Category: Commerce

MIL-OSI USA: Attorney General James Secures $55,000 from Lab Worq for Delivering Delayed COVID Test Results

Source: US State of New York

EW YORK – New York Attorney General Letitia James today secured $55,000 in penalties from Lab Worq, LLC (Lab Worq) after the company misled New Yorkers seeking rapid COVID-19 tests in late 2021 and early 2022. Lab Worq falsely advertised 24-hour test results, despite widespread delays in delivering patients’ results. For example, in the two weeks leading up to Christmas in 2021, Lab Worq’s wait time for test results was more than three days, impacting over 90,000 patients who were counting on receiving their results quickly for holiday travel. Some consumers complained of waiting a week or more for results, and others reported never receiving results at all. While Lab Worq is not currently operational, the company and its owner have agreed to provide accurate information concerning test result timelines if Lab Worq offers tests in the future, in addition to paying $55,000 in penalties. Attorney General James has now secured over $580,000 to date from companies that failed to deliver COVID-19 test results as promised.

“In 2021, consumers were anxious to get COVID-19 tests so they could visit family and friends and return to work during the holiday season,” said Attorney General James. “Lab Worq misled consumers by repeatedly promising 24-hour test results that they could not deliver, and now they are paying the price. I will continue to take action against any company that misleads New Yorkers during a public health crisis.”

The Office of the Attorney General (OAG) first launched its investigation into COVID-19 testing sites in December 2021, following numerous complaints from New Yorkers who were not receiving rapid COVID-19 test results as promised. For some patients, these delayed test results jeopardized their ability to work, as they needed negative test results to return to their jobs. For others, the delayed test results disrupted holiday plans. The OAG issued a warning letter in December 2021 to Lab Worq, along with several other COVID-19 testing companies, cautioning them not to misrepresent testing turnaround times during the Omicron wave of the COVID-19 pandemic, which corresponded with the busy holiday season.

With this settlement from Lab Worq, Attorney General James has secured more than $580,000 in penalties and refunds from companies that failed to provide COVID testing as promised, including $122,000 from Clear 19 Rapid Testing, $182,000 from ClearMD Health, and $230,000 from SameDay Health.

Attorney General James asks any New Yorker who believes a medical facility is making misleading statements to file a complaint online with the Office of the Attorney General’s Consumer Frauds and Protection Bureau or call the office at 1-800-771-7755.

This matter was handled by Assistant Attorneys General Franklin Romeo and Mary Alestra, and Deputy Bureau Chief of the Consumer Frauds and Protection Bureau Laura J. Levine, under the supervision of Bureau Chief Jane M. Azia. The Consumer Frauds and Protection Bureau is part of the Division of Economic Justice, which is led by Chief Deputy Attorney General Chris D’Angelo and is overseen by First Deputy Attorney General Jennifer Levy.

MIL OSI USA News –

March 21, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Belgium

Source: IMF – News in Russian

March 20, 2025

Washington, DC: On March 18, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Belgium, and considered and endorsed the staff appraisal without a meeting.^{^[1]}

The Belgian economy was resilient to a series of shocks, but growth has been slowing, and core inflation remains persistent. Labor productivity growth remained sluggish, and labor-cost competitiveness has declined. Successive shocks have increased structural fiscal deficits and public debt. Risks arising from deepening geoeconomic fragmentation and intensification of regional conflicts affecting energy, trade and financial spillovers could worsen the outlook.

Executive Board Assessment^[2]

In concluding the 2025 Article IV consultation with Belgium, Executive Directors endorsed staff’s appraisal, as follows:

Notwithstanding its resilience, the Belgium economy faces significant challenges. In the short term, in an increasingly uncertain environment, policies need to see disinflation through while preserving growth and financial stability. From a longer perspective, policies need to rebuild buffers, reduce vulnerabilities associated with high and rising public debt, address spending pressures from aging and the green transition, foster higher growth, and improve the external position which, in 2024, was weaker than implied by medium-term fundamentals and desirable policies based on preliminary assessment. The policy agenda of the new government, which includes significant structural reforms and fiscal consolidation, is an opportunity to make headway. Steady and timely implementation of intended reforms will be key.

Sustained and significant fiscal consolidation is needed. Considering the magnitude of the needed adjustment to bring the deficit durably below 3 percent of GDP and put debt solidly on a downward path, staff supports the government’s intention to pursue a seven-year adjustment under the EGF, which should be accompanied by credible and front-loaded growth-enhancing reforms. An annual reduction in the structural primary balance of about 0.6 ppt of GDP until 2031 will be necessary. The forthcoming MTFSP should be built on sufficiently conservative assumptions to lower the risk of deviating from the intended path of deficit reduction.

The adjustment should rationalize current spending, make room for more public investment, and be supported by increased efficiency of spending. Rationalizing social benefits and the public wage bill is crucial to achieve savings. Public investment should be preserved, or ideally, increased to bolster potential growth and support green transition. Amid competing demands for resources and reduced fiscal space, improving the efficiency of spending, is critical, notably with respect to investment in infrastructure, healthcare, and education.

Fiscal reforms are crucial to support the adjustment. Staff welcomes the government’s intention to reduce the tax burden on labor while introducing capital gain taxation and reducing tax expenditure. Considering the needed overall fiscal adjustment, tax reforms should not result in lower revenue. Similarly, staff welcomes the planned reforms aimed at raising the effective retirement age and reviewing eligibility to specific pension regimes. This is necessary to preserve the sustainability of the pension system despite aging. Staff also encourages the authorities to strengthen the overall fiscal framework, through a revitalized fiscal council and greater accountability of the federal and all federated entities in sharing the burden of fiscal adjustment.

Overall systemic risks in the financial sector remain moderate and current capital buffer requirements and prudential limits on mortgage loans should be maintained. Recent progress in strengthening systemic risk assessment, supervision, the macroprudential framework, and crisis management and resolution preparedness is welcome. With a new government in place, pending measures that required legislative action should now proceed.

Labor market and education reforms are essential to foster higher labor participation and better adequation of skills. The government’s intended reforms to widen the income gap between work and nonwork, limit the duration of unemployment benefits, and reduce the cost of hiring and dismissal go in the right direction. Fostering a labor market more inclusive of low-skilled workers, older workers, women, and individuals with an immigration background, or disabilities, notably through lifelong learning and reskilling and active labor-market policies, will enhance overall economic performance. Education reforms are also necessary to upskill the labor force. They should focus on aligning curricula with the skills companies need, better leveraging teachers’ time, and strengthening support to students in difficulty.

Reforming the wage-setting mechanism will help increase labor-market efficiency and improve competitiveness. Automatic wage and social benefit indexation protected household purchasing power during the inflation shock but increased fiscal deficits and undermined competitiveness. Consideration should be given to abolishing automatic indexation and the 1996 wage law which, together, prevent an optimal allocation of labor and higher employment. At a minimum, the labor market would already benefit from technical reforms to the existing system.

Further product market reforms and efforts with EU partners to deepen the single market and advance the capital market union will support firms’ productivity. Reforms should focus on reducing regulatory and administrative barriers and improving the insolvency regime. Removing remaining barriers to trade within the EU and harmonizing regulations and bankruptcy frameworks would give Belgian firms’ access to a larger customer base, improve competition, and provide buffers against risks from geo-fragmentation. Developing venture capital at the EU level would help widen Belgian firms’ options to finance their growth.

Despite progress, much effort remains needed to achieve climate objectives. The planned expansion of the EU ETS should be complemented by carbon taxation and the phasing out of fossil fuel subsidies, while ensuring support for vulnerable population. The consolidation of federal and regional climate efforts into a coherent and cohesive national strategy is essential.

Belgium: Selected Economic Indicators, 2022–30


			Projections
			Projections

	2022	2023	2024	2025	2026	2027	2028	2029	2030

	(Percent change, unless otherwise indicated)
Real economy
Real GDP 1/	4.2	1.3	1.0	1.1	1.1	1.3	1.3	1.3	1.3
Domestic demand	4.2	1.8	1.0	1.4	1.5	1.5	1.5	1.4	1.5
Private consumption	3.6	0.6	1.8	1.2	1.2	1.5	1.3	1.2	1.1
Public consumption	3.3	3.2	3.2	1.4	1.9	1.6	1.7	1.7	1.7
Gross fixed investment	1.7	3.5	0.9	0.6	1.7	1.5	1.6	1.7	2.0
Stockbuilding 2/	1.1	-0.1	-1.0	0.3	0.0	0.0	0.0	0.0	0.0
Foreign balance 2/	0.1	-0.5	0.1	-0.3	-0.4	-0.2	-0.2	-0.1	-0.1
Exports, goods and services	5.8	-7.1	-4.0	0.0	2.6	3.2	3.2	3.1	3.1
Imports, goods and services	5.8	-6.8	-4.2	0.4	3.3	3.6	3.5	3.3	3.3
Household saving ratio	12.7	14.1	13.6	13.7	13.7	13.7	13.8	14.0	14.3
Potential output growth	2.0	1.8	1.6	1.4	1.3	1.3	1.3	1.3	1.3
Potential output growth	1.3	1.2	1.0	1.3	1.3	1.3	1.3	1.4	1.3
per working age person
Output gap (in percent)	1.6	1.0	0.5	0.2	0.0	0.0	-0.1	0.0	0.0
Employment
Unemployment rate (in percent)	5.6	5.5	5.8	5.7	5.7	5.5	5.6	5.7	5.8
Employment growth	1.9	0.8	0.3	0.2	0.3	0.6	0.3	0.2	0.4
Prices
Consumer prices (HICP)	10.3	2.3	4.3	3.5	2.2	2.0	2.0	1.9	1.9
Core CPI (HICP)	4.0	6.0	3.4	3.0	2.6	2.2	2.1	1.9	1.9
GDP deflator	6.8	4.5	2.7	2.5	1.7	1.5	1.7	1.6	1.6
	(Percent of GDP; unless otherwise indicated)
Public finance
Revenue	48.6	49.1	49.6	49.5	49.5	49.5	49.5	49.6	49.7
Expenditure	52.2	53.3	54.0	54.3	55.0	55.3	55.7	56.3	56.9
General government balance	-3.6	-4.2	-4.4	-4.8	-5.5	-5.8	-6.2	-6.7	-7.2
Structural balance	-4.3	-4.4	-4.5	-4.8	-5.5	-5.8	-6.1	-6.8	-7.2
Structural balance (excl. Covid measures)	-3.7	-4.3	-4.4	-4.8	-5.5	-5.8	-6.1	-6.8	-7.2
Structural primary balance	-2.7	-2.4	-2.2	-2.5	-3.0	-3.0	-3.2	-3.5	-3.7
Primary balance	-2.0	-2.2	-2.2	-2.4	-3.0	-3.0	-3.3	-3.4	-3.7
General government debt	102.6	103.1	104.1	105.4	108.6	111.9	115.2	118.9	123.0
External Sector
Goods and services balance	-1.5	-0.6	-0.1	0.0	0.0	0.0	0.3	0.5	0.7
Current account	-1.3	-0.7	-0.3	-0.3	-0.3	-0.3	-0.1	0.1	0.2
Exchange rates
Euro per U.S. dollar, period average	0.9	0.9	0.9	…	…	…	…	…	…
NEER, ULC-styled (2005=100)	96.3	97.6	97.8	…	…	…	…	…	…
REER, ULC-based (2005=100)	99.7	103.8	105.5	…	…	…	…	…	…
Memorandum items
Gross national savings (in percent of GDP)	25.6	24.6	23.8	23.9	23.9	23.9	24.1	24.3	24.5
Gross national investment	26.9	25.3	24.1	24.2	24.3	24.3	24.2	24.2	24.3
(in percent of GDP)
Nominal GDP (in billions of euros)	563.5	596.3	618.6	640.9	658.7	677.3	697.8	718.4	739.8
Population (in millions)	11.6	11.7	11.8	11.8	11.9	11.9	11.9	12.0	12.0

Sources: Haver Analytics, Belgian authorities, and IMF staff projections.
1/ Based on national accounts data available as of January 29, 2025.
2/ Contribution to GDP growth.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Eva Graf

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/03/19/pr25070-belgium-imf-executive-board-concludes-2025-article-iv-consultation-with-belgium

MIL OSI

MIL OSI Russia News –

March 21, 2025

MIL-OSI Canada: FCAC calls on banks to ensure their customers are fully benefiting from e-alerts

Source: Government of Canada News (2)

March 19, 2025
Ottawa, Ontario

Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a thematic review conducted to find out how small and medium-sized banks (SMSBs) have implemented electronic alerts (e-alerts).

E-alerts enable consumers to make timely and informed decisions about their finances, including avoiding unnecessary fees. All Canadians who bank with federally regulated financial institutions, such as banks, have the right to receive e-alerts under Canada’s Financial Consumer Protection Framework (the Framework). These are sent out when their account balance or available credit falls below a certain threshold ($100 is the default, but consumers can customize the amount).

Thematic reviews are an important part of FCAC’s risk-based approach to supervising banks’ compliance with consumer protection laws and regulations. Thematic reviews provide valuable insights into specific topics or themes, helping to assess compliance and identify risks.

In monitoring the implementation of the Framework, FCAC identified a higher risk of implementation issues with e-alerts among small and medium sized banks (SMSBs). For that reason, FCAC focused its thematic review on those financial institutions.

While the SMSBs assessed in FCAC’s review took steps towards meeting this new requirement, there were several areas for improvement. For example, not all consumers were fully benefitting from e-alerts due to delays, incomplete information or missing contact details.

Each of those SMSBs has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the requirements.

FCAC expects all federally regulated financial institutions, including Canada’s 6 largest banks, to review its report on e-alerts to assess their own compliance and to address any issues or deficiencies in a timely manner.

MIL OSI Canada News –

March 21, 2025
MIL-OSI Global: Trump administration seeks to starve libraries and museums of funding by shuttering this little-known agency

Source: The Conversation – USA – By Devon Akmon, Director of the MSU Museum and CoLab Studio, Michigan State University

ExplorationWorks, a children’s museum in Helena, Mont., received $151,946 in 2024 from the IMLS to expand its early childhood programs. Lisa Wareham

On March 14, 2025, the Trump administration issued an executive order that called for the dismantling of seven federal agencies “to the maximum extent consistent with applicable law.” They ranged from the United States Agency for Global Media, which oversees Voice of America, to the Minority Business Development Agency.

The Institute of Museum and Library Services was also on the list. Congress created the IMLS in 1996 through the Museum and Library Services Act. The law merged the Institute of Museum Services, which was established in 1976, with the Library Programs Office of the Department of Education.

By combining these two departments, Congress sought to create an overarching agency that could more cohesively and strategically support American museums and libraries. The agency’s mission, programs and funding have been reaffirmed through subsequent legislation, such as the Museum and Library Services Act of 2003.

The Conversation U.S. interviewed Devon Akmon, who is the director of the MSU Museum at Michigan State University. He explained how the agency supports the nation’s cultural institutions and local communities – and what could be lost if the agency were dissolved.

What does the Institute of Museum and Library Services do?

The agency provides financial support to a wide array of cultural and educational institutions, including art, science and history museums, zoos, aquariums, botanical gardens and historic sites. Libraries of all types – public, academic, school and research – also benefit from the agency’s funding.

Through grants, research and policy initiatives, the IMLS helps these institutions better serve their communities.

Anne-Imelda Radice, right, former director of the Institute of Museum and Library Services, inspects Denver city records and neighborhood histories in 2008. The volumes were digitized to make them more accessible to the public.
Brian Brainerd/The Denver Post via Getty Images

In the 2019 fiscal year, for example, the IMLS awarded funds to libraries in Nebraska to support economic development in 30 rural communities. The project created rotating “innovation studios” in local libraries and provided residents with tools, instructional materials and programming to foster entrepreneurship and creativity. More recently, IMLS awarded a grant to the Hands On Children’s Museum to develop a toolkit that museums across the country can use to support families with relatives who are in prison.

For libraries, the IMLS might fund technology upgrades, such as virtual reality learning stations, AI-assisted research aids or digitization of rare books. The agency also pays for community programs that take place in libraries, from early childhood reading initiatives to workshops that help people land jobs.

How has the Institute of Museum and Library Services supported your work at the MSU Museum?

IMLS grants have played a vital role in enabling the MSU Museum to preserve, enhance and expand access to its collections.

For example, we’ve used IMLS grants to develop high-quality audio aids for museum visitors who are blind or have poor vision. Recent funding has supported the digitization of over 2,000 vertebrate specimens, including rare and endangered species.

Beyond financial support, the MSU Museum benefits from IMLS policy papers, professional training opportunities and resources developed through the National Leadership Grants for Museums program. Our staff members also contribute to national campaigns spearheaded by the IMLS, such as its Strategies for Countering Antisemitism & Hate initiative.

Through these efforts, the IMLS, alongside the American Alliance of Museums, operate as cornerstones of learning and innovation within the museum field.

Looking beyond Michigan State, what might be lost with its shuttering?

The IMLS is more than a grantmaking entity – it is the only federal agency dedicated to sustaining the entire museum and library ecosystem in the United States.

Its funding has sustained museums, advanced digital preservation, expanded accessibility for low-income communities and fueled innovation in educational programming. In 2024 alone, the agency distributed US$266.7 million through grants, research initiatives and policy development. For example, ExplorationWorks, a children’s museum in Helena, Montana, received $151,946 in 2024 from the IMLS to expand its early childhood programs that serve low-income and rural families.

Without this support, many institutions will struggle to hire and retain qualified staff, leading to fewer exhibitions, stalled research and reduced educational outreach.

The consequences would be particularly severe for small museums and rural museums, which lack the fundraising capacity of larger urban institutions. They’re often the only sources of cultural and historical education in their regions, and their loss would create cultural voids that cannot easily be filled.

Trump’s executive order dictated that the Institute of Museum and Library Services and other agencies be eliminated “to the maximum extent consistent with applicable law.” What is the applicable law in this case?

I’m not a lawyer. But my understanding is that the “applicable law” in this case primarily refers to the Museum and Library Services Act, which, as I noted earlier, was created in 1996 and has been reauthorized multiple times since then.

Since the IMLS was created through this congressional legislation, it cannot simply be eliminated by an executive order. Congress would need to pass a law to repeal or defund it.

President George W. Bush signs into law the Museum and Library Services Act on Sept. 25, 2003.
Tina Hager/White House via Getty Images

Additionally, the Antideficiency Act prohibits federal agencies from operating without appropriated funding. If Congress were to defund the IMLS rather than repeal its authorizing statute, the agency would be forced to cease operations due to a lack of money, even if the legal framework for its existence remained intact.

Is there anything else you’d like to add?

Museums are among the most trusted institutions in the country. They are rare bipartisan beacons of credibility in an era of deep division.

A 2021 American Alliance of Museums report found that 97% of Americans view museums as valuable educational assets, while 89% consider them trustworthy sources of information. A 2022 American Library Association survey revealed that 89% of voters and 92% of parents believe local public libraries have an important role to play in communities.

More than just cultural repositories, museums and libraries bring together citizens and offer learning opportunities for everyday people. By presenting science and history through engaging, evidence-based storytelling, museums help bridge ideological divides and encourage informed discourse. People of all political stripes rely on libraries for free internet access, job searches and literacy programs.

The Institute of Museum and Library Services is central to this work. The agency provides leadership, while funding programs and research that help museums and libraries expand their offerings to reach all Americans.

Stripping this support would threaten the sustainability of these institutions and weaken their ability to serve as pillars of education, civic engagement and truth. I see it as a disinvestment in an informed, connected and resilient society.

Devon Akmon receives funding from the Institute of Museum and Library Services. He also serves as the vice chair and secretary of the board of directors for the American Alliance of Museums.

– ref. Trump administration seeks to starve libraries and museums of funding by shuttering this little-known agency – https://theconversation.com/trump-administration-seeks-to-starve-libraries-and-museums-of-funding-by-shuttering-this-little-known-agency-252455

MIL OSI – Global Reports –

March 21, 2025
MIL-OSI: NANO Nuclear Energy Adds Two Additional Senior Nuclear Engineers to its Technical Team

Source: GlobeNewswire (MIL-OSI)

NANO Nuclear Continues to Attract Top Tier talent to Propel the Development of its Innovative Microreactor Technologies

New York, N.Y., March 20, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced the additions of James Leybourn and Simon Boddington as Senior Nuclear Engineers. Both Mr. Leybourn and Mr. Boddington are based in the U.K. and recently joined NANO Nuclear’s U.K.-based nuclear science and engineering partner Cambridge AtomWorks, led by Professors Ian Farnan and Eugene Shwageraus.

The additions of Mr. Leybourn and Mr. Boddington build upon the recently announced appointment of Andrew Steer, Ph.D. as NANO Nuclear’s Head of Regulatory Engagement. Their addition to the team brings extensive knowledge in molten salt reactor physics, deep understanding of nuclear safety cases, advanced reactor engineering and innovative fuel system design, all of which will be essential for the ongoing development of NANO Nuclear’s proprietary ‘ZEUS’ and ‘ODIN’ microreactors, as well as the KRONOS MMR^TMEnergy System and the LOKI MMR^TM.

Mr. Leybourn is a Chartered Physicist with over 12 years’ experience of Physics and Engineering within the U.K. nuclear industry. He has a proven track record of leading diverse projects, including thermal hydraulics, engineering design and safety case preparation. Prior to joining Cambridge AtomWorks, Mr. Leybourn played a key role in leading the development of a risk-informed work program and introducing systems engineering practices, including fuel route development, at MoltexFLEX, a British nuclear energy company developing advanced small modular molten salt reactors. He is a fuel route expert, having spent much of his career supporting the fuel route of the U.K. Advanced Gas-Cooled Reactor (AGR) fleet. He also led significant projects supporting the AGR defueling programs and has provided support to the Rolls-Royce small modular reactor project.

Mr. Boddington is a reactor physicist with over 10 years of industry experience covering pressurized water reactors as well as thermal and fast spectrum molten salt reactor designs. Much of his experience is focused on reactor physics and he has assembled, managed and technically led the physics team that designed and delivered the molten salt MolexFLEX and SSR-W reactor concepts, with a focus on maintaining economic design objectives. He has extensive experience in applying analytical and stochastic reactor physics methods to develop core designs, including validation and verification. He graduated with an MPhys from the University of Southampton in 2014, then, completed the nuclear graduate’s scheme, before joining the Core Physics Group at Rolls-Royce.

“NANO Nuclear continues to expand its technical teams with top professionals and innovators with diverse reactor engineering expertise that we will need to propel our programs forward. These hires also reflect our commitment to becoming a global leader in advanced nuclear energy solutions,” said Professor Ian Farnan, Lead of Nuclear Fuel Cycle, Radiation and Materials of NANO Nuclear. “With expertise spanning molten salt reactor physics, fuel handling, and high-temperature thermal-hydraulics, James and Simon will significantly strengthen NANO Nuclear’s ability to develop, demonstrate, gain regulatory approval, and, eventually commercialize and deploy its next-generation microreactors.”

Figure 1 – NANO Nuclear Energy Inc. Appoints James Leybourn and Simon Boddington as Senior Nuclear Engineers.

“The talent we’ve attracted speaks volumes about the progress we’re making,” said Professor Eugene Shwageraus, Lead of Nuclear Reactor Engineering of NANO Nuclear. “NANO Nuclear’s success in recruiting top engineering minds with such outstanding credentials and experience from world-class companies underscores our leadership in next-generation nuclear energy development.”

“It is essential for us to strengthen our technical capabilities as we enter the next phase of development for our portfolio of energy systems,” said James Walker, Chief Executive Officer of NANO Nuclear. “Bringing Mr. Leybourn and Mr. Boddington on board demonstrates NANO Nuclear’s ambitions of being an innovative and global leader in the industry. Their extensive experience will be invaluable, and I welcome them to NANO Nuclear.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include patented KRONOS MMR^™ Energy System, a stationary high-temperature gas-cooled reactor that is in construction permit pre-application engagement U.S. Nuclear Regulatory Commission in collaboration with University of Illinois Urbana-Champaign, “ZEUS”, a portable solid core battery reactor, “ODIN”, a portable low-pressure coolant reactor, and the space focused, portable LOKI MMR^™, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR^™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

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Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements includes those related to the anticipated benefits to NANO Nuclear of the appointment of the senior nuclear engineers, as well as the Company’s regulatory plans in general, as described herein. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment

The MIL Network –

March 21, 2025
MIL-OSI: Safe Harbor Financial Names Mike Regan as Head of Investor Relations and Data Science

Source: GlobeNewswire (MIL-OSI)

GOLDEN, Colo., March 20, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, is proud to announce that Michael (Mike) Regan has joined the team as Head of Investor Relations and Data Science.

In this role, Mike will help investors gain a deeper understanding of the Company’s growth initiatives, while also spearheading the development of innovative, differentiated new products leveraging Safe Harbor’s extensive databases. He earned an MBA from MIT Sloan, where he was the TA for a class on creating and quantitatively analyzing new institutional investment strategies, and a Bachelor of Science in Business Administration majoring in Finance from Georgetown University. His career spans research roles at Credit Suisse, Deutsche Bank, hedge funds Roubaix Capital and Hawkshaw Capital, as well as product innovation at Liberty Mutual. Since 2019, Mike has focused on the legal cannabis sector, most recently as Founder and Director of Research at Excelsior Equities, an investment bank and broker-dealer that provided research, custody, and trading of cannabis equities.

“We are thrilled to welcome Mike Regan to Safe Harbor as Head of Investor Relations and Data Science,” said Terry Mendez, CEO of Safe Harbor. “Mike’s exceptional track record in investment analysis, product innovation, and his thorough understanding of the legal cannabis sector make him uniquely qualified to advance our growth initiatives. His expertise will be instrumental in developing new solutions for our growth strategies Safe Harbor Protects, Safe Harbor Lends, Safe Harbor Connects, and Safe Harbor Enables programs, ensuring we continue to lead and grow in this evolving industry.”

“I am excited to join Safe Harbor and contribute to its mission of driving innovation and growth to better serve operators in the legal cannabis sector and beyond,” said Mike Regan. “I see tremendous potential to create meaningful value for our shareholders and clients, and to develop solutions that will shape the future of this industry.”

About Safe Harbor
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD and ancillary operators, making communities safer, driving growth in local economies and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

Cautionary Statement Regarding Forward-Looking Statements

Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; success or viability of new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that have been or may be brought by or against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contact Information
Mike Regan, Head of Safe Harbor Investor Relations
ir@SHFinancial.org
(720) 826-6282

KCSA Strategic Communications
Ellen Mellody
safeharbor@kcsa.com

The MIL Network –

March 21, 2025
MIL-Evening Report: Australia’s PBS means consumers pay less for expensive medicines. Here’s how this system works
Source: The Conversation (Au and NZ) – By Bonny Parkinson, Associate Professor, Macquarie University Centre for the Health Economy, Macquarie University

The United States pharmaceutical lobby has complained to US President Donald Trump that Australia’s Pharmaceutical Benefits Scheme (PBS) is damaging their profits and has urged Trump to put tariffs on pharmaceutical imports from Australia.

Prime Minister Anthony Albanese defended the scheme, saying Australia’s pharmaceutical subsidy scheme was “not up for negotiation”. Opposition Leader Peter Dutton said he would also protect the PBS, which was the “envy of the world”.

But what exactly is the PBS, and why does it matter?

How did the PBS start?

In the early 1900s, Australians had to pay for medicines out-of-pocket. Some could get free or cheap medicines at public hospitals or through Friendly Society Dispensaries, but otherwise access was restricted to those who could afford to pay.

At the time, few effective medicines were available. But the development of insulin and penicillin in the 1920s made access to medicines much more important.

The Constitution gave the federal government limited powers in the provision of health and welfare, which were largely the responsibility of the states. After World War II, the federal government wanted to expand these powers but it encountered several constitutional roadblocks.

A rare successful referendum in 1946 changed that, enabling the National Health Act 1953 to pass. This established the PBS as we know it today.

How does the PBS work in practice?

The PBS covers the cost of medicines prescribed by doctors. Most are dispensed at community pharmacies (such as treatments for heart disease, the pill and antibiotics), but some more expensive ones are available at public hospitals or specialist treatment centres (such as chemotherapies and IVF medicines).

In 2023–24 there were 930 different medicines and 5,164 brands listed on the PBS, costing the government $17.7 billion.

The government negotiates the price of each medicine with the pharmaceutical company. Pharmacies then buy these medicines from wholesalers or companies.

When a patient fills a prescription at a pharmacy, they pay a co-payment. The government pays the difference between the agreed price and the co-payment to the pharmacy – costs that may amount to hundreds of thousands of dollars.

There are two co-payments: one for concession card holders ($7.70) and one for the general consumer ($31.60). When a patient hits the annual spending limit (safety net threshold), the co-payment falls to $0 for concession patients and $7.70 for the general consumer.

Overall, patients contribute 8.4% to the total cost of the PBS, while the government pays the rest.

How are medicine prices set?

The PBS is split into two categories:

– F1: new, patent-protected medicines with no competition

– F2: medicines with multiple brands, including generics.

F1 medicines

To be listed on the PBS, a new medicine goes through the following process:
1. It’s evaluated for safety, efficacy and quality.
2. A panel of experts (including doctors, pharmacists, epidemiologists, health economists, health consumer advocates and a pharmaceutical industry representative) recommends which medicines should be listed on the PBS, based on effectiveness, safety, cost-effectiveness and the total cost on the budget of the medicine versus alternative treatments.
3. If the panel recommends a medicine, the price and details of the listing may be further negotiated with the government. (If the panel rejects a medicine, companies may revise their application and re-submit.)
4. Finally, the health minister, and subsequently the Cabinet, formally approves or rejects the panel’s recommendation. If approved, the medicine is listed on the PBS.
F2 medicines

Generic medicine companies may apply to list another brand on the PBS after a medicine loses patent protection. When this happens, the medicine moves from F1 to F2. Immediately, it incurs a mandatory price discount.

Generic medicine companies may offer pharmacists discounts on the PBS list price (for example, ten for the price of nine). Pharmacists then encourage patients to switch to the cheaper medicine.

Companies must disclose these discounts to the government, resulting in further price reductions.

Is the PBS system unique?

Australia is not special. Many countries use similar assessments to determine whether governments should subsidise new medicines, including the National Institute for Health and Care Excellence (NICE) in the United Kingdom, Canada’s Drug Agency, and Pharmac in New Zealand.

Small differences exist, including whether the list of medicines is a positive (and they’re subsidised) or negative (meaning they’re not subsidised), whether the lists are established at the central level (such as the PBS in Australia) or local level (such as by province in Canada) or a mixture, and how co-payments are set.

Generic medicine companies in Australia may offer pharmacists discounts on their products.
National Cancer Institute/Unsplash

The biggest outlier is the US. Similar to its health system, the medicines system is a complex and decentralised mix of public and private organisations, including government agencies, independent organisations, health-care providers and payers such as health insurers.

What are the benefits of the PBS?

The PBS ensures all Australian patients have access to highly effective medicines. This contributes to a high life expectancy, while keeping health-care costs low relative to other developed countries.

This has been achieved by keeping prices down for both F1 and F2 medicines. By doing so, it creates room in the government budget to fund other new medicines.

Without the PBS, either taxes or co-payments would have to increase, or fewer medicines funded.

Other benefits include having a level playing field for all medicines, while maintaining flexibility to fund highly effective medicines for patients with unmet needs.

What are the drawbacks of the PBS system?

No system is without its drawbacks and risks. The PBS’s drawbacks include:
- limited patient involvement in the process
- the high frequency of re-submissions and delays to PBS listing
- companies being unwilling to submit off-patent medicines for PBS listing due to high costs and low rewards
- the ongoing lack of high-quality clinical evidence about medicines to treat rare diseases and certain patient populations, such as children.
Another issue is medicine shortages. When PBS-listed brands aren’t available due to supply chain issues, other non-PBS listed brands may be available at full cost to the patient. Increased medicine costs can discourage patients from filling necessary prescriptions, which can have longer-term impacts on health and health expenditure.

Finally, companies have argued Australia’s small market size plus low PBS prices can make it financially unviable to bring new medicines to Australia.

The PBS is a crucial part of Australia’s health system, making essential medicines affordable, while keeping costs down. Like any system, it has its challenges and there is ongoing debate about whether and how the system should change.

Read more:
Will the US trade war push up the price of medicines in Australia? Will there be drug shortages?

Bonny Parkinson receives funding from the Australian government to conduct evaluations of medicines to be listed on the Pharmaceutical Benefits Scheme. She also supervises students funded by PhD scholarships (received by the student, not Bonny Parkinson), including the Macquarie University Research Excellence Scholarship and Macquarie University Australian Pharmaceutical Scholarship, with support from six pharmaceutical companies: Amgen Australia, Janssen Australia, MSD Australia, Pfizer Australia, Roche Australia, and Abbvie Australia.

– ref. Australia’s PBS means consumers pay less for expensive medicines. Here’s how this system works – https://theconversation.com/australias-pbs-means-consumers-pay-less-for-expensive-medicines-heres-how-this-system-works-252736
MIL OSI Analysis – EveningReport.nz –
March 21, 2025

MIL-OSI: Alarum Technologies Announces Fourth Quarter and Annual 2024 Results

Source: GlobeNewswire (MIL-OSI)

A Pivotal Year, Marking Accomplishment of Strategic Shift to Data Collection,
Hits Milestones Toward Becoming a Driving Force in the AI Revolution

2024 revenue increased to $31.8 million, of which $7.4 million was in the fourth quarter;
2024 net profit rose to $5.8 million and adjusted EBITDA reached $9.4 million;
Cash and liquid investments balance at year-end amounted to $25 million

TEL AVIV, Israel, March 20, 2025 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) (“Alarum” or the “Company”), a global provider of web data collection solutions, today announced financial results for the fourth quarter and full year ended December 31, 2024.

Shachar Daniel, Chief Executive Officer of Alarum, said: “2024 was a landmark year for Alarum, as we successfully executed our strategic vision, to focus on data collection. This transformation comes at a time when AI is reshaping the world at an unprecedented pace. As data fuels intelligence, the companies that will lead this revolution are those that anticipate change, build a strong foundation, and position themselves for long-term success. This is exactly what we are striving for – taking it step by step.”

Market Trends Shaping Business Short-and Long-Term

Alarum Engaged in AI Model Training Trial Projects: as AI trends accelerated toward the end of 2024, collecting accurate data at massive scales has become increasingly critical. In the fourth quarter of 2024 and the first quarter of 2025, leading global companies, including one of the world’s largest online marketplace corporates, have selected Alarum’s Data Collection solutions for initial AI model training of mega-scale trial projects.
Industry Trends and Market Dynamics: With the growing demand for data, AI companies and data providers are forced to adapt to a rapidly evolving landscape, with websites implementing new technological barriers to data collection. This dynamic environment has led to revenue fluctuation across the industry. Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, leveraging its robust technological foundation, established customer base, and strategic engagements with industry leaders.
Financial Resilience: Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required.
Long-term Product Strategy and Vision: Evolving market needs validate Alarum’s focus on in-depth research and aligned roadmaps. Recognizing the current era as a paramount opportunity, the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities, aiming to elevate its position to the next level.

Recent Developments and Business Highlights

Network Expansion: Alarum significantly scaled its IP network (IPPN) infrastructure in 2024, reinforcing its position as a key player in large-scale data collection. Its leadership was also acknowledged in the comprehensive public report on the IPPN industry, the 2024 PROXYWAY Market Research¹, which named Alarum’s NetNut Ltd. (“NetNut”) as a top performer.
Introducing Innovative Data Collection & Labeling Solutions: Alarum has introduced cutting-edge solutions, designed to provide seamless and scalable access to high-quality data. In the second half of 2024, the Company recorded initial sales from the Website Unblocker and SERP API (Search Engine Results Page Application Programming Interface) products, and it also made progress with the development of an AI Data Collector.
NetNut’s Net Retention Rate (“NRR”)² reached 1.27 as of December 31, 2024, compared to 1.53 as of December 31, 2023, yet another consecutive quarter of achieving an NRR well-above 1.

Chen Katz, Chairman of The Board of Alarum, commented: “Our 2024 results showcase the success of our strategic shift, which is well supported by our financial resilience. With a sharp focus on data collection, we have built a solid foundation for long term sustainability in the AI data-driven era. I am excited to see how our continued innovation and execution will shape the future of our company.”


Summary of Financial Results³
(in millions of U.S. dollars, rounded, except per share amounts and margins)

	For the Year Ended December 31,						For the Three Months Ended December 31,
	2024			2023			2024			2023
	(Audited)			(Audited)			(Unaudited)			(Unaudited)

Total Revenue		31.8			26.5			7.4			7.1
of which, Web Data Collection Revenue was		30.9			21.3			7.2			6.7
Gross profit		23.9			18.8			5.3			5.3
Gross margin (in percentage)		75.1	%		70.9	%		72.4	%		75.0	%
Non-IFRS gross margin (in percentage)		77.0	%		74.3	%		74.3	%		77.2	%
Total operating expenses		17.2			24.3			5.0			3.6
Financial income (expense), net		0.3			(0.6	)		0.2			(0.1	)
Tax benefit (expense)		(1.2	)		0.5			(0.1	)		(*	)
Net profit (loss) from continuing operations		5.8			(5.6	)		0.4			1.7
Adjusted EBITDA from continuing operations		9.4			5.2			1.5			2.2
Basic earnings (loss) per ADS from continuing operations (in U.S. dollars)	$	0.87		$	(1.35	)	$	0.06		$	0.28
Non-IFRS basic earnings (loss) per American Depository Share (“ADS”) from continuing operations (in U.S. dollars)	$	1.26		$	(1.14	)	$	0.20		$	0.38

Cash, cash equivalents and debt investments (including accrued interest)⁴		25.0			10.9			25.0			10.9
Shareholders’ equity³		26.4			13.2			26.4			13.2

* Less than $0.1 million

Fourth Quarter and Full Year 2024 Financial Analysis

Revenue in Q4 2024 grew 4% year-over-year to $7.4 million (Q4 2023: $7.1 million). The increase is attributed to our NetNut web data collection business, which grew 7% to $7.2 million in Q4 2024, up from $6.7 million in Q4 2023. Revenue for the whole year 2024 grew 20%, rising to a record of $31.8 million (2023: $26.5 million). The Web Data Collection revenue reached a Company record $30.9 million in 2024, achieving 45% year-over-year growth (2023: $21.3 million).
Cost of revenue in Q4 2024 was $2.0 million (Q4 2023: $1.8 million). Full year 2024, cost of revenue was $7.9 million, (2023: $7.7 million). During these periods, costs have shifted towards investment in the Company’s IP network, as per its strategic decision announced in July 2023 to focus solely on its web data collection business.
Operating expenses in Q4 2024 totalled $5.0 million (Q4 2023: $3.6 million). The quarterly change was driven mainly by the increase in the NetNut Data Collection operations, primarily research and development salary costs. For the full year 2024, operating expenses were down to $17.2 million (2023: $24.3 million), mainly due to 2023-related impairment costs of goodwill and intangible assets and the strategic decision to scale down the Company’s consumer internet access business operations, partially offset by the increase in Data Collection operating expenses.
Financial income, net, in Q4 2024 was $0.2 million (Q4 2023: financial expense, net, of $0.1 million). Financial income, net, for 2024, increased to $0.3 million (2023: financial expense, net, of $0.6 million). This shift to financial income, net, from an expense, net, was mainly due to the increase in interest income from cash deposits as well as lower financial expenses related to short- and long-term loans.
2024 cash flow from operating activities rose 93%, to $8.9 million, compared to last year (2023: $4.6 million).
Bottom line, 2024 net profit from continuing operations rose to a record $5.8 million (2023: loss of $5.6 million), and the corresponding 2024 Adjusted EBITDA was up at a Company record $9.4 million (2023: $5.2 million).
As of December 31, 2024, shareholders’ equity doubled, totalling $26.4 million, up from $13.2 million as of December 31, 2023. The increase was driven by the switch to net profit from net loss as well as warrants and options exercises.
Outstanding ordinary share count as of December 31, 2024, was approximately 69.1 million shares, or 6.9 million in ADSs.

Financial Outlook

“In line with our guidance, total fourth quarter 2024 revenues increased to $7.4 million, of which $7.2 million were attributed to Web Data Collection, and fourth quarter 2024 Adjusted EBITDA reached $1.5 million. Our cash and liquid investment balance on December 31, 2024, increased to $25 million, demonstrating once again success in cashflow generation,” said Mr. Shai Avnit, Chief Financial Officer of Alarum.

“As we look ahead, our revenue guidance reflects the ongoing shifts in the global data collection. First quarter 2025 revenues are estimated at $7.3 million ±3% and Adjusted EBITDA for the first quarter 2025 is expected to range from $0.8 million to $1.2 million. We are navigating a period of adjustment as the industry evolves, and while short-term revenue growth may be lower than in previous quarters, we remain focused on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders,” Mr. Avnit concluded.

We are unable to present a reconciliation of our estimated Adjusted EBITDA to net profit from continuing operations as we are unable to predict with reasonable certainty, and without unreasonable effort, the impact and timing of certain expenses on our net profit from continuing operations. The financial impact of these expenses is uncertain and is dependent on various factors, including timing, and could be material to our consolidated statements of profit or loss and other comprehensive income (loss).

Fourth Quarter 2024 Financial Results Conference Call

Mr. Shachar Daniel, Chief Executive Officer of Alarum, and Mr. Shai Avnit, Chief Financial Officer of Alarum, will host a conference call today, March 20, 2025, at 8:30 a.m. ET, 5:30 a.m. Pacific time, 2:30 p.m. Israel, to discuss the fourth quarter and full year 2024 results and the first quarter 2025 outlook, followed by a Q&A session. To attend, please dial one of the following numbers, at least five minutes before the call starts: 1-877-407-0789 or 1-201-689-8562. If you are unable to connect using the toll-free number, please try the international dial-in number. An Israeli toll-free number is: 1 809 406 247. Participants will be required to state their name and company upon dialling in.

Replay: The conference call will be broadcast live and available for replay here, after 11:30 a.m. ET on March 20, 2025, through April 20, 2025. Toll-free replay numbers: 1-844-512-2921 or 1-412-317-6671, ID: 13751807.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when it discusses strategic vision, benefits, advantages and capabilities of Alarum’s solutions, the growing demand for data, that Alarum’s financial strength and operational efficiency allow it to capitalize on long-term market growth, that Alarum’s solid balance sheet and efficient operations enable it to stay ahead of the competition, seize opportunities promptly and adapt its long-term plans as required, that the Company continues to prioritize and allocate resources to seize and focus mainly on long-term growth opportunities and its aim to elevate its position to the next level, the estimates of the revenues for the first quarter 2025 revenues and Adjusted EBITDA, that short-term revenue growth may be lower than in previous quarters, and the Company’s focus on the bigger picture, and on generating long-term and sustainable value for the Company’s stakeholders. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.


Condensed Consolidated Statements of Financial Position
(in thousands of U.S. dollars)

	December 31,
	2024		2023
	(Audited)
Assets
Current assets:
Cash and cash equivalents	15,081		10,872
Trade receivables, net	3,231		1,994
Other receivables	503		399
	18,815		13,265

Non-current assets:
Long-term deposits	121		104
Other non-current assets	85		145
Property and equipment, net	130		88
Right-of-use assets	498		779
Deferred tax assets	422		181
Debt investments at fair value through other comprehensive income	9,256		–
Debt investments at fair value through profit or loss	555		–
Intangible assets, net	811		1,386
Goodwill	4,118		4,118
Total non-current assets	15,996		6,801
Total assets	34,811		20,066

Liabilities and equity
Current liabilities:
Trade payables	251		369
Other payables	4,484		2,439
Current maturities of long-term loan	938		290
Contract liabilities	1,987		1,983
Derivative financial instruments	148		109
Short-term lease liabilities	359		370
Total current liabilities	8,167		5,560

Non-current liabilities:
Long-term lease liabilities	261		523
Long-term loans, net of current maturities	32		802
Total non-current liabilities	293		1,325
Total liabilities	8,460		6,885

Equity:
Ordinary shares	–		–
Share premium	111,892		100,576
Other equity reserves	11,012		14,938
Accumulated deficit	(96,553	)	(102,333	)
Total equity	26,351		13,181
Total liabilities and equity	34,811		20,066


Condensed Consolidated Statements of Profit or Loss
(in thousands of U.S. dollars, except per share amounts)

	For the Year Ended December 31,					For the Three Months Ended December 31,
	2024			2023		2024		2023
	(Audited)			(Audited)		(Unaudited)		(Unaudited)
Continuing operations
Revenue		31,824		26,521		7,370		7,107
Cost of revenue		7,915		7,711		2,032		1,778
Gross profit		23,909		18,810		5,338		5,329

Operating expenses:
Research and development		4,495		3,557		1,210		795
Sales and marketing		7,033		10,035		1,988		1,579
General and administrative		5,661		4,406		1,749		1,207
Impairment of goodwill		–		6,311		–		–
Total operating expenses		17,189		24,309		4,947		3,581

Operating profit (loss)		6,720		(5,499	)	391		1,748

Financial income (expense), net		281		(590	)	163		(54	)
Profit (loss) from continuing operations before income tax		7,001		(6,089	)	554		1,694
Tax benefit (expense)		(1,221	)	482		(112	)	(22	)
Profit (loss) from continuing operations, net of income tax		5,780		(5,607	)	442		1,672
Profit from discontinued operations, net of income tax		–		82		–		–
Net profit (loss) for the period		5,780		(5,525	)	442		1,672
Other comprehensive income (loss) for the period Change in fair value of debt investments		(80	)	–		(80	)	–
Total comprehensive income (loss) for the period		5,700		(5,525	)	362		1,672

Basic profit (loss) per share:
Continuing operations	$	0.09		(0.14	)	0.01		0.03

Discontinued operations		–		*		–		–
	$	0.09		(0.14	)	0.01		0.03

Diluted profit (loss) per share:
Continuing operations	$	0.08		(0.14	)	0.01		0.03

Discontinued operations		–		*		–		–
	$	0.08		(0.14	)	0.01		0.03

Basic profit (loss) per ADS:

Continuing operations	$	0.87		(1.35	)	0.06		0.28

Discontinued operations		–		*		–		–
	$	0.87		(1.35	)	0.06		0.28
* Less than $0.01

Use of Non-IFRS Financial Results

In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of EBITDA (EBITDA loss), Adjusted EBITDA (Adjusted EBITDA loss), non-IFRS net profit (loss), non-IFRS gross profit, non-IFRS gross margin and non-IFRS basic earnings (loss) per share or ADS for the periods presented. The Company defines EBITDA (EBITDA loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, financial income (expense) and income tax; defines Adjusted EBITDA (Adjusted EBITDA loss) as EBITDA (EBITDA loss) as further adjusted to remove the impact of (i) impairment of goodwill (if any); and (ii) share-based compensation; defines non-IFRS net profit (loss) as net profit (loss) from continuing operations before depreciation, amortization and impairment of intangible assets, impairment of goodwill, financial income (expense) effects primarily related to derivative financial instruments as well as long-term loans, deferred tax effects and share-based compensation; defines non-IFRS gross profit as gross profit from continuing operations adjusted to remove the impact of depreciation, amortization and impairment of intangible assets and share-based compensation recorded under cost of revenues; defines non-IFRS gross margin as the percentage of the non-IFRS gross profit out of revenues; and defines non-IFRS basic earnings (loss) per share or ADS as non-IFRS net profit (loss) divided by the weighted average number of ordinary shares or ADSs. The Company’s management believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such deemed it important to provide this information to investors. The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.

Other Metrics

Net retention rate (NRR) is a key indicator of customer base health and revenue expansion. It is based on NRR point in time, which measures the revenue growth of customers over the past four quarters, compared to the revenue generated from these customers during the same period a year earlier.
NRR is calculated as an average of the NRR points in time for the end of the current period and the three preceding quarters.
NRR > 1 (or 100%): Indicates revenue growth driven by existing customers, where upsells and cross-sells outweigh churn.
NRR < 1 (or 100%): Shows revenue loss due to churn exceeding gains from upsells or cross-sells.

Non-IFRS Financial Measures
(in millions of U.S. dollars, rounded)

The following tables present the reconciled effect of the above on the Company’s Adjusted EBITDA (EBITDA loss); non-IFRS net profit (loss); and non-IFRS gross profit for the year and three months ended December 31, 2024 and 2023:

	For the Year Ended December 31,				For the Three Months Ended December 31,
	2024		2023		2024		2023

Net profit (loss) from continuing operations	5.8		(5.6	)	0.4		1.7
Adjustments:
Depreciation, amortization and impairment of intangible assets	0.6		3.5		0.2		0.1
Financial expense (income), net	(0.4	)	0.6		(0.1	)	0.1
Tax expense (benefit)	1.4		(0.5	)	0.1		*
EBITDA (EBITDA loss)	7.4		(2.0	)	0.6		1.9
Adjustments:
Impairment of goodwill	–		6.3		–		–
Share-based compensation	2.0		0.9		0.9		0.3
Adjusted EBITDA for the period	9.4		5.2		1.5		2.2
* Less than $0.1 million


	For the Year Ended December 31,				For the Three Months Ended December 31,
	2024		2023		2024		2023
Net profit (loss) from continuing operations	5.8		(5.6	)	0.4		1.7
Adjustments:
Depreciation, amortization and impairment of intangible assets	0.6		3.5		0.2		0.1
Financial expense (income), net effects	0.1		0.1		(*	)	0.2
Deferred tax effects	(0.1	)	(0.5	)	(0.1	)	*
Impairment of goodwill	–		6.3		–		–
Share-based compensation	2.0		0.9		0.9		0.3
Non-IFRS net profit for the period	8.4		4.7		1.4		2.3
* Less than $0.1 million


	For the Year Ended December 31,		For the Three Months Ended December 31,
	2024	2023	2024	2023
Gross profit from continuing operations	23.9	18.8	5.3	5.3
Adjustments:
Depreciation, amortization and impairment of intangible assets	0.6	0.9	0.2	0.2
Share-based compensation	*	*	*	*
Non-IFRS gross profit for the period	24.5	19.7	5.5	5.5
* Less than $0.1 million

About Alarum Technologies Ltd.

Alarum Technologies Ltd. (Nasdaq, TASE: ALAR) is a global provider of web data collection solutions, empowering organizations to gain a competitive edge by streamlining the collection, extraction, and analysis of large-scale structured data from public online sources. Our data collection solutions by NetNut, are based on our world’s fastest and most advanced and secured hybrid proxy network, which comprises both exit points based on our proprietary reflection technology and hundreds of servers located at our ISP partners around the world. Pushing the boundaries of innovation in data collection, we are building a robust platform, complemented by the Website Unblocker, Data Collector, Data Sets and AI data collector. As the impact of the AI revolution unfolds, Alarum, with its robust market-leading data collection offerings is preparing itself to play a meaningful role as the world reshapes in a new form.

For more information about Alarum and its web data collection solutions, please visit www.alarum.io.

Subscribe to our YouTube channel

Investor Relations Contact:
investors@alarum.io

________________________
¹https://proxyway.com/research/proxy-market-research-2024
² See definition under “Other Metrics”
³ The table below contains certain non-IFRS financial measures. See “Use of Non-IFRS Financial Results” for additional information regarding these measures and reconciliations to the most comparable IFRS measures.
⁴ As of the last day of the period.

The MIL Network –

March 21, 2025

MIL-OSI United Kingdom: TRA initiates transition review into glass fibre from Egypt
Source: United Kingdom – Government Statements

News story

TRA initiates transition review into glass fibre from Egypt

The TRA has initiated a transition review of a countervailing measure on imports of Continuous Glass Fibre from Egypt.
The TRA has initiated a transition review of a countervailing measure on imports of Continuous Glass Fibre from Egypt.

The TRA will be reviewing the measure transitioned from the EU to determine whether it is still suitable for the UK’s needs. This measure is due to expire on 26 June 2025.

Glass fibres are used in the creation of wind turbine blades and in such industries as transport (automotive, marine, aerospace), building and construction and electric/electronics, as well as the manufacturing of various consumer goods.

Last year, the UK imported around 27 million kg of continuous glass fibre, with products from Egypt accounting for around 10% of that volume.

Businesses that may be affected by this measure can register their interest through our public file by 2 April 2025. Interested parties that register after this date may not be able to participate fully in the review.

Notes to editors

The Trade Remedies Authority is the UK body that investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports.

Trade remedy investigations were carried out by the EU Commission on the UK’s behalf until the UK left the EU. A number of EU trade remedy measures of interest to UK producers were transitioned into UK law when the UK left the EU and the TRA has been reviewing these to assess whether they are suitable for UK needs.

The goods to be reviewed are described as:

chopped glass fibre strands, of a length of not more than 50mm, or

glass fibre rovings, excluding glass fibre rovings which are impregnated and coated and have a loss on ignition of more than 3% (as determined by the ISO Standard 1887).

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Published 20 March 2025
MIL OSI United Kingdom –
March 21, 2025
MIL-OSI United Kingdom: Manchester tech companies shut down for suspected monthly direct debit scam
Source: United Kingdom – Executive Government & Departments

Press release

Manchester tech companies shut down for suspected monthly direct debit scam

Consumers appeared to be signed up for monthly payments without their consent
Concerns were raised that tech companies Affinity Technology Solutions Limited and RCSR Tech Limited were operating a direct debit scam

Monthly payments of around £30 were made without customers’ knowledge or permission, complainants said

Both companies have now been shut down in court following investigations by the Insolvency Service

Two connected tech companies which claimed to protect people online and enhance their social media image have been shut down following concerns they were running a direct debit scam.

Manchester-based companies Affinity Technology Solutions Limited and RCSR Tech Limited were both wound-up at the High Court in Manchester on Tuesday 18 March.

Affinity claimed to offer a service called IDSafeGuard which protected their customers’ online identity.

RCSR claimed to provide a service called ReportCurve which it said boosted a person’s online and social media footprint, making them more attractive to would-be employers and improving their eligibility for financial products.

However, individuals reported that they had monthly subscription fees of around £29.99 removed from their bank accounts for services they had never subscribed to.

The unwanted subscription services appeared to have been set up as part of an online loan application through an affiliated marketing company’s website.

Complaints were also made that the two companies would not cancel the unwanted subscriptions or offer refunds to customers.

David Usher, Chief Investigator at the Insolvency Service, said:

Numerous complaints were made that Affinity and RCSR were tricking consumers into monthly subscriptions for products they did not want or were entirely unaware of.

Indeed, from our investigations, it is not clear that either company provided any of the services to their unwitting customers.

Both Affinity and RSCR completely failed to co-operate with our investigations, leaving us with no option but to take this robust action to stop the companies from trading in the future and protect the public from further financial harm.

Affinity and RCSR were incorporated within two days of each other in February 2020. Both were described on Companies House as providing business and domestic software development.

Insolvency Service investigations concluded that the companies were linked through the same controlling force who was not listed as the official director. The registered office for both companies was also the same address on Wilmslow Road in south Manchester.

Investigators contacted the official directors of both Affinity and RSCR as well as the individual believed to be in actual control of the companies. All of them failed to comply with the investigation.

Both companies also failed to file accounts at Companies House as they were required to do.

The Official Receiver has been appointed as liquidator of Affinity Technology Solutions Limited and RCSR Tech Limited.

All enquiries concerning the affairs of both companies should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.

Affinity is not linked to a number of companies with similar names.

Further information

Affinity Technology Solutions Limited (company number 12458065)

RCSR Tech Limited (company number 12463785)

The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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Published 20 March 2025
MIL OSI United Kingdom –
March 21, 2025
MIL-OSI Africa: R10 billion to eThekwini Municipality infrastructure

Source: South Africa News Agency

The eThekwini Municipality has allocated about R10 billion to rebuild its water, electricity, and solid waste management infrastructure.

This comes as Minister of Finance Enoch Godongwana announced a R3.33 billion grant allocation to eThekwini for trading services reforms over the next three years.

The municipality said the performance grant will be used to upgrade water and sanitation, electricity, and solid waste management so as to ensure that trading services are self-sufficient.

The city said the reforms for trading services will initially affect water and electricity for the first year, starting in the 2025/26 financial year.

“With respect to eThekwini Water and Sanitation (EWS) Unit, the city has adopted a Water and Sanitation Turnaround Strategy (TAS) and further developed the Business and Investment plan, and an Institutional and Governance Reform Road map.

“The latter has the six strategic pillars that underpin the reform of EWS into a ring-fenced commercial business unit, as echoed by Minister Godongwana in the recent budget speech,” the city located in KwaZulu-Natal said.

The strategic pillars included institutionalisation of single point of accountability; acquisition of management, technical and change leadership capabilities; improvement of the governance model and the financial ring-fencing of the Water and Sanitation Business Unit, among others.

Pursuant to the implementation of this strategy, the city said it intends to increase investment into priority capital and operational programmes that will help realise the envisaged financial turnaround, as well as stabilise the water and sanitation services to meet customer needs.

“The turnaround strategy, as adopted by Council, is in progress with 22% of the goals achieved to date. As the city aligns its budget priorities, the additional funds will be directed to the EWS TAS programmes that seek to reduce water losses, improve customer call centre systems, water metering, as well as intermittent water supply while reducing inefficiencies in all operations,” the municipality said.

The city through the Mayor’s Office will continue to engage all stakeholders on the EWS TAS, to ensure that the performance and outcome required are achieved.

“The R3.33bn incentive grant will therefore help the city gear up its existing resources to accelerate the reforms required and reposition the trading services to attract the required investments to improve the business, as per the business and investment plans that have been developed for the next five years,” the municipality said.

Additionally, the municipality has commended the indicative allocations, as provided in the budget, and commited to align them to its budget for approval in May 2025. – SAnews.gov.za

MIL OSI Africa –

March 21, 2025
MIL-OSI USA: New Bridge Ready to Serve NASA, America’s Space Interests

Source: NASA

The high-rise bridge that serves as the primary access point for employees and visitors to NASA’s Kennedy Space Center in Florida is fully operational. In the late hours of March 18, 2025, the Florida Department of Transportation (FDOT) opened the westbound portion of the NASA Causeway Bridge, which spans the Indian River Lagoon and connects NASA Kennedy and Cape Canaveral Space Force Station to the mainland.
This new bridge span (right side of photo) sits alongside its twin on the eastbound side, which has accommodated traffic in both directions since FDOT opened it on June 9, 2023. The new structure replaces the old two-lane drawbridge which operated at that location for nearly 60 years.
“The old drawbridge served us well, witnessing decades of spaceflights since the Apollo era and supporting Kennedy’s transition to a multi-user spaceport,” said Kennedy’s Acting Director Kelvin Manning. “The new bridge will see NASA send American astronauts back to the Moon and on to Mars, and it will support the continued rapid growth of America’s commercial space industry here at Earth’s premier spaceport.”
At 4,025 feet long, the new NASA Causeway Bridge is about 35% longer than its predecessor, featuring a 65-foot waterway clearance and a channel wide enough to handle larger vessels carrying cargo necessary for Kennedy to continue launching humanity’s future.
The bridge sits on over 1,000 concrete pilings which total more than 22 miles in length. Nearly 270 concrete I-beams, each weighing hundreds of thousands of pounds, support the bridge, along with over 40,000 cubic yards of concrete and over 8.7 million pounds of steel. All 110 spans of the old drawbridge were demolished during the construction, with much of the material recycled for future projects.
A $90 million federal infrastructure grant secured in July 2019 by Space Florida via the U.S. Department of Transportation funded nearly 50% of the drawbridge replacement as well the widening of nearby Space Commerce Way. NASA and the state of Florida provided the remaining funding for the upgrades.
Photo credit: NASA/Glenn Benson

MIL OSI USA News –

March 20, 2025

MIL-OSI: FactSet Reports Results for Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Q2 GAAP revenues of $570.7 million, up 4.5% from Q2 2024.
Organic Q2 ASV of $2,276.2 million, up 4.1% year over year.
Q2 GAAP operating margin of 32.5%, down approximately 80 bps year over year, and adjusted operating margin of 37.3%, down 100 bps year over year.
Q2 GAAP diluted EPS of $3.76, up 3.0% from the prior year, and adjusted diluted EPS of $4.28, up 1.4% year over year.
Fiscal 2025 guidance updated. Expected organic ASV growth of $100 million to $130 million (approximately 4.4% to 5.8%), GAAP revenues in the range of $2,305 million to $2,325 million, adjusted operating margin in the range of 36% to 37%, and adjusted diluted EPS in the range of $16.80 to $17.40.

NORWALK, Conn., March 20, 2025 (GLOBE NEWSWIRE) — FactSet (“FactSet” or the “Company”) (NYSE:FDS) (NASDAQ:FDS), a global financial digital platform and enterprise solutions provider, today announced results for its second quarter fiscal 2025 ended February 28, 2025.

Second Quarter Fiscal 2025 Highlights

GAAP revenues increased 4.5%, or $24.8 million, to $570.7 million for the second quarter of fiscal 2025 compared with $545.9 million in the prior year period. Organic⁽¹⁾ revenues grew 4.0% year over year to $568.0 million during the second quarter of fiscal 2025. Growth in GAAP and Organic revenues this quarter was driven by wealth and institutional buy-side clients.
Annual Subscription Value (“ASV”) was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up 4.1% or $90.7 million year over year⁽²⁾.
Organic ASV increased $19.6 million over the last three months. Please see the “ASV” section of this press release for details.
GAAP operating margin decreased to 32.5% compared with 33.3% for the prior year period, mainly due to an increase in acquisition-related professional fees and technology-related expenses, partially offset by growth in revenues and a decrease in employee compensation costs. Adjusted operating margin decreased to 37.3% compared with 38.3% in the prior year period, mainly due to higher technology related expenses offset by lapping of the prior year’s lower bonus accrual.
GAAP diluted earnings per share (“EPS”) increased 3.0% to $3.76 compared with $3.65 for the same period in fiscal 2024, primarily due to growth in revenues, partially offset by an increase in acquisition-related professional fees and technology-related expenses. Adjusted diluted EPS increased 1.4% to $4.28 compared with $4.22 in the prior year period, driven by growth in revenues, offset by higher operating expenses and a higher tax rate on an adjusted basis.
Net cash provided by operating activities was $174.0 million for the second quarter of fiscal 2025. Free cash flow increased to $150.2 million for the second quarter of fiscal 2025, compared with $121.9 million for the prior year period, an increase of 23.3%, primarily due to higher net cash provided by operating activities.

GAAP effective tax rate for the second quarter of fiscal 2025 decreased to 15.9% compared with 16.4% for the second quarter of fiscal 2024. The decrease was primarily due to lower U.S. tax on foreign earnings, partially offset by certain discrete items, mainly lower excess tax benefits related to stock-based compensation.

^{(1) References to “organic” figures in this press release exclude the current year impact of acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency.}

^{(2) Beginning in fiscal 2025, FactSet is reporting Organic ASV, rather than Organic ASV plus Professional Services, to focus on the recurring nature of its revenues. This underscores the shift of FactSet’s offerings toward providing more managed services and less project-based services.}

“With increased visibility into the remainder of the fiscal year, we are reaffirming the 5% midpoint of our organic ASV growth guidance and narrowing the range of anticipated top-line outcomes,” said Phil Snow, CEO of FactSet. “The strength of our full-year pipeline and constructive dialogue with our clients position our business positively for growth acceleration in the second half of the year.”

Key Financial Measures*

(Condensed and Unaudited)	Three Months Ended
	February 28,			February 29,
(In thousands, except per share data)		2025			2024		Change
Revenues	$	570,660		$	545,945		4.5	%
Organic revenues	$	567,985		$	545,945		4.0	%
Operating income	$	185,492		$	181,942		2.0	%
Adjusted operating income	$	212,669		$	209,326		1.6	%
Operating margin		32.5	%		33.3	%
Adjusted operating margin		37.3	%		38.3	%
Net income	$	144,860		$	140,940		2.8	%
Adjusted net income	$	164,976		$	163,067		1.2	%
EBITDA	$	224,646		$	216,826		3.6	%
Diluted EPS	$	3.76		$	3.65		3.0	%
Adjusted diluted EPS	$	4.28		$	4.22		1.4	%

^{* See reconciliation of U.S. GAAP to adjusted key financial measures in the back of this press release.}

“We achieved solid financial performance in the first half of the fiscal year by maintaining our focus on cost discipline and increased efficiency, while continuing to invest in our strategic priorities,” said Helen Shan, FactSet’s CFO. “We are reaffirming our guidance range for adjusted operating margin and adjusted diluted EPS, despite modest dilution from our recent acquisitions.”

Annual Subscription Value (ASV)

ASV at any given point in time represents the forward-looking revenues for the next 12 months from all subscription services currently supplied to clients.

ASV was $2,306.1 million at February 28, 2025, compared with $2,185.6 million at February 29, 2024. Organic ASV was $2,276.2 million at February 28, 2025, up $90.7 million from the prior year, for a growth rate of 4.1%. Organic ASV increased $19.6 million over the last three months.

The buy-side and sell-side organic ASV annual growth rates as of February 28, 2025 were 4.1% and 2.2%, respectively. Buy-side clients, including institutional asset managers, wealth managers, asset owners, partners, hedge funds and corporate clients, accounted for 82% of organic ASV. The remaining organic ASV came from sell-side firms, including broker-dealers, banking and advisory firms, and private equity and venture capital firms. Supplementary tables covering organic buy-side and sell-side ASV growth rates may be found on the last page of this press release.

Segment Revenues and ASV

ASV from the Americas was $1,501.1 million compared with ASV in the prior year period of $1,413.6 million. Organic ASV from the Americas increased 4.4% to $1,474.9 million. Americas revenues for the quarter increased to $369.7 million compared with $352.6 million in the second quarter of last year. The Americas quarterly organic revenues growth rate was 4.0% over the prior year period.

ASV from EMEA was $571.3 million compared with ASV in the prior year period of $556.5 million. Organic ASV from EMEA increased 2.6% to $571.4 million. EMEA revenues were $143.4 million compared with $139.2 million in the second quarter of fiscal 2024. The EMEA quarterly organic revenues growth rate was 3.1% over the prior year period.

ASV from Asia Pacific was $233.7 million compared with ASV in the prior year period of $215.5 million. Organic ASV from Asia Pacific increased 6.8% to $229.9 million. Asia Pacific revenues were $57.6 million compared with $54.1 million in the second quarter of fiscal 2024. The Asia Pacific quarterly organic revenues growth rate was 6.8% over the prior year period.

Operational Highlights – Second Quarter Fiscal 2025

Client count as of February 28, 2025 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition. The count includes clients with ASV of $10,000 and more and does not reflect the LiquidityBook acquisition.
User count was 219,141 as of February 28, 2025, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users. The user count does not reflect the Irwin and LiquidityBook acquisitions.
Annual ASV retention was greater than 95%. When expressed as a percentage of clients, annual retention was 91%.
Employee headcount was 12,598 as of February 28, 2025, up 2.6% over the last 12 months, with the increase primarily in the sales and technology groups, mainly from the Irwin and LiquidityBook acquisitions. FactSet’s Centers of Excellence account for approximately 67% of the Company’s employees.
A quarterly dividend of $39.5 million, or $1.04 per share, is being paid on March 20, 2025, to holders of record of FactSet’s common stock at the close of business on February 28, 2025.
FactSet acquired LiquidityBook, a provider of cloud-native trading solutions. The acquisition adds technology-forward order management (OMS) and investment book of record (IBOR) capabilities to the FactSet Workstation to seamlessly link adjacent steps in the front office trade workflow and enhance FactSet’s ability to serve the integrated workflow needs of clients across the entire portfolio lifecycle.
FactSet launched Pitch Creator, an AI-powered tool that streamlines pitchbook creation for investment banks. By automating the time-consuming tasks of model analysis and presentation building, FactSet Pitch Creator can reduce hours of manual work into minutes, creating the productivity gains necessary for junior bankers to prioritize high-value, strategic initiatives.
After the quarter end, FactSet acquired LogoIntern, a productivity solution that helps financial services professionals create well formatted logo outputs for presentations faster. This acquisition reinforces FactSet’s commitment to improving junior banker productivity and complements Pitch Creator to bring automation to another time-consuming, manual aspect of a junior banker’s daily workflow.
FactSet appointed Kevin Toomey as Head of Investor Relations. Toomey is replacing Yet He, who was acting as Interim Head of Investor Relations and now will continue in his role as FactSet’s Treasurer and Head of Financial Planning & Analysis.

Share Repurchase Program

FactSet repurchased 136,714 shares of its common stock for $64.4 million at an average price of $470.70 during the second quarter of fiscal 2025 under the Company’s share repurchase program. As of February 28, 2025, $186.9 million remained available for share repurchases under this program.

Annual Business Outlook

FactSet is updating its outlook for fiscal 2025. The following forward-looking statements reflect FactSet’s expectations as of today’s date. Given the risk factors, uncertainties, and assumptions discussed below, actual results may differ materially. FactSet does not intend to update its forward-looking statements prior to its next quarterly results announcement.

Fiscal 2025 Expectations (with reference to most recent previous guidance):

Organic ASV is expected to grow in the range of $100 million to $130 million during fiscal 2025 (narrowing from $90 million to $140 million).
GAAP revenues are expected to be in the range of $2,305 million to $2,325 million (up from $2,285 million to $2,305 million).
GAAP operating margin is expected to be in the range of 32.0% to 33.0% (down from 32.5% to 33.5%).
Adjusted operating margin is expected to be in the range of 36.0% to 37.0% (unchanged).
FactSet’s annual effective tax rate is expected to be in the range of 17% to 18% (unchanged).
GAAP diluted EPS is expected to be in the range of $14.80 to $15.40 (down from $15.10 to $15.70).
Adjusted diluted EPS is expected to be in the range of $16.80 to $17.40 (unchanged).

Adjusted operating margin and adjusted diluted EPS guidance do not include certain effects of any non-recurring benefits or charges that may arise in fiscal 2025. Please see the back of this press release for a reconciliation of GAAP to adjusted metrics.

Conference Call

Second Quarter 2025 Conference Call Details

Please register for the conference call using the above link before the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The conference call will have a live Q&A session.

A replay will be available on the Company’s investor relations website after 11:00 a.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet.

Forward-looking Statements

This news release contains forward-looking statements based on management’s current expectations, estimates, forecasts and projections about industries in which FactSet operates and the beliefs and assumptions of management. All statements that address expectations, guidance, outlook or projections about the future, including statements about the Company’s strategy for growth, product development, revenues, future financial results, anticipated growth, market position, subscriptions, expected expenditures, trends in FactSet’s business and financial results, are forward-looking statements. Forward-looking statements may be identified by words like “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “intends,” “projects,” “indicates,” “predicts,” “potential,” or “continue,” and similar expressions. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Many factors, including those discussed more fully elsewhere in this release and in FactSet’s filings with the Securities and Exchange Commission, particularly its latest annual report on Form 10-K and quarterly reports on Form 10-Q, as well as others, could cause results to differ materially from those stated. Forward-looking statements speak only as of the date they are made, and FactSet assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

About Non-GAAP Financial Measures

Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted earnings per share and cash provided by operating activities, have been adjusted.

FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Investors may benefit from referring to these adjusted financial measures in assessing the Company’s performance and when planning, forecasting and analyzing future periods, and may also facilitate comparisons to its historical performance. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Organic revenues excludes the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. Adjusted operating income and margin, adjusted net income, and adjusted diluted earnings per share exclude acquisition-related intangible asset amortization and non-recurring items. EBITDA represents earnings before interest expense, provision for income taxes and depreciation and amortization expense, while adjusted EBITDA further excludes non-recurring non-cash expenses. The Company believes that these adjusted financial measures help to fully reflect the underlying economic performance of FactSet.

Cash flows provided by operating activities have been reduced by purchases of property, equipment, leasehold improvements and capitalized internal-use software to report non-GAAP free cash flow. FactSet uses this financial measure both in presenting its results to stockholders and the investment community and in the Company’s internal evaluation and management of the business. Management believes that this financial measure is useful to investors because it is an indication of cash flow that may be available to fund further investments in future growth initiatives.

About FactSet

FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,600 global clients, including over 219,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

FactSet
Investor Relations Contact:
Yet He
+1.212.973.5701
yet.he@factset.com

Media Contact:
Megan Kovach
+1.512.736.2795
megan.kovach@factset.com

Consolidated Statements of Income (Unaudited)
	Three Months Ended						Six Months Ended
	February 28,			February 29,			February 28,			February 29,
(In thousands, except per share data)		2025			2024			2025			2024
Revenues	$	570,660		$	545,945		$	1,139,327		$	1,088,161
Operating expenses
Cost of services		269,604			255,142			528,383			506,763
Selling, general and administrative		115,564			108,861			234,117			210,416
Total operating expenses		385,168			364,003			762,500			717,179

Operating income		185,492			181,942			376,827			370,982

Other income (expense), net
Interest income		273			2,847			2,974			5,859
Interest expense		(13,916	)		(16,599	)		(28,316	)		(33,337	)
Other income (expense), net		471			455			574			337
Total other income (expense), net		(13,172	)		(13,297	)		(24,768	)		(27,141	)

Income before income taxes		172,320			168,645			352,059			343,841

Provision for income taxes		27,460			27,705			57,177			54,346
Net income	$	144,860		$	140,940		$	294,882		$	289,495

Basic earnings per common share	$	3.81		$	3.70		$	7.76		$	7.61
Diluted earnings per common share	$	3.76		$	3.65		$	7.66		$	7.49

Basic weighted average common shares		38,015			38,103			38,010			38,059
Diluted weighted average common shares		38,510			38,650			38,513			38,646

Certain prior year figures have been conformed to the current year’s presentation.

Consolidated Balance Sheets (Unaudited)
(In thousands)	February 28, 2025		August 31, 2024
ASSETS
Cash and cash equivalents	$	278,548	$	422,979
Investments		8,471		69,619
Accounts receivable, net of reserves of $14,998 at February 28, 2025 and $14,581 at August 31, 2024		277,636		228,054
Prepaid taxes		75,931		55,103
Prepaid expenses and other current assets		67,055		60,093
Total current assets		707,641		835,848

Property, equipment and leasehold improvements, net		79,739		82,513
Goodwill		1,245,315		1,011,129
Intangible assets, net		1,935,488		1,844,141
Deferred taxes		53,546		61,337
Lease right-of-use assets, net		118,129		130,494
Other assets		101,584		89,578
TOTAL ASSETS	$	4,241,442	$	4,055,040

LIABILITIES
Accounts payable and accrued expenses	$	131,103	$	178,250
Current debt		—		124,842
Current lease liabilities		32,560		31,073
Accrued compensation		70,846		93,279
Deferred revenues		177,325		159,761
Current taxes payable		30,483		40,391
Dividends payable		39,511		39,470
Total current liabilities		481,828		667,066

Long-term debt		1,472,162		1,241,131
Deferred taxes		14,772		8,452
Deferred revenues, non-current		446		1,344
Taxes payable		46,313		40,452
Long-term lease liabilities		158,419		177,521
Other liabilities		10,585		6,614
TOTAL LIABILITIES	$	2,184,525	$	2,142,580

STOCKHOLDERS’ EQUITY
TOTAL STOCKHOLDERS’ EQUITY	$	2,056,917	$	1,912,460

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	4,241,442	$	4,055,040

*Consolidated Statements of Cash Flows (Unaudited)*
	Six Months Ended
	February 28,			February 29,
(In thousands)		2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	294,882		$	289,495
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		74,127			58,650
Amortization of lease right-of-use assets		15,177			15,263
Stock-based compensation expense		30,139			30,962
Deferred income taxes		8,763			5,632
Other, net		3,268			7,034
Changes in assets and liabilities, net of effects of acquisitions
Accounts receivable		(46,225	)		(39,468	)
Prepaid expenses and other assets		(3,889	)		(14,690	)
Accounts payable and accrued expenses		(61,915	)		10,377
Accrued compensation		(21,470	)		(40,456	)
Deferred revenues		11,934			22,133
Taxes payable, net of prepaid taxes		(24,810	)		(26,150	)
Lease liabilities, net		(19,654	)		(19,840	)
Net cash provided by operating activities		260,327			298,942

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, equipment, leasehold improvements and capitalized internal-use software		(49,610	)		(38,383	)
Acquisition of businesses, net of cash and cash equivalents acquired		(342,461	)		—
Purchases of investments		(4,208	)		(44,936	)
Proceeds from maturity or sale of investments		58,155			—
Net cash provided by (used in) investing activities		(338,124	)		(83,319	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debt		305,000			—
Repayments of debt		(200,000	)		(125,000	)
Dividend payments		(78,817	)		(74,141	)
Proceeds from employee stock plans		60,344			66,544
Repurchases of common stock		(113,142	)		(112,165	)
Deferred acquisition consideration		(4,699	)		—
Other financing activities		(14,228	)		(14,465	)
Net cash provided by (used in) financing activities		(45,542	)		(259,227	)

Effect of exchange rate changes on cash, cash equivalents and restricted cash		(8,048	)		(132	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(131,387	)		(43,736	)
Cash and cash equivalents at beginning of period		422,979			425,444
Cash, cash equivalents and restricted cash at end of period	$	291,592		$	381,708

Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	278,548		$	381,708
Restricted cash included in Prepaid expenses and other current assets		6,522			—
Restricted cash included in Other assets		6,522			—
Total cash, cash equivalents and restricted cash	$	291,592		$	381,708

Certain prior year figures have been conformed to the current year’s presentation.

Reconciliation of U.S. GAAP Results to Adjusted Financial Measures

Financial measures in accordance with U.S. GAAP, including revenues, operating income and margin, net income, diluted EPS and cash provided by operating activities, have been adjusted below. FactSet uses these adjusted financial measures both in presenting its results to stockholders and the investment community and in its internal evaluation and management of the business. The Company believes that these adjusted financial measures and the information they provide are useful to investors because they permit investors to view the Company’s performance using the same tools that management uses to gauge progress in achieving its goals. Adjusted measures may also facilitate comparisons to FactSet’s historical performance.

Organic Revenues

Organic revenues exclude the current year impact of revenues from acquisitions and dispositions completed within the past 12 months and the current year impact from changes in foreign currency. The table below provides a reconciliation of revenues to organic revenues:

(Unaudited)	Three Months Ended
	February 28,			February 29,
(In thousands)		2025			2024	Change
Revenues	$	570,660		$	545,945	4.5	%
Acquisition revenues		(3,793	)		—
Currency impact		1,118			—
Organic revenues	$	567,985		$	545,945	4.0	%

Non-GAAP Financial Measures

The table below provides a reconciliation of operating income, operating margin, net income and diluted EPS to adjusted operating income, adjusted operating margin, adjusted net income, EBITDA, adjusted EBITDA and adjusted diluted EPS.

	Three Months Ended
	February 28,			February 29,
(in thousands, except per share data)		2025			2024		% Change
Operating income	$	185,492		$	181,942		2.0	%
Intangible asset amortization		18,137			16,674
Business acquisitions and related costs⁽¹⁾		9,040			—
Restructuring/severance		—			10,710
Adjusted operating income	$	212,669		$	209,326		1.6	%
Operating margin		32.5	%		33.3	%
Adjusted operating margin⁽²⁾		37.3	%		38.3	%
Net income	$	144,860		$	140,940		2.8	%
Intangible asset amortization		13,425			12,579
Business acquisitions and related costs⁽¹⁾		6,691			—
Restructuring/severance		—			8,080
Income tax items		—			1,468
Adjusted net income⁽³⁾	$	164,976		$	163,067		1.2	%
Net income		144,860			140,940		2.8	%
Interest expense		13,916			16,599
Income taxes		27,460			27,705
Depreciation and amortization expense		38,410			31,582
EBITDA	$	224,646		$	216,826		3.6	%
Non-recurring non-cash expenses		—			1,285
Adjusted EBITDA	$	224,646		$	218,111		3.0	%
Diluted EPS	$	3.76		$	3.65		3.0	%
Intangible asset amortization		0.35			0.32
Business acquisitions and related costs⁽¹⁾		0.17			—
Restructuring/severance		—			0.21
Income tax items		—			0.04
Adjusted diluted EPS⁽³⁾	$	4.28		$	4.22		1.4	%
Weighted average common shares (diluted)		38,510			38,650

^{(1)   Primarily related to the acquisition of LiquidityBook.}
^{(2)   Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.}
^{(3)   For purposes of calculating Adjusted net income and Adjusted diluted EPS, all adjustments for the three months ended February 28, 2025 and February 29, 2024 were taxed at an adjusted tax rate of 26.0% and 24.6%, respectively.}

Business Outlook Operating Margin, Net Income and Diluted EPS

(Unaudited)
Figures may not foot due to rounding	Annual Fiscal 2025 Guidance
(In millions, except per share data)	Low end of range			High end of range
Revenues	$	2,305		$	2,325
Operating income	$	761		$	744
Operating margin		33.0	%		32.0	%

Intangible asset amortization		80			81
Other adjustments (net)		12			12
Adjusted operating income	$	853		$	837
Adjusted operating margin (a)		37.0	%		36.0	%

Net income	$	588		$	567
Intangible asset amortization		66			66
Other adjustments (net)		10			10
Discrete tax items		(4	)		(4	)
Adjusted net income	$	660		$	640

Diluted earnings per common share	$	15.40		$	14.80
Intangible asset amortization		1.73			1.73
Other adjustments (net)		0.30			0.30
Discrete tax items		(0.03	)		(0.03	)
Adjusted diluted earnings per common share	$	17.40		$	16.80

^{(a) Adjusted operating margin is calculated as Adjusted operating income divided by Revenues.}

Free Cash Flow

(Unaudited)	Three Months Ended
	February 28,			February 29,
(In thousands)		2025			2024		Change
Net Cash Provided for Operating Activities	$	173,955		$	143,798
Less: purchases of property, equipment, leasehold improvements and capitalized internal-use software		(23,736	)		(21,917	)
Free Cash Flow	$	150,219		$	121,881		23.3	%

Supplementary Schedules of Historical ASV by Client Type

The following table presents the percentages and growth rates of organic ASV by client type, excluding the impact of currency movements, and may be useful to facilitate historical comparisons. Organic ASV excludes acquisitions and dispositions completed within the last 12 months and the effects of foreign currency movements.

The numbers below do not include professional services or issuer fees.

	Q2’25	Q1’25	Q4’24	Q3’24	Q2’24	Q1’24	Q4’23	Q3’23
% of ASV from buy-side clients	82.3%	82.1%	82.0%	82.3%	82.0%	82.0%	81.8%	82.1%
% of ASV from sell-side clients	17.7%	17.9%	18.0%	17.7%	18.0%	18.0%	18.2%	17.9%

ASV Growth rate from buy-side clients	4.1%	4.3%	4.9%	5.3%	5.6%	7.2%	6.9%	7.3%
ASV Growth rate from sell-side clients	2.2%	3.5%	3.8%	3.7%	5.5%	7.6%	9.3%	12.3%

The following table presents the calculation of organic ASV.

(In millions)	As of February 28, 2025
As reported ASV	$	2,306.1
Currency impact ^(a)		1.9
Acquisition ASV ^(b)		(31.8	)
Organic ASV	$	2,276.2
Organic ASV annual growth rate		4.1	%

^{(a) The impact from foreign currency movements.}
^{(b) Acquired ASV from acquisitions completed within the last 12 months.}

The MIL Network –

March 20, 2025

MIL-OSI United Kingdom: Aberdeen among knowledge exchange award winners The University of Aberdeen were among the winners at the 10th Scottish Knowledge Exchange Awards on 19 March.

Source: University of Aberdeen

Winners at the 10th Scottish Knowledge Exchange AwardsThe University of Aberdeen were among the winners at the 10th Scottish Knowledge Exchange Awards on 19 March.
The University, along with partners Vertebrate Antibodies-EpitogenX Ltd, picked up the Powerful Partnership award for their work developing AI-powered diagnostics using Epitogen® technology to detect autoimmune and infectious diseases.
The internationally recognised collaboration was praised by organisers for yielding “world-first solutions, fostering global recognition, creating skilled talent, and driving economic and health advancements.”
Read more about this collaborative project
The event held at the Edinburgh Futures Institute brought together Scotland’s rich ecosystem of talent to celebrate transformational collaborations between businesses, communities, universities, colleges, and research institutes which are solving industry challenges, improving productivity, advancing research and supporting Scotland’s ambition to be one of the most innovative small nations in the world.
Developments in renewable energy, mental health, medicine and food and drink scooped awards across 10 categories.
Business Minister Richard Lochhead said: “It was good to see the full breadth of academic and business-led innovation on show at Interface’s annual awards.
“It demonstrated why our expertise in so many sectors is revered around the world, from renewable energy and health technology, to food and drink.
“Scotland has been at the forefront of many of the world’s most impactful innovations, from the MRI Scanner and penicillin to televisions and telephones. Yet, by combining research and business, so many new and exciting Scottish breakthroughs are just on the horizon and that is something we should all champion.”
Amelia Whitelaw, Director of Interface, which organises the Awards, said: “The Scottish Knowledge Exchange Awards celebrate successful partnerships where knowledge is shared to create new solutions. The nominees and winners we are celebrating exemplify how collaboration drives valuable advancements. These partnerships have led to the development of new technologies, products, and services that contribute to economic progress and societal benefit. Their innovations are not only transforming Scotland but also have the potential to make a global impact.”
The in full:
Innovation of the Year – sponsored by HGF Ltd
SolarSub Ltd, in collaboration with the National Manufacturing Institute Scotland (NMIS) at the University of Strathclyde, for refining the design of a solar panel cooling system, optimising it for manufacturing and scalability. Additionally, in partnership with Heriot-Watt University, the technology underwent rigorous field trials to evaluate its performance under extreme heat conditions, ensuring its robustness and efficacy.
Innovator of the Future – sponsored by Highlands and Islands Enterprise
Joint winners: Dr Dayi Zhang and Matthew Gibson
Dr Dayi Zhang, Knowledge Transfer Partnership (KTP) Associate working with the University of Strathclyde and Inspectahire Instrument Co. Ltd for developing a portable, non-invasive ultrasonic device that revolutionises whisky cask monitoring. Designed for Scotland’s iconic whisky industry, the device enhances safety, reduces costs, and minimises carbon emissions, aligning with net zero goals. This innovation preserves cultural heritage while driving environmental progress and local economic growth.
Matthew Gibson, KTP Associate working with the University of Strathclyde and Ailsa Reliability Solutions Ltd, is creating the next generation of data-driven condition monitoring solutions for the oil and gas sector. This project is developing the Vision© reliability platform and has demonstrated reduced machine downtime and energy waste, in pursuit of net zero and sustainable engineering processes.
Inward Investment Impact – sponsored by International Social Enterprise Observatory

Canon Medical Research Europe and the University of Edinburgh for bringing new AI Innovation and thinking to the heart of the business. The relationship contributed to increased inward investment and headcount in Canon Edinburgh as well as new collaborative research funding opportunities in the research and translation of Causal AI.
Knowledge Exchange Champion – sponsored by Knowledge Exchange UK
Winner: Professor John Bachtler
Professor John Bachtler has transformed Scotland’s regional policy knowledge exchange through 40 years of leadership at the European Policies Research Centre at the University of Strathclyde. He advanced policy innovation via networks such as EoRPA and IQ-Net, linking Scotland with European policy frameworks. His strategic insights, mentoring, and impactful KE collaborations strengthened regional development policy, inspired future leaders, and enhanced Scotland’s European policy influence.
Highly Commended: Dr Andrea Rodriguez and Dr Bryan McCann
Dr Andrea Rodriguez, the University of Dundee, for sustaining engagement and impact on non-academic audiences by co-designing an international knowledge exchange programme on youth homelessness. Helping Young People Feel at Home took a multi-agency approach, involving critical thinking and dialogue with young people in Scotland and Brazil to improve service provision and professional practices.
Dr Bryan McCann, Glasgow Caledonian University, has championed knowledge exchange throughout his academic career, establishing several strategic partnerships within the physical activity and mental health sectors. These partnerships have facilitated innovative and high-quality student placements, generated income for impactful knowledge exchange programmes, and contributed to health and wellbeing across Scotland.
Knowledge Exchange Heroes – team and individual – sponsored by Azets Ltd
Individual
Susan Armstrong, KE Lead at Glasgow Caledonian University, has been instrumental in transforming the knowledge exchange landscape at the university through her strategic and collaborative approach. Her efforts, dedication, and unwavering support have significantly advanced the university’s KE initiatives, benefiting both the academic community and industry partners.
Team
The Scottish Centre for Food Development and Innovation (SCFDI) at Queen Margaret University has for 10 years championed KE in the food and drink sector in Scotland. They have developed progressive models for industry/academia KE career pathways, supported an impressive SME client portfolio and attracted increasing attention from global food companies and retailers.
Making a Social Difference
Scottish Action for Mental Health (SAMH) and Glasgow Caledonian University are collaborating to review, redesign and deliver SAMH’s Psychological Wellbeing services. Through partnership SAMH and GCU have developed the Time for You service, supporting mental health of thousands of members of the public via immediate access to free mental health support, delivered by GCU Trainee Psychologists.
Making an Environmental Difference
Renewable Parts Ltd and the University of Strathclyde’s collaboration applies circular economy principles within the wind turbine decommissioning process, promoting the refurbishment and remanufacturing of high-integrity, high-value parts within the wind energy sector, instead of being recycled and returned to raw materials or, worse still, landfill. This circularity approach will have a significant impact on the UK economy and net-zero targets.
Multiparty Collaboration
Winner:
Medical Device Manufacturing Centre (MDMC) – Heriot-Watt University, the University of Edinburgh, the University of Glasgow, the University of Dundee, Robert Gordon University and over 170 medical device companies, to develop and commercialise innovative medical devices.
Highly Commended:
The Underwater Intervention for Offshore Renewable Energies (UNITE) project, a partnership between The National Robotarium, Heriot-Watt University, Imperial College London, Frontier Robotics and Fugro, is developing advanced AI and autonomous systems for undertaking remote inspections of offshore wind farms to offer a safe, efficient and sustainable solution for global energy providers.
Place-based Impact sponsored by Business Gateway
Winner:
Digital Dairy Chain – Scotland’s Rural College (SRUC), the University of Strathclyde, the University of the West of Scotland, First Milk, Lactalis, NMR, SmartSTEMs, Kendal Nutricare, CENSIS and Cows & Co, is transforming the dairy sector across the South and West of Scotland and Cumbria. This partnership is driving innovation, enhancing productivity, and stimulating job creation, contributing to sustained economic growth in the region.
Highly Commended:
Control of Sheep Scab – Moredun Research Institute, Lewis and Harris Sheep Producers Association, The Old Mill Veterinary Practice, Scottish Government, The Crofters of Lewis & Harris, Lewis Crofters, Neil Fell Mobile Dipping Ltd, Zoetis Animal Health Ltd and Bimeda Ltd has developed a community-led approach to prevent and control sheep scab. This project demonstrates how a coordinated, collaborative effort can effectively prevent disease, improve sheep welfare and productivity, and rekindle a strong sense of community.
Powerful Partnership sponsored by Skillfluence
Vertebrate Antibodies-EpitogenX Ltd and the University of Aberdeen have developed transformative AI-powered diagnostics leveraging the innovative Epitogen® recombinant technology for diagnosing autoimmune and infectious diseases. This long-term collaboration has yielded world-first solutions, fostering global recognition, creating skilled talent, and driving economic and health advancements.
Join the conversation on X at #SKEAwards and LinkedIn at @Interface.

MIL OSI United Kingdom –

March 20, 2025
MIL-OSI Asia-Pac: Consumer Price Indices for February 2025

Source: Hong Kong Government special administrative region

The Census and Statistics Department (C&SD) released today (March 20) the Consumer Price Index (CPI) figures for February 2025. According to the Composite CPI, overall consumer prices rose by 1.4% in February 2025 over the same month a year earlier, smaller than the corresponding increase (2.0%) in January 2025. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in February 2025 was 1.1%, also smaller than that in January 2025 (1.6%). The smaller increase in February 2025 was mainly due to the high base of comparison stemming from the Chinese New Year falling in February last year, in particular food prices and the charges for package tours.

It should be noted that consumer prices tend to show greater volatility in the first two months of a year due to the timing of the Chinese New Year. As the Chinese New Year fell in January this year but in February last year, the year-on-year comparison of the figures for January and February 2025 might have been affected by this factor to a certain extent. Taking the first two months of 2025 together to neutralise the effect of the Chinese New Year, the Composite CPI rose by 1.7% over a year earlier. Netting out the effect of all Government’s one-off relief measures, the corresponding increase was 1.3%.

MIL OSI Asia Pacific News –

March 20, 2025
MIL-OSI United Kingdom: Department for Business and Trade welcomes Ghanaian Healthcare Delegation
Source: United Kingdom – Executive Government & Departments

World news story

Department for Business and Trade welcomes Ghanaian Healthcare Delegation

Fifteen organisations from Ghana’s healthcare sector will be participating in a UK roadshow from 17-21 March 2025.
The UK’s Department for Business and Trade has today welcomed a delegation of 15 organisations from Ghana’s healthcare sector for a four-city roadshow aimed at strengthening trade partnerships and development opportunities.

The delegation, visiting the UK from 17-21 March 2025, includes representatives from the Ghanaian government, private health facilities, pharmaceutical and medical equipment distributors, and pharmaceutical manufacturers.

The visit will strengthen the existing healthcare collaboration between the UK and Ghana, which already spans research and training, knowledge and expertise transfer, investment, and healthcare systems strengthening.

His Majesty’s Trade Commissioner (HMTC) for Africa, John Humphrey, who is leading the UK delegation, said:

The UK is committed to strengthening its economic ties with Africa, and Ghana is a key partner in this effort as we partner together to unlock growth, jobs, trade, investment, and opportunities in our economies.

The UK is committed to strengthening its economic ties with Africa, and Ghana is a key partner in this effort as we partner together to unlock growth, jobs, trade, investment, and opportunities in our economies.

The roadshow begins in London before continuing to Birmingham, Leeds, and Cardiff. Throughout the tour, Ghanaian delegates will meet with UK companies offering solutions and expertise that match Ghana’s healthcare needs. This initiative aligns with the UK’s commitment to strengthening economic ties with African nations and building capacity to address issues around supply chain disruption over the past years. By working together – we can get ahead of global shocks, mitigate their impact, and unlock new opportunities for growth between our two countries.

British High Commissioner to Ghana, H.E. Harriet Thompson said:

The UK and Ghana have enjoyed a long and consistent partnership on healthcare, enhancing the health services available to citizens as well as supporting opportunities for both British and Ghanaian businesses. This roadshow is an opportunity to deepen that partnership, harnessing our nations’ collective expertise, innovation, experience and dynamism. I am confident that the visit will foster productive connections, paving the way for growth and prosperity between Ghana and the UK.

This visit presents a valuable opportunity for UK businesses to explore Ghana’s growing healthcare market, while enabling Ghana to access the UK’s expertise, products, and services in the sector.

The Department for Business and Trade looks forward to productive engagement between the delegations, leading to increased trade and collaboration in healthcare.

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Published 20 March 2025
MIL OSI United Kingdom –
March 20, 2025
MIL-OSI: Aurora Mobile’s GPTBots.ai and ZANROO Forge Alliance to Ignite AI Innovation in Southeast Asia
Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, March 20, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTBots.ai, has recently entered into a strategic partnership with ZANROO MALAYSIA SDN. BHD. (“ZANROO”), a fast-growing marketing technology company in Southeast Asia. This collaboration intends to drive the adoption and application of AI solutions in the region through joint business scenario solutions, thematic campaigns, and regional joint branding efforts.

GPTBots.ai and ZANROO are excited to embark on this strategic partnership, which promises to unlock new opportunities for AI solutions in Southeast Asia. Chris Lo, Founder and CEO of GPTBots.ai, expressed enthusiasm for the collaboration, saying, “We are thrilled to partner with ZANROO, a company with strong and rich experiences in the Southeast Asian market. This alliance will enable us to deliver exceptional AI solutions and drive digital transformation in the region.”

Carter Lim, COO of ZANROO, also shared his perspective on the partnership, highlighting the potential for growth and innovation that this alliance brings. “This partnership with GPTBots.ai is a significant step forward for ZANROO. Together, we will leverage our combined expertise to create innovative AI solutions that address the unique needs of Southeast Asian businesses. We look forward to a fruitful collaboration that will shape the future of AI in the region,” he said.

The partnership between GPTBots.ai and ZANROO will focus on several key areas:
1. New AI-Driven Business Solutions: The two companies will collaborate to develop AI-powered solutions tailored to the unique needs of Southeast Asian businesses. By combining the advanced AI solutions of GPTBots.ai with ZANROO’s deep understanding of the local market, they aim to create innovative applications that boost operational efficiency and enhance customer engagement.
2. Strategic AI Awareness Campaigns: To raise awareness and promote the adoption of AI technologies, GPTBots.ai and ZANROO will launch a series of thematic campaigns. These campaigns will showcase the latest AI advancements and their practical applications, leveraging both online and offline channels to reach a broader audience in the region.
3. Unified Regional Brand Presence: Building a strong regional brand is a cornerstone of the partnership. By integrating their brands and collaborating closely, GPTBots.ai and ZANROO will create a unified presence in Southeast Asia. This joint branding effort will not only enhance their market visibility but also strengthen their competitive edge in the region.
This strategic partnership marks a significant step in GPTBots.ai’s global expansion strategy. By working closely with ZANROO, GPTBots.ai will unlock new opportunities for AI solutions in Southeast Asia, ultimately contributing to the region’s digital transformation and intelligent upgrades.

About ZANROO

Founded in 2013, ZANROO has rapidly become one of the fastest-growing marketing technology companies in Southeast Asia. Specializing in data technology, ZANROO leverages online, offline, and real-time data to enhance human-computer interactions. The company offers a comprehensive suite of data analytics software that collects consumer data from various platforms, including social media, to help brands design and execute their marketing campaigns. By integrating and unifying data from multiple sources, ZANROO provides actionable insights that drive more effective marketing strategies.

About GPTBots.ai

GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

To know more, please visit https://www.gptbots.ai.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –
March 20, 2025
MIL-OSI China: China’s e-bike trade-ins hit 2M

Source: China State Council Information Office

Customers apply for trade-in subsidy from the government at a cashier in Fuyang, Hangzhou, east China’s Zhejiang Province, Oct. 31, 2024. [Photo/Xinhua]

China has seen more than 2.04 million new e-bikes sold under its consumer good trade-in program as of Tuesday, generating 5.61 billion yuan (about 783 million U.S. dollars) in new sales of such bikes, according to the Ministry of Commerce on Wednesday.

Since the start of this year, the daily sales volume of e-bikes under this program has averaged 27,000 units — 2.5 times the figure recorded the previous year, the ministry said.

During the period, over 2 million consumers have benefited from the program, with total subsidy applications involving over 1.2 billion yuan, averaging 610 yuan per person, the ministry added.

The program has also benefited about 50,000 sales outlets since the start of 2025, with an average per-store sales increase of 107,000 yuan. The majority of these outlets are individual businesses and small-to-micro-sized enterprises.

Since the launch of the program in September 2024, a total of 3.42 million new e-bikes have been sold nationwide, the ministry revealed.

MIL OSI China News –

March 20, 2025
MIL-OSI China: Stable China-US economic, trade relations will benefit firms worldwide

Source: China State Council Information Office

Stable, healthy and sustainable China-U.S. economic and trade relations align with both nations’ fundamental interests and will benefit enterprises worldwide, Vice Commerce Minister Wang Shouwen said during a meeting with the head of U.S. company PepsiCo.

Wang, also the China international trade representative, emphasized that China-U.S. economic and trade relations are mutually beneficial and win-win in nature, during the Tuesday meeting with Ramon Laguarta, PepsiCo’s chairman and CEO.

They exchanged views on topics such as China-U.S. economic and trade ties, as well as the firm’s business operations in China, according to the Ministry of Commerce.

Highlighting China’s confidence in achieving its economic growth target for 2025 proposed in the government work report, Wang said that a series of policy measures introduced by the country to expand domestic demand and promote consumption will provide more opportunities for foreign-invested enterprises, including PepsiCo.

The vice minister also elaborated on China’s stance on issues such as the U.S. unilateral tariff hikes imposed on China.

Laguarta said that thanks to China’s pro-consumption policies, PepsiCo is reporting rapid growth in its food and beverage businesses in the country.

Pledging increased investment in local operations and a deepening engagement in the China market, he said that PepsiCo is committed to playing a constructive role in advancing healthy and stable U.S.-China relations as a member of U.S. business circles.

MIL OSI China News –

March 20, 2025
MIL-OSI: Enerflex Ltd. Announces Leadership Transition
Source: GlobeNewswire (MIL-OSI)

MARC ROSSITER STEPS DOWN AS PRESIDENT, CEO, AND DIRECTOR

PREET DHINDSA NAMED INTERIM CEO

REAFFIRMS 2025 OUTLOOK AND CONCURRENTLY ANNOUNCES EXPANSION OF DIRECT SHAREHOLDER RETURNS

CALGARY, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) today announced that Marc Rossiter has stepped down as President, CEO, and Director, effective immediately.

Preet Dhindsa, Enerflex’s current Senior Vice President and CFO, will serve as Interim Chief Executive Officer. Mr. Dhindsa joined Enerflex in October 2023 and is a seasoned executive with more than 25 years of experience, primarily in the energy and financial services industries.

Joe Ladouceur, Vice President Treasury, Tax & Insurance, will serve as Interim CFO.

The Board is undertaking a comprehensive search to identify the Company’s next CEO and has retained a leading executive search firm to assist with this process.

Kevin Reinhart, Chair of the Board of Directors, stated, “As we look to the future and position Enerflex to create shareholder value over the long-term, the Board decided that now is the right time to undertake a leadership transition. We thank Marc for his more than 25 years of dedicated service and commitment to Enerflex, including the last six years as CEO, and wish him the best in his future endeavors.”

Mr. Rossiter said, “Leading Enerflex has been a true privilege, and I’m incredibly proud of all that we’ve accomplished together to propel the business forward over the past six years. Thanks to the dedication of a talented team, Enerflex is well-positioned to build on its positive momentum and I believe the Company has a bright future.”

Mr. Reinhart added, “Preet has been instrumental in Enerflex’s efforts to “Simplify, Optimize, and Grow” and we are fortunate to have him serve as Interim Chief Executive Officer. With the support and collaboration of a deep bench of executive talent, we are confident in Preet’s ability to lead Enerflex in this interim period as we complete our search for a permanent CEO.

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

Mr. Dhindsa commented, “I am excited to continue working closely with the Board, management, and our colleagues across the Company. Our focus remains on generating sustainable free cash flow, further improving balance sheet health, and positioning the Company for long-term growth and value creation. With the Company operating within its target leverage range, Enerflex is positioned to increase direct shareholder returns, as reflected by (1) the previously announced 50% increase of the Company’s quarterly dividend and (2) today’s concurrent announcement of the Company’s intention to implement a normal course issuer bid.”

OUTLOOK

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

Enerflex is reaffirming its outlook for 2025, which reflects:
1. Steady demand across the Company’s business lines and geographic regions, although Enerflex continues to closely monitor geopolitical tensions across North America, including the potential impact of tariffs. Based on currently available information, the direct impact of tariffs on Enerflex’s business is expected to be mitigated by the Company’s diversified operations and proactive risk management.
2. Approximately 65% of the Company’s gross margin before depreciation and amortization is generated by the highly contracted Energy Infrastructure product line and the recurring nature of its After-Market Services business.
3. The expectation that Engineered Systems’ gross margin before depreciation and amortization will be more consistent with the historical long-term average for this business line and that near-term revenue is expected to remain steady.
4. A disciplined capital program in 2025, with total capital expenditures of $110 million to $130 million. Growth capital spending of $40 million to $60 million will focus on customer supported opportunities in the US and Middle East.
About Preet Dhindsa

Since joining Enerflex, Preet has spearheaded several corporate initiatives including improving balance sheet health and enhancing the global finance function. Prior to joining Enerflex, Preet served as Executive Vice President and Chief Financial Officer at ENMAX Corporation, a regulated utility with energy generation and retail lines of business. Prior thereto, Preet was Senior Vice President and Chief Financial Officer, Global Banking & Markets (GBM), at Scotiabank, leading international finance teams. Preet began his career as a professional accountant with KPMG and holds a Bachelor of Science degree in Mathematics & Statistics from Western University and a Graduate Diploma in Accounting from Wilfrid Laurier University. Preet is a Chartered Professional Accountant and Chartered Director.

About Joe Ladouceur

Prior to joining Enerflex, Joe served as President and CEO of Platinum Energy Services Ltd. until he successfully managed its sale in 2022. With over 30 years of experience in the finance and energy industries, Joe has held numerous executive leadership roles with Canadian E&P, energy services, and equipment fabrication companies. He began his career with Royal Bank of Canada and RBC Dominion Securities, where he was involved in corporate banking and global energy projects. Joe holds an Honors Business Administration degree with a major in finance from the Ivey Business School in London, Ontario, a Master of Business Administration from KU Leuven in Belgium, and an Honorary Fellowship from St. Mary’s University in Calgary.

ADVISORY REGARDING FORWARD-LOOKING INFORMATION

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

In particular, this news release includes (without limitation) forward-looking information and statements pertaining to:
- the Company’s near-term priorities and its positioning for long-term growth and value creation;
- the CEO transition and the CEO search, including with respect to the time it will take to complete the CEO search and the impact the CEO search and the CEO transition may have on the Company and its operations;
- the Company’s intention to implement a normal course issuer bid, the terms and conditions of such bid, the anticipated receipt of all required regulatory approvals, and the timing associated therewith;
- disclosures under the heading “Outlook” including:
  - expectations for steady demand across the Company’s business lines and geographic regions;
  - the potential impact of tariffs and the expectation that such impact will be mitigated by the Company’s diversified operations and proactive risk management;
  - the highly contracted Energy Infrastructure product line and the recurring nature of After-Market Services will, together, account for approximately 65% of Enerflex’s gross margin before depreciation and amortization;
  - the expectation that Engineered Systems gross margin before depreciation and amortization will be more consistent with the historical long-term average for this business line and that near term revenue will remain steady;
  - total capital expenditures in 2025 being $110 million to $130 million with growth capital spending of $40 million to $60 million focused on customer supported opportunities in the US and Middle East; and
- the ability of Enerflex to continue to pay a sustainable quarterly cash dividend.
FLI reflects management’s current beliefs and assumptions with respect to such things as the impact of general economic conditions; commodity prices; the markets in which Enerflex’s products and services are used; general industry conditions, forecasts, and trends; changes to, and introduction of new, governmental regulations, laws, and income taxes; increased competition; availability of qualified personnel; political unrest and geopolitical conditions; and other factors, many of which are beyond the control of Enerflex. More specifically, Enerflex’s expectations in respect of its FLI are based on a number of assumptions, estimates and projections developed based on past experience and anticipated trends, including but not limited to:
- Enerflex has the financial capacity, regulatory compliance, and board approval necessary to pursue a normal course issuer bid and that market conditions will support such a buyback program within the anticipated timeframe;
- any tariffs imposed will have a manageable impact on our operations and cost structure and increased domestic energy production will offset any negative effects of such tariffs;
- market dynamics, including increased energy demand, infrastructure development, and production activity, will drive growth in natural gas and produced water volumes across Enerflex’s core operating countries;
- market conditions, customer activity, and industry fundamentals will support stable demand across our business lines and geographic regions throughout 2025;
- the high level of contractual commitments within the Energy Infrastructure product line and the predictable, recurring revenue from After-Market Services will continue;
- existing customer contracts within the Energy Infrastructure product line will remain in effect and with no material cancellations or renegotiations over their remaining terms;
- Enerflex will maintain sufficient cash flow, profitability, and financial flexibility to support the ongoing payment of a sustainable quarterly cash dividend, subject to market conditions, operational performance, and board approval.
As a result of the foregoing, actual results, performance, or achievements of Enerflex could differ and such differences could be material from those expressed in, or implied by, the FLI. The principal risks, uncertainties and other factors affecting Enerflex and its business are identified under the heading “Risk Factors” in: (i) Enerflex’s Annual Information Form for the year ended December 31, 2024, dated February 27, 2025; and (ii) Enerflex’s Annual Report dated February 26, 2025, copies of which are available under the electronic profile of the Company on SEDAR+ and EDGAR at www.sedarplus.ca and www.sec.gov/edgar, respectively.

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

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

ABOUT ENERFLEX

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

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

For investor and media enquiries, contact:

Preet S. Dhindsa
Interim Chief Executive Officer
E-mail: PDhindsa@enerflex.com

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

The MIL Network –
March 20, 2025
MIL-Evening Report: If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback
Source: The Conversation (Au and NZ) – By Alan Brent, Professor and Chair in Sustainable Energy Systems, Te Herenga Waka — Victoria University of Wellington

Getty Images

A national energy strategy for Aotearoa New Zealand was meant to be ready at the end of last year. As it stands, we’re still waiting for a cohesive, all-encompassing plan to meet the country’s energy demand today and in the future.

One would expect such a plan to first focus on reducing energy demand through improved energy efficiency across all sectors.

The next step should be greater renewable electrification of all sectors. However, questions remain about the cradle-to-grave implications of investments in these renewable resources.

We have conducted life-cycle assessments of several renewable electricity generation technologies, including wind and solar, that the country is investing in now. We found the carbon and energy footprints are quite small and favourably complement our current portfolio of renewable electricity generation assets.

Meeting future demand

The latest assessments provided by the Ministry of Business, Employment and Innovation echo earlier work by the grid operator Transpower. Both indicate that overall demand for electricity could nearly double by 2050.

Many researchers believe these scenarios are an underestimate. One study suggests the power generation capacity will potentially need to increase threefold over this period. Other modelling efforts project current capacity will need to increase 13 times, especially if we want to decarbonise all sectors and export energy carriers such as hydrogen.

This is, of course, because we want all new generation to come from renewable resources, with much lower capacity factors (the percentage of the year they deliver power) associated with their variability.

Additional storage requirements will also be enormous. Following the termination of work on a proposed pumped hydro project, other options need investigating.

Wind and solar are becoming the primary renewable technologies.
Shutterstock/Kyohei Miyazaki

Building renewable generation

The latest World Energy Outlook published by the International Energy Agency (IEA) shows that wind and solar, primarily photovoltaic panels, are quickly taking over as the primary renewable technologies.

This is also true in Aotearoa New Zealand. An updated version of the generation investment survey, commissioned by the Electricity Authority, shows most of the committed and actively pursued projects (to be commissioned by 2030) are solar photovoltaic and onshore wind farms.

Offshore wind projects are on the horizon, too, but have been facing challenges such as proposed seabed mining in the same area and a lack of price stabilisation measures typical in other jurisdictions. New legislation aims to address some of these challenges.

Distributed solar power (small-scale systems to power homes, buildings and communities) has seen near-exponential growth. Our analysis indicates wind (onshore and offshore) and distributed solar will make an almost equal contribution to power generation by 2050, with a slightly larger share by utility-scale solar.

Cradle-to-grave analyses

The main goal is to maintain a stable grid with secure and affordable electricity supply. But there are other sustainability considerations associated with what happens at the end of renewable technologies’ use and where their components come from.

The IEA’s Global Critical Minerals Outlook shows the fast-growing global demand for a suite of materials with complex supply chains. We have also investigated the materials intensity of taking up these technologies in Aotearoa New Zealand, and discussed the greater dependence on those supply chains.

The challenges in securing these metals in a sustainable manner include environmental and social impacts associated with the mining and processing of the materials and the manufacturing of different components that need to be transported for implementation here. There are also operating and maintenance requirements, including the replacement of components, and the dismantling of the assets in a responsible manner.

We have undertaken comprehensive life-cycle assessments, based on international standards, of the recently commissioned onshore Harapaki wind farm, a proposed offshore wind farm in the South Taranaki Bight, a utility-scale solar farm in Waikato and distributed solar photovoltaic systems, with and without batteries, across the country.

The usual metrics are energy inputs and carbon emissions because they describe the efficiency of these technologies. They are considered a first proxy of whether a technology is appropriate for a given context.

Beyond that, we used the following specific metrics, as summarised in the table below:
- GWP: global warming potential (carbon emissions during a technology’s life cycle per energy unit delivered).
- CPBT: carbon payback time (how long a technology needs to be operational before its life cycle emissions equal the avoided emissions, either using the grid and its associated emissions or conventional natural gas turbines).
- CED: cumulative energy demand over the life cycle of a technology.
- EPBT: energy payback time (how long a technology needs to be operational before the electricity it generates equals the CED).
- EROI: energy return on investment (the amount of usable energy delivered from an energy source compared to the energy required to extract, process and distribute that source, essentially quantifying the “profit” from energy production).
There is much debate about the minimum energy return on investment that makes an energy source acceptable. A value of more than ten is generally viewed as positive.

Life cycle assessment metrics of wind and solar power in Aotearoa New Zealand.
Te Herenga Waka Victoria University of Wellington, CC BY-SA

For all technologies we assessed, the overall greenhouse gas emissions are lower than the grid emissions factor. Because of New Zealand’s already low-emissions grid, the carbon payback time is around three to seven years for utility-scale generation. But for small-scale, distributed generation it can be up to 13 years. If the displacement of gas turbines is considered, the payback is halved.

Energy return on investment is above ten for all technologies, but utility-scale generation is better than distributed solar, with values of between 30 and 75.

To put this into perspective, the energy return on investment for hydropower, if operated for 100 years, is reported to be 110. Utility-scale wind and solar being commissioned now have an operational life of 30 years but are typically expected to be refurbished.

This means their energy return on investment is becoming comparable to hydropower.

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

– ref. If NZ wants to decarbonise energy, we need to know which renewables deliver the best payback – https://theconversation.com/if-nz-wants-to-decarbonise-energy-we-need-to-know-which-renewables-deliver-the-best-payback-251819
MIL OSI Analysis – EveningReport.nz –
March 20, 2025
MIL-OSI Australia: ACCC consults on assessment guidelines for new merger regime

Source: Australian Competition and Consumer Commission

The ACCC has marked a further milestone in the transition steps towards the new merger regime with the release of the draft merger assessment guidelines for consultation.

The merger assessment guidelines outline the analytical framework the ACCC will apply when assessing notified acquisitions under the new regime, reflecting best practice for competition assessments.

While the new regime will not be compulsory until 1 January 2026, the guidelines provide early draft guidance.

“The merger assessment guidelines are intended to help the community, including merger parties and their advisers, understand how the ACCC will assess acquisitions under the new regime,” ACCC Commissioner Dr Philip Williams said.

“This combined with the increased transparency that will be available for all decisions and the reasons for the decisions, will provide greater predictability regarding the ACCC’s analysis and decision making.”

“While the ‘substantial lessening of competition’ legal test has not changed, the legislation has clarified that it does include creating, strengthening or entrenching a substantial degree of market power. This reflects the economic link between a lessening of competition and an increase in market power, which is recognised in the jurisprudence and supports the approach to merger assessment set out in the guidelines,” Dr Williams said.

“Another change is that the cumulative effect on competition resulting from serial acquisitions over the preceding three years can now be taken into account in the ACCC’s decision on whether to approve an acquisition.”

The merger assessment guidelines will be updated following this consultation process and will be released ahead of voluntary notifications commencing on 1 July 2025. Further updates are expected over time, including to reflect decisions of the Australian Competition Tribunal as they occur.

The ACCC is seeking feedback on the merger assessment guidelines from businesses and their advisers, consumers and other interested members of the community.

The guidelines are available to download from the ACCC’s consultation hub which also sets out the details for making a submission.

The consultation will run from 20 March to 17 April 2025.

Anyone interested in merger reform updates can subscribe for updates on the ACCC website here: Merger reform.

Background

On 10 December 2024, the Australian Parliament passed the Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024. The ACCC welcomed the new legislation.

Under the new regime, all transactions above a prescribed threshold must be notified to the ACCC.

The ACCC issued a Statement of Goals in October 2024 to outline its approach to implementing the new regime and to reduce uncertainty during the transition. This included a commitment to release merger assessment guidelines and merger process guidelines for public consultation by the end of Q1 2025.

The guidelines will replace the 2008 Merger Guidelines and reflect changes resulting from the new merger regime as well as updating them to align with current best practice for competition assessments.

The ACCC recently released Transition guidance to assist businesses navigate the transitional period leading up to the new merger control regime commencing on 1 January 2026.

The ACCC will also be releasing merger process guidelines by the end of March and these will be available on the ACCC website at Consultations on merger regime changes.

‘Serial acquisitions’ refers to acquisitions where a number of smaller transactions occur over time that cumulatively end up causing serious harm to competition.

MIL OSI News –

March 20, 2025

MIL-OSI New Zealand: Q&A: What is a blue-green network?

Source: Auckland Council

A blue-green network is a system of waterways (blue) and parks (green) that give stormwater space to flow and help reduce flooding where people live.

After severe weather events in 2023, Auckland Council prioritised blue-green projects to better protect our communities from flooding.

As part of our Making Space for Water 10-year flood resilience programme, we identified 12 focus areas around the region that could benefit the most from a blue-green project.

What has the council been doing to reduce flood risk in Auckland?

We have been working hard to assess all the potential project areas to decide if there is an infrastructure solution that can deliver significant flood reduction to the community and that is affordable for ratepayers.

These assessments are very complex, they involve multiple stages of research, analysis and decision making before a feasible solution can be presented to the council’s Governing Body and central government funding partners for approval. If approved, further stages of design, consenting and engagement are undertaken before a project is ready to construct. This process before construction generally takes 2-3 years.

Why has the amount of funding allocated to these projects changed?

Following major 2023 storms, a co-funding package with the Government has given us the opportunity to ‘retreat’ high-risk homes and deliver some key resilience projects sooner than expected.

Within this funding package, buy-outs have been the first priority to get high-risk homeowners out of harm’s way. Now that we understand more which high-risk areas still need mitigations, and how much funding we have remaining from the package, we can start prioritising flood resilience projects.

What is the process for delivering the blue green projects?

While we are working as quickly as possible, we can’t progress all projects at the same time, so they’ll be developed and delivered across several years.

Central and local government representatives will work together to guide each project through a five-stage process. At each stage decisions will need to be made which will determine whether the project can proceed to the next stage.

Our staged approach is crucial due to the scale of these projects – they’re expensive and can be disruptive. We want to ensure value for Aucklanders.

As these projects are made up of a number of connected works and they will make a huge difference to those that live in the area, we will be working together with iwi and the community in prioritised project areas and setting up opportunities in the coming months to meet and start to gather their input to help shape the designs.

What stage is each project at?

Two projects in Māngere have already been prioritised, with construction starting soon, because they could be delivered in a reasonable timeframe to reduce the risk to life for local homes.

Feasibility assessments have been completed for all 12 areas originally identified in the blue-green networks initiative.

In Ōpoutūkeha / Cox’s Creek, Grey Lynn and Meola-Epsom, much of the flood risk has been managed through the voluntary buy-out programme. Removing these houses will give sufficient space for water to flow.

Finding a suitable solution to reduce flooding for the Kumeū River catchment has been challenging. The council, with engineering experts, has thoroughly explored several options including building stop banks, extending a flood way, diverting the river, and creating detention ponds upstream.

Although a lot of work has gone into these ideas, none are feasible due to high costs, environmental impacts, and the high level of residual flood risk faced by the community. We are now working with other council teams and the government to find the best solutions for the community.

The remaining blue-green projects will take longer to develop as they will need to be funded by the council through the Long-term Plan process. We will aim to deliver these projects over the following 10 years. In areas where larger scale projects cannot be funded right now, we will look for ways to accelerate smaller works that may help to reduce the impacts of lower-level flooding.

Blue-Green project status

Project area funding source status	Project area funding source status	Project area funding source status
· Harania Creek, Māngere · Te Ararata Stream, Māngere.	Crown / Auckland Council	Funding approved, community engagement underway. Construction expected to start April/ May 2025.
· Rānui / Clover Drive	Crown / Auckland Council	Council funding approved, pending crown business case approval.
· Wairau Valley	Crown / Auckland Council	Community engagement underway. Business case being developed.
· Whangapouri (Pukekohe) · Te Auaunga (Mt Roskill)	TBC (currently unfunded)	Early design and modelling underway.
· Whau Stream (Blockhouse Bay / Lynfield) · Opanuku Stream (Henderson) · Porter’s Stream	TBC (currently unfunded)	Potential options identified.
· Cox’s Creek · Epsom · Kumeū	N/A	Not progressing through blue-green networks initiative. Alternative projects may be scoped in future if required.

What are the current priorities for development?

Projects in Harania Creek and Te Ararata Stream are underway and expected to start construction later this year.

A detailed prioritisation analysis has determined that Clover Drive in Rānui is the next area proposed to progress. Auckland Council’s Transport, Resilience and Infrastructure Committee approved funding in February 2025.

This area was identified as the next priority based on several criteria due to its potential for reducing risk to life, improving community health and wellbeing, and delivering economic benefits to residents and businesses. Addressing flooding risks in this area also stands to lead to improved water quality and broader environmental benefits. Approval to progress is also required from Crown, with a decision expected in March.

How does Wairau Valley fit into the overall plan?

Given the Wairau Valley’s size and the complexity of required mitigations, addressing flooding issues requires a phased approach. This will involve significant long-term investment, community input, and collaboration. The council will be promoting opportunities for the community to participate and provide input into early designs to maximise local benefits before submitting a detailed business case in the coming months. A catchment-wide approach will ensure optimal outcomes for the community.

This flood resilience work will bring many additional benefits to the community, including better water quality, more open space, improved biodiversity, and better connectivity. We look forward to working together to develop and deliver these improvements.

What else is being done to reduce flooding in blue-green areas in the meantime?

We understand that residents may feel anxious about more storms and heavy rain, especially if they were seriously affected in the 2023 storms.

For those areas that have not been prioritised in this phase but are still included in the blue-green programme, early design and modelling is underway so that projects are ready to progress as soon as funding can be allocated.

Maintenance and monitoring of critical waterways and infrastructure has been increased to help to improve water flow during smaller storms. We are also looking at other opportunities such as flood intelligence and flood warning systems that will help to reduce risks from severe weather events. Alongside this we continue to update our flood modelling data so that we can base our decisions and recommendations on the most up-to-date information and better prepare and support Aucklanders when future weather events occur.

Guides offering property level advice to reduce the impacts of flooding in multiple languages can be found on Flood Viewer and in libraries across the region.

What are the plans for the vacant land once Category 3 houses are cleared?

More than 1,200 high-risk Auckland properties are expected to be purchased by Auckland Council before the end of 2025 – making it one of the largest land acquisition programmes undertaken in New Zealand.

We are carefully deciding what to do with this storm-affected land, with decisions expected to take years.

We want to ensure Auckland’s land is used effectively to provide homes and maintain strong communities, while managing risk and reducing the financial impact to ratepayers.

If we keep the land, options for use could include:

flood resilience and stream management
adding it to neighbouring parkland or bush
managing it as high-hazard land.

If we don’t keep the land, options could include:

sale for safe redevelopment
sale with conditions to manage the risk (such as converting ground floor units to storage)
sale to neighbours for extra backyard space.

MIL OSI New Zealand News –

March 20, 2025

MIL-OSI: North American Construction Group Ltd. Announces Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

ACHESON, Alberta, March 19, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX:NOA/NYSE:NOA) today announced results for the fourth quarter and year ended December 31, 2024. Unless otherwise indicated, figures are expressed in Canadian dollars with comparisons to prior periods ended December 31, 2023.

Fourth Quarter 2024 Highlights:

Combined revenue of $372.7 million, compared to $405.4 million in the same period last year. Reported revenue of $305.6 million, compared to $328.3 million in the same period last year, was generated by our wholly owned subsidiaries as incremental scopes and strong equipment utilization of 82% in Australia were more than offset by lower demand for our Canadian heavy equipment fleet when comparing to 2023 Q4.
Our net share of revenue from equity consolidated joint ventures was $67.1 million in 2024 Q4 and compared to $77.1 million in the same period last year as the consistency in the Fargo and MNALP joint ventures were offset by lower scopes being completed within the Nuna Group of Companies.
Adjusted EBITDA of $103.7 million and margin of 27.8% compared favorably to the prior period operating metrics of $101.1 million and 24.9%, respectively, as operational excellence in both Australia and Canada drove margin improvements.
Combined gross profit for the quarter was $54.3 million and a margin of 14.6%. When adjusting for $10.1 million of integration costs incurred and $8.9 million of claims extinguished to secure long-term contracts, the resulting 19.7% reflects operational performance and compares favorably to 18.3% posted in the same period last year.
Cash flows generated from operating activities of $97.0 million were lower than the $168.6 million generated in the prior period as higher cash generation from the strong EBITDA was offset by the temporary impact of changes to working capital in the quarter.
Free cash flow generated in the quarter was $50.5 million as operational earnings were offset by routine capital maintenance and cash interest expenses with working capital and capital work in process balances generating positive cash in the quarter.
Net debt was $856.2 million at December 31, 2024, a decrease of $26.3 million from September 30, 2024, as free cash flow generation and the impact of a stronger CAD/AUD exchange rate were offset by growth spending, the NCIB program, and the dividend payment .
Additional highlights include: i) in November, we were awarded a $125 million heavy civil construction project primarily to construct diversion channels; ii) in December, we announced an extended and amended regional services contract, valued at $500 million, with a major producer in the oil sands region; iii) also in December, we were awarded a $100 million early works contract by a copper producer in the Australian state of New South Wales; iv) by the end of the year, we surpassed the 60% completion mark at the Fargo-Moorhead flood diversion project; and v) completed go-live activities for the ERP system in Australia during the quarter.

Joe Lambert, President and CEO, stated, “Once again, I would like to thank our operations team for their safe and efficient performance this quarter. The recent contract awards in Australia and Canada speak for themselves but are a testament to the quality and reputation of our operating teams. We’re off to a fast and robust start this year, and we couldn’t be more excited about completing the work our customers have awarded us. We see opportunities and tailwinds in the heavy civil infrastructure and mining industries in Australia and North America and are diligently advancing efforts to win scopes based on the reputation we have in the respective regions.”

Consolidated Financial Highlights
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands, except per share amounts)		2024			2023			2024			2023
Revenue	$	305,590		$	328,282		$	1,165,787		$	964,680
Cost of sales		218,834			220,672			789,056			678,528
Depreciation		44,765			41,990			166,683			131,319
Gross profit	$	41,991		$	65,620		$	210,048		$	154,833
Gross profit margin		13.7	%		20.0	%		18.0	%		16.1	%
General and administrative expenses (excluding stock-based compensation)⁽ⁱ⁾		13,696			18,702			47,245			41,016
Stock-based compensation expense		5,625			(496	)		8,706			15,828
Operating income		22,544			45,944			153,330			96,330
Interest expense, net		14,401			14,007			59,340			36,948
Net income		4,808			17,646			44,085			63,141

Adjusted EBITDA⁽ⁱ⁾		103,714			101,136			390,258			296,963
Adjusted EBITDA margin^(i)(ii)		27.8	%		24.9	%		27.6	%		23.2	%

Per share information
Basic net income per share	$	0.18		$	0.66		$	1.65		$	2.38
Diluted net income per share	$	0.19		$	0.58		$	1.52		$	2.09
Adjusted EPS⁽ⁱ⁾	$	1.00		$	0.87		$	3.73		$	2.83

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.

	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024			2023			2024			2023
Consolidated Statements of Cash Flows
Cash provided by operating activities	$	96,989		$	168,569		$	217,607		$	278,090
Cash used in investing activities		(75,764	)		(137,756	)		(274,683	)		(244,879	)
Effect of exchange rate on changes in cash		1,400			(4,532	)		353			(5,994	)
Add back of growth and non-cash items included in the above figures:
Acquisition of MacKellar⁽ⁱ⁾		—			51,671			—			51,671
Acquisition costs		—			5,934			—			7,095
Buyout of BNA Remanufacturing LP		4,210			—			4,210			—
Growth capital additions⁽ⁱⁱ⁾		23,646			35,941			84,633			40,416
Capital additions financed by leases⁽ⁱⁱ⁾		—			(931	)		(14,157	)		(28,159	)
Free cash flow⁽ⁱⁱ⁾	$	50,481		$	118,896		$	17,963		$	98,240

⁽ⁱ⁾Acquisition of MacKellar is the purchase price less cash acquired.
⁽ⁱⁱ⁾See “Non-GAAP Financial Measures”.

Results for the Three Months Ended December 31, 2024

Revenue from wholly-owned entities was $305.6 million, down from $328.3 million in the same period last year. The quarter-over-quarter reduction reflects a reduction in overall work scopes in the Heavy Equipment – Canada segment due to a reduction in equipment utilization to 54%, compared to 65% in 2023 Q4, largely offset by improved performance in the Heavy Equipment – Australia segment. Revenue generated in that segment of $160.3 million includes a strong contribution from MacKellar of $155.4 million, up from $122.5 million in Q4 of last year, as the group commences work on new contracts and increases equipment utilization at existing sites. Eliminations in the quarter largely relate to equipment maintenance performed by the Heavy Equipment – Canada segment on MacKellar equipment.

Gross profit was $42.0 million, representing 13.7% of revenue, compared to $65.6 million and a 20.0% gross margin in the same period last year. The decline was primarily driven by lower contributions from the Heavy Equipment – Canada segment. Cost of sales for the quarter totaled $218.8 million, down from $220.7 million in the prior-period, reflecting lower overall revenue levels. Gross profit in the Heavy Equipment – Canada segment was impacted by the $8.9 million customer claim extinguishment as part of a four-year $500 million contract extension executed in December 2024. Gross profit in the Heavy Equipment – Australia segment was impacted by $10.1 million of integration costs, primarily transportation of haul trucks from North America to Australia.

General and administrative expenses (excluding stock-based compensation expense) were $13.7 million, or 4.5% of revenue, for the three months ended December 31, 2024, down from $18.7 million, or 5.7% of revenue, in the same period last year. The current year decrease is due to the inclusion of non-recurring MacKellar acquisition costs totaling $5.9 million in the prior year, offset by spend related to increased activity levels in the Heavy Equipment – Australia segment.

Cash related interest expense of $13.7 million represents an average cost of debt of 6.7% (compared to $13.2 million and 8.8%, respectively, for the three months ended December 31, 2023). The increase in interest expense is primarily attributed to a higher balance on the Credit Facility, along with greater equipment financing—mainly from the addition of MacKellar—partially offset by the elimination of our customer supply chain financing arrangement late in Q3.

Net income of $4.8 million in Q4 2024, compared to $17.6 million in the same period last year, was lower due to the lower gross profit factors discussed above, partially offset by lower general and administrative expenses and improved results from the equity joint ventures.

Free cash flow in the quarter was $50.5 million, driven primarily by adjusted EBITDA of $103.7 million less sustaining capital spending of $47.7 million and cash interest paid of $13.7 million.

Liquidity

Including equipment financing availability and factoring in the amended Credit Facility agreement, total available capital liquidity of $275.3 million includes total liquidity of $170.6 million, $86.7 million of unused finance lease borrowing availability, and $17.9 million of unused other borrowing availability as at December 31, 2024. Liquidity is primarily provided by the terms of our $522.6 million credit facility which allows for funds availability based on a trailing twelve-month EBITDA as defined in the agreement, and is now scheduled to expire in October 2027.

Business Updates

Strategic Focus Areas for 2025

Safety – maintain our uncompromising commitment to health and safety while elevating the standard of excellence in the field, particularly with regards to front-line leadership training;
Operational excellence – put into action practical and experienced-based protocols to ensure predictable high-quality project execution in Australia;
Execution – enhance equipment availability in Canada through improved fleet maintenance, equipment telematics and reliability programs, technical improvements and management systems;
Integration – utilize recently implemented ERP at MacKellar Group to optimize business processes to lower overall costs and improve working capital management;
Organic growth – based on strong site operating performance, leverage customer satisfaction to earn contract extensions and expansions;
Diversification – pursue diversification of customers and resources through strategic partnerships, industry expertise and investment in Indigenous joint ventures; and
Sustainability – further develop and deliver into our environmental, social and governance goals.

Outlook for 2025

The following table provides projected key measures for 2025 and actual results of 2024 and 2023. The measures for 2025 are predicated on contracts currently in place, including expected renewals and the heavy equipment fleet that we own and operate.

Key measures	2023 Actual	2024 Actual	2025 Outlook
Combined revenue⁽ⁱ⁾	$1.3B	$1.4B	$1.4 – $1.6B
Adjusted EBITDA⁽ⁱ⁾	$297M	$390M	$415 – $445M
Sustaining capital⁽ⁱ⁾	$169M	$166M	$180 – $200M
Adjusted EPS⁽ⁱ⁾	$2.83	$3.73	$3.70 – $4.00
Free cash flow⁽ⁱ⁾	$90M	$18M	$130 – $150M

Capital allocation
Growth spending⁽ⁱ⁾	$40M	$85M	$65 – $75M
Net debt leverage⁽ⁱ⁾	1.7x	2.2x	Targeting 1.7x

⁽ⁱ⁾See “Non-GAAP Financial Measures”.

Conference Call and Webcast

Management will hold a conference call and webcast to discuss our financial results for the three months and year ended December 31, 2024, tomorrow, Thursday, March 20, 2025, at 9:00 am Eastern Time (7:00 am Mountain Time).

The call can be accessed by dialing:

Toll free: 1-800-717-1738
Conference ID: 71653

A replay will be available through April 20, 2025, by dialing:

Toll Free: 1-888-660-6264
Conference ID: 71653
Playback Passcode: 71653

A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

The live presentation and webcast can be accessed at:

https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=70DEA77D-C2B3-4C4B-80EF-A1303C5C95BF

A replay will be available until April 20, 2025, using the link provided.

Basis of Presentation

We have prepared our consolidated financial statements in conformity with accounting principles generally accepted in the United States (“US GAAP”). Unless otherwise specified, all dollar amounts discussed are in Canadian dollars. Please see the Management’s Discussion and Analysis (“MD&A”) for the three months and year ended December 31, 2024, for further detail on the matters discussed in this release. In addition to the MD&A, please reference the dedicated 2024 Q4 Results Presentation for more information on our results and projections which can be found on our website under Investors – Presentations.

Change in significant accounting policy – Basis of presentation

During the first quarter of 2024, we changed our accounting policy for the elimination of its proportionate share of profit from downstream sales to affiliates and joint ventures to record through equity earnings in affiliates and joint ventures on the Consolidated Statements of Operations and Comprehensive Income. Prior to this change, we eliminated our proportionate share of profit on downstream sales to affiliates and joint ventures through revenue and cost of sales. The change in accounting policy simplifies the presentation for downstream profit eliminations and has no cumulative impact on retained earnings. We have accounted for the change retrospectively in accordance with the requirements of US GAAP Accounting Standards Codification (“ASC”) 250 by restating the comparative period. For details of retrospective changes, refer to note 25 in the consolidated financial statements.

Accounting pronouncements recently adopted

Segment reporting

The Company adopted the new standard for segment reporting that is effective for the fiscal year beginning January 1, 2024. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures. This accounting standard update was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The Company has updated its disclosures to reflect the additional requirements.

Recent accounting pronouncements not yet adopted

Joint venture formations

In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations. This accounting standard update was issued to create new requirements for valuing contributions made to a joint venture upon formation. This standard is effective January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

Income taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures. This accounting standard update was issued to increase transparency by improving income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard is effective for the fiscal year beginning January 1, 2025, with early adoption permitted. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

Stock compensation

In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation. This accounting standard update was issued to reduce complexity in determining if profit interest awards are subject to Topic 718 and to reduce diversity in practice. This standard is effective for annual statements for the fiscal year beginning January 1, 2025. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

Debt with conversion options

In November 2024, the FASB issued ASU 2024-04, Debt – Debt with Conversion and Other Options. This accounting standard update was issued to improve the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20. This standard is effective for annual statements for the fiscal year beginning January 1, 2026. The Company is assessing the impact the adoption of this standard may have on its consolidated financial statements.

Expense disaggregation

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures. This accounting standard update was issued to require public entities to disclose additional information about specific expense categories in the notes to financial statements. This standard is effective for annual statements for the fiscal year beginning January 1, 2027. We are assessing the impact the adoption of this standard may have on its consolidated financial statements.

Forward-Looking Information

The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions and include guidance with respect to financial metrics provided in our outlook for 2025.

The material factors or assumptions used to develop the above forward-looking statements include, and the risks and uncertainties to which such forward-looking statements are subject, are highlighted in the MD&A for the three months and year ended December 31, 2024. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Undue reliance should not be placed upon forward-looking statements and NACG undertakes no obligation, other than those required by applicable law, to update or revise those statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

Non-GAAP Financial Measures

This press release presents certain non-GAAP financial measures, non-GAAP ratios, and supplementary financial measures that may be useful to investors in analyzing our business performance, leverage, and liquidity. A non-GAAP financial measure is defined by relevant regulatory authorities as a numerical measure of an issuer’s historical or future financial performance, financial position or cash flow that is not specified, defined or determined under the issuer’s GAAP and that is not presented in an issuer’s financial statements. A “non-GAAP ratio” is a ratio, fraction, percentage or similar expression that has a non-GAAP financial measure as one or more of its components. Non-GAAP financial measures and ratios do not have standardized meanings under GAAP and therefore may not be comparable to similar measures presented by other issuers. They should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. A “supplementary financial measure” is a financial measure disclosed, or intended to be disclosed, on a periodic basis to depict historical or future financial performance, financial position or cash flows that does not fall within the definition of a non-GAAP financial measure or non-GAAP ratio. The non-GAAP financial measures and ratios we present include, “adjusted EBIT”, “adjusted EBITDA”, “adjusted EBITDA margin” “adjusted EPS”, “adjusted net earnings”, “backlog”, “capital additions”, “capital expenditures, net”, “capital inventory”, “capital work in progress”, “cash liquidity”, “cash related interest expense”, “cash provided by operating activities prior to change in working capital”, “combined backlog”, “combined gross profit”, “combined gross profit margin”, “equity investment depreciation and amortization”, “equity investment EBIT”, “equity method investment backlog”, “free cash flow”, “general and administrative expenses (excluding stock-based compensation)”, “growth capital”, “growth spending”, “invested capital”, “margin”, “net debt”, “net debt leverage”, “share of affiliate and joint venture capital additions”, “sustaining capital”, “total capital liquidity”, “total combined revenue”, and “total debt”. We also use supplementary financial measures such as “gross profit margin” and “total net working capital (excluding cash and current portion of long-term debt)” in our MD&A. Each non-GAAP financial measure used in this press release is defined under “Financial Measures” in our Management’s Discussion and Analysis filed on EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

Reconciliation of total reported revenue to total combined revenue
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024		2023⁽ⁱⁱ⁾				2024			2023⁽ⁱⁱ⁾
Revenue from wholly-owned entities per financial statements	$	305,590		$	328,282		$	1,165,787		$	964,680
Share of revenue from investments in affiliates and joint ventures		134,348			169,662			517,137			686,299
Elimination of joint venture subcontract revenue		(67,200	)		(92,522	)		(267,595	)		(369,891	)
Total combined revenue⁽ⁱ⁾	$	372,738		$	405,422		$	1,415,329		$	1,281,088

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of reported gross profit to combined gross profit
	Three months ended				Year ended
	December 31,				December 31,
(dollars in thousands)		2024	2023⁽ⁱⁱ⁾			2024	2023⁽ⁱⁱ⁾
Gross profit from wholly-owned entities per financial statements	$	41,991	$	65,620	$	210,048	$	154,833
Share of gross profit from investments in affiliates and joint ventures		12,283		8,670		49,455		49,638
Combined gross profit⁽ⁱ⁾	$	54,274	$	74,290	$	259,503	$	204,471

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of net income to adjusted net earnings, adjusted EBIT and adjusted EBITDA
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024			2023			2024			2023
Net income	$	4,808		$	17,646		$	44,085		$	63,141
Adjustments:
Stock-based compensation expense (benefit)		5,625			(496	)		8,706			15,828
Loss on disposal of property, plant and equipment		126			1,470			767			1,659
Write-down on assets held for sale		—			—			4,181			—
Change in fair value of contingent obligation from adjustments to estimates		9,464			—			36,049			—
(Gain) loss on derivative financial instruments		(4,797	)		916			(3,952	)		(6,063	)
Equity investment (gain) loss on derivative financial instruments		(201	)		(713	)		2,633			(1,362	)
Equity investment restructuring costs		—			—			4,517			—
Loss on equity investment customer bankruptcy claim settlement		—			—			—			759
Loss on extinguishment of customer claim		8,866			—			8,866			—
Post-acquisition asset relocation and integration costs		10,111			—			10,111			—
Acquisition costs		—			5,934			—			7,095
Tax effect of the above items		(7,197	)		(1,589	)		(16,169	)		(5,829	)
Adjusted net earnings⁽ⁱ⁾	$	26,805		$	23,168		$	99,794		$	75,228
Adjustments:
Tax effect of the above items		7,197			1,589			16,169			5,829
Interest expense, net		14,401			14,007			59,340			36,948
Equity investment EBIT^(i)(iii)		5,076			1,622			12,228			24,929
Equity earnings in affiliates and joint ventures⁽ⁱⁱⁱ⁾		(5,754	)		(2,236	)		(15,299	)		(25,199	)
Change in fair value of contingent obligations		4,797			4,681			17,157			4,681
Income tax expense		(375	)		10,930			15,950			22,822
Adjusted EBIT⁽ⁱ⁾	$	52,147		$	53,761		$	205,339		$	145,238
Adjustments:
Depreciation and amortization		45,093			42,277			167,937			132,516
Write-down on assets held for sale		—			—			(4,181	)		—
Equity investment depreciation and amortization⁽ⁱ⁾		6,474			5,098			21,163			19,209
Adjusted EBITDA⁽ⁱ⁾	$	103,714		$	101,136		$	390,258		$	296,963
Adjusted EBITDA margin^(i)(ii)		27.8	%		24.9	%		27.6	%		23.2	%

⁽ⁱ⁾ See “Non-GAAP Financial Measures”.
⁽ⁱⁱ⁾Adjusted EBITDA margin is calculated using adjusted EBITDA over total combined revenue.
⁽ⁱⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

Reconciliation of equity earnings in affiliates and joint ventures to equity investment EBIT
	Three months ended						Year ended
	December 31,						December 31,
(dollars in thousands)		2024		2023⁽ⁱⁱ⁾				2024			2023⁽ⁱⁱ⁾
Equity earnings in affiliates and joint ventures	$	5,754		$	2,236		$	15,299		$	25,199
Adjustments:
Gain on disposal of property, plant and equipment		(237	)		(22	)		(595	)		(57	)
Interest expense (income), net		460			(268	)		(877	)		(1,183	)
Income tax (recovery) expense		(901	)		(324	)		(1,599	)		970
Equity investment EBIT⁽ⁱ⁾	$	5,076		$	1,622		$	12,228		$	24,929

⁽ⁱ⁾ See “Non-GAAP Financial Measures”
⁽ⁱⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
(780) 960.7171
ir@nacg.ca
www.nacg.ca

Consolidated Balance SheetsAs at December 31 (Expressed in thousands of Canadian Dollars)
		2024			2023
Assets
Current assets
Cash	$	77,875		$	88,614
Accounts receivable		166,070			97,855
Contract assets		4,135			35,027
Inventories		74,081			64,962
Prepaid expenses and deposits		7,676			7,402
Assets held for sale		683			1,340
		330,520			295,200
Property, plant and equipment		1,246,584			1,142,946
Operating lease right-of-use assets		12,722			12,782
Investments in affiliates and joint ventures		84,692			81,435
Intangible assets		9,901			6,971
Other assets		9,845			7,144
Total assets	$	1,694,264		$	1,546,478
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	110,750		$	146,190
Accrued liabilities		77,908			72,225
Contract liabilities		1,944			59
Current portion of long-term debt		84,194			81,306
Current portion of contingent obligations		39,290			22,501
Current portion of operating lease liabilities		1,771			1,742
		315,857			324,023
Long-term debt		719,399			611,313
Contingent obligations		88,576			93,356
Operating lease liabilities		11,441			11,307
Other long-term obligations		44,711			41,001
Deferred tax liabilities		125,378			108,824
		1,305,362			1,189,824
Shareholders’ equity
Common shares (authorized – unlimited number of voting common shares; issued and outstanding – December 31, 2024 – 27,704,450 (December 31, 2023 – 27,827,282))		228,961			229,455
Treasury shares (December 31, 2024 – 1,000,328 (December 31, 2023 – 1,090,187))		(15,913	)		(16,165	)
Additional paid-in capital		20,819			20,739
Retained earnings		156,125			123,032
Accumulated other comprehensive loss		(1,090	)		(407	)
Shareholders’ equity		388,902			356,654
Total liabilities and shareholders’ equity	$	1,694,264		$	1,546,478

Consolidated Statements of Operations and Comprehensive IncomeFor the years ended December 31 (Expressed in thousands of Canadian Dollars, except per share amounts)
		2024			2023⁽ⁱ⁾
Revenue	$	1,165,787		$	964,680
Cost of sales		789,056			678,528
Depreciation		166,683			131,319
Gross profit		210,048			154,833
General and administrative expenses		55,951			56,844
Loss on disposal of property, plant and equipment		767			1,659
Operating income		153,330			96,330
Equity earnings in affiliates and joint ventures		(15,299	)		(25,199	)
Interest expense, net		59,340			36,948
Change in fair value of contingent obligations		53,206			4,681
Gain on derivative financial instruments		(3,952	)		(6,063	)
Income before income taxes		60,035			85,963
Current income tax (benefit) expense		(3,280	)		6,841
Deferred income tax expense		19,230			15,981
Net income		44,085			63,141
Other comprehensive income
Unrealized foreign currency translation loss		683			713
Comprehensive income	$	43,402		$	62,428

Per share information
Basic net income per share	$	1.65		$	2.38
Diluted net income per share	$	1.52		$	2.09

⁽ⁱ⁾The prior year amounts are adjusted to reflect a change in presentation. See “Accounting Estimates, Pronouncements and Measures”.

The MIL Network –

March 20, 2025

MIL-OSI Australia: Vocus’ proposed acquisition of TPG enterprise, government and wholesale business not opposed
Source: Australian Competition and Consumer Commission

The ACCC will not oppose Vocus Group Limited’s proposed acquisition of TPG Telecom Limited’s (ASX: TPG) fixed line business, enterprise, government, and wholesale customer base as well as its fibre and transmission networks.

Vocus supplies fibre and network services to government, enterprise and wholesale customers. It also supplies communications and technology services to small and medium sized businesses, and retail telecommunications services to consumers.

Vocus also owns a fibre network, which includes domestic inter-capital transmission and metropolitan fibre infrastructure serving business premises.

TPG is a major telecommunications company which supplies fixed broadband services to consumers, business and government customers. It also supplies wholesale telecommunication services.

The ACCC’s review focused on how closely Vocus and TPG compete in the supply of data network and connectivity services, including fixed-line internet services, to large enterprise and government customers.

“Our investigation found that Vocus concentrates on supplying large enterprise and government customers, whereas TPG focuses on the small and medium enterprise segment of the market,” ACCC Commissioner Dr Philip Williams said.

The ACCC notes the introduction of NBN Co’s wholesale Enterprise Ethernet product in 2018 has significantly reduced barriers to entry and expansion to supplying large customers. This product has enabled providers with no or a small fibre footprint to compete for larger customers.

“After the acquisition, Vocus will continue to face strong competitors including Telstra, Optus, Aussie Broadband, Superloop and managed service providers in supplying government, large enterprise, and SME customers,” Dr Williams said.

As part of the review, the ACCC also considered the impact of the acquisition in the supply of fixed line voice services, NBN wholesale aggregation services, and data centre, cloud and security services.

“Overall, we did not find that the acquisition would likely result in substantially lessening competition in any market,” Dr Williams said.

More information can be found on the ACCC’s website at Vocus Group Limited – TPG Telecom Limited.

Note to editors

In considering the proposed merger, the ACCC applies the legal test set out in section 50 of the Competition and Consumer Act.

In general terms, section 50 prohibits acquisitions that would have the effect, or be likely to have the effect, of substantially lessening competition in any market.

Background

The assets that Vocus is proposing to acquire from TPG include the following:
- Network assets: TPG’s fibre network, including metropolitan, domestic, inter-capital and international subsea cable systems, and data centres that are primarily used for business, enterprise, government, wholesale and SME.
- Vision Network: a wholly-owned subsidiary of TPG, Vision Network is a fixed line broadband network that provides residential broadband access services in selected areas of Sydney, Canberra, Perth, Adelaide, Brisbane, Melbourne, as well as Geelong, Ballarat and Mildura.
- Wholesale, government and enterprise products and services: TPG provides fixed line fibre and fixed line network services to wholesale, enterprise and government customers under the TPG Telecom and AAPT brands.
TPG also operates a mobile network, which includes the Vodafone brand in Australia. However, this is not part of the proposed acquisition.

TPG’s consumer, business, enterprise, government, and wholesale mobile customers as well as its consumer and “small office home office” retail fixed line customers and business unit will also be excluded from the proposed acquisition.

MIL OSI News –
March 20, 2025
MIL-OSI USA: Commerce Committee Passes Two Bipartisan Bills Led by Peters to Bolster Domestic Semiconductor Supply Chains and Strengthen U.S. Manufacturing Policy

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – The Senate Commerce, Science, and Transportation Committee passed two bipartisan bills authored by U.S. Senator Gary Peters (MI) that aim to bolster domestic semiconductor supply chains and strengthen U.S. manufacturing policy.
“To support manufacturers in Michigan and throughout the United States, we need our industry partners, economic developers, and lawmakers reading from the same playbook,” said Senator Peters. “These bipartisan bills would help build a coordinated effort to attract new investments in our manufacturing sector, create good-paying jobs, and reduce our reliance on foreign adversaries for the semiconductor technologies that help power our economy.”
Peters’ Securing Semiconductor Supply Chains Act – which he introduced with U.S. Senators Marsha Blackburn (R-TN) and Rick Scott (R-FL) – would help to strengthen federal efforts to expand domestic manufacturing of semiconductor chips. The bill would direct the U.S. Department of Commerce’s SelectUSA program, in collaboration with other federal agencies and state economic development organizations, to develop strategies that would attract investment in U.S. semiconductor manufacturers and supply chains. Peters’ bill – which previously passed the Senate with unanimous support – would help address the ongoing global shortage of semiconductor technologies that has disrupted a range of industries in recent years including manufacturers and automakers in Michigan.
“We appreciate Senator Peters’ continued commitment to strengthening our national security and economic resilience by building up the semiconductor industry and supply chain here in America,” said Quentin Messer, Jr., CEO of the Michigan Economic Development Corporation. “As technology evolves and integrates further into every aspect of our lives, this industry remains poised for growth. Senator Peters’ understands that it is imperative we continue to collaborate in a bipartisan manner at the state, regional, and federal level on behalf of American workers, and especially future generations of innovative Michiganders.”
“American Automakers are grateful to Senator Peters for his leadership on this bipartisan legislation, which will boost domestic semiconductor manufacturing and strengthen our nation’s supply chains,” said Governor Matt Blunt, President of the American Automotive Policy Council. “This legislation is vital for U.S. automakers and their supplier partners, helping to foster economic growth throughout the U.S. auto sector.”
The committee also passed Peters’ National Manufacturing Advisory Council for the 21st Century Act, which would establish a National Manufacturing Advisory Council within the U.S. Department of Commerce. The Advisory Council would bring together leaders in manufacturing, labor, and education to advise both Congress and the Secretary of Commerce on how best to ensure the United States remains the top destination globally for investment in manufacturing. It would serve as a bridge between the manufacturing sector and federal government to improve communication and collaboration, and better support the industry and its workforce. The bill – which he introduced with U.S. Senator Marsha Blackburn (R-TN) – passed the Senate with unanimous support last Congress.
“This initiative, the National Manufacturing Advisory Council Act, is designed to improve the resources and support for our nation’s small and medium-size manufacturers, which are a truly vital driver of our economy. I applaud Senator Peters for his steadfast, unwavering commitment to American manufacturing,” said Ingrid Tighe, President of the Michigan Manufacturing Technology Center, the Michigan representative of the Hollings Manufacturing Extension Partnership (MEP) program, part of the National Institute of Standards and Technology (NIST).
“We applaud Senator Gary Peters for introducing this bill to improve the federal government’s planning and coordination of efforts to strengthen domestic manufacturing,” said Scott Paul, President of the Alliance for American Manufacturing. “Recent supply chain disruptions have made clear that it is time for the United States to shore up its critical manufacturing capabilities, which will not only better prepare us for the next crisis but also create jobs and boost the economy. This increased coordination between the many programs designed to support our manufacturers and their workers is an important step towards rebuilding our industrial base. We are grateful to Senator Peters for his efforts to bolster American manufacturing.”
“The Association of Equipment Manufacturers applauds Senator Gary Peters and Senator Marsha Blackburn for their continued leadership on behalf of the manufacturing sector and for introducing legislation that will prioritize a national strategy focused on ensuring American manufacturing policy can rapidly respond to changes in the global marketplace,” said Kip Eideberg, AEM Senior Vice President of Government and Industry Relations. “Our economic prosperity and national security depend on a strong manufacturing sector, and establishing a National Manufacturing Advisory Council will help unleash innovation and mobilize a comprehensive, coordinated, and competent national effort in support of the manufacturing sector and its workforce.”
“We commend Senator Gary Peters (D-MI) and Senator Marsha Blackburn (R-TN) for introducing legislation to establish a National Manufacturing Advisory Council,” said Ana Meuwissen, Senior Vice President of Government Affairs for MEMA, The Vehicle Suppliers Association. “This council will be a forum for manufacturers and other key stakeholders to provide input to the Department of Commerce (DOC) on important long-range issues such as workforce, supply chain, technology, and defense industrial base. The NMAC legislation would also foster better coordination of federal manufacturing policy in the DOC and across the federal government. When this legislation is enacted, it will be an asset to assist in retaining U.S. competitiveness in critical manufacturing sectors like motor vehicle parts.”
Peters has made expanding domestic manufacturing and strengthening U.S. supply chains a top priority. Peters helped craft and pass into law the CHIPS and Science Act, which includes a provision Peters secured funding to support the domestic production of mature semiconductor technologies and ensure that projects supporting critical manufacturing industries, such as the auto industry, are given priority status. This funding was in addition to $50 billion already in the bill to incentivize the production of semiconductors of all kinds in the U.S. – for a total of $52 billion.
The CHIPS and Science Act also included Peters’ bipartisan Investing in Domestic Semiconductor Manufacturing Act, which ensures federal incentives to boost domestic semiconductor manufacturing include U.S. suppliers that produce the materials and manufacturing equipment that enable semiconductor manufacturing. Peters’ provision directly supports Michigan manufacturers like Hemlock Semiconductor (HSC) in Hemlock, Michigan which was recently awarded up to $325 million in CHIPS and Science Act funding to build a new, state-of-the-art manufacturing facility. The project will allow the company to expand production of hyper-pure polysilicon needed to manufacture semiconductor chips and is expected to create 180 good-paying manufacturing jobs, as well as thousands of construction jobs, in Michigan.
Peters additionally supported and helped pass the Inflation Reduction Act, which will strengthen domestic manufacturing, onshore our supply chains, combat the climate crisis and create millions of American jobs.

MIL OSI USA News –

March 20, 2025
MIL-OSI USA: Federal Jury Convicts Florida Resident for Operating Mass Mailing Fraud Scheme Targeting Elderly and Vulnerable Victims

Source: US State Government of Utah

A federal jury in Central Islip, New York, convicted Hallandale Beach, Florida resident Phillip Priolo, 61, of conspiracy to commit mail fraud and four counts of mail fraud.

In November 2021, Priolo was charged with operating a mass mailing fraud scheme that tricked thousands of victims, many of whom were elderly, into providing the defendants with money by falsely promising prizes. Evidence presented at trial showed that, from March 2015 to December 2016, Priolo and his co-conspirators mailed millions of prize notices that falsely represented that the victims had been specifically chosen to receive a large cash prize and would receive the prize if they paid a fee. Victims who paid the requested fee, however, did not receive the promised cash prize. Although the notices appeared to be personalized correspondence, they were merely mass-produced, boilerplate documents that were bulk mailed to recipients whose names and addresses were on mailing lists.

“The Department of Justice’s Consumer Protection Branch is committed to pursuing criminals who prey upon our elder citizens through fraudulent schemes like fake prize scams,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “I thank the Postal Inspection Service for their partnership in this matter and for conducting a thorough and successful investigation.”

“Here, the defendant targeted and defrauded older individuals, the most vulnerable of populations, through a mass-mailing scheme,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service’s Criminal Investigations Group. “The U.S. Postal Inspection Service is deeply committed to protecting older Americans from fraudulent schemes. This conviction underscores the Postal Inspection Service’s and the Department of Justice’s dedication and determination to keep susceptible communities safe from financial exploitation and bring criminals to justice.”

Priolo will be scheduled for sentencing later this year, in Central Islip before U.S. District Judge Nusrat Jahan Choudhury of the Eastern District of New York. The defendant faces a maximum penalty of 20 years in prison for each count of conviction. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The trial resulted from a multi-year investigation conducted by the U.S. Postal Inspection Service. The case is being prosecuted by trial attorneys Charles Dunn, Ann Entwistle, and Jason Feldman of the Civil Division’s Consumer Protection Branch.

The department’s extensive and broad-based efforts to combat elder fraud seeks to halt the widespread losses seniors suffer from fraud schemes. The best method for prevention, however, is by sharing information about the various types of elder fraud schemes with relatives, friends, neighbors and other seniors who can use that information to protect themselves.

If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish and other languages are available.

More information about the Department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

MIL OSI USA News –

March 20, 2025
MIL-OSI Security: Michigan Man Pleads Guilty to Drug Distribution and Loan Fraud

Source: Office of United States Attorneys

BOSTON – A Michigan man pleaded guilty in federal court in Boston to a conspiracy to import and sell illegal pharmaceuticals, including opioids, and to fund the operation of the scheme by fraudulently obtaining a COVID-19 pandemic relief loan.

Donald Nchamukong, 37, pleaded guilty to conspiracy to smuggle goods into the United States, to commit loan fraud and to distribute controlled substances. U.S. District Court Judge Nathaniel M. Gorton scheduled sentencing for June 25, 2025.

Starting in 2019 and continuing to 2022, Nchamukong and a co-conspirator, Doyal Kalita, conspired to distribute drugs to persons in the United States over the internet and using call centers in India. Nchamukong used shell companies, including a purported dietary supplements company and an auto parts supplier, and associated bank and merchant accounts to process sales of illegal foreign drugs, including the Schedule IV opioid, tramadol. Nchamukong and Kalita also received shipments of tramadol from India and reshipped the drug to customers across the United States, including in Massachusetts. When the COVID-19 pandemic hit, Nchamukong and Kalita fraudulently obtained a $200,000 Economic Injury Disaster Loan to fund their illegal drug scheme.

Kalita was convicted in 2024 and sentenced to 10 years in prison for orchestrating the online drug distribution scheme and a technical support fraud scheme and related money laundering.

The charge of conspiracy provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000, or twice the monetary gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations made the announcement today. Valuable assistance was provided by Homeland Security Investigations in New York, Small Business Administration and the United States Attorney’s Office for the Eastern District of New York. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial, and Cyber Fraud Unit, is prosecuting the case.

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 https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form.

MIL Security OSI –

March 20, 2025
MIL-OSI Security: Federal Jury Convicts Florida Resident for Operating Mass Mailing Fraud Scheme Targeting Elderly and Vulnerable Victims

Source: United States Attorneys General 6

A federal jury in Central Islip, New York, convicted Hallandale Beach, Florida resident Phillip Priolo, 61, of conspiracy to commit mail fraud and four counts of mail fraud.

In November 2021, Priolo was charged with operating a mass mailing fraud scheme that tricked thousands of victims, many of whom were elderly, into providing the defendants with money by falsely promising prizes. Evidence presented at trial showed that, from March 2015 to December 2016, Priolo and his co-conspirators mailed millions of prize notices that falsely represented that the victims had been specifically chosen to receive a large cash prize and would receive the prize if they paid a fee. Victims who paid the requested fee, however, did not receive the promised cash prize. Although the notices appeared to be personalized correspondence, they were merely mass-produced, boilerplate documents that were bulk mailed to recipients whose names and addresses were on mailing lists.

“The Department of Justice’s Consumer Protection Branch is committed to pursuing criminals who prey upon our elder citizens through fraudulent schemes like fake prize scams,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “I thank the Postal Inspection Service for their partnership in this matter and for conducting a thorough and successful investigation.”

“Here, the defendant targeted and defrauded older individuals, the most vulnerable of populations, through a mass-mailing scheme,” said Inspector in Charge Eric Shen of the U.S. Postal Inspection Service’s Criminal Investigations Group. “The U.S. Postal Inspection Service is deeply committed to protecting older Americans from fraudulent schemes. This conviction underscores the Postal Inspection Service’s and the Department of Justice’s dedication and determination to keep susceptible communities safe from financial exploitation and bring criminals to justice.”

Priolo will be scheduled for sentencing later this year, in Central Islip before U.S. District Judge Nusrat Jahan Choudhury of the Eastern District of New York. The defendant faces a maximum penalty of 20 years in prison for each count of conviction. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The trial resulted from a multi-year investigation conducted by the U.S. Postal Inspection Service. The case is being prosecuted by trial attorneys Charles Dunn, Ann Entwistle, and Jason Feldman of the Civil Division’s Consumer Protection Branch.

The department’s extensive and broad-based efforts to combat elder fraud seeks to halt the widespread losses seniors suffer from fraud schemes. The best method for prevention, however, is by sharing information about the various types of elder fraud schemes with relatives, friends, neighbors and other seniors who can use that information to protect themselves.

If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish and other languages are available.

More information about the Department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

MIL Security OSI –

March 20, 2025
MIL-OSI USA: At Lowell Town Hall, Warren Lays Out Three Ways She’s Fighting Back Against Trump, Musk’s Dangerous Government Takeover

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
March 19, 2025
Video of Remarks (YouTube)
Boston, MA – At a town hall in Lowell, MA on Tuesday, March 18th, U.S. Senator Elizabeth Warren (D-Mass.) laid out her strategy to fight Donald Trump’s and Elon Musk’s dangerous government takeover hurting Massachusetts families and invited neighbors from Lowell to join her in the fight.
Transcript: Senator Warren’s Opening Remarks Town Hall in Lowell, MAMarch 18, 2025
Senator Elizabeth Warren: It is so good to see all of you. So, look, I’ve got to start out in a pretty hard place. And that is: our country is under assault right now, assault from within.
Donald Trump ran for office, promising on Day One to lower costs for American families. He repeated that over and over and over — ran ads on it, talked about it at every rally, said that one thing he could promise: on Day One, he’d lower costs for American families.
After he got elected, the very first interview he gave, he said that was why he won, because he made that promise to lower costs for American families. Are your costs any lower?
Audience: No!
Senator Warren: No, in fact, look at what Donald Trump has been doing since he was sworn in. Here we are going into the third month. Oh, Lord. Going into the third month and what is he doing? He’s trying to end entire agencies in government.
We’ve got the Consumer Financial Protection Bureau – woohoo! The cop on the beat so you don’t get cheated on your credit card, on your mortgage, on your car loan, just tried to sweep that completely off the books. Elon Musk tried to kill the CFPB — just take them out. Take them out.
The Department of Education, there for our little children, there for people trying to get a college diploma, there to make sure that a good public education is available for all of our kids — and they’re trying to take them out.
And as co-president Musk comes through with his chainsaw, he’s getting rid of the “fat” that we don’t need in government. You know, like the nuclear scientists that take care of fissionable material. Getting rid of air traffic controllers, who keep us safe while we’re on airplanes. Getting rid of the people who do the testing to make sure that we can drink the water and breathe the air. Getting rid of the people who inspect food that comes from foreign countries to make sure that we can safely eat it. That’s what he thinks is cutting waste, fraud, and abuse.
And understand, they don’t stop there. They also were out trying to cut off our future – end the money that goes into medical research, into scientific research. End the money that goes into higher education. End the money that goes into building the very foundations of our future. That’s what they’re trying to do and they’re throwing it up. They’re throwing up tons of it, every minute.
People say to me, “I can’t keep up. I can’t keep up with the headlines. There’s too much going on every day.” Understand this: that is exactly the plan. That is the plan. Because their hope is if you feel overwhelmed, if you can’t keep up with every piece of it, that you will simply cover up your head, give up, and let them do whatever they want. Well, I have to say to them: Not on my watch. Not on my watch.
So you look at the list of things they’ve done, and it may feel random to you. It’s like what? And they’re over here doing what? I didn’t even know that thing existed and they did what? There’s a whole lot of that going on, but again, that’s the hope. When you’ve got a really ugly plan that nobody much likes – Democrats don’t like it, Independents don’t like it, and the majority of Republicans don’t like it, you’ve got to find a way to ram it through, with nobody seeing it until it’s too late.
So what are they really doing with all those cuts? What is that chainsaw really about? Why shut down these departments? Why take down money that we invest in pediatric cancer research? I’ll tell you what it’s really for. What the Republicans in Congress and Donald Trump and Elon Musk are trying to do is they want to have a $4.7 trillion giveaway to a handful of billionaires and billionaire corporations, paid for on the backs of seniors, veterans, public workers, little kids, and we are here to say no to them. No.
So this is really important: the next time you’re feeling a little overwhelmed, the next time you’re thinking, “I’m not sure I’m following this next piece,” stop and say to yourself, “Oh wait, that is the plan. That is the plan. And we are the people who are fighting back.”
Here’s why I’m here tonight: I want to tell you three things I’m doing – and you know I come with an ask – I’m going to ask you to do three things, and then we’re going to do some questions, I want to hear from you, and want to talk about other things going on.
So what are we doing? What am I trying to do? I’ll tell you what I’m doing. I’m doubling down on the Constitution of the United States of America.
I’m putting my chips on the table and let’s just remember — Constitutional Law 101, three parts to government. It is the job of Congress to write the laws and enact the laws. That’s our job. It is the job of the administration to administer those laws, to carry them out faithfully. And it is the job of the courts to go after the administration and hold them accountable if they fail to follow the law.
So, Part One for me right now, for a whole lot of folks, is we’re taking Donald Trump and Elon Musk to court. Not once, not twice, we are in over a hundred lawsuits now. And they’re not through, because understand this: what Donald Trump and Elon Musk are doing is illegal. They are violating the law. We’ve just got to say it right out loud.
And listen, for any of you who run into your buddies who may have voted for Donald Trump because they thought he was going to lower prices – they say, “Well, he got elected.” Yeah, he got elected, and Republicans control the House and the Senate. If they want to change the law, the Constitution tells us how to do it. You start in Congress, you write new laws, then the administration can administer those laws. But no unelected guy with a chainsaw gets to come out here and shut down agencies and fire people that are working on behalf of the American people.
So that’s Part One. We are in court. And the early decisions – look, they’re not all perfect, not every case is going to line up the right way, but it’s looking hopeful. The courts are doing what they should be doing. They’re calling people out who are not following the law. And the latest sign is it’s moving all the way up to Elon Musk by name. So Part One.
Alright, Part Two: job in Congress. Go back to what I was talking about earlier. All the noise, all the sand in the gears, all the terrible things they’re trying to do, underlying all that is trying to hand over our government to the billionaires, to a handful of billionaires and billionaire corporations. This is going to be the fight over taxes, and that may sound boring – it is not. It is fundamentally who this government works for. Donald Trump, Elon Musk, a handful of billionaires who stood up there on the podium when Donald Trump was sworn in, they say that the United States’ people, the people of this country, should give them $4.7 trillion in giveaways and make everyone else pay for it. Because that is their vision of America. An America that works even better for the billionaires and even worse for everyone else.
I am a Democrat, and what it means to be a Democrat is every one of those guys needs to pay their fair share and we need to invest in Americans. So this fight is the big fight, and this is the fight in front of us. This is the one coming up right away. So that’s going to be the second thing. We’re going to be in this fight everywhere we possibly can.
Part Three is I’m doing everything I can, along with others, to help raise a movement. Ultimately, we’ve got the courts, we’ve got Congress, but real power in this nation is the American people. Real power is here, right here in Lowell, Massachusetts. Real power are the people who continue to pay attention, the people who continue to reach out, the people who continue to make their voices heard.
That’s why so much of this fight is trying to get people just to give up. Trying to overwhelm them so they’ll just cover up their heads. Trying to say it’s all too complicated, trying to do it all with the emojis, and let’s do this, make fun of people, let’s try to take them down. Because they want you to give up. Because you are the true source of power.
So last week, I was not here in Massachusetts, I was in Texas. Bernie is in Iowa. Where was Tim Walz — we’ve got a bunch of people out — Wisconsin, that’s exactly right. But that’s the idea, we’ve got to raise it, we’ve got to raise it together. So those are three things that I’m working on, trying to get all of my friends in the Senate and friends everywhere to work on.
But I’m here to ask you to be part of this as well. And here are my three asks for you: the first one is tell the stories. We build a grassroots movement one blade of grass at a time. And you can say cut federal employees and it may sound like cutting waste, fraud, and abuse. But when you talk about that you have a child in a pediatric cancer trial that is supported by federal dollars, and taking those federal dollars away can threaten that child’s life, that’s a story that everybody else in America needs to hear.
When you’re ready to talk about your neighbor down the street who is trying hard to be able to live independently — serious accident has got to have some home health care — and Elon Musk, the richest man on this planet, thinks that the way we save money is we tell that person, “You don’t get a home health aide, you have to move into a nursing home. That’s all that’s going to be available for you.” And then turns around it says to people who are in nursing homes, there’s not going to be enough support for you. I don’t know what the plan is there. We’re just going to set people out on the corners? Tell those stories. Tell them real. Tell them from your family, tell them from your neighbors, tell them from your cousins, but tell those stories. That’s number one. It is the best possible way to meet people where they are and get them to understand the importance of this fight.
Second part: do not underestimate the power of organization. Have I got some Indivisibles here? Power of organization. Any other groups that we’ve got in here? How about unions? Have we got anybody that works with unions? I don’t have to persuade you about the power of organization, right?
Organization, but I mean this in every way you can magnify your voice. You got a Facebook group? That’s organization. You got a bunch of friends you went to school with 22 years ago and you still keep in touch? That’s organization. And if some of them don’t live in Massachusetts, that’s even better organization, because this is how we keep moving these stories out. We’re going to push these stories out the door. And organizing keeps us going. So that’s the second part. One voice is loud, but two voices are more than twice as loud, so lots of organization.
Third point: take care of yourself. We’ve got to do some self-care and some care for each other. So there’s a reason on the airplane that they always do the little thing about adjust your own mask before trying to help anyone else. You’ve got to keep breathing oxygen.
You’ve got to stay in this fight. And there are a lot of ways that we can do this, each of us will find our own. I have a very large golden retriever. He might be a little too large. Bruce, however, always just describes him as he’s large-boned. He does like spaghetti, though. Patting a Golden Retriever is part of health.
I do a lot of self care in this, and I want to say this for all of you, it also fits with the point about telling stories and organization. If you’ve got more people in the fight with you. You’ve got more people to keep you going when you’re kind of in the down part of this to remind you of the good parts.
We have a rule in our office, and that is when anything good happens – and I get it, kind of few and far between sometimes – but when something good happens, when we get a good court decision that comes down, when we see an agency where somebody stands up and says, “Well, I’m just going to have to fire me then, because I’m not leaving without you.” We pass that around and we all stop and feel good about it for a minute, reminding each other that we are in this fight together.
So three things I’m working on, three things I’m asking you to work on, because now we get down to the bottom part of this, and that is: this is hard. I never thought our nation would face something like this. An unelected billionaire with a chainsaw is making decisions to get rid of thousands of people that we count on every day to keep this country going.
I never thought I would be at a time when a President of the United States would be saying, “Yeah, recession, it worked out fine.” I never thought I would be in a place where the Republicans in Congress would be so spineless. But despite all of that, despite what we are up against, despite it all, I am fundamentally optimistic and I am optimistic for this reason. I know what it means to fight a righteous fight.
This is a righteous fight, and we are in this together. There is no one I would rather fight alongside, but the good people of Lowell, Massachusetts, of all of Massachusetts, and of the United States of America.
Thank you.

MIL OSI USA News –

March 20, 2025

Category: Commerce

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