Category: Commerce

MIL-OSI Global: Land reform in South Africa doesn’t need a new law: the state should release property it owns – economists
Source: The Conversation – Africa – By Johann Kirsten, Director of the Bureau for Economic Research, Stellenbosch University

South Africa’s new Expropriation Act, which was signed into law by President Cyril Ramaphosa in January 2025, has been at the centre of a political storm set off by the new US administration under President Donald Trump.

The Expropriation Act is not entirely new. It mainly updates the existing legislation from 1975 to align it with the constitution of democratic South Africa. But some have misinterpreted it as making room for land grabs by the state. That’s not what it does in reality. Property rights remain intact in South Africa.

Hot on the heels of this furore has been a notice from the minister of land reform and rural development, Mzwanele Nyhontso, that the government is embarking on a new bit of legislation, the “Equitable Access to Land Bill”.

There have been discussions over the last 10 years about developing a land reform framework bill or land redistribution bill. The main idea is to foster conditions that enable citizens to get access to land equitably. Land ownership was heavily skewed towards white people under apartheid.

The parliamentary committee heard from the minister on 20 February 2025 that there were gaps between the white paper on South African land policy and existing legislation. The bill seeks to close the gaps. It would provide for, among other things, principles for access to land, access to land by the state and citizens, the identification and selection of beneficiaries, applications and records for land allocations, a register of agricultural land, notification of present land ownership, land ownership ceilings, a land tribunal and regulations.

Based on our years of work on land reform and agricultural policy it’s unclear to us why such a bill is necessary. We believe there are two reasons a new law would be superfluous. Firstly, South Africa already has roughly 16 laws that address the issue of land. Secondly, policymakers tend to ignore the facts on land reform progress.

It is hard not to view the obsession with new legislation by every new minister as a distraction from the core issues. The minister should be focusing on distributing the land the government has acquired to black farmers and give them title deeds. This will be sufficient effort to build an inclusive agricultural sector, while continuing with existing programmes of land acquisition from the open market.

There are also other areas that should be reformed that would make a difference. These include making more finance available to aspirant black farmers and fixing the deeds office to reduce land registration times.

What’s in place

There should be no need for new legislation if one considers all the different pieces of legislation and government programmes that are already aimed at a more equitable distribution of land. There are at least 16 laws related to farm land and the restitution and redistribution process. These include:
- Preservation and Development of Agricultural Land Act, signed into
  law in January 2025
- State Land Disposal Act, 1961 (Act No. 48 of 1961)
- Deeds Registries Act, 1937 (Act No. 47 of 1937)
- Land Reform: Provision of Land and Assistance Act, 1993 (Act No. 126 of
  1993)
- Restitution of Land Rights Act, 1994 (Act No. 22 of 1994)
- Communal Property Associations Act, 1996 (Act No. 28 of 1996)
- Land Reform (Labour Tenants) Act, 1996 (Act No. 3 of 1996)
- Protection of Informal Land Rights Act, 1996 (Act No. 31 of 1996)
- Extension of Security of Tenure Act, 1997 (Act No. 62 of 1997).
In addition, South African policymakers tend to ignore the facts on land reform progress.

As we have argued before, the mix of government programmes to restore land rights and redistribute land has already addressed 25% of the total area of farm land defined and registered by formal title deeds. This means that 19.5 million hectares of the 77.5 million hectares of South Africa’s farm land have been affected by the government land reform programmes.

There is an important nuance here: 2.5 million hectares have been acquired by the state and are now owned by the State Land Holding Account.

Calls for the state to redistribute this land to black farmers have been falling on deaf ears, and black farmers continue to despair.

The government has been slow to distribute the land it has acquired. This shows that the problem of South Africa’s land reform is not only about acquisition but also the distribution of land with title deeds to beneficiaries.

Included in the total of 19.5 million hectares are private purchases of farm land by black South Africans. We estimate a total of 2.4 million hectares have been acquired in this way up to the end of 2024.

These individuals used their own funds or borrowed funds to acquire the land without using any of the state programmes.

Some answers

We have always argued that the private transactions where no bureaucrats are involved happen much quicker than any government programmes. The table below shows the relevant statistics for the last four years and confirms the argument.

The table shows that over the last four years private land transactions (that is without any involvement of bureaucrats) have contributed 32% to the total area of farmland transferred or restituted. The land claims process, in terms of the Restitution of Land Rights Act, has made the biggest contribution of 60% (with 36% of land restituted via financial compensation and 24% of land transferred to claimants). Other government land reform programmes made a very small contribution.

Do we have more equitable access to farm land (or rural land) after 30 years of democracy? To answer this question, we need to take into account the occupation of farm land under traditional tenure arrangements and occupation on land owned by the state, including the South African Development Trust land as well as the land recently acquired by the state under the Proactive Land Acquisition Strategy programme, which is in most cases leased to black beneficiaries for short terms.

In addition, we account for the land redistribution programme and the land transferred back to land claimants. The numbers below provide an interesting picture of black ownership of rural land in South Africa. In some provinces, equitable access has shown remarkable progress, as shown in the table below.

Instead of a new law, this is what’s needed

First, access to affordable and preferential finance for land acquisition by black farmers would make an important contribution to equitable access. But no new law is needed to enable this. The answer lies in changing the way the Land Bank is funded so that it can provide affordable finance to aspirant farmers. This would be a game changer.

Secondly, government should act on the president’s proposal to establish the Land Reform Agency, release more unused state land for agricultural use and change the regulations to facilitate private land donations to beneficiaries.

Thirdly, fix the processes and data issues in the deeds office, which could reduce the time and costs to register property transfers.

Wandile Sihlobo is the Chief Economist of the Agricultural Business Chamber of South Africa (Agbiz) and a member of the Presidential Economic Advisory Council (PEAC).

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

– ref. Land reform in South Africa doesn’t need a new law: the state should release property it owns – economists – https://theconversation.com/land-reform-in-south-africa-doesnt-need-a-new-law-the-state-should-release-property-it-owns-economists-250674
MIL OSI – Global Reports –
February 26, 2025
MIL-OSI United Kingdom: New public procurement rules to drive growth, opportunities for small businesses and exclude suppliers that fail to deliver
Source: United Kingdom – Executive Government & Departments

News story

New public procurement rules to drive growth, opportunities for small businesses and exclude suppliers that fail to deliver

A new public procurement regime under the Procurement Act 2023 is now in force
Procurement Act 2023 now in force, delivering growth, driving value for money, and giving small businesses greater access to nearly £400billion of yearly spend.

Strong new powers to exclude and debar suppliers from contracts on grounds of national security or poor performance.

Public can scrutinise procurement decisions on new Central Digital Platform.

New laws putting growth, small businesses and transparency at the heart of public contract awards are now in force, as part of a transformation of the government’s commercial landscape that delivers on the Plan for Change.

A more open public procurement regime driving value for money is now in place through the Procurement Act 2023, which sets rules that all public bodies must follow when they buy goods and services.

The Act will boost growth by slashing red tape for small and medium sized businesses applying for government contracts – combining multiple regulations into one simple set, and publishing procurement data in a standard, open format on a Central Digital Platform.

It is bolstered by a new National Procurement Policy Statement (NPPS) that sets out this government’s Mission-led priorities which the public sector must have regard to in its procurement activity.

The changes open up opportunities for small businesses to bid for public sector contracts, helping deliver growth and opportunity across the UK. It ends late payments that put small businesses at risk, introducing a mandate of 30-day payment terms for all public sector contracts.

Costs for both business and the public sector will be reduced through simple new processes that drive innovation, offering greater flexibility for buyers to tailor procurement to their exact needs. For example, providing public bodies more opportunities to negotiate with suppliers, and using built-in stages to procurement cycles such as demonstrations and testing prototypes.

Cabinet Office Minister Georgia Gould said:

Public sector procurement can now fully deliver on the Plan for Change – unleashing local growth, opening up opportunities and embedding transparency and accountability.

The Procurement Act, supported by our new National Procurement Policy Statement, will tear down barriers that stop small businesses from winning government work, giving them greater opportunity to access the £400 billion spent on public procurement every year, investing in home-grown talent and driving innovation and growth.

Shirley Cooper, Crown Representative for Small Businesses, said:

This once–in-a-generation change to public procurement laws will provide enormous opportunities for small businesses to take a greater share of contracts.

The Act, which goes live alongside our bold new National Procurement Policy Statement, will drive economic growth and deliver on the Government’s Missions and the Plan for Change.

I thank the public sector for the considerable amount of work done to prepare for and understand these new rules, and how they can fully benefit both businesses and the taxpayer.

To deliver on this, a Central Digital Platform is now in operation which will streamline processes and cut red tape, allowing suppliers to register their details and see all bidding opportunities in one place. This will encourage more suppliers to bid for government work, increasing competition and in turn supporting economic growth.

Citizens can also scrutinise public procurement data published on this platform, as part of the Act’s rules for greater transparency.

The Government will also use tough new powers to investigate supplier misconduct, including underperforming suppliers and those that pose security risks to supply chains, with the ability to debar or exclude them from contracts.

The Procurement Review Unit (PRU) and National Security Unit for Procurement (NSUP), now operational as dedicated resources in the Cabinet Office, will carry out this work. The NSUP will take robust action against any organisation, actor or entity which presents a national security threat.

ADDITIONAL QUOTES

Emma Jones CBE, founder of Enterprise Nation, said:

Accessing public sector work can act like a growth accelerator for SMEs. Government contracts are solid and reliable and pay within 30 days. They help SMEs develop and invest in new processes, products and efficiencies, as well as take on more staff in their local community.

By seeing Government procurement through this lens, opening up contracts to more diverse and community-based businesses will be a powerful way to deliver economic growth.

My organisation has already been busy readying SMEs for this moment. This legislation is the beginning of the next step in the journey to increasing government spend with SMEs and boosting the economy.

Terry Corby, founder and CEO of Good Business Pays, said:

The public sector spends around £300 billion every year and represents a huge opportunity to drive growth in the UK. Buying more from SMEs, making it easier for them to tender for work and get paid faster will help drive growth in our communities across the UK.

The commitment to pay all suppliers through the supply chain in under 30 days is important. If implemented well, the new Procurement Act will represent the biggest step-change towards best practice payment culture. I founded Good Business Pays five years ago, and provide a great example for all commercial organisations to follow.

ENDS

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Updates to this page

Published 25 February 2025
MIL OSI United Kingdom –
February 26, 2025

MIL-OSI USA: Unemployment rate for people with a disability changes little, at 7.5%, in 2024

Source: US Department of Labor

For release 10:00 a.m. (ET) Tuesday, February 25, 2025 USDL-25-0247

Technical information: (202) 691-6378 * cpsinfo@bls.gov * www.bls.gov/cps
Media contact: (202) 691-5902 * PressOffice@bls.gov

PERSONS WITH A DISABILITY: LABOR FORCE CHARACTERISTICS -- 2024

In 2024, the employment-population ratio--the proportion of the population that is employed--
was 22.7 percent among those with a disability, the U.S. Bureau of Labor Statistics reported
today. In contrast, the employment-population ratio for those without a disability was 65.5
percent. The employment-population ratio for people with a disability changed little from
2023 to 2024, following a 1.2 percentage-point increase from 2022 to 2023. The employment-
population ratio for those without a disability decreased by 0.3 percentage point in 2024.
The unemployment rate for people with a disability (7.5 percent) changed little in 2024,
while the rate for those without a disability increased by 0.3 percentage point over the
year to 3.8 percent.

The data on people with a disability are collected as part of the Current Population Survey
(CPS), a monthly sample survey of about 60,000 households that provides statistics on
employment and unemployment in the United States. The collection of data on people with a
disability is sponsored by the U.S. Department of Labor's Office of Disability Employment
Policy. For more information, see the Technical Note in this news release.

Highlights from the 2024 data:

--Half of all people with a disability were age 65 and over, nearly three times larger than
the share for those with no disability. (See table 1.)

--For all ages, the employment-population ratio was much lower for people with a disability
than for those with no disability. (See table 1.)

--Unemployment rates were much higher for people with a disability than for those with no
disability across all educational attainment groups. (See table 1.)

--Workers with a disability were nearly twice as likely to work part time as workers with
no disability. (See table 2.)

--Workers with a disability were more likely to be self-employed than were workers with no
disability. (See table 4.)

Demographic characteristics

People with a disability accounted for about 13 percent of the population in 2024. Those
with a disability tend to be older than people with no disability, reflecting the increased
incidence of disability with age. In 2024, half of those with a disability were age 65 and
over, compared with about 18 percent of those with no disability. Overall, women were more
likely to have a disability than were men, partly reflecting the greater life expectancy of
women. Among the major race and ethnicity groups, people who are White (13.0 percent) and
Black or African American (13.1 percent) had a higher prevalence of disability than those
who are Asian (6.8 percent) and Hispanic or Latino (8.7 percent). (See table 1.)

Employment

In 2024, the employment-population ratio for people with a disability changed little at
22.7 percent. The ratio for those with no disability decreased by 0.3 percentage point to
65.5 percent. The lower ratio among people with a disability reflects, in part, the older
age profile of people with a disability; people age 65 and over are less likely to be
employed regardless of disability status. However, across all age groups, people with a
disability were much less likely to be employed than those with no disability.
(See tables A and 1.)

Among people with a disability ages 16 to 64, the employment-population ratio, at 37.4
percent in 2024, changed little over the year. Similarly, the ratio for people with a
disability age 65 and over was little changed at 8.1 percent. (See table A.)

People with a disability were less likely to have completed a bachelor's degree or higher
than were those with no disability. In 2024, about 23 percent of all people with a
disability had completed a bachelor's degree or higher compared with about 42 percent of
those with no disability. Among both groups, those who had attained higher levels of
education were more likely to be employed than were those with less education. For all
levels of education, people with a disability were much less likely to be employed than
their counterparts with no disability. (Educational attainment data are presented for
those age 25 and over.) (See table 1.)

Workers with a disability were more likely to be employed part time than were those with
no disability. About 31 percent of those with a disability usually worked part time compared
with about 17 percent of workers without a disability. About 4 percent of workers with a
disability worked part time for economic reasons. These individuals would have preferred
full-time employment but were working part time because their hours had been reduced or
they were unable to find full-time jobs. (See table 2.)

In 2024, people with a disability were more likely to work in sales and office occupations
than were those with no disability (20.8 percent compared with 18.4 percent, respectively).
Workers with a disability were also more likely than those with no disability to work in
service occupations (19.0 percent compared with 16.3 percent) and in production,
transportation, and material moving occupations (14.2 percent compared with 12.2 percent).
People with a disability were much less likely to work in management, professional, and
related occupations than were their counterparts with no disability (37.9 percent compared
with 44.1 percent). Workers with a disability were also somewhat less likely to work in
natural resources, construction, and maintenance occupations (8.1 percent compared with
9.0 percent). (See table 3.)

A larger share of people with a disability were self-employed than were those with no
disability in 2024 (9.2 percent versus 6.0 percent). Those with a disability were slightly
more likely to be employed by the federal government than were their counterparts with no
disability (3.3 percent and 2.6 percent), while the proportions of people employed by state
and local governments were about the same regardless of disability status. In contrast,
people with a disability were less likely to be employed as private wage and salary workers
(76.6 percent) than were those with no disability (80.5 percent). (See table 4.)

Unemployment

The unemployment rate for people with a disability was about twice that of those with no
disability in 2024. (Unemployed people are those who did not have a job, were available for
work, and were actively looking for a job in the 4 weeks preceding the survey.) The
unemployment rate for people with a disability changed little in 2024 at 7.5 percent, while
the rate for people without a disability increased by 0.3 percentage point to 3.8 percent.
(See tables A and 1.)

Among people with a disability, the unemployment rates were the same for men and women in
2024 (7.5 percent). These rates were little different from a year earlier. Among the major
race and ethnicity groups, the jobless rates for people who are White, Black or African
American, Asian, and Hispanic or Latino showed little change over the year. As is the case
among people without a disability, the jobless rates for those with a disability were higher
among people who are Black or African American (10.7 percent) and Hispanic or Latino
(9.4 percent) than among people who are White (6.9 percent) and Asian (6.3 percent).
(See table 1.)

Not in the labor force

People who are neither employed nor unemployed are considered not in the labor force. A
large proportion of people with a disability--about 75 percent--were not in the labor force
in 2024, compared with about 32 percent of those with no disability. In part, this too
reflects the older age profile of people with a disability; people age 65 and over were
much less likely to participate in the labor force than were those in younger age groups.
Across all age groups, however, people with a disability were less likely to participate
in the labor force than were those with no disability. (See table 1.)

For both people with and without a disability, the vast majority of those who were not in
the labor force did not want a job. In 2024, about 3 percent of those with a disability
wanted a job, lower than about 6 percent of those without a disability. Among people who
wanted a job, a subset is classified as marginally attached to the labor force. These
individuals wanted and were available for work and had looked for a job sometime in
the prior 12 months but had not looked for work in the 4 weeks preceding the survey.
(People marginally attached to the labor force include discouraged workers.) About 1
percent of people with a disability were marginally attached to the labor force in 2024.
(See table 5.)

Table A. Employment status of the civilian noninstitutional population by disability status and age, 2023 and 2024 annual averages [Numbers in thousands]
Characteristic	2023			2024
Characteristic	Total, 16 years and over	16 to 64 years	65 years and over	Total, 16 years and over	16 to 64 years	65 years and over
PEOPLE WITH A DISABILITY
Civilian noninstitutional population	33,501	16,685	16,816	33,945	16,915	17,030
Civilian labor force	8,112	6,715	1,397	8,328	6,886	1,441
Participation rate	24.2	40.2	8.3	24.5	40.7	8.5
Employed	7,528	6,196	1,331	7,701	6,326	1,375
Employment-population ratio	22.5	37.1	7.9	22.7	37.4	8.1
Unemployed	585	519	66	627	561	66
Unemployment rate	7.2	7.7	4.7	7.5	8.1	4.6
Not in labor force	25,389	9,970	15,419	25,618	10,029	15,589

PEOPLE WITH NO DISABILITY
Civilian noninstitutional population	233,441	191,998	41,443	234,626	191,920	42,706
Civilian labor force	159,004	149,206	9,798	159,779	149,580	10,198
Participation rate	68.1	77.7	23.6	68.1	77.9	23.9
Employed	153,509	143,961	9,548	153,645	143,744	9,900
Employment-population ratio	65.8	75.0	23.0	65.5	74.9	23.2
Unemployed	5,495	5,245	250	6,134	5,836	298
Unemployment rate	3.5	3.5	2.6	3.8	3.9	2.9
Not in labor force	74,437	42,792	31,645	74,847	42,340	32,507
NOTE: Updated population controls are introduced annually with the release of January data.

Technical Note

   The estimates in this release are based on annual average data obtained from  
the Current Population Survey (CPS). The CPS, which is conducted by the U.S. 
Census Bureau for the Bureau of Labor Statistics (BLS), is a monthly survey of 
about 60,000 eligible households that provides information on the labor force 
status, demographics, and other characteristics of the nation's civilian
noninstitutional population age 16 and over.
   
   Questions were added to the CPS in June 2008 to identify people with a 
disability in the civilian noninstitutional population age 16 and over. The 
addition of these questions allowed the BLS to begin releasing monthly labor 
force data from the CPS for people with a disability. The collection of these 
data is sponsored by the Department of Labor's Office of Disability Employment 
Policy.
   
   If you are deaf, hard of hearing, or have a speech disability, please dial
7-1-1 to access telecommunications relay services.

Reliability of the estimates

   Statistics based on the CPS are subject to both sampling and nonsampling 
error. When a sample, rather than the entire population, is surveyed, there is 
a chance that the sample estimates may differ from the true population values 
they represent. The component of this difference that occurs because samples 
differ by chance is known as sampling error, and its variability is measured 
by the standard error of the estimate. There is about a 90-percent chance, or
level of confidence, that an estimate based on a sample will differ by no more 
than 1.6 standard errors from the true population value because of sampling 
error. BLS analyses are generally conducted at the 90-percent level of 
confidence.

   The CPS data also are affected by nonsampling error. Nonsampling error can 
occur for many reasons, including the failure to sample a segment of the 
population, inability to obtain information for all respondents in the sample, 
inability or unwillingness of respondents to provide correct information, and
errors made in the collection or processing of the data.

   Additional information about the reliability of data from the CPS and 
estimating standard errors is available at 
www.bls.gov/cps/documentation.htm#reliability.

   CPS estimates are controlled to population totals that are available by 
age, sex, race, and Hispanic ethnicity. These controls are developed by the 
Census Bureau and are based on complete population counts obtained in the 
decennial census. In the years between decennial censuses, they incorporate 
the latest information about population change (births, deaths, and net
international migration). As part of its annual update of population
estimates, the Census Bureau introduces adjustments to the total population
controls. The updated controls typically have a negligible impact on 
unemployment rates and other ratios. The estimates of the population of 
people with a disability are not controlled to independent population totals 
of people with a disability because such data are not available. Without 
independent population totals, sample-based estimates are more apt to vary 
from one time period to the next. Information about population controls is 
available at www.bls.gov/cps/documentation.htm#pop.

Disability questions and concepts

   The CPS uses a set of six questions to identify people with disabilities. 
In the CPS, people are classified as having a disability if there is a response 
of "yes" to any of these questions. The disability questions appear in the CPS 
in the following format:

   This month we want to learn about people who have physical, mental, or emotional
conditions that cause serious difficulty with their daily activities. Please answer
for household members who are 15 years old or over.

   --Is anyone deaf or does anyone have serious difficulty 
     hearing?

   --Is anyone blind or does anyone have serious difficulty
     seeing even when wearing glasses?

   --Because of a physical, mental, or emotional condition, does
     anyone have serious difficulty concentrating, remembering, or
     making decisions?

   --Does anyone have serious difficulty walking or climbing
     stairs?

   --Does anyone have difficulty dressing or bathing?

   --Because of a physical, mental, or emotional condition, does
     anyone have difficulty doing errands alone such as visiting a
     doctor's office or shopping?

   The CPS questions for identifying individuals with disabilities are only 
asked of household members who are age 15 and over. Each of the questions ask 
the respondent whether anyone in the household has the condition described, and 
if the respondent replies "yes," they are then asked to identify everyone in 
the household who has the condition. Labor force measures from the CPS are 
tabulated for people age 16 and over. More information on the disability 
questions and the limitations of the CPS disability data is available on the 
BLS website at www.bls.gov/cps/cpsdisability_faq.htm.

Other definitions

   Other definitions used in this release are described briefly below. 
Additional information on the concepts and methodology of the CPS is available 
at www.bls.gov/cps/documentation.htm.

   Employed.  Employed people are all those who, during the survey reference 
week, (a) did any work at all as paid employees; (b) worked in their own 
business, profession, or on their own farm; or (c) worked 15 hours or more as 
unpaid workers in a family member's business.  People who were temporarily 
absent from their jobs because of illness, bad weather, vacation, labor 
dispute, or another reason also are counted as employed.

   Unemployed.  Unemployed people are those who had no employment during the 
reference week, were available for work at that time, and had made specific 
efforts to find employment sometime during the 4-week period ending with the 
reference week. People who were waiting to be recalled to a job from which they 
had been laid off need not have been looking for work to be classified as 
unemployed.

   Civilian labor force.  The civilian labor force comprises all people
classified as employed or unemployed.

   Unemployment rate.  The unemployment rate is the number unemployed as a 
percent of the labor force.

   Not in the labor force.  People not in the labor force include all those who 
are not classified as employed or unemployed. Information is collected on their 
desire for and availability to take a job at the time of the CPS interview, job 
search activity in the prior year, and reason for not looking in the 4-week 
period ending with the reference week. This group includes individuals marginally 
attached to the labor force, defined as people not in the labor force who want 
and are available for a job and who have looked for work sometime in the past 12 
months (or since the end of their last job if they held one within the past 12 
months). They are not counted as unemployed because they had not actively searched 
for work in the prior 4 weeks. Within the marginally attached group are discouraged 
workers--people who are not currently looking for work because they believe there 
are no jobs available or there are none for which they would qualify. The other 
people marginally attached to the labor force group includes people who want a
job but had not looked for work in the past 4 weeks for reasons such as family 
responsibilities or transportation problems.

   Part time for economic reasons.  People classified as at work part time for 
economic reasons, a measure sometimes referred to as involuntary part time, are 
those who gave an economic reason for working 1 to 34 hours during the reference 
week. Economic reasons include slack work or unfavorable business conditions, 
inability to find full-time work, and seasonal declines in demand. Those who 
usually work part time must also indicate that they want and are available for 
full-time work to be classified as part time for economic reasons.

   Occupation, industry, and class of worker.  The occupation, industry, and 
class of worker classifications for the employed relate to the job held in the 
survey reference week. People with two or more jobs are classified in the job 
at which they worked the greatest number of hours. People are classified using 
the 2018 Census occupational and 2017 Census industry classification systems. 
The class-of-worker breakdown assigns workers to the following categories: 
private and government wage and salary workers, self-employed workers, and 
unpaid family workers. Wage and salary workers receive wages, salary, 
commissions, tips, or pay in kind from a private employer or from a government 
unit. Self-employed people are those who work for profit or fees in their own 
business, profession, trade, or farm. Only the unincorporated self-employed are 
included in the self-employed category. Self-employed people who respond that 
their businesses are incorporated are included among wage and salary workers. 
Unpaid family workers are people working without pay for 15 hours a week or 
more on a farm or in a business operated by a family member in their household.

Table 1. Employment status of the civilian noninstitutional population by disability status and selected characteristics, 2024 annual averages [Numbers in thousands]
Characteristic	Civilian noninsti- tutional population	Civilian labor force						Not in labor force
		Total	Participation rate	Employed		Unemployed
		Total	Participation rate	Total	Percent of population	Total	Rate
TOTAL
Total, 16 years and over	268,571	168,106	62.6	161,346	60.1	6,761	4.0	100,465
Men	130,939	88,974	68.0	85,313	65.2	3,661	4.1	41,965
Women	137,633	79,132	57.5	76,033	55.2	3,100	3.9	58,500

PEOPLE WITH A DISABILITY
Total, 16 years and over	33,945	8,328	24.5	7,701	22.7	627	7.5	25,618
Men	15,923	4,308	27.1	3,984	25.0	324	7.5	11,615
Women	18,023	4,020	22.3	3,717	20.6	303	7.5	14,003
Age
16 to 64 years	16,915	6,886	40.7	6,326	37.4	561	8.1	10,029
16 to 19 years	876	242	27.6	184	21.0	58	23.9	634
20 to 24 years	1,271	596	46.9	517	40.6	79	13.3	675
25 to 34 years	2,625	1,522	58.0	1,393	53.1	129	8.5	1,103
35 to 44 years	2,689	1,402	52.1	1,310	48.7	92	6.6	1,287
45 to 54 years	3,417	1,405	41.1	1,301	38.1	104	7.4	2,012
55 to 64 years	6,036	1,719	28.5	1,621	26.8	98	5.7	4,317
65 years and over	17,030	1,441	8.5	1,375	8.1	66	4.6	15,589
Race and Hispanic or Latino ethnicity
White	26,629	6,584	24.7	6,129	23.0	455	6.9	20,045
Black or African American	4,593	1,045	22.8	934	20.3	112	10.7	3,548
Asian	1,219	252	20.7	236	19.4	16	6.3	967
Hispanic or Latino ethnicity	4,277	1,188	27.8	1,076	25.2	111	9.4	3,089
Educational attainment
Total, 25 years and over	31,798	7,490	23.6	7,000	22.0	490	6.5	24,309
Less than a high school diploma	4,427	556	12.6	499	11.3	57	10.2	3,871
High school graduates, no college	11,075	2,081	18.8	1,912	17.3	169	8.1	8,993
Some college or associate degree	8,838	2,379	26.9	2,224	25.2	155	6.5	6,459
Bachelor’s degree and higher	7,459	2,474	33.2	2,365	31.7	109	4.4	4,985

PEOPLE WITH NO DISABILITY
Total, 16 years and over	234,626	159,779	68.1	153,645	65.5	6,134	3.8	74,847
Men	115,016	84,666	73.6	81,329	70.7	3,337	3.9	30,350
Women	119,610	75,113	62.8	72,316	60.5	2,797	3.7	44,497
Age
16 to 64 years	191,920	149,580	77.9	143,744	74.9	5,836	3.9	42,340
16 to 19 years	16,709	6,242	37.4	5,477	32.8	765	12.3	10,467
20 to 24 years	20,116	14,697	73.1	13,655	67.9	1,042	7.1	5,419
25 to 34 years	41,802	35,660	85.3	34,202	81.8	1,457	4.1	6,142
35 to 44 years	41,491	36,001	86.8	34,887	84.1	1,114	3.1	5,490
45 to 54 years	36,617	31,532	86.1	30,738	83.9	794	2.5	5,085
55 to 64 years	35,185	25,448	72.3	24,785	70.4	663	2.6	9,737
65 years and over	42,706	10,198	23.9	9,900	23.2	298	2.9	32,507
Race and Hispanic or Latino ethnicity
White	178,457	121,048	67.8	116,904	65.5	4,144	3.4	57,409
Black or African American	30,410	21,001	69.1	19,794	65.1	1,207	5.7	9,409
Asian	16,756	11,429	68.2	11,034	65.9	394	3.5	5,327
Hispanic or Latino ethnicity	44,645	31,702	71.0	30,151	67.5	1,551	4.9	12,942
Educational attainment
Total, 25 years and over	197,801	138,839	70.2	134,512	68.0	4,326	3.1	58,962
Less than a high school diploma	14,868	8,597	57.8	8,090	54.4	507	5.9	6,271
High school graduates, no college	52,631	34,175	64.9	32,813	62.3	1,362	4.0	18,455
Some college or associate degree	48,149	33,460	69.5	32,403	67.3	1,057	3.2	14,689
Bachelor’s degree and higher	82,153	62,607	76.2	61,206	74.5	1,400	2.2	19,547
NOTE: Estimates for the above race groups (White, Black or African American, and Asian) do not sum to totals because data are not presented for all races. People whose ethnicity is identified as Hispanic or Latino may be of any race.

Table 2. Employed full- and part-time workers by disability status and age, 2024 annual averages [Numbers in thousands]
Disability status and age	Employed			At work part time for economic reasons
Disability status and age	Total	Usually work full time	Usually work part time	At work part time for economic reasons
TOTAL
16 years and over	161,346	133,361	27,985	4,467
16 to 64 years	150,070	126,401	23,669	4,267
65 years and over	11,276	6,960	4,316	200

People with a disability
16 years and over	7,701	5,322	2,379	303
16 to 64 years	6,326	4,641	1,684	275
65 years and over	1,375	680	695	27

People with no disability
16 years and over	153,645	128,039	25,605	4,164
16 to 64 years	143,744	121,760	21,985	3,991
65 years and over	9,900	6,280	3,621	172
NOTE: Full time refers to people who usually work 35 hours or more per week; part time refers to people who usually work less than 35 hours per week.

Table 3. Employed people by disability status, occupation, and sex, 2024 annual averages [Percent distribution]
Occupation	People with a disability			People with no disability
Occupation	Total	Men	Women	Total	Men	Women
Total employed (in thousands)	7,701	3,984	3,717	153,645	81,329	72,316

Occupation as a percent of total employed
Total employed	100.0	100.0	100.0	100.0	100.0	100.0
Management, professional, and related occupations	37.9	34.7	41.3	44.1	39.8	49.1
Management, business, and financial operations occupations	16.6	17.3	16.0	19.1	19.6	18.5
Management occupations	11.5	12.8	10.2	12.9	14.1	11.4
Business and financial operations occupations	5.1	4.4	5.8	6.2	5.4	7.1
Professional and related occupations	21.3	17.5	25.4	25.1	20.2	30.6
Computer and mathematical occupations	3.1	4.2	1.9	4.0	5.6	2.2
Architecture and engineering occupations	1.8	2.7	0.8	2.2	3.5	0.8
Life, physical, and social science occupations	0.8	0.8	0.9	1.2	1.1	1.3
Community and social service occupations	2.0	1.5	2.6	1.8	1.0	2.7
Legal occupations	1.0	0.9	1.2	1.1	1.0	1.3
Education, training, and library occupations	5.6	3.1	8.4	6.0	3.0	9.3
Arts, design, entertainment, sports, and media occupations	2.6	2.4	2.8	2.1	2.0	2.3
Healthcare practitioners and technical occupations	4.3	1.9	6.8	6.6	3.0	10.6
Service occupations	19.0	16.0	22.2	16.3	13.0	19.9
Healthcare support occupations	4.3	1.3	7.5	3.3	1.0	6.0
Protective service occupations	1.6	2.4	0.8	1.9	2.7	1.0
Food preparation and serving related occupations	5.4	4.7	6.2	5.0	4.3	5.7
Building and grounds cleaning and maintenance occupations	5.0	6.4	3.5	3.5	3.9	3.1
Personal care and service occupations	2.6	1.2	4.2	2.5	1.1	4.0
Sales and office occupations	20.8	14.7	27.4	18.4	13.8	23.6
Sales and related occupations	9.6	8.6	10.8	8.7	8.6	8.8
Office and administrative support occupations	11.2	6.1	16.6	9.7	5.2	14.8
Natural resources, construction, and maintenance occupations	8.1	14.9	0.9	9.0	15.9	1.1
Farming, fishing, and forestry occupations	0.5	0.6	0.3	0.6	0.8	0.4
Construction and extraction occupations	4.4	8.1	0.4	5.3	9.6	0.5
Installation, maintenance, and repair occupations	3.3	6.1	0.3	3.0	5.5	0.3
Production, transportation, and material moving occupations	14.2	19.8	8.2	12.2	17.5	6.3
Production occupations	5.5	7.3	3.5	4.9	6.6	3.0
Transportation and material moving occupations	8.7	12.5	4.7	7.3	10.9	3.3

Table 4. Employed people by disability status, industry, class of worker, and sex, 2024 annual averages [Percent distribution]
Industry and class of worker	People with a disability			People with no disability
Industry and class of worker	Total	Men	Women	Total	Men	Women
Total employed (in thousands)	7,701	3,984	3,717	153,645	81,329	72,316

Industry as a percent of total employed
Total employed	100.0	100.0	100.0	100.0	100.0	100.0
Agriculture and related industries	2.1	3.0	1.2	1.4	1.8	0.8
Nonagricultural industries	97.9	97.0	98.8	98.6	98.2	99.2
Mining, quarrying, and oil and gas extraction	0.3	0.5	0.1	0.4	0.6	0.1
Construction	6.3	10.9	1.5	7.5	12.6	1.8
Manufacturing	8.5	11.5	5.3	9.4	12.5	5.8
Wholesale trade	1.6	2.0	1.1	2.0	2.6	1.3
Retail trade	13.1	12.8	13.5	10.0	9.9	10.0
Transportation and utilities	5.9	7.8	3.8	6.1	8.7	3.1
Information	1.7	1.8	1.6	1.8	2.0	1.5
Financial activities	5.8	5.1	6.6	6.8	6.4	7.3
Professional and business services	12.0	13.5	10.5	13.3	14.5	11.9
Education and health services	21.8	11.3	33.0	23.1	11.1	36.5
Leisure and hospitality	9.5	8.9	10.0	8.7	8.0	9.5
Other services	6.0	5.7	6.3	4.7	4.1	5.4
Public administration	5.4	5.3	5.5	5.0	5.1	4.9

Class of worker as a percent of total employed
Total employed	100.0	100.0	100.0	100.0	100.0	100.0
Wage and salary workers	90.7	89.5	92.0	94.0	93.2	94.8
Private industries	76.6	77.4	75.9	80.5	82.2	78.5
Government	14.1	12.2	16.1	13.5	11.0	16.3
Federal	3.3	3.6	2.9	2.6	2.7	2.4
State	5.0	3.4	6.7	4.7	3.5	6.0
Local	5.8	5.2	6.4	6.3	4.8	7.9
Self-employed workers, unincorporated	9.2	10.4	7.9	6.0	6.8	5.1

Table 5. People not in the labor force by disability status, age, and sex, 2024 annual averages [Numbers in thousands]
Category	Total, 16 years and over	16 to 64 years			Total, 65 years and over
Category	Total, 16 years and over	Total	Men	Women	Total, 65 years and over
PEOPLE WITH A DISABILITY
Total not in the labor force	25,618	10,029	4,876	5,152	15,589
People who currently want a job	798	542	253	289	256
Marginally attached to the labor force	203	159	77	83	43
Discouraged workers	45	31	18	13	14
Other people marginally attached to the labor force	157	128	59	69	29

PEOPLE WITH NO DISABILITY
Total not in the labor force	74,847	42,340	16,227	26,113	32,507
People who currently want a job	4,792	4,170	2,009	2,161	622
Marginally attached to the labor force	1,355	1,239	676	563	116
Discouraged workers	363	332	202	130	31
Other people marginally attached to the labor force	992	907	475	433	85

MIL OSI USA News –

February 26, 2025

MIL-OSI Economics: Samsung Showcases Comprehensive Range of Home Appliances With Experience-Enhancing Screens at KBIS 2025

Source: Samsung

Samsung Electronics today announced it is showcasing its comprehensive lineup of innovative home appliances — including the new Induction Range from Dacor — at the Kitchen & Bath Industry Show (KBIS) 2025 in Las Vegas. Following on from its “AI for All” vision laid out at CES 2025 in January, Samsung is continuing to build out a suite of user-focused, AI-enhanced solutions providing truly personalized services for living spaces — all based on the foundation of constantly improving solutions like Samsung Knox, Bixby and SmartThings.

The exhibition showcases Bespoke AI appliances — namely the Bespoke 4-Door Flex Refrigerator with AI Family Hub +, the Bespoke AI Laundry Combo and the Bespoke Slide-in Induction Range — which are great additions to any smart home ecosystem. The LCD screens on these appliances act as a hub, allowing easy and intuitive access and control across various intelligent, connected devices. Visitors can experience how implementation of AI can deliver a personalized experience and make daily routines better and more enjoyable.

Additionally, the exhibition provides information on AI Energy Mode in SmartThings Energy1 and Samsung Care, both of which support Samsung’s commitment to making users’ daily lives more convenient.

Samsung’s KBIS booth also has a dedicated space with built-in appliances from Dacor, including the 2025 Dacor Induction Range. Designed for a premium kitchen, Dacor’s 30” Column Refrigerator – Panel Ready; 30” Column Freezer – Panel Ready; 30” Combination Wall Oven with Steam; and 24” Built-in Wine Dispenser form a seamless wall to bring a clean and luxurious look to the home interior. A separate wine zone also showcases the 24” Wine Column – Panel Ready that continues into an impressive Dacor Wine Wall where visitors can take photos.

“We are looking forward to introducing our Samsung Bespoke and Dacor appliances, all of which harness powerful hyperconnectivity and AI technology to anticipate personal needs and simplify daily tasks,” said Taehwan Hwang, EVP and Head of the Sales and Marketing Team of Digital Appliances (DA) Business at Samsung Electronics. “And as the premier stage for home innovation, KBIS is the perfect place for us to showcase how these smart, beautifully designed appliances work together to create seamless and personalized experiences for every household.”

Introducing the 2025 Dacor Induction Range: A Powerful Enhancement to Any Kitchen

The 2025 Dacor Induction Range empowers users to quickly and flexibly cook a variety of dishes. The powerful heat of a 4.3 kW Induction Cooktop enables fast and intensive cooking that seals in delicious flavors, making it ideal for sautéing, searing or quickly boiling. The cooktop’s Anti Scratch Glass makes surface cleaning and maintenance super easy, and the matte black finish adds a premium look to the kitchen.

There’s also a 7” Sync Burner that allows users to adjust two separate burners with one control so they can be kept at the same temperature and act as one large cooking zone for large cookware. Since this model is ENERGY STAR® certified, all the power that comes with it doesn’t come at the cost of efficiency, either.

Additionally, Dacor’s Dual Four-part Pure Convection system cooks multiple dishes quickly and thoroughly with no flavor transfer, reducing cooking time by distributing heat evenly across the entire oven. The four key components are as follows:

a 1300 W heating element to provide heat
a convection fan to circulate air
an oven-specific baffle to evenly channel air
a triple-mesh filter to prevent flavor crossover

Users will also benefit from the luxurious Art Hairline Finish, which features long, horizontal brush strokes on the stainless-steel exterior to contribute to a sophisticated matte appearance that blends harmoniously with kitchen interiors.

In-Booth Events
Visitors to Samsung’s booth at KBIS will be able to use a buzzworthy photo booth that allows them to take a photo of a miniaturized version of themselves sitting on the shelf of the larger-than-life refrigerator — and then instantly share it on social media.

1 AI Energy Mode must be turned on in the SmartThings App, available on Android and iOS devices. A Wi-Fi connection and a Samsung account are required.

MIL OSI Economics –

February 26, 2025
MIL-OSI Russia: The Academic Council of the State University of Management summed up the results of the winter session

Translartion. Region: Russians Fedetion –

Source: State University of Management – Official website of the State –

On February 25, 2025, the State University of Management held a regular meeting of the Academic Council. The agenda included 14 items, including reporting on educational activities, approval of curricula and plans, as well as increased scholarships.

According to tradition, the meeting began with a ceremony to award university employees for their work achievements and congratulate them on their birthdays, which was conducted by the Vice-Rector of the State University of Management Dmitry Bryukhanov.

The working program was opened by the Head of the Electronic Dean’s Office of the University Natalia Tymchuk with a report on the results of the winter examination session of the 2024/2025 academic year. The session was attended by 5,247 full-time bachelor’s degree students, and 80% of them successfully completed the midterm assessment. Of the 835 full-time master’s degree students, 269 people passed the session with excellent marks, exceeding all other categories in their number. In the correspondence forms of bachelor’s and master’s degrees, 96% of students successfully passed the session, and only one student in the master’s degree program was left in arrears. In general, the number of successful students in all forms of study at SUM has increased compared to the same period last year.

The Director of the Institute of Personnel Management, Social and Business Communications Alexey Chudnovsky spoke about the results of the implementation of work plans for 2024 and the development prospects for 2025. At the beginning of his speech, the speaker noted the continuing effectiveness of traditional methods of attracting applicants – open days, master classes and presentations. And this is despite the fact that work in this area in social networks is carried out in accordance with the spirit of the times. Then the professor reported on the functioning of additional professional education programs, which accept participants in a special military operation and veterans of the Russian Guard.

Alexey Danilovich outlined the broad geography of the institute’s international activities – the formation of an educational cluster with universities in Turkey, Iran, China, India, Egypt, Morocco, South Africa, the UAE and other countries. He also noted the activities of the BRICS Higher School, which conducts three educational programs in English and works with the support of Rossotrudnichestvo and law enforcement agencies that facilitate the recruitment of students. The director of the Institute of Postgraduate Studies and the History of the Broadcasting System also mentioned the work of the Department of Foreign Languages, which is highly valued by students and partners from the Ministry of Economic Development of the Russian Federation.

Reporting on the project work of the institute’s students, Aleksey Chudnovsky pointed out the high academic performance in this area – 11 projects by IUPSiBK students made it to the finals (27% of the total number of finalists), and 3 projects won prizes (a quarter of the total number of places).

Vice-Rector of the State University of Management Maria Karelina put to a vote the issue of creating a department of scientific and technical information and coordination of dissertation councils and approving its Regulations. As a result of the restructuring, the new division will include employees of the departments of statistics, dissertation councils and postgraduate studies with the preservation of jobs. This decision will increase the efficiency of work and the speed of communications in the designated areas of the university’s activities.

The report by Natalia Starkova, Director of the Department of Academic Policy and Implementation of Educational Programs, on the approval of higher education programs for the 2025–2026 academic year aroused keen interest among the members of the Academic Council. Vadim Dikikh, Director of the Department of Digital Development and Admission of Applicants, joined the discussion and explained the technical features of the new state electronic system for registering educational programs.

Deputy Director of the Department of Academic Policy and Implementation of Educational Programs Olga Zhuravleva put to a vote the issue of approving the amounts of increased state academic scholarships from February 1, 2025. The scholarships will be increased compared to the previous period. The Academic Council also approved scholarships for sports achievements, which will be issued subject to excellent studies, also from February 1.

At the end of the meeting, at the suggestion of the Chairperson of the Student Council of the State University of Management, Valeria Burlakova, the Academic Council decided to provide significant discounts on tuition in the current semester to three students whose fathers are taking part in a special military operation.

Subscribe to the TG channel “Our GUU” Date of publication: 02/25/2025

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

February 26, 2025
MIL-OSI Africa: Mano River Union Delegation Studies Successful Border Post Model to Enhance Women’s Cross-Border Trade

Source: Africa Press Organisation – English (2) – Report:

ABIDJAN, Ivory Coast, February 25, 2025/APO Group/ —

A Mano River Union (MRU) delegation recently concluded a successful study tour of the ‘Busia One Stop Border Post’ (OSBP) between Kenya and Uganda, gaining valuable insights into efficient cross-border trade systems that benefit women traders. The tour brought together women traders and border officials from Liberia and Sierra Leone, alongside representatives from the African Development Bank (www.AfDB.org).

The Busia OSBPs, one of East Africa’s busiest border crossings, handling over 3,000 people and 900 vehicles crossing daily, has transformed cross-border trade since its establishment in 2018. The facility serves as a model for streamlined border procedures between Kenya and Uganda, demonstrating significant improvements in trade efficiency and women’s economic empowerment.

Nelly Maina, Principal Gender Officer at the African Development Bank, who led the Bank delegation, said the Busia OSBP exemplified how structured trade facilitation and targeted support can drive economic empowerment for women in cross-border trade. “It brings out the importance of collaboration with government agencies and the provision of essential resources such as training, capacity building and infrastructure, and the development of inclusive policies that address women’s specific needs.”

The tour was part of the African Development Bank-funded Building Inclusive Business Ecosystems for Stabilization and Transformation (BI-BEST) project, which aims to empower 1,500 women traders in Liberia and Sierra Leone. The project focuses on enhancing participation in cross-border value chains for resilient economic growth and social cohesion.

The delegation held discussions with Kenya’s Ministry of Investments, Trade and Industry, the National AfCFTA Committee, TradeMark Africa, Busia Border management authorities, and local women cross-border traders, who shared their experiences of the OSBP’s transformative impact.

Women traders from Kenya and Uganda detailed how the OSBP, operational since 2018, has enhanced their ability to conduct business seamlessly across borders. “I buy Irish potatoes in Kenya and bring them to Uganda, then purchase maize in Uganda and return it to Kenya. I am now a fully-fledged cross-border trader, enlightened and sensitized,” said Mercy Mugo, a trader in Busia town.

Another trader, Florence Atieno, emphasized the broader social benefits of an inclusive trade environment: “We believe that by addressing the critical needs of women in trade, we can positively impact the community and promote the overall economic well-being.”

Delegates from Sierra Leone and Liberia found the experience particularly inspiring. Betty R. Kamara from Sierra Leone noted: ” I am impressed by how Kenyan women collaborate with security officials and manage their businesses alongside childcare responsibilities. Similarly, Esther Tamba from Liberia stated: “I will meet with my women’s association, Good Seeds, in Liberia to share the lessons learned from Kenyan women traders.

The tour highlighted the critical role of infrastructure and policy in creating a safer, more inclusive trade environment for women. For example, at the Busia OSBP, a daycare center has been established to support women traders and local business owners, many of whom previously had to carry their infants to markets – exposing them to risks such as child trafficking, accidents, and abuse. This center now provides accessible, affordable childcare, enabling women to focus on trade, entrepreneurship, and employment.

According to the joint border management committee, the Busia OSPB has transformed cross-border trade. Before its establishment, traders endured long clearance queues and complex bureaucratic procedures, with women particularly vulnerable to security risks and lacking storage facilities for unsold goods. Many relied on intermediaries to facilitate their passage. Today, simplified trade Regimes (STRs), certificates of origin, and other accessible documentation have replaced lengthy procedures, allowing women to manage their transactions independently. A dedicated reporting desk now enables women to voice their concerns, while new facilities—including lactation rooms and secure storage spaces—enhance their trading experience.

Through continuous sensitization efforts by the Kenyan and Ugandan governments and the private sector, women traders are now more informed about their rights and available resources. Training sessions provide guidance on trade procedures, documentation requirements, and trader rights, fostering a more inclusive trading environment.

“By applying these insights within the MRU, we look forward to contributing to an inclusive business ecosystem in the West Africa region,” said Sierra Leone’s Betty Kamara.

MIL OSI Africa –

February 26, 2025
MIL-OSI United Kingdom: Council launches new funding pilot scheme to support sustainable building projects in Oxford

Source: City of Oxford

A new pilot initiative has launched in Oxford, aiming to match small and medium sized businesses (SMEs) and community groups that want to reduce their carbon footprint with funders who can support their projects – helping Oxford’s local businesses and communities on the route to net zero.

The Local Carbon Oxford Project (LCOP) is a pilot project from Oxford City Council and Low Carbon Hub. It aims to matchmake small and medium sized businesses and community groups (‘developers’) with larger businesses to fund energy efficiency projects across Oxford.

With buildings responsible for approximately 60% of Oxford’s carbon emissions, enhancing energy efficiency is crucial to achieving the city’s 2040 net zero target. In addition, energy efficiency improvements help create better environments for staff, customers and the community. However, finance can often be a key barrier for many smaller organisations wanting to make changes.

Local Carbon Oxford aims to resolve this issue by matching small and medium sized businesses and community groups (local charities, community buildings, social enterprises) looking for funding with larger businesses that want to support climate action in Oxford while pursuing their own corporate social responsibility and environmental objectives.

Eligible projects include LED lighting upgrades, insulation, heat pumps, solar panels, heating controls, and more.

The project is funded by Innovate UK’s Net Zero Living programme, and is running until 30 June 2025. The Council will act as a broker between businesses and retrofitting projects to ensure that the process is transparent and robust.

More information about the project, including how to apply can be found on the Local Carbon Oxford webpage.

Get involved

Oxford City Council will be holding workshops for project funders and project developers who want to learn more about the initiative:

Comment

“The Local Carbon Oxford Project not only supports local businesses with their own energy efficiency projects, but is also helping Oxford’s business community to work together toward a sustainable future.

“By connecting small and medium businesses with funders, we can help them to overcome financial barriers to making their operations more sustainable, while also helping larger businesses with their corporate social responsibility. If you are interested in becoming a funder or developer, then please get in touch.”

Councillor Anna Railton, Deputy Leader and Cabinet Member for Zero Carbon Oxford, Oxford City Council

“Small businesses need all the help they can get to become more resilient and future-proofed. This new funding opportunity will help support new energy efficiency projects in Oxford while also benefiting businesses and local not-for-profits who want to reduce their carbon emissions.”

Alison Grunewald, Business Relationships Manager, Low Carbon Hub

MIL OSI United Kingdom –

February 26, 2025
MIL-OSI Global: Colorado is tackling air pollution in vulnerable neighborhoods by regulating 5 air toxics

Source: The Conversation – USA – By Jenni Shearston, Assistant Professor of Integrative Physiology, University of Colorado Boulder

The Suncor Refinery in Commerce City, Colo., is a known air polluter. RJ Sangosti/The Denver Post via Getty Images

The Globeville, Elyria-Swansea and Commerce City communities in metro Denver are choked by air pollution from nearby highways, an oil refinery and a Superfund site.

While these neighborhoods have long suffered from air pollution, they’re not the only ones in Colorado.

Now, Colorado is taking a major step to protect people from air pollutants that cause cancer or other major health problems, called “air toxics.” For the first time, the state is developing its own state-level air toxic health standards.

In north Denver, the 80216 ZIP code has been named one of the most polluted in the country. Rocky Mountain PBS created a two-part documentary about the history of this area and the impact the pollution has on current residents.

In January 2025 Colorado identified five air toxics as “priority” chemicals: benzene, ethylene oxide, formaldehyde, hexavalent chromium compounds and hydrogen sulfide.

The state is in the process of setting health-based standards that will limit the amount of each chemical allowed in the air. Importantly, the standards will be designed to protect people exposed to the chemicals long term, such as those living near emission sources. Exposure to even low amounts of some chemicals, such as benzene, may lead to cancer.

As a researcher studying chemical exposure and health, I measure and evaluate the impact of air pollution on people’s well-being.

Colorado’s new regulations will draw on expert knowledge and community input to protect people’s health.

Communities know what needs regulation

In your own community, is there a highway that runs near your house or a factory with a bad odor? Maybe a gas station right around the corner? You likely already know many of the places that release air pollution near you.

When state or local regulators work with community members to find out what air pollution sources communities are worried about, the partnership can lead to a system that better serves the public and reduces injustice.

For example, partnerships between community advocates, scientists and regulators in heavily polluted and marginalized neighborhoods in New York and Boston have had big benefits. These partnerships resulted in both better scientific knowledge about how air pollution is connected to asthma and the placement of air monitors in neighborhoods impacted the most.

In Colorado, the process to choose the five priority air toxics included consulting with multiple stakeholders. A technical working group provided input on which five chemicals should be prioritized from the larger list of 477 toxic air contaminants.

The working group includes academics, members of nongovernmental organizations such as the Environmental Defense Fund – local government and regulated industries, such as the American Petroleum Institute.

Community members often know which air toxics they want regulated.
Hyoung Chang/Denver Post via GettyImages

There were also opportunities for community participation during public meetings.

At public hearings, community groups like GreenLatinos argued that formaldehyde, instead of acrolein, should be one of the prioritized air toxics because it can cause cancer.

Additionally, formaldehyde is emitted in some Colorado communities that are predominantly people of color, according to advocates for those communities. These communities are already disproportionately impacted by high rates of respiratory disease and cancer.

Other members of the community also weighed in.

“One of my patients is a 16-year-old boy who tried to get a summer job working outside, but had to quit because air pollution made his asthma so bad that he could barely breathe,” wrote Logan Harper, a Denver-area family physician and advocate for Healthy Air and Water Colorado.

How is air quality protected?

At the national level, the Clean Air Act requires that six common air pollutants, such as ozone and carbon monoxide, are kept below specific levels. The act also regulates 188 hazardous air pollutants.

Individual states are free to develop their own regulations, and several, including California and Minnesota, already have. States can set standards that are more health-protective than those in place nationally.

Four of the five chemicals prioritized by Colorado are regulated federally. The fifth chemical, hydrogen sulfide, is not included on the U.S. Environmental Protection Agency’s hazardous air pollutant list, but Colorado has decided to regulate it as an air toxic.

State-level regulation is important because states can focus on air toxics specific to their state to make sure that the communities most exposed to air pollution are protected. One way to do this is to place air pollution monitors in the communities experiencing the worst air pollution.

For example, Colorado is placing six new air quality monitors in locations around the state to measure concentrations of the five priority air toxics. It will also use an existing monitor in Grand Junction to measure air toxics. Two of the new monitors, located in Commerce City and La Salle, began operating in January 2024. The remainder will start monitoring the air by July 2025.

When Colorado chose the sites, it prioritized communities that are overly impacted by social and environmental hazards. To do this, officials used indexes like the Colorado EnviroScreen, which combines information about pollution, health and economic factors to identify communities that are overly burdened by hazards.

The Commerce City monitor is located in Adams City, a neighborhood that has some of the worst pollution in the state. The site has air toxics emissions that are worse than 95% of communities in Colorado.

Air toxics and health

The five air toxics that Colorado selected all have negative impacts on health. Four are known to cause cancer.

Benzene, perhaps the most well known because of its ability to cause blood cancer, is one. But it also has a number of other health impacts, including dampening the ability of the immune system and impacting the reproductive system by decreasing sperm count. Benzene is in combustion-powered vehicle exhaust and is emitted during oil and gas production and refinement.

Ethylene oxide can cause cancer and irritates the nervous and respiratory systems. Symptoms of long-term exposure can include headaches, sore throat, shortness of breath and others. Ethylene oxide is used to sterilize medical equipment, and as of 2024, it was used by four facilities in Colorado.

Formaldehyde is also a cancer-causing agent, and exposure is associated with asthma in children. This air toxic is used in the manufacture of a number of products like household cleaners and building materials. It is also emitted by oil and gas sources, including during fracking.

Hexavalent chromium compounds can cause several types of cancer, as well as skin and lung diseases such as asthma and rhinitis. A major source of hexavalent chromium is coal-fired power plants, of which Colorado currently has six in operation, though these plants are scheduled to close in the next five years. Other sources of hexavalent chromium include chemical and other manufacturing.

Finally, long-term exposure to hydrogen sulfide can cause low blood pressure, headaches and a range of other symptoms, and has been associated with neurological impacts such as psychological disorders. Some sources of hydrogen sulfide include oil refineries and wastewater treatment plants.

Read more of our stories about Colorado.

Jenni Shearston has received funding from the United States National Institutes of Health.

– ref. Colorado is tackling air pollution in vulnerable neighborhoods by regulating 5 air toxics – https://theconversation.com/colorado-is-tackling-air-pollution-in-vulnerable-neighborhoods-by-regulating-5-air-toxics-248520

MIL OSI – Global Reports –

February 26, 2025
MIL-OSI: Broadcom Extends PCIe Industry Leadership with End-to-End Gen 6 Portfolio for AI Infrastructure
Source: GlobeNewswire (MIL-OSI)

PALO ALTO, Calif., Feb. 25, 2025 (GLOBE NEWSWIRE) — Broadcom Inc. (NASDAQ:AVGO) today announced availability of its end-to-end PCIe Gen 6 portfolio. Broadcom has further extended its multi-generational PCIe leadership by allowing early access to its PCIe Gen 6 Interop Development Platform (IDP), which simplifies interoperability and system design with its advanced telemetry and diagnostics capabilities. Broadcom, in collaboration with Micron and Teledyne LeCroy, also successfully tested its high-port switch and retimer for interoperability and compliance enablement to empower open AI infrastructure solutions.

“Broadcom’s commitment to the open ecosystem has strengthened over six generations and we are now pleased to offer our new PCIe Gen 6 products to early access customers,” said Jas Tremblay, vice president and general manager, Data Center Solutions Group, Broadcom. “The transition from PCIe Gen 5 to Gen 6 has been monumental given the accelerated need for trusted and reliable building blocks in next-gen AI systems. Broadcom’s PCIe Gen 6 switch, retimer and IDP will empower our partners to successfully deploy open, scalable AI clusters.”

“PCIe 6 switches and retimers are critical high-performance building blocks required to power advanced AI solutions. The standards-based approach, if ably complemented by nifty architecture and seamless interoperability, paves the way for open, scalable AI infrastructure,” said Patrick Moorhead, founder, chief executive officer, and chief analyst, Moor Insights & Strategy. “Broadcom is showing that it is leading the transition from PCIe 5 to PCIe 6 at scale with its unique approach of making its interoperability development platform available early and working with leading ecosystem partners to deliver a robust, thoroughly tested, compliant PCIe 6 portfolio.”

The AI industry, including hyperscalers and system ODM/OEMs, is now designing next-generation AI rack solutions based on the Broadcom PCIe Gen 6 connectivity portfolio. The Broadcom connectivity portfolio utilizes its in-house SerDes, which is also used in custom XPUs. Additionally, the design features include extended reach, lower power dissipation, and simplified interop and end-to-end management. Together, this ensures that the open AI infrastructure ecosystem is powered by scalable and power efficient interconnect solutions.

By collaborating with PCIe industry leaders like Micron and Teledyne LeCroy for early enablement and testing, Broadcom assures customers of fully validated PCIe Gen 6 building blocks to meet the rigorous demands of AI platforms and workloads.
- Broadcom and Teledyne LeCroy have joined forces to provide the AI infrastructure ecosystem with a solid, reliable base for PCIe testing. Their deep collaboration and commitment has resulted in the enablement of compliance testing across a cutting-edge PCIe portfolio featuring their robust protocol analyzer/exerciser and PCIe switch.
- Micron is the first to develop PCIe Gen 6 NVMe SSD technology for ecosystem enablement. To advance this effort, the company collaborated with Broadcom and Teledyne LeCroy by providing an ultra-high-performance storage solution for testing. The tests validated functionality for a Gen 6 ecosystem comprised of switches, retimers, NVMe SSDs and protocol analyzers.
- At the PCI-SIG Developers Conference, all three companies successfully demonstrated PCIe 6.x interoperability and early compliance tests on their Gen 6 solutions marking a significant milestone as key PCIe Gen 6 ecosystem enablers become equipped to power AI innovations.
For more information on Broadcom’s PCIe Gen 6 solutions please click here.

About Broadcom
Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom’s category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, go to www.broadcom.com.

Broadcom, the pulse logo, and Connecting everything are among the trademarks of Broadcom. The term “Broadcom” refers to Broadcom Inc., and/or its subsidiaries. Other trademarks are the property of their respective owners.

Press Contact:
Jon Piazza
Global Communications
press.relations@broadcom.com
Telephone: +1 310 498 5254

Industry Quotes

Jeremy Werner, Senior Vice President and General Manager, Storage Business, Micron
“Micron leads the industry with the first high-performance PCIe Gen 6 NVMe SSD. Combined with Broadcom’s high-port switch, our SSDs serve as a critical building block for PCIe Gen 6 AI storage. Our successful interoperability testing with Broadcom and Teledyne LeCroy is evidence of the industry’s rapid transition towards a robust end-to-end PCIe Gen 6 portfolio capable of taking AI performance to the next level.”

Joe Mendolia, Vice President of Marketing, Protocol Solutions Group, Teledyne LeCroy
“Teledyne LeCroy is proud that our early collaboration with Broadcom, leveraging our Summit M616 and M64 Protocol Analyzers and Exercisers and Broadcom’s PCIe switch portfolio, has led to the industry’s first PCIe 6.x interoperability and compliance testing development. Early access to cutting-edge technologies like the Broadcom PCIe Gen 6 IDP has enabled us to ensure that our Protocol Analyzers and Exercisers meet the evolving demands of today’s PCIe developers.”

The MIL Network –
February 26, 2025
MIL-OSI: LPL Financial Welcomes Servant Path Wealth Partners to Linsco Channel

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Feb. 25, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC (Nasdaq:LPLA) announced today that financial advisors Joe Young, CFP®, and Ryne Stokes, CFP®, have joined LPL’s employee advisor channel, Linsco by LPL Financial, to launch Servant Path Wealth Partners. They reported serving approximately $400 million in advisory, brokerage and retirement plan assets* and join LPL from Synovus Securities.

Based in Columbus, Ga., Young is a seasoned professional with two decades of industry expertise. Stokes entered the financial services field in 2014 following his tenure at a bank during college and several years with the Social Security Administration. They teamed up in 2018 to build a faith-based practice that offers a comprehensive suite of financial planning services centered around investment management, insurance, tax efficiency, retirement planning, estate planning and charitable giving.

“Our strengths are our experience, expertise, thorough planning process, responsiveness and approachability,” Young said. “Our goal is to simplify the complexity of financial planning, enabling our clients to focus their time and energy toward the people and causes that are most important to them. We are deeply grounded in our Christian faith, and our client relationships are guided by Biblical principles of love, empathy, stewardship, family, community, generosity, gratitude and servant leadership.”

Why they made the move to Linsco by LPL

The transition to LPL Financial was motivated by the advisors’ aspiration for autonomy, greater business flexibility and access to enhanced resources.

“We have long wanted to have the control to operate on our terms with our own branding,” Stokes said. “We feel the LPL platform provides a wealth of strategic resources and innovative technology that will help us expand our value proposition to clients. We recognize the direction the industry is heading, so it was of upmost importance to join a firm that is dedicated to future growth and innovation.”

They were specifically drawn to the Linsco model, which serves financial advisors seeking the core tenets of independence, including owning their client relationships and having flexibility to run their practice, their way. With Linsco, advisors have access to LPL’s integrated wealth management platform and robust business resources, along with the additional benefits of having support from an experienced branch management team, dedicated marketing consultant and other resources that allow advisors to focus on their clients.

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Joe and Ryne to LPL and congratulate them on taking control of their business with the launch Servant Path Wealth Partners. As more advisors seek flexibility in how they build their ideal practice, we will continue offer innovative capabilities and strategic wealth management resources designed to build value with clients and create thriving practices. We look forward to a long and successful relationship with Servant Path Wealth Partners.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Value approximated based on asset and holding details provided to LPL from end of year, 2024.

Media Contact:
Media.relations@LPLFinancial.com
(704) 996-1840

Tracking #699184

The MIL Network –

February 26, 2025
MIL-OSI: CrashPlan Crashes the Nets for Charity with ‘Hockey Helping Kids’

Source: GlobeNewswire (MIL-OSI)

Twin City hockey stars of every age and level to skate on NHL ice
with NHL alumni, USA Olympians at Xcel Energy Center

MINNEAPOLIS, Feb. 25, 2025 (GLOBE NEWSWIRE) — Minneapolis-based CrashPlan, a trusted provider of cyber-ready data resilience and governance, is getting ready to hit the ice for charity along with hockey players of every age and level on Thursday, March 13, 2025 at the Xcel Energy Center. CrashPlan’s support of the Hockey Helping Kids program unites its customers, partners, employees, and their families in support of children’s organizations and charities across the country. Through competitive hockey games, dinners, and fundraisers – often held alongside NHL events – the program raises vital funds and awareness for these important causes.

Each event is made possible with the support of platinum sponsors like Microsoft Corp., Backblaze and ShopRite Supermarkets. The festivities kick off with a “JV” game, where customers and partners compete before the NHL matchup between the Minnesota Wild and New York Rangers. After the game, the excitement continues as CrashPlan employees and partners share the ice in the “varsity” match, adding to the spirited competition. This year’s varsity team opponents include Denis Maruk, a 15-year NHL veteran who still owns several Washington Capital scoring records, and members of the USA Women’s National Hockey team, including Olympic team medalists.

Hockey Helping Kids shines a spotlight on the important missions of the children’s charities it supports. Charities that will benefit from this season’s play include the Hendrickson Foundation, a group dedicated to providing hockey opportunities to special needs children; and the Autism Society of Minnesota. The family-friendly event enables children and families from the charities to be fully involved in all aspects of the event.

Supporting Quotes:

Randy De Meno, VP, Business Development and Alliances, CrashPlan:
“Hockey Helping Kids makes a real impact on children and families, while creating unforgettable experiences both on and off the ice. We are excited to collaborate with our platinum sponsors and NHL partners to raise even more funds for meaningful children’s causes in Minnesota and nationwide.”

Nico Sumas, VP, Shop-Rite Supermarkets:
“Shop-Rite is proud to collaborate with CrashPlan in supporting nonprofit initiatives and charities that benefit today’s youth. We commend the Hockey Helping Kids program and acknowledge its significant impact on dozens of nonprofit youth organizations over the years.”

Christine Krsnik, Executive Board Member (daughter of founder Larry Hendrickson) Hendrickson Foundation:
“The Hendrickson Foundations honored to be a recipient of CrashPlan and Hockey Helping Kids’ fundraising efforts. As a young organization dedicated to making hockey accessible for disabled children, adults, and veterans, we deeply appreciate CrashPlan’s generosity. Their support enables us to reach hundreds of children in need, fostering friendships, confidence, and strong values in a team environment where every player is encouraged to shine.”

Kelly Ulrick, President, Autism Society of Minnesota:
“The Autism Society of Greater Minnesota is deeply grateful to be chosen as a beneficiary of CrashPlan’s Hockey Helping Kids Program this year. It is truly inspiring to see a company dedicate its time, resources, and efforts to support our mission of assisting families navigating life with autism. We sincerely appreciate being included in this meaningful and impactful program.”

Colleen Coyne, U.S. Olympic Gold Medal-winning Hockey player:
“CrashPlan’s leadership has brilliantly merged their passion for ice hockey with their commitment to supporting children’s nonprofits, making giving back both enjoyable and impactful. Each event brings joy to participants while providing essential financial support to those in need. Being part of this initiative is an honor and a blast!”

Denis Maruk, 15 year NHL veteran and former member of the Minnesota North Stars:
“Hockey Helping Kids events are among my favorites each year because they are all about giving more kids a chance – whether that’s in their day-to-day lives, or whether we’re talking about the opportunity to skate in a real hockey arena on the same ice as Olympians and NHL alumni.”

Duane Barnes, President, RapidScale:
“We are thrilled to sponsor CrashPlan’s Hockey Helping Kids Program, uniting the Twin Cities community for a cause that truly matters,” said RapidScale President Duane Barnes. “At RapidScale and Cox Business, we believe in the power of giving back and making a positive impact. This event not only showcases the spirit of teamwork and sportsmanship but also highlights Microsoft’s commitment to supporting meaningful initiatives. We look forward to an exciting game and the opportunity to contribute to a worthy cause.”

Brian Bellows, 10-year Minnesota NorthStar and Minnesota hockey legend:
“Being back on the ice, especially for a cause like Hockey Helping Kids, brings back so many great memories. It’s fantastic to see how this event unites the hockey community, from seasoned veterans to the next generation of players. To be able to contribute to these wonderful children’s charities, and to see the joy it brings, that’s what it’s all about. It’s more than just a game; it’s about giving back and making a real difference.”

About CrashPlan
CrashPlan provides cyber-ready data resilience and governance in a single platform for organizations whose ideas power their revenue. With its comprehensive backup and recovery capabilities for data stored on servers, on endpoint devices, and in SaaS applications, CrashPlan’s solutions are trusted by entrepreneurs, professionals, and businesses of all sizes worldwide. From ransomware recovery and breaches to migrations and legal holds, CrashPlan’s suite of products ensures the safety and compliance of your data without disruption.

CrashPlan Media Contact:
Maura Lafferty
Firebrand Communications
crashplan@firebrand.marketing

The MIL Network –

February 26, 2025
MIL-OSI: Jade Power Announces Stock Option Grant

Source: GlobeNewswire (MIL-OSI)

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

For further information please contact:

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

About Jade Power

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

Forward-Looking Statements

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

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

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

The MIL Network –

February 26, 2025
MIL-OSI Global: Selenium is an essential nutrient named after the Greek goddess of the Moon − crucial to health, it may help prevent and treat cancer

Source: The Conversation – USA – By Aliasger K. Salem, Professor of Pharmaceutical Sciences, University of Iowa

Selenium is found in trace amounts in living organisms, soil and plants. Nazarii Neshcherenskyi/iStock via Getty Images Plus

Selenium is a nutrient that plays a crucial role in human health, contributing to the thyroid and immune function, DNA repair, and cardiovascular and cognitive health.

It acts as an antioxidant – substances that protect cells from unstable molecules that can damage DNA, proteins and cell membranes. It can even protect against cancer.

Selenium is a vital trace element found in living organisms, soil and plants, and your body needs only a small amount of it to function. The recommended dietary allowance for selenium in adults is 55 micrograms per day, with an upper limit of 400 micrograms. In comparison, adults need between 900 to 10,000 micrograms daily of copper, another trace element, and between 8,000 to 40,000 micrograms of the trace element zinc.

An excess or deficiency of selenium can have significant health consequences. In my work as a pharmaceutical science researcher, my colleagues and I study the potential use of selenium to boost the effectiveness of chemotherapy for cancer treatment.

A dose of selenium

Selenium was first discovered in 1817 by chemist Jöns Jacob Berzelius while analyzing an impurity in a batch of sulfuric acid produced in a factory in Sweden. Berzelius initially thought the material was the element tellurium, but he eventually realized that it was actually an unknown substance at the time. He named the mineral after Selene, the Greek goddess of the Moon, because of its similarity to tellurium, which had been named after the Roman goddess of the Earth.

Selenium exists in both organic and inorganic forms. Organic compounds contain carbon atoms and are typically derived from living organisms, while inorganic compounds do not have carbon atoms and generally originate from nonliving sources. Your cells chemically convert between these forms to carry out various physiological functions.

Selenium deficiency is a significant health issue, particularly in regions with selenium-poor soils, such as parts of China, Africa and Europe. Low selenium levels are associated with Keshan disease, a fatal heart condition, and Kashin-Beck disease, which affects joints and bones. Deficiency also weakens immune function, increasing susceptibility to infections.

Brazil nuts contain particularly high levels of selenium.
R.Tsubin/Moment via Getty Images

Consuming too much selenium is also an issue. Oversupplementation or excess environmental exposure can lead to selenosis, a condition with symptoms such as brittle hair and nails, digestive issues, skin rashes and neurological symptoms such as irritability and fatigue. In severe cases, selenium toxicity can result in organ failure and death.

Selenium has a narrow therapeutic window, which is the dosage range that provides safe and effective treatment with minimal harmful side effects. For example, selenium can either increase or decrease your body’s immune function, depending on the dose. Adequate levels of selenium strengthen your immune cells’ ability to fight infections and tumors, while excessive selenium intake can suppress immune responses by damaging immune tissues.

Selenium and cancer prevention

Selenium may have the potential to treat and prevent cancer.

Scientists have long studied selenium’s role in cancer prevention. Initially suspected to be a carcinogen, later studies found it had protective effects against liver damage. In the 1960s. researchers proposed that selenium could be used to prevent cancer, a concept that gained further traction in the 1990s.

However, large-scale clinical trials have produced mixed results. The Selenium and Vitamin E Cancer Prevention Trial was a study of over 35,500 men that ran from 2001 to 2004. They found that taking selenium daily did not reduce prostate cancer risk and may even increase the risk of prostate cancer in men with already high selenium levels.

Findings from a study conducted from 1983 to 1996, the Nutritional Prevention of Cancer Trial, suggested selenium may protect against prostate and other cancers. But researchers also observed a heightened incidence of nonmelanoma skin cancer among participants.

These conflicting results may be due to the different forms of selenium each study tested, as well as differences in baseline selenium levels among participants. Other studies have found that selenium-contaminated water in a municipality of Italy has been linked to an increased risk of melanoma.

The antioxidant effects of selenium vary depending on its dose.
Razaghi et al./EJC, CC BY-SA

Selenium and cancer treatment

Selenium may also have the potential to stop cancer from spreading.

My research focuses on the potential of using selenium to supplement chemotherapy for cancer treatment. Selenium compounds such as methylseleninic acid, or MSA, and seleno-L-methionine, or SLM, show promise in targeting proteins that drive tumor progression and treatment resistance. Studies from my team and I have found that MSA can modulate key biochemical pathways related to kidney cancer by reducing levels of proteins that influence tumor growth and immune evasion. We also observed that SLM may slow kidney tumor growth in mice without toxic side effects.

More significantly, in a Phase 1 clinical trial, we found that combining SLM with the chemotherapy drug axitinib was effective in treating metastatic kidney cancer in patients, with minimal side effects. Of the 27 patients we treated, over half saw their tumors shrink in size, with a median overall survival of nearly 20 months. These findings suggest that selenium may have a synergistic effect on chemotherapy by making it more effective.

Further investigation into how selenium may help overcome treatment resistance and what doses are optimal will clarify its potential as a viable addition to cancer treatment.

Striking the right balance

Whether as an immune booster or potential treatment for disease, the significance of selenium in human health is undeniable.

Eating selenium-rich foods – such as Brazil nuts, seafood, whole grains and eggs – can help sustain optimal nutrient levels. In regions with selenium-deficient soils, supplementation with medical supervision may be necessary.

The fine line between benefit and harm underscores the importance of balanced intake and personalized approaches to selenium supplementation. As research continues, I believe selenium’s multifaceted role in health will become more clear.

Aliasger K. Salem receives funding from the National Institutes of Health. He serves on the Executive Board of the American Association for Pharmaceutical Scientists.

– ref. Selenium is an essential nutrient named after the Greek goddess of the Moon − crucial to health, it may help prevent and treat cancer – https://theconversation.com/selenium-is-an-essential-nutrient-named-after-the-greek-goddess-of-the-moon-crucial-to-health-it-may-help-prevent-and-treat-cancer-248548

MIL OSI – Global Reports –

February 26, 2025
MIL-OSI United Kingdom: Coventry hospitality businesses urged to pursue accreditation to showcase safety excellence

Source: City of Coventry

Coventry’s bars, restaurants, pubs and clubs have been urged to achieve a leading industry accreditation which demonstrates excellence in providing safe experiences for visitors.

Best Bar None is an accreditation scheme supported by the Home Office and drinks industry that aims to improve standards in licensed premises.

It is the industry gold standard and is delivered in the city by Coventry Business Improvement District (BID) and Coventry City Council’s Licensing Team.

The accreditation highlights to customers that a venue excels in safety, training, management and customer experience.

By engaging in the Best Bar None scheme, businesses are also supporting the city’s drive to achieve Purple Flag status, which is an international accreditation programme and recognises city centres that offer an entertaining, diverse and enjoyable night out.

Cllr Abdul Salam Khan, Cabinet Member for Policing and Equalities and Deputy Leader of Coventry City Council, added: “Knowing that a venue is Best Bar None accredited offers a massive reassurance to customers. Pubs, clubs and restaurants that offer a warm welcome and have safety as their priority can only be good for everyone.

“As a Council we work closely with our partners in Coventry, including the Police and Business Improvement District, to monitor the Best Bar None scheme.

“We want to recognise those venues that are really making an effort to improve standards.”

Joanne Glover, Chief Executive of Coventry BID, says that visitors to a Best Bar None accredited venue can be confident they are at premises that operate to the highest level in safety, compliance, staff training and professionalism.

“This scheme recognises the very best of our hospitality sector, with accredited venue’s leading the way in health, safety, safeguarding and wellbeing,” said Joanne.

“The process is effectively a MOT of a business. We work with companies to ensure they have effective processes in place and are exceeding legal regulatory requirements.

“Our aspirational goal is for all hospitality venues in the city to be Best Bar None accredited.

“It gives a clear message to the public that on an evening out in Coventry you can be safe in the knowledge that bars and pubs are going above and beyond to provide the best experience possible.”

Coventry BID and Coventry City Council’s Licensing Team provide bespoke assessments to venues, catering the criteria to the size of a business to ensure that all hospitality companies can engage in the Best Bar None scheme.

Chief Inspector Hamir Godhania, Coventry Police said: “Ensuring the safety and wellbeing of those enjoying Coventry’s vibrant night-time economy is a priority for us. Through continued collaboration with licensed premises and support for initiatives like Best Bar None, our licensing and neighbourhood teams will work hand in hand with businesses to maintain the highest standards of safety and customer care.”

The successful venues will attend an award ceremony in April at Drapers Hall to receive their accreditation.

To find out more about Best Bar None accreditation contact admin@coventrybid.co.uk

MIL OSI United Kingdom –

February 26, 2025
MIL-OSI: FINNOVATE ACQUISITION CORP. ANNOUNCES POSTPONEMENT OF SHAREHOLDER MEETING TO 10:00 AM EASTERN TIME MARCH 17, 2025

Source: GlobeNewswire (MIL-OSI)

Boston, MA, Feb. 25, 2025 (GLOBE NEWSWIRE) — Finnovate Acquisition Corp. (“Finnovate”) (OTC: “FNVUF”, “FNVTF”, “FNVWF”) announced today that its upcoming extraordinary general meeting of shareholders (the “Special Meeting”) to approve its proposed initial business combination which was initially scheduled for January 30, 2025 and had been postponed to February 27, 2025, will be further postponed to 10:00 a.m., Eastern Time on Monday, March 17, 2025. At the Special Meeting, shareholders of Finnovate will be asked to vote on proposals to approve, among other things, its proposed initial business combination (the “Business Combination”) with Scage International Limited, a Cayman Islands exempted company (“Scage International” or the “Company”), Scage Future, a Cayman Islands exempted company (“Pubco”), Hero 1, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub I”), and Hero 2, a Cayman Islands exempted company and a direct wholly owned subsidiary of Pubco (“Merger Sub II”) pursuant to a Business Combination Agreement (as amended, the “Business Combination Agreement”). There is no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special Meeting.

The Special Meeting is being further postponed to allow for additional time for Scage International to obtain requisite listing approvals from the China Securities Regulatory Commission (“CSRC”), which is a condition for consummating the Business Combination. Therefore, Finnovate has decided to further postpone the Special Meeting to allow more time for the closing conditions under the Business Combination Agreement to be met.

As a result of this change, the Special Meeting will now be held at 10:00 a.m., Eastern time, on Monday, March 17, 2025, at the office of Ellenoff Grossman & Schole LLP located at 1345 Avenue of the Americas, New York, New York 10105 and via a live webcast at https://www.cstproxy.com/finnovateacquisition/2025. Also, as a result of this change, the deadline for holders of Finnovate’s Class A ordinary shares issued in its initial public offering to submit their shares for redemption in connection with the Business Combination is being further extended to 5:00 p.m., Eastern time, on Thursday, March 13, 2025.

The proposed resolutions to be considered at the Special Meeting remains the same as that set out in the definitive proxy statement and other relevant documents that was been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION, a copy of which can be accessed via the following link: https://www.sec.gov/Archives/edgar/data/1857855/000121390025001247/ea0226944-01.htm.

Finnovate plans to continue to solicit proxies from shareholders during the period prior to the Special Meeting. Only the holders of Finnovate’s ordinary shares as of the close of business on January 6, 2025, the record date for the Special Meeting, are entitled to vote at the Special Meeting.

About Finnovate Acquisition Corp.

Finnovate Acquisition Corp. is a blank check company incorporated in the Cayman Islands with the purpose of acquiring one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase, and reorganization.

Forward-Looking Statements

The information in this Press Release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “may,” “will,” “expect,” “continue,” “should,” “would,” “anticipate,” “believe,” “seek,” “target,” “predict,” “potential,” “seem,” “future,” “outlook” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and projections of market opportunity and market share; references with respect to the anticipated benefits of the proposed transactions contemplated by the Business Combination Agreement (the “Business Combination”) and the projected future financial performance of Finnovate and the Company’s operating companies following the proposed Business Combination; changes in the market for the Company’s products and services and expansion plans and opportunities; the Company’s ability to successfully execute its expansion plans and business initiatives; ability for the Company to raise funds to support its business; the sources and uses of cash of the proposed Business Combination; the anticipated capitalization and enterprise value of the combined company following the consummation of the proposed Business Combination; the projected technological developments of the Company and its competitors; ability of the Company to control costs associated with operations; the ability to manufacture efficiently at scale; anticipated investments in research and development and the effect of these investments and timing related to commercial product launches; and expectations related to the terms, approvals and timing of the proposed Business Combination. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s and Finnovate’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company and Finnovate. These forward-looking statements are subject to a number of risks and uncertainties, including the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement; the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the transactions described herein; the inability to recognize the anticipated benefits of the Business Combination; the ability to obtain or maintain the listing of the Pubco’s securities on The Nasdaq Stock Market, following the Business Combination, including having the requisite number of shareholders; costs related to the Business Combination; changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of certain projected financial information with respect to the Company; the Company’s ability to successfully and timely develop, manufacture, sell and expand its technology and products, including implement its growth strategy; the Company’s ability to adequately manage any supply chain risks, including the purchase of a sufficient supply of critical components incorporated into its product offerings; risks relating to the Company’s operations and business, including information technology and cybersecurity risks, failure to adequately forecast supply and demand, loss of key customers and deterioration in relationships between the Company and its employees; the Company’s ability to successfully collaborate with business partners; demand for the Company’s current and future offerings; risks that orders that have been placed for the Company’s products are cancelled or modified; risks related to increased competition; risks relating to potential disruption in the transportation and shipping infrastructure, including trade policies and export controls; risks that the Company is unable to secure or protect its intellectual property; risks of product liability or regulatory lawsuits relating to the Company products and services; risks that the post-combination company experiences difficulties managing its growth and expanding operations; the uncertain effects of certain geopolitical developments; the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that any required shareholder or regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed Business Combination; the outcome of any legal proceedings that may be instituted against the Company, Finnovate, Pubco or others following announcement of the proposed Business Combination and transactions contemplated thereby; the ability of the Company to execute its business model, including market acceptance of its planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; technological improvements by the Company’s peers and competitors; and those risk factors discussed in documents of Pubco and Finnovate filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Finnovate nor the Company presently know or that Finnovate and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Finnovate’s, Pubco’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. Finnovate, Pubco and the Company anticipate that subsequent events and developments will cause Finnovate’s, Pubco’s and the Company’s assessments to change. However, while Finnovate, Pubco and the Company may elect to update these forward-looking statements at some point in the future, Finnovate, Pubco and the Company specifically disclaim any obligation to do so. Readers are referred to the most recent reports filed with the SEC by Finnovate. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information

Pubco and the Company filed with the SEC a Registration Statement on Form F-4, which has been declared effective by SEC (the “Registration Statement”). The Registration Statement includes a definitive proxy statement of Finnovate and a prospectus in connection with the proposed Business Combination involving Finnovate, Pubco, Hero 1, Hero 2 and the Company pursuant to the Business Combination Agreement. The definitive proxy statement and other relevant documents has been mailed to shareholders of Finnovate as of the record date of January 6, 2025. SHAREHOLDERS OF FINNOVATE AND OTHER INTERESTED PARTIES ARE URGED TO READ, THE DEFINITIVE PROXY STATEMENT, AND AMENDMENTS THERETO IN CONNECTION WITH FINNOVATE’S SOLICITATION OF PROXIES FOR THE SPECIAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE BUSINESS COMBINATION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT FINNOVATE, THE COMPANY, PUBCO AND THE BUSINESS COMBINATION.

Participants in The Solicitation

Pubco, Finnovate, the Company, and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Finnovate in connection with the Business Combination. Information regarding the officers and directors of Finnovate is set forth in the Registration Statement. Additional information regarding the interests of such potential participants are also included in the Registration Statement and other relevant documents to be filed or has been filed with the SEC.

No Offer Or Solicitation

This Press Release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

INVESTOR RELATIONS CONTACT

Finnovate Acquisition Corp.
Calvin Kung
265 Franklin Street
Suite 1702
Boston, MA 02110
+1 (424) 253-0908

The MIL Network –

February 26, 2025
MIL-OSI: ChampionX Announces Definitive Agreement to Sell US Synthetic Corporation

Source: GlobeNewswire (MIL-OSI)

THE WOODLANDS, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX), a global leader in oilfield technology, announced today that it has entered into a definitive agreement to sell all of its equity interests in US Synthetic Corporation (“US Synthetic”) to LongRange Capital, L.P. (“LongRange Capital”).

US Synthetic, located in Orem, Utah, offers innovative, best-in-class polycrystalline diamond cutter inserts, bearings, valves, and mining tools to help customers drill the world’s most demanding oil exploration and development projects. US Synthetic comprises the Drilling Technologies segment of ChampionX.

“I have been pleased to see the growth of US Synthetic over the years, which is a testament to their innovation ethos, impactful technologies, and strong culture of customer service and continuous improvement,” said Sivasankaran “Soma” Somasundaram, President and CEO of ChampionX. “I want to thank the dedicated and talented employees of US Synthetic for their many contributions to ChampionX over the years. We believe that LongRange Capital will be the right home for US Synthetic to further foster their growth.”

“We are excited about the future of US Synthetic, and this transition represents a significant milestone in our journey. We are very optimistic about the opportunities it will bring,” commented Rob Galloway, President, Drilling Technologies of ChampionX. “With LongRange Capital as our new partner, we look forward to accelerating our growth strategy while continuing our commitment to delivering exceptional value to our customers and stakeholders.”

The transaction, which is subject to customary closing conditions, as well as the closing of the previously announced transaction between ChampionX and SLB, is expected to close shortly after the closing of the ChampionX and SLB transaction.

About ChampionX

ChampionX is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells. To learn more about ChampionX, visit www.championX.com.

About LongRange Capital

Founded in 2019, LongRange Capital is a private equity firm formed to apply a longer-term perspective to investments and employ a company-focused, customer-first philosophy to building better businesses. LongRange Capital seeks to create value by partnering with its portfolio companies and their management teams to ensure that the strategy, resources, capital, execution, and incentives are aligned to achieve their collective goals. The LongRange Capital team has a successful track record of investing in and growing businesses across a range of industries, including industrial products, chemicals, industrial technology, and consumer goods and services, among other segments. LongRange Capital is currently investing a highly flexible, committed capital pool backed by long-term institutional holders. For more information, please visit www.longrangecapital.com.

Contacts

Investor Contact: Byron Pope, byron.pope@championx.com, 281-602-0094

Media Contact: John Breed, john.breed@championx.com, 281-403-5751

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act, and Section 21E of the Exchange Act.

Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX and the related sale of USS to LongRange Capital, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words. These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on January 22, 2025 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 5, 2025, and each of their respective, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction; other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.

These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction between SLB and ChampionX. While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s subsequent Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof. Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

The MIL Network –

February 26, 2025

MIL-OSI: CECO Environmental Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Record Bookings in the Quarter of $219M Elevated Year-End Backlog to a Record $541M
Reaffirms 2025 Full Year Outlook

ADDISON, Texas, Feb. 25, 2025 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the fourth quarter and full year of 2024.

Highlights for the Quarter⁽¹⁾

Orders of $218.9 million, up 71 percent
Backlog of $540.9 million, up 46 percent
Revenue of $158.6 million, up 3 percent
Gross profit of $56.7 million, up 7 percent; Gross margin of 35.8 percent, up 120 basis points
Net income of $4.9 million, up 26 percent; non-GAAP net income of $9.9 million, down 2 percent
GAAP EPS (diluted) of $0.13, up 18 percent; non-GAAP EPS (diluted) of $0.27, down 4 percent
Adjusted EBITDA of $19.0 million, down 2 percent
Free cash flow of ($4.4) million, down $16.6 million

Highlights for the Year⁽¹⁾

Orders of $667.3 million, up 14 percent
Revenue of $557.9 million, up 2 percent
Gross profit of $196.1 million, up 15 percent; Gross margin of 35.2 percent, up 380 basis points
Net income of $13.0 million, up 1 percent; non-GAAP net income of $26.7 million
GAAP EPS (diluted) of $0.36, down 3 percent; non-GAAP EPS (diluted) of $0.73, down 2 percent
Adjusted EBITDA of $62.8 million, up 9 percent
Free cash flow of $7.4 million, down 80 percent
Completed three acquisitions (EnviroCare International, WK Group and Verantis Environmental Solutions Group), advancing our Industrial Air market leadership

⁽¹⁾_A_{ll comparisons are versus the comparable prior year period, unless otherwise stated.}
_{Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.}

Todd Gleason, CECO’s Chief Executive Officer commented, “While we acknowledge mixed results in 2024 driven by customer project and market related order delays, we are energized by our fourth quarter record orders bookings of $219 million, which provides incredible momentum moving into 2025. The steady progress we continue to make on expanding margins and upgrading our portfolio through organic and inorganic investments will help us maximize the tremendous opportunities that exist in key growth markets we serve such as power generation, reshoring of industrial manufacturing, global infrastructure and data center expansion.”

Fourth quarter operating income was $11.3 million, down $1.4 million or 11 percent when compared to $12.7 million in the fourth quarter 2023. On an adjusted basis, non-GAAP operating income was $15.6 million, down $0.7 million or 4 percent when compared to $16.3 million in the fourth quarter of 2023. Net income was $4.9 million in the quarter, up $1.0 million or 26 percent when compared to $3.9 million in the fourth quarter of 2023. Non-GAAP net income was $9.9 million, down $0.2 million or 2 percent when compared to $10.1 million in the fourth quarter of 2023. Adjusted EBITDA of $19.0 million, reflecting a margin of 12.0 percent, was down 2 percent compared to $19.4 million in the fourth quarter of 2023. Free cash flow in the quarter was $(4.4) million, down $16.6 million compared to $12.2 million in the fourth quarter of 2023.

Full year operating income was $35.4 million, up $0.8 million in the year, compared to $34.6 million in 2023. On an adjusted basis, non-GAAP operating income was $49.4 million, up $1.3 million in the year, compared to $48.1 million in 2023. Net income was $13.0 million in the year, compared to $12.9 million in 2023. Non-GAAP net income was $26.7 million, compared to $26.6 million in 2023. Adjusted EBITDA of $62.8 million, reflecting a margin of 11.3 percent, was up 9 percent compared to $57.7 million in 2023, reflecting a margin of 10.6 percent. Free cash flow was $7.4 million, down $28.8 million compared to $36.2 million in 2023.

“Over the past six months we have completed four strategic and accretive M&A transactions – including the Profire Energy acquisition in early January 2025. Each of our acquisitions adds important new growth markets, technologies and solutions, and service capabilities to further advance our niche, industrial leadership positions and improve our overall business mix while improving our margin profile. In addition, we upgraded our credit facility, which now includes a $400M Revolver, along with capacity for $150M in additional unsecured debt, and we expect to finalize the sale of our Fluid Handling Business in late Q1 2025. Our core businesses remain robust – evident by our record backlog – and we continue to add tremendous talent to our team and our experienced leadership bench,” added Gleason.

2025 Full Year Guidance

The Company maintains its previously announced full year 2025 outlook which includes expected Revenue of $700 to $750 million, up approximately 30 percent at the midpoint year over year, and Adjusted EBITDA of $90 to $100 million, up approximately 50 percent at the midpoint versus 2024. The Company expects 2025 free cash flow to be between 60 and 75 percent of Adjusted EBITDA, approximately 10 percentage points higher than standard cash flow guidance, given expected working capital timing. The full year guidance incorporates the net impact of completed acquisitions and the expected late-Q1 divestiture of the Fluid Handling business.

“Our full year 2025 outlook reflects the strong visibility we have with our record backlog, strong bookings, 2024 related project push outs, and the impact from our acquisitions. So far in early 2025, we are experiencing a continuation of the strong power generation, data center, general industrial and natural gas infrastructure markets that drove our strong Q4 orders. Our early 2025 working capital performance – specifically receivables – is very strong as we have collected significant cash payments that pushed out of 2024 by just a few weeks. The integrations associated with our recent acquisitions are on-or-ahead of schedule, and we continue to open international sales and service centers to support our global footprint. We expect to deliver an outstanding 2025, affirmed by our full year guidance, as we progress our operating model supported by strong organic growth, coupled with steady margin expansion,” concluded Gleason.

EARNINGS CONFERENCE CALL

A conference call is scheduled for today at 8:30 a.m. ET to discuss the fourth quarter and full year 2024 financial results. Please visit the Investor Relations portion of the website (https://investors.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by visiting https://edge.media-server.com/mmc/p/wr6yr8ri.

A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by visiting https://edge.media-server.com/mmc/p/wr6yr8ri.

ABOUT CECO ENVIRONMENTAL

CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Addison, Texas. For more information, please visit www.cecoenviro.com.

Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670
investor.relations@onececo.com

Investor Relations Contact:
Steven Hooser and Jean Marie Young
Three Part Advisors, LLC
214-872-2710
investor.relations@onececo.com


CECO ENVIRONMENTAL CORP.CONSOLIDATED BALANCE SHEETS

	December 31,
(dollars in thousands, except share data)	2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	37,832		$	54,779
Restricted cash		369			669
Accounts receivable, net of allowances of $8,863 and $6,460		159,572			112,733
Costs and estimated earnings in excess of billings on uncompleted contracts		69,889			66,574
Inventories, net		42,624			34,089
Prepaid expenses and other current assets		16,859			11,769
Prepaid income taxes		3,826			824
Total current assets		330,971			281,437
Property, plant and equipment, net		33,810			26,237
Right-of-use assets from operating leases		25,102			16,256
Goodwill		269,747			211,326
Intangible assets – finite life, net		74,050			50,461
Intangible assets – indefinite life		9,466			9,570
Deferred income tax assets		966			304
Deferred charges and other assets		15,587			4,700
Total assets	$	759,699		$	600,291
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt	$	1,650		$	10,488
Accounts payable		109,671			87,691
Accrued expenses		47,528			44,301
Billings in excess of costs and estimated earnings on uncompleted contracts		81,501			56,899
Notes payable		1,700			2,500
Income taxes payable		2,612			1,227
Total current liabilities		244,662			203,106
Other liabilities		14,362			12,644
Debt, less current portion		217,230			126,795
Deferred income tax liabilities		11,322			8,838
Operating lease liabilities		20,230			11,417
Total liabilities		507,806			362,800
Commitments and contingencies (See Note 12)
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued		—			—
Common stock, $.01 par value; 100,000,000 shares authorized, 34,978,009 and 34,835,293 shares issued and outstanding at December 31, 2024 and 2023, respectively		349			348
Capital in excess of par value		255,211			254,956
Retained earnings (accumulated loss)		6,570			(6,387	)
Accumulated other comprehensive loss		(14,441	)		(16,274	)
Total CECO shareholders’ equity		247,689			232,643
Noncontrolling interest		4,204			4,848
Total shareholders’ equity		251,893			237,491
Total liabilities and shareholders’ equity	$	759,699		$	600,291

CECO ENVIRONMENTAL CORP. CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three months ended December 31,						Year ended December 31,
(in thousands, except share and per share data)	2024			2023			2024			2023
Net sales	$	158,566		$	153,711		$	557,933		$	544,845
Cost of sales		101,865			100,526			361,786			373,829
Gross profit		56,701			53,185			196,147			171,016
Selling and administrative expenses		41,062			36,862			146,698			122,944
Amortization and earnout expenses		2,028			2,192			9,064			8,180
Acquisition and integration expenses		2,337			298			4,213			2,508
Executive transition expenses		—			48			—			1,465
Restructuring expenses		—			1,133			544			1,350
Asbestos litigation expenses		—			—			225			—
Income from operations		11,274			12,652			35,403			34,569
Other (expense) income, net		(2,103	)		1,042			(4,692	)		372
Interest expense		(3,705	)		(3,918	)		(13,020	)		(13,416	)
Income before income taxes		5,466			9,776			17,691			21,525
Income tax expense		606			5,447			3,270			7,024
Net income		4,860			4,329			14,421			14,501
Noncontrolling interest		18			(450	)		(1,464	)		(1,590	)
Net income attributable to CECO Environmental Corp.	$	4,878		$	3,879		$	12,957		$	12,911
Income per share:
Basic	$	0.14		$	0.11		$	0.37		$	0.37
Diluted	$	0.13		$	0.11		$	0.36		$	0.37
Weighted average number of common shares outstanding:
Basic		34,978,382			34,823,663			34,927,313			34,665,473
Diluted		36,559,198			35,687,092			36,381,910			35,334,090

CECO ENVIRONMENTAL CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year ended December 31,
(dollars in thousands)	2024			2023
Cash flows from operating activities:
Net income	$	14,421		$	14,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		14,523			12,507
Unrealized foreign currency loss (gain)		2,664			(1,041	)
Fair value adjustments to earnout liabilities		134			296
Earnout payments		—			—
Loss on sale of property and equipment		191			110
Amortization of debt discount		498			427
Share-based compensation expense		7,514			4,533
Bad debt expense		295			1,593
Inventory reserve expense		1,056			1,099
Deferred income tax benefit		(3,606	)		(118	)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		(52,355	)		(26,851	)
Cost and estimated earnings of billings on uncompleted contracts		(4,149	)		5,040
Inventories		(9,814	)		(6,896	)
Prepaid expenses and other current assets		(8,347	)		1,196
Deferred charges and other assets		(12,736	)		(1,420	)
Accounts payable		36,181			13,852
Accrued expenses		7,119			8,340
Billings in excess of costs and estimated earnings on uncompleted contracts		24,923			21,575
Income taxes payable		1,425			(1,976	)
Other liabilities		4,891			(2,120	)
Net cash provided by operating activities		24,828			44,647
Cash flows from investing activities:
Acquisitions of property and equipment		(17,368	)		(8,384	)
Net proceeds from sale of assets		4			—
Cash paid for acquisitions, net of cash acquired		(87,948	)		(48,102	)
Net cash used in investing activities		(105,312	)		(56,486	)
Cash flows from financing activities:
Borrowings on revolving credit lines		309,300			106,600
Repayments on revolving credit lines		(112,400	)		(150,600	)
Borrowings of long-term debt		—			75,000
Repayments of long-term debt		(113,982	)		(4,985	)
Repayments of notes payable		—			—
Deferred financing fees paid		(1,924	)		(363	)
Deferred consideration paid for acquisitions		(2,050	)		(1,247	)
Payments on capital leases and sale-leaseback financing liability		(925	)		(907	)
Earnout payments		(2,831	)		(2,123	)
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options		(2,169	)		1,435
Distributions to non-controlling interest		(2,109	)		(1,666	)
Common stock repurchases		(5,000	)		—
Net cash provided by financing activities		65,910			21,144
Effect of exchange rate changes on cash and cash equivalents		(2,673	)		(442	)
Net (decrease) increase in cash, cash equivalents and restricted cash		(17,247	)		8,863
Cash, cash equivalents and restricted cash at beginning of year		55,448			46,585
Cash, cash equivalents and restricted cash at end of year	$	38,201		$	55,448
Cash paid during the period for:
Interest	$	13,335		$	12,098
Income taxes	$	9,550		$	9,916

CECO ENVIRONMENTAL CORP. RECONCILIATION OF GAAP TO NON-GAAP MEASURES

	Year Ended December 31,
(dollars in millions)	2024			2023			2022
Gross profit as reported in accordance with GAAP	$	196.1		$	171.0		$	128.2
Gross profit margin in accordance with GAAP		35.1	%		31.4	%		30.3	%
Legacy design repairs		—			—			2.0
Plant, property and equipment valuation adjustment		—			—			0.6
Non-GAAP gross profit	$	196.1		$	171.0		$	130.8
Non-GAAP gross profit margin		35.1	%		31.4	%		31.0	%

	Three months ended December 31,						Year ended December 31,
(in millions, except share data)	2024			2023			2024			2023
Net income as reported in accordance with GAAP	$	4.9		$	3.9		$	13.0		$	12.9
Amortization and earnout expenses		2.0			2.2			9.1			8.2
Acquisition and integration expenses		2.3			0.3			4.2			2.5
Executive transition expenses		(0.5	)		—			—			1.5
Restructuring expenses		1			1			0.5			1.3
Asbestos litigation expense		—			—			0.2			—
Foreign currency remeasurement		2.5			(1.0	)		4.3			(1.0	)
Tax benefit (expense) of adjustments		(1.8	)		3.6			(4.6	)		1.2
Non-GAAP net income	$	9.9		$	10.1		$	26.7		$	26.6
Depreciation		1.8			1.7			5.8			5.1
Non-cash stock compensation		1.7			1.5			7.5			4.5
Other (income) expense		(0.4	)		(0.1	)		0.4			0.8
Interest expense		3.7			3.9			13.0			13.4
Income tax expense		2.3			1.8			7.9			5.7
Noncontrolling interest		—			0.5			1.5			1.6
Adjusted EBITDA	$	19.0		$	19.4		$	62.8		$	57.7

Earnings per share:
Basic	$	0.14		$	0.11		$	0.37		$	0.37
Diluted	$	0.13		$	0.11		$	0.36		$	0.37

Adjusted earnings per share:
Basic	$	0.28		$	0.29		$	0.77		$	0.77
Diluted	$	0.27		$	0.28		$	0.73		$	0.75

	Three months ended December 31,						Year ended December 31,
(in millions)	2024			2023			2024			2023
Net cash (used in) provided by operating activities	$	1.8		$	15.1		$	24.8		$	44.6
Acquisitions of property and equipment		(6.2	)		(2.9	)		(17.4	)		(8.4	)
Free cash flow	$	(4.4	)	$	12.2		$	7.4		$	36.2

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A “non-GAAP financial measure” is a numerical measure of a company’s historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company’s results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share, adjusted EBITDA and free cash flow stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

SAFE HARBOR

Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: our ability to consummate the planned divestiture of our Fluid Handling business, the effect of recently announced acquisitions and planned divestiture of our Fluid Handling Business (together, the “transactions”) on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the transactions, diversion of management’s attention from ongoing business operations in connection with the integration of recent acquisitions, the outcome of any legal proceedings that have been or may in the future be instituted related to the Profire Energy, Inc. (“Profire Energy”) transaction or other transactions, the amount of the costs, fees, expenses and other charges related to the transactions, the achievement of the anticipated benefits of transactions, the ability of Profire Energy to achieve its earnings guidance, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges or other customer considerations; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases; our ability to successfully realize the expected benefits of our restructuring program; economic and political conditions generally; our ability to optimize our business portfolio by identifying acquisition targets, executing upon any strategic acquisitions or divestitures, integrating acquired businesses and realizing the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

The MIL Network –

February 26, 2025

MIL-OSI: Cipher Mining Provides Fourth Quarter and Full Year 2024 Business Update

Source: GlobeNewswire (MIL-OSI)

Fourth Quarter 2024 Net Earnings of $18m, and Adjusted Earnings of $51m

Completed upgrade of Odessa fleet, increasing total self-mining hashrate to ~13.5 EH/s

Completed acquisition of Stingray data center site, featuring 100 MW of front-of-the-meter capacity, all necessary regulatory approvals, and 250 acres of land adjacent to transmission assets

Completed acquisition of additional 337 acres of land adjacent to Barber Lake site and entered into 60-day exclusivity for negotiations to build an additional 500 MW HPC data center adjacent to the current site

NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced its fourth quarter and full year 2024 financial results, with an update on its operations and business strategy.

“We had an extremely productive fourth quarter at Cipher, as we continued the on-time execution of our growth and expansion plans,” said Tyler Page, CEO. “We successfully upgraded our Odessa fleet, which grew our total self-mining hashrate to approximately 13.5 EH/s. We are also nearing the completion of Phase I of Black Pearl, which remains on track to energize in the second quarter of this year.”

In addition, Cipher closed on the acquisition of Stingray, a data center site in West Texas with 100 MW of front-of-the-meter capacity. The Company also acquired 337 additional acres of land adjacent to its Barber Lake site, as well as entered into 60 days of exclusivity with Priority Power to negotiate building an additional 500 MW HPC data center adjacent to the current site.

“With our 2.8 GW pipeline and proven track record of execution, we are confident in our vision of becoming a leading data center developer for HPC infrastructure while remaining best-in-class in bitcoin mining,” said Mr. Page.

Finance and Operations Highlights

Completed upgrade of the Odessa fleet, increasing total self-mining hashrate to ~13.5 EH/s
Completed acquisition of 100 MW Stingray data center site
Completed acquisition of additional 337 acres adjacent to Barber Lake site
Entered into exclusivity with Priority Power to negotiate building an additional 500 MW HPC data center adjacent to the Barber Lake site
Grew pipeline to 2.8 GW of site capacity with optionality for both HPC or bitcoin mining data centers
Construction of Phase I of Black Pearl, featuring 150 MW of capacity and expected to generate over ~9.5 EH/s, remains on track to energize in the second quarter of this year
Exercised S21 XP Bitmain option to support Phase I of Black Pearl
Q4 2024 net earnings of $18 million, or $0.05 per diluted share, and adjusted earnings of $51 million, or $0.14 per diluted share

Business Update Call and Webcast

The live webcast and a webcast replay of the conference call can be accessed from the investor relations section of Cipher’s website at https://investors.ciphermining.com/. To access this conference call by telephone, register here to receive dial-in numbers and a unique PIN to join the call.

About Cipher

Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the Company’s beliefs and expectations regarding its future results of operations and financial position, its planned business model and strategy, its bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts it may make to modify aspects of its business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Cipher’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 to be filed with the Securities and Exchange Commission (“SEC”), and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Website Disclosure

The company maintains a dedicated investor website at https://investors.ciphermining.com/investors (“Investors’ Website”). Financial and other important information regarding the Company is routinely posted on and accessible through the Investors Website. Cipher uses its Investors’ Website as a distribution channel of material information about the Company, including through press releases, investor presentations, reports and notices of upcoming events. Cipher intends to utilize its Investors’ Website as a channel of distribution to reach public investors and as a means of disclosing material non-public information for complying with disclosure obligations under Regulation FD. In addition, you may sign up to automatically receive email alerts and other information about the Company by visiting the “Email Alerts” option under the Investors Resources section of Cipher’s Investors’ Website and submitting your email address.

Non-GAAP Financial Measures
This press release includes supplemental financial measures for Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case that exclude the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability. These supplemental financial measures are not measurements of financial performance under accounting principles generally accepted in the United Stated (“GAAP”) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions. We believe the use of these non-GAAP financial measures can also facilitate comparison of our operating results to those of our competitors by excluding certain items that vary in our industry based on company policy.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, we expect that share-based compensation expense, which is excluded from the non-GAAP financial measure, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers and directors. Similarly, we expect that depreciation and amortization will continue to be a recurring expense over the term of the useful life of the related assets. Our non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with our consolidated financial statements included elsewhere in this press release, which have been prepared in accordance with GAAP. We rely primarily on such consolidated financial statements to understand, manage and evaluate our business performance and use the non-GAAP financial measures only supplementally.

Contacts:
Investor Contact:
Courtney Knight
Head of Investor Relations at Cipher Mining
Courtney.knight@ciphermining.com

Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com

CIPHER MINING INC. CONSOLIDATED BALANCE SHEETS (in thousands, except for share and per share amounts)

	December 31, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	5,585		$	86,105
Accounts receivable		596			622
Receivables, related party		2,090			245
Prepaid expenses and other current assets		3,387			3,670
Bitcoin		92,651			32,978
Receivable for bitcoin collateral		32,248			—
Derivative asset		31,648			31,878
Total current assets		168,205			155,498
Restricted cash		14,392			–
Property and equipment, net		480,865			243,815
Deposits on equipment		38,872			30,812
Intangible assets, net		8,881			8,109
Investment in equity investees		53,908			35,258
Derivative asset		54,022			61,713
Operating lease right-of-use asset		12,561			7,077
Security deposits		19,782			23,855
Other noncurrent assets		3,958			–
Total assets	$	855,446		$	566,137
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	22,699		$	4,980
Accounts payable, related party		–			1,554
Accrued expenses and other current liabilities		69,824			22,439
Finance lease liability, current portion		3,798			3,404
Operating lease liability, current portion		3,127			1,166
Short-term borrowings		32,330			–
Warrant liability		–			250
Total current liabilities		131,778			33,793
Asset retirement obligation		20,282			18,394
Finance lease liability		7,331			11,128
Operating lease liability		9,833			6,280
Deferred tax liability		4,269			5,206
Total liabilities		173,493			74,801
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of December 31, 2024, and December 31, 2023		–			–
Common stock, $0.001 par value, 500,000,000 shares authorized, 361,432,449 and 296,276,536 shares issued as of December 31, 2024 and December 31, 2023, respectively, and 350,783,817 and 290,957,862 shares outstanding as of December 31, 2024, and December 31, 2023, respectively		361			296
Additional paid-in capital		863,015			627,822
Accumulated deficit		(181,412	)		(136,777	)
Treasury stock, at par, 10,648,632 and 5,318,674 shares at December 31, 2024 and December 31, 2023, respectively		(11	)		(5	)
Total stockholders’ equity		681,953			491,336
Total liabilities and stockholders’ equity	$	855,446		$	566,137

CIPHER MINING INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for share and per share amounts)

	Year Ended December 31,
		2024			2023
Revenue – bitcoin mining	$	151,270		$	126,842
Costs and operating (expenses) income
Cost of revenue		(62,364	)		(50,309	)
Compensation and benefits		(60,796	)		(57,399	)
General and administrative		(32,655	)		(27,796	)
Depreciation and amortization		(102,448	)		(59,093	)
Change in fair value of derivative asset		(7,921	)		26,836
Power sales		5,405			9,941
Equity in losses of equity investees		(384	)		(2,530	)
Unrealized gains on fair value of bitcoin		11,313			3,299
Realized gains on sale of bitcoin		51,548			7,739
Other gains		3,333			2,355
Total costs and operating expenses		(194,969	)		(146,957	)
Operating loss		(43,699	)		(20,115	)
Other income (expense)
Interest income		3,384			164
Interest expense		(1,708	)		(1,999	)
Change in fair value of warrant liability		250			(243	)
Other expense		(2,544	)		(17	)
Total other income (expense)		(618	)		(2,095	)
Loss before taxes		(44,317	)		(22,210	)
Current income tax expense		(1,255	)		(201	)
Deferred income tax benefit (expense)		937			(3,366	)
Total income tax benefit (expense)		(318	)		(3,567	)
Net loss	$	(44,635	)	$	(25,777	)
Loss per share – basic and diluted	$	(0.14	)	$	(0.10	)
Weighted average shares outstanding – basic and diluted		323,103,303			252,439,461

Non-GAAP Financial Measures

The following are reconciliations of our Adjusted Earnings (Loss) and Adjusted Earnings (Loss) per share – diluted, in each case excluding the impact of (i) the non-cash change in fair value of derivative asset, (ii) share-based compensation expense, (iii) depreciation and amortization, (iv) deferred income tax expense, (v) nonrecurring gains and losses and (vi) the non-cash change in fair value of warrant liability, to the most directly comparable GAAP measures for the periods indicated (in thousands, except for per share amounts):

	Year Ended December 31,
		2024			2023
Reconciliation of Adjusted Earnings:
Net loss	$	(44,635	)	$	(25,777	)
Change in fair value of derivative asset		7,921			(26,836	)
Share-based compensation expense		42,132			38,470
Depreciation and amortization		102,448			59,093
Deferred income tax expense		(937	)		3,366
Other gains – nonrecurring		–			(2,355	)
Change in fair value of warrant liability		(250	)		243
Adjusted (loss) earnings	$	106,679		$	46,204


	Year Ended December 31,
		2024			2023
Reconciliation of Adjusted Earnings per share – diluted:
Net loss per share – diluted	$	(0.14	)	$	(0.10	)
Change in fair value of derivative asset per diluted share		0.02			(0.11	)
Share-based compensation expense per diluted share		0.13			0.15
Depreciation and amortization per diluted share		0.32			0.23
Deferred income tax expense per diluted share		—			0.01
Other gains – nonrecurring per diluted share		—			(0.01	)
Change in fair value of warrant liability per diluted share		—			—
Adjusted (loss) earnings per diluted share	$	0.33		$	0.17

The MIL Network –

February 26, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

Management Commentary

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

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

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

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

Operational Summary

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

Power Infrastructure Summary

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

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

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

US $ in millions	Three Months Ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Total revenue	69.0	62.0	114.8
Cost of revenue	(63.9)	(59.2)	(87.8)
Gross profit	5.1	2.8	27.0
Net loss	(531.9)	(50.1)	(5.0)
Adjusted EBITDA	(3.8)	(8.5)	33.3²
Cash and cash equivalents	476.3	291.3	144.7

US $ in millions	Three Months Ended Dec 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	41.5	2.3	8.5	12.4
Cost of revenue
– Electricity cost in operating mining rigs	(22.3)	(0.1)	(5.8)	(7.0)
– Depreciation and share-based payment expenses	(12.2)	(0.6)	(1.2)	(1.8)
– Other cash costs	(4.0)	(0.3)	(0.8)	(1.2)
Total cost of revenue	(38.5)	(1.0)	(7.8)	(10.0)
Gross profit	3.0	1.3	0.7	2.4

US $ in millions	Three Months Ended Dec 31, 2023
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	46.9	16.2	25.2	23.4
Cost of revenue
– Electricity cost in operating mining rigs	(20.3)	(4.3)	(16.1)	(17.2)
– Depreciation and share-based payment expenses	(9.7)	(3.8)	(2.6)	(2.4)
– Other cash costs	(3.0)	(1.0)	(1.6)	(1.6)
Total cost of revenue	(33.0)	(9.1)	(20.3)	(21.2)
Gross profit	13.9	7.1	4.9	2.2

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

US $ in millions	Years Ended
	Dec 31, 2024	Dec 31, 2023
Total revenue	349.8	368.5
Cost of revenue	(283.4)	(290.7)
Gross profit	66.4	77.8
Net loss	(599.2)	(56.7)
Adjusted EBITDA	39.4	97.0²
Cash and cash equivalents	476.3	144.7

US $ in millions	Year Ended Dec 31, 2024
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	163.1	39.8	67.6	64.0
Cost of revenue
– Electricity cost in operating mining rigs	(91.1)	(7.5)	(39.6)	(41.0)
– Depreciation and share-based payment expenses	(39.1)	(8.4)	(8.4)	(8.2)
– Other cash costs	(11.8)	(2.5)	(4.3)	(4.5)
Total cost of revenue	(142.0)	(18.4)	(52.3)	(53.7)
Gross profit	21.1	21.4	15.3	10.3

US $ in millions	Year Ended Dec 31, 2023
Business lines	Self-Mining	Cloud Hash Rate	General Hosting	Membership Hosting
Revenue	111.7	67.9	97.3	79.9
Cost of revenue
– Electricity cost in operating mining rigs	(52.3)	(17.1)	(54.6)	(55.5)
– Depreciation and share-based payment expenses	(29.2)	(19.7)	(13.2)	(10.7)
– Other cash costs	(8.3)	(5.3)	(7.5)	(6.6)
Total cost of revenue	(89.8)	(42.1)	(75.3)	(72.8)
Gross profit	21.9	25.8	22.0	7.1

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

Revenue

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

Cost of Revenue

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

Gross Profit and Margin

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

Operating Expenses

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

Other Net Loss

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

Net Loss

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

Adjusted Profit / (Loss) (Non-IFRS)⁵

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

Adjusted EBITDA (Non-IFRS)

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

Cash Flows

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

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

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

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

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

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

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

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

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of December 31,	As of December 31,
(US $ in thousands)	2024	2023
ASSETS
Cash and cash equivalents	476,270	144,729
Cryptocurrencies	77,537	15,371
Trade receivables	9,627	17,277
Amounts due from a related party	15,512	187
Prepayments and other assets	310,173	97,087
Inventories	64,888	346
Financial assets at fair value through profit or loss	42,521	37,775
Restricted cash	17,356	9,538
Mining rigs	67,324	63,477
Right-of-use assets	69,273	58,626
Property, plant and equipment	251,377	154,860
Investment properties	30,723	34,346
Intangible assets	83,235	4,777
Goodwill	35,818	–
Deferred tax assets	6,220	991
TOTAL ASSETS	1,557,854	639,387

LIABILITIES
Trade payables	31,471	32,484
Other payables and accruals	42,267	32,151
Amounts due to a related party	8,747	33
Income tax payables	2,729	3,367
Derivative liabilities	763,939	–
Deferred revenue	129,229	144,337
Borrowings	208,127	22,618
Lease liabilities	78,133	70,211
Deferred tax liabilities	16,614	1,620
TOTAL LIABILITIES	1,281,256	306,821

NET ASSETS	276,598	332,566

EQUITY
Share capital	*	*
Treasury equity	(160,926)	(2,604)
Accumulated deficit	(649,004)	(49,853)
Reserves	1,086,528	385,023
TOTAL EQUITY	276,598	332,566

* Amount less than US$1,000

BITDEER GROUP UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

	Three months ended Dec 31,		Years ended Dec 31,
(US $ in thousands)	2024	2023	2024	2023

Revenue⁶	69,018	114,848	349,782	368,554
Cost of revenue	(63,919)	(87,804)	(283,382)	(290,745)
Gross profit	5,099	27,044	66,400	77,809
Selling expenses	(1,952)	(2,005)	(8,044)	(8,246)
General and administrative expenses	(17,668)	(17,134)	(64,317)	(66,454)
Research and development expenses	(22,898)	(8,306)	(76,946	(29,534)
Listing fee	–	–	–	(33,151)
Other operating income / (expenses)	(3,670)	3,073	727	3,791
Other net gain / (loss)	(479,778)	1,068	(507,479)	3,538
Profit / (loss) from operations	(520,867)	3,740	(589,659)	(52,247)
Finance income / (expenses)	(11,811)	1,179	(11,935)	1,276
Profit / (loss) before taxation	(532,678)	4,919	(601,594)	(50,971)
Income tax benefit / (expenses)	761	(9,950)	2,443	(5,685)
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
Other comprehensive loss
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
Other comprehensive loss for the periods
Item that may be reclassified to profit or loss
– Exchange differences on translation of financial statements	(234)	(43)	(218)	(26)
Other comprehensive loss for the periods, net of tax	(234)	(43)	(218)	(26)
Total comprehensive loss for the periods	(532,151)	(5,074)	(599,369)	(56,682)

Loss per share (Basic and diluted)	(3.22)	(0.05)	(4.36)	(0.51)

Weighted average number of shares outstanding (thousands) (Basic and diluted)	165,427	111,055	137,426	110,494

BITDEER GROUP UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months ended Dec 31,			Years ended Dec 31,
(US $ in thousands)	2024		2023	2024	2023

Cash flows from operating activities
Cash used in operating activities	(321,629)		(76,963)	(613,167)	(283,868)
Interest paid on leases	(902)		(659)	(3,473)	(2,605)
Interest paid on borrowings	(2,216)		(940)	(3,952)	(2,181)
Interest received	1,653		2,033	7,115	7,572
Income tax paid	(1,964)		(1,347)	(8,596)	(1,500)
Income tax refund	–		10,795	–	10,795
Net cash used in operating activities	(325,058	)	(67,081)	(622,073)	(271,787)

Cash flows from investing activities
Purchase of property, plant and equipment, investment properties and intangible assets	(42,617)		(25,324)	(119,487)	(63,305)
Purchase of mining rigs	(5,766)		(107)	(7,731)	(63,041)
Purchase of financial assets at fair value through profit or loss, net of refund received	(425)		–	(2,776)	(4,400)
Proceeds from disposal of financial assets at fair value through profit or loss	–		–	–	31,111
Repayments from a related party	–		322	–	322
Lending to a third party	–		–	–	(61)
Proceeds from disposal of property, plant and equipment	54		44	298	73
Proceeds from disposal of mining rigs	–		27	–	27
Proceeds from disposal of cryptocurrencies	38,794		97,083	248,447	299,128
Cash paid for business acquisitions, net of cash acquired	–		–	(6,051)	–
Net cash generated from / (used in) investing activities	(9,960)		72,045	112,700	199,854

Cash flows from financing activities
Capital element of lease rentals paid	(6,540)		(1,183)	(9,676)	(5,191)
Net payment related to Business Combination	–		–	–	(7,662)
Repayments of borrowings	(10,000)		–	(15,000)	(7,000)
Proceeds from issuance of shares for exercise of share rewards	4,412		412	5,170	412
Proceeds from issuance of ordinary shares and warrants, net of transaction costs	321,918		9,494	485,108	9,494
Payment for the future issuance cost	–		(942)	–	(942)
Acquisition of treasury shares	–		(2,495)	(617)	(2,604)
Proceeds from convertible senior notes, net of transaction costs	387,917		–	554,214	–
Repayment to convertible senior notes in connection with note extinguishment	(14,932)		–	(14,932)	–
Purchase of zero-strike call option	(160,000)		–	(160,000)	–
Net cash generated from / (used in) financing activities	522,775		5,286	844,267	(13,493)

Net increase / (decrease) in cash and cash equivalents	187,757		10,250	334,894	(85,426)
Cash and cash equivalents at the beginning of the period	291,314		134,512	144,729	231,362
Effect of movements in exchange rates on cash and cash equivalents held	(2,801)		(33)	(3,353)	(1,207)
Cash and cash equivalents at the end of the period	476,270		144,729	476,270	144,729

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

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

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

BITDEER GROUP NON-IFRS ADJUSTED EBITDA AND ADJUSTED PROFIT / (LOSS) RECONCILIATION

	Three months ended Dec 31,		Years ended Dec 31,
(US $ in thousands)	2024	2023	2024	2023

Adjusted EBITDA
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
*Add：*
Depreciation and amortization	25,116	19,654	81,096	75,541
Income tax (benefit) / expenses	(761)	9,950	(2,443)	5,685
Interest (income) / expense, net	8,729	(753)	10,050	(2,872)
Listing fee	–	–	–	33,151
Share-based payment expenses	8,658	11,322	33,968	45,488
Changes in fair value of derivative liabilities	469,501	–	498,167	–
Loss on extinguishment of debt	8,172	–	8,172	–
Changes in fair value of holdback shares for acquisition of FreeChain	2,970	–	3,186	–
Changes in fair value of cryptocurrency-settled receivables and payables	5,733	(1,810)	6,362	(3,305)
Total of Adjusted EBITDA	(3,799)	33,332²	39,407	97,032²

Adjusted Profit / (loss)
Loss for the periods	(531,917)	(5,031)	(599,151)	(56,656)
*Add：*
Listing fee	–	–	–	33,151
Share-based payment expenses	8,658	11,322	33,968	45,488
Changes in fair value of derivative liabilities	469,501	–	498,167	–
Loss on extinguishment of debt	8,172	–	8,172	–
Changes in fair value of holdback shares for acquisition of FreeChain	2,970	–	3,186	–
Changes in fair value of cryptocurrency-settled receivables and payables	5,733	(1,810)	6,362	(3,305)
Total of Adjusted Profit / (loss)	(36,883)	4,481²	(49,296)	18,678²

For investor and media inquiries, please contact:

Investor Relations
Yujia Zhai
Orange Group
bitdeerIR@orangegroupadvisors.com

Public Relations
Nishant Sharma
BlocksBridge Consulting
bitdeer@blocksbridge.com

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

The MIL Network –

February 26, 2025

MIL-OSI Asia-Pac: SWAYATT initiative on GeM celebrates 6 years of transformative impact

Source: Government of India

SWAYATT initiative on GeM celebrates 6 years of transformative impact

Women entrepreneurs comprise 8% of the registered sellers on GeM

Posted On: 25 FEB 2025 2:44PM by PIB Delhi

Government e Marketplace (GeM) commemorated six years of Startups, Women & Youth Advantage through eTransactions (SWAYATT) initiative at its New Delhi headquarter (HQ) on 19 February 2025. Launched on 19^th February, 2019, SWAYATT was conceptualised with a clear objective of invigorating participation of women-led enterprises and youth in public procurement.

Rooted in GeM’s foundational pillar of social inclusion, SWAYATT is portal’s commitment to enhance ease of doing business and establish direct market linkages to annual public procurement for startups, women entrepreneurs, Micro & Small Enterprises (MSEs), Self Help Groups (SHGs) and youth, especially those from backward sections of the society. Since inception, the initiative is focused at facilitating the training and onboarding of last-mile sellers, developing women entrepreneurship and encouraging participation and small-scale businesses in government procurement.

On the occasion, GeM signed a Memorandum of Understanding (MoU) with Federation of Indian Chambers of Commerce & Industry (FICCI) Ladies Organisation (FICCI-FLO) – an all-India forum representing over 9,500 women entrepreneurs. By means of this partnership, GeM intends to provide direct access for women entrepreneurs with government buyers, sans intermediaries, thereby ensuring better product prices, spurring hyper-local job creation and igniting inclusive growth. By extending adequate means of training, onboarding and linkages, this collaboration is set to empower local businesses, create inclusive economic growth, enhance competition and boost value addition in public spending.

“At the time of launch of SWAYATT, only about 6300 women-led enterprises and almost 3400 startups were onboarded on GeM. Since then, the platform has grown manifold,” informed Shri L Satya Srivinas, CEO, GeM.

“Addressing the challenges of “access to market”, “access to finance” and “access to value-addition” through proper e-market linkages in public procurement, GeM has enabled startups to fulfil orders worth ₹ 35,950 Crore. Women entrepreneurs comprise 8% of the total seller base on GeM, with cumulative 1,77,786 Udyam-verified women micro, and small enterprises (MSE) registered on the GeM portal, having fulfilled a cumulative order value of ₹46,615 Crore,” added Shri Srinivas.

Speaking on the occasion, Smt Joyashree Das Verma, President, FICCI – FLO, highlighted how digital platforms like GeM have democratised access to opportunities for women entrepreneurs. Reiterating the importance of this collaboration towards value chain development and enhanced opportunities to women-led MSEs through advocacy, outreach and mobilisation, she stressed upon training as an imperative in expanding the reach of GeM portal among affiliated members of the association.

Conceptualised as a foundational initiative, SWAYATT today comprises “Startup Runway” and “Womaniya” storefronts for dedicated listings, ensuring wider visibility of startups, women entrepreneurs and youth among lakhs of pan-India government buyers. By dismantling entry barriers, GeM is empowering more than 29,000 startups with business opportunities on the GeM platform.

With an ambitious goal of onboarding 1 Lakh Department for Promotion of Industry and Internal Trade registered startups onto the portal, GeM is determined to become a vibrant startup ecosystem in public procurement. Through meaningful collaborations and capacity-building efforts with last-mile women micro and small enterprises (MSEs), FPOs, SHGs, Startups, and Cooperatives, GeM envisions doubling the number of women entrepreneurs on the portal and increasing their share percentage in overall procurement of the country from the current 3.78%.

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Abhijith Narayanan

(Release ID: 2106076) Visitor Counter : 62

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi inaugurates Advantage Assam 2.0 Investment & Infrastructure Summit 2025

Source: Government of India

Prime Minister Shri Narendra Modi inaugurates Advantage Assam 2.0 Investment & Infrastructure Summit 2025

Assam’s dynamic workforce and rapid growth are driving its transformation into a leading investment destination: PM

Even in global uncertainty, one thing is certain – India’s rapid growth: PM

We have built a complete ecosystem to promote industry, an innovation-driven culture and Ease of Doing Business: PM

India is driving its manufacturing sector in Mission Mode, We are promoting Low Cost Manufacturing under Make in India: PM

The global progress depends on the digital revolution, innovation and tech-driven progress: PM

Assam is becoming a crucial hub for semiconductor manufacturing in India: PM

The world sees our Renewable Energy Mission as a model practice and is following it; In the last 10 years, India has taken policy decisions understanding its environmental responsibilities: PM

Posted On: 25 FEB 2025 1:22PM by PIB Delhi

The Prime Minister Shri Narendra Modi inaugurated the Advantage Assam 2.0 Investment & Infrastructure Summit 2025 in Guwahati, Assam today. Welcoming all the dignitaries to the event, Shri Modi said “East India and North East India are embarking on a new journey of future today and Advantage Assam is a mega initiative to intertwine the incredible potential and progress of Assam with the world”. He added that history is a witness to the major role played by Eastern India in India’s prosperity. Expressing hope, the Prime Minister said, “Today, when we are progressing towards Viksit Bharat, Eastern India and North East will display their true potential”. He said that Advantage Assam was a representation of the same spirit and congratulated the Government and Chief Minister of Assam for organising such a grand event. He recalled his words from 2013, when he had said that it was not very far when ‘A for Assam’ would be the norm.

“Despite global uncertainties, experts unanimously agree on one certainty: India’s rapid growth”, said the Prime Minister. He emphasized that today’s India is working with a long-term vision for the next 25 years of this century. He highlighted that the world has immense trust in India’s young population, which is rapidly becoming skilled and innovative. He also noted the growing confidence in India’s neo-middle class, emerging from poverty with new aspirations. Underscoring the trust the world places in India’s 140 crore people who support political stability and policy continuity, Shri Modi highlighted India’s governance that continues to implement reforms. Furthermore, he pointed out that India is strengthening its local supply chains and entering free trade agreements with various global regions. He also mentioned the robust connectivity with East Asia and the new India-Middle East-Europe Economic Corridor, bringing new opportunities.

Highlighting the growing global trust in India, as witnessed by the gathering in Assam, Shri Modi remarked, “Assam’s contribution to India’s growth is steadily increasing”. He noted that the first edition of the Advantage Assam Summit was held in 2018, at which time Assam’s economy was valued at ₹2.75 lakh crore. Today, Assam has become a state with an economy of approximately ₹6 lakh crore, he added, emphasizing that under their government, Assam’s economy has doubled in just six years. Furthermore, he said that this is the double effect of their Governments at the Center and the state. The numerous investments in Assam have turned it into a state of unlimited possibilities, he stated. The Prime Minister highlighted that the Assam government is focusing on education, skill development, and creating a better investment environment. He noted that their Government had worked extensively on connectivity-related infrastructure in recent years. He provided an example, stating that before 2014, there were only three bridges over the Brahmaputra river, built over 70 years. However, in the past 10 years, four new bridges have been constructed. One of these bridges is named after Bharat Ratna Bhupen Hazarika. Shri Modi remarked that between 2009 and 2014, Assam received an average rail budget of ₹2,100 crore but their Government increased Assam’s railway budget more than four times to ₹10,000 crore. He added that over 60 railway stations in Assam are being modernized and also mentioned that the first semi high-speed train in the North East is now operational between Guwahati and New Jalpaiguri.

Touching upon the rapid expansion of air connectivity in Assam, the Prime Minister said that until 2014, flights operated on only seven routes, but now there are flights on nearly 30 routes. This expansion has provided a significant boost to the local economy and created employment opportunities for the youth, he added. Shri Modi emphasized that these changes are not limited to infrastructure alone, but there were unprecedented improvements in law and order, with numerous peace accords signed in the past decade and long-pending border issues resolved. He underscored that every region, every citizen, and every youth in Assam is working tirelessly for the state’s development.

“India is undergoing significant reforms across all sectors and levels of the economy and continuous efforts have been made to enhance the Ease of Doing Business, and a comprehensive ecosystem has been established to promote industry and an innovation culture”, emphasised Shri Modi. He highlighted that excellent policies have been formulated for startups, manufacturing through PLI schemes, and tax exemptions for new manufacturing companies and MSMEs. He also noted the substantial investment the Government is making in the country’s infrastructure. Prime Minister underscored that the combination of institutional reform, industry, infrastructure, and innovation forms the foundation of India’s progress. He stated that this progress is also being seen in Assam, which is advancing at double engine speed. He pointed out that Assam has set a target to achieve a $150 billion economy by 2030. He expressed confidence that Assam can achieve this goal, attributing it to the capable and talented people of Assam and the commitment of their Government. Remarking that Assam is emerging as a gateway between South East Asia and India, Shri Modi said, to further this potential, the Government has launched the North East Transformative Industrialization Scheme, ‘Unnati.’ He highlighted that the ‘Unnati’ scheme will accelerate industry, investment, and tourism across the entire North East region, including Assam. He urged industry partners to take full advantage of this scheme and Assam’s unlimited potential. The Prime Minister noted that Assam’s natural resources and strategic location make it a preferred destination for investment. He cited Assam tea as an example of Assam’s potential, stating that it has become a global brand over the past 200 years, inspiring progress in other sectors as well.

Highlighting the significant changes occurring in the global economy, with a growing demand for resilient supply chains worldwide, the Prime Minister said, “India has initiated mission-mode efforts to advance its manufacturing sector”. He emphasized that under the Make in India initiative, the focus is on promoting low-cost manufacturing in sectors such as pharmaceuticals, electronics, and automobiles. He noted that India’s industry is not only meeting domestic demands but also setting new benchmarks for manufacturing excellence in international markets. He pointed out that Assam is playing a significant role in this manufacturing revolution.

Stressing that Assam has always had a share in global trade, Shri Modi remarked that today, over 50 percent of India’s on-shore natural gas production comes from Assam and there has been a significant increase in the capacity of Assam’s refineries in recent years. He also pointed out that Assam is rapidly emerging in sectors such as electronics, semiconductors, and green energy. He emphasized that due to Government policies, Assam is becoming a hub for high-tech industries as well as startups.

Highlighting that in the recent budget, the Central government has approved the Namrup-4 plant, the Prime Minister remarked that this urea production plant will meet the demand of the entire North East and the country in the future. He said, “the day is not far when Assam will become a major manufacturing hub in Eastern India”. He emphasized that the Central Government is fully supporting the state Government of Assam in achieving this goal.

Emphasising that the progress of the 21st century world depends on digital revolution, innovation, and technological advancements, Shri Modi stated, “The better prepared we are, the stronger we will be globally”. He added that the Government was advancing with 21st century policies and strategies. He highlighted India’s significant leap in electronics and mobile manufacturing over the past decade and expressed the desire to replicate this success story in semiconductor production. Prime Minister proudly noted that Assam is developing as an important center for semiconductor manufacturing in India and mentioned the recent inauguration of the Tata Semiconductor Assembly & Test facility in Jagiroad, Assam, which will promote technological growth in the Northeast. He emphasized the collaboration with IIT for innovation in the semiconductor sector and the ongoing work on a semiconductor research center in the country. The Prime Minister projected that by the end of this decade, the value of the electronic sector will reach $500 billion. He confidently stated, “With India’s speed and scale, the country will emerge as a major force in semiconductor production, creating employment for millions and benefiting Assam’s economy”.

“India has made policy decisions over the past decade while understanding its environmental responsibilities and the world considers India’s Renewable Energy Mission as a model practice”, said the Prime Minister. He highlighted that India has made significant investments in solar, wind, and sustainable energy resources over the past ten years. This has not only fulfilled ecological commitments but also expanded the country’s renewable energy production capacity multiple times, he added. Shri Modi noted that the country has set a target to add 500 GW of renewable energy capacity by 2030. “Government is working on a mission to achieve an annual green hydrogen production of 5 million metric tons by 2030”, he said. Pointing out that the growing gas infrastructure in the country has led to increased demand, and the entire gas-based economy sector is rapidly expanding, Shri Modi remarked that Assam has a significant advantage in this journey. He emphasized that the Government has created many pathways for industries, including PLI schemes and policies for green initiatives. He expressed his desire for Assam to emerge as a leader state in the renewable energy sector and urged industry leaders to maximize the potential of Assam.

Impressing that Eastern India will play a significant role in making India a developed nation by 2047, Shri Modi remarked, “today, the Northeast and Eastern India are rapidly advancing in infrastructure, logistics, agriculture, tourism, and industry”. He expressed confidence that the day is not far when the world will see this region leading India’s development journey. He invited everyone to be partners and companions in this journey with Assam and concluded by calling for collective efforts to make Assam a state that elevates India’s capabilities to new heights across the global south. The Prime Minister boosted the confidence of the investors and industry leaders by saying that he stood by them in the journey of Viksit Bharat by fully supporting their contributions.

The Governor of Assam, Shri Lakshman Prasad Acharya, Chief Minister of Assam, Shri Himanta Biswa Sarma, Union Ministers Dr. S Jaishankar, Shri Sarbananda Sonowal, Shri Jyotiraditya Scindia, Chief Minister of Tripura, Dr. Manik Saha, Union Minister of State, Shri Pabitra Margherita were present among other dignitaries at the event.

Background

The Advantage Assam 2.0 Investment and Infrastructure Summit 2025 in Guwahati, is being held from 25th to 26th February. It includes an inaugural Session, seven ministerial sessions and 14 thematic sessions. It also includes a comprehensive exhibition illustrating the state’s economic landscape, with a focus on its industrial evolution, global trade partnerships, booming industries, and the vibrant MSME sector, featuring over 240 exhibitors.

Various international organisations, global leaders and investors, policymakers, industry experts, startups, and students among others will participate in the Summit.

Speaking at the Advantage Assam Summit. The state’s dynamic workforce and rapid growth are driving its transformation into a leading investment destination. https://t.co/RM23eXAvY4

— Narendra Modi (@narendramodi) February 25, 2025

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MJPS/SR

(Release ID: 2106052) Visitor Counter : 122

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: MoSPI Announces ‘Innovate with GoIStats’ Hackathon: Empowering the Youth to come out with ‘Data-Driven Insights for Viksit Bharat’

Source: Government of India

Posted On: 25 FEB 2025 9:42AM by PIB Delhi

The Ministry of Statistics and Programme Implementation (MoSPI), in collaboration with MyGov, is set to launch an exciting data-visualization hackathon titled “Innovate with GoIStats”, centered around the theme “Data-Driven Insights for Viksit Bharat”. The hackathon aims to inspire India’s young and brightest minds – students and researchers to utilize the vast official statistics generated by the National Statistics Office (NSO) for creating innovative data driven insights.

The hackathon will invite participants to explore and analyse official statistics from the reports, microdata and other datasets available on the website of the Ministry, such as the Periodic Labour Force Survey (PLFS), Household Consumer Expenditure Survey (HCES), Annual Survey of Industries (ASI), Consumer Price Index (CPI), Gross Domestic Product (GDP) and more to create impactful visualizations to support evidence-based policymaking in the journey towards Viksit Bharat. Participants can gain hands-on experience with official statistics while creating a stronger foundation for data-driven policy insights.

The Hackathon will take place on the MyGov platform, from 25th February 2025 to 31st March 2025. Students pursuing undergraduate, postgraduate or doing research can participate. The top 30 entries, selected by a panel of expert evaluators from the industry and academia will get prize money, with one first prize of ₹2 Lakhs, followed by two second prizes of ₹1 Lakh each, two third prizes of ₹50,000 each and twenty-five consolation prizes of ₹20,000 each.

Participate in ‘Innovate with GoIStats’ – where data meets vision.

For more information and to register, please visit the link:

https://innovateindia.mygov.in/goistats

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Samrat/Allen

(Release ID: 2105978) Visitor Counter : 70

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: Adjustment in ceiling prices for dedicated LPG filling stations in March 2025

Source: Hong Kong Government special administrative region

The Electrical and Mechanical Services Department (EMSD) today (February 25) announced an adjustment to the auto-LPG (liquefied petroleum gas) ceiling prices for dedicated LPG filling stations from March 1 to March 31, 2025, in accordance with the terms and conditions of the contracts for dedicated LPG filling stations.

A department spokesman said that the adjustment on March 1, 2025, would reflect the movement of the LPG international price in February 2025. The adjusted auto-LPG ceiling prices for dedicated LPG filling stations would range from $3.76 to $4.68 per litre, amounting to an increase of $0.04 to $0.05 per litre.

The spokesman said that the auto-LPG ceiling prices were adjusted according to a pricing formula specified in the contracts. The formula comprises two elements – the LPG international price and the LPG operating price. The LPG international price refers to the LPG international price of the preceding month. The LPG operating price is adjusted on February 1 and June 1 annually according to the average movement of the Composite Consumer Price Index and the Nominal Wage Index.

The auto-LPG ceiling prices for respective dedicated LPG filling stations in March 2025 are as follows:

Location of
Dedicated
LPG Filling Station
Auto-LPG
Ceiling Price in
March 2025 (HK$/litre)
Auto-LPG
Ceiling Price in
February 2025 (HK$/litre)

Kwai On Road, Kwai Chung
3.76
3.71

Sham Mong Road, Mei Foo
3.82
3.78

Wai Lok Street, Kwun Tong
3.88
3.83

Cheung Yip Street, Kowloon Bay
3.92
3.88

Ngo Cheung Road, West Kowloon
3.93
3.89

Yuen Chau Tsai, Tai Po
3.99
3.94

Tak Yip Street, Yuen Long
4.10
4.05

Hang Yiu Street, Ma On Shan
4.12
4.07

Marsh Road, Wan Chai
4.13
4.08

Fung Mat Road, Sheung Wan
4.15
4.11

Yip Wong Road, Tuen Mun
4.25
4.20

Fung Yip Street, Chai Wan
4.68
4.63

The spokesman said that the details of the LPG international price and the auto-LPG ceiling price for each dedicated LPG filling station had been uploaded to the EMSD website (www.emsd.gov.hk) and posted at dedicated LPG filling stations to enable the trades to monitor the price adjustment.

Details of the pricing adjustment mechanism for dedicated LPG filling stations can also be viewed under the “What’s New” section of the department website at www.emsd.gov.hk/en/what_s_new/current/index.html.

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: Opening address by SCED at Hong Kong Competition Exchange 2025 (English only)

Source: Hong Kong Government special administrative region

Following is the opening address by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the opening ceremony of the Hong Kong Competition Exchange 2025 today (February 25):

Samuel (Chairman of the Competition Commission, Mr Samuel Chan), distinguished guests, ladies and gentlemen,

     Good morning. Welcome to the Hong Kong Competition Exchange 2025. It is my great honour to join you here today.

     This is the second time this event is organised in Hong Kong. This conference provides an excellent platform to discuss how competition and innovation can complement each other with respect to competition law and policy. I was told that today we have over 300 industry leaders, regulators, scholars and experts from all over the world joining the discussion. They include internationally renowned and reputable speakers who will share with us their insights. Thank you for your support and welcome to Hong Kong.

     Indeed, competition is a global issue. In a local economy, it is also a cross-sector one. I understand that the conference will talk about competition in a wide range of sectors including financial services, technology, green industry, as well as aviation.

     Hong Kong is a free market economy. We are consistently ranked by the Fraser Institute as the freest economy in the world. We also support free trade. A range of freedoms are guaranteed in the Basic Law, such as the freedom of speech, of the press and of publication. In addition, many of you may know, Hong Kong has free flow of capital, information and talent, which are the key factors behind Hong Kong’s success. The word “free” is in the spirit of Hong Kong.

     In an economy so free like ours, we need a competitive market that is healthy, and can lead to better prices, products and choices for everyone. We fully recognise how important it is. To this end, we enacted the Competition Ordinance in our laws in 2012. The Competition Commission, which is the host today, was established in the year that followed.

     The work of the Competition Commission is not easy. As our independent competition agency, the Commission has a mandate to investigate anti-competitive conduct; educate the public on the competition laws; and advise the Government on competition matters.

     I would like to thank Samuel, the Chairman of the Commission, and Rasul, the CEO (Chief Executive Officer of the Competition Commission, Mr Rasul Butt), for the excellent work you have done for Hong Kong. A robust competition regime is one of the ingredients contributing to our success. Our competition legislation was ranked seventh in the latest World Competitiveness Yearbook. Hong Kong is attractive to foreign investments because our market is free, fair, and rule-based. These qualities are important to enterprises. As at end 2024, we had about 10 000 companies coming from outside Hong Kong. It was a record high, and up 10 per cent from a year before that. This is a vote of confidence in Hong Kong. We are grateful for that, and we will continue to do our best to make Hong Kong a prime investment location.

     Ladies and gentlemen, it is never an easy task to establish an effective competition regime from scratch that fully adapts to the local context and compatible to international norm. But I am proud to say that Hong Kong has made good progress and is on the right track. In future, the Hong Kong Special Administrative Region Government will continue to support the work of the Commission. We will also continue to embrace competition, empower the Commission, and embark on more competition campaigns.

     I hope you will all find the discussion sessions arranged by the Commission in the coming two days insightful and fruitful. Together, let us work towards the common goal of building a future that is not only brighter, but also fairer.

     Thank you.

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: Government committed to fostering business climate, enhance Ease of Doing Business: Union Commerce and Industry Minister Piyush Goyal

Source: Government of India (2)

Government committed to fostering business climate, enhance Ease of Doing Business: Union Commerce and Industry Minister Piyush Goyal

PM’s visit to USA, France paved the way for greater investment and collaboration: Shri Goyal

Small & Medium enterprises have a transformative role in driving Viksit Bharat: Shri Goyal

Posted On: 25 FEB 2025 5:02PM by PIB Delhi

The Centre is committed to creating a favourable investment climate, ensuring regulatory stability, and enhancing the Ease of Doing Business (EoDB) in the country. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his virtual address at the Pune International Business Summit 2025, which was organised by Mahratta Chamber of Commerce, Industries, and Agriculture (MCCIA) on January 24, 2025.

The Minister stressed that Prime Minister Shri Narendra Modi’s recent visits to the USA and France have paved the way for greater investment and enhanced collaborations. Emphasising that the 2-day summit will delve into emerging trade trends, build robust alliances and highlight the transformative role of Small and Medium Enterprises (SMEs) in driving Viksit Bharat, Shri Goyal pointed out that representatives from over 20 countries will participate at the event, reflecting global confidence in India’s resilience.

Minister Goyal emphasised that the Union Budget reinforces its commitments with a ₹10k Cr Fund of Funds for Startups and a Deep Tech Fund empowering entrepreneurs. He further stressed that a significant investment committed towards R&D with an initial estimation of Rs 20,000 crore for Anusandhan National Research Foundation (ANRF) along with a high-level committee, an investment-friendly index & Jan Vishwas 2.0 further bolster trust-based governance.

Noting that Pune known as the ‘Detroit of the East’ is the hub of innovation, the Minister stressed that the city is setting benchmarks across industries, making it the ideal venue to host events that foster collaborations and drive India’s growth story.

Shri Goyal praised MCCIA for bringing together an inspiring confluence of industry leaders and visionaries and said that the 90-year old Association has played a transformative role in fueling progress, empowering entrepreneurs and driving growth across Maharashtra and India.

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Abhijith Narayanan/Asmitabha Manna

(Release ID: 2106145) Visitor Counter : 26

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI Asia-Pac: Government building sustainable, resilient and future-ready infra: Union Commerce and Industry Minister Piyush Goyal

Source: Government of India (2)

Government building sustainable, resilient and future-ready infra: Union Commerce and Industry Minister Piyush Goyal

Build India Infra Awards recognise excellence, celebrate innovation and inspire the next generation to dream bigger and build better: Shri Goyal

Posted On: 25 FEB 2025 5:01PM by PIB Delhi

With smart cities and green highways, the Government is building an infrastructure ecosystem that is sustainable, resilient and future-ready. This was stated by Union Minister of Commerce & Industry Shri Piyush Goyal during his virtual address at the second edition of Build India Infra Awards 2025 on January 24. He elaborated that the Budget 2025-26 allocates Rs 11.21 trillion for the infrastructure sector to not only help build roads and railways but also create jobs and businesses enabling citizens to experience better mobility and convenience.

The Minister noted that under the leadership of Prime Minister Shri Narendra Modi, PM Gati Shakti initiative is ensuring integrated and multimodal infra development – making transport seamless, reducing logistical costs & boosting our economic potential.

Shri Goyal stated that the Build India Infra Awards recognise excellence, celebrate innovation and inspire the next generation to dream bigger and build better. He further noted that these awards honour not just projects, but perseverance that is transforming India’s infra and shaping our nation’s future. From highways that redefine connectivity to railways driving economic growth; world-class ports boosting trade efficiency to modern airports strengthening regional and global connectivity – every milestone reflects India’s bold vision and commitment to progress, the Minister pointed out.

In conclusion, the Minister urged the participants to continue collaborating, innovating and accelerating, ensuring that India’s infrastructure remains the backbone of its economic development.

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Abhijith Narayanan/Asmitabha Manna

(Release ID: 2106144) Visitor Counter : 30

MIL OSI Asia Pacific News –

February 26, 2025
MIL-OSI China: Silver economy boosts cultural, elderly tourism development

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

HEFEI, Feb. 25 — Wu Zenghe, who has been in the bed-and-breakfast (B&B) business for over a decade, feels that the enthusiasm for cultural travel consumption among China’s elderly has been constantly rising in recent years.

His B&B, especially designed for the elderly and located in the Huizhou ancient town, a popular tourist destination in Shexian County, east China’s Anhui Province, has only been operating for a year but has already attracted groups of silver-haired visitors from first-tier cities.

As one of the first batch of B&Bs to combine local history, beautiful scenery and traditional Chinese medicine (TCM) in the county, Wu’s B&B regularly invites doctors to provide health management services, including the likes of medical lectures and TCM physiotherapy, while also providing tourism services tailored to suit the elderly, such as slow-paced travel plans.

“Travel for health is about to see an influx of those born in the 1960s and 1970s, who have the ability and willingness to spend on health management and better tourism experiences,” he said.

The silver economy is providing huge consumption energy in the cultural tourism market. Statistics from the China Tourism Academy showed that the number of tourist trips made by those aged 60 and above had reached 1.16 billion in 2023 — accounting for 20.6 percent of China’s total domestic tourists. It is estimated that by 2028, the value of the silver-haired tourism market will reach about 2.7 trillion yuan (roughly 376 billion U.S. dollars), revealing strong growth momentum.

Earlier this month, nine Chinese government agencies and state-owned enterprises, including the Ministry of Commerce and the Ministry of Culture and Tourism, unveiled an action plan to expand and improve senior-friendly tourism train services, in the latest bid to create more inclusive and enjoyable travel experiences for the elderly.

It plans to create a nationwide network of specialized trains catering to older travelers by 2027 — featuring over 100 designed routes and 2,500 scheduled trips annually.

According to a blue paper on China’s silver economy, the sector is currently valued at 7 trillion yuan, with tourism being a key growth area.

Elderly adults in China had amassed wealth totaling 78.4 trillion yuan by 2023, according to the China National Committee on Ageing. The value of the silver economy is projected to reach 30 trillion yuan by 2035.

The growing market size of the silver-haired group has also promoted upgrading of the accommodation industry. For example, hotels in many places in China have launched innovations such as silent floors and non-slip bathrooms.

According to H World Group, one of China’s largest hotel operators, rooms that are equipped with elderly-friendly facilities proved popular last year — with an occupancy rate of more than 90 percent in 2024.

“China’s rural areas offer good scenery and environments, and these benefits are now coupled with improving accommodation conditions as well as medical services. We both feel very comfortable in body and mind,” said Sun Tian, a tourist from Shanghai, adding that he and his wife meet up with old friends for a stay in a health resort in the Yangtze River Delta region for a period each year, while they often shop online for agricultural products from the health resort area after returning to Shanghai.

MIL OSI China News –

February 26, 2025
MIL-OSI Video: DEADLINES APPROACHING – DON’T MISS OUT ON AID!

Source: United States of America – Federal Government Departments (video statements)

If you were affected by the wildfires, there are a few deadlines you’ll want to keep in mind.

If you haven’t registered for FEMA assistance yet, there’s still time! The deadline to apply is March 10th. FEMA grants can help repair your home, property, and even your vehicle. Rental assistance is also available for up to 18 months.

If you need additional financial help, the Small Business Administration – or SBA, is offering low-interest loans to homeowners, renters, businesses, and non-profits. They’ve already approved more than one billion dollars in loans. Applications are open through March 10th.

The American Red Cross is also offering assistance to wildfire survivors. Their application deadline is February 26th.

And the Army Corps of Engineers is ready to clear ash and debris from your property. But first, they need your permission. That’s where your Right of Entry form comes in. Get that document submitted by March 31st at recovery.LACounty.gov. Don’t wait—take action today!

https://www.youtube.com/watch?v=MoDtsLzmA7M

MIL OSI Video –

February 26, 2025
MIL-OSI: Barnwell Industries, Inc. Informs Ned Sherwood of Defective and Insufficient Director Nomination Notice and Investigation of Circumstances that May Have Triggered Shareholder Rights Plan
Source: GlobeNewswire (MIL-OSI)

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

Board Forms Executive Committee to Protect Shareholder Interests

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

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

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

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

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

Notwithstanding the obvious conflicts, the Board remains open to considering new candidates and intends to vet the individuals proposed by Sherwood through its usual governance process. However, the Executive Committee cautions shareholders that a preliminary review shows clearly that two of the four nominees other than Sherwood cannot be expected to exercise judgement independent of Sherwood, and three of Sherwood’s five nominees have no public company Board experience.
- Ben Pierson has been employed by the Sherwood Family Office as its Chief Investment Officer since 2021.
- Doug Woodrum has been a Director at Barnwell since 2020 as Sherwood’s designee having joined the Board following an earlier proxy contest and then through a prior settlement with the Company. Woodrum has been the mouthpiece for all of Sherwood’s misguided policy proposals, including the sale of assets at fire sale prices and various attempts at co-opting day-to-day control, which have only resulted in damaging management morale and creating distrust of Sherwood’s motives, as well as incurring significant costs for the Company to address these matters.
- Woodrum has been reprimanded on multiple occasions for leaking confidential board matters to Sherwood. Woodrum has also attempted to end-run the Board of Directors by directly interfering with management. Sherwood has stated many times he would elevate Woodrum to CEO or CFO, but no member of management or director not affiliated with Sherwood has endorsed or supports Woodrum as qualified for either position.
The Company further notes that Sherwood’s nomination of a control slate continues his long history of disrupting the Company’s governance processes and interfering with the Company’s operations, while creating significant expense to the Company. Sherwood’s nomination of himself, his friends and business associates, without any credible plan for the Company and without paying a premium to shareholders for control, flies directly in the face of shareholder interests.

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

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

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

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

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

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

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

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

Forward-Looking Statements

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

Important Additional Information and Where to Find It

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

Certain Information Regarding Participants

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

CONTACT: Kenneth S. Grossman

Vice Chairman of the Board of Directors

Email: kensgrossman@gmail.com

The MIL Network –
February 26, 2025

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

Source: GlobeNewswire (MIL-OSI)

– Mortgage Delinquencies Rising in Ontario Amidst Rising Consumer Debt –

Equifax Canada Market Pulse Quarterly Consumer Credit Trends Report

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

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

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

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

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

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

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

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

Canadian Housing Market: Rebound Tempered by Renewal Challenges

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

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

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

Consumer Spending and Credit Behaviour

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

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

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

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

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

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

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

Province Analysis – Debt & Delinquency Rates (excluding mortgages)

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

* Based on Equifax data for Q4 2024

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

Contact:

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

Angie Andich
Equifax Canada Media Relations
MediaRelationsCanada@equifax.com

The MIL Network –

February 26, 2025

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

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