment     2,296,079       2,338,088       2,303,338  
    Intangibles     15,566       17,310       19,575  
    Right-of-use assets     63,708       63,438       60,032  
    Finance lease receivables     4,938       5,003       —  
    Investments and other assets     6,685       9,971       20,451  
    Total non-current assets     2,415,439       2,508,154       2,405,453  
    Total assets   $ 2,887,996     $ 3,019,035     $ 2,876,123  
                       
    LIABILITIES AND EQUITY                  
    Current liabilities:                  
    Accounts payable and accrued liabilities   $ 282,810     $ 350,749     $ 404,350  
    Income taxes payable     3,059       3,026       2,991  
    Current portion of lease obligations     19,263       17,386       12,698  
    Current portion of long-term debt     952       2,848       2,287  
    Total current liabilities     306,084       374,009       422,326  
                       
    Non-current liabilities:                  
    Share-based compensation     10,339       16,755       47,836  
    Provisions and other     7,408       7,140       7,538  
    Lease obligations     54,010       57,124       52,978  
    Long-term debt     787,008       914,830       1,085,970  
    Deferred tax liabilities     62,047       73,515       28,946  
    Total non-current liabilities     920,812       1,069,364       1,223,268  
    Equity:                  
    Shareholders’ capital     2,337,079       2,365,129       2,299,533  
    Contributed surplus     76,656       75,086       72,555  
    Deficit     (915,629 )     (1,012,029 )     (1,301,273 )
    Accumulated other comprehensive income     158,602       147,476       159,714  
    Total equity attributable to shareholders     1,656,708       1,575,662       1,230,529  
    Non-controlling interest     4,392       —       —  
    Total equity     1,661,100       1,575,662       1,230,529  
    Total liabilities and equity   $ 2,887,996     $ 3,019,035     $ 2,876,123  

    (1) Comparative period figures were restated due to a change in accounting policy. See “CHANGE IN ACCOUNTING POLICY.”

    (2) See “JOINT PARTNERSHIP” for additional information.

    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF NET EARNINGS (LOSS) (UNAUDITED)

        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Stated in thousands of Canadian dollars, except per share amounts)   2024     2023     2024     2023  
                             
                             
    Revenue   $ 477,155     $ 446,754     $ 1,434,157     $ 1,430,983  
    Expenses:                        
    Operating     311,467       288,002       936,383       888,039  
    General and administrative     23,263       44,177       97,079       83,057  
    Earnings before income taxes, loss (gain) on investments and other assets, gain on repurchase of unsecured senior notes, finance charges, foreign exchange, gain on asset disposals, and depreciation and amortization     142,425       114,575       400,695       459,887  
    Depreciation and amortization     75,073       73,192       227,104       218,823  
    Gain on asset disposals     (3,323 )     (2,438 )     (14,235 )     (15,586 )
    Foreign exchange     849       363       772       (894 )
    Finance charges     16,914       19,618       53,472       63,946  
    Gain on repurchase of unsecured senior notes     —       (37 )     —       (137 )
    Loss (gain) on investments and other assets     (150 )     (3,813 )     (330 )     6,075  
    Earnings before income taxes     53,062       27,690       133,912       187,660  
    Income taxes:                        
    Current     2,297       2,047       4,659       4,008  
    Deferred     11,582       5,851       32,853       41,130  
          13,879       7,898       37,512       45,138  
    Net earnings   $ 39,183     $ 19,792     $ 96,400     $ 142,522  
    Net earnings per share attributable to shareholders:                        
    Basic   $ 2.77     $ 1.45     $ 6.74     $ 10.45  
    Diluted   $ 2.31     $ 1.45     $ 6.73     $ 9.84  


    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
    Net earnings   $ 39,183     $ 19,792     $ 96,400     $ 142,522  
    Unrealized gain (loss) on translation of assets and liabilities of operations denominated in foreign currency     (16,104 )     39,180       30,409       3,322  
    Foreign exchange gain (loss) on net investment hedge with U.S. denominated debt     9,536       (24,616 )     (19,283 )     (1,484 )
    Comprehensive income   $ 32,615     $ 34,356     $ 107,526     $ 144,360  


    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

        Three Months Ended September 30,     Nine Months Ended September 30,  
    (Stated in thousands of Canadian dollars)   2024     2023     2024     2023  
    Cash provided by (used in):                        
    Operations:                        
    Net earnings   $ 39,183     $ 19,792     $ 96,400     $ 142,522  
    Adjustments for:                        
    Long-term compensation plans     2,620       11,577       14,490       9,200  
    Depreciation and amortization     75,073       73,192       227,104       218,823  
    Gain on asset disposals     (3,323 )     (2,438 )     (14,235 )     (15,586 )
    Foreign exchange     815       1,275       965       (13 )
    Finance charges     16,914       19,618       53,472       63,946  
    Income taxes     13,879       7,898       37,512       45,138  
    Other     27       —       120       (220 )
    Loss (gain) on investments and other assets     (150 )     (3,813 )     (330 )     6,075  
    Gain on repurchase of unsecured senior notes     —       (37 )     —       (137 )
    Income taxes paid     (508 )     (187 )     (4,842 )     (2,395 )
    Income taxes recovered     58       4       58       7  
    Interest paid     (31,692 )     (35,500 )     (69,435 )     (79,702 )
    Interest received     426       227       1,558       562  
    Funds provided by operations     113,322       91,608       342,837       388,220  
    Changes in non-cash working capital balances     (33,648 )     (3,108 )     (23,545 )     (57,904 )
    Cash provided by operations     79,674       88,500       319,292       330,316  
                             
    Investments:                        
    Purchase of property, plant and equipment     (63,797 )     (51,546 )     (157,747 )     (146,378 )
    Purchase of intangibles     (51 )     (847 )     (51 )     (1,524 )
    Proceeds on sale of property, plant and equipment     5,647       6,698       21,825       20,724  
    Proceeds from sale of investments and other assets     —       10,013       3,623       10,013  
    Business acquisitions     —       —       —       (28,000 )
    Purchase of investments and other assets     (7 )     (3,211 )     (7 )     (5,282 )
    Receipt of finance lease payments     207       64       591       64  
    Changes in non-cash working capital balances     19,149       4,551       (9,266 )     (6,774 )
    Cash used in investing activities     (38,852 )     (34,278 )     (141,032 )     (157,157 )
                             
    Financing:                        
    Issuance of long-term debt     10,900       23,600       10,900       162,649  
    Repayments of long-term debt     (59,658 )     (49,517 )     (162,506 )     (288,538 )
    Repurchase of share capital     (16,891 )     —       (50,465 )     (12,951 )
    Issuance of common shares from the exercise of options     495       —       686       —  
    Debt amendment fees     —       —       (1,317 )     —  
    Lease payments     (3,586 )     (2,410 )     (10,005 )     (6,413 )
    Funding from non-controlling interest     4,392       —       4,392       —  
    Cash used in financing activities     (64,348 )     (28,327 )     (208,315 )     (145,253 )
    Effect of exchange rate changes on cash     (403 )     251       177       (428 )
    Increase (decrease) in cash     (23,929 )     26,146       (29,878 )     27,478  
    Cash, beginning of period     48,233       22,919       54,182       21,587  
    Cash, end of period   $ 24,304     $ 49,065     $ 24,304     $ 49,065  


    CONDENSED     INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

        Attributable to shareholders of the Corporation            
    (Stated in thousands of Canadian dollars)   Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling interest    		     Total
    Equity    		  
    Balance at January 1, 2024   $ 2,365,129     $ 75,086     $ 147,476     $ (1,012,029 )   $ 1,575,662     $ —     $ 1,575,662  
    Net earnings for the period     —       —       —       96,400       96,400       —       96,400  
    Other comprehensive income for the period     —       —       11,126       —       11,126       —       11,126  
    Share options exercised     978       (292 )     —       —       686       —       686  
    Settlement of Executive Performance and Restricted Share Units     21,846       (1,479 )     —       —       20,367       —       20,367  
    Share repurchases     (51,050 )     —       —       —       (51,050 )     —       (51,050 )
    Redemption of non-management directors share units     176       (176 )     —       —       —       —       –  
    Share-based compensation expense     —       3,517       —       —       3,517       —       3,517  
    Funding from non-controlling interest     —       —       —       —       —       4,392       4,392  
    Balance at September 30, 2024   $ 2,337,079     $ 76,656     $ 158,602     $ (915,629 )   $ 1,656,708     $ 4,392     $ 1,661,100  
        Attributable to shareholders of the Corporation            
    (Stated in thousands of Canadian dollars)   Shareholders’
    Capital    		     Contributed
    Surplus    		     Accumulated
    Other
    Comprehensive
    Income    		     Deficit     Total     Non-
    controlling interest    		     Total
    Equity    		  
    Balance at January 1, 2023   $ 2,299,533     $ 72,555     $ 159,714     $ (1,301,273 )   $ 1,230,529     $ —     $ 1,230,529  
    Net earnings for the period     —       —       —       142,522       142,522       —       142,522  
    Other comprehensive income for the period     —       —       1,838       —       1,838       —       1,838  
    Settlement of Executive Performance and Restricted Share Units     19,206       —       —       —       19,206       —       19,206  
    Share repurchases     (12,951 )     —       —       —       (12,951 )     —       (12,951 )
    Redemption of non-management directors share units     757       —       —       —       757       —       757  
    Share-based compensation expense     —       1,834       —       —       1,834       —       1,834  
    Balance at September 30, 2023   $ 2,306,545     $ 74,389     $ 161,552     $ (1,158,751 )   $ 1,383,735     $ —     $ 1,383,735  


    2024 THIRD QUARTER RESULTS CONFERENCE CALL AND WEBCAST

    Precision Drilling Corporation has scheduled a conference call and webcast to begin promptly at 11:00 a.m. MT (1:00 p.m. ET) on Wednesday, October 30, 2024.

    To participate in the conference call please register at the URL link below. Once registered, you will receive a dial-in number and a unique PIN, which will allow you to ask questions.

    https://register.vevent.com/register/BI4cb3a3db88084e66ad528ebb2bdb81e4

    The call will also be webcast and can be accessed through the link below. A replay of the webcast call will be available on Precision’s website for 12 months.

    https://edge.media-server.com/mmc/p/mov2xb4k

    About Precision

    Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as Alpha™ that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreen™ suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.

    Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

    Additional Information

    For further information, please contact:

    Lavonne Zdunich, CPA, CA
    Vice President, Investor Relations
    403.716.4500

    800, 525 – 8th Avenue S.W.
    Calgary, Alberta, Canada T2P 1G1
    Website: www.precisiondrilling.com

    The MIL Network –

  • MIL-OSI Security: Balgonie — White Butte RCMP asks members of the public for assistance identifying semi

    Source: Royal Canadian Mounted Police

    On October 12, 2024, White Butte RCMP received a report of a chemical spill on Highway #46.

    Investigation determined a semi hauling a belly dump style of trailer left a business on the Service Road in Balgonie. While driving south on Highway #46, then continuing on to Highway #1 toward Winnipeg, the semi spilled fertilizer it was hauling. The semi did not stop at the scene of the spill.

    The Balgonie Fire Department, Ministry of Highways, Ministry of Environment and Regina Bypass responded to – and are managing – the spill and clean-up, and were responsible for the closure of the highway that resulted from the spill. Any questions on these matters can be directed to the appropriate agency.

    White Butte RCMP is now investigating whether there is a criminal element to the spill, including gathering information about the vehicle driver’s failure to stop after the spill and determining whether the resulting cost of clean-up constitutes mischief.

    The vehicle and driver have not been identified at this time.

    White Butte RCMP is asking members of the public for assistance. If you saw the semi spilling fertilizer on Highway #46 between 5:15 and 5:45 a.m. on October 12, or if you potentially captured security or dashcam footage of it, contact White Butte RCMP by dialling 310-RCMP.

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

    MIL Security OSI –

  • MIL-OSI Security: Lower Post — Watson Lake RCMP and BC Coroners Service investigating a death

    Source: Royal Canadian Mounted Police

    The Watson Lake RCMP is investigating the death of a man in Lower Post, British Columbia.

    On October 28, 2024, at approximately 10:30 am Watson lake RCMP were notified that a body had been located on the bank of the Liard River in Lower Post. Initial investigation suggests the man may have been there for some time.

    RCMP are working with the BC Coroners Service to determine the identity of the deceased.

    Police ask that if anyone has information in the community, to please contact Watson Lake RCMP Detachment at 867-536-5555.

    Any media questions regarding the investigation can be directed to the BC Coroners Service.

    MIL Security OSI –

  • MIL-OSI: Hampton Financial Corporation Announces The Completion of A Non-Brokered Private Placement of Unsecured Convertible Debentures

    Source: GlobeNewswire (MIL-OSI)

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

    TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV:HFC) is pleased to announce the closing of a non-brokered private placement of unsecured convertible debentures (the “Debentures”) in the principal amount of $300,000.

    The $300,000 principal amount of Debentures will mature five (5) years and one day after the issue date (the “Maturity Date”) and will bear interest at the rate of 10.0% per annum, payable quarterly in arrears on the last day of March, June, September and December in each year until the Maturity Date. The first interest payment will be made at the end of the first calendar quarter following the closing date (the “Initial Interest Payment Date”) and will consist of interest accrued from and including the closing date to the Initial Interest Payment Date. Interest will be payable in cash only and will cease to accrue on the Maturity Date.

    The whole, or any part, of the principal amount of the Debentures is convertible into common shares of the Company’s wholly owned subsidiary, Oxygen Working Capital Corp. (“OWC”), held by the Company at the option of the holder thereof, at any time prior to 5:00 p.m. (Toronto time) on the Maturity Date, at a conversion price of CAD$0.50 per share. Upon conversion of the Debentures the holders of Debentures will receive cash payment of any interest which accrues from the most recent interest payment date to the date of conversion.

    The proceeds from the Offering may be advanced by the Company to OWC in order to further grow OWC’s loan book and for OWC’s working capital and general corporate purposes.

    About Oxygen Working Capital Corp.

    OWC, founded in 2017, is a specialized Canadian based lender focused on the commercial factoring business with clients across Canada, and with prospects for expanded reach and continued growth across broader North America. OWC provides entrepreneurs with short term financing solutions via immediate upfront capital by factoring their invoices and receivables, allowing businesses to meet their immediate working capital needs. Acquired in 2024, OWC is a wholly owned subsidiary of Hampton.

    About Hampton Financial Corporation

    Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments. In addition to OWC, through its Investment Dealer subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO (Formally IIROC) and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad. The Company is also exploring opportunities to diversify its sources of revenue by way of strategic investments and acquisitions in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

    For more information, please contact:

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

    Or

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

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

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

    Forward-Looking Statements

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

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

    The MIL Network –

  • MIL-OSI Economics: Samsung Sets New Benchmark in TV Security With FIPS 140-3 Certification

    Source: Samsung

     
    Samsung Electronics today announced that its proprietary cryptography module, Samsung CryptoCore,1 has earned the prestigious FIPS 140-3 certification2 from the National Institute of Standards and Technology (NIST). This certification underscores Samsung’s commitment to providing industry-leading security and data protection for Smart TV users.
     
    “As home entertainment systems become more connected, it becomes critical for technology companies to safeguard the personal data that enables the seamless connectivity enjoyed by so many,” said Yongjae Kim, Executive Vice President and Head of the R&D Team, Visual Display Business at Samsung Electronics. “By integrating the FIPS 140-3-certified CryptoCore into our Smart TVs, Samsung is taking our commitment to secure home entertainment a step further and ensuring that our users can freely experience the value of our products.”
     
    Beginning in 2025, Samsung CryptoCore will be fully integrated into Tizen OS,3 Samsung’s Smart TV operating system, enhancing the security of key products such as TVs, monitors and digital signage. With Samsung CryptoCore embedded in Tizen OS, personal data linked to Samsung accounts will be securely encrypted, SmartThings authentication information will be protected from external hacking threats and content viewed on TVs will benefit from enhanced copyright protection.
     
    Since 2015, Samsung has equipped its Smart TVs with Samsung Knox,4 a security platform that has earned Common Criteria (CC) certification5 for 10 consecutive years. But with its newly acquired FIPS 140-3 certification, Samsung has strengthened its defenses against hacking and data breaches even further, proactively protecting personal information with advanced encryption technology.
     
    Recognized by governments in 10 countries,6 the FIPS 140-3 certification requires comprehensive testing of cryptographic modules to ensure their security, integrity and reliability. For users, this means Samsung Smart TVs offer cutting-edge protection against privacy breaches, allowing them to enjoy their content, connect smart devices and engage with IoT services securely and without concerns.
     

     
    1 Samsung CryptoCore is a software library that encrypts and decrypts data during both transmission and storage.2 Federal Information Processing Standard (FIPS) 140-3 covers the security requirements for cryptographic modules.3 Tizen OS 9.0.4 Samsung Knox provides privacy protection on its Smart TVs through features like Tizen OS Monitoring, Phishing Site Blocking and Knox Vault. Knox Vault is available only on the QN900D and QN800D models.5 Common Criteria (CC) certification is a global security standard recognized by 31 countries for IT product integrity.6 Recognized in the United States, Canada, UK, Germany, France, South Korea, Japan, Singapore, Australia and New Zealand.

    MIL OSI Economics –

  • MIL-OSI Security: Albany — Route 1 – Trans-Canada Highway closed to all traffic near Albany Y

    Source: Royal Canadian Mounted Police

    The overhead road sign structure that spans the highway near the Albany Y, closest to Borden-Carleton, has collapsed.

    At approximately 7:30 p.m. on Tuesday, October 29, 2024 PEI RCMP responded to a call of traffic backing up on the Trans-Canada Highway near the Albany Y. It appears the overhead road signage directing traffic to Summerside or Charlottetown fell down across the entire highway. PEI RCMP are on scene and Provincial Department of Highways are also attending the incident. As a result, Route 1 – Trans-Canada Highway, is closed to traffic in both directions near the Albany Y at Borden-Carleton.

    Detours will be in place and motorists are asked to use caution in this area. Anyone travelling in the area is asked to follow all instructions from safety personnel. Delays can be expected until the road is cleared. Updates will be provided on PEI RCMP social media.

    MIL Security OSI –

  • MIL-OSI New Zealand: Podiatry prescribers will boost patient care

    Source: New Zealand Government

    Health Minister Dr Shane Reti and Associate Minister David Seymour say it’s great news that podiatrists will soon be able to prescribe medicines, meaning patients with painful foot and leg conditions don’t have to make a separate trip to the doctor.

    “This simple step means a big change for people suffering from painful foot injuries and leg conditions, and it’s also an important recognition for podiatrists,” says Dr Reti.

    “I’m very pleased to announce that the Government intends to take the proposed changes to Cabinet before the end of this year.

    “The change will see podiatrists joining other health professions with designated prescribing authority, including specifically trained nurses, dieticians, and pharmacists.

    “The change will bring New Zealand into line with a number of other countries, including Australia, Canada, the US and UK.”

    David Seymour says the change allows for more direct access to health care, and savings for both people and the health system.

    “For too long, podiatrists have been restricted to providing a limited number of pharmacy-only or restricted medicines for skin care treatments or small surgical procedures.

    “That limits their scope. Additionally, stepping up with additional training and allowing a greater level of prescribing by podiatrists will assist those with high health needs and reduce the costs and delays for patients if additional doctor’s visit had been required.

    “The change will also make better use of the country’s nearly 500 podiatrists who usually work in community settings, and in rural areas.

    “We know conditions like shin splints and bunions can be extremely painful and that getting pain relief that is only available on prescription has often meant needing to see a GP as well. 
    “As a Government, we want to make healthcare as easy to access as possible, and this change is an important step towards that,” says David Seymour.  

    The change also recognises the often pivotal role podiatrists play in reducing the risk of limb amputations for people with chronic health conditions like diabetes.

    The Ministry of Health is currently developing the list of medicines that specially trained podiatrists will be able to prescribe, and list is likely to be completed in the first half of next year.

    MIL OSI New Zealand News –

  • MIL-OSI: Climb Channel Solutions Launches North American Partnership with Cybersecurity Vendor Fortra

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB), announced a North American partnership with Fortra.

    Fortra provides trusted cybersecurity solutions that span every part of the cyber-attack chain, from detection to response. Through this partnership, Climb North American VARs and MSPs have access to Fortra’s entire portfolio, which includes solutions covering digital risk and email protection, managed file transfer, data protection, infrastructure protection, managed security services, security awareness training, and automation.

    “Fortra is on a mission to help as many organizations as possible increase their security maturity and decrease operational burden,” said Matt Reck, President at Fortra. “With their strong channel expertise and exceptional operational practices, we believe Climb is the perfect North American partner to help us on this journey.”         

    The Fortra platform will enable partners to unify their cybersecurity stack into one platform. With Fortra’s platform, users are able to:

    • Detect various attacks with a broad-spectrum defense and multi-vector approach
    • Aggregate data to analyze your IT environment
    • Utilize AI to track events and correlate patterns to threats, allowing for improved speed to detection
    • Mitigate detected threats more quickly and efficiently with accurate response

    “The addition of Fortra and their comprehensive portfolio of cybersecurity focused products enables North American partners to provide the security solutions that have a strong line of defense,” said Dale Foster, CEO of Climb Channel Solutions. “VARs and MSPs alike will benefit from Fortra’s integration capabilities that will help them consolidate their security stack.”

    Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

    About Climb Channel Solutions and Climb Global Solutions

    Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

    For Media & PR inquiries contact:
    Climb Channel Solutions
    Media Relations
    media@ClimbCS.com

    Investor Relations Contact:
    Elevate IR
    Sean Mansouri, CFA
    T: 720-330-2829
    CLMB@elevate-ir.com

    About Fortra  
    Fortra is a cybersecurity company like no other. We’re creating a simpler, stronger future for our customers. Our trusted experts and portfolio of integrated, scalable solutions bring balance and control to organizations around the world. We’re the positive changemakers and your relentless ally to provide peace of mind through every step of your cybersecurity journey. Learn more about Fortra.  

    Copyright © Fortra, LLC and its group of companies. Fortra™, the Fortra™ logos, and other identified marks are proprietary trademarks of Fortra, LLC.   

    Media Contact:  
    Jessica Ryan    
    Public Relations Manager  
    Jessica.Ryan@fortra.com

    The MIL Network –

  • MIL-OSI: Captivision Announces Venture at Dream Hollywood Hotel

    Source: GlobeNewswire (MIL-OSI)

    MIAMI and SEOUL, Korea, Oct. 29, 2024 (GLOBE NEWSWIRE) — Captivision Inc. (“Captivision” or the “Company”) (Nasdaq: CAPT), a pioneer manufacturer of architectural media glass and innovative LED solution provider, today announced its first collaboration with the Dream Hollywood hotel in Los Angeles. Crescent Hotels & Resorts, a leading hotel management company, manages Dream Hollywood. The property is part of Hyatt’s global portfolio of hotels, under the Dream Hotels brand.

    The collaboration catalyzes Captivision’s expansion into digital out-of-home (“OOH”) in a high-profile Los Angeles location with extraordinary partners. Unlike traditional LED signage, Captivision is creating a uniquely transparent and vibrant digital display, generating a new recurring revenue stream for the Company and its partners. This groundbreaking venture is emblematic of Captivision’s broadening business model as a trusted solution provider featuring highly innovative and transformational technology. The Dream Hollywood display is expected to generate in excess of three million social media impressions annually. Playing a pivotal role in the creation and operation of the OOH digital media at the Dream Hollywood, California-based company, Integrated Market Optimization, Inc. and Smart City Labs, have partnered with Captivision to bring their expertise and industry-leading solutions to this high-profile project.

    “Joining forces with Dream Hollywood is a pivotal venture for our company in multiple respects,” said Gary Garrabrant, Chairman and CEO of Captivision. “Captivision is quickly becoming a solution provider across the LED product spectrum generating entirely new revenue streams with valued partners and clients. We believe this collaboration will kickstart an exciting new chapter of growth for Captivision in the United States and globally.”

    Dream Hollywood (Façade Render)

    Captivision’s transparent and non-transparent LED media solutions provide a versatile and dynamic platform showcasing high-resolution content without compromising architectural integrity and user experience. This seminal venture combines cutting-edge physical and streaming technology to generate social media driven advertising revenue, the first of what promises to be many meaningful applications with recognized and valued partners and clients.

    About Captivision
    Captivision is a pioneering manufacturer of media glass, combining IT building materials with architectural glass. The product has a boundless array of applications including entertainment media, information media, cultural and artistic content as well as marketing use cases. Captivision can transform any glass façade into a transparent media screen with real time live stream capability. Captivision is fast becoming a solution provider across the LED product spectrum.

    Captivision’s media glass and solutions have been implemented in hundreds of locations globally across sports stadiums, entertainment venues, casinos and hotels, convention centers, office and retail properties, and airports. Learn more at http://www.captivision.com.

    About Crescent Hotels & Resorts
    Crescent Hotels & Resorts is an award-winning, nationally recognized, operator of hotels and resorts with over 120 properties in the United States and Canada. Crescent is one of the few elite management companies approved to operate upper-upscale and luxury hotels under the brand families of Marriott, Hilton, and Hyatt. Crescent also works a collection of independent and lifestyle properties under the Latitudes Collection umbrella. These properties include PGA National Resort, The Opus Westchester, Autograph Collection, and NOPSI Hotel New Orleans. Powered by innovative, forward thinking experts, Latitudes is a modern management platform for lifestyle hotels and resorts where creative concepts connect with modern travelers from urban boutique hotels to oceanside resorts.

    Crescent’s clients include premiere REITs, private equity firms and major developers. For more information, please visit www.crescenthotels.com and www.latitudesbycrescent.com or connect with Crescent on LinkedIn.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies, or expectations for the Company’s respective businesses. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot assure you that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “believe”, “can”, “continue”, “expect”, “forecast”, “may”, “plan”, “project”, “should”, “will” or the negative of such terms, and similar expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

    The risks and uncertainties include, but are not limited to: (1) the ability to raise financing in the future and to comply with restrictive covenants related to indebtedness; (2) the ability to realize the benefits expected from the business combination and the Company’s strategic direction; (3) the significant market adoption, demand and opportunities in the construction and digital out of home media industries for the Company’s products; (4) the ability to maintain the listing of the Company’s ordinary shares and warrants on Nasdaq; (5) the ability of the Company to remain competitive in the fourth generation architectural media glass industry in the face of future technological innovations; (6) the ability of the Company to execute its international expansion strategy; (7) the ability of the Company to protect its intellectual property rights; (8) the profitability of the Company’s larger projects, which are subject to protracted sales cycles; (9) whether the raw materials, components, finished goods, and services used by the Company to manufacture its products will continue to be available and will not be subject to significant price increases; (10) the IT, vertical real estate, and large format wallscape modified regulatory restrictions or building codes; (11) the ability of the Company’s manufacturing facilities to meet their projected manufacturing costs and production capacity; (12) the future financial performance of the Company; (13) the emergence of new technologies and the response of the Company’s customer base to those technologies; (14) the ability of the Company to retain or recruit, or to effect changes required in, its officers, key employees, or directors; (15) the ability of the Company to comply with laws and regulations applicable to its business; and (16) other risks and uncertainties set forth under the section of the Company’s Annual Report on Form 20-F entitled “Risk Factors.”

    These forward-looking statements are based on information available as of the date of this press release and the Company’s management team’s current expectations, forecasts, and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside the control of the Company and its directors, officers, and affiliates. Accordingly, forward-looking statements should not be relied upon as representing the Company management team’s views as of any subsequent date. The Company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required under applicable securities laws.

    Media Contact:
    Dukas Linden Public Relations
    +1 212.704.7385
    captivision@dlpr.com

    Investor Contact:
    Gateway Group
    Ralf Esper
    +1 949.574.3860
    CAPT@gateway-grp.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4835d4a9-4083-475d-996e-b09ab5decf06

    The MIL Network –

  • MIL-OSI: Bitfarms Nominates Andrew J. Chang for Election to the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, today announced that it has nominated Andrew J. Chang for election to its Board of Directors (the “Board”) at the Special Meeting of shareholders to be held on November 20, 2024 at 4:00p.m. Eastern Time (the “Special Meeting”).

    Bitfarms Special Meeting of Shareholders
    Pursuant to the Settlement Agreement between the Company and Riot Platforms, Inc. dated September 23, 2024, at the Special Meeting, shareholders will be asked to approve an expansion of the Board from five members to six members, to elect an independent director nominated by the Board to serve as the sixth member of the Board, to ratify the Company’s shareholder rights plan adopted on July 24, 2024, and to conduct such other business as may properly come before the Special Meeting.

    Shareholders and guests can access the virtual meeting using this link. Additional information regarding the Special Meeting, including how to vote, is available via the proxy materials disseminated to shareholders by Bitfarms and as filed on SEDAR+ at http://www.sedarplus.ca and on EDGAR at http://www.sec.gov/EDGAR.

    Nomination of Andrew J. Chang to Bitfarms Board of Directors
    Bitfarms’ Governance and Nominating Committee conducted a thorough director search process and held interviews with several qualified candidates, and, along with the Board, unanimously supports the nomination of Andrew J. Chang for election at the Special Meeting.

    Mr. Chang is a 20-year veteran of the technology industry with experience as an investor, operating executive, entrepreneur, and advisor. He was a founding partner of Liberty City Ventures, a leading venture capital fund. Mr. Chang also served as Chief Operating Officer of Paxos, a blockchain infrastructure platform that has powered solutions for PayPal, Stripe, and more. At Paxos, he helped grow the team from 8 to 190 employees and launched the first regulated blockchain focused trust company and the first regulated stablecoin in the U.S. During that time, Paxos raised $500M in capital and its most recent valuation is $2.4 billion.

    Before joining Paxos, Andrew served as a Lead Strategic Partner Development Manager at Google, working in business development for display ad products. Prior to that, he was the Chief Operating Officer of ConditionOne and an associate at TechStars (New York). He also has experience managing innovation in research, analytics and digital media at WPP PLC-owned Kantar Video and at 360i, a digital marketing agency. 

    Andrew earned his MBA from New York University’s Leonard N. Stern School of Business, where he was President of the student body, and a BS from Boston College.

    Brian Howlett, Independent Chairman of the Board, said, “The Bitfarms Board is committed to strong corporate governance and recognizes that a diverse set of skills is required to effectively oversee the execution of the Company’s strategic initiatives. Andrew is an impressive technology industry veteran whose experience and knowledge is highly complementary to that of our current Board. We believe he will be instrumental as we execute our aggressive growth plan, and we look forward to leveraging his expertise to maximize value for Bitfarms shareholders.”

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding holding the Special Meeting and the timing thereof, and the matters to be put before the Company’s shareholders at the Special Meeting are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; and the power purchase agreements and economics thereof may not be as advantageous as expected. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements 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 any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contact:

    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contact:

    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

  • MIL-OSI: Will 2025 See Lower Salary Increases? Salary.com Releases Latest National Salary Budget Survey

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., Oct. 29, 2024 (GLOBE NEWSWIRE) — Salary.com, a leading provider of compensation market data and software, shared the results of its annual National Salary Budget Survey. Now in its 14th year, the survey collected responses from over 1,000 human resource professionals across 20 industries in the U.S. and Canada to see how companies are planning salary increases.

    This year’s survey found that the median salary increase stayed at 4 percent, but average increases dropped from 4.3 percent to 3.9 percent.

    Salary.com says this drop is because fewer companies are giving higher raises. The number of companies giving raises between 5 and 6.9 percent fell from 25 percent to 14 percent. This trend could be linked to lower inflation and stable unemployment after the economic instability caused by the pandemic and the Great Resignation. The survey also showed a return to typical salary increases of 3 to 3.9 percent, as reported by 38 percent of respondents in 2024, compared to 25 percent in 2023. Expectations for 2025 are similar to 2024.

    “Last year, we noted that salary increases might be at a peak, even with 4 percent becoming the norm. While 4 percent remained the median in 2024, further analysis suggests a shift is happening,” said Andy Miller, Vice President, Compensation Consulting at Salary.com. “This is important for HR and compensation teams as they plan budgets for next year, considering factors like industry, location and work arrangements.”

    The 2024-2025 National Salary Budget Survey also showed:

    • Geographically, the Northeast U.S. had the lowest salary increases, while the West Coast had the highest. The Northeast averaged 3.6 percent, compared to the national average of 3.9 percent. New York City (3.7%) and Boston (3.3%) had lower increases compared to San Francisco (4%) and Seattle (4.3%).
    • Regarding industries, Construction (4.2 percent) and Education, Government & Non-Profit (4.3 percent) had the largest increases. Hospitality (3.4 percent) and Transportation (3.6 percent) had smaller increases. Hospitality continues to adjust to local and regional minimum wage changes while recovering from the pandemic.
    • Defining pay for remote employees is still a challenge. The most common approach in 2024 was to set pay based on the employee’s primary residence (29 percent). Other methods included using a national pay rate (24 percent), regional pay rates (14 percent), or the closest employer location (12 percent). About 14 percent of respondents did not have remote employees.

    Miller added, “In 2024, many organizations experienced a level-set moment. Some sectors and regions saw increases, while others saw decreases, matching changes in labor markets, new laws, and evolving situations. Staying on top of these trends is key to good planning.”

    To buy a copy of Salary.com’s 2024-2025 National Salary Budget Survey, visit https://store.salary.com/national-salary-budget-survey.

    About Salary.com
    Salary.com has been helping organizations with human capital needs for over 20 years. The company leads the industry in compensation data, software, and services. More than 30,000 organizations in 22 countries use Salary.com’s solutions to hire and keep talent and compete in a changing world.

    Salary.com provides over 10 billion data points across more than 225 industries using a proprietary AI framework to ensure fair pay. The company’s main product, CompAnalyst®, helps organizations simplify hiring, reduce guesswork, and increase retention. Employee trust depends on fair pay, and Salary.com helps get it right. Please visit www.salary.com/business.

    The MIL Network –

  • MIL-OSI: DT Midstream Reports Strong Third Quarter 2024 Results; Raises Adjusted EBITDA Guidance

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, Oct. 29, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced third quarter 2024 reported net income of $88 million, or $0.90 per diluted share. For the third quarter of 2024, Operating Earnings were also $88 million, or $0.90 per diluted share. Adjusted EBITDA for the quarter was $241 million.

    Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

    The company also announced that the DT Midstream Board of Directors declared a $0.735 per share dividend on its common stock payable January 15, 2025 to stockholders of record at the close of business December 16, 2024.

    “We continue our strong performance in 2024,” said David Slater, President and CEO. “And we have made great progress advancing new opportunities which will support our future growth.”

    Slater noted the following significant business updates:

    • Reached final investment decision on the Phase 4 expansion of the LEAP system, which will expand the system to 2.1 Bcf/d by the first half of 2026
    • Upsized the future interconnect between our Stonewall System and Mountain Valley Pipeline
    • Upgraded to investment-grade by Fitch Ratings

    “Our year-to-date results are ahead of plan,” said Jeff Jewell, Executive Vice President and CFO. “Our strong performance is leading us to increase our Adjusted EBITDA guidance for 2024 to $950 – $980 million.”

    The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a goal of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

    Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

    Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

    Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

    Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

    DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

    Forward-looking Statements

    This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

    Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

    Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; global supply chain disruptions; actions taken by third-party operators, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to climate change and greenhouse gas emissions; ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our reports and registration statements filed from time to time with the SEC.

    The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2023, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

    Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

                                         
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)
              Three Months Ended
              September 30,   June 30,
              2024   2024
              Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
              (millions)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 88   $ —   $ —   $ 88   $ 96   $ —   $ —   $ 96
                                           
              Nine Months Ended
              September 30,   September 30,
               2024    2023
              Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
              (millions)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 281   $ —   $ —   $ 281   $ 263   $ —   $ —   $ 263
                                           
      (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments
                                           
                                                           
    DT Midstream, Inc.
    Reconciliation of Reported to Operating Earnings per diluted share(2) (non-GAAP, unaudited)
                                         
            Three Months Ended
            September 30,   June 30,
            2024   2024
            Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
            (per share)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 0.90   $ —   $ —   $ 0.90   $ 0.98   $ —   $ —   $ 0.98
                                         
            Nine Months Ended
            September 30,   September 30,
            2024   2023
            Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
            (per share)
      Adjustments
    		     $ —   $ —           $ —   $ —    
      Net Income Attributable to DT Midstream
    		 $ 2.87   $ —   $ —   $ 2.87   $ 2.70   $ —   $ —   $ 2.70
                                         
      (1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments  
      (2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations  
                                         
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)
                     
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
    Consolidated (millions)
    Net Income Attributable to DT Midstream $ 88     $ 96     $ 281     $ 263  
    Plus: Interest expense   38       39       117       111  
    Plus: Income tax expense   30       33       94       102  
    Plus: Depreciation and amortization   53       53       156       133  
    Plus: Loss from financing activities   4       —       4       —  
    Plus: EBITDA from equity method investees(1)   70       67       212       212  
    Less: Interest income   (1 )     —       (2 )     (1 )
    Less: Earnings from equity method investees   (40 )     (39 )     (125 )     (132 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (3 )     (3 )
    Adjusted EBITDA $ 241     $ 248     $ 734     $ 685  
                     
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:  
        
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
        (millions)
      Earnings from equity methods investees $ 40     $ 39     $ 125     $ 132  
      Plus: Depreciation and amortization attributable to equity method investees   20       21       61       61  
      Plus: Interest expense attributable to equity method investees   10       7       26       19  
      EBITDA from equity method investees $ 70     $ 67     $ 212     $ 212  
                     
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Pipeline Segment (non-GAAP, unaudited)
                     
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
    Pipeline (millions)
    Net Income Attributable to DT Midstream $ 71     $ 71     $ 216     $ 185  
    Plus: Interest expense   12       12       37       42  
    Plus: Income tax expense   24       24       72       72  
    Plus: Depreciation and amortization   18       19       55       50  
    Plus: Loss from financing activities   2       —       2       —  
    Plus: EBITDA from equity method investees(1)   70       67       212       212  
    Less: Interest income   —       —       (1 )     (1 )
    Less: Earnings from equity method investees   (40 )     (39 )     (125 )     (132 )
    Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (3 )     (3 )
    Adjusted EBITDA $ 156     $ 153     $ 465     $ 425  
                     
    (1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:  
             
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024       2024       2023  
        (millions)
      Earnings from equity methods investees $ 40     $ 39     $ 125     $ 132  
      Plus: Depreciation and amortization attributable to equity method investees   20       21       61       61  
      Plus: Interest expense attributable to equity method investees   10     $ 7       26       19  
      EBITDA from equity method investees $ 70     $ 67     $ 212     $ 212  
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA
    Gathering Segment (non-GAAP, unaudited)
                     
        Three Months Ended   Nine Months Ended
        September 30,   June 30,   September 30,   September 30,
          2024       2024     2024       2023
      Gathering (millions)
      Net Income Attributable to DT Midstream $ 17     $ 25   $ 65     $ 78
      Plus: Interest expense   26       27     80       69
      Plus: Income tax expense   6       9     22       30
      Plus: Depreciation and amortization   35       34     101       83
      Plus: Loss from financing activities   2       —     2       —
      Less: Interest income   (1 )     —     (1 )     —
      Adjusted EBITDA $ 85     $ 95   $ 269     $ 260
                     
     
    DT Midstream, Inc.
    Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)
                         
            Three Months Ended   Nine Months Ended
            September 30,   June 30,   September 30,   September 30,
              2024       2024       2024       2023  
       Consolidated
    		 (millions)
       Net Income Attributable to DT Midstream $ 88     $ 96     $ 281     $ 263  
       Plus: Interest expense   38       39       117       111  
       Plus: Income tax expense   30       33       94       102  
       Plus: Depreciation and amortization   53       53       156       133  
       Plus: Loss from financing activities   4       —       4       —  
       Plus: Adjustments for non-routine items(1)   (416 )     —       (416 )     (371 )
       Less: Earnings from equity method investees   (40 )     (39 )     (125 )     (132 )
       Less: Depreciation and amortization attributable to noncontrolling interests   (1 )     (1 )     (3 )     (3 )
       Plus: Dividends and distributions from equity method investees   465       50       590       557  
       Less: Cash interest expense   (6 )     (64 )     (80 )     (76 )
       Less: Cash taxes   (4 )     (1 )     (7 )     (21 )
       Less: Maintenance capital investment(2)   (4 )     (6 )     (17 )     (22 )
       Distributable Cash Flow $ 207     $ 160     $ 594     $ 541  
                         
      (1) Distributable Cash Flow calculation excludes certain items we consider non-routine. For the three and nine months ended September 30, 2024, adjustments for non-routine items included the $416 million Millennium financing distribution. For the nine months ended September 30, 2023, adjustments for non-routine items included the $371 million NEXUS financing distribution.
      (2) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.
                         

    The MIL Network –

  • MIL-OSI Security: Shelburne — Shelburne RCMP charge man with attempted murder

    Source: Royal Canadian Mounted Police

    Shelburne RCMP Detachment has charged a man with attempted murder after a stabbing in Shelburne.

    On October 27, at approximately 2:50 a.m., officers responded to a report that a man had been stabbed at a home on Shore Rd. Upon arrival at the residence, they located a man with serious injuries; he was transported to hospital by EHS. The suspect and victim were known to each other, and the suspect had fled the home before police arrived.

    Officers, including RCMP Police Dog Services, followed up at another home in Shelburne, where they located and safely arrested one man related to this incident.

    Jason Morash, 41, of Shelburne, has been charged with Attempted Murder, Possession of a Weapon for a Dangerous Purpose, and Aggravated Assault. Morash had a first court appearance in Yarmouth Provincial Court on October 28 and was held in custody pending his next court appearance on November 4.

    The investigation is ongoing.

    MIL Security OSI –

  • MIL-OSI Security: Clarenville — Clarenville RCMP investigates mischief at Canadian Tire Gas Bar, seeks public’s assistance identifying suspect

    Source: Royal Canadian Mounted Police

    Clarenville RCMP is seeking the public’s assistance in identifying a suspect in relation to property damage that occurred yesterday, October 27, 2024, at the Canadian Tire Gas Bar on Manitoba Drive in Clarenville.

    At approximately 8:30 a.m. on Sunday, Clarenville RCMP received the report of property damage. Surveillance footage obtained from the business showed a man throwing firewood at the front entrance of the gas bar at approximately 4:00 a.m. A copy of the surveillance video is attached.

    The investigation is continuing.

    Anyone having information about this crime or the identity of the suspect is asked to contact Clarenville RCMP (709-466-3211). To remain anonymous, contact Crime Stoppers: #SayItHere 1-800-222-TIPS (8477), visit www.nlcrimestoppers.com or use the P3Tips app.

    Video

      Video description

      An unknown male can be seen throwing an object at the front entrance of a gas bar.

    MIL Security OSI –

  • MIL-OSI: Franklin Electric Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Highlights

    • Consolidated net sales of $531.4 million, a decrease of 1% to the prior year
    • Water Systems and Distribution net sales increased 2% and 1%, respectively, while Fueling Systems net sales decreased 10%
    • Operating income was $73.5 million with operating margin of 13.8%
    • GAAP fully diluted earnings per share (EPS) was $1.17

    FORT WAYNE, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2024.

    Third quarter 2024 net sales were $531.4 million, compared to third quarter 2023 net sales of $538.4 million. Third quarter 2024 operating income was $73.5 million, compared to third quarter 2023 operating income of $78.1 million. Third quarter 2024 EPS was $1.17, versus EPS in the third quarter 2023 of $1.23.

    “Our third quarter results were softer than expected due to continued macro pressure from lower home sales and starts, along with weather being wetter than normal. However, the demand environment remains healthy across our key end markets, which has normalized following record levels of sales in recent years. Margins remained stable due to our disciplined cost management, and we are actively pursuing opportunities to further reduce expenses across the enterprise,” commented Joe Ruzynski, Franklin Electric’s CEO.

    “As we close out the year, we expect tempered order activity in-line with seasonal patterns. That said, having spent time with our incredible global team members over the past few months, I am energized by the potential of Franklin Electric. With our wide range of capabilities, strategic footprint, and flexible balance sheet, we have the ability to drive differentiated growth and accelerate productivity for years to come,” concluded Mr. Ruzynski.

    Segment Summaries

    Water Systems net sales were $302.2 million, a new third quarter record, an increase of $6.4 million or 2 percent compared to the third quarter 2023. The sales increase was driven by higher sales of groundwater products, all other surface products and water treatment products. The sales increase was partially offset by lower sales of large dewatering pumps, which had a record quarter last year. Water Systems operating income in the third quarter 2024 was $52.8 million, a new third quarter record. Third quarter 2023 Water Systems operating income was $52.7 million.

    Distribution net sales were $190.8 million, an increase of $1.6 million or 1 percent compared to the third quarter 2023. Sales increases were driven by sales from a recent acquisition. The Distribution segment operating income in the third quarter 2024 was $12.2 million. Third quarter 2023 Distribution operating income was $10.7 million.

    Fueling Systems net sales were $69.7 million in the third quarter 2024, a decrease of $8.0 million or 10 percent compared to the third quarter 2023. Sales decreases were driven by lower volumes. Fueling Systems operating income in the third quarter 2024 was $24.1 million. Third quarter 2023 Fueling Systems operating income was $25.8 million.

    2024 Guidance

    The Company is lowering its sales guidance for full year 2024 to be approximately $2.00 billion and reducing its EPS guidance for full year 2024 to be in the range of $3.75 to $3.85 which incorporates the Company’s first nine months performance and its outlook for the fourth quarter.

    Earnings Conference Call

    A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

    https://edge.media-server.com/mmc/p/cp5pmtx9

    For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

    https://register.vevent.com/register/BIa5e3e952cc2d47c28144fef8683c97e0

    All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

    A replay of the conference call will be available from Tuesday, October 29, 2024, through 9:00 am ET on Tuesday, November 5, 2024, by visiting the listen-only webcast link above.

    Forward Looking Statements

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases,  raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

    About Franklin Electric

    Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

    Franklin Electric Contact:

    Jeffery L. Taylor
    Franklin Electric Co., Inc.
    InvestorRelations@fele.com 

     
     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
                   
    (In thousands, except per share amounts)              
                   
      Third Quarter Ended   Nine Months Ended
      September 30, 2024 September 30, 2023   September 30, 2024 September 30, 2023
                   
    Net sales $ 531,438     $ 538,431     $ 1,535,596     $ 1,592,163  
                   
    Cost of sales   341,775       352,178       982,556       1,055,164  
                   
    Gross profit   189,663       186,253       553,040       536,999  
                   
    Selling, general, and administrative expenses   115,998       107,687       352,290       324,651  
                   
    Restructuring expense   139       462       139       735  
                   
    Operating income   73,526       78,104       200,611       211,613  
                   
    Interest expense   (1,556 )     (2,984 )     (4,980 )     (10,309 )
    Other (expense) income, net   (181 )     277       709       1,865  
    Foreign exchange income (expense), net   88       (2,483 )     (5,228 )     (8,098 )
                   
    Income before income taxes   71,877       72,914       191,112       195,071  
                   
    Income tax expense   16,983       14,746       43,795       39,167  
                   
    Net income $ 54,894     $ 58,168     $ 147,317     $ 155,904  
                   
    Less: Net income attributable to noncontrolling interests   (298 )     (370 )     (663 )     (1,181 )
                   
    Net income attributable to Franklin Electric Co., Inc. $ 54,596     $ 57,798     $ 146,654     $ 154,723  
                   
    Earnings per share:              
    Basic $ 1.19     $ 1.25     $ 3.18     $ 3.34  
    Diluted $ 1.17     $ 1.23     $ 3.14     $ 3.29  
     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
           
    (In thousands)      
           
      September 30, 2024 December 31, 2023
    ASSETS      
           
    Cash and cash equivalents $ 106,273     $ 84,963  
    Receivables (net)   272,003       222,418  
    Inventories   524,647       508,696  
    Other current assets   39,560       37,718  
    Total current assets   942,483       853,795  
           
    Property, plant, and equipment, net   226,072       229,739  
    Lease right-of-use assets, net   62,694       57,014  
    Goodwill and other assets   575,994       587,574  
    Total assets $ 1,807,243     $ 1,728,122  
           
           
    LIABILITIES AND EQUITY      
           
    Accounts payable $ 173,935     $ 152,419  
    Accrued expenses and other current liabilities   124,865       104,949  
    Current lease liability   17,963       17,316  
    Current maturities of long-term debt and short-term borrowings   76,402       12,355  
    Total current liabilities   393,165       287,039  
           
    Long-term debt   11,581       88,056  
    Long-term lease liability   43,484       38,549  
    Income taxes payable non-current   –       4,837  
    Deferred income taxes   31,128       29,461  
    Employee benefit plans   30,781       35,973  
    Other long-term liabilities   23,219       33,914  
     
    Redeemable noncontrolling interest   1,179       1,145  
           
    Total equity   1,272,706       1,209,148  
    Total liabilities and equity $ 1,807,243     $ 1,728,122  
     
    FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
      Nine Months Ended
    (In thousands)      
      September 30, 2024 September 30, 2023
    Cash flows from operating activities:      
    Net income $ 147,317     $ 155,904  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   41,825       39,582  
    Non-cash lease expense   15,223       12,664  
    Share-based compensation   10,127       8,449  
    Other   5,178       10,894  
    Changes in assets and liabilities:      
    Receivables   (51,440 )     (20,427 )
    Inventory   (18,760 )     2,537  
    Accounts payable and accrued expenses   17,218       4,376  
    Operating leases   (15,700 )     (12,847 )
    Income taxes-U.S. Tax Cuts and Jobs Act   (3,870 )     (2,902 )
    Other   3,968       399  
           
    Net cash flows from operating activities   151,086       198,629  
           
    Cash flows from investing activities:      
    Additions to property, plant, and equipment   (28,897 )     (30,155 )
    Proceeds from sale of property, plant, and equipment   704       –  
    Acquisitions and investments   (1,151 )     (6,641 )
    Other investing activities   37       26  
           
    Net cash flows from investing activities   (29,307 )     (36,770 )
           
    Cash flows from financing activities:      
    Net change in debt   (12,477 )     (87,653 )
    Proceeds from issuance of common stock   5,269       9,010  
    Purchases of common stock   (56,989 )     (29,888 )
    Dividends paid   (35,442 )     (31,315 )
    Deferred payments for acquisitions   (348 )     (448 )
           
    Net cash flows from financing activities   (99,987 )     (140,294 )
           
    Effect of exchange rate changes on cash and cash equivalents   (482 )     (4,848 )
    Net change in cash and cash equivalents   21,310       16,717  
    Cash and cash equivalents at beginning of period   84,963       45,790  
    Cash and cash equivalents at end of period $ 106,273     $ 62,507  


    Key Performance Indicators:     Net Sales Summary

                       
      Net Sales
      United States Latin Europe, Middle Asia Total        
    (in millions) & Canada America East & Africa Pacific Water Fueling Distribution Other/Elims Consolidated
                       
    Q3 2023   $182.0     $45.5     $48.7     $19.6     $295.8     $77.7     $189.2     ($24.3 )   $538.4  
    Q3 2024   $183.6     $43.5     $53.4     $21.7     $302.2     $69.7     $190.8     ($31.3 )   $531.4  
    Change   $1.6     ($2.0 )   $4.7     $2.1     $6.4     ($8.0 )   $1.6     ($7.0 )   ($7.0 )
    % Change   1 %   -4 %   10 %   11 %   2 %   -10 %   1 %     -1 %
                       
    Foreign currency translation *   ($0.3 )   ($4.4 )   ($0.3 )   $0.0     ($5.0 )   $0.1     $0.0       ($4.9 )
    % Change   0 %   -10 %   -1 %   0 %   -2 %   0 %   0 %     -1 %
                       
    Acquisitions   $4.5     $0.0     $0.0     $0.0     $4.5     $0.0     $4.7       $9.2  
    % Change   2 %   0 %   0 %   0 %   2 %   0 %   2 %     2 %
                       
    Volume/Price   ($2.6 )   $2.4     $5.0     $2.1     $6.9     ($8.1 )   ($3.1 )   ($7.0 )   ($11.3 )
    % Change   -1 %   5 %   10 %   11 %   2 %   -10 %   -2 %   29 %   -2 %
                       
    *The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.


    Key Performance Indicators:     Operating Income and Margin Summary

               
    Operating Income and Margins          
    (in millions) For the Third Quarter 2024
      Water Fueling Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 52.8   $ 24.1   $ 12.2   $ (15.6 ) $ 73.5  
    % Operating Income To Net Sales   17.5 %   34.6 %   6.4 %     13.8 %
               
               
    Operating Income and Margins          
    (in millions) For the Third Quarter 2023
      Water Fueling Distribution Other/Elims Consolidated
    Operating Income / (Loss) $ 52.7   $ 25.8   $ 10.7   $ (11.1 ) $ 78.1  
    % Operating Income To Net Sales   17.8 %   33.2 %   5.7 %     14.5 %
               

    The MIL Network –

  • MIL-OSI: BTQ Technologies Corp. to Present at the AI & Technology Virtual Investor Conference October 31st

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — BTQ Technologies Corp. (CBOE CA: BTQ) (FSE: NG3) (OTCQX: BTQQF), a global quantum technology company focused on securing mission-critical networks, today announced that Nicolas Roussy Newton, Co-Founder and COO will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31st, 2024.

    DATE: October 31st
    TIME: 1:30pm ET
    LINK: https://bit.ly/3ASgcyv
    Available for 1×1 meetings: October 31/November 1-5, 2024

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent BTQ Highlights:

    About BTQ
    BTQ was founded by a group of post-quantum cryptographers with an interest in addressing the urgent security threat posed by large-scale universal quantum computers. With the support of leading research institutes and universities, BTQ is combining software and hardware to safeguard critical networks using unique post-quantum services and solutions.

    Connect with BTQ: Website | LinkedIn

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    BTQ Technologies Corp.
    Bill Mitoulas
    Investor Relations
    +1.416.479.9547
    bill@btq.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Neither CBOE Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.  

    The MIL Network –

  • MIL-OSI: Sky Quarry Appoints Darryl Delwo as Chief Financial Officer and Cyla Apache as VP of Finance

    Source: GlobeNewswire (MIL-OSI)

    WOODS CROSS, Utah, Oct. 29, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry ” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced two key appointments. Darryl Delwo, CPA, a seasoned finance and accounting executive, was previously named Chief Financial Officer effective August 20, 2024, and Cyla Apache has recently been promoted to Vice President of Finance. These appointments reflect Sky Quarry’s focus on strengthening its finance leadership as it advances its growth strategy as a publicly listed company on Nasdaq.

    Darryl Delwo brings over 28 years of experience to the role and was promoted after serving as Vice President of Finance at Sky Quarry since 2020. Previously, Mr. Delwo served as Chief Financial Officer of Noralta Technologies Inc., an integrated SaaS provider primarily servicing the oil & gas market. Prior to that, Mr. Delwo was Controller and Acting CFO for the start-up company Sulvaris Inc., supporting the venture funding to recommence project construction. He has also served in Controller roles at Black Diamond Energy Services, Wholesale Sports, and Regus Canada. Mr. Delwo holds CPA and CMA designations in Canada, along with a Bachelor of Commerce in Accounting from Athabasca University.

    Cyla Apache brings over six years of controllership experience. She is a motivated leader with a strong background in implementing software and developing efficient workflows. Additionally, Ms. Apache has extensive knowledge of tax law and demonstrates how an accounting department can drive revenue and profitability. She holds an MBA, an MS in Accounting, a CPA designation from the California State Board of Accountancy, and an Enrolled Agent designation from the IRS.

    “After more than four years as VP of Finance, Mr. Delwo’s promotion to CFO is a natural step,” said David Sealock, CEO of Sky Quarry. “His 28 years of experience and proven leadership will be invaluable as we grow as a Nasdaq-listed company and advance our capital markets strategy. Alongside Ms. Apache’s promotion to Vice President of Finance, these leadership additions enhance our ability to drive operational excellence and execute our strategic and financial priorities, all with a focus on value-added growth and commitment to our shareholders.”

    About Sky Quarry Inc.

    Sky Quarry Inc. (NASDAQ: SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.

    Forward-Looking Statements

    This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.

    Investor Relations
    Chris Tyson
    Executive Vice President
    MZ Group – MZ North America
    949-491-8235
    SKYQ@mzgroup.us
    www.mzgroup.us

    Company Website

    https://investor.skyquarry.com/

    The MIL Network –

  • MIL-OSI Global: Israel’s ban on UNRWA continues a pattern of politicizing Palestinian refugee aid – and puts millions of lives at risk

    Source: The Conversation – USA – By Nicholas R. Micinski, Assistant Professor of Political Science and International Affairs, University of Maine

    The Israeli parliament’s vote on Oct. 28, 2024, to ban the United Nations agency that provides relief for Palestinian refugees is likely to affect millions of people – it also fits a pattern.

    Aid for refugees, particularly Palestinian refugees, has long been politicized, and the United Nations Relief and Works Agency for Palestine Refugees, or UNRWA, has been targeted throughout its 75-year history.

    This was evident earlier in the current Gaza conflict, when at least a dozen countries, including the U.S., suspended funding to the UNRWA, citing allegations made by Israel that 12 UNRWA employees participated in the attack by Hamas on Oct. 7, 2023. In August, the U.N. fired nine UNRWA employees for alleged involvement in the attack. An independent U.N. panel established a set of 50 recommendations to ensure UNRWA employees adhere to the principle of neutrality.

    The vote by the Knesset, Israel’s parliament, to ban the UNRWA goes a step further. It will, when it comes into effect, prevent the UNRWA from operating in Israel and will severely affect its ability to serve refugees in any of the occupied territories that Israel controls, including Gaza. This could have devastating consequences for livelihoods, health, the distribution of food aid and schooling for Palestinians. It would also damage the polio vaccination campaign that the UNRWA and its partner organizations have been carrying out in Gaza since September. Finally, the bill bans communication between Israeli officials and the UNRWA, which would end efforts by the agency to coordinate the movements of aid workers to prevent unintentional targeting by the Israel Defense Forces.

    Refugee aid, and humanitarian aid more generally, is theoretically meant to be neutral and impartial. But as experts in migration and international relations, we know funding is often used as a foreign policy tool, whereby allies are rewarded and enemies punished. In this context, we believe Israel’s banning of the UNRWA fits a wider pattern of the politicization of aid to refugees, particularly Palestinian refugees.

    What is the UNRWA?

    The UNRWA, short for United Nations Relief and Works Agency for Palestine Refugees in the Near East, was established two years after about 750,000 Palestinians were expelled or fled from their homes during the months leading up to the creation of the state of Israel in 1948 and the subsequent Arab-Israeli war.

    Palestinians flee their homes during the 1948 Arab-Israeli war.
    Pictures from History/Universal Images Group via Getty Images

    Prior to the UNRWA’s creation, international and local organizations, many of them religious, provided services to displaced Palestinians. But after surveying the extreme poverty and dire situation pervasive across refugee camps, the U.N. General Assembly, including all Arab states and Israel, voted to create the UNRWA in 1949.

    Since that time, the UNRWA has been the primary aid organization providing food, medical care, schooling and, in some cases, housing for the 6 million Palestinians living across its five fields: Jordan, Lebanon, Syria, as well as the areas that make up the occupied Palestinian territories: the West Bank and Gaza Strip.

    The mass displacement of Palestinians – known as the Nakba, or “catastrophe” – occurred prior to the 1951 Refugee Convention, which defined refugees as anyone with a well-founded fear of persecution owing to “events occurring in Europe before 1 January 1951.” Despite a 1967 protocol extending the definition worldwide, Palestinians are still excluded from the primary international system protecting refugees.

    While the UNRWA is responsible for providing services to Palestinian refugees, the United Nations also created the U.N. Conciliation Commission for Palestine in 1948 to seek a long-term political solution and “to facilitate the repatriation, resettlement and economic and social rehabilitation of the refugees and the payment of compensation.”

    As a result, UNRWA does not have a mandate to push for the traditional durable solutions available in other refugee situations. As it happened, the conciliation commission was active only for a few years and has since been sidelined in favor of the U.S.-brokered peace processes.

    Is the UNRWA political?

    The UNRWA has been subject to political headwinds since its inception and especially during periods of heightened tension between Palestinians and Israelis.

    While it is a U.N. organization and thus ostensibly apolitical, it has frequently been criticized by Palestinians, Israelis as well as donor countries, including the United States, for acting politically.

    The UNRWA performs statelike functions across its five fields, including education, health and infrastructure, but it is restricted in its mandate from performing political or security activities.

    Initial Palestinian objections to the UNRWA stemmed from the organization’s early focus on economic integration of refugees into host states.

    Although the UNRWA officially adhered to the U.N. General Assembly’s Resolution 194 that called for the return of Palestine refugees to their homes, U.N., U.K. and U.S. officials searched for means by which to resettle and integrate Palestinians into host states, viewing this as the favorable political solution to the Palestinian refugee situation and the broader Israeli-Palestinian conflict. In this sense, Palestinians perceived the UNRWA to be both highly political and actively working against their interests.

    In later decades, the UNRWA switched its primary focus from jobs to education at the urging of Palestinian refugees. But the UNRWA’s education materials were viewed by Israel as further feeding Palestinian militancy, and the Israeli government insisted on checking and approving all materials in Gaza and the West Bank, which it has occupied since 1967.

    A protester is removed by members of the U.S. Capitol Police during a House hearing on Jan. 30, 2024.
    Alex Wong/Getty Images

    While Israel has long been suspicious of the UNRWA’s role in refugee camps and in providing education, the organization’s operation, which is internationally funded, also saves Israel millions of dollars each year in services it would be obliged to deliver as the occupying power.

    Since the 1960s, the U.S. – the UNRWA’s primary donor – and other Western countries have repeatedly expressed their desire to use aid to prevent radicalization among refugees.

    In response to the increased presence of armed opposition groups, the U.S. attached a provision to its UNRWA aid in 1970, requiring that the “UNRWA take all possible measures to assure that no part of the United States contribution shall be used to furnish assistance to any refugee who is receiving military training as a member of the so-called Palestine Liberation Army (PLA) or any other guerrilla-type organization.”

    The UNRWA adheres to this requirement, even publishing an annual list of its employees so that host governments can vet them, but it also employs 30,000 individuals, the vast majority of whom are Palestinian.

    Questions over links of the UNRWA to any militancy has led to the rise of Israeli and international watch groups that document the social media activity of the organization’s large Palestinian staff.

    In 2018, the Trump administration paused its US$60 million contribution to the UNRWA. Trump claimed the pause would create political pressure for Palestinians to negotiate. President Joe Biden restarted U.S. contributions to the UNRWA in 2021.

    While other major donors restored funding to the UNRWA after the conclusion of the investigation in April, the U.S. has yet to do so.

    ‘An unmitigated disaster’

    Israel’s ban of the UNRWA will leave already starving Palestinians without a lifeline. U.N. Secretary General António Guterres said banning the UNRWA “would be a catastrophe in what is already an unmitigated disaster.” The foreign ministers of Canada, Australia, France, Germany, Japan, South Korea and the U.K. issued a joint statement arguing that the ban would have “devastating consequences on an already critical and rapidly deteriorating humanitarian situation, particularly in northern Gaza.”

    Reports have emerged of Israeli plans for private security contractors to take over aid distribution in Gaza through dystopian “gated communities,” which would in effect be internment camps. This would be a troubling move. In contrast to the UNRWA, private contractors have little experience delivering aid and are not dedicated to the humanitarian principles of neutrality, impartiality or independence.

    However, the Knesset’s explicit ban could, inadvertently, force the United States to suspend weapons transfers to Israel. U.S. law requires that it stop weapons transfers to any country that obstructs the delivery of U.S. humanitarian aid. And the U.S. pause on funding for the UNRWA was only meant to be temporary.

    The UNRWA is the main conduit for assistance into Gaza, and the Knesset’s ban makes explicit that the Israeli government is preventing aid delivery, making it harder for Washington to ignore. Before the bill passed, U.S. State Department Spokesperson Matt Miller warned that “passage of the legislation could have implications under U.S. law and U.S. policy.”

    At the same time, two U.S. government agencies previously alerted the Biden administration that Israel was obstructing aid into Gaza, yet weapons transfers have continued unabated.

    Sections of this story were first used in an earlier article published by The Conversation U.S. on Feb. 1, 2024.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Israel’s ban on UNRWA continues a pattern of politicizing Palestinian refugee aid – and puts millions of lives at risk – https://theconversation.com/israels-ban-on-unrwa-continues-a-pattern-of-politicizing-palestinian-refugee-aid-and-puts-millions-of-lives-at-risk-242379

    MIL OSI – Global Reports –

  • MIL-OSI: Savi Financial Corporation Earns $205,000 in the Third Quarter of 2024; Results Highlighted by NIM Expansion

    Source: GlobeNewswire (MIL-OSI)

    MOUNT VERNON, Wash., Oct. 29, 2024 (GLOBE NEWSWIRE) — Savi Financial Corporation, Inc. (OTC Pink: SVVB), the bank holding company for SaviBank, today reported net income of $205,000, or $0.05 per diluted share, for the third quarter of 2024. This compared to a net loss of $5,000, or a loss of $0.00 per diluted share, in the second quarter of 2024, and net income of $558,000, or $0.13 per diluted share, in the third quarter of 2023. In the first nine months of 2024, the Company reported a net loss of $216,000, or a loss of $0.05 per diluted share, compared to net income of $1.59 million, or $0.36 per diluted share, in the first nine months of 2023. All results are unaudited.

    “We reported improved third quarter 2024 operating results, compared to the preceding quarter, driven by increases in net interest income, lower non-interest expense and net interest margin expansion,” said Michal D. Cann, Chairman and President of Savi Financial Corporation. “Overall, loan growth was muted during the quarter, in part due to a slowdown in the local economy and uncertainties surrounding the election and future economic growth. However, we are seeing improvements in our loan pipeline, particularly with SBA loan originations. Further, we experienced good growth in core deposits during the quarter, with an increase in core deposits from local municipalities, which will allow us to reduce our reliance on brokered deposits to fund future growth.”

    “Loan growth was relatively flat compared to the preceding quarter and up 5% compared to a year ago. However, we did see good growth in the loan pipelines,” said Andrew Hunter, President and CEO of SaviBank. “We continue to seek out lending opportunities from our customers and anticipate slower than historic loan growth for the remainder of the year.”

    “The increase in loan yields during the quarter contributed to net interest margin (NIM) expansion of four basis points during the current quarter,” said Rob Woods, Chief Financial Officer of SaviBank. “We anticipate funding costs are near their peak and will continue to stabilize and should improve over the next few quarters if interest rates continue to decrease.” The Company’s NIM was 3.52% in the third quarter of 2024, compared to 3.48% in the preceding quarter, and 3.66% in the third quarter a year ago. The NIM remains higher than the peer average of 3.21% posted by the 171 banks that comprised the Dow Jones U.S. Microcap Bank Index as of June 30, 2024. The cost of funds increased to 244 basis points during the third quarter of 2024, compared to 238 basis points in the preceding quarter.

    Merger

    On March 22, 2024, the Company announced that it had signed a Purchase and Assumption agreement whereby Lakewood, WA. based Harborstone Credit Union will acquire SaviBank in an all-cash transaction. The transaction is structured as a purchase agreement with Harborstone Credit Union purchasing substantially all assets and assuming substantially all liabilities of SaviBank. The transaction is anticipated to be completed in the spring of 2025, subject to receiving all regulatory approvals. Shareholders of Savi Financial have approved the acquisition.

    “We look forward to working with Harborstone Credit Union to continue our tradition of having a positive impact in our local communities,” said Cann. “We are deeply focused on providing resources and services for our customers to succeed, and believe that the additional services, products and locations Harborstone Credit Union provides will help us continue to meet the financial needs of our customers. Through the unique structure of this acquisition by Harborstone Credit Union, we believe we are maximizing value to our shareholders who have supported us over the years.”

    Third Quarter 2024 Highlights:

    • The Company reported net income of $205,000 for the third quarter of 2024, compared to net loss of $5,000 for the second quarter of 2024, and net income of $558,000 for the third quarter of 2023.
    • Earnings per diluted share were $0.05 in the third quarter of 2024, compared to losses per diluted share of $0.00 in the preceding quarter, and earnings per diluted share of $0.13 in the third quarter of 2023.
    • Net interest income was $5.06 million in the third quarter of 2024, compared to $4.86 million in the second quarter of 2024, and $5.03 million in the third quarter of 2023.
    • Total revenue, consisting of net interest income and non-interest income, was $5.88 million in the third quarter of 2024, compared to $6.04 million in the preceding quarter and $5.89 million in the third quarter a year ago.
    • Non-interest expense was $5.57 million in the third quarter of 2024, compared to $5.82 million in the preceding quarter, and $5.56 million in the third quarter a year ago. The decrease in non-interest expense during the third quarter of 2024 was largely due to lower salary and employee benefits compared to the prior quarter.
    • Average third quarter 2024 total loans increased 2% to $512.8 million, compared to $503.8 million in the second quarter of 2024, and increased 8% from $473.6 million in the third quarter of 2023. Total loans at September 30, 2024, decreased to $509.5 million from $512.1 million at June 30, 2024, and increased 5% compared to $487.2 million at September 30, 2023.
    • SBA and USDA loan production for the twelve months ended September 30, 2024, totaled 22 loans for $14.5 million, compared to production of 18 loans for $14.8 million in the year-ago period.
    • Average third quarter 2024 total deposits grew 2% to $502.5 million, from $490.8 million in the preceding quarter, and increased 6% from $474.1 million in the third quarter a year ago. Total deposits increased 4% to $512.9 million, at September 30, 2024, compared to $492.1 million at June 30, 2024, and increased 7% compared to $481.5 million at September 30, 2023.
    • The Company recorded an $86,000 provision for credit losses in the third quarter of 2024, compared to a $255,000 provision in the second quarter of 2024, and a $350,000 credit to the provision in the third quarter of 2023.
    • Allowance for loan losses, as a percentage of total loans, was 1.18% at September 30, 2024, compared to 1.19% at June 30, 2024, and 1.16% at September 30, 2023.
    • Nonperforming loans, as a percentage of total loans, was 0.26% at September 30, 2024, compared to 0.24% at June 30, 2024, and 0.09% at September 30, 2023.
    • Nonperforming assets, as a percentage of total assets, was 0.21% at September 30, 2024, compared to 0.20% at June 30, 2024, and 0.19% a year ago.
    • Net charge-offs were $214,000 in the third quarter of 2024, compared to $35,000 in the second quarter of 2024, and $77,000 in the third quarter a year ago.
    • SaviBank capital levels remained above the threshold for well-capitalized institutions with a tier-1 leverage ratio of 8.19% at September 30, 2024.

    About Northwest Washington

    SaviBank currently operates six branches in Skagit County, two branches in Island County, one branch in Whatcom County and one branch in San Juan County. The Skagit, Whatcom, Island and San Juan counties region stretches north from the greater Seattle/Everett/Bellevue metropolis to the Canadian border.

    The housing market in Skagit, Island, Whatcom and San Juan counties remains stable, although it has fallen off the record high levels from the past few years. According to the Northwest Multiple Listing Service, the average home in Skagit County sold for $560,000, up 1.91% in September 30, 2024, compared to a year ago, and there was a 2.37 month supply of homes on the market. For Island County, the average house sold for $605,000, down 0.82% from a year ago and supply totaled 3.18 months. For Whatcom County, the average home sold for $611,000, up 10.38% from a year ago and supply totaled 2.61 months. For San Juan County, the average home sold for $829,000, down from 13.65% a year ago and supply totaled 9.05 months.

    Skagit’s population is projected to grow 3.84% from 2024 through 2029, and median household income is projected to increase by 11.41% during the same time frame. Whatcom County’s population is projected to grow 4.97% from 2024 through 2029, and median household income is projected to increase by 10.99%. Island County’s population is projected to grow 2.24% from 2024 through 2029, and median household income is projected to increase by 12.83%. San Juan County’s population is projected to grow 6.78% from 2024 through 2029, and median household income is projected to increase by 10.88%.

    Sources:
    https://www.nwmls.com/real-estate-news/monthly-market-snapshot/

    https://www.capitaliq.spglobal.com/ 

    About Savi Financial Corporation Inc. and SaviBank

    Savi Financial Corporation is the bank holding company which owns SaviBank. The Bank began operations April 11, 2005, and has 10 branch locations in Anacortes, Burlington, Bellingham, Concrete, Mount Vernon (2), Oak Harbor, Freeland, Sedro-Woolley, and Friday Harbor, Washington. The Bank provides loan and deposit services to customers who are predominantly small and middle-market businesses and individuals in and around Skagit, Island, Whatcom and San Juan counties. As a locally-owned community bank, we believe that when everyone becomes Savi about their finances, our entire community benefits.
    For additional information about SaviBank, visit: www.SaviBank.com.

    About Harborstone Credit Union

    Harborstone Credit Union is a Washington-chartered and federally insured credit union headquartered in Lakewood, Washington. Founded in 1955 as McChord Federal Credit Union, serving airmen on McChord Air Force Base (now Joint Base Lewis McChord), Harborstone Credit Union has grown to become one of the largest credit unions in Washington State with over 91,000 members and approximately $2.1 billion in total assets. Harborstone Credit Union has sixteen branches located throughout King, Pierce, and Thurston counties and offers members a full range of products and services with the aim to assist members in achieving financial well-being through innovative financial solutions that foster thriving communities and economic vitality. For more information, please visit www.harborstone.com.

    Forward Looking Statements

    Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, such as the businesses of Harborstone Credit Union and SaviBank may not be integrated successfully or such integration may take longer to accomplish than expected, the expected cost savings and any revenue synergies from the acquisition may not be fully realized within the expected timeframes, disruption from the acquisition may make it more difficult to maintain relationships with customers, associates, or suppliers, the required governmental approvals of the acquisition may not be obtained on the proposed terms and schedule, or Savi Financial shareholders may not approve the acquisition, any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the companies or any person that the future events, plans, or expectations contemplated by the companies will be achieved. All subsequent written and oral forward-looking statements concerning the companies or any person acting on their behalf is expressly qualified in its entirety by the cautionary statements above. None of Harborstone Credit Union, Savi Financial or SaviBank undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, to reflect circumstances or events that occur after the date the forward-looking statements are made.

     
    SELECTED FINANCIAL DATA                           
    (In thousands of dollars, except for ratios and per share amounts)                      
    Unaudited                              
      Three Months Ended   Nine Months Ended
      September 30,
    2024    		   September 30,
    2023    		   Var %   June 30,
    2024    		   Var %   September 30,
    2024    		   September 30,
    2023    		   Var %
    SUMMARY OF OPERATIONS                              
    Interest income $ 8,756     $ 7,573     16 %   $ 8,371     5 %   $ 24,962     $ 21,092     18 %
    Interest expense   (3,698 )     (2,539 )   46       (3,509 )   5       (10,411 )     (6,092 )   71  
    Net interest income   5,058       5,034     0       4,862     4       14,551       15,000     (3 )
    Provision for loan losses   (86 )     350     (125 )     (255 )   (66 )     (578 )     539     (207 )
                                                             
    NII after loss provision   4,972       5,384     (8 )     4,607     8       13,973       15,539     (10 )
    Non-interest income   825       852     (3 )     1,181     (30 )     2,587       2,796     (7 )
    Non-interest expense   (5,566 )     (5,559 )   0       (5,823 )   (4 )     (16,920 )     (16,415 )   3  
    Income before tax   231       677     (66 )     (35 )   (760 )     (360 )     1,920     (119 )
    Federal income tax expense   26       119     (78 )     (30 )   (187 )     (144 )     333     (143 )
    Net income $ 205     $ 558     (63 )%   $ (5 )   (4,200 )%   $ (216 )   $ 1,587     (114 )%
                                   
    PER COMMON SHARE DATA                              
    Number of shares outstanding (000s)   3,465       3,460     0 %     3,465     — %     3,465       3,460     0.14 %
    Earnings per share, basic $ 0.06     $ 0.16     (63 )   $ (0.00 )   (4,200 )   $ (0.06 )   $ 0.46     (114 )
    Earnings per share, diluted $ 0.05     $ 0.13     (63 )   $ (0.00 )   (4,201 )   $ (0.05 )   $ 0.36     (114 )
    Market value   14.50       6.86     111       14.79     (2 )     14.50       6.86     111  
    Book value   10.93       10.95     (0 )     10.61     3       10.93       10.95     (0 )
    Market value to book value   132.63 %     62.65 %   112       139.40 %   (5 )     132.63 %     62.65 %   112  
                                   
    BALANCE SHEET DATA                              
    Assets $ 623,637     $ 591,370     5 %   $ 621,191     0 %   $ 623,637     $ 591,370     5 %
    Investments securities   36,629       35,140     4       34,698     6       36,629       35,140     4  
    Total loans   509,535       487,184     5       512,080     (0 )     509,535       487,184     5  
    Total deposits   512,912       481,476     7       492,140     4       512,912       481,476     7  
    Borrowings   52,500       52,500     –       72,000     (27 )     52,500       52,500     –  
    Sub Debt – Savi Financial Only   17,000       17,000     –       17,000     –       17,000       17,000     –  
    Shareholders’ equity   37,881       37,887     (0 )     36,777     3       37,881       37,887     (0 )
                                   
    AVERAGE BALANCE SHEET DATA                              
    Average assets $ 622,414     $ 583,931     7 %   $ 612,262     2 %   $ 608,559     $ 557,460     9 %
    Average total loans   512,751       473,590     8       503,793     2       502,860       459,765     9  
    Average total deposits   502,526       474,076     6       490,753     2       498,373       456,093     9  
    Average shareholders’ equity   37,329       37,812     (1 )     36,678     2       37,534       37,082     1  
                                   
    ASSET QUALITY RATIOS                              
    Net (charge-offs) recoveries $ (214 )   $ (77 )   N/M     $ (35 )   N/M     $ (422 )   $ (266 )   N/M  
    Net (charge-offs) recoveries to average loans   (0.17 )%     (0.07 )%   N/M       (0.03 )%   N/M       (0.11 )%     (0.08 )%   N/M  
    Non-performing loans as a % of loans   0.26       0.09     183       0.24     6       0.26       0.09     183  
    Non-performing assets as a % of assets   0.21       0.19     10       0.20     4       0.21       0.19     10  
    Allowance for loan losses as a % of total loans   1.18       1.16     2       1.19     (1 )     1.18       1.16     2  
    Allowance for loan losses as a % of non-performing loans   462.69       1,223.59     (62 )     492.30     (6 )     462.69       1,223.59     (62 )
                                   
    FINANCIAL RATIOSSTATISTICS                              
    Return on average equity   2.20 %     5.90 %   (63 )%     -0.05 %   (4,128 )%     -0.77 %     5.71 %   (113 )%
    Return on average assets   0.13       0.38     (66 )     (0.00 )   (4,133 )     (0.05 )     0.38     (112 )
    Net interest margin   3.52       3.66     (4 )     3.48     1       3.47       3.77     (8 )
    Efficiency ratio   81.59       92.23     (12 )     83.37     (2 )     85.53       92.24     (7 )
    Average number of employees (FTE)   136       145     (6 )     140     (3 )     142       146     (3 )
                                   
    CAPITAL RATIOS                              
                                   
    Tier 1 leverage ratio — Bank   8.19       8.24     (1 )%     8.27     (1 )%     8.19       8.24     (1 )%
    Common equity tier 1 ratio — Bank   9.59       9.08     6       9.36     2       9.59       9.08     6  
    Tier 1 risk-based capital ratio — Bank   9.59       9.08     6       9.36     2       9.59       9.08     6  
    Total risk-based capital ratio –Bank   10.78       10.22     5       10.56     2       10.78       10.22     5  
                                   

    Contact:
    Michal D. Cann
    Chairman & President
    Savi Financial Corporation
    (360) 399-7001

    The MIL Network –

  • MIL-OSI: VT Insurance Agency LLC Selects Applied Digital Agency to Optimize Niche Commercial Lines Workflows

    Source: GlobeNewswire (MIL-OSI)

    Chicago, IL., Oct. 29, 2024 (GLOBE NEWSWIRE) — Applied Systems® today announced that VT Insurance Agency LLC, a niche agency specializing in aerial application risks for fixed wing, rotor wing, and drone insurance, has selected Applied Digital Agency to automate the end-to-end commercial lines new business and remarketing workflows. VT Insurance Agency LLC leveraged the flexibility of Applied Epic and its Applied marketing, customer service, payments hub and submissions management applications to meet its unique business needs, reducing duplicative data entry and keeping information easily accessible to optimize the team’s operational and customer service efforts.

    “As our agency grew, we experienced inefficiencies with our previous agency management system due to the number of unnecessary clicks and data re-entry needed to market and service accounts,” said Vaughn Tolbert, owner, VT Insurance Agency LLC and national board member of the Unmanned Pilots Associate for Safety and Standards (U-Pass). “Applied Epic’s modern, customizable technology stood out to us because we were able to integrate our marketing and policy workflows and build out aviation-specific forms that populate information directly from Applied Epic, allowing data to flow through each step of the workflow and give more time to our customers.”

    Applied’s Digital Agency solution consists of a foundational management system, payment hub, online customer self-service and mobile technology, commercial lines application digitization and automation, and insurer connectivity, all hosted in the cloud. The fully integrated solution enables agencies to create higher-value business transactions and deliver superior customer experiences throughout the entire insurance lifecycle. By leveraging integrated applications that enable agencies to manage their entire business and eliminate duplicative work typically caused by multiple, disparate systems, digital agencies operate more efficiently, improve customer service, and accelerate growth and profitability across all lines of business.

    “Independent agents with lean teams must be strategic about the technology they use to enable their unique workflows and keep their bottom line in check,” said Anupam Gupta, chief product officer, Applied Systems. “Applied Digital Agency’s connected workflows and flexible infrastructure allow niche agencies to easily reuse account and policy data they’ve entered once across fields and forms throughout the insurance lifecycle, helping them work smarter and faster, and ultimately increase profitability.”

    # # #

     

    The Applied products and logos are trademarks of Applied Systems, Inc., registered in the U.S.

     

    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.

    About VT Insurance Agency LLC
    VT Insurance Agency is the nation’s leading aerial application drone insurance agency, with a strong focus on agricultural drones. The agency carries 75%-80% of all legal aerial application drone policies, offering Property and Casualty insurance services such as aerial application drone/aircraft, pleasure and business drone/aircraft, aviation commercial general liability, products and completed operations, premises, commercial auto, workers’ compensation, and inventory. VT Insurance Agency is a proud national board member of the Unmanned Pilots Associate for Safety and Standards (U-Pass) and regularly helps push for regulation changes for drones in state and federal agencies.

    The MIL Network –

  • MIL-OSI: Canadian Engineers to Receive High-Demand Skills Training Through Innovative New Platform

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — Today, Foresight Canada is announcing the launch of the Advanced Manufacturing Engineers Upskilling Program (AME-UP). AME-UP is funded by Upskill Canada, powered by Palette Skills and the Government of Canada, and is part of the first wave of partnership agreements that are taking an industry-oriented approach to supporting Canadian workers. These agreements will help thousands of workers find new careers through skills training and job placement in some of the fastest-growing industries in Canada.

    Canada’s advanced manufacturing sector faces pressure to adopt sustainable practices to meet climate targets and stay competitive. Traditional methods contribute to high emissions, waste, and inefficiencies, increasing the demand for greener, more efficient solutions. Cleantech innovations like energy-efficient technologies and waste reduction are crucial, but the transition requires a workforce equipped with specialized skills.

    To address this need, Foresight Canada has launched the 16-week AME-UP program, which connects engineers with cleantech employers, offering hands-on experience, real-world projects, and industry-specific training. Employers benefit from access to skilled engineers through Work Integrated Learning (WIL), helping shape the future workforce while supporting the shift to sustainable manufacturing.

    Upskill Canada, supported by funding from Innovation, Science and Economic Development Canada (ISED) as part of the Upskilling for Industry Initiative, is Canada’s most ambitious talent initiative. Central to all Upskill Canada programs is the role of community training providers, who work closely with industry to identify in-demand skills. Upskilling workers through Upskill Canada programs creates new career pathways for workers and better positions Canadian companies to compete both domestically and internationally.

    Whether you’re an employer seeking top talent or a participant looking to upskill in cleantech, the AME-UP program is for you. Apply today to unlock new opportunities and drive sustainable growth.

    Quick Facts

    Foresight Canada’s mission is to accelerate adoption of the world’s best clean technologies. Since 2013, they have supported 1280+ cleantech ventures, 150+ industry partners, and 300+ investor firms to deploy $1.77 billion in capital, achieve $511 million in revenues, and create 8,760+ high-paying jobs. Their domestic and international engagement includes collaboration with 2,000+ partners and collaborators.

    Quotes

    “Programs like AME-UP are essential to uniting innovators and industry leaders, bridging the gap between technical talent and our cleantech industry, and preparing Canada’s workforce to drive our future economy forward. By fostering collaboration through market-driven programs, we equip engineering talent with the knowledge needed to advance innovation, drive adoption and ensure employers have access to a highly trained, ready-to-impact workforce.” — Jeanette Jackson, CEO, Foresight Canada

    “Upskill Canada’s partnership with Foresight Canada will allow more workers to access jobs in Canada’s growing advanced manufacturing sector. Graduates of the AME-UP program will be in high demand, bringing the most up-to-date skills to a rapidly changing industry.” — Rhonda Barnet, CEO, Palette Skills

    About Foresight Canada

    ​​Foresight Canada helps the world do more with less, sustainably. As Canada’s largest cleantech innovation and adoption accelerator, they de-risk and simplify public and private sector adoption of the world’s best clean technologies to improve productivity, profitability, and economic competitiveness, all while addressing urgent climate challenges.

    About Upskill Canada

    Upskill Canada is a national talent platform that helps fast-growing companies access the talent they need to compete and succeed globally while creating new career pathways for workers to rapidly transition into high-demand roles. Upskill Canada programs are focused on strengthening key growth sectors: digital technology, cybersecurity, agricultural technology, advanced manufacturing, clean technology and biomanufacturing.

    Think you are a great fit for the AME-UP program? Apply now:

    For Employers

    For Participants

    Questions about the program ? Reach out: upskill@foresightcac.com

    The MIL Network –

  • MIL-OSI Canada: During COP16, Canada announces new partnerships to support global biodiversity and Indigenous-led action 

    Source: Government of Canada News (2)

    Biodiversity loss poses a fundamental threat to our everyday lives, impacting clean water, air, fertile soil, food, medicine, the global economy and climate control. The climate crisis is affecting biodiversity as events like wildfires become more severe and frequent in Canada and around the world.

    October 29, 2024 – Ottawa, Canada – Global Affairs Canada

    Biodiversity loss poses a fundamental threat to our everyday lives, impacting clean water, air, fertile soil, food, medicine, the global economy and climate control. The climate crisis is affecting biodiversity as events like wildfires become more severe and frequent in Canada and around the world.

    This week, delegations from around the world are meeting at the United Nations Biodiversity Conference (COP16) in Cali, Colombia, to advance the implementation of the Kunming-Montreal Global Biodiversity Framework (KMGBF) to achieve the international community’s goal of living in harmony with nature by 2050.

    Canada is committed to working with all partners to halt and reverse the loss of nature and protect Indigenous rights. That’s why the Government of Canada supports conservation efforts to increase the resilience of communities in many parts of the world.

    Today, the Honourable Ahmed Hussen, Minister of International Development, and the Honourable Steven Guilbeault, Minister of Environment and Climate Change, announced 7 projects, worth a total of $62 million, that aim to protect biodiversity in regions around the world, with a particular focus in Latin America. For example, Canada’s contribution will increase the resilience to climate change of Indigenous communities in the Amazon through the integration of ancestral practices to address climate variability.

    These projects will be implemented in partnership with the following institutions:

    • Conservation International – Critical Ecosystem Partnership Fund
    • UN Development Programme – Biodiversity Ecosystem Restoration for Community Resilience in the Chittagong Hill Tracts in Bangladesh project
    • Fisheries and Oceans Canada – Supporting the Protection of Marine Biodiversity Within the Eastern Tropical Pacific Ocean project
    • WildAid – Strengthening Marine Law Enforcement in the Eastern Tropical Pacific Ocean project
    • World Food Programme – Enhancing Indigenous Peoples’ Resilience to Climate Change in Colombia project
    • International Union for the Conservation of Nature – Podong Indigenous Peoples Initiative
    • UN Environment Programme – Accelerating Systemic Change for Gender Equality and Biodiversity Conservation Through the National Biodiversity Strategies and Actions Plans Accelerator Partnership 

    “Canada recognizes that biodiversity loss poses a fundamental threat to people, the planet and the global economy. We share the environment and depend on it for our livelihoods, survival and well-being. Canada’s support for Indigenous peoples, women and girls, and all actors working to counter biodiversity loss will help ensure that our communities and ecosystems are resilient and able to thrive.”

    – Ahmed Hussen, Minister of International Development

    MIL OSI Canada News –

  • MIL-OSI Canada: Canada imposes sanctions as violence in Myanmar escalates

    Source: Government of Canada News (2)

    The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced sanctions under the Special Economic Measures (Burma) Regulations against 3 individuals and 4 entities for supplying weapons and military equipment to the Myanmar military.

    October 29, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Honourable Mélanie Joly, Minister of Foreign Affairs, today announced sanctions under the Special Economic Measures (Burma) Regulations against 3 individuals and 4 entities for supplying weapons and military equipment to the Myanmar military.

    The sanctions announced today, in coordination with the United Kingdom and the European Union, respond to the ongoing and increasing aerial attacks by the Myanmar military regime. Over the last six months, military airstrikes killed almost 400 civilians, including more than 60 children, and injured more than 750 people

    These attacks are a grave breach of international peace and security and violate the basic principles of democracy and respect for human rights. The conflict has resulted in a worsening humanitarian crisis and increased instability as the regime escalates violence to assert its authority. 

    Imposing these sanctions on individuals and entities under the Special Economic Measures Act (SEMA) is in direct response to these actions and to those supplying weapons, military equipment, key resources and revenue to the Myanmar military.

    Canada continues to urge all countries to impose similar measures. We call on the international community to suspend all support to the Myanmar military, including the transfer of weapons, materiel, aviation fuel, equipment, and technical assistance to the Myanmar military.  

    Canada will continue to support the aspirations of the people of Myanmar and those who work peacefully to advance a peaceful, inclusive, democratic future. 

    MIL OSI Canada News –