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  • MIL-Evening Report: Menthol cigarettes will be banned from April 1. Here’s why – and what else is changing

    Source: The Conversation (Au and NZ) – By Becky Freeman, Professor in Public Health, University of Sydney

    patpitchaya/Shutterstock

    New laws come into effect in Australia today that change the look, ingredients, and packaging of tobacco products.

    The Australian government passed the package of tobacco laws in late 2023, which include:

    • standardised tobacco pack and cigarette stick sizes, no more novelty pack sizes or cigarette lengths

    • updated and improved graphic health warnings and quitting advice inserts within all tobacco packs

    • warnings printed directly on cigarettes

    • banning ingredients that make tobacco taste better and easier to smoke, including menthol.

    Retailers have a three-month grace period to sell any old stock already in their stores by July 1.

    Here’s what’s behind these changes – and what needs to happen next.

    Packs warn about the harms of smoking.
    Department of Health and Ageing

    New graphic health warnings

    Cigarette packaging requirements have been stagnant since 2012, when Australia introduced plain packaging laws that banned the use of all on-pack logos and branding. This was a world-first.

    While large graphic health warnings are effective in both preventing smoking uptake and aiding quitting smoking, the effects wear out if warnings are not refreshed and varied.

    New warnings replace those from 2012.
    Department of Health and Ageing

    Cigarette packages must carry one of ten new health warnings. Fresh warnings that smoking doubles the risk of cervical cancer and leads to diabetes will be new information for many smokers.

    There are also warnings for roll-your-own, cigar, bidi and shisha tobacco packaging.

    Warnings on cigarettes

    Cigarettes themselves must now include one of eight health warnings printed directly on the filter paper.

    Canada was the first country in the world to adopt similar requirements in 2023.

    The size, shape, and colour of cigarettes has also been standardised to prevent tobacco companies from using unique cigarette designs to attract new users. Long, thin cigarettes, for example, have been marketed to women as a fashion accessory and diet tool for nearly a century.

    Warnings will now be on the sticks themselves.
    Department of Health and Ageing

    The ingredients permitted in cigarettes are also changing, with ingredients that enhance the flavour of tobacco being now banned. The long list of prohibited ingredients includes everything from cloves, to sugar, to probiotics and vitamins.

    Until now, the tobacco industry has had free reign to add ingredients that increase the palatability and attractiveness of cigarettes. This banned list also captures menthol and any ingredients that mimic the cooling properties of menthol.

    Why ban menthol?

    Menthol masks the harshness of smoke. Just like cold lollies that contain menthol to soothe sore throats and tame coughs, menthol in cigarettes prevents inexperienced smokers from reacting to the rough effects of tobacco smoke in the throat. This helps to make smoking a more pleasant experience that young users will return to.

    The introduction of crushable menthol capsules in cigarette filters has proven very popular with Australian teenagers. Teens who use these products are more likely to have recently smoked and have higher smoking intentions in the future. The new laws also explicitly prohibit these “crush balls” or “flavour beads.”

    Other counties that have banned menthol have seen drops in tobacco sales and use and increases in quitting behaviours.

    No similar reforms for the United States

    Menthol cigarettes have been heavily marketed to African American people since at least the 1950s and make up one-third of the total US cigarette market share. Tobacco control groups in the US have been advocating for a menthol ban for well over a decade.

    The US Food and Drug Administration (FDA) proposed a rule banning menthol in 2022, and a 2024 US Surgeon General report highlighted that menthol products increase addiction and are:

    disproportionately used by Black people, Native Hawaiian and Pacific Islander people, women and people who identify as lesbian, gay, or bisexual.

    Under the Biden Administration, the FDA delayed issuing the final rule which meant the ban was not properly enacted before Trump was elected.

    In January 2025, the Trump administration completely withdrew the ban.

    A menthol ban in the US was predicted to reduce total smoking by 15% and the number of smoking attributable deaths among African Americans by up to 238,000.

    Reforms needed to stamp out our illicit market

    Organised criminals are operating in Australia’s tobacco supply chain to illegally import and sell tobacco products. Government action to step in and gain control of that supply system is long overdue.

    Until this year, Australia’s two most populous states didn’t even require tobacco sellers to be licensed, and Queensland only introduced licensing last year.

    Australia will need to change how tobacco is sold. It should not be so easy and commonplace to sell such an addictive and deadly product.

    Both state and national governments need timely and transparent reporting on the size and scope of the illicit market, and strict licensing of the entire tobacco supply chain.

    Businesses that sell illicit tobacco must face real consequences – not only large fines and loss of licences to operate, but also criminal charges.

    All aspects of the tobacco supply chain – from wholesalers to retailers – must be tightly controlled.

    Becky Freeman is an expert advisor to the Cancer Council tobacco issues committee and a member of the Cancer Institute vaping communications advisory panel. She has received relevant competitive grants from the NHMRC, MRFF, NSW Health, the Ian Potter Foundation, VicHealth, and Healthway WA.

    – ref. Menthol cigarettes will be banned from April 1. Here’s why – and what else is changing – https://theconversation.com/menthol-cigarettes-will-be-banned-from-april-1-heres-why-and-what-else-is-changing-251920

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Auditor General DeFoor, Representative Hill-Evans, Local Partners to Kickoff Financial Literacy Month

    Source: US State of Pennsylvania

    April 01, 2025 – Harrisburg, PA

    ADVISORY – Auditor General DeFoor, Representative Hill-Evans, Local Partners to Kickoff Financial Literacy Month

    What:
    Timothy L. DeFoor, Pennsylvania Auditor General and PA State Representative Carol Hill-Evans will join members of the General Assembly and local partners to kickoff Financial Literacy Month, which occurs each year in April.

    When:
    Tuesday, April 1, 2025; 1:00 p.m.

    Who:
    Timothy L. DeFoor, Pennsylvania Auditor General
    Carol Hill-Evans, Pennsylvania State Representative
    Ryan Unger, President, Harrisburg Chamber & CREDC
    Alex Halper, Pennsylvania Chamber of Business and Industry

    Where:
    Capitol Media Center
    Commonwealth Ave, Harrisburg, PA

    Watch:
    pacast.com/live/audgen and facebook.com/PaAuditorGeneral

    MIL OSI USA News –

  • MIL-OSI Security: Former Altamonte Springs Man Pleads Guilty To Stealing COVID Relief Funds

    Source: United States Department of Justice (National Center for Disaster Fraud)

    Orlando, FL – Acting United States Attorney Sara C. Sweeney announces that Joshua Robinson (32, Texas) has pleaded guilty to wire fraud. Robinson faces a maximum penalty of 20 years in federal prison. A sentencing date has not yet been set.

    According to the plea agreement, between July 2020 and August 2021, Robinson devised a scheme to defraud the Small Business Administration (SBA) by submitting false and fraudulent Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) loan applications. Specifically, Robinson submitted an EIDL application and a PPP application for businesses that he knew he did not own. Robinson obtained $13,100 from the EIDL application and $19,133 from the PPP application. Robinson then fraudulently obtained forgiveness of his PPP loan. 

    This case was investigated by the U.S. Department of Veterans Affairs – Office of Inspector General together with the Internal Revenue Service – Criminal Investigation. It is being prosecuted by Assistant United States Attorney Stephanie A. McNeff.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit Justice.gov/Coronavirus and Justice.gov/Coronavirus/CombatingFraud.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by contacting the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    MIL Security OSI –

  • MIL-OSI: BYDFi Lists GUNZ Token: Gunzilla Games Raises Nearly $100M, Ushering in the Next Era of AAA Web3 Gaming

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, March 31, 2025 (GLOBE NEWSWIRE) — The globally renowned crypto exchange BYDFi today announced the global listing of the GUNZ token($GUN), the native asset of the GUNZ Layer1 blockchain developed by German AAA game studio Gunzilla Games. As one of the first crypto economies purpose-built for AAA gaming, GUNZ is rapidly emerging as a standout Web3 project thanks to its strong institutional backing and groundbreaking infrastructure tailored for next-generation gaming.

    GUNZ: A Layer-1 Blockchain Built for AAA Games

    Unlike early play-to-earn experiments driven by hype, GUNZ is purpose-built to embed blockchain seamlessly into high-end gaming environments. The chain ensures true digital ownership of in-game assets while enhancing player experience—without disrupting gameplay.

    Developed by Gunzilla Games, GUNZ will power the studio’s flagship title Off The Grid, a cinematic cyberpunk battle royale that blends high-fidelity storytelling with a native on-chain economy. For a Web3 gaming market that has been largely stagnant, this marks a major leap forward.

    The numbers reflect momentum: GUNZ has already onboarded over 12 million wallet addresses, with more than 230 million on-chain transactions processed—clear signs of the scalability and adoption potential of its gaming-focused ecosystem.

    Off The Grid: Flagship Title Fueling the GUNZ Ecosystem

    Off The Grid features film-quality graphics and immersive storytelling wrapped in a cyberpunk setting. It integrates a full-stack blockchain economy where players can earn and trade in-game NFTs—such as weapons, skins, and gear—directly on the GUNZ network. The game solves one of the key issues in traditional gaming: asset ownership. And it gives NFTs real functionality, rather than speculative hype.

    At the protocol level, GUNZ introduces several innovations to support high-performance gaming while remaining decentralized:

    • Ultra-High Throughput & Near-Zero Gas Fees: Built on a custom Avalanche subnet, GUNZ delivers 12,000+ TPS and transaction fees below $0.0001.
    • Game Engine Compatibility: Native support for Unity and Unreal plugins allows traditional games to integrate in as little as 72 hours.
    • Hybrid Validator Network: With node operators including Delphi Ventures and community stakers, GUNZ balances efficiency with decentralization.

    Backed by Capital, Powered by Utility

    Gunzilla Games has raised $76 million to date:

    • In August 2022, the company closed a $46M round led by Republic Capital, with participation from Griffin Gaming Partners, Animoca Brands, Jump Crypto, and Twitch co-founder Justin Kan.
    • In March 2024, it secured a $30M follow-on round co-led by Avalanche’s Blizzard Fund and CoinFund.

    GUNZ has a total token supply of 10 billion, with an initial circulating supply of 6.05%. The token fuels multiple use cases across the ecosystem, including gas payments, in-game transactions, governance, and rewards—laying the foundation for a sustainable and scalable Web3 gaming economy.

    As Gunzilla Games CTO Timur Davidenko put it at the recent developer summit:

    “We’re not putting a game on a chain—we’re growing a chain from within the game.”


    About BYDFi

    Founded in 2020, BYDFi has become one of the most trusted global crypto exchanges, earning recognition from CoinMarketCap, CoinGecko, and Forbes, which ranked it among the Top 10 Crypto Exchanges Globally. With a user base of over 1,000,000 across 150+ countries, BYDFi continues to expand its influence on the digital asset world.

    To celebrate its 5th Anniversary, BYDFi is launching a series of global user campaigns, featuring over $100,000 in rewards, limited-time token airdrops, and special gifts. For more details, visit the official website or download the BYDFi mobile app.

    • Website: https://www.bydfi.com
    • Support Email: CS@bydfi.com
    • Business Partnerships: BD@bydfi.com
    • Media Inquiries: media@bydfi.com

    Twitter (X) | LinkedIn | Facebook | Telegram | YouTube

    The MIL Network –

  • MIL-OSI Global: How Beijing plans to bounce back against Trump’s tariffs

    Source: The Conversation – UK – By Chee Meng Tan, Assistant Professor of Business Economics, University of Nottingham

    China’s president Xi Jinping recently held a meeting with 40 leaders of multinational companies, including BMW and AstraZeneca.

    In contrast to Donald Trump’s rhetoric, Xi told the top level executives that globalisation was not going away. Xi is attempting to boost foreign investment in China, which has dropped in the last few years, and build new relationships that will offset Trump’s tariffs on many Chinese goods.

    In the March 28 meeting, Xi “vowed to improve market access” and assured corporate leaders that “lines of communication” between them and the Chinese government are open.

    Xi is hoping to build on an anti-Trump bounce and inspire businesses to back Beijing as some signs emerged that China’s economy was doing a little better than expected in early 2025. Industrial production went up by 5.9% in January and February. Credit growth, which measures the amount of loans banks give out, also appears to be picking up, suggesting that businesses might be growing in China.

    Retail sales, which are a major economic marker indicating consumer spending, has risen by up to 4% in January and February this year, compared to last year.

    Beijing is also willing to create further stimulus packages to sustain China’s economic growth, which might lift consumer confidence further.

    But this is hampered by a real estate crisis that began in 2021. What followed was an already high local government debt that was exacerbated by the property crisis, and high youth unemployment that existed since 2023.

    The big question then is what are the factors that could lead to a more buoyant outlook in China’s economic fortunes?

    Beijing’s policy resolve

    According to a Bloomberg report, China has traditionally relied on cheap loans and subsidies to boost economic sectors in infrastructure, manufacturing, and the property market. However, those times are over.

    The problem is China has produced more goods to sell than people are willing to buy. In the past, Beijing relied on the west to purchase its products, but with rising protectionism and looming tariffs stemming from a Donald Trump-led US, US consumption of Chinese goods is likely to fall.

    And if another key market in the form of the EU were to take a cue from Trump’s economic playbook and impose more tariffs on China, then Chinese hope for sales in the west for economic growth may not materialise.

    Beijing’s surest way of boosting sales is through domestic consumption. This isn’t easy as China’s domestic spending remains relatively low at 40% of the country’s GDP, which is about 20% lower than the global average. And if Beijing wants cautious consumers to spend amid a relatively weak economic outlook, it needs to do more to raise consumer confidence.

    Although China did introduce a stimulus package in September 2024, it has resolved to do more. In an early March 2025 speech in the Chinese parliament, Chinese premier Li Qiang promised a “special action plan” to vigorously raise domestic consumption for 2025. Several weeks later Li reiterated in the China Development Forum that Beijing would roll out more stimulus packages when the need arose.

    These assurances are likely to have helped improve market sentiment, and the fact that China’s GDP growth target was also set at an ambitious level of around 5%, might signal Beijing’s confidence and resolve that the economy will improve.

    China’s AI revolution

    In the past, China was considered a copycat nation known for manufacturing shanzai, or fake and pirated products. This difficulty in innovating and reliance on the designs of others largely lay with an education system steeped in rote learning, and a top-down culture with a conformist approach.

    This is why experts thought China would struggle when the US decided to introduce restrictions on Chinese access semiconductor and AI technologies. However, despite these restrictions, China has managed to develop a highly capable AI model of its own in the form of DeepSeek, which was unveiled early this year, and immediately boosted China’s image as an innovator.

    Unlike other AI models, DeepSeek was apparently made at a fraction of the cost of other traditional AI models such as ChatGPT, and may have a more efficient coding scheme that allows for quicker problem solving. This has prompted Donald Trump to coin DeepSeek’s development as a wake-up call for the US tech industry.

    Many AI startups in China are now revamping their business models to compete with DeepSeek, following widespread adoption of the latter’s technology. As the AI revolution in China could potentially reduce costs and thereby boost efficiency in the financial sector.

    Following Trump’s return to the Oval Office, investors across the globe have been trying to reduce their reliance on the US by looking for investment opportunities elsewhere. This isn’t entirely surprising given Trump’s knack for the unpredictable, and how new US tariffs have been applied to a host of US allies such as Mexico, Canada, and the European Union.

    While Trump is striking an increasingly protectionist tone, China is taking the opposite approach. Trump’s penchant for tariffs and disregard for the economic interest of US allies may mean Beijing might not need to do too much to attract more nations and businesses to consider turning towards Chinese markets.

    Chee Meng Tan 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. How Beijing plans to bounce back against Trump’s tariffs – https://theconversation.com/how-beijing-plans-to-bounce-back-against-trumps-tariffs-253086

    MIL OSI – Global Reports –

  • MIL-OSI USA: Reps. Obernolte, Beyer introduce bipartisan CREATE AI Act to expand access to artificial intelligence research tools

    Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)

    WASHINGTON, D.C. – Representatives Jay Obernolte (R-CA) and Don Beyer (D-VA) introduced H.R. 2385, the Creating Resources for Every American To Experiment with Artificial Intelligence Act of 2025, or the CREATE AI Act, legislation that would establish the National Artificial Intelligence Research Resource (NAIRR) to remove barriers to the essential tools and infrastructure that power artificial intelligence research and development. 

    Currently, only a handful of large technology companies possess the computing resources, massive datasets, and advanced infrastructure required to perform cutting-edge research in AI. The CREATE AI Act seeks to level the playing field by making those critical tools available to students, researchers, non-profits, small businesses, and academic institutions across the country. The NAIRR would serve as a shared national resource, providing cloud computing, curated datasets, AI testbeds, and educational tools to a broad community of users, ensuring that the future of AI is shaped not just by corporations, but also by entrepreneurs and academia.  

    “Artificial intelligence is one of the most transformative technologies of our time, but currently the tools needed to develop it are out of reach for most Americans,” said Rep. Jay Obernolte. “The CREATE AI Act will democratize access to cutting-edge AI resources by establishing a shared national infrastructure for research and experimentation. By empowering students, universities, startups, and small businesses to participate in the future of AI, we can drive innovation, strengthen our workforce, and ensure that American leadership in this critical field is broad-based and secure.” 

    “By establishing the National Artificial Intelligence Research Resource (NAIRR), we would provide an excellent resource for researchers, educators, small businesses, and even students like me to learn how to use artificial intelligence. This access to high-quality data, compute resources, and support would drive the innovation necessary to strengthen our global competitiveness in trustworthy AI development and in turn help accelerate solutions to the world’s most pressing challenges,” said Rep. Don Beyer. “I am thrilled to co-lead this bipartisan, bicameral, and pro-innovation legislation, and look forward to seeing the increased access to high-tech tools and resources that the CREATE AI Act will provide.” 

    The bill establishes a formal governance structure for the NAIRR, including a Steering Subcommittee under the White House Office of Science and Technology Policy and a Program Management Office within the National Science Foundation. This structure will oversee operations, manage federal and private resource contributions, select an independent operating entity through a transparent bidding process, and ensure adherence to strict standards of privacy, ethics, scientific integrity, and national security. 

    The NAIRR will offer researchers secure, tiered access to computational resources, structured Application Programming Interfaces or APIs for working with large AI models, access to interoperable datasets, and educational resources designed to broaden participation in STEM and AI research. In addition to technical infrastructure, the NAIRR will prioritize access for projects that address durable and secure AI development—key issues in ensuring artificial intelligence is aligned with American values and interests. 

    Importantly, the NAIRR will be built using donated resources from both federal agencies and the private sector, ensuring that its impact is achieved without requiring a massive new federal expenditure. Cloud computing power, datasets, storage capabilities, AI models, and educational tools will all be contributed by participating partners, leveraging existing infrastructure to maximize access and minimize cost. This collaborative model empowers government, academia, and industry to work together to expand opportunity and accelerate innovation in a fiscally responsible way. 

    The CREATE AI Act has earned early praise from many leading voices in the tech and research community: 

    • “The tech sector wants the United States to be the world leader in AI research and deployment,” said ITI President and CEO Jason Oxman. “The CREATE AI Act will help U.S. AI leadership by codifying the National AI Research Resource (NAIRR) and providing AI researchers, small business owners, and students with cutting-edge research tools for AI development. We thank Congressman Jay Obernolte and Congressman Don Beyer for their leadership on this bipartisan, bicameral legislation and urge the U.S. Congress to advance the bill quickly.” 

    • “Enabling AI research and development helps to keep the United States as the destination for AI innovation and adoption. The CREATE AI Act would facilitate AI R&D by establishing the National Artificial Intelligence Research Resource (NAIRR), a foundational resource to enable AI research and development across the economy. This legislation would also broaden access to AI research resources to make sure that small businesses, technology startups, and universities and community colleges across the country are equipped with the tools to facilitate further innovation. We commend Reps. Obernolte and Beyer for their work to advance this legislation during the 119th Congress.” – The Business Software Alliance 

    • “Researchers and students drive American technology forward, but too often they don’t have the resources for AI innovation,” said ARI President Brad Carson. “The CREATE AI Act would build a national research infrastructure, giving broader access to the compute, data, and tools essential for this work. If the U.S. wants to lead globally on AI, we need to make sure our whole talent pool can participate in AI innovation.”
    • “The Software & Information Industry Association (SIIA) applauds the introduction of the CREATE AI Act of 2025 to formally authorize the National Artificial Intelligence Research Resource (NAIRR). Designed to “spur innovation and advance the development of artificial intelligence to stimulate cutting-edge research and propel the strategic development of artificial intelligence capabilities,” the NAIRR will expand access to vital infrastructure—including compute power, datasets, and analytical frameworks. There is an urgency for Congress to act now to establish the NAIRR. China and the European Union have already launched efforts similar to NAIRR to catch up with the United States. Absent a government-led program like NAIRR, the U.S. risks falling behind in the AI competition. The NAIRR provides a recipe to ensure that America remains the global leader in AI – one that builds on America’s unmatched private sector innovation. It is a recipe that is critical to long-term innovation, security, and economic growth.”

    The full text of the CREATE AI Act of 2025 can be found here.  

    ## 

    MIL OSI USA News –

  • MIL-OSI Africa: Digital platform to support spaza shops goes live

    Source: South Africa News Agency

    Monday, March 31, 2025

    The Department of Small Business Development has unveiled a digital platform to support spaza shops and other food-handling facilities as well as combat illegal businesses.

    The new digital platforms went live on Friday, 28 March 2025, following the announcement by Small Business Development Minister, Stella Ndabeni.

    DSBD Connect is a digital platform designed to geo-map and support spaza shops and other food-handling facilities, while addressing the proliferation of illegal businesses across South Africa

    The department said DSBD Connect will function as a comprehensive digital platform, offering:

    •    A verified database of spaza shops and food-handling facilities in the country.
    •    Robust business and product authentication processes.
    •    Facilitation of partnerships with Original Equipment Manufacturers (OEMs).
    •    Access to funding and credit opportunities for small enterprises.

    “This initiative is in line with President Cyril Ramaphosa’s commitment to combating illegal business operations that compromise consumer safety and undermine the local economy. Through DSBD Connect, the Department of Small Business Development is fostering sustainable business growth, regulatory compliance, and community empowerment,” the department said in a statement.

    DSBD Connect is available on Link: https://dsbdconnect.co.za/. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI: Suzy Appoints Brian Erickson as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 31, 2025 (GLOBE NEWSWIRE) — Suzy, the leading end-to-end consumer insights platform, today announced the appointment of Brian Erickson as the company’s Chief Financial Officer (CFO). This newly created executive role reflects Suzy’s continued momentum and commitment to long-term, strategic growth.

    Brian brings over 25 years of financial and operational leadership experience, most recently serving as CFO of Transfix, a technology-enabled transportation marketplace, where he helped lead the company through a successful sale transaction. Prior to that, he held senior finance roles at DigitalOcean, guiding the company through profitable growth and its successful IPO. His earlier career includes key finance roles at Microsoft and Amazon, where he helped scale their cloud computing businesses.

    At Suzy, Brian will lead the company’s financial strategy with a focus on driving scalable, profitable growth while supporting the innovation and agility that have defined Suzy’s trajectory.

    “Brian’s track record of scaling disruptive tech companies is unmatched,” said Matt Britton, Founder and CEO of Suzy. “This marks a critical new chapter for Suzy as we continue to expand and mature as a business. Brian’s strategic leadership and financial discipline will play a key role in guiding our next phase of growth.”

    “I’m incredibly excited to join Suzy at such a pivotal moment,” said Brian Erickson. “The company’s clear mission, bold innovation, and incredible team are what drew me here. I look forward to building the financial foundation that will fuel Suzy’s continued success.”

    Brian holds a Bachelor of Business Administration from the University of Notre Dame and an MBA from the University of Washington.

    About Suzy
    Founded in 2018, Suzy is changing the way research gets done by integrating quantitative analysis, qualitative analysis, conversational research and high quality audiences into a single connected platform. Suzy enables teams to conduct iterative, efficient research with agency-quality rigor at a fraction of the cost of traditional market research. Suzy has been recognized on Forbes’ list of America’s Best Startup Employers in 2022, Inc. Magazine’s list of Best Workplaces of 2022 & 2023, Inc. Magazine’s Top 5000 list in 2024, GRIT’s Top 50 Most Innovative Supplier in Market Research and a Top 25 Innovator in 2024 by the Insights Association. Suzy has raised over $100 million in venture capital funding from investors that include Bertelsmann Digital Media Investments, Foundry Group, H.I.G. Capital, Rho Ventures, North Atlantic Capital, Tribeca Venture Partners, Triangle Peak Partners, and Kevin Durant’s 35 Ventures. Learn more at www.suzy.com.

    Contact Info:
    Melissa Dunn
    EVP, Marketing & Communications
    Suzy, Inc.
    917-969-8200
    melissa.dunn@suzy.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9554a722-c2cc-4ddc-b490-d5489d6535b4

    The MIL Network –

  • MIL-OSI United Kingdom: Building Skilled Leaders for the Future: Insights from CMI Communities Live – Birmingham

    Source: Arden University

    Last week, Arden University proudly partnered with the Chartered Management Institute (CMI) to host CMI Communities Live – Birmingham, an event focused on the evolving skills landscape and how businesses can futureproof their workforce.

    This inspiring event welcomed HRH The Duchess of Edinburgh, patron of the CMI, alongside influential industry leaders who shared their expertise on leadership, professional development, and workforce investment. The discussions were led by Ann Francke OBE, CEO of the Chartered Management Institute, and featured key insights from a distinguished panel, including:

    • Professor Carl Lygo, Vice Chancellor & Chief Executive at Arden University
    • Professor Dilshad Sheikh CBME CMgr CCMI, Deputy Pro Vice-Chancellor & Provost at Arden University
    • Dr Heather Melville OBE CMgr CCMI, Partner at Stork & May

    The Key Takeaways: Leadership, Development, and the Future of Work

    The panel discussion, backed by findings from CMI’s latest study Walking the Walk, explored several key areas vital for today’s leaders and aspiring managers:

    • The Evolving Leadership Skillset – The workplace is changing rapidly, and modern managers need a diverse skill set to drive success. The discussion highlighted how confidence, empathy, and expertise are essential traits for effective leadership.
    • Career Development Strategies – As industries evolve, upskilling and reskilling have become more critical than ever. The panel explored practical ways professionals can enhance their career prospects and remain competitive in the job market.
    • The Employer’s Perspective – Business leaders shared insights on how investing in workforce development leads to a strong pipeline of future-ready talent. Supporting employees’ professional growth isn’t just good for individuals—it strengthens entire organisations.
    • The Value of Chartered Manager Status – Earning professional accreditation, such as Chartered Manager status, was highlighted as a way to boost credibility and stand out in a competitive job market.

    Strong Leadership Builds Stronger Businesses

    Ann Francke OBE, CEO, Chartered Management Institute, emphasised the importance of skilled leadership:

    “Strong, skilled leadership is the backbone of a thriving economy and inclusive workplaces. As the world of work evolves, businesses must invest in developing managers who are equipped to lead with confidence, empathy, and expertise. At CMI, we are committed to ensuring that managers at every level have the tools and training they need to succeed, because when leadership thrives, businesses and communities do too.”

    At Arden University, we

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Marston’s agree to pay arbitrator’s fees and costs

    Source: United Kingdom – Executive Government & Departments

    News story

    Marston’s agree to pay arbitrator’s fees and costs

    Marston’s agreed to pay 100% of an arbitrator’s fees and costs in a Pubs Code arbitration after failing to identify the relevant costs provisions in their submissions to the arbitrator.

    What happened?

    The PCA appointed an alternative arbitrator to determine a dispute in relation to a Rent Assessment Proposal in 2023. The arbitrator ordered the tenant to pay 35% of the arbitrator’s costs, despite not finding the referral to be vexatious. The PCA’s view is that the arbitrator did not have the power to make this order.

    The PCA’s view is that, in Pubs Code Arbitrations, the pub-owing business must pay the reasonable fees and expenses of an arbitrator (in both MRO and non-MRO disputes), except if the arbitrator decides that the referral was vexatious, in which case they can require the tenant to pay some or all of those costs.

    This provision is within s51(6) of the Small Business Enterprise and Employment Act 2015 in relation to costs for non-MRO disputes and for MRO disputes this is provided for in regulation 3 of the Fees Regulations. These provisions are explained in the PCA’s tenant factsheet What Tied Pub Tenants Need to Know about Pubs Code Arbitration Disputes.

    The PCA has legal powers to request information or documents from an arbitration for regulatory purposes. The PCA reviewed Marston’s submissions to the arbitrator on costs and found that Marston’s had failed to reference s 51(6) of the Small Business, Enterprise and Employment Act.

    What did the PCA do?

    The PCA contacted Marston’s to express concern about this failure. The PCA met with Marston’s, who did not provide an adequate explanation for this failure on the part of lawyers instructed to act on their behalf. Following discussions with the PCA, Marston’s agreed to pay 100% of the arbitrator’s costs and not recoup them from the tenant.

    In August 2023, Ciarb wrote to all panel arbitrators at the request of the PCA to remind them of the PCA’s position as to the relevant costs provisions which apply to Pubs Code arbitrations.

    The PCA’s expectations of pub-owning businesses in Pubs Code Arbitrations

    The PCA wishes to promote conduct in arbitrations that supports the process to reach an outcome on the proper application of the regulations in a timely manner and which upholds the core Code principles.

    The PCA expects all pub-owning businesses to have a thorough understanding of the Pubs Code legislative framework, as well as information contained in guidance, advice and other material published by the PCA. The PCA further expects pub-owning businesses to be transparent in arbitrations and be clear where they are taking a different view of the law to the PCA, and to inform the PCA in advance if they apply a different view of the application of the Code on which the PCA has published advice or guidance.

    The PCA office can be contacted at office@pubscodeadjudicator.gov.uk

    Updates to this page

    Published 31 March 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Public invited to learn about I-5 fish passage project between Bellingham and Burlington in online open house

    Source: Washington State News 2

    BELLINGHAM – A major effort to restore fish passage under both directions of Interstate 5 begins in late April between Bellingham and Burlington.

    The Washington State Department of Transportation will remove 17 existing barriers to fish passage and replace them with 10 new structures designed to allow fish to swim freely under I-5 and adjacent county roads. This work, which will continue through 2027, will reconnect natural stream habitat for Lake Creek, Chuckanut Creek and unnamed tributaries to Friday Creek and Lake Creek along a 6-mile stretch of I-5 in south Whatcom and north Skagit counties.

    The new fish passages also will update aging structures beneath I-5, creating more resilient roads and waterways.

    WSDOT invites people to learn more about the project at an online open house starting Monday, March 31.

    The online open house will help people learn about the I-5/Tributaries to Friday, Lake & Chuckanut Creeks – Fish Passage project, what to expect during construction, and why this work is necessary. It includes maps, timelines of tentative schedules and a look at what traveling on I-5 will look like during construction, which is expected to finish in 2027.

    I-5 Friday, Lake and Chuckanut Creeks Fish Passage Online Open House information 

    Free, temporary internet access is available to those who do not have broadband service in locations throughout the state. The Department of Commerce’s Drive-In WiFi Hotspot locator provides available places to log on.

    MIL OSI USA News –

  • MIL-OSI: Proactis SA 12 months revenue 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

    Proactis SA Announces Financial Information for the year ended 31 January 2025

    Paris – March 31, 2025 – Proactis SA (Euronext: PROAC), a leading provider of comprehensive spend management and business process collaboration solutions, today announces financial information for the year ended 31 Janvier 2025, in accordance with the “European Transparency Obligations Directive” financial disclosure requirements.

    Financial data

    in € million     12 months – Year ended 31 Jan 2025   18 months – Year ended 31 Jan 2024     % Change
    2025/ 2023(*)
                     
    Consolidated Operational Revenue     5.5   11.3     (52) %
    SaaS (**)     5.0   9.4     (47) %
    Services     0.4   1.9     (76) %
                     
    Management fees     3.8   6.6     (42) %
                     
    Consolidated Revenue     9.3   17.9     (48) %
    (unaudited Figures)                
    (*) Percentages calculated on exact numbers, not the rounded numbers shown
    (**) SaaS is a model of delivering technology where a software solution is hosted (cloud computing) as a service for its customers.
    Clients do not buy the technology but pay a subscription fee to use it.
     

    The extended 18-month period in the previous financial year reflected a change to the Proactis Group year-end date to 31st January. The current fiscal year covers the period from February 1st, 2024, to January 31st, 2025.

    Because of the extended additional 6 months on previous fiscal year period, pertaining to the change of year end date, the decrease of the revenue looks higher; still, it is below the level of the prior period due principally to non-renewal of contracts in specific non-core product areas, and contract value decreases.

    For clarity purposes we present the FY25 figures compared to the last 12 months of FY23, and they are as below:

    in € million     12 months – Year ended 31 Jan 2025   12 months period ended 31 Jan 2024   % Change
    2025/ 2023(*)
    (12 months to 01-2024)
                   
    Consolidated Operational Revenue     5.5   6.9   (20) %
    SaaS (**)     5.0   6.1   (18) %
    Services     0.4   0.8   (42) %
                   
    Management fees     3.8   4.5   (15) %
                   
    Consolidated Revenue     9.3   11.4   (18) %
    (unaudited Figures)              
    (*) Percentages calculated on exact numbers, not the rounded numbers shown
    (**) SaaS is a model of delivering technology where a software solution is hosted (cloud computing) as a service for its customers.
    Clients do not buy the technology but pay a subscription fee to use it.    		    

    The change to Service revenues reflects a large implementation project in the FY23 comparative that has since been completed.

    The total consolidated revenue includes Group Management fees related to transfer pricing agreements.

    * * * *

    About Proactis SA (https://www.proactis.com/proactis-sa), a Proactis Company

    Proactis SA connects companies by providing business spend management and collaborative business process automation solutions for both goods and services, through The Business Network. Our solutions integrate with any ERP or procurement system, providing our customers with an easy-to-use solution which drives adoption, compliance and savings.

    Proactis SA has operations in France, Germany, USA and Manila.

    Listed in Compartment C on the Euronext Paris Eurolist.

    ISIN: FR0004052561, Euronext: PROAC, Reuters: HBWO.LN, Bloomberg: HBW.FP

    Contacts
    Tel: +33 (0)1 53 25 55 00
    E-mail: investorContact@proactis.com

    * * * *

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    The MIL Network –

  • MIL-OSI USA: Senators Collins, Klobuchar Introduce Bipartisan Legislation to Expand Access to Apprenticeships

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Published: March 31, 2025

    The American Apprenticeship Act would provide states with tuition assistance funding for apprenticeship and pre-apprenticeship programs.

    Washington, D.C. – U.S. Senators Susan Collins and Amy Klobuchar (D-MN) introduced the American Apprenticeship Act, bipartisan legislation that would provide states with tuition assistance funding to support apprenticeship and pre-apprenticeship programs.
    “Small business owners have told me that one of the biggest challenges they face is finding qualified and trained workers to fill vacant positions,” said Senator Collins. “Apprenticeships help address this issue by aligning employees’ skills with employers’ needs and preparing individuals for a successful future in their chosen field.  During the ongoing workforce shortage, this bipartisan bill would help fill the gap by expanding access to and lowering the cost of apprenticeships, allowing more Americans to take advantage of these programs to gain in-demand skills and obtain good-paying jobs.”
    Specifically, the American Apprenticeship Act would:
    Award competitive grants to states that have developed effective strategies to diversify, market, and scale Registered Apprenticeship and pre-apprenticeship programs;
    Cover costs associated with participating in Registered Apprenticeship and pre-apprenticeship programs, including tuition, fees, equipment, and other educational materials; and
    Analyze the use of apprenticeships for in-demand occupations.
    In addition to this bill, last month, Senator Collins and bipartisan group of her Senate colleagues introduced the Jumpstarting Our Businesses by Supporting Students (JOBS) Act to help more Americans access job training programs. This legislation would allow students to use federal Pell Grants—need-based education grants for lower-income individuals— to pay for shorter-term job training programs leading to a license or certificate.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Officials attend cultural ceremony

    Source: Hong Kong Information Services

    Secretary for Home & Youth Affairs Alice Mak and Secretary for Commerce & Economic Development Algernon Yau today attended the “Ancestor Worship Ceremony of the Yellow Emperor in the Year of Yisi” in Zhengzhou, Henan.

    The Yellow Emperor, born in Zhengzhou, is regarded as the cultural ancestor of the Chinese nation. The ceremony is a significant cultural event held annually in Henan.

    Miss Mak remarked that by attending an event of such cultural value, Hong Kong compatriots can enhance their sense of national identity.

    During her visit to Zhengzhou, Miss Mak met CPC Central Committee Hong Kong & Macao Work Office and State Council Hong Kong & Macao Affairs Office Executive Deputy Director Zhou Ji; Secretary of CPC Henan Provincial Committee and Director of Henan Provincial People’s Congress Standing Committee Liu Ning; and CPC Henan Provincial Committee Deputy Secretary and Governor of Henan Province & Secretary of Party Leadership Group Wang Kai.

    Additionally, Miss Mak met Hong Kong students studying in Zhengzhou to learn about their lives on the Mainland. She encouraged young people to grasp the opportunities open to them, gain a deeper understanding of China’s development, and contribute to the country and to Hong Kong.

    The home affairs chief was due to return to Hong Kong this afternoon. 

    MIL OSI Asia Pacific News –

  • MIL-OSI: COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on March 24, 2025 to March 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of trading in own shares (excluding the liquidity agreement) made on March 24, 2025 to March 28, 2025

    Paris, 31 March 2025 – 17.45

    Pursuant to Regulation (EU) No 596/2014 of 16 April 2014 on market abuse1

    The main features of the 2024-2025 Share Buyback Program have been published on the Company’s website (http://www.coface.com/Investors/Disclosure-requirements, under “Own share transactions”) and are also described in the 2023 Universal Registration Document.

    Trading session
    of (Date)    		 Number
    of shares    		 Weighted
    average price    		 Gross amount MIC Code Purpose
    of buyback
    24/03/2025 9,000 17,7382 € 159 644 € XPAR LTIP
    25/03/2025 9,000 17,7627 € 159 864 € XPAR LTIP
    26/03/2025 9,000 17,9450 € 161 505 € XPAR LTIP
    27/03/2025 9,000 17,7907 € 160 116 € XPAR LTIP
    28/03/2025 9,000 17,7977 € 160 179 € XPAR LTIP
    Total 24/03/2025 – 28/03/2025 45 000 17,8068 € 801 308 €   LTIP

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)

    Q1-2025 results: 5 May 2025 (after market close)
    Annual General Shareholders’ Meeting: 14 May 2025
    H1-2025 results: 31 July 2025 (after market close)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2023 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    1 Also in pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (and updates); Article L.225-209 and seq. of the French Commercial Code; Article L.221-3, Article L.241-1 and seq. of the General Regulation of the French Market Authority (AMF); AMF Recommendation DOC-2017-04 Guide for issuers on their own shares transactions and for stabilization measures.

    Attachment

    The MIL Network –

  • MIL-OSI USA News: ONDCP Recognizes Law Enforcement’s Work to Stop Drug Traffickers

    Source: The White House

    class=”wp-block-heading has-text-align-center”>National High Intensity Drug Trafficking Areas Awards Ceremony Recognizes Excellence Across 14 Key Categories

    Washington, D.C.—Last night, the White House Office of National Drug Control Policy (ONDCP) recognized individuals and initiatives of the High Intensity Drug Trafficking Areas (HIDTA) Program at the 2025 National HIDTA Awards Ceremony for their critical work to combat the national security threat posed by drug traffickers, including those who traffic deadly illicit fentanyl in the United States, killing tens of thousands of Americans each year.  

    The Trump Administration is taking the fight to the cartels and drug traffickers in order to save American lives. The HIDTA Program plays a key role in disrupting and dismantling drug trafficking organizations and provides assistance to federal, state, local, Tribal, and territorial law enforcement agencies operating in areas determined to be critical drug trafficking regions across all 50 states. Last year, the 33 HIDTAs seized 4.1 million pounds of fentanyl and other drugs and denied drug traffickers $17.7 billion in illicit profits. For every dollar invested in the HIDTA Program, the American people get $68.07 in benefits, making HIDTA an effective and efficient use of taxpayers’ money, and an important tool in the nation’s effort to stop drug traffickers and save American lives.  

    The following awards were presented March 27 to individuals and initiatives of the HIDTA Program for their efforts to reduce the supply and trafficking of dangerous drugs in communities across the country: 

    INVESTIGATIVE COLLABORATION

    Chicago HIDTA, Chicago HIDTA Counternarcotics and Cryptocurrency Task Force

    Created to identify, disrupt, and dismantle transnational criminal organizations (TCOs), the Chicago HIDTA Counternarcotics and Cryptocurrency Task Force (CNCTF) targeted one of the largest, fastest-growing dark net markets in the world – Nemesis Market. This marketplace facilitated drug trafficking, fraud, hacking, and other illicit activities responsible for more than $20 million in illicit transactions to more than 150,000 registered users around the world. Led by DEA and comprising an array of federal and local partners, CNCTF undertook Operation Keyboard Warrior, which received designation by the Organized Crime Drug Enforcement Task Forces (OCDETF). In March 2024, CNCTF, working with the Federal Bureau of Investigation (FBI) and the German Bundescriminalamt, disrupted Nemesis Market by executing simultaneous, multinational search and seizure warrants on critical technological infrastructure. The warrants resulted in nearly $1 million in frozen and seized cryptocurrency-related assets, twelve computer servers, various electronic devices, and terabytes of data containing financial records and personal information of more than 1,000 vendors trafficking in drugs and engaging in fraud, hacking, and forgeries on the marketplace. CNCTF leveraged this information to effect arrests and warrants in eight U.S. federal districts, and provided investigative leads to foreign law enforcement counterparts in multiple countries using international treaty-based disclosure agreements that were novel to cyber cases.

    PROSECUTION

    South Florida HIDTA, Assistant U.S. Attorneys Kevin Gerarde and Sean McLaughlin

    With the support of the South Florida HIDTA and assistance from the Drug Enforcement Administration (DEA), Assistant United States Attorneys (AUSAs) Kevin Gerarde and Sean McLaughlin secured a jury verdict against the Premier of the British Virgin Islands (BVI) for drug trafficking. Andrew Fahie, who was elected as the Premier in 2019, was accused of assisting the Sinaloa Cartel in transporting loads of cocaine weighing three metric tons from the coast of Colombia through the BVI en route to the United States for distribution. In exchange for his assistance, Fahie allegedly received a 12 percent cut of the proceeds when the cocaine was sold in the United States. After an extensive undercover operation conducted with the United Kingdom’s National Crime Agency and the Royal Virgin Islands Police Force, DEA arrested Fahie. In prosecuting Fahie, AUSAs Gerarde and McLaughlin overcame a variety of evidentiary challenges, including United Kingdom and BVI foreign law determinations regarding the applicability of U.S. money laundering statutes. On February 8, 2024, the jury returned a verdict finding Fahie guilty on all counts, and he was subsequently sentenced to 135 months imprisonment.

    PUBLIC HEALTH/PUBLIC SAFETY COLLABORATION

    Texoma HIDTA, Caprock Drug Initiative

    The Texoma HIDTA’s Caprock Initiative launched a program at the behest of local officials to address alarming increases in fentanyl overdoses in and around Lubbock, Texas. Since its inception, the program has reached nearly 26 thousand individuals from all walks of life. Undertaken with substantial support from the United States Attorney’s Office, the Texas Anti-Gang Center, and the Lubbock County District Attorney’s Office, the program has become the most requested fentanyl awareness presentation in the South Plains region. It has been presented to numerous local schools, including to the Texas Tech football team. The program provides candid, factual information from people in recovery, overdose survivors, and families of overdose victims. It is credited with raising public awareness and contributing to a reduction in overdoses in the region.

    HIDTA SUPPORT

    Atlanta Carolinas HIDTA, Lydia Sheffield

    Lydia Sheffield has served the Atlanta Carolinas HIDTA for two decades, providing continuity with her outstanding support to three executive directors. In addition to her myriad duties as the Executive Assistant, Ms. Sheffield is the primary Performance Management Process (PMP) Coordinator for the HIDTA, and has established herself as an expert user of PMP. In that role, she has generously provided training to PMP users from multiple other regional HIDTAs at the behest of the National HIDTA Assistance Center and to National HIDTA Program staff. Ms. Sheffield has drawn upon her own background and experience as a skilled trainer to develop curriculum materials to support trainings to both peer PMP coordinators and initiative commanders across the United States.

    INVESTIGATION INVOLVING INNOVATIVE APPROACHES

    Gulf Coast HIDTA, Mobile Baldwin Major Investigations Team

    In 2023, the Mobile Baldwin Major Investigations Team (MBMIT) began investigating a deactivated DEA confidential source who was coordinating large shipments of methamphetamine, fentanyl, and cocaine from Texas and Georgia into the Mobile, Alabama area. Because the former source was familiar with law enforcement communication and investigative techniques and was still being used by local law enforcement agencies, the source was emboldened to conduct illicit drug-related transactions via an end-to-end encrypted phone app. MBMIT agents successfully executed a search warrant to clone the source’s phone and initiated real-time Title III intercepts of the encrypted app. This was the first time an end-to-end encryption application was successfully intercepted in the New Orleans Division and only the third time this type of intercept had been conducted worldwide within DEA. The success of this investigative technique enabled 120 electronic and voice Title III intercepts resulting in 24 state and federal arrests, the seizure of 19 kilograms of cocaine and 20 kilograms of methamphetamine, and the seizure of over $500,000 in cash, jewelry, and vehicles. Additionally, these intercepts lead to the identification and follow-on investigation of regional drug traffickers in the United States with links to multiple Mexican TCOs.

    INTELLIGENCE AND INFORMATION SHARING

    Nevada HIDTA, Investigative Research Assistant Phillip Scichilone

    In early 2024, the Nevada Highway Patrol received a tip regarding a suspicious trucking company suspected of transporting illicit drugs from northern Nevada across the county, and subsequently passed the tip to Investigative Research Assistant Phillip Scichilone. Mr. Scichilone provided Northern Nevada Interdiction Task Force members with key intelligence related to the travel patterns of the vehicle involved, suspicious financial activity of the trucking company, and identification of the suspected owner and driver of the vehicle. The task force used this information to interdict the vehicle involved, resulting in the seizure of approximately $1 million and the identification of the driver and passenger, who were suspected of being linked to a known terrorist organization. After conducting follow-up analysis linking the suspects to out-of-state DEA and FBI investigations, Mr. Scichilone connected representatives of both agencies to deconflict and share information and then worked with both agencies to pass on key intelligence information.

    INTERDICTION

    New England HIDTA, Greater Boston HIDTA Task Force

    The Greater Boston HIDTA Task Force, co-led by the FBI and Homeland Security Investigations (HSI), initiated an investigation targeting a California-based drug trafficking organization (DTO) involved in large-scale illicit drug smuggling, distribution, and transportation from the Southwest Border to destinations throughout the United States and Canada. The initial phase of this ongoing investigation resulted in the disruption of a large-scale criminal enterprise with two arrests and the interdiction of 32 kilograms of methamphetamine and 490 kilograms of cocaine from a tractor trailer that traveled cross country to meet with undercover law enforcement agents in Massachusetts. The Massachusetts State Police have claimed this to be the largest seizure of narcotics from a tractor trailer in New England history, and the ongoing investigation has wide-ranging impact on DTO operations in the United States, Mexico, and Canada.

    INVESTIGATION INVOLVING A VIOLENT ORGANIZATION

    Texoma HIDTA, ATF Oklahoma City Violent Crime Initiative

    The ATF Oklahoma City Violent Crime Initiative led interagency Operation Sonic Boom that used information from the National Integrated Ballistic Information Network (NIBIN) to overlay maps of Oklahoma City with shooting incidents to identify critical, high gun violence areas to deploy additional resources. In a 60-day operation, ATF Confidential Sources and Undercover Agents conducted 117 undercover firearm purchases that led to the indictment of 64 defendants and the seizure of 110 firearms, 83 machinegun conversion devices (MCDs), 53 kilograms of methamphetamine, 5 kilograms of cocaine, and more than 1.5 kilograms of fentanyl tablets. Highlighting the critical links between the undercover operations in this case and the ongoing violent crime investigations in Oklahoma City, twelve of the firearms purchased by undercover agents had confirmed links in NIBIN to open shooting and homicide cases by violent criminal gangs in the greater Oklahoma City area. From a HIDTA perspective, the case was also a statistical success, with investigators identifying eight separate Drug Trafficking or Money Laundering Organizations and disrupting six of them during the course of the operation. 

    COMMUNITY IMPACT INVESTIGATION

    Northwest HIDTA, DEA Bellingham Regional HIDTA Task Force

    Over the past year, the DEA Bellingham Regional HIDTA Task Force (BRHTF) initiated an investigation that resulted in a substantial impact concerning public safety and health on the greater Lummi Nation Tribal Lands. Over a one-year period, BRHTF, along with partner agencies, seized over 850,000 fentanyl pills, seven kilograms of fentanyl powder, seven kilograms of cocaine, 29 illicit firearms, over $120,000 in U.S. currency, and disrupted a centralized DTO responsible for trafficking and distributing fentanyl and other drugs in the Lummi Nation within Whatcom County, WA. This investigation resulted in a notable decrease in both fentanyl availability and overdose deaths on Lummi Tribal Lands.

    OVERDOSE REDUCTION

    South Texas HIDTA, Laredo DEA HIDTA Task Force

    In 2023, the DEA Laredo District Office created a HIDTA Overdose Task Force initiative to address the dramatic rise in overdose deaths in Laredo, Texas, and its surrounding communities. The City of Laredo experienced 21 overdose deaths in 2021, rose to 41 overdose deaths in 2022, and was on pace to experience nearly 100 overdose deaths in 2023, when the task force was launched. Formed with multiple local and federal agencies and comprising six task force officers, the task force proved to be effective, with Laredo reporting 73 deaths in 2023, well short of the expected numbers. Throughout 2024, Laredo and its surrounding communities experienced 40 overdose deaths, and preliminary data indicate the city is on pace for a remarkable 45 percent decrease.

    INVESTIGATION

    Arizona HIDTA, Metro Intelligence Support and Technical Investigative Center (MISTIC)

    Throughout 2024, the Phoenix Police Department (PPD) Drug Enforcement Bureau’s (DEB) Conspiracy Squad and the DEA Phoenix Field Division’s Financial Investigations Group (FIG) conducted a long-term, complex investigation that targeted a TCO responsible for the trafficking and distribution of bulk quantities of illicit drugs, as well as for money laundering. Investigators conducted 2,000 hours of surveillance, utilized 225 court orders and search warrants, and initiated 35 wire intercepts targeting TCO members. Through the course of this investigation, detectives identified, disrupted, and dismantled the international drug trafficking activities of both foreign and United States-based sources of supply, load coordinators, couriers, stash house operators, and distribution coordinators, while also dismantling metropolitan Phoenix-based DTO operations.

    TASK FORCE OF THE YEAR

    Appalachia HIDTA, Appalachia HIDTA Diversion Task Force

    In response to an influx of counterfeit pharmaceuticals flooding southeastern Kentucky that were contributing to a rise in drug poisoning deaths, investigators with the Appalachia HIDTA Diversion Drug Task Force initiated an investigation into a dark net market distributor operating under the name GreenBeansUSA. This investigation was conducted jointly with the Appalachia HIDTA DEA London Task Force in coordination with the FBI, Internal Revenue Service, and U.S. Postal Inspection Service under the OCDETF Operation “Loyal Business.” Investigators identified GreenBeansUSA as a global supplier responsible for the sale and distribution of over 16 million counterfeit pharmaceutical pills, and the receipt of over $11 million in drug proceeds in the form of illicit cryptocurrency. In the course of the operation, investigators issued more than 200 grand jury subpoenas, 47 pen registers, 8 ping orders, Mutual Legal Assistance Treaty (MLAT) requests, IP analysis, blockchain and cluster analysis, 2703(d) orders, undercover purchases, undercover money laundering operations, pole cameras, and electronic search warrants to multiple telecommunications and technological entities. Their efforts resulted in federal indictments of six key members of the organization, the seizure of 11 kilograms of controlled pharmaceuticals (nitazene, benzodiazepine, and ketamine), six pill press machines, and approximately $1.2 million in assets.

    HIDTA AWARD FOR EXCELLENCE

    Ohio HIDTA, Sergeant Breck Williamson, Ohio State Highway Patrol

    Sergeant Breck Williamson has distinguished himself as both a prolific and successful interdictor of illicit drugs transiting the nation’s highways, and as an expert instructor and mentor to other officers conducting highway interdictions. Since October 2023, Sergeant Williamson has personally seized over 405 pounds of methamphetamines, 11 pounds of fentanyl, 141 pounds of cocaine, 3,203 pounds of marijuana, and $135,000 in U.S. currency. He also serves as an instructor for both the El Paso Intelligence Center (EPIC) and the Drug Interdiction Awareness Program (DIAP), sharing his expertise with hundreds of students throughout the past year. In addition to his day-to-day supervisory and highway interdiction duties, Sergeant Williamson is a DEA task force officer and is regularly called upon by DEA offices nationwide to advise on interdiction tactics and techniques.

    HIDTA OF THE YEAR

    SOUTH FLORIDA HIDTA

    The South Florida HIDTA has demonstrated an exemplary capacity for multidimensional vision and leadership. Through its Executive Director and Executive Board, it has targeted emerging threats, such as synthetic drugs, while remaining steadfastly committed to the interdiction of metric tons of cocaine destined for the United States from South America. It has inspired national efforts, like the launch of Crime Gun Intelligence Centers in HIDTA regions across the United States, without losing focus of the core HIDTA mission to disrupt and dismantle DTOs and while maintaining deep and sustaining partnerships at the local level. It has launched enterprising collaborations with law enforcement partners, such as partnering with the Federal Aviation Administration to access radar interdiction operability and records of straw registration of aircraft, while embracing public health initiatives focused on overdose reduction and drug use prevention.

    Among its many accomplishments, in 2023 South Florida HIDTA initiatives dismantled or disrupted 54 DTOs, of which 19 were international in scope and nearly 20 percent were OCDETF-designated or linked to consolidated or regional priority organization targets. Task forces seized illicit drugs with a total estimated value of $748 million, including 23 metric tons of cocaine, 248 kilograms of methamphetamine, and 224 kilograms of fentanyl. South Florida HIDTA initiatives also seized more than $105 million in cash and other assets, delivering a return on investment of $56.22 for every dollar financed by the National HIDTA Program. Finally, in pursuit of one of its most vital functions – ensuring officer safety – the South Florida HIDTA provided deconfliction services to all its partners, preventing more than 400 “blue on blue” incidents.

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung Unveils New Onyx at CinemaCon 2025, Setting New Standards for LED Cinema Innovation

    Source: Samsung

    Samsung Electronics Co., Ltd. today announced the latest Onyx (ICD model) cinema LED screen at CinemaCon 2025, marking a new era for cinema display technology. Building on its legacy as a cinema LED pioneer, which began in 2017, Samsung is setting new standards with unmatched picture quality, industry-leading reliability and expanded screen scalability to meet the evolving needs of theaters worldwide.
    “The cinema industry is shifting its focus towards delivering a more immersive and visually captivating experience,” said Hoon Chung, Executive Vice President of Visual Display Business at Samsung Electronics. “With Onyx, Samsung delivers not only the highest-quality visuals but also the flexibility that allows theaters to redefine the movie-going experience and cater to evolving audience expectations.”
    Brighter, Bolder and More Immersive: The Future of Cinema is Here
    As the world’s first DCI-certified1 cinema LED display, Samsung Onyx delivers an unparalleled cinematic experience with true black levels, infinite contrast ratio and exceptional color accuracy. The screen is capable of supporting frame rates up to 4K 120Hz,2 delivering ultra-smooth motion and razor-sharp details.
    Every auditorium has unique dimensions, and screen size requirements vary from theater to theater. To accommodate this, Onyx offers four standard sizes3 and additional flexible scaling options, allowing theaters to maximize their available space and present films in the largest possible format without compromising image quality:
    5 meters (16ft) – Ideal for boutique and smaller-format theaters (Pixel pitch: 1.25mm)
    10 meters (33ft) – The industry standard for premium cinemas (Pixel pitch: 2.5mm)
    14 meters (46ft) – A versatile format that delivers an impressive, large-scale cinematic experience (Pixel pitch: 3.3mm)
    20 meters (66ft) – A large-format solution for premium auditoriums (Pixel pitch: 5.0mm)
    Samsung Onyx cinema LED screens natively support both scope (2.39:1) and flat (1.85:1) aspect ratios, ensuring films are displayed in their intended formats without the need for additional adjustments. When scaling beyond standard sizes, Onyx maintains both aspect ratios while maximizing the screen size, allowing content to expand proportionally without distortion.

    Unlike traditional projectors, which can appear dim in larger theaters and struggle with washed-out colors in bright scenes, Onyx’s enhanced brightness ensures richer details in shadows, more intense highlights and superior color accuracy across the entire spectrum. Powered by Samsung’s HDR technology, Onyx reaches peak brightness levels of 300 nits (87.6fL) — six times brighter than conventional cinema standards — allowing even the brightest details to remain clear and visible.4 As a result, high-brightness scenes retain their full impact, rather than appearing washed out or overexposed.
    “As the entertainment industry looks ahead to the future of cinema, innovation is more important than ever,” said David Phelps, Head of Display Division, Samsung Electronics America. “By delivering truly immersive experiences in theaters, we can ensure that the magic of the big screen not only endures, but thrives. The new generation of Onyx Cinema LED screens enables theater owners and operators to engage, thrill and remind moviegoers why the theater remains the ultimate place to experience visual storytelling at its finest.”
    With its industry-leading brightness and precision, Onyx enables clear and vivid playback even in brightly lit environments, making it ideal for alternative content such as live sports, concerts, gaming events and corporate presentations. This allows theaters to deliver a premium viewing experience beyond traditional movie screenings.

    Built for Reliability and Seamless Integration
    Onyx is built for long-term performance, offering the industry’s first and longest 10-year warranty for cinema LED,5 setting a new benchmark for reliability in cinema display technology. This extended coverage helps reduce the total cost of ownership and ensures a future-proof investment for theater owners.
    To maintain optimal picture quality, Samsung provides an auto-calibration solution that enables theaters to easily calibrate their screens during installation and routine maintenance.
    Designed for seamless integration, Onyx is compatible with both Dolby and GDC IMB media servers, making it easier for theaters to transition from traditional projection systems. Because of this, theater networks can enjoy seamless content playback and efficient management.
    Onyx is fully compatible with leading cinema audio solutions, including Dolby Atmos, Meyer Sound, QSC and custom-designed sound systems, providing theaters with the flexibility to customize their sound experience to meet their specific needs. For theaters using HARMAN’s JBL surround sound technology, Onyx also offers seamless integration to ensure optimized audio performance.

    A Proven Legacy with Global Recognition
    Samsung Onyx is one of the most widely adopted cinema LED screens in theaters worldwide — setting a new industry standard for premium cinema display technology. As it expands its presence, Onyx continues to showcase its unmatched reliability, versatility and ability to elevate the cinematic experience.
    One of the most recent installations is at Pathé Palace in Paris, where Onyx was selected to enhance the premium viewing experience in one of the world’s most visually stunning cinemas.
    “At Pathé, we are committed to delivering the highest-quality cinematic experience for our customers,” said Laure de Boissard, Managing Director, Pathé Cinéma France. “Samsung Onyx allows us to achieve stunning visuals with exceptional brightness and contrast, ensuring that every film is presented exactly as intended.”

    MIL OSI Global Banks –

  • MIL-OSI Africa: Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them

    Source: The Conversation – Africa – By Mohammad Amir Anwar, Senior Lecturer in African Studies and International Development, University of Edinburgh

    Data workers in Africa often have a hard time. They face job insecurities – including temporary contracts, low pay, arbitrary dismissal and worker surveillance – and alarming physical and psychological health risks. The consequences of their work can include exhaustion, burnout, mental health strain, chronic stress, vertigo and weakening of eyesight.

    Data work includes text prediction, image and video annotation, speech to text validation and content moderation.

    The world of data work is built on labour arbitrage – exploiting the fact that workers earn less and have less protection in some countries than in others.

    Large technology firms often outsource this work to the global south, including African countries like Kenya, Uganda and Madagascar, and also India and Venezuela. The result is complex production networks that are generally opaque and shrouded in secrecy.

    Workers and researchers have issued many warnings about data workers’ health. Despite numerous court cases in multiple jurisdictions, nothing much has been done to address these issues either by tech companies or by regulators.

    Read more: For workers in Africa, the digital economy isn’t all it’s made out to be

    Still, the news of the death of a Nigerian content moderator, Ladi Anzaki Olubunmi, who was found dead in her apartment in Nairobi, Kenya on 7 March 2025, came as a shock. While the circumstances of her death are still unclear, it has renewed calls for wider systemic change. Her death has sparked condemnation from the Kenyan Union of Gig Workers, which demanded an investigation.

    Since 2015, we have been studying the central role of African data workers in building and maintaining artificial intelligence (AI) systems, acting as “data janitors”. Our research found that companies rarely acknowledge the use of human workers in AI value chains, thus they remain “hidden” from the public eye. In other words, the world of AI is built on the toil of human workers most people are unaware of.

    In this article, we outline key steps needed to protect these data workers in Africa. They include business process outsourcing regulations, ensuring quality rather than quantity of jobs, and providing social protection. There is also a need to name and shame companies that maltreat data workers.

    Data work needs tighter regulation.

    Read more: Digital labour platforms subject global South workers to ‘algorithmic insecurity’

    Regulation

    Business process outsourcing is the practice of procuring various processes or operations from external suppliers or vendors. Firms that do this are sometimes trying to evade local regulations (like minimum wages) and responsibility towards workers’ welfare (via sub-contracting and the use of temporary employment agencies).

    This is happening in Africa as some data training firms and digital labour platforms circumvent local labour laws.

    But there is more to the story.

    Data work is also seen by lawmakers and practitioners as a solution to the rampant unemployment and informality across Africa. African governments have actively created regulatory environments that enable these practices to thrive, despite adverse outcomes for workers.

    Nonetheless, new regulations have been proposed lately, like the Kenyan government’s Business Law (Amendment) Bill, 2024 targeting the wider business process outsourcing and IT-enabled services sector. Particularly, it makes business process outsourcing firms responsible for any claim raised by employees. It ensures some accountability for firms bringing data work to Africa.

    Other governments should follow with similar measures ensuring worker rights are enforceable. Some data workers are hired on contracts as short as five days and get paid less than the local minimum wage. Firms found violating labour standards should be penalised.

    In fact, there is an urgent need to create regional or continent-wide regulatory frameworks covering the business process outsourcing sector, limiting the space for firms to exploit workers.

    It’s possible, however, that jobs might be lost as firms relocate to places with favourable laws, an everyday reality in the outsourcing networks.

    Read more: Most call centre jobs are a dead end for South Africa’s youth

    Quality, not quantity

    African governments should prioritise the quality of jobs and not quantity. Policymakers should think about wider national economic development plans, particularly structural diversification and upgrading of their economies.

    Historically, these strategies have resulted in success in some states, addressing social and economic issues such as unemployment, poverty and inequality.

    Another option for African governments is to enhance social protection among data workers. Financing this is a serious issue, so proper taxation and compliance among workers and employers is urgently needed.

    Finally, there is a role for naming and shaming firms that treat their data workers poorly. There is evidence that such efforts improve compliance and firms’ behaviour.

    Read more: Digital trade protocol for Africa: why it matters, what’s in it and what’s still missing

    Worker movements

    African data workers have taken risks in openly speaking about their experiences. But these kinds of approaches work well when combined with collective bargaining.

    Workers have historically won their labour and civil rights after long and hard-fought struggles. There is a long history of African worker movements and trade unions resisting the apartheid and colonial regimes across the continent.

    While the freedom of association is enshrined in the African Charter on Human and Peoples’ Rights and most governments have legislation committed to collective bargaining, it is rarely implemented in the new outsourcing sectors, particularly data work.

    It is also difficult to organise workers in the industry, because of the high churn rate. For instance, data training firms like Sama offer short-term contracts to employees, often as short as five days.

    Some firms are hostile to workers’ organising activities.

    But numerous data worker-led associations have emerged in Africa recently, some led by the co-authors of this article. Techworker Community Africa, African Tech Workers Rising, African Content Moderators Unions and Data Labelers Association are among them.

    These initiatives are crucial to ensure workers have decent remuneration, work-life balance, adequate working hours, protection against arbitrary dismissal, safe working environments, and contributions towards their health and welfare.

    Several high-profile court cases are currently being pursued by African data workers against Meta and Sama. There is precedent. In 2021. Meta was ordered by a Californian court to pay US$85 million to 10,000 content moderators.

    AI-dependent tools such as ChatGPT or driverless cars would not exist without African data workers. They are tired of being “hidden”. They deserve to be treated with respect and dignity.

    Mophat Okinyi, Kauna Malgwi, Sonia Kgomo and Richard Mathenge co-authored this article.

    – Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them
    – https://theconversation.com/africas-data-workers-are-being-exploited-by-foreign-tech-firms-4-ways-to-protect-them-252957

    MIL OSI Africa –

  • MIL-OSI Global: Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them

    Source: The Conversation – Africa – By Mohammad Amir Anwar, Senior Lecturer in African Studies and International Development, University of Edinburgh

    Data workers in Africa often have a hard time. They face job insecurities – including temporary contracts, low pay, arbitrary dismissal and worker surveillance – and alarming physical and psychological health risks. The consequences of their work can include exhaustion, burnout, mental health strain, chronic stress, vertigo and weakening of eyesight.

    Data work includes text prediction, image and video annotation, speech to text validation and content moderation.

    The world of data work is built on labour arbitrage – exploiting the fact that workers earn less and have less protection in some countries than in others.

    Large technology firms often outsource this work to the global south, including African countries like Kenya, Uganda and Madagascar, and also India and Venezuela. The result is complex production networks that are generally opaque and shrouded in secrecy.

    Workers and researchers have issued many warnings about data workers’ health. Despite numerous court cases in multiple jurisdictions, nothing much has been done to address these issues either by tech companies or by regulators.



    Read more:
    For workers in Africa, the digital economy isn’t all it’s made out to be

    Still, the news of the death of a Nigerian content moderator, Ladi Anzaki Olubunmi, who was found dead in her apartment in Nairobi, Kenya on 7 March 2025, came as a shock. While the circumstances of her death are still unclear, it has renewed calls for wider systemic change. Her death has sparked condemnation from the Kenyan Union of Gig Workers, which demanded an investigation.

    Since 2015, we have been studying the central role of African data workers in building and maintaining artificial intelligence (AI) systems, acting as “data janitors”. Our research found that companies rarely acknowledge the use of human workers in AI value chains, thus they remain “hidden” from the public eye. In other words, the world of AI is built on the toil of human workers most people are unaware of.

    In this article, we outline key steps needed to protect these data workers in Africa. They include business process outsourcing regulations, ensuring quality rather than quantity of jobs, and providing social protection. There is also a need to name and shame companies that maltreat data workers.

    Data work needs tighter regulation.



    Read more:
    Digital labour platforms subject global South workers to ‘algorithmic insecurity’

    Regulation

    Business process outsourcing is the practice of procuring various processes or operations from external suppliers or vendors. Firms that do this are sometimes trying to evade local regulations (like minimum wages) and responsibility towards workers’ welfare (via sub-contracting and the use of temporary employment agencies).

    This is happening in Africa as some data training firms and digital labour platforms circumvent local labour laws.

    But there is more to the story.

    Data work is also seen by lawmakers and practitioners as a solution to the rampant unemployment and informality across Africa. African governments have actively created regulatory environments that enable these practices to thrive, despite adverse outcomes for workers.

    Nonetheless, new regulations have been proposed lately, like the Kenyan government’s Business Law (Amendment) Bill, 2024 targeting the wider business process outsourcing and IT-enabled services sector. Particularly, it makes business process outsourcing firms responsible for any claim raised by employees. It ensures some accountability for firms bringing data work to Africa.

    Other governments should follow with similar measures ensuring worker rights are enforceable. Some data workers are hired on contracts as short as five days and get paid less than the local minimum wage. Firms found violating labour standards should be penalised.

    In fact, there is an urgent need to create regional or continent-wide regulatory frameworks covering the business process outsourcing sector, limiting the space for firms to exploit workers.

    It’s possible, however, that jobs might be lost as firms relocate to places with favourable laws, an everyday reality in the outsourcing networks.



    Read more:
    Most call centre jobs are a dead end for South Africa’s youth

    Quality, not quantity

    African governments should prioritise the quality of jobs and not quantity. Policymakers should think about wider national economic development plans, particularly structural diversification and upgrading of their economies.

    Historically, these strategies have resulted in success in some states, addressing social and economic issues such as unemployment, poverty and inequality.

    Another option for African governments is to enhance social protection among data workers. Financing this is a serious issue, so proper taxation and compliance among workers and employers is urgently needed.

    Finally, there is a role for naming and shaming firms that treat their data workers poorly. There is evidence that such efforts improve compliance and firms’ behaviour.



    Read more:
    Digital trade protocol for Africa: why it matters, what’s in it and what’s still missing

    Worker movements

    African data workers have taken risks in openly speaking about their experiences. But these kinds of approaches work well when combined with collective bargaining.

    Workers have historically won their labour and civil rights after long and hard-fought struggles. There is a long history of African worker movements and trade unions resisting the apartheid and colonial regimes across the continent.

    While the freedom of association is enshrined in the African Charter on Human and Peoples’ Rights and most governments have legislation committed to collective bargaining, it is rarely implemented in the new outsourcing sectors, particularly data work.

    It is also difficult to organise workers in the industry, because of the high churn rate. For instance, data training firms like Sama offer short-term contracts to employees, often as short as five days.

    Some firms are hostile to workers’ organising activities.

    But numerous data worker-led associations have emerged in Africa recently, some led by the co-authors of this article. Techworker Community Africa, African Tech Workers Rising, African Content Moderators Unions and Data Labelers Association are among them.

    These initiatives are crucial to ensure workers have decent remuneration, work-life balance, adequate working hours, protection against arbitrary dismissal, safe working environments, and contributions towards their health and welfare.

    Several high-profile court cases are currently being pursued by African data workers against Meta and Sama. There is precedent. In 2021. Meta was ordered by a Californian court to pay US$85 million to 10,000 content moderators.

    AI-dependent tools such as ChatGPT or driverless cars would not exist without African data workers. They are tired of being “hidden”. They deserve to be treated with respect and dignity.

    Mophat Okinyi, Kauna Malgwi, Sonia Kgomo and Richard Mathenge co-authored this article.

    Mohammad Amir Anwar receives funding from United Kingdom Research and Innovation, Royal Society of Edinburgh, and British Academy.

    – ref. Africa’s data workers are being exploited by foreign tech firms – 4 ways to protect them – https://theconversation.com/africas-data-workers-are-being-exploited-by-foreign-tech-firms-4-ways-to-protect-them-252957

    MIL OSI – Global Reports –

  • MIL-OSI Australia: What happens if you lodge the NFP self-review return late

    Source:

    Act now if you haven’t lodged

    Non-charitable not-for-profits (NFPs) with an active Australian business number (ABN) are legally required to lodge an NFP self-review return annually to notify their eligibility to self-assess as income tax exempt.

    If your NFP didn’t lodge its 2023–24 NFP self-review return by 31 March 2025 due date, lodge your return as soon as possible. You don’t need to contact us to request an extension.

    We’ve suspended penalty application for late lodgment of the 2023–24 NFP self-review return as part of the transitional support arrangements for the sector. From July 2025, we will start to review NFPs that intentionally ignore their obligations.

    Act now to avoid a review. It’s important to demonstrate that your NFP has taken steps to meet its lodgment obligation. Actions may include:

    • attempting to lodge the return online or via the self-help phone service on 13 72 26
    • engaging a registered tax agent to lodge the return on your behalf
    • setting up your myID to access Online services for business
    • updating your NFP’s ABN details via:
      • the Australian Business Register
      • Online services for business
      • a Change of registration details form.

    If you are waiting for your Change of registration details form to be processed before you lodge your return, you don’t need to contact us. We can see this on your records.

    We will also accept late lodgment of your NFP self-review return as demonstration that you have been actively taking steps to meet your obligations.

    Firmer action

    We’re committed to supporting NFPs who try to do the right thing.

    We will take firmer action with NFPs who are intentionally ignoring their NFP self-review return obligation and who are unwilling to comply. From July 2025, these NFPs may be subject to review.

    Find out about organisations who need to lodge an NFP self-review return, at Do you need to lodge?

    MIL OSI News –

  • MIL-OSI: Inbank appoints Erkki Raasuke as Chairman of the Supervisory Board

    Source: GlobeNewswire (MIL-OSI)

    Today, on 31 March 2025, the Supervisory Board of AS Inbank appointed Erkki Raasuke, an existing Supervisory Board Member, as Chairman of the Supervisory Board for a three-year term, effective 1 April 2025.

    Additionally, at the Annual General Meeting held today, Isabel Margaret Anne Faragalli and Sergei Anikin were elected to the Supervisory Board for a three-year term, effective 1 April 2025.

    According to Jan Andresoo, the former Chairman of the Inbank Supervisory Board, the appointment of two new independent members and a new Chairman marks a significant step toward a more diverse and independently governed Supervisory Board, which is essential for Inbank’s journey to becoming a public company.

    “With Erkki Raasuke leading our Supervisory Board, Inbank gains outstanding expertise in corporate governance, backed by decades of executive experience in banking. His strategic mindset and strong work ethic will be invaluable as we navigate the next phase of our development, and I look forward to working with him,” said Jan Andresoo.

    “My professional collaboration with founders Priit and Jan dates back over 20 years. Ever since, I have admired their strategic acumen, entrepreneurial spirit, and strong execution capabilities. Building on these qualities, they have successfully developed a dynamic and agile international business with a strong culture and a highly dedicated team. I am honored to be part of this team and contribute my knowledge and expertise in supporting its continued success. As Chairman, I will focus on steering a high-value, strategically engaged Supervisory Board while actively overseeing risk and audit matters to further strengthen Inbank’s governance and resilience,” said Erkki Raasuke.

    Jan Andresoo will remain a Member of the Supervisory Board and take on a hands-on leadership role in shaping Inbank’s new products and channels strategy, supporting the company’s transition into a platform business ahead of its IPO journey.

    “Inbank remains a founder-led company, with CEO Priit Põldoja and I actively engaged in building and steering the company toward future growth. My focus will be on ensuring that Inbank continues to innovate and deliver value to our merchant partners and customers,” said Jan Andresoo.

    Isabel Faragalli and Sergei Anikin do not hold Inbank shares.

    The Inbank Supervisory Board will consist of seven members, including Erkki Raasuke, Jan Andresoo, Roberto de Silvestri, Triinu Bucheton, Raino Paron, and the newly elected members Isabel Faragalli, and Sergei Anikin.

    Erkki Raasuke is a seasoned financial executive, non-executive board member, and strategic advisor with extensive experience in banking and corporate governance.  From 1994 to 2011, Erkki worked at Hansapank and later Swedbank, holding various senior leadership roles, including CFO and Chairman of the Board. Between 2012 and 2013, he advised the Ministry of Economic Affairs and Communications, focusing on state-owned enterprise governance. He later served as Managing Director of LHV Group (2013-2016), CEO of Luminor Bank (2016–2020) and as CFO at Skeleton Technologies (2021–2024).

    Currently, Erkki serves as Chairman of the Supervisory Board at the Estonian Business and Innovation Agency (EIS) and has been a Supervisory Board Member at Enefit Green since 2021. He joined the Inbank Supervisory Board in 2023.

    Jan Andresoo co-founded Inbank in 2010 and served as its CEO until 2021, with a primary focus on product strategy. Since 2021, he has chaired Inbank’s Supervisory Board. In addition to his role at Inbank, Jan co-founded Paywerk, a cross-border BNPL e-commerce platform, in 2021, which was acquired by Swedbank in 2024. Between 2006 and 2010, he held various executive positions at Swedbank Leasing. He has also been actively involved in the launch and scale-up of Coop Finants, Veriff, and PSP Maksekeskus.

    Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 6,000 merchants, Inbank has 872,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

    Additional information:
    Styv Solovjov
    AS Inbank
    Head of Investor Relations
    +372 5645 9738
    styv.solovjov@inbank.ee

    The MIL Network –

  • MIL-OSI: High Arctic Announces 2024 Fourth Quarter and Year End Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, March 31, 2025 (GLOBE NEWSWIRE) — High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its’ fourth quarter and year-end results today. The audited consolidated financial statements, management discussion & analysis (“MD&A”), and annual information form for the year ended December 31, 2024 will be available on SEDAR at www.sedar.com, and on High Arctic’s website at www.haes.ca. All amounts are denominated in Canadian dollars (“CAD”), unless otherwise indicated.

    Mike Maguire, Interim Chief Executive Officer commented:

    “With 2024 complete High Arctic has effectively been reset and is now a Canadian focused platform characterized by minimal debt, investment holdings, and an established and viable high margin rental business.

    Our rental business footprint, while still small in scale, was bolstered by the Delta Acquisition completed in late 2023, an acquisition that is indicative of the type and structure of accretive investments High Arctic looks to pursue going forward.

    The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan which is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry.”

    In the following discussion, the three months ended December 31, 2024 may be referred to as the “Quarter” or “Q4 2024”, and similarly the year ended December 31, 2023 may be referred to as “YTD 2023”. The comparative three months ended December 31, 2023 may be referred to as “Q4 2023” and similarly the year ended December 31, 2022 may be referred to as “YTD 2022”. References to other quarters may be presented as “QX 20XX” with X being the quarter/year to which the commentary relates.

    2024 Highlights

    • Successful integration of Delta Rental Services.
    • Completed the reorganization of High Arctic including the return of $37.8 million to shareholders.
    • Maintained operational excellence and safety as evidenced by the continuation of recordable incident free work.
    • Exited Q4 with net positive working capital of $2.7 million, including $3.1 million of cash.

    2025 Strategic Objectives

    With the corporate restructuring and spinoff of the PNG business complete, the Corporation’s 2025 strategic objectives include:

    • Relentless focus on safety excellence and quality service delivery;
    • Grow the core businesses through selective and opportunistic investments;
    • Actively manage direct operating costs and general and administrative costs;
    • Steward capital to preserve balance sheet strength and financial flexibility; and
    • Execute on accretive acquisitions in Canada to drive shareholder value and optimize available tax loss carry-forwards.

    2024 Strategic Objectives

    At the beginning of 2024, High Arctic established a set of strategic priorities. Our priorities and highlights of objectives met include:

    • Continued relentless focus on safety excellence and quality service delivery.
      • High Arctic’s Canadian business completed 2024 without any recordable incidents, contributing to the Corporation’s second calendar year running with a zero Total Recordable Incident Frequency Rate (“TRIF”) rate.
      • High Arctic extended its recordable incident free activity in PNG, with 7 years and 353 days of continuous recordable incident free work conducted to the date of the spin-out, representing over 4 million work hours.
    • The creation of appropriate capital and corporate structures for the current businesses, providing the opportunity to consider transactions which would create value for the Corporation’s shareholders.
      • The Arrangement was overwhelmingly supported by shareholders and resulted in separate public companies each focused upon their area of expertise.
    • A return of significant capital and spin out of the PNG Business to shareholders.
      • The Arrangement resulted in separate public companies while also delivering a tax efficient return of capital totaling $37.8 million to shareholders.
      • The Corporation retained its position on the main TSX (TSX: HWO); with High Arctic Overseas Holdings Corp. being listed on the TSX Venture Exchange (TSXV: HOH).
    • Grow the core businesses through selective and opportunistic investments.
      • The Corporation focused on the very successful integration and rebranding of its rentals business in 2024, following its acquisition and amalgamation of the Delta Acquisition at the end of 2023.
      • The middle of the year was dedicated to the business of the Arrangement and the resulting transitionary work, however later in the year, the Corporation commenced the examination of selective investment opportunities, with this work continuing into 2025.
    • Capital stewardship that preserves balance sheet strength and financial flexibility.
      • The Delta acquisition has provided incremental free cash flow and operational synergies.
      • The Corporation currently maintains low debt levels and associated leverage ratios.
      • Exited 2024 with a working capital ratio of 1.6:1
    • Building up the Canadian business with acquisitions that allow the Corporation to optimize its available tax loss carry-forwards.
      • The Delta acquisition creates a blueprint for accretive acquisitions that position the Corporation to improve its ability to utilize its significant tax loss carry-forwards.
      • The Corporation, under the stewardship of the Board, continues its strategic review of potential acquisition targets with strong underlying intrinsic value and that will be accretive for shareholders.

    RESULTS OVERVIEW
    The following is a summary of select financial information of the Corporation:

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of Canadian Dollars, except per share amounts) 2024   2023   2024   2023  
    Operating results from continuing operations:        
    Revenue – continuing operations 2,443   1,037   10,470   3,384  
    Net loss – continuing operations (715 ) 219   (2,117 ) (989 )
    Per share (basic & diluted) (0.06 ) 0.02   (0.17 ) (0.08 )
    Oilfield services operating margin – continuing operations 1,143   664   5,207   2,058  
    Oilfield services operating margin as a % of revenue 46.8 % 64.0 % 49.7 % 60.8 %
    EBITDA – continuing operations 178   (918 ) (527 ) (2,311 )
    Adjusted EBITDA – continuing operations 133   (672 ) 795   (2,703 )
    Operating loss – continuing operations (533 ) (1,408 ) (2,965 ) (5,163 )
    Cash flow from continuing operations:        
    Cash flow from (used in) continuing operating activities 226   (874 ) 184   (515 )
    Per share (basic & diluted) 0.02   (0.07 ) 0.01   (0.04 )
    Funds flow from (used in) continuing operating activities 530   (335 ) 484   (1,292 )
    Per share (basic & diluted) 0.04   (0.03 ) 0.04   (0.11 )
    2024 return of capital / 2023 dividends –   –   37,842   2,190  
        As at December 31  
    (thousands of Canadian Dollars, except per share amounts)   2024   2023   2022  
    Financial position:              
    Working capital   2,692   62,985   59,461  
    Cash and cash equivalents   3,123   50,331   19,559  
    Total assets   30,867   123,137   133,957  
    Long-term debt   3,178   3,352   4,028  
    Shareholders’ equity   21,105   99,332   115,231  
    Per share (basic)   1.70   8.09   9.47  
    Common shares outstanding   12,448,166   12,280,568   12,172,958  


    Fourth Quarter 2024 Summary

    • Revenue from continuing operations increased 136% to $2,443 in the quarter compared to $1,037 in Q4 2023. The increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
    • Oilfield services operating margin from continuing operations was $1,143 in the current year quarter compared to $664 in the prior year quarter, an increase of $479 or 72%, driven by the Delta Acquisition as noted above.
    • EBITDA from continuing operations was $178 in the current year quarter compared to EBITDA loss of $918 in the prior year quarter. EBITDA from continuing operations benefitted from the acquisition of Delta Rental Services Ltd. (“Delta”) or (the “Delta Acquisition”) in late 2023.   
    • Operating loss from continuing operations of $553 in the quarter compared to $1,408 in Q4 2023. The decrease in operating loss is attributable to higher oilfield services operating margin and reduced general and administrative costs, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations is directly related to the Delta Acquisition.
    • Net loss from continuing operations was $715 in Q4 2024 compared to net income from continuing operations of $219 in Q4 2023. Net loss from continuing operations was impacted by the same items impacting operating loss (as above) with a substantial contribution from the Delta Acquisition combined with reduced interest income, net higher non-cash accretion on contingent payments and notes receivable, fair value related adjustments, reduced income from equity accounted investment in Team Snubbing, and the positive change in foreign exchanges loss in Q4 2023 to gain in Q4 2024.

    Annual 2024 Summary:

    • Revenue from continuing operations increased 209% to $10,470 compared to revenue of $3,384 achieved in 2023. Consistent with the summary of the fourth quarter results, the increase in revenue is primarily attributable to the Delta Acquisition in late Q4 2023.
    • Oilfield services operating margin from continuing operations was $5,207 in the current year quarter compared to $2,058 in the prior year quarter, an increase of $3,149 or 153%, driven by the Delta Acquisition as noted above.
    • EBITDA loss from continuing operations was $527 in the current year compared to EBITDA loss of $2,311 in the prior year. EBITDA from continuing operations benefitted from the Delta Acquisition.
    • Operating loss from continuing operations improved to $2,965 in the year compared to $5,163 in 2023. The decrease in operating loss is attributable to higher oilfield services operating margin, offset in part, by an increase in depreciation and amortization expenses. The improvements in operating loss from continuing operations was directly related to the Delta Acquisition.
    • Net loss from continuing operations was $2,117 compared to $989 in FY 2023. The net loss, despite an improvement of $2,198 in operating income, is primarily due to the 2023 $615 gain on sale of the nitrogen business, a 2023 $915 deferred income tax recovery, $729 lower interest income from cash on guaranteed investment certificates (“GICs”) and term deposits in 2024 with the July 2024 distributed return of capital to shareholders, $1,493 lower equity investment income from Team Snubbing, and the net impact of higher non-cash accretion related expenses.
    • Production Service’s 42% equity investment share of Team Snubbing Services Inc. net loss was $690 for the year ended December 31, 2024, compared to net income of $803 in the comparative period in 2023. Weak international operating results in 2024 combined with costs incurred to restructure the international business in Alaska dragged down Team Snubbing’s results while the Canadian business performed in line with 2023.
    • Cash from operating activities from continuing operations was $184 for the year, an improvement of $699 as compared to the prior year use of $515, driven by strong operational performance from the Delta Acquisition, partially offset by the significant additional general and administrative expenses incurred in 2024 due to the Arrangement.

    Rental services segment

      Three months ended Dec 31,   Years ended Dec 31,  
    (thousands of Canadian Dollars, unless otherwise noted) 2024   2023   2024   2023  
    Revenue – continuing operations 2,443   1,037   10,470   3,384  
    Oilfield services expense – continuing operations (1,300 ) (373 ) (5,263 ) (1,326 )
    Oilfield services operating margin(1) 1,143   664   5,207   2,508  
    Operating margin (%) 46.8 % 64.0 % 49.7 % 60.8 %

    The Rental Services segment consists of High Arctic’s oilfield rental equipment in Canada, centred upon pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells in the WCSB.

    The increase in revenue for the three and twelve month periods ended December 31, 2024, versus the comparable periods in 2023 is a direct result of the contribution from the Delta business that was acquired in late 2023. Specifically, Q4 2024 revenues increased by $1,406 or 136% compared to Q3 2023, with annual 2024 revenues increasing by $7,086 or 209% when compared to annual 2023. Operating margins of 46.8% and 49.7% for the three and twelve months ended December 31, 2024, respectively, are approximately 17 percent and 11 percent lower (on a gross basis) than the comparable periods in 2023, respectively. The reduction in operating margins is primarily a result of the Delta Acquisition, as Delta utilizes a combination of owned and third-party rental equipment in its operations, with third-party rental equipment resulting in higher operating expenses.

    Production Services segment
    The Production Services segment operations consist of High Arctic’s idled snubbing units in Colorado, U.S., and its equity investments in the Seh’ Chene Partnership and Team Snubbing Services Inc. in Canada. Though the Seh’ Chene Partnership has experienced limited business activity since the 2022 Canadian sales transactions, the partnership is still active and the Corporation together with its partner will look to reposition its customer offerings and explore other avenues for business activity.

    Team Snubbing Services Inc.
    High Arctic accounts for the results of its 42% equity interest in Team Snubbing using the equity method of accounting, with Team Snubbing’s net earnings recorded as income from equity investments in the respective reporting period. As reported in the Corporation’s 2024 Financial Statements (Note 12), Team Snubbing achieved gross revenues of $26,064 for 2024 versus gross revenues of $21,252 for the comparative period in 2023. This increase in revenues is primarily a result of the consolidation of the results of Team Snubbing International Inc. (“Team International”) for the first time following Team Snubbing’s April 1, 2024, acquisition of control of Team International.

    Team International’s operations experienced lower than anticipated activity levels in the Alaskan market in both Q4 2024, and for the year 2024. In addition, during Q2 2024, Team International incurred additional costs for restructuring management and operational teams. The restructuring initiative consolidated Team International’s workforce, “right sizing” it to the needs of the overall customer base and aligning the service delivery with Team Snubbing’s successful Canadian model. Team Snubbing’s domestic Canadian operations experienced similar activity levels in both Q4 2024 and year-to-date 2024, when compared to the same periods of 2023.

    High Arctic’s proportionate share of Team Snubbing’s net loss for 2024 was $690 compared to an income inclusion of $803 for the comparable period in 2023, representing a decrease in income from equity investment of $1,493. This year-over-year decline in income from equity investment realized in 2024 was primarily due to the results of Team International.

    Liquidity and capital resources

      Three months ended Dec 31,   Years ended Dec 31,  
    (thousands of Canadian Dollars) 2024   2023   2024   2023  
    Cash provided by (used in) continued operations:        
    Operating activities 226   (874 ) 184   (515 )
    Investing activities (310 ) (3,160 ) (997 ) 25,638  
    Financing activities (430 ) 45   (38,659 ) (2,967 )
    Effect of exchange rate changes on cash (469 ) (745 ) 717   (720 )
    Increase (decrease) in cash from continuing operations (983 ) (4,734 ) (38,755 ) 21,436  
    (thousands of Canadian Dollars, unless otherwise noted)     As at
    Dec 31, 2024    		   As at
    Dec 31, 2023    		  
    Current assets     7,221   79,438  
    Working capital(1)     2,692   62,985  
    Working capital ratio(1)     1.6:1   4.8:1  
    Cash and cash equivalents     3,123   50,331  
    Net cash(1)     (230 ) 46,804  


    Operating Activities
    In Q4 2024, cash from operating activities from continuing operations was $226, as compared with an outflow of $874 from operating activities from continuing operations in Q4 2023. Funds from operating activities from continuing operations totaled $530 in the quarter versus funds used of $335 for Q4 2023 (see “Non-IFRS Measures”). In Q4 2024, changes in non-cash operating working capital from continuing operations totaled an outflow of $304 compared to an outflow of $539 in Q4 2023.

    For the year ended 2024, cash from operating activities from continuing operations was $184 as compared to a use of cash of $515 of cash from operating activities from continuing operations in 2023. Funds from operating activities from continuing operations totaled $484 for the year ended 2024, versus a use of funds of $1,292 for 2023.

    Changes in cash from operating activities from continuing operations and funds from operating activities from continuing operations for both the three and twelve months ended December 31, 2024, when compared to the same periods in 2023, were largely the result of the positive impact on the business from the Delta Acquisition. In addition, operating related cash flows in the fourth quarter of 2024 benefitted from reduced G&A costs associated with the Arrangement transaction which was completed in the third quarter of 2024.

    Investing Activities
    During the fourth quarter, the Corporation’s net cash used in investing activities from continuing operations totaled $310 compared to $3,160 for the prior year comparative quarter. For the year ended 2024, net cash used in investing activities from continuing operations totaled $997 compared to an inflow of $25,638 in the prior year. For the fourth quarter of 2024 and YTD 2024, the majority of expenditures incurred related to sustaining and growth capital for the Rental Services Segment combined with investments in information technology and systems required to support the Corporation upon completion of the Arrangement transaction. YTD 2023 investing activities were impacted by proceeds received on the sale of assets (net of costs) of $29,569, offset in part by the Delta Acquisition in Q4 2023 for $3,430.

    Financing Activities
    During the fourth quarter, the Corporation’s net cash used in financing activities from continuing operations was $430 compared to an inflow of $45 in the prior year comparative quarter. For the year ended 2024, net cash used in financing activities from continuing operations was $38,659 compared to $2,967 in the prior year. Cash flow from financing activities for the year ended 2024 was impacted by a one-time $37,842 distribution to shareholders in accordance with the completion of the Arrangement transaction. Excluding the impact of the one-time distribution, cash flows related to finance activities were impacted by the normal course receipts and payments on the Corporation’s existing note receivables, lease liabilities and long-term debt.

    Working Capital
    As at December 31, 2024, the Corporation’s working capital balance was $2,692 compared to $62,985 as at December 31, 2023. The change in working capital is largely due to the spinout of the Corporation’s PNG business combined with the $37,842 return of capital distribution paid during 2024, both of which were completed in connection with the Arrangement transaction.

    Long-term Debt

    (thousands of Canadian Dollars)     As at
    Dec 31, 2024    		   As at
    Dec 31, 2023    		  
    Current     175   175  
    Non current     3,178   3,352  
    Total     3,353   3,527  

    The Corporation has mortgage financing secured by lands and buildings owned by High Arctic located within Alberta, Canada. The mortgage has a remaining initial term of under two years with a fixed interest rate of 4.30% with payments occurring monthly. The mortgage financing contains certain non-financial covenants requiring lenders’ consent including changes to the underlying business. As at December 31, 2024, the Corporation was compliant with all covenants associated with the mortgage financing.

    2025 Earn-Out Shares issued pursuant to the 2023 share purchase agreement with Delta Rental Services Ltd.
    Subsequent to December 31, 2024, the Corporation issued 248,793 shares as part of the settlement of the first-year contingent consideration payable pursuant to the Acquisition of Delta Rental Services Ltd.

    Outlook
    As a result of the successful execution of the Arrangement and corporate reorganization during 2024, High Arctic has transformed itself. After a decade of significant cash flow generation and cash dividends and distribution to shareholders in excess of $105 million, bold measures were taken to adjust for the decade ahead. The 2024 Arrangement provided shareholders with a separate investment holding and future flexibility through a new publicly traded entity containing the former PNG business (TSXV: HOH) plus a tax efficient cash distribution in the form of a $37.8 million return of capital. It also provided shareholders with a continuing investment in a refined, Canadian focused, and reset High Arctic publicly traded entity.

    High Arctic’s Canadian platform is characterized by minimal debt and its continuing operations now consist of:

    • A western Canadian high-margin equipment rental business – centred on pressure ‎control and well stimulation;
    • A minority 42% interest in Canada’s largest oilfield snubbing services business, Team Snubbing; and
    • Two industrial properties, located in Clairmont and Whitecourt, Alberta.

    High Arctic anticipates that its Rental Services segment will continue to generate funds flow from operations commensurate with oil and gas well completion fundamentals in western Canada. The rental business footprint, while still small in scale, was bolstered by the 2023 Delta Acquisition. This acquisition is indicative of the type and structure of accretive investment High Arctic will look to pursue going forward. For 2025, the Rental Services segment is expected to be at a stage whereby operating cash flow covers Corporate segment costs and yields modest funds for organic growth.

    High Arctic is at the early stages of a new chapter in its corporate history. The 2024 transformational developments provide a clean platform to enable a new strategic direction. The Board of Directors is currently undergoing a process to recruit and appoint a new Chief Executive Officer to augment and lead High Arctic’s vision and strategic plan. High Arctic’s current intent is to grow its equipment rentals business and position itself to benefit from upstream energy service activity levels in the western Canadian oil and gas industry. Complementary new service lines with high margin, low headcount and low fixed costs, are also being considered.

    In summary for 2025, the Corporation expects to continue to execute on the initial phases of its strategic business plan, with progress to date being evidenced by selective capital expenditure investments in its rental business throughout 2024. High Arctic continues to assess acquisition targets that are both complimentary and new to existing customer offerings. Potential benefits of an acquisition for High Arctic include enhancing the scope and scale of its operations; the ability to provide a broader customer service offering; and formalizing/augmenting the leadership team for the Corporation.

    Execution of the strategic plan remains opportunistic and is ongoing. The timing and ability to execute on certain underlying objectives, however, has become challenging due to recent divisive global geopolitical developments and resulting global economic uncertainties. These developments include changes and potential changes in global trade policies and tariffs, threats of additional or retaliatory tariffs, and policy shifts as a result of new government leadership in many jurisdictions around the world. The federal election in Canada, set for April 28, 2025, may have a significant impact on long term investment in Canada’s energy industry.

    Western Canadian oil and gas activity levels, despite volatility in underlying commodity prices, have benefited from resurgent Canadian upstream activity to meet, and then sustain, growing oil and natural gas export infrastructure capacity. This includes tidewater access off the west coast of Canada through the 2024 Trans Mountain pipeline expansion, expected 2025 LNG Canada pipeline commencement, and land pipeline expansion to the United States through completed projects such as the Line 3 expansion.

    NON – IFRS MEASURES
    This press release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies High Arctic uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Long-term financial liabilities. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s MD&A, which is available online at www.sedar.com and through High Arctic’s website at www.haes.ca.   

    FORWARD-LOOKING STATEMENTS
    This press release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this press release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this press release include, among others, statements pertaining to the following: general economic and business conditions, which will include, among other things, the outlook for the energy industry inclusive of commodity prices, producer activity levels and general energy supply and demand fundamentals that may impact the energy industry as a whole; the impact (if any) of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute its 2025 strategic objectives; fluctuations in interest rates and commodity prices; expectations regarding the Corporation’s ability to manage its liquidity risk; raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; the Corporation’s ability to seek and execute accretive acquisitions including the timing thereof and the potential operational and financial benefits; the ability to recruit and retain executive officers and other key personnel; management of general and administrative costs; the maintenance of a strong balance sheet and related financial flexibility; the performance of the Corporation’s investment in Team Snubbing; operational and financial performance of the Corporation’s Canadian rental equipment in 2025; scaling the Canadian business, execution on one or more corporate transactions; and estimated credit risks.

    With respect to forward-looking statements contained in this press release, the Corporation has made assumptions regarding, among other things, its ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; obtain equity and debt financing on satisfactory terms and manage its liquidity risk.

    The Corporation’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth above and elsewhere in this press release, along with the risk factors set out in the most recent Annual Information Form filed on SEDAR+ at www.sedarplus.ca.

    The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this press release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

    About High Arctic Energy Services
    High Arctic is an energy services provider. High Arctic provides pressure control equipment and equipment supporting the high-pressure stimulation of oil and gas wells and other oilfield equipment ‎on a rental basis to exploration and production companies, from its bases in Whitecourt and Red Deer, Alberta‎.

    For further information contact:

    Lonn Bate
    Chief Financial Officer 
    P: 587-318-2218
    P: +1 (800) 688 7143 

    High Arctic Energy Services Inc.
    Suite 2350, 330 – 5th Ave SW
    Calgary, Alberta, Canada T2P 0L4
    website: www.haes.ca
    Email: info@haes.ca

    The MIL Network –

  • MIL-OSI: Powered by 5th Gen AMD EPYC CPUs, Oracle Cloud Infrastructure Compute E6 Shapes Deliver Breakthrough Cloud Performance and Efficiency

    Source: GlobeNewswire (MIL-OSI)

    — Leading cloud services providers expand their adoption of EPYC CPUs to meet growing public cloud demand —

    SANTA CLARA, Calif., March 31, 2025 (GLOBE NEWSWIRE) — Today, AMD (NASDAQ: AMD) announced 5th Gen AMD EPYC™ processors power the Oracle Cloud Infrastructure (OCI) Compute E6 Standard shapes. 5th Gen AMD EPYC processors, the world’s best server CPUs for enterprise, AI and cloud1, enable OCI Compute E6 shapes to deliver up to a 2X increase in cost to performance, compared to the previous E5 instance generation based on testing by OCI2.

    The new OCI Compute E6 shapes build on the success of the previous E5 generation to deliver leadership performance and cost efficiency for general-purpose and compute-intensive workloads. These OCI shapes add to the selection of more than a thousand compute instances powered by AMD EPYC processors across all major cloud service providers.

    “The rapid adoption of AMD EPYC processors in the cloud underscores our ability to deliver innovative, high-performance solutions that enable our partners to create highly competitive cloud offerings,” said Dan McNamara, senior vice president and general manager, Server Business, AMD. “The combination of OCI’s flexible infrastructure and the performance of 5th Gen AMD EPYC processors helps customers accelerate their most demanding workloads while optimizing their cloud infrastructure.”

    “Oracle Cloud Infrastructure is committed to providing our customers with the best-performing, most cost-effective cloud offerings,” said Donald Lu, senior vice president, software development, Oracle Cloud Infrastructure. “With the new OCI Compute E6 Standard shapes powered by AMD EPYC processors, we are delivering an unparalleled combination of compute power, scalability, and efficiency that meets the demands of today’s most complex workloads.”

    Availability and Customer Adoption
    OCI Compute E6 Standard bare metal instances and virtual machines are available today in multiple regions, including US East (Ashburn), US West (Phoenix), US Midwest (Chicago), Germany Central (Frankfurt), and UK South (London), with a rollout planned for additional regions in the coming months.

    Supporting Resources

    About AMD
    For more than 50 years AMD has driven innovation in high-performance computing, graphics, and visualization technologies. Billions of people, leading Fortune 500 businesses, and cutting-edge scientific research institutions around the world rely on AMD technology daily to improve how they live, work, and play. AMD employees are focused on building leadership high-performance and adaptive products that push the boundaries of what is possible. For more information about how AMD is enabling today and inspiring tomorrow, visit the AMD (NASDAQ: AMD) website, blog, LinkedIn, and Twitter pages.

    AMD, the AMD Arrow logo, EPYC and combinations thereof are trademarks of Advanced Micro Devices, Inc. Other names are for informational purposes only and may be trademarks of their respective owners.
    Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

    _____________________________

    1 EPYC-029D: Comparison based on thread density, performance, features, process technology and built-in security features of currently shipping servers as of 10/10/2024. EPYC 9005 series CPUs offer the highest thread density, leads the industry with 500+ performance world records including world record enterprise leadership Java® ops/sec performance, top HPC leadership with floating-point throughput performance, AI end-to-end performance with TPCx-AI performance and highest energy efficiency scores. Compared to 5th Gen Xeon, the 5th Gen EPYC series also has more DDR5 memory channels with more memory bandwidth and supports more PCIe® Gen5 lanes for I/O throughput, and has up to 5x the L3 cache/core for faster data access. The EPYC 9005 series uses advanced 3-4nm technology, and offers Secure Memory Encryption + Secure Encrypted Virtualization (SEV) + SEV Encrypted State + SEV-Secure Nested Paging security features. For additional details, see https://www.amd.com/en/legal/claims/epyc.html#q=epyc5#EPYC-029D

    2 OCI launches high-performance E6 Standard compute instances powered by AMD: Comparative workload performance per core cost analysis for E5 and E6 shapes – https://blogs.oracle.com/cloud-infrastructure/post/oci-launches-highperformance-e6-standard-compute-instances-powered-by-amd

    The MIL Network –

  • MIL-OSI: Varonis Achieves Sustaining Partner Status with Black Hat

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, March 31, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the data security leader, is proud to announce its new status as a Sustaining Partner with Black Hat and share its full event schedule for Black Hat Asia 2025, taking place April 1 – 4 in Singapore.

    As a new Sustaining Partner, Varonis joins an elite group of security leaders that includes CrowdStrike and Wiz. The partnership underscores Varonis’ commitment to advancing cybersecurity knowledge and innovation through its ongoing presence at Black Hat’s global events, including Black Hat Asia, Black Hat USA, SecTor, and others.

    Varonis is pleased to announce its return to Black Hat Asia this week and invites attendees to visit our booth and engage with our team:

    Visit Varonis: Stop by booth #509 in the Business Hall to learn how Varonis’ cloud-native Data Security Platform enables organizations to protect data and reduce risk in the AI age. Hear how Varonis helps customers identify, remediate, and alert to threats on data across IaaS and SaaS with game-changing automation.

    Expert Session – Safely Enabling AI Copilots with Varonis: During this session, Varonis Cloud and Security Architecture Director Mike Thompson will demonstrate how easily your company’s sensitive data can be exposed using simple prompts with Microsoft 365 Copilot. Hear practical steps and strategies to help you roll out AI safely and prevent data exposure.

    Date: Thursday, April 3, at 10:15 a.m.
    Location: Business Hall Theater A

    Additional Resources:

    About Varonis
    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com 

    The MIL Network –

  • MIL-OSI: BIO-key Partners with Arrow ECS Iberia to Strengthen Access to its Identity and Access Management Solutions in Spain and Portugal

    Source: GlobeNewswire (MIL-OSI)

    LISBON, Portugal and HOLMDEL, N.J., March 31, 2025 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software for phoneless, tokenless, passwordless, and phishing-resistant authentication experiences, today announced a strategic partnership with Arrow ECS Iberia, a leading cybersecurity and enterprise IT solutions, value-added distributor in Spain and Portugal. Through this collaboration, Arrow ECS Iberia joins BIO-key’s Channel Alliance Partner program, expanding the availability of BIO-key’s cutting-edge IAM solutions across the Iberian market.

    With the increasing demand for robust, regulatory-compliant security solutions in Spain and Portugal, the Arrow ECS Iberia partnership reinforces BIO-key’s commitment to providing next-generation identity security solutions that are phoneless, tokenless, and passwordless, improving both cybersecurity resilience and user experience.

    Partnership to be Unveiled at Arrow ECS Partner Event Wednesday, April 2nd in Lisbon
    BIO-key and Arrow ECS Iberia will officially present the partnership at the Arrow ECS Event, Wednesday, April 2, 2025, at MEO ARENA in Lisbon, Portugal. Arrow ECS Iberia expects to host over 800 partners, technology leaders, and cybersecurity experts, providing a unique opportunity to showcase BIO-key’s advanced IAM solutions to a large audience.

    BIO-key will have a dedicated booth for live demonstrations of its solutions, including Multi-factor Authentication (MFA), Single Sign-On (SSO), and Identity-Bound Biometrics (IBB). BIO-key will also be a featured presenter, joining industry leaders to discuss the future of IAM and how organizations can enhance security while ensuring compliance with the Network and Information Security Directive 2 (NIS2) and the General Data Protection Regulation (GDPR).

    Arrow ECS Iberia Support for Driving Adoption of BIO-key Solutions in Iberian Market:

    • Pre-sales consultation, technical training, and deployment support.
    • Comprehensive Identity and Access Management (IAM) solutions, including Multi-factor Authentication (MFA), Single Sign-On (SSO), and Identity-Bound Biometrics (IBB).
    • Advanced biometric authentication that eliminates the need for traditional passwords.
    • Regulatory-compliant cybersecurity solutions as aligned with European directives, including NIS2 and GDPR.

    “Arrow ECS Portugal is committed to providing best-in-class cybersecurity solutions to organizations. Partnering with BIO-key enables us to offer innovative IAM technologies that help businesses enhance security, simplify identity management, and comply with evolving regulatory requirements. Our deep market knowledge and extensive reseller network make us the perfect partner to drive the adoption of BIO-key’s advanced authentication solutions in the region. Arrow ECS has a global presence and offices in 45 countries.” Alexandre Silva, Security Business Development Manager at Arrow ECS Portugal.

    Accelerating Cybersecurity and Digital Identity Protection
    BIO-key’s Channel Alliance Partner (CAP) program empowers strategic cybersecurity distributors like Arrow ECS Iberia to offer BIO-key’s full suite of biometric authentication, identity security, and adaptive authentication solutions. This partnership will enable enterprises in key industries—including financial services, healthcare, critical infrastructure, and the public sector—to enhance security while ensuring a seamless user experience.

    “Arrow ECS Iberia is a recognized leader in IT security distribution, and their extensive experience in cybersecurity and identity solutions makes them an ideal partner for BIO-key in Spain and Portugal. Together, we are committed to supporting organizations in Iberia with secure, scalable, and regulation-compliant IAM solutions. The upcoming Arrow ECS Event provides a fantastic platform to introduce our partnership, connect with IT leaders, and demonstrate how our Identity-Bound Biometrics and IAM solutions are revolutionizing cybersecurity.” – Alex Rocha, International Managing Director at BIO-key.

    About Arrow ECS Iberia (http://www.arrowiberia.com)
    Arrow ECS Iberia is a leading Value-Added Distributor (VAD) in Spain and Portugal, specializing in enterprise IT solutions, cybersecurity, cloud infrastructure, and identity management. The company works with top-tier technology vendors to deliver high-value IT solutions and services to resellers, system integrators, and managed service providers (MSPs), helping organizations accelerate digital transformation while ensuring security and compliance.

    About BIO-key International, Inc. (www.BIO-key.com)
    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement
    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Engage with BIO-key

    Investor Contacts
    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com or 212-924-9800

    The MIL Network –

  • MIL-OSI United Kingdom: OIM response to UK Internal Market Act consultation

    Source: United Kingdom – Executive Government & Departments

    Correspondence

    OIM response to UK Internal Market Act consultation

    The Office for the Internal Market (OIM) has published its response to the Department for Business and Trade’s (DBT) consultation on the UK Internal Market Act 2020.

    Documents

    OIM response to UKIMA consultation

    PDF, 322 KB, 18 pages

    Details

    23 January 2025: DBT launched a consultation seeking views on the operation of certain aspects of the UK Internal Market Act 2020, in particular Parts 1 to 4 of the Act.

    31 March 2025: The OIM has responded to this consultation, drawing on evidence from its experience of discharging its functions under Part 4 of the Act.

    Updates to this page

    Published 31 March 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI: Intetics Ranks Among America’s Most Innovative Companies for 2025 – A True Tech Leader

    Source: GlobeNewswire (MIL-OSI)

    Intetics, a leading global technology company, has once again been recognized by Fortune as one of America’s Most Innovative Companies in 2025.

    NAPLES, Fla., March 31, 2025 (GLOBE NEWSWIRE) — America’s Most Innovative Companies honors 300 companies headquartered in the United States that are reshaping industries from the inside out. The list is determined based on independent scores in three key categories — product innovation, process innovation, and innovation culture — all of which are at the heart of the services we provide to our clients.

    To create this esteemed list, Fortune collaborated with market research firm Statista, which evaluated over 10,000 companies across the U.S. The evaluation included input from more than 40,000 survey participants and a panel of 2,500 industry experts. The top 300 companies with the highest overall scores were recognized, and we are proud to be among them.

    “Intetics has once again been recognized as one of Fortune’s Most Innovative Companies in America! My head is spinning from such an honor. This recognition reaffirms our commitment to creating groundbreaking solutions and driving meaningful impact. A huge thank you to our incredible team, partners, and clients who make an innovative part of our DNA every day. We’re proud to be on this list and will keep pushing forward.”
    Boris Kontsevoi, CEO & President of Intetics

    Intetics entered the Top 43 global leaders in the Technology category, standing alongside significant industry players such as Apple, Microsoft, Nvidia, Oracle, Cisco Systems, Intel, eBay, and others. This remarkable achievement underscores our role as a leader in technological innovation.

    For more than 30 years, innovation has been the cornerstone of Intetics, fueling our position as an AI-driven tech leader. From pioneering a revolutionary team formation model to introducing our AI-powered Enterprise Knowledge Assistant, we’ve consistently pushed the limits of technology.

    With a deep focus on understanding our clients’ unique challenges, we provide cutting-edge, cost-effective IT solutions that leverage AI, Machine Learning (ML),  AR/VR, Blockchain, geospatial technologies, and other tech competencies. Whether creating sophisticated enterprise software or building intuitive mobile applications, we collaborate closely with clients to deliver tailored solutions that meet both engineering and business objectives.

    Discover more about how you can help your business thrive by leveraging innovative tech and efficient dedicated development teams.

    About Fortune

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    About Statista

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    About Intetics Inc.

    Intetics Inc. is a leading American technology company providing custom software application development, distributed professional teams creation, software product quality assessment, and “all-things-digital” solutions built with SMAC, RPA, AI/ML, IoT, blockchain, and GIS/UAV/LBS technologies. 

    Based on proprietary pioneering business models of Offshore Dedicated Team® and Remote In-Sourcing®, an advanced Technical Debt Reduction Platform (TETRA™) and measurable SLAs for software engineering, Intetics helps innovative organizations capitalize on global talent with our in-depth engineering expertise based on our Predictive Software Engineering framework.  

    At Intetics, our outcomes do not just meet clients’ expectations, they have been exceeding them for a quarter of a century. Intetics is ISO 9001 (quality) and ISO 27001 (security) certified and a Microsoft Gold, Amazon, and UiPath Silver partner.  The company’s innovation and growth achievements are reflected in winning prestigious titles and awards, including Inc5000, Software 500, CRN 100, American Business, Deloitte Fast 50, European IT Excellence, Best European BPO, Stevie People’s Choice, Clutch and ACQ5 Awards, IAOP Global Outsourcing 100 and Fortune Innovative 300 lists. You can find more information at https://intetics.com.

    The MIL Network –

  • MIL-OSI: RYVYL Reports Q4 2024 and Full Year 2024 Financial Results and Provides a Business Update

    Source: GlobeNewswire (MIL-OSI)

    – Reiterates 2025 guidance of $80 million to $90 million in revenue and mid-40s percentage gross margin – 

    SAN DIEGO, CA, March 31, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging electronic payment technology for the diverse international markets, reported its financial results for the quarter and year ended December 31, 2024.

    RYVYL Co-founder and CEO Fredi Nisan issued the following business update for investors.

    “We made significant progress in 2024 as our U.S. operations stabilized over the past several quarters, while our International segment maintained a strong growth trajectory. International revenue for 2024 reached $37.8 million, representing a remarkable 124% increase compared to 2023. With momentum building in both the U.S. and international markets, we are actively onboarding new clients across multiple jurisdictions, further strengthening our market presence and positioning us for a high-growth year in 2025.

    Our global pipeline is robust, and we are rapidly gaining traction with our Payments-as-a-Service offering from RYVYL EU. We are strategically positioned to capitalize on substantial opportunities as we continue to expand our market reach.

    “We are building on our core competitive strengths and foundation, and I’m excited to offer a summary of our progress and reiterate our 2025 guidance of $80 million to $90 million in revenue and mid-40s percentage gross margin.

    Business Overview and Competitive Position

    Our competitive strengths, unique value proposition, and strategic focus are what truly set us apart in the fintech space. We’re especially optimistic about our position in the market, as the global shift toward credit cards, mobile wallets, and real-time payment platforms continues to accelerate. Our solutions are purpose-built for this evolution, leveraging our longstanding investment in proprietary payment and banking technologies to stay ahead of the curve.

    As fintech innovators are rapidly disrupting the landscape with agile, cost-effective models, RYVYL is strongly positioned to lead the way. We are nimble, innovative, and well-prepared to capitalize on this favorable environment, driving forward as a leader in the next era of digital payments.

    We are committed to continuously evolving our product portfolio to anticipate and meet the ever-changing needs of businesses worldwide. At the heart of this effort is the enhancement of our dual-sided payment platform, which seamlessly supports both acquiring and disbursement services. This platform is purpose-built to accommodate emerging use cases in acquiring, disbursements, and embedded finance, delivering comprehensive, end-to-end financial solutions that empower our clients to stay ahead in a dynamic market.

    Technological innovation is transforming how consumers engage with their finances as multiple payment rails converge to offer greater flexibility and choice. RYVYL is at the forefront of this evolution with our next-generation payment technology. By integrating various payment systems and methods into a single, cohesive digital platform, we empower consumers and businesses to access multiple options—such as bank transfers, mobile payments, digital wallets, and more—all in one place. This innovative approach allows users to select the payment method that best meets their needs at any given moment, positioning RYVYL as a pioneer in the rapidly evolving financial landscape.

    We target high-margin segments, focusing on merchants and retail clients who are often overlooked by traditional processors or left out of the existing financial ecosystem. Currently, we serve nearly 1,500 business customers across 50 industries, leveraging a diversified foundation to establish ourselves as a global innovator in payment and banking solutions. By offering advanced banking and payment technologies, we’re able to capture 40% gross margins in these high-potential areas. With new offerings like Payments-as-a-Service (PaaS) on the horizon and greater operational efficiencies through scale, we are well-positioned to continue driving margin expansion.

    Our value proposition is distinct and forward-thinking. We deliver comprehensive banking and processing solutions that emphasize transparency, speed, and tailored processing capabilities designed for specific industries. Our customized, turnkey solutions are powered by cutting-edge technologies, such as AI, that set us apart. We leverage these advanced capabilities and tools to streamline operations, reduce errors, and enhance scalability, while AI-driven insights optimize decision-making and efficiency, creating a transformative approach to financial services.

    Compliance and onboarding agility are fundamental to our business model—serving as key competitive advantages in this rapidly evolving landscape. As regulatory scrutiny and antitrust initiatives reshape the payment ecosystem, legacy networks are being challenged, creating new opportunities for innovative players. While real-time systems like FedNow are making strides, credit cards still dominate, and adoption remains gradual. Meanwhile, advancements in AI are transforming fraud prevention, transaction security, and seamless banking integration. RYVYL is strategically positioned to navigate and capitalize on these changes, leveraging our expertise to stay ahead in this dynamic environment.

    We’re driven by our momentum and confident in our path forward. Recent wins, increased pipeline visibility, and an expanding presence across verticals are propelling us to new heights. We’re diversifying revenue streams and building stronger client relationships, positioning ourselves to meet the complex and evolving needs of our customers. Market demand remains robust, and we’re well-prepared to capitalize on opportunities, further solidifying our position as a frontrunner in the sector.

    Q4 2024 and Recent Highlights

    During Q4 and recently, we:

    • Completed two European software integrations in October, with these two European partners launching on the new platforms.
    • Expanded our global reach by launching Visa Direct services in more geographies, increasing our footprint to a total of 16 countries.
    • Launched co-branded debit cards in the EU.
    • Went live with our next-generation Charge Savvy (POS).
    • Implemented NEMS Core payments in the U.S.

    Balance Sheet Restructuring

    We completed key steps in our strategy to improve our capital structure, greatly reducing potential dilution and positioning us for profitable growth supported by increased financial flexibility.

    In January 2025, we:

    • Executed a Preferred Stock Repurchase and Note Repayment Agreement and paid the initial tranche of $13.0 million to a securityholder that:
      • Redeemed of all shares of the Company’s Series B Convertible Preferred Stock for which the liquidation value was $53.1 million; and
      • Partially repaid an 8% Senior Convertible Note, reducing the outstanding principal from $18.3 million to $4.0 million, which is due on or before April 30, 2025.
    • Entered into an agreement with a financing source for $15.0 million to fund the Preferred Stock Repurchase and Note Repayment Agreement transaction that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company’s RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination.

    We are pursuing a range of funding alternatives to raise capital to terminate the asset sale and anticipate completing this step in our financial strategy to further deleverage the balance sheet in Q2 2025. The Company has recently filed an S-1 registration statement to raise up to $24 million, including the overallotment, and intends to explore all fundraising options, including term debt, equity or some combination to fund the termination payment of $16.5 million.

    Payments-as-a-Service (PaaS)

    In March 2025, RYVYL EU landed two new Payments-as-a-Service (PaaS) contracts, which are anticipated to bring in close to one million new customer accounts over the next year. These partnerships mark a major step forward in expanding our presence across Europe and boosting our long-term growth potential. These partnerships are a strong endorsement of our ability to support fast-growing financial platforms and assist with their international growth. Our advanced payment technology enables quick and compliant onboarding, paired with the scalability today’s digital banks demand.

    • The first contract is with a prominent global money service provider and includes the provision of both virtual and physical payment cards through RYVYL’s platform and mobile application. So far, 1,000 accounts have already been activated, and an additional 50,000 are expected to follow in 2025.
    • The second agreement, with one of the world’s largest fully digital banks, is expected to add 900,000 new customer accounts within 12 months, beginning in Q2 2025. API integrations and system testing are already underway, with the onboarding phase set to launch in the near future.

    “We are poised for a strong growth year in 2025, with multiple initiative underway to leverage our technology and well-established customer infrastructure and market reputation, and I look forward to updating you on our progress,” concluded Nisan.

    Financial Summary for the Fourth Quarter Ended December 31, 2024

    • Revenue: Fourth quarter 2024 revenue totaled $14.1 million, driven largely by $11.4 million from RYVYL EU. This compares to $22.2 million in revenue during the same period in 2023, of which $5.6 million was generated by RYVYL EU.
    • Processing Volume: In the fourth quarter of 2024, processing volume rose 38.7% to $1.3 billion, compared to $0.9 billion in the fourth quarter of 2023. International operations accounted for $1.1 billion of the fourth quarter volume, a significant increase from the $591 million volume in the fourth quarter of 2023, fueled by strong growth across multiple verticals, particularly through our Independent Sales Organizations (“ISO”) and partnership network, as well as expanded offerings in global payments processing and banking-as-a-service. In North America, processing volume totaled $176 million, down from $356 million in the fourth quarter of 2023.
    • Cost of Revenue: Cost of revenue was $8.7 million in the fourth quarter of 2024, down from $14.5 million in the fourth quarter of 2023. This decrease was primarily due to reduced processing activity in North America, partially offset by higher processing volumes in the International segment.
    • Gross Margin: Gross margin for the fourth quarter of 2024 was 38.2%, up from 35.0% in the fourth quarter of 2023, reflecting higher margin product mix.
    • Operating Expenses: Operating expenses for the fourth quarter of 2024 were $11.4 million, compared to $10.6 million in the fourth quarter of 2023. This increase was primarily driven by a $3.0 million impairment charge in the fourth quarter of 2024 against intangible assets held in North America, partially offset by lower other operating expenses compared to the fourth quarter 2023.
    • Other Expense, net: Other expense, net, decreased 97% to $0.9 million in the fourth quarter of 2024, down from $27.0 million in the fourth quarter of 2023. The net decrease was primarily driven by the multiple restructurings of the Company’s convertible note during the fourth of 2023, with no comparable activity during the fourth quarter of 2024.
    • Adjusted EBITDA: Adjusted EBITDA for the fourth quarter of 2024 was negative $1.7 million, compared to a positive $0.1 million in the fourth quarter of 2023.

    Financial Summary Full Year Ended December 31, 2024

    • Revenue: 2024 revenue was $56.0 million, driven largely by $37.8 million from RYVYL EU. This compares to $65.9 million during the same period in 2023, of which $16.9 million was generated by RYVYL EU.
    • Cost of Revenue: Cost of revenue was $33.6 million, down $6.6 million, from $40.2 million during 2023, primarily due to reduced processing activity in North America, partially offset by higher processing volumes in the International segment.
    • Gross Margin: Gross margin was 40.0%, up from 39.0% in 2023.
    • Operating Expenses: 2024 operating expenses were $43.3 million compared to $38.0 million in 2023, due primarily to impairment charges recorded during 2024 of $6.7 million and $3.0 million for goodwill and intangible assets held in North America, respectively, with no comparable charges in 2023, partially offset by lower research and development expenses and professional fees.
    • Other Expense, net: Other expense, net, decreased to $4.8 million in 2024, down from $40.5 million in 2023. This decrease was mainly driven by a $28.8 million net decrease in other expenses associated with the Company’s multiple restructurings of its convertible note during 2023 with no comparable restructurings during 2024.
    • Adjusted EBITDA: Adjusted EBITDA for 2024 was a loss of $5.7 million, compared to a loss of $3.9 million in 2023.
    • Cash Balances: Cash and restricted cash as of December 31, 2024, was $92.0 million, with $89.4 million being restricted cash.

    The foregoing guidance is based on the Company’s continuation of the business, as currently conducted. On January 24, 2025, the Company entered into an agreement with a financing source that was structured as a pre-funded asset sale with a 90-day closing period, which ends on April 23, 2025 and may be extended an additional 30 days to May 23, 2025, if the Company pays $500,000 for such extension. Shares in the Company’s RYVYL EU subsidiary were placed in escrow during the closing period. Although there are no guarantees, the Company intends to terminate the asset sale within the closing period by paying $16.5 million in consideration of such termination. The Company’s financial guidance for 2025 is based on fully retaining its RYVYL EU subsidiary.

    About RYVYL

    RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

    Cautionary Note Regarding Forward-Looking Statements

    This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions, and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding anticipated revenues and margins, timely payment of the second tranche, the benefit to stockholders from the repayment of the Note and repurchase of the Preferred Stock, and the timing and expectation of revenues from the license described herein and are charactered by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the licensee understands and complies with various banking laws and regulations that may impact the licensee’s ability to process transactions. For example, federal money laundering statutes and Bank Secrecy Act regulations discourage financial institutions from working with operators of certain industries – particularly industries with heightened cash reporting obligations and restrictions – as a result of which, banks may refuse to process certain payments and/or require onerous reporting obligations by payment processors to avoid compliance risk. These statements are also subject to any damages the Company could suffer as the result of previously announced litigation or actions of any governmental agencies. These and other risk factors affecting the Company are discussed in detail in the Company’s periodic filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether because of the latest information, future events or otherwise, except to the extent required by applicable laws.

    IR Contact:
    David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

    RYVYL INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands, except share and per share data)

        December 31,  
        2024     2023  
    ASSETS            
    Current Assets:            
    Cash   $ 2,599     $ 12,180  
    Restricted cash     89,432       61,138  
    Accounts receivable, net of allowance for credit losses of $206 and $23, respectively     1,076       859  
    Cash due from gateways, net of allowance of $89 and $2,636, respectively     88       12,834  
    Prepaid and other current assets     2,189       2,854  
    Total current assets     95,384       89,865  
                     
    Non-current Assets:                
    Property and equipment, net     165       306  
    Goodwill     18,856       26,753  
    Intangible assets, net     1,802       5,059  
    Operating lease right-of-use assets, net     3,425       4,279  
    Other assets     2,644       2,403  
    Total non-current assets     26,892       38,800  
    Total assets   $ 122,276     $ 128,665  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY/(DEFICIT)                
                     
    Current Liabilities:                
    Accounts payable   $ 3,515     $ 1,819  
    Accrued liabilities     8,146       5,755  
    Payment processing liabilities, net     90,802       76,772  
    Current portion of operating lease liabilities     839       692  
    Other current liabilities     240       504  
    Total current liabilities     103,542       85,542  
    Long term debt, net of debt discount of $3,906 and $24,349, respectively     17,363       15,912  
    Operating lease liabilities, less current portion     2,863       3,720  
    Total liabilities     123,768       105,174  
                     
    Stockholders’ Equity/(Deficit):                
    Preferred stock, Series B, par value $0.01, 5,000,000 shares authorized; 53,499 and 55,000 shares issued and outstanding at December 31, 2024 and 2023, respectively     1       1  
    Common stock, par value $0.001, 100,000,000 shares authorized; 8,032,318 and 5,996,948 shares issued and outstanding at December 31, 2024 and 2023, respectively     8       6  
    Additional paid-in capital     179,157       175,664  
    Accumulated other comprehensive income     (1,251 )     401  
    Accumulated deficit     (179,407 )     (152,581 )
    Total stockholders’ (deficit)/equity     (1,492 )     23,491  
                     
    Total liabilities and stockholder’s (deficit)/equity   $ 122,276     $ 128,665  

    RYVYL INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
    (In thousands, except share and par value data)

        Three Months Ended December 31,     Twelve Months Ended December 31,  
        2024     2023     2024     2023  
                                     
    Revenue   $ 14,127     $ 22,249     $ 55,998     $ 65,869  
    Cost of revenue     8,730       14,455       33,572       40,157  
    Gross profit     5,397       7,794       22,426       25,712  
                                     
    Operating expenses:                                
    Advertising and marketing     20       (73 )     95       80  
    Research and development     821       1,323       3,848       5,757  
    General and administrative     1,826       1,968       6,933       8,678  
    Payroll and payroll taxes     4,167       3,785       13,836       12,017  
    Professional fees     1,016       1,425       4,372       7,076  
    Stock compensation expense     83       1,544       624       1,853  
    Depreciation and amortization     438       654       2,264       2,553  
    Impairment of goodwill     –       –       6,675       –  
    Impairment of intangible assets     3,028       –       3,028       –  
    Restructuring charges     –       –       1,636       –  
    Total operating expenses     11,399       10,626       43,311       38,014  
                                     
    Loss from operations     (6,002 )     (2,832 )     (20,885 )     (12,302 )
                                     
    Other income (expense):                                
    Interest expense     (400 )     (30 )     (862 )     (3,340 )
    Accretion of debt discount     (280 )     (3,508 )     (2,258 )     (13,134 )
    Changes in fair value of derivative liability     –       (35 )     14       6,544  
    Derecognition expense on conversion of convertible debt     (531 )     (23,516 )     (600 )     (25,035 )
    Legal settlement expense     (467 )     –       (2,064 )     (4,142 )
    Gain on sale of property and equipment     –       1,069       –       1,069  
    Other income (expense)     754       (999 )     970       (2,472 )
    Total other expense, net     (924 )     (27,020 )     (4,800 )     (40,510 )
                                     
    Loss before provision for income taxes     (6,926 )     (29,852 )     (25,685 )     (52,812 )
    Income tax provision     (75 )     151       1,140       289  
    Net loss   $ (6,851 )   $ (30,003 )   $ (26,825 )   $ (53,101 )
                                     
    Comprehensive income statement:                                
    Net loss     (6,851 )     (30,003 )     (26,825 )     (53,101 )
    Foreign currency translation (loss) gain     (2,371 )     433       (1,652 )      44  
    Total comprehensive loss   $ (9,222 )   $ (29,570 )   $ (28,477 )   $ (53,057 )
                                     
    Net loss per share:                                
    Basic and diluted   $ (0.91 )   $ (5.43 )   $ (4.01 )   $ (10.11 )
    Weighted average number of common shares outstanding:                                
    Basic and diluted     7,543,480       5,525,608       6,694,165       5,251,852  

    RYVYL INC.
    CONSOLIDATED STATEMENT OF CASH FLOWS
    (In thousands)

        Year Ended December 31,  
        2024     2023  
    Cash flows from operating activities:            
    Net loss   $ (26,825 )   $ (53,101 )
    Adjustments to reconcile net loss to net cash used in operating activities:                
    Depreciation and amortization expense     2,264       2,553  
    Noncash lease expense     143       350  
    Stock compensation expense     624       1,853  
    Restricted common stock issued for compensation     182       –  
    Accretion of debt discount     2,258       13,134  
    Derecognition expense on conversion of convertible debt     600       25,035  
    Changes in fair value of derivative liability     (14 )     (6,544 )
    Gain on sale of property and equipment     –       (1,069 )
    Impairment of goodwill     6,675       –  
    Impairment of intangible assets     3,028       –  
    Restructuring charges     1,636       –  
    Changes in assets and liabilities:                
    Accounts receivable, net     (155 )     297  
    Prepaid and other current assets     664       6,568  
    Cash due from gateways, net     12,684       (5,407 )
    Other assets     (160 )     (1,183 )
    Accounts payable     1,695       189  
    Accrued and other current liabilities     1,497       2,080  
    Accrued interest     366       546  
    Payment processing liabilities, net     14,029       47,860  
    Net cash provided by operating activities     21,191       33,161  
                     
    Cash flows from investing activities:                
    Purchases of property and equipment     (47 )     (108 )
    Logicquest Technology acquisition     –       (225 )
    Proceeds from sale of property and equipment     –       2,620  
    Capitalized software development costs     (1,647 )     –  
    Purchase of intangibles     (114 )     –  
    Net cash (used in) provided by investing activities     (1,808 )     2,287  
                     
    Cash flows from financing activities:                
    Treasury stock purchases     –       7  
    Repayments of convertible debt     –       (3,000 )
    Repayments on long-term debt     (12 )     (15 )
    Tax withholdings related to net settlement of equity awards     (229 )     –  
    Net cash used in financing activities     (241 )     (3,008 )
                     
    Effect of exchange rates in cash and restricted cash     (430 )     44  
    Net increase (decrease) in cash and restricted cash     18,712       32,484  
                     
    Cash and restricted cash – beginning of period     73,318       40,834  
                     
    Cash and restricted cash – end of period   $ 92,030     $ 73,318  
                     
    Supplemental disclosures of cash flow information                
    Cash paid during the period for:                
    Interest   $ 300     $ 2,709  
    Income taxes   $ 848     $ 199  
                     
    Non-cash financing and investing activities:                
    Convertible debt conversion to preferred stock   $ 900     $ 64,600  
    Convertible debt conversion to common stock   $ –     $ 1,650  
    Interest accrual from convertible debt converted to preferred stock   $ –     $ 1,703  
    Interest accrual from convertible debt converted to common stock   $ –     $ 4  

    Use of Non-GAAP Financial Information

    Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP measure that represents our net loss before interest expense, amortization of debt discount, income tax expense, depreciation and amortization, changes in the fair value of derivative liabilities, losses on the extinguishment and derecognition expenses on the conversion of convertible debt, non-cash stock-based compensation expense, acquisition-related expense, non-recurring provisions for credit losses on legacy matters, accounting fees related to the restatement of prior period financial statements, non-recurring costs related to the spin-off of a subsidiary, and legal costs and settlement fees incurred in connection with non-ordinary course litigation and other disputes.

    We exclude these items in calculating Adjusted EBITDA because we believe that the exclusion of these items will provide for more meaningful information about our financial performance, and do not consider the excluded items to be part of our ongoing results of operations. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.

    Because of these and other limitations, you should consider Adjusted EBITDA alongside our other GAAP-based financial performance measures, net income (loss) and our other GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA from net loss, the most directly comparable GAAP measure, for the periods indicated:

    Reconciliation of Net Loss attributable to RYVYL, Inc., to Adjusted EBITDA for the
    Three and Twelve Months Ended December 31, 2024 and 2023
    (In thousands, except share and per share data)

        Three Months Ended December 31,     Twelve Months Ended December 31,  
        2024     2023     2024     2023  
                                     
    Net loss   $ (6,851 )   $ (30,003 )   $ (26,825 )   $ (53,101 )
    Interest expense     400       30       862       3,340  
    Accretion of debt discount     280       3,508       2,259       13,134  
    Income tax provision     (75 )     151       1,140       289  
    Depreciation and amortization     438       654       2,264       2,553  
     EBITDA     (5,807 )     (25,660 )     (20,301 )     (33,785 )
                                     
    Other non-cash adjustments:                                
    Changes in fair value of derivative liability     –       35       (14 )     (6,544 )
    Derecognition expense on conversion of convertible debt     531       23,516       600       25,035  
    Stock compensation expense     83       1,544       624       1,853  
    Impairment of goodwill     –       –       6,675       –  
    Impairment of intangible assets     3,028       –       3,028       –  
    Restructuring charges     –       –       1,636       –  
                                     
    Special items:                                
    Non-recurring legal settlements and ongoing matters and related legal fees     467       –       2,064       5,308  
    Carryover effects of financial statement restatements in prior periods     –       691       –       1,913  
    Non-recurring provision for credit losses on legacy matters     –       –       –       1,994  
    Accounting fees related to the restatement of prior period financial statements     –       –       –       237  
    Non-recurring impairment of right of use asset     –       –       –       100  
    Non-recurring costs of spin-off     –       –       –       29  
    Adjusted EBITDA   $ (1,699 )   $ 126     $ (5,688 )   $ (3,860 )
                                     
    Loss from operations   $ (6,002 )   $ (2,832 )   $ (20,885 )   $ (12,302 )

    The MIL Network –

  • MIL-OSI: Innofactor Plc applies for the delisting of its shares from the official list of Nasdaq Helsinki

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc | Stock Exchange Release | March 31, 2025 at 8:50 EEST

    Innofactor Plc applies for the delisting of its shares from the official list of Nasdaq Helsinki

    The Board of Directors of Innofactor Plc (“Innofactor”) has today resolved to apply for the termination of public trading in the shares of Innofactor and for the delisting of its shares from the official list of Nasdaq Helsinki Ltd (“Nasdaq Helsinki”) as soon as possible upon Onni Bidco Oy (“Onni Bidco”) having gained title to all the shares in Innofactor in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act.

    Onni Bidco holds more than 90 per cent of all the issued and outstanding shares in Innofactor. As previously announced, Onni Bidco has, by submitting an application to the Redemption Board of the Finland Chamber of Commerce dated December 2, 2024, commenced redemption proceedings in respect of Innofactor’s minority shares by initiating arbitration proceedings in accordance with Chapter 18, Section 3 of the Finnish Companies Act in order to obtain ownership of all the issued and outstanding shares in Innofactor. Onni Bidco served its application to appoint an arbitral tribunal and to initiate arbitration proceedings in accordance with Chapter 18, Section 5 of the Finnish Companies Act on January 7, 2025.

    The Board of Directors of Innofactor has resolved to submit an application to Nasdaq Helsinki for the termination of public trading and for the delisting of the Innofactor shares. In the application, it is requested that the delisting in respect of the Innofactor shares admitted to trading on the official list of Nasdaq Helsinki would become effective as soon as possible upon Onni Bidco having gained title to all the shares in Innofactor in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act.

    Investor and media enquiries:

    Veera Vitie (Innofactor), ir@innofactor.com, +358 44 331 0207
    Lasse Lautsuo (Innofactor), ir@innofactor.com, +358 50 480 1597

    Distribution:
    NASDAQ Helsinki
    Main media

    ABOUT INNOFACTOR

    Innofactor is the leading promoter of the modern digital organization in the Nordic countries for its approximately 1,000 customers in the commercial and public sectors. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor’s offering includes planning services for business-critical IT solutions, project deliveries, implementation support and maintenance services, as well as own software and services. Innofactor employs nearly 600 experts in Finland, Sweden, Denmark and Norway. Innofactor’s shares are listed on Nasdaq Helsinki with the ticker symbol IFA1V.

    The MIL Network –

  • MIL-OSI: Westport Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) — Westport Fuel Systems Inc. (“Westport”) (TSX: WPRT / Nasdaq: WPRT) today reported financial results for the fourth quarter and year ended December 31, 2024, and provided an update on operations. All figures are in U.S. dollars unless otherwise stated.

    “The past year has been transformative for Westport as we sharpened our strategic focus, advanced our clean transportation technologies, and enhanced operational efficiencies. We have made significant strides in aligning our operations with our competitive strengths, improving margins, and reinforcing our commitment to delivering cost-effective solutions that drive decarbonization in the transportation sector. We have also transformed our culture to be one built on discipline and excellence, driving a high-performance mindset in everything we do.

    The launch of Cespira, our joint venture with Volvo Group, was a key milestone for us in 2024. Cespira is committed to accelerating the commercialization of HPDI™ technology with carbon-neutral fuels like hydrogen and renewable natural gas. This partnership underscores the industry’s recognition of HPDI as a leading solution to enable affordable, sustainable heavy transport.

    Additionally, we are taking bold steps to streamline our operations and strengthen our financial footing, allowing us to focus on areas with the highest growth potential. A prime example of this strategic realignment is our recently announced proposed divestiture of the Light-Duty business. This decision is expected to enable us to concentrate fully on providing affordable solutions for hard to decarbonize mobility applications like long haul and heavy-duty trucking that can take advantage of the unique, practical and affordable HPDI technology and our world class high-pressure components and systems technologies and scalable alternative fuel solutions, ensuring that we remain at the forefront of emissions-reducing innovations that are cost effective.

    Looking ahead, we are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape. Hydrogen remains a critical component of the future but, in the meantime, we are delivering practical, commercially viable low-carbon solutions today such as natural gas and renewable natural gas solutions which, in some cases, can represent a lower total cost of ownership than incumbent technologies. Driven by these environmental and economic considerations we are seeing a global resurgence of interest in the heavy-duty transport sector towards utilizing natural gas as an alternative to diesel. While we will continue to invest in technology, we are positioned to take advantage of markets that are embracing products enabled by our years of investment in innovation as the world pivots to more practical and cost-effective solutions to decarbonize.  

    We are committed to providing sustainable, high-performance solutions that help our customers achieve their commercial and environmental goals, now and for years to come.”

    Dan Sceli, Chief Executive Officer

    2024 Highlights

    • Revenue was $302.3 million for 2024 and $75.1 million for the fourth quarter. Full year results were primarily driven by the transition of the Heavy-Duty OEM business into Cespira, partially offset by an increase in revenue in our Light-Duty segment. Cespira earned $22.8 million for the three months ended December 31, 2024 and $43.1 million for the period from June 3, 2024 through to December 31, 2024.
    • Net loss for the year ended December 31, 2024 was $21.8 million, or $1.27 loss per share, compared to net loss of $49.7 million for the prior year. Net loss for the fourth quarter in 2024 was $10.1 million, or $0.59 loss per share, compared to net loss of $13.9 million, or $0.81 loss per share, for the same period in 2023. For the year, the net positive change was primarily a result of improvements in gross margin, a $15.2 million gain on deconsolidation of the HPDI business in the formation of the joint venture with Volvo Group on June 3, 2024, reductions in operating expenditures and depreciation and amortization expense due to continuation of the HPDI business in Cespira, partially offset by higher income tax expense and foreign exchange losses in the year.
    • Adjusted EBITDA1 loss of $11.2 million, compared to a loss of $21.5 million in the prior year. Adjusted EBITDA for the fourth quarter was a loss of $1.8 million.
    • Cash and cash equivalents were $37.6 million for the year ended December 31, 2024. Cash provided by operating activities during the year was $7.2 million.
    • Announced the closing the HPDI joint venture, Cespira, with Volvo Group, working together to accelerate the commercialization and global adoption of the HPDI™ fuel system technology for long-haul and off-road applications.

    1 Adjusted earnings before interest, taxes and depreciation is a non-GAAP measure. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES in Westport’s Management Discussion and Analysis for the reconciliation.

    Consolidated Results            
    ($ in millions, except per share amounts)     Over / (Under)
    %    		     Over / (Under)
    %
      4Q24 4Q23 FY24 FY23
    Revenue $75.1 $87.2 (14)% $302.3 $331.8   (9)%  
    Gross Profit(2) 14.3 8.0 79% 57.6 48.9   18%  
    Gross Margin(2) 19% 9% — 19% 15%   —  
    Income (loss) from Investments Accounted for by the Equity Method(1) (2.0) 0.1 (2,100)% (5.4) 0.8   (775)%  
    Net Loss (10.1) (13.9) 27% (21.8) (49.7)   56%  
    Net Loss per Share – Basic (0.59) (0.81) 27% (1.27) (2.90)   56%  
    Net Loss per Share – Diluted (0.59) (0.81) 27% (1.27) (2.90)   56%  
    EBITDA (2) (6.1) (10.9) 44% (6.6) (35.9)   82%  
    Adjusted EBITDA (2) (1.8) (10.0) 82% (11.2) (21.5)   48%  

    (1)This includes income or loss primarily from our investments in Cespira and Minda Westport Technologies Limited
    (2)Gross margins, EBITDA and Adjusted EBITDA are non-GAAP measures. Please refer to GAAP and NON-GAAP FINANCIAL MEASURES for the reconciliation to equivalent GAAP measures and limitations on the use of such measures.

    Segment Information

    Light-Duty Segment

    Revenue for the three months and year ended December 31, 2024 was $68.0 million and $262.2 million, respectively, compared with $63.4 million and $263.6 million for the three months and year ended December 31, 2023.

    Light-Duty revenue increased by $4.6 million for the three months ended December 31, 2024 as compared to the prior year. This was primarily driven by a significant increase in sales of LPG fuel system solutions to a global Original Equipment Manufacturer (“OEM”) for their Euro 6 vehicle applications in our light-duty OEM business and an increase in delayed OEM business, partially offset by lower revenues in other business lines.

    Light-Duty revenue decreased by $1.4 million for the year ended December 31, 2024 compared to the prior year. This was primarily driven by a decrease in sales in our delayed OEM business in the first half of 2024, decrease in sales to customers in developing markets, and our fuel storage business. This was partially offset by the aforementioned increase in sales of LPG fuel system solutions in our light-duty OEM business.

    Gross profit increased by $2.0 million to $14.0 million, or 21% of revenue for the three months ended December 31, 2024, as compared to $12.0 million, or 19% of revenue, for the same prior year period. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions along with an increase in sales volumes.

    Gross profit for the year ended December 31, 2024 increased by $6.3 million to $55.4 million, or 21% of revenue, compared to $49.1 million, or 19% of revenue, for the prior year. This was primarily driven by a change in sales mix with an increase in sales to European customers and a reduction in sales to developing regions. The segment’s manufacturing operations continues to implement operational improvement initiatives lowering its manufacturing overhead costs in the year. For the year ended December 31, 2024, Light-Duty recorded inventory write-downs of $2.1 million related to our restructuring activities in India for $0.9 million and $0.5 million related to components for markets that we have exited, and the remainder due to our periodic analysis of excess and obsolete inventory.

    Westport began supplying its Euro 6 LPG fuel system to its global OEM customer in early 2024. This production supply agreement has been instrumental in improving revenue and delivering higher margins, which more than offset the decline in revenue as a result of a key delayed OEM customer continuing to work through their inventory. Production for the Euro 7 LPG fuel system for the same global OEM customer is anticipated to begin mid-to-late 2025.

    High-Pressure Controls & Systems Segment

    Revenue for the three months and year ended December 31, 2024 was $1.4 million and $8.8 million, respectively, compared with $2.5 million and $12.0 million for the three months and year ended December 31, 2023. Revenue for the three months ended December 31, 2024 decreased by $1.1 million compared to the prior year period. Revenue for the year ended December 31, 2024 decreased $3.2 million compared to the prior year.

    The decrease in revenue for the three months and year ended December 31, 2024 compared to the prior year periods continues to be primarily driven by the general slowdown in hydrogen infrastructure development, leading to a slower adoption of automotive and industrial applications powered by hydrogen.

    Gross profit for the three months ended December 31, 2024 decreased by $0.4 million to nominal, or 0% of revenue, compared to $0.4 million, or 16% of revenue, for the same prior year period. This was primarily driven by lower sales volumes, increasing the per unit manufacturing costs in the quarter.

    Gross profit for the year ended December 31, 2024 decreased by $1.3 million to $1.5 million, or 17% of revenue, compared to $2.8 million, or 23% of revenue, for the prior year. This was primarily driven by decrease in sales volume for the year. The segment recorded $0.8 million in inventory write-downs in the year due to slow-moving inventory.

    Heavy-Duty OEM Segment

    Revenue for the three months and year ended December 31, 2024 includes revenue until the closing of the transaction to form Cespira, which occurred on June 3, 2024. Revenue for the three months and year ended December 31, 2024 was $5.7 million and $31.3 million, respectively, compared with $21.3 million and $56.2 million for the three months and year ended December 31, 2023.

    The decrease in revenue for the three months and year ended December 31, 2024 is a result of the continuation of the business in Cespira. Refer to the “Selected Cespira Financial Information” for more information on the performance of the business. Revenue earned in the three months ended December 31, 2024 reflects revenue earned from a transitional services agreement in place with Cespira that we expect to expire by the end of Q2 2026.

    Gross profit for the three months ended December 31, 2024 increased by $4.7 million to $0.3 million, or 5% of revenue, compared to negative $4.4 million or negative 21% of revenue, for the three months ended December 31, 2023. The Heavy-Duty OEM segment was impacted by a $4.5 million inventory write-down in the prior year period.

    Gross profit increased by $3.7 million to $0.7 million, or 2% of revenue, for the year ended December 31, 2024 compared to negative $3.0 million, or negative 5% of revenue, for the prior year. Heavy-Duty OEM recorded $0.4 million in inventory write-downs in the year. The segment was impacted by the aforementioned inventory write-down of $4.5 million in the prior year.

    Selected Cespira Financial Information

    We account for Cespira using the equity method of accounting. However, due to its significance to our long-term strategy and operating results, we disclose certain financial information from Cespira in notes 8 and 22 in our consolidated financial statements for the year ended December 31, 2024 and the period from June 3, 2024 to December 31, 2024.

    The following table sets forth a summary of the financial results of Cespira for the three months ended December 31, 2024 and the period between June 3, 2024 to December 31, 2024:

      (in millions of U.S. dollars)   Three months ended December 31,   Change   Year ended December 31,   Change
        2024   2023   $   %   2024   2023   $   %
    Revenue   $ 22.8     $ —     $ 22.8     — %   $ 43.1     $ —     $ 43.1     — %
    Gross profit     1.4       —       1.4     — %     0.5       —       0.5     — %
    Gross margin1     6 %     — %             1 %     — %        
    Operating loss     (4.8 )     —       (4.8 )   — %     (12.1 )     —       (12.1 )   — %
    Net loss attributable to the Company     (2.6 )     —       (2.6 )   — %     (6.7 )     —       (6.7 )   — %

    1Gross margin is non-GAAP financial measure. See the section ‘Non-GAAP Financial Measures’ for explanations and discussions of these non-GAAP financial measures or ratios.

    Cespira revenue was $22.8 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment, which included our HPDI business, earned $21.3 million. This was primarily driven by an increase in HPDI fuel systems sold in the period.

    Cespira gross profit was $1.4 million for the three months ended December 31, 2024. For the prior year period, the Heavy-Duty OEM segment had negative $4.4 million in gross profit primarily driven by the aforementioned $4.5 million inventory write-down in the prior year period.

    Cespira incurred operating losses of $4.8 million for the three months ended December 31, 2024. For the prior year quarter, the Heavy-Duty OEM had operating losses of $9.3 million. Aside from the aforementioned inventory write-down in the prior year period, the Heavy-Duty OEM had comparable operating losses compared to Cespira.

    As previously announced, Westport and Weichai are parties to a technology development and supply agreement which contains an obligation for Weichai to order, and Westport to supply, certain volumes of HPDI fuel system components prior to December 31, 2024. Significant orders for HPDI fuel system components against this agreement were not received prior to year-end. Westport and Cespira continue to collaborate with Weichai Power Co. Ltd (“Weichai Power”) on an HPDI fuel system equipped version of the Weichai Power engine platforms. The parties are currently discussing the next stages of this work and the obligations of each party going forward.

    Liquidity and Going Concern

    In addition, as disclosed in Westport Management Discussion & Analysis, for the year ended December 31, 2024, we continue to sustain operating losses and use cash to support our business activities. Cash provided by operating activities was $7.2 million for the year ended December 31, 2024 was primarily driven by reductions in working capital.

    As at December 31, 2024, we had cash and cash equivalents of $37.6 million and long-term debt of $33.7 million, of which $14.7 million was current. Based on our projected capital expenditures, debt servicing obligations and operating requirements under our current business plan, we are projecting that our cash and cash equivalents will not be sufficient to fund our operations through the next twelve months from the date of the issuance of this MD&A. These conditions raise substantial doubt about Westport’s ability continue as a going concern within one year after the date our December 31, 2024 Consolidated Financial Statements are issued.

    We plan to improve our liquidity position by selling certain subsidiaries in Europe and Argentina which comprise substantially all the assets and liabilities reported within the Light-Duty segment and continue our cost reduction initiatives. On March 30, 2025, we entered into a share purchase agreement (“SPA”) with a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm, to sell all of the issued and outstanding shares of Westport Fuel Systems Italia S.r.l for a base purchase price of $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an estimated $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. If we are successful in closing the sale, we will receive sufficient cash to fund our operations for the next twelve months and alleviate the risk of substantial doubt identified. As of the date of issuance of our December 31, 2024 financial statements, we are seeking shareholder approval of the plan to complete the sale of these businesses to the buyer. As such, there can be no assurances that Westport will be successful in obtaining sufficient funding. Accordingly, we concluded under the accounting standards that these plans do not alleviate the substantial doubt about Westport’s ability to continue as a going concern.

    Divestment of the Light-Duty Business and 2025 Outlook

    Westport recently announced the proposed divestment of its Light-Duty business, which includes the light-duty OEM, delayed OEM, and independent aftermarket businesses (the “Transaction”). The Transaction is designed to focus the Company’s strategy and streamline its operations allowing Westport to direct its energy on solution to address hard to decarbonize sectors like long-haul, heavy-duty trucking and off-road applications that can take advantage of Cespira and our High-Pressure Controls & Systems technology – where Westport sees the largest opportunities to grow and where the Company has a unique and differentiated offering generating interest with customers as the world transitions to a more practical and easier to adopt approach to decarbonization.

    Highlights of the Transaction include:

    • Provides immediate up front proceeds to alleviate liquidity concerns, strengthening the balance sheet and funds near-term growth in Cespira and the High-Pressure Controls & Systems business;
    • Brings forward more cash today than the Light-Duty business was projected to earn over 5-years on an undiscounted cash basis; and
    • Enables management to focus exclusively on the higher growth HPDI and high-pressure segments.

    In light of the evolving market and regulatory environment, over the long term, the Light-Duty business’ ability to grow LPG / CNG sales in developed markets is expected to continue facing increased competition from pure electrification or petrol – electrification hybrids.

    The base purchase price of the Transaction is $73.1 million (€67.7 million), subject to certain adjustments and potential earnouts of up to an additional $6.5 million (€6.0 million) if certain conditions are achieved, in accordance with the terms of the Share Purchase Agreement. The purchaser is a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A. (“Heliaca Investments”), a Netherlands based investment firm supported by Ramphastos Investment Management B.V. a prominent Dutch venture capital and private equity firm.

    Net proceeds from the transaction are to be used to bolster the balance sheet, fund organic growth opportunities through Cespira and High-Pressure Controls & Systems over the near term as well as opportunistic bolt on acquisitions. The Transaction ultimately eliminates future restructuring costs required by the Italian operations in the light-duty business.

    Westport is shifting to a smaller, more focused organization, that is positioned to provide solutions to decarbonize challenging segments of the mobility and industrial markets.​ Westport has 30 years of experience delivering component solutions and developing HPDI fuel technology​. We are focused on scaling our alternative fuel-based solutions, including advancements in CNG, RNG, and hydrogen systems, while navigating a rapidly evolving transportation landscape.

    The Company anticipates that the closing of the transaction will occur late in Q2 2025, subject to receiving shareholder approval.

    Conference call

    Westport has scheduled a conference call for Monday, March 31, 2025, at 10:30 am Pacific Time (1:30 pm Eastern Time) to discuss these results. To access the conference call please register at https://register.vevent.com/register/BI1ba7402b85a5491292e48354a2e80b90. 

    The live webcast of the conference call can be accessed through the Westport website at https://investors.wfsinc.com/. 

    Participants may register up to 60 minutes before the event by clicking on the call link and completing the online registration form. Upon registration, the user will receive dial-in info and a unique PIN, along with an email confirming the details.

    The webcast will be archived on Westport’s website at https://investors.wfsinc.com. 

    Financial Statements and Management’s Discussion and Analysis

    To view Westport full financials for the fourth quarter and year ended December 31, 2024, please visit https://investors.wfsinc.com/financials/. 

    About Westport Fuel Systems

    At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in approximately 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

    Cautionary Note Regarding Forward Looking Statements
    This press release contains forward-looking statements, including statements regarding future strategic initiatives and future growth, future of our development programs (including those relating to HPDI and Hydrogen) including testing to the HPDI fuel system, scaling our alternative fuel-based solutions, our expectations for 2025 and beyond, including the demand for our products, the future success of our business and technology strategies, shareholder approval of the Transaction, our ability to successfully close the Transaction and realize the benefits therefrom, including, potential earn-out payments, the Transaction alleviating liquidity concerns, our focus on providing affordable solutions to decarbonize long haul and heavy-duty trucking, our ability to bolster our balance sheet, fund organic growth as well as opportunistic bolt on acquisitions, a shift to operating as a smaller, more efficient organization. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activities, performance or achievements expressed in or implied by these forward-looking statements. These risks, uncertainties and assumptions include those related to our revenue growth, operating results, industry and products, changes in business strategy, shifts in market demand, the general economy including impacts due to inflation, the effects of competition and pricing pressures, conditions of and access to the capital and debt markets, solvency, governmental policies, trade restrictions or other changes to international trade agreements, sanctions and regulation including the imposition of tariffs, technology innovations, fluctuations in foreign exchange rates, operating expenses, continued reduction in expenses, ability to successfully commercialize new products, the performance of our joint ventures, the availability and price of natural gas, new environmental regulations, the acceptance of and shift to natural gas and hydrogen vehicles, the relaxation or waiver of fuel emission standards, the inability of fleets to access capital or government funding to purchase natural gas vehicles, the development of competing technologies, our ability to adequately develop and deploy our technology, the actions and determinations of our joint venture and development partners, the effects and duration of the Russia-Ukraine conflict, supply chain disruptions as well as other risk factors and assumptions that may affect our actual results, performance or achievements or financial position discussed in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date they were made. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward-looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

    Inquiries:
    Investor Relations
    T: +1 604-718-2046
    invest@wfsinc.com

    GAAP and Non-GAAP Financial Measures

    Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP“). These U.S. GAAP financial statements include non-cash charges and other charges and benefits that may be unusual or infrequent in nature or that we believe may make comparisons to our prior or future performance difficult. In addition to conventional measures prepared in accordance with U.S. GAAP, Westport and certain investors use EBITDA and Adjusted EBITDA as an indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund capital expenditures. Management also uses these non-GAAP measures in its review and evaluation of the financial performance of Westport. EBITDA is also frequently used by investors and analysts for valuation purposes whereby EBITDA is multiplied by a factor or “EBITDA multiple” that is based on an observed or inferred relationship between EBITDA and market values to determine the approximate total enterprise value of a company. We believe that these non-GAAP financial measures also provide additional insight to investors and securities analysts as supplemental information to our U.S. GAAP results and as a basis to compare our financial performance period-over-period and to compare our financial performance with that of other companies. We believe that these non-GAAP financial measures facilitate comparisons of our core operating results from period to period and to other companies by, in the case of EBITDA, removing the effects of our capital structure (net interest income on cash deposits, interest expense on outstanding debt and debt facilities), asset base (depreciation and amortization) and tax consequences. Adjusted EBITDA provides this same indicator of Westports’ EBITDA from continuing operations and removing such effects of our capital structure, asset base and tax consequences, but additionally excludes any unrealized foreign exchange gains or losses, stock-based compensation charges and other one-time impairments and costs which are not expected to be repeated in order to provide greater insight into the cash flow being produced from our operating business, without the influence of extraneous events.

    Segment Information

    EBITDA and Adjusted EBITDA are intended to provide additional information to investors and analysts and do not have any standardized definition under U.S. GAAP, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA exclude the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under U.S. GAAP. Other companies may calculate EBITDA and Adjusted EBITDA differently.

    Segment earnings or losses before income taxes, interest, depreciation, and amortization (“Segment EBITDA”) is the measure of segment profitability used by the Company. The accounting policies of our reportable segments are the same as those applied in our consolidated financial statements. Management prepared the financial results of the Company’s reportable segments on basis that is consistent with the manner in which Management internally disaggregates financial information to assist in making internal operating decisions. Certain common costs and expenses, primarily corporate functions, among segments differently than we would for stand-alone financial information prepared in accordance with GAAP. These include certain costs and expenses of shared services, such as IT, human resources, legal, finance and supply chain management. Segment EBITDA is not defined under US GAAP and may not be comparable to similarly titled measures used by other companies and should not be considered a substitute for net earnings or other results reported in accordance with GAAP. Reconciliations of reportable segment information to consolidated statement of operations can be found in section “NON-GAAP FINANCIAL MEASURES & RECONCILIATIONS” within this press release.

      Year ended December 31, 2024
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Cespira   Total Segment
    Revenue $ 262.2   $ 8.8     $ 31.3     $ 43.1     $ 345.4  
    Cost of revenue   206.8     7.3       30.6       42.6       287.3  
    Gross profit   55.4     1.5       0.7       0.5       58.1  
    Operating expenses:
    Research & development   13.0     4.4       4.2       4.7       26.3  
    General & administrative   19.2     1.0       3.1       5.6       28.9  
    Sales & marketing   9.9     0.7       0.9       1.0       12.5  
    Depreciation & amortization   2.6     0.3       0.1       1.7       4.7  
    Equity income   1.3     —       —       —       1.3  
    Add back: Depreciation & amortization1   6.4     0.5       1.4       3.8       12.1  
    Segment EBITDA $ 18.4   $ (4.4 )   $ (6.2 )   $ (8.7 )   $ (0.9 )
      Year ended December 31, 2023
      Light-Duty   High-Pressure Controls & Systems   Heavy-Duty OEM   Total Segment
    Revenue $ 263.6   $ 12.0     $ 56.2     $ 331.8  
    Cost of revenue   214.5     9.2       59.2       282.9  
    Gross profit   49.1     2.8       (3.0 )     48.9  
    Operating expenses:
    Research & development   13.1     3.6       9.3       26.0  
    General & administrative   21.6     1.3       6.4       29.4  
    Sales & marketing   10.6     0.7       2.9       14.1  
    Depreciation & amortization   3.2     0.2       0.4       3.8  
    Equity income   0.8     —       —       0.8  
    Add back: Depreciation & amortization1   6.7     0.4       4.9       11.9  
    Segment EBITDA $ 8.1   $ (2.6 )   $ (17.1 )   $ (11.6 )


    NON-GAAP FINANCIAL MEASURES RECONCILIATION

    Gross Profit   Years ended December 31,
    (expressed in millions of U.S. dollars)   2024   2023
    Revenue   $ 302.3   $ 331.8
    Less: Cost of revenue   $ 244.7   $ 282.9
    Gross Profit   $ 57.6   $ 48.9
    Gross Margin as a percentage of Revenue   Years ended December 31,
    (expressed in millions of U.S. dollars)     2024       2023  
    Revenue   $ 302.3     $ 331.8  
    Gross Margin   $ 57.6     $ 48.9  
    Gross Margin as a percentage of Revenue     19 %     15 %
      Year ended December 31, 2024
      Total Segment   Less: Cespira   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 345.4   $ 43.1   $ —     $ 302.3  
    Cost of revenue   287.3     42.6     —       244.7  
    Gross profit   58.1     0.5     —       57.6  
    Operating expenses:
    Research & development   26.3     4.7     —       21.6  
    General & administrative   28.9     5.6     14.4       37.7  
    Sales & marketing   12.5     1.0     1.2       12.7  
    Depreciation & amortization   4.7     1.7     0.4       3.4  
    Equity income (loss)   1.3     —     (6.7 )     (5.4 )
      Year ended December 31, 2023
      Total Segment   Add: Corporate & unallocated   Total Consolidated
    Revenue $ 331.8   $ —   $ 331.8
    Cost of revenue   282.9     —     282.9
    Gross profit   48.9     —     48.9
    Operating expenses:
    Research & development   26.0     —     26.0
    General & administrative   29.4     14.8     44.2
    Sales & marketing   14.1     2.2     16.3
    Depreciation & amortization   3.8     0.5     4.3
    Equity income   0.8     —     0.8
    Reconciliation of Segment EBITDA to Loss before income taxes   Years ended December 31,
        2024       2023  
    Total Segment EBITDA   $ (0.9 )   $ (11.6 )
    Adjustments:
    Depreciation and amortization     8.7       12.5  
    Cespira’s Segment EBITDA     (8.7 )     —  
    Cespira’s equity loss     6.7       —  
    Corporate and unallocated operating expenses     15.6       17.0  
    Foreign exchange loss     6.2       4.0  
    Loss on sale of assets     0.7       —  
    Gain on deconsolidation     (15.2 )     —  
    Loss on sale of investment     0.4       —  
    Impairment of long-term investment     —       0.4  
    Loss on extinguishment of royalty payable     —       2.9  
    Interest on long-term debt and accretion of royalty payable     2.8       3.0  
    Interest and other income, net of bank charges     (1.2 )     (2.7 )
    Loss before income taxes   $ (16.9 )   $ (48.7 )
    EBITDA and Adjusted EBITDA                
    Three months ended   31-Mar-23   30-Jun-23   30-Sep-23   31-Dec-23   31-Mar-24   30-Jun-24   30-Sep-24   31-Dec-24
    Income (loss) before income taxes   $         (9.7 )   $         (13.0 )   $         (12.0 )   $         (14.0 )   $         (12.9 )   $         6.8             $         (2.5 )   $         (8.3 )
    Interest expense, net             0.4                       (0.1 )             0.2                       (0.2 )             0.5                       0.5                       0.4                       0.2          
    Depreciation and amortization             3.0                       3.0                       3.2                       3.3                       3.2                       1.7                       1.8                       2.0          
    EBITDA   $         (6.3 )   $         (10.1 )   $         (8.6 )   $         (10.9 )   $         (9.2 )   $         9.0             $         (0.3 )   $         (6.1 )
    Stock based compensation (recovery)   $         0.7             $         0.8             $         (0.3 )   $         1.4             $         0.3             $         1.2             $         (0.1 )   $         —          
    Unrealized foreign exchange (gain) loss   $         1.1             $         2.4             $         1.4             $         (0.9 )   $         1.8             $         0.1             $         (1.1 )   $         5.4          
    Loss on extinguishment of royalty payable   $         —             $         2.9             $         —             $         —             $         —             $         —             $         —             $         —          
    Severance costs   $         —             $         —             $         4.5             $         —             $         0.5             $         0.2             $         0.1             $         0.1          
    Gain on deconsolidation   $         —             $         —             $         —             $         —             $         —             $         (13.3 )   $         —             $         (1.9 )
    Loss on sale of investment   $         —             $         —             $         —             $         —             $         —             $         —             $         0.4             $         —          
    Restructuring costs   $         —             $         —             $         —             $         —             $         —             $         0.8             $         0.2             $         —          
    Loss on sale of assets   $         —             $         —             $         —             $         —             $         —             $         —             $         —             $         0.7          
    Impairment of long-term investment   $         —             $         —             $         —             $         0.4             $         —             $         —             $         —             $         —          
    Adjusted EBITDA   $         (4.5 )   $         (4.0 )   $         (3.0 )   $         (10.0 )   $         (6.6 )   $         (2.0 )   $         (0.8 )   $         (1.8 )
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Balance Sheets
    (Expressed in thousands of United States dollars, except share amounts)
    December 31, 2024 and 2023
        December 31,
          2024       2023  
    Assets        
    Current assets:        
    Cash and cash equivalents (including restricted cash)   $ 37,646     $ 54,853  
    Accounts receivable     73,054       88,077  
    Inventories     53,526       67,530  
    Prepaid expenses     5,660       6,323  
    Total current assets     169,886       216,783  
    Long-term investments     39,732       4,792  
    Property, plant and equipment     41,956       69,489  
    Operating lease right-of-use assets     19,019       22,877  
    Intangible assets     5,277       6,822  
    Deferred income tax assets     9,695       11,554  
    Goodwill     2,876       3,066  
    Other long-term assets     3,180       20,365  
    Total assets   $ 291,621     $ 355,748  
    Liabilities and Shareholders’ Equity        
    Current liabilities:        
    Accounts payable and accrued liabilities   $ 88,123     $ 95,374  
    Current portion of operating lease liabilities     2,624       3,307  
    Short-term debt     —       15,156  
    Current portion of long-term debt     14,660       14,108  
    Current portion of warranty liability     3,861       6,892  
    Total current liabilities     109,268       134,837  
    Long-term operating lease liabilities     16,433       19,300  
    Long-term debt     19,067       30,957  
    Warranty liability     1,456       1,614  
    Deferred income tax liabilities     4,029       3,477  
    Other long-term liabilities     4,343       5,115  
    Total liabilities     154,596       195,300  
    Shareholders’ equity:        
    Share capital:        
    Unlimited common and preferred shares, no par value        
    17,282,934 (2023 – 17,174,502) common shares issued and outstanding     1,245,805       1,244,539  
    Other equity instruments     9,472       9,672  
    Additional paid-in-capital     11,516       11,516  
    Accumulated deficit     (1,096,275 )     (1,074,434 )
    Accumulated other comprehensive loss     (33,493 )     (30,845 )
    Total shareholders’ equity     137,025       160,448  
    Total liabilities and shareholders’ equity   $ 291,621     $ 355,748  
    WESTPORT FUEL SYSTEMS INC.  
    Consolidated Statements of Operations and Comprehensive Income (Loss)  
    (Expressed in thousands of United States dollars, except share and per share amounts)  
    Years ended December 31, 2024 and 2023  
        Years ended December 31,
          2024       2023  
    Revenue   $ 302,299     $ 331,799  
    Cost of revenue     244,708       282,862  
    Gross profit     57,591       48,937  
    Operating expenses:        
    Research and development     21,587       26,003  
    General and administrative     37,679       44,234  
    Sales and marketing     12,676       16,278  
    Foreign exchange loss     6,248       3,974  
    Depreciation and amortization     3,367       4,299  
    Loss on sale of assets     703       32  
          82,260       94,820  
    Loss from operations     (24,669 )     (45,883 )
             
    Income from investments accounted for by the equity method     (5,402 )     780  
    Gain on deconsolidation     15,198       —  
    Loss on sale of investment     (352 )     —  
    Loss on extinguishment of royalty payable     —       (2,909 )
    Interest on long-term debt and accretion of royalty payable     (2,797 )     (2,981 )
    Impairment of long-term investment     —       (413 )
    Interest and other income, net of bank charges     1,161       2,690  
    Loss before income taxes     (16,861 )     (48,716 )
    Income tax expense (recovery):        
    Current     3,183       1,786  
    Deferred     1,797       (784 )
          4,980       1,002  
    Net loss for the year     (21,841 )     (49,718 )
    Other comprehensive income (loss):        
    Cumulative translation adjustment     (2,535 )     4,473  
    Ownership share of equity method investments’ other comprehensive loss   $ (113 )   $ —  
        $ (2,648 )   $ 4,473  
    Comprehensive loss   $ (24,489 )   $ (45,245 )
    Loss per share:        
    Net loss per share – basic and diluted   $ (1.27 )   $ (2.90 )
    Weighted average common shares outstanding:        
    Basic and diluted     17,248,090       17,173,016  
    WESTPORT FUEL SYSTEMS INC.
    Consolidated Statements of Cash Flows
    (Expressed in thousands of United States dollars)
    Years ended December 31, 2024 and 2023
        Years ended December 31,
          2024       2023  
             
    Operating activities:        
    Net loss for the year   $ (21,841 )   $ (49,718 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     8,661       12,490  
    Stock-based compensation expense     1,066       1,727  
    Unrealized foreign exchange loss     6,248       3,974  
    Deferred income tax expense (recovery)     1,797       (784 )
    Loss (income) from investments accounted for by the equity method     5,402       (780 )
    Interest on long-term debt and accretion of royalty payable     74       9  
    Impairment of long-term investment     —       413  
    Change in inventory write-downs to net realizable value     3,283       7,066  
    Gain on deconsolidation     (15,198 )     —  
    Loss on sale of investment     352       —  
    Net loss on sale of assets     627       32  
    Loss on extinguishment of royalty payable     —       2,909  
    Change in bad debt expense     282       56  
    Changes in operating assets and liabilities:        
    Accounts receivable     25,567       5,340  
    Inventories     (6,836 )     9,481  
    Prepaid expenses     (153 )     2,869  
    Accounts payable and accrued liabilities     2,233       (2,448 )
    Warranty liability     (4,380 )     (5,829 )
    Net cash provided by (used in) operating activities     7,184       (13,193 )
    Investing activities:        
    Purchase of property, plant and equipment     (16,923 )     (15,574 )
    Proceeds on sale of investments     29,994       —  
    Proceeds on sale of assets     998       161  
    Dividends received from investments accounted for by the equity method     297       —  
    Capital contributions to investments accounted for by the equity method     (9,900 )     —  
    Net cash provided by (used in) investing activities     4,466       (15,413 )
    Financing activities:        
    Drawings on operating lines of credit and long-term facilities     19,336       46,367  
    Repayment of operating lines of credit and long-term facilities     (44,546 )     (39,904 )
    Payment of royalty payable     —       (8,687 )
    Net cash used in financing activities     (25,210 )     (2,224 )
    Effect of foreign exchange on cash and cash equivalents     (3,647 )     (501 )
    Net decrease in cash and cash equivalents     (17,207 )     (31,331 )
    Cash and cash equivalents, beginning of year (including restricted cash)     54,853       86,184  
    Cash and cash equivalents, end of year (including restricted cash)     37,646       54,853  

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