Source: United States Coast Guard
| News Release |
U.S. Coast Guard 8th District Heartland |
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Source: Federal Bureau of Investigation FBI Crime News (b)
May 12, 2025 – Today, the Department of Justice announced the results of Operation Restore Justice, a coordinated enforcement effort to identify, track and arrest child sex predators. The operation resulted in the rescue of 115 children and the arrests of 205 child sexual abuse offenders in the nationwide crackdown. The coordinated effort was executed over the course of five days by all 55 FBI field offices, the Child Exploitation and Obscenity Section in the Department’s Criminal Division, and United States Attorney’s Offices around the country.
Two individuals were arrested in the Southern District of Georgia. To date, both have been charged federally.
Michael Alexander James, 44, of Waynesboro, GA and Martin Lindner, 52, of Augusta, GA were both charged in newly unsealed federal indictments with one count of Possession of Child Pornography, said Tara M. Lyons, Acting U.S. Attorney for the Southern District of Georgia.
“The Department of Justice will never stop fighting to protect victims — especially child victims — and we will not rest until we hunt down, arrest, and prosecute every child predator who preys on the most vulnerable among us,” said Attorney General Pamela Bondi. “I am grateful to the FBI and their state and local partners for their incredible work in Operation Restore Justice and have directed my prosecutors not to negotiate.”
“Every child deserves to grow up free from fear and exploitation, and the FBI will continue to be relentless in our pursuit of those who exploit the most vulnerable among us,” said FBI Director Kash Patel. “Operation Restore Justice proves that no predator is out of reach and no child will be forgotten. By leveraging the strength of all our field offices and our federal, state and local partners, we’re sending a clear message: there is no place to hide for those who prey on children.”
“Possessing child pornography perpetuates the victimization of child sexual abuse survivors,” said Acting U.S. Attorney Lyons. “As exemplified in Operation Restore Justice, we will continue to collaborate with our law enforcement partners to protect our most vulnerable citizens.”
Others arrested around the country are alleged to have committed various crimes including the production, distribution, and possession of child sexual abuse material, online enticement and transportation of minors, and child sex trafficking. In Minneapolis, for example, a state trooper and Army Reservist was arrested for allegedly producing child sexual abuse material while wearing his uniforms. In Norfolk, VA, an illegal alien from Mexico is accused of transporting a minor across state lines for sex. In Washington, D.C., a former Metropolitan Police Department Police Officer was arrested for allegedly trafficking minor victims.
In many cases, parental vigilance and community outreach efforts played a critical role in bringing these offenders to justice. For example, a California man was arrested eight hours after a young victim bravely came forward and disclosed their abuse to FBI agents after an online safety presentation at a school near Albany, N.Y.
This effort follows the Department’s observance of National Child Abuse Prevention Month in April, and underscores the Department’s unwavering commitment to protecting children and raising awareness about the dangers they face. While the Department, including the FBI, investigates and prosecutes these crimes every day, April serves as a powerful reminder of the importance of preventing these crimes, seeking justice for victims, and raising awareness through community education.
The Justice Department is committed to combating child sexual exploitation. These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.
The Department partners with and oversees funding grants for the National Center for Missing and Exploited Children (NCMEC), which receives and shares tips about possible child sexual exploitation received through its 24/7 hotline at 1-800-THE-LOST and on missingkids.org.
The Department urges the public to remain vigilant and report suspected exploitation of a child through the FBI’s tipline at 1-800-CALL-FBI (225-5324), tips.fbi.gov, or by calling your local FBI field office.
Other online resources:
Electronic Press Kit
Violent Crimes Against Children
How we can help you: Parents and caregivers protecting your kids
An indictment is merely an allegation. The defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: US Marshals Service
New York, NY – Deputies and Task Force Officers from the U.S. Marshals NY/NJ Regional Fugitive Task Force today apprehended a juvenile suspect wanted for fatally shooting a 16-year-old girl in the Bronx Monday.
The NY/NJ RFTF adopted the case today. Deputy U.S. Marshals of the Southern District of New York, along with Task Force Officers of the NYPD from the NY/NJ RFTF, quickly developed information through sources regarding the suspect’s whereabouts and set up surveillance in the vicinity of the 900 block of Rev James A. Polite Avenue in the Bronx.
The juvenile suspect was observed attempting to get to the rear of the building and was immediately taken into custody. Surveillance footage showed a fight break out between a group of teens outside Bronx Latin School Monday afternoon.
The 14-year-old suspect was punched in the face and knocked to the ground by another boy. At some point, someone slipped the suspect a pistol, and he is alleged to have fired three shots into the crowd, hitting the girl, an innocent bystander, in the head.
“Today, we have arrested a suspect in the shooting that tragically took the life of an innocent young girl,” said Jhovanny Gomez, U.S. Marshal for the Southern District of New York. “This senseless act deeply affected our community. With the suspect now in custody, we’re confident justice will be served. I commend the tireless efforts of the U.S. Marshals NY/NJ Regional Fugitive Task Force, the Southern District of New York, and our state and local partners for bringing this case to a close.”
The NY/NJ RFTF began operations in April 2002 and was the first regional fugitive task force to become fully operational following the Presidential Threat Protection Act of 2000. The NY/NJ RFTF was the flagship that allowed seven other regional fugitive task forces to be created across the country. With partnership agreements with over 90 federal, state, or local agencies and 13 fully operational offices, the NY/NJ RFTF has successfully apprehended over 95,000 fugitives since inception.
Source: GlobeNewswire (MIL-OSI)
THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) — – Total Revenues increased 16.6% for the quarter over the prior year period to $53.8 million –
– Total Written Premium increased 15.5% for the quarter over the prior year period to $371.0 million –
– Organic Revenue Growth Rate* of 14.3% for the quarter –
– Net income of $6.9 million for the quarter –
– Adjusted EBITDA* increased 35.3% for the quarter over the prior year period to $12.2 million –
THE WOODLANDS, Texas, May 13, 2025 (GLOBE NEWSWIRE) – TWFG, Inc. (“TWFG”, the “Company” or “we”) (NASDAQ: TWFG), a high-growth insurance distribution company, today announced results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights
*Organic Revenue Growth Rate, Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow and Adjusted Diluted Earnings Per Share are non-GAAP measures. Reconciliations of Organic Revenue Growth Rate to total revenue growth rate, Adjusted Net Income and Adjusted EBITDA to net income, Adjusted Diluted Earnings Per Share to diluted earnings per share, and Adjusted Free Cash Flow to cash flow from operating activities, the most directly comparable financial measures presented in accordance with GAAP, are outlined in the reconciliation table accompanying this release.
Gordy Bunch, Founder, Chairman, and CEO said “Our strong first quarter performance reflects the continued execution of our strategy and strength of our business model. Total revenues grew 16.6% year-over-year, and Adjusted EBITDA increased by 35.3%, and Adjusted EBITDA Margin expansion grew to 22.6%. Organic Revenue Growth of 14.3% underscores the productivity of our agents and the enduring value we deliver to our carrier partners and clients.
Our recruiting momentum remains robust as we continue to expand our national footprint. During the quarter, we completed the acquisition of two new corporate locations, one in Ohio and one in Texas, expanded into New Hampshire, and added 17 branches across the U.S. The new locations are in line with our acquisition expectations for both revenue and EBITDA.
As a reminder to our shareholders, newly onboarded agents typically take two to three years to reach full productivity.”
First Quarter 2025 Results
Total Written Premium for the first quarter of 2025 was $371.0 million, representing an increase of 15.5% compared to the prior year period. Total revenues were $53.8 million, an increase of 16.6% year-over-year.
Organic Revenue, a non-GAAP measure that excludes contingent income, non-policy fee income, and other income, was $49.2 million for the first quarter of 2025, compared to $41.6 million in the prior year period. Organic Revenue Growth Rate was 14.3%, driven by robust new business production, moderating retention levels, rate increases, and continued growth in new business activity within one of our managing general agency (MGA) programs.
Commission expense for the quarter totaled $31.8 million, an increase of 20.3% compared to $26.4 million in the prior year period. This increase reflects the continued growth of our business, partially offset by the one-time favorable adjustment in prior year period due to the branch conversions.
Salaries and employee benefits were $8.2 million, an increase of 31.1% compared to $6.3 million in the first quarter of 2025. The increase includes $1.2 million of equity compensation expense and $0.7 million related to increased headcount and overall business growth.
Other administrative expenses were $4.7 million in the quarter, up 50.9% from the prior year period. The increase reflects investments to support business growth and the absorption of public company operating costs.
Net income for the first quarter of 2025 was $6.9 million, compared to $6.6 million in the prior year period. Net income margin was 12.7%, compared to 14.4% a year ago. Adjusted Net Income was $9.2 million for the quarter, compared to $8.1 million in the same period last year. Adjusted Net Income Margin was 17.1%, versus 17.5% in the prior year period.
Adjusted EBITDA was $12.2 million for the first quarter, an increase of 35.3% year-over-year. Adjusted EBITDA Margin expanded to 22.6%, compared to 19.5% in the first quarter of 2024.
Cash flow from operating activities was $15.6 million, up from $9.8 million in the prior year period. Adjusted Free Cash Flow for the quarter was $13.6 million, compared to $7.3 million in the same period a year ago.
Liquidity and Capital Resources
As of March 31, 2025, the Company had cash and cash equivalents of $196.4 million. We had full unused capacity on our revolving credit facility of $50.0 million as of March 31, 2025. The total outstanding term notes payable balance was $5.4 million as of March 31, 2025.
2025 Adjusted Outlook
Based on our strong first quarter results, the Company has updated its full-year 2025 guidance by raising the range of the outlook across all key metrics to reflect the improved visibility and confidence in the Company’s execution.
The Company is unable to provide a reconciliation to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting the timing of items that have not yet occurred, as well as quantifying certain amounts that are necessary for such reconciliation.
*For a definition of Organic Revenue Growth Rate and Adjusted EBITDA Margin, see “Non-GAAP Financial Measures” below.
Conference Call Information
TWFG will host a conference call and webcast tomorrow at 9:00 AM ET to discuss these results.
To access the call by phone, participants should register at this link, where they will be provided with the dial in details. A live webcast of the conference call will also be available on TWFG’s investor relations website at investors.twfg.com. A webcast replay of the call will be available at investors.twfg.com for one year following the call.
About TWFG
TWFG (NASDAQ: TWFG) is a high-growth, independent distribution platform for personal and commercial insurance in the United States and represents hundreds of insurance carriers that underwrite personal lines and commercial lines risks. For more information, please visit twfg.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential” or “continue,” the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the U.S. Securities and Exchange Commission. You should specifically consider the numerous risks outlined under “Risk factors” in the Annual Report on Form 10-K for the year ended December 31, 2024.
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Non-GAAP Financial Measures and Key Performance Indicators
Non-GAAP Financial Measures
Organic Revenue, Organic Revenue Growth, Adjusted Net Income, Adjusted Net Income Margin, Adjusted Diluted Earnings Per Share, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow included in this release are not measures of financial performance in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and should not be considered substitutes for GAAP measures, including revenues (for Organic Revenue and Organic Revenue Growth), net income (for Adjusted Net Income, Adjusted Net Income Margin, Adjusted EBITDA and Adjusted EBITDA Margin), diluted earnings per share (Adjusted Diluted Earnings Per Share), and cash flow from operating activities (for Adjusted Free Cash Flow), which we consider to be the most directly comparable GAAP measures. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider these non-GAAP financial measures in isolation or as substitutes for revenues, net income, operating cash flow or other consolidated financial statement data prepared in accordance with GAAP. Other companies may calculate any or all of these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.
Organic Revenue. Since the first quarter of 2025, we have utilized the revised calculation methodology for Organic Revenue to include policy fee income as it is directly correlated to MGA commission income. Our legacy calculation methodology removed policy fee income from Organic Revenue. Organic Revenue is total revenue (the most directly comparable GAAP measure) for the relevant period, excluding contingent income, non-policy fee income, other income and those revenues generated from acquired businesses with over $0.5 million in annualized revenue that have not reached the twelve-month owned mark.
Organic Revenue Growth. Organic Revenue Growth is the change in Organic Revenue period-to-period, with prior period results adjusted to include revenues that were excluded in the prior period because the relevant acquired businesses had not reached the twelve-month-owned milestone but have reached the twelve-month owned milestone in the current period. We believe Organic Revenue Growth is an appropriate measure of operating performance because it eliminates the impact of acquisitions, which affects the comparability of results from period to period.
Adjusted Net Income. Adjusted Net Income is a supplemental measure of our performance and is defined as net income (the most directly comparable GAAP measure) before amortization, non-recurring or non-operating income and expenses, including equity-based compensation, adjusted to assume a single class of stock (Class A) and assuming noncontrolling interests do not exist. We believe Adjusted Net Income is a useful measure because it adjusts for the after-tax impact of significant one-time, non-recurring items and eliminates the impact of any transactions that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments generally eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance.
We are subject to U.S. federal income taxes, in addition to state, and local taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. Adjusted Net Income pre-IPO did not reflect adjustments for income taxes since TWFG Holding Company, LLC is a limited liability company and is classified as a partnership for U.S. federal income tax purposes. Post-IPO, the calculation incorporates the impact of federal and state statutory tax rates on 100% of our adjusted pre-tax income as if the Company owned 100% of TWFG Holding Company, LLC.
Adjusted Net Income Margin. Adjusted Net Income Margin is Adjusted Net Income divided by total revenues. We believe that Adjusted Net Income Margin is a useful measurement of operating profitability for the same reasons we find Adjusted Net Income useful and also because it provides a period-to-period comparison of our after-tax operating performance.
Adjusted Diluted Earnings Per Share. Adjusted Diluted Earnings Per Share is Adjusted Net Income divided by diluted shares outstanding after adjusting for the effect of (i) the exchange of 100% of the outstanding Class B common stock of the Company (the “Class B Common Stock”) and Class C common stock of the Company (the “Class C Common Stock”) (together with the related limited liability units in TWFG Holding Company, LLC (the “LLC Units”)) into shares of Class A common stock of the Company (“Class A Common Stock”) and (ii) the vesting of 100% of the unvested equity awards and exchange into shares of Class A Common Stock. This measure does not deduct earnings related to the noncontrolling interests in TWFG Holding Company, LLC for the period prior to July 19, 2024, when we did not own 100% of the business. The most directly comparable GAAP financial metric is diluted earnings per share. We believe Adjusted Diluted Earnings Per Share may be useful to an investor in evaluating our operating performance and efficiency because this measure is widely used by investors to measure a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon acquisition activity and capital structure. This measure also eliminates the impact of expenses that do not relate to core business performance, among other factors.
Adjusted EBITDA. Adjusted EBITDA is a supplemental measure of our performance and is defined as EBITDA adjusted to reflect items such as equity-based compensation, interest income, other non-operating and certain nonrecurring items. EBITDA is defined as net income (the most directly comparable GAAP measure) before interest, income taxes, depreciation, and amortization. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it adjusts for significant one-time, non-recurring items and eliminates the ongoing accounting effects of certain capital spending and acquisitions, such as depreciation and amortization, that do not directly affect what management considers to be our ongoing operating performance in the period. These adjustments eliminate the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Our measure of Adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
Adjusted EBITDA Margin. Adjusted EBITDA Margin is Adjusted EBITDA divided by total revenue. We believe that Adjusted EBITDA Margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.
Adjusted Free Cash Flow. Adjusted Free Cash Flow is a supplemental measure of our performance. We define Adjusted Free Cash Flow as cash flow from operating activities (the most directly comparable GAAP measure) less cash payments for tax distributions, purchases of property and equipment and acquisition-related costs. We believe Adjusted Free Cash Flow is a useful measure of operating performance because it represents the cash flow from the business that is within our discretion to direct to activities including investments, debt repayment, and returning capital to stockholders.
The reconciliation of the above non-GAAP measures to their most comparable GAAP financial measure is outlined in the reconciliation table accompanying this release.
Key Performance Indicators
Total Written Premium. Total Written Premium represents, for any reported period, the total amount of current premium (net of cancellation) placed with insurance carriers. We utilize Total Written Premium as a key performance indicator when planning, monitoring, and evaluating our performance. We believe Total Written Premium is a useful metric because it is the underlying driver of the majority of our revenue.
Contacts
Investor Contact:
Gene Padgett, CAO for TWFG
Email: gene.padgett@twfg.com
PR Contact:
Alex Bunch, CMO for TWFG
Email: alex@twfg.com
Condensed Consolidated Statements of Income (Unaudited)
(Amounts in thousands, except share and per share data)
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Revenues | ||||||||
| Commission income(1) | $ | 48,785 | $ | 42,545 | ||||
| Contingent income | 1,663 | 1,076 | ||||||
| Fee income(2) | 3,011 | 2,232 | ||||||
| Other income | 364 | 290 | ||||||
| Total revenues | 53,823 | 46,143 | ||||||
| Expenses | ||||||||
| Commission expense | 31,814 | 26,443 | ||||||
| Salaries and employee benefits | 8,196 | 6,254 | ||||||
| Other administrative expenses(3) | 4,724 | 3,130 | ||||||
| Depreciation and amortization | 3,359 | 3,013 | ||||||
| Total operating expenses | 48,093 | 38,840 | ||||||
| Operating income | 5,730 | 7,303 | ||||||
| Interest expense | 83 | 842 | ||||||
| Interest income | 1,863 | 170 | ||||||
| Other non-operating expense | 1 | 2 | ||||||
| Income before tax | 7,509 | 6,629 | ||||||
| Income tax expense | 656 | — | ||||||
| Net income | 6,853 | 6,629 | ||||||
| Less: net income attributable to noncontrolling interests | 5,515 | 6,629 | ||||||
| Net income attributable to TWFG, Inc. | 1,338 | — | ||||||
| Weighted average shares of common stock outstanding: | ||||||||
| Basic | 14,889,739 | |||||||
| Diluted | 15,055,553 | |||||||
| Earnings per share: | ||||||||
| Basic | $ | 0.09 | ||||||
| Diluted | $ | 0.09 | ||||||
(1) Commission income – related party of $3,135 and $1,109 for the three months ended March 31, 2025 and 2024, respectively
(2) Fee income – related party of $834 and $354 for the three months ended March 31, 2025 and 2024, respectively
(3) Other administrative expenses – related party of $770 and $401 for the three months ended March 31, 2025 and 2024, respectively
The following table presents the disaggregation of our revenues by offerings (in thousands):
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Insurance Services | ||||||||
| Agency-in-a-Box | $ | 35,996 | $ | 31,729 | ||||
| Corporate Branches | 8,223 | 7,276 | ||||||
| Total Insurance Services | 44,219 | 39,005 | ||||||
| TWFG MGA | 9,195 | 6,794 | ||||||
| Other | 409 | 344 | ||||||
| Total revenues | $ | 53,823 | $ | 46,143 | ||||
The following table presents the disaggregation of our commission income by offerings (in thousands):
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Insurance Services | ||||||||
| Agency-in-a-Box | $ | 33,358 | $ | 29,900 | ||||
| Corporate Branches | 8,214 | 7,250 | ||||||
| Total Insurance Services | 41,572 | 37,150 | ||||||
| TWFG MGA | 7,213 | 5,395 | ||||||
| Total commission income | $ | 48,785 | $ | 42,545 | ||||
The following table presents the disaggregation of our fee income by major sources (in thousands):
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Policy fees | $ | 1,051 | $ | 513 | ||||
| Branch fees | 1,256 | 1,131 | ||||||
| License fees | 608 | 515 | ||||||
| TPA fees | 96 | 73 | ||||||
| Total fee income | $ | 3,011 | $ | 2,232 | ||||
The following table presents the disaggregation of our commission expense by offerings (in thousands):
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Insurance Services | ||||||||
| Agency-in-a-Box | $ | 25,954 | 22,028 | |||||
| Corporate Branches | 1,105 | 862 | ||||||
| Total Insurance Services | 27,059 | 22,890 | ||||||
| TWFG MGA | 4,726 | 3,535 | ||||||
| Other | 29 | 18 | ||||||
| Total commission expense | $ | 31,814 | $ | 26,443 | ||||
Condensed Consolidated Balance Sheets (Unaudited)
(Amounts in thousands, except share/unit data)
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 196,424 | $ | 195,772 | ||||
| Restricted cash | 11,853 | 9,551 | ||||||
| Commissions receivable, net | 23,575 | 27,067 | ||||||
| Accounts receivable | 8,053 | 7,839 | ||||||
| Other current assets, net | 1,500 | 1,619 | ||||||
| Total current assets | 241,405 | 241,848 | ||||||
| Non-current assets | ||||||||
| Intangible assets, net | 80,919 | 72,978 | ||||||
| Property and equipment, net | 3,364 | 3,499 | ||||||
| Lease right-of-use assets, net | 4,307 | 4,493 | ||||||
| Other non-current assets | 535 | 610 | ||||||
| Total assets | $ | 330,530 | $ | 323,428 | ||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Commissions payable | $ | 16,303 | $ | 13,848 | ||||
| Carrier liabilities | 14,710 | 12,392 | ||||||
| Operating lease liabilities, current | 1,124 | 1,013 | ||||||
| Short-term bank debt | 1,927 | 1,912 | ||||||
| Deferred acquisition payable, current | 1,956 | 601 | ||||||
| Other current liabilities | 6,842 | 9,851 | ||||||
| Total current liabilities | 42,862 | 39,617 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities, net of current portion | 3,119 | 3,372 | ||||||
| Long-term bank debt | 3,519 | 4,007 | ||||||
| Deferred acquisition payable, non-current | 973 | 1,122 | ||||||
| Other non-current liabilities | — | 24 | ||||||
| Total liabilities | 50,473 | 48,142 | ||||||
| Commitment and contingencies (see Note 14) | ||||||||
| Stockholders’/Members’ Equity | ||||||||
| Class A common stock ($0.01 par value per share – 300,000,000 authorized, 14,904,083 and 14,811,874 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively ) | 149 | 148 | ||||||
| Class B common stock ($0.00001 par value per share – 100,000,000 authorized, 7,277,651 shares issued and outstanding at March 31, 2025 and December 31, 2024) | — | — | ||||||
| Class C common stock ($0.00001 par value per share – 100,000,000 authorized, 33,893,810 shares issued and outstanding at March 31, 2025 and December 31, 2024) | — | — | ||||||
| Additional paid-in capital | 58,374 | 58,365 | ||||||
| Retained earnings | 16,626 | 15,288 | ||||||
| Accumulated other comprehensive income | 65 | 83 | ||||||
| Total stockholders’ equity attributable to TWFG, Inc. | 75,214 | 73,884 | ||||||
| Noncontrolling interests | 204,843 | 201,402 | ||||||
| Total stockholders’ equity | 280,057 | 275,286 | ||||||
| Total liabilities and equity | $ | 330,530 | $ | 323,428 | ||||
Non-GAAP Financial Measures
A reconciliation of Organic Revenue and Organic Revenue Growth Rate to Total Revenue and Total Revenue Growth Rate, the most directly comparable GAAP measures, is as follows (in thousands):
| Revised Calculation Methodology Applied to Current Period | ||||||||
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Total revenues | $ | 53,823 | $ | 46,143 | ||||
| Acquisition adjustments(1) | (610 | ) | (1,467 | ) | ||||
| Contingent income | (1,663 | ) | (1,076 | ) | ||||
| Fee income | (3,011 | ) | (2,232 | ) | ||||
| Policy fee income | 1,051 | 513 | ||||||
| Other income | (364 | ) | (290 | ) | ||||
| Organic Revenue | $ | 49,226 | $ | 41,591 | ||||
| Organic Revenue Growth(2) | $ | 6,169 | $ | 4,780 | ||||
| Total Revenue Growth Rate(3) | 16.6 | % | 15.8 | % | ||||
| Organic Revenue Growth Rate(2) | 14.3 | % | 13.0 | % | ||||
(1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
(2) Revised Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $43.1 million and $36.8 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.
| Legacy Calculation Methodology Applied to Current Period | ||||||||
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Total revenues | $ | 53,823 | $ | 46,143 | ||||
| Acquisition adjustments(1) | (610 | ) | (1,467 | ) | ||||
| Contingent income | (1,663 | ) | (1,076 | ) | ||||
| Fee income | (3,011 | ) | (2,232 | ) | ||||
| Other income | (364 | ) | (290 | ) | ||||
| Organic Revenue | $ | 48,175 | $ | 41,078 | ||||
| Organic Revenue Growth(2) | $ | 5,630 | $ | 4,822 | ||||
| Total Revenue Growth Rate(3) | 16.6 | % | 15.8 | % | ||||
| Organic Revenue Growth Rate(2) | 13.2 | % | 13.3 | % | ||||
(1) Represents revenues generated from the acquired businesses during the first 12 months following an acquisition.
(2) Organic Revenue for the three months ended March 31, 2024 and 2023, used to calculate Organic Revenue Growth for the three months ended March 31, 2025 and 2024, was $42.5 million and $36.3 million, respectively, which is adjusted to reflect revenues from acquired businesses with over $0.5 million in annualized revenue that reached the twelve-month owned mark during the three months ended March 31, 2025 and 2024, respectively. Organic Revenue Growth Rate represents the period-to-period change in Organic Revenue divided by the total adjusted Organic Revenue in the prior period.
(3) Represents the period-to-period change in total revenues divided by the total revenues in the prior period.
A reconciliation of Adjusted Net Income and Adjusted Net Income Margin to Net income and Net income Margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):
| Revised Calculation Methodology Applied to Current Period | ||||||||
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Total revenues | $ | 53,823 | $ | 46,143 | ||||
| Net income | $ | 6,853 | $ | 6,629 | ||||
| Income tax expense | 656 | — | ||||||
| Acquisition-related expenses | 33 | — | ||||||
| Equity-based compensation | 1,204 | — | ||||||
| Other non-recurring items(1) | — | (1,477 | ) | |||||
| Amortization expense | 3,210 | 2,917 | ||||||
| Adjusted income before income taxes | 11,956 | 8,069 | ||||||
| Adjusted income tax expense(2) | (2,736 | ) | — | |||||
| Adjusted Net Income | $ | 9,220 | $ | 8,069 | ||||
| Net Income Margin | 12.7 | % | 14.4 | % | ||||
| Adjusted Net Income Margin | 17.1 | % | 17.5 | % | ||||
| Legacy Calculation Methodology Applied to Current Period | ||||||||
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Total revenues | $ | 53,823 | $ | 46,143 | ||||
| Net income | $ | 6,853 | $ | 6,629 | ||||
| Income tax expense | 656 | — | ||||||
| Acquisition-related expenses | 33 | — | ||||||
| Equity-based compensation | 1,204 | — | ||||||
| Other non-recurring items(1) | — | (1,477 | ) | |||||
| Adjusted income before income taxes | $ | 8,746 | $ | 5,152 | ||||
| Adjusted income tax expense(2) | (2,001 | ) | — | |||||
| Adjusted Net Income | $ | 6,745 | $ | 5,152 | ||||
| Net Income Margin | 12.7 | % | 14.4 | % | ||||
| Adjusted Net Income Margin | 12.5 | % | 11.2 | % | ||||
(1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.
(2) Post-IPO, we are subject to United States federal income taxes, in addition to state, local, and foreign taxes, with respect to our allocable share of any net taxable income of TWFG Holding Company, LLC. For the three months ended March 31, 2025, the calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a blended state income tax rate of 1.88% on 100% of our adjusted income before income taxes as if we owned 100% of the TWFG Holding Company, LLC.
A reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to Net income and Net income margin, the most directly comparable GAAP measures, for each of the periods indicated is as follows (in thousands):
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Total revenues | $ | 53,823 | $ | 46,143 | ||||
| Net income | $ | 6,853 | $ | 6,629 | ||||
| Interest expense | 83 | 842 | ||||||
| Interest income | (1,863 | ) | (170 | ) | ||||
| Depreciation and amortization | 3,359 | 3,013 | ||||||
| Income tax expense | 656 | — | ||||||
| EBITDA | 9,088 | 10,314 | ||||||
| Acquisition-related expenses | 33 | — | ||||||
| Equity-based compensation | 1,204 | — | ||||||
| Interest income | 1,863 | 170 | ||||||
| Other non-recurring items(1) | — | (1,477 | ) | |||||
| Adjusted EBITDA | $ | 12,188 | $ | 9,007 | ||||
| Net Income Margin | 12.7 | % | 14.4 | % | ||||
| Adjusted EBITDA Margin | 22.6 | % | 19.5 | % | ||||
(1) Represents a one-time adjustment reducing commission expense, which resulted from the branch conversions. In January 2024, nine of our Branches converted to Corporate Branches. Upon conversion, agents of the newly converted Corporate Branches became employees and received salaries, employee benefits, and bonuses for services rendered instead of commissions. As a result, we released a portion of the unpaid commissions related to the converted branches that we no longer are required to settle.
A reconciliation of Adjusted Free Cash Flow to Cash Flow from Operating Activities, the most directly comparable GAAP measure, for each of the periods indicated is as follows (in thousands):
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Cash Flow from Operating Activities | $ | 15,645 | $ | 9,754 | ||||
| Purchase of property and equipment | (15 | ) | (8 | ) | ||||
| Tax distribution to members(1) | (2,024 | ) | (2,420 | ) | ||||
| Acquisition-related expenses | 33 | — | ||||||
| Adjusted Free Cash Flow | $ | 13,639 | $ | 7,326 | ||||
(1) Tax distributions to members represents the amount distributed to the members of TWFG Holding Company, LLC in respect of their income tax liability related to the net income of TWFG Holding Company, LLC allocated to its members.
A reconciliation of Adjusted Diluted Earnings Per Share to diluted earnings per share, the most directly comparable GAAP measure, is as follows:
| Three Months Ended March 31, | ||||
| 2025 | ||||
| Earnings per share of common stock – diluted | $ | 0.09 | ||
| Plus: Impact of all LLC Units exchanged for Class A Common Stock(1) | 0.03 | |||
| Plus: Adjustments to Adjusted net income(2) | 0.04 | |||
| Adjusted Diluted Earnings Per Share | $ | 0.16 | ||
| Weighted average common stock outstanding – diluted | 15,055,553 | |||
| Plus: Impact of all LLC Units exchanged for Class A Common Stock(1) | 41,171,461 | |||
| Adjusted Diluted Earnings Per Share diluted share count | 56,227,014 | |||
(1) For comparability purposes, this calculation incorporates the net income that would be distributable if all shares of Class B Common Stock and Class C Common Stock, together with the related LLC Units, were exchanged for shares of Class A Common Stock. For the three months ended March 31, 2025, this includes $5.5 million of net income on 56,227,014 weighted-average shares of common stock outstanding – diluted. For the three months ended March 31, 2025, 41,260,844 weighted average outstanding Class B Common Stock and Class C Common Stock were considered dilutive and included in the 56,227,014 weighted-average shares of common stock outstanding – diluted within diluted earnings per share calculation.
(2) Adjustments to Adjusted Net Income are described in the footnotes of the reconciliation of Adjusted Net Income to Net Income in “Adjusted Net Income and Adjusted Net Income Margin”, which represent the difference between Net Income of $6.9 million and Adjusted Net Income of $9.2 million for the three months ended March 31, 2025. For the three months ended March 31, 2025, Adjusted Diluted Earnings Per Share include adjustments of $2.4 million to Adjusted Net Income on 56,227,014 weighted-average shares of common stock outstanding – diluted for the period presented.
Key Performance Indicators
The following presents the disaggregation of Total Written Premium by offerings, business mix and line of business (in thousands):
| Three Months Ended March 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Amount | % of Total | Amount | % of Total | |||||||||||
| Offerings: | ||||||||||||||
| Insurance Services | ||||||||||||||
| Agency-in-a-Box | $ | 249,475 | 68 | % | $ | 218,936 | 68 | % | ||||||
| Corporate Branches | 68,098 | 18 | 57,884 | 18 | ||||||||||
| Total Insurance Services | 317,573 | 86 | 276,820 | 86 | ||||||||||
| TWFG MGA | 53,389 | 14 | 44,446 | 14 | ||||||||||
| Total written premium | $ | 370,962 | 100 | % | $ | 321,266 | 100 | % | ||||||
| Business Mix: | ||||||||||||||
| Insurance Services | ||||||||||||||
| Renewal business | $ | 244,845 | 66 | % | 214,477 | 67 | % | |||||||
| New business | 72,728 | 20 | 62,343 | 19 | ||||||||||
| Total Insurance Services | 317,573 | 86 | 276,820 | 86 | ||||||||||
| TWFG MGA | ||||||||||||||
| Renewal business | 36,375 | 9 | 35,464 | 11 | ||||||||||
| New business | 17,014 | 5 | 8,982 | 3 | ||||||||||
| Total TWFG MGA | 53,389 | 14 | 44,446 | 14 | ||||||||||
| Total written premium | $ | 370,962 | 100 | % | $ | 321,266 | 100 | % | ||||||
| Written Premium Retention: | ||||||||||||||
| Insurance Services | 88 | % | 97 | % | ||||||||||
| TWFG MGA | 82 | 81 | ||||||||||||
| Consolidated | 88 | 94 | ||||||||||||
| Line of Business: | ||||||||||||||
| Personal lines | $ | 298,289 | 80 | % | $ | 254,864 | 79 | % | ||||||
| Commercial lines | 72,673 | 20 | 66,402 | 21 | ||||||||||
| Total written premium | $ | 370,962 | 100 | % | $ | 321,266 | 100 | % | ||||||
Source:
14 May 2025
Severe burns remain one of the most challenging injuries to treat, causing high disease and death rates worldwide, but Australian researchers have flagged some promising new approaches that could save lives and dramatically improve patient recovery.
In a comprehensive review published in Advanced Therapeutics, researchers from the University of South Australia (UniSA), University of Adelaide and Royal Adelaide Hospital (RAH) explore the latest advancements in dermal substitutes – biochemicals used to replace damaged skin – with a particular focus on combating infection and enhancing tissue regeneration following catastrophic burns.
The researchers say that despite decades of progress, traditional treatments such as skin grafting often fail to provide adequate healing and infection control, leading to prolonged hospital stays and soaring healthcare costs.
According to the lead authors Dr Zlatko Kopecki and Dr Bronwyn Dearman, the urgency to develop safer, more effective solutions has never been greater.
“Infections are a major cause of complications and mortality in burn patients,” says Dr Kopecki, a Research Fellow at UniSA’s Future Industries Institute.
“We must innovate beyond conventional methods and develop therapies that regenerate tissue while actively preventing infections.”
Each year, approximately 2423 Australians are admitted to hospital with burn-related injuries, 74% of whom require surgery, including a skin graft. Globally, 180,000 people die from burns each year, and approximately 10 million are hospitalised, costing healthcare systems $112 billion worldwide.
The review highlights that while many commercial skin substitutes exist, very few offer integrated antimicrobial protection – a critical factor given the vulnerability of burn wounds to bacterial invasion and sepsis.
The paper discusses emerging technologies such as Kerecis, a novel fish skin graft with inherent antimicrobial properties, and NovoSorb BTM, a synthetic biodegradable matrix that resists bacterial colonisation without relying on antibiotics.
Both products represent a new generation of dermal substitutes with enhanced potential to protect and heal complex burns.
Kerecis comes from wild Atlantic cod, caught from a sustainable fish stock in pristine Icelandic waters and processed using renewable energy. It stands out for retaining natural omega-3 fatty acids, which have strong antimicrobial effects and promote wound healing.
Meanwhile, NovoSorb BTM’s unique polyurethane matrix offers structural resilience even in infected wounds, providing a vital scaffold for tissue regeneration.
“These materials demonstrate a shift towards multifunctional therapies that combine structural support with infection resistance,” says Dr Dearman, Principal Medical Scientist for the Skin Engineering Laboratory at the RAH and an Adjunct Lecturer at the University of Adelaide.
“Such innovations are crucial, particularly as antibiotic-resistant infections continue to rise globally,” she says.
The review calls for the next wave of research to integrate active antimicrobial agents directly into 3D dermal scaffolds that support cell growth, reducing the reliance on antibiotics and temporary dressings.
Beyond infection control, the research points to scarless healing as the future frontier of burn care.
By combining smart biomaterials with cell-based therapies, scientists aim to regenerate skin that restores its full function – an outcome that could revolutionise the recovery for millions of burn survivors worldwide.
The research team includes experts from the Future Industries Institute at UniSA, the Adult Burn Service at the Royal Adelaide Hospital, and the Faculty of Health and Medical Sciences at the University of Adelaide.
…………………………………………………………………………………………………………………………
Contact for interview: Dr Zlatko Kopecki E: zlatko.kopecki@unisa.edu.au
Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
Source: GlobeNewswire (MIL-OSI)
VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) — The Keg Royalties Income Fund (the “Fund”) (TSX: KEG.UN) is pleased to announce that all of the nominees listed in its information circular dated March 31, 2025 were elected as trustees of the Fund at its annual meeting of unitholders held on May 13, 2025 (the “Meeting”). The results of the voting for each nominee are as follows:
| Nominee | Votes For | Votes Withheld | ||||
| No. | % | No. | % | |||
| Christopher Charles Woodward | 8,173,330 | 93.26 | % | 590,798 | 6.74 | % |
| Tim Kerr | 8,299,010 | 94.69 | % | 465,118 | 5.31 | % |
In addition, the Fund reports that the appointment of KPMG LLP as the Fund’s auditors for the 2025 fiscal year was passed by a majority of the votes represented at the Meeting.
About The Keg Royalties Income Fund
The Fund is a limited purpose, open-ended trust established under the laws of the Province of Ontario that, through The Keg Rights Limited Partnership, a subsidiary of the Fund, owns certain trademarks and other related intellectual property used by Keg Restaurants Ltd. (“KRL”). In exchange for use of those trademarks, KRL pays the Fund a royalty of 4% of gross sales of Keg restaurants included in the royalty pool.
With approximately 10,000 employees, over 100 restaurants and annual system sales exceeding $700 million, Vancouver-based KRL is the leading operator and franchisor of steakhouse restaurants in Canada and has a substantial presence in select regional markets in the United States. KRL continues to operate The Keg restaurant system and expand that system through the addition of both corporate and franchised Keg steakhouses. KRL has been named the number one restaurant company to work for in Canada in the latest edition of Forbes “Canada’s Best Employers 2025” survey.
The Trustees of the Fund have approved the contents of this press release.
Source: GlobeNewswire (MIL-OSI)
**Not for distribution to United States Newswire Services or release publication, distribution or dissemination, directly or indirectly, in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws**
CALGARY, Alberta and TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC) (“Magnetic North” or the “Company”) announces that it intends to complete a non-brokered private placement (the “Offering”) consisting of unsecured, interest-bearing promissory notes for gross proceeds of up to CAD$500,000 (the “Offering”). Interest at ten percent (10.0%) plus, under certain circumstances, bonus interest will be payable on the Offering. The Term of the Offering will be sixty (60) days from date of Closing of each tranche. Each promissory note will have a face value of CAD$10,000.
Closing of the Offering is currently anticipated to occur in more than one tranche. The first tranche of the Offering is anticipated to close by or on May 15, 2025. A cash commission of up to seven percent (7.0%) is payable to qualified agents on the total amount raised by such agent.The Company intends to use the net proceeds from the Offering for general corporate purposes.
The Company and the investor(s) may mutually agree to repayment of the Offering in kind, i.e., payable in Series A Preferred shares of MNAC, listed under the symbol MNC.PR.A on the TSXV (the “Preferred Shares”), in whole or in part based on a per Preferred share price equal to the average price in the five (5) trading days immediately preceding the end of the Term.
About Magnetic North Acquisition Corp.
Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedarplus.ca.
For Further Information, Please Contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes the Company’s expected completion and timing of the Offering. There can be no assurance that the Offering will be completed as proposed or at all. The Company has made certain material assumptions, including but not limited to: prevailing market conditions; general business, economic, competitive, political and social uncertainties; and the ability of the Company to execute and achieve its business objectives to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include but are not limited to: adverse market conditions; reliance on key and qualified personnel; and regulatory and other risks associated with the industries in which the Company’s portfolio companies operate, in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive. The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
Source: United States House of Representatives – Congresswoman Elise Stefanik (21st District of New York)
Stefanik’s Bill Renaming Historic Site “Saratoga National Battlefield Park” Passes House | Press Releases | Congresswoman Elise Stefanik
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Source: United States House of Representatives – Congresswoman Elise Stefanik (21st District of New York)
ICYMI: Stefanik Delivers Remarks on Redesignating Saratoga National Historical Park as Saratoga National Battlefield Park | Press Releases | Congresswoman Elise Stefanik
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Source: GlobeNewswire (MIL-OSI)
TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today reported its financial results for the three months ended March 31, 2025. All figures are expressed in United States dollars, unless otherwise indicated.
Carbon Streaming Chief Executive Officer Marin Katusa stated: “In the first quarter of 2025, Carbon Streaming made significant progress in reducing costs and improving financial sustainability, while continuing to evaluate strategic alternatives. Ongoing operating expenses have decreased substantially compared to prior years, and by May 2025, the number of individuals at the Company receiving a full-time salary was reduced to three. While we continue to pursue cost reductions, our priority in 2025 is to maximize value from our existing portfolio while exploring all strategic options to enhance shareholder value. More specifically, we will evaluate potential acquisitions, divestments, corporate transactions, and strategic partnerships. Although the voluntary carbon market continues to face challenging conditions and broader economic uncertainties persist, we remain committed to adapting to market realities and identifying the best path forward for our shareholders. In line with this commitment to shareholders, we have recently filed a statement of claim against certain former executives, board members, consultants, and associated entities in order to hold the defendants to account for actions that have caused financial harm to the Company, as outlined in the lawsuit. And with respect to the Rimba Raya, Magdalena Bay, and Sustainable Community Streams, the Company remains focused on protecting our investments and preserving our rights — as we will with all our investments.”
Quarterly Highlights
Financial Highlights Summary
| Three months ended March 31, 2025 |
Three months ended March 31, 2024 |
|||||
| Carbon credit streaming and royalty agreements | ||||||
| Revaluation of carbon credit streaming and royalty agreements | $ | 49 | $ | (33,136 | ) | |
| Settlements from carbon credit streaming and royalty agreements1 | 2 | 406 | ||||
| Other financial highlights | ||||||
| Other operating expenses | 1,401 | 3,709 | ||||
| Operating loss | (1,351 | ) | (36,756 | ) | ||
| Net loss | (822 | ) | (35,771 | ) | ||
| Loss per share (Basis and Diluted) ($/share) | (0.02 | ) | (0.75 | ) | ||
| Adjusted net loss2 | (508 | ) | (1,596 | ) | ||
| Adjusted net loss per share (Basic and Diluted) ($/share)2 | (0.01 | ) | (0.03 | ) | ||
| Statement of financial position | ||||||
| Cash3 | 36,444 | 49,008 | ||||
| Carbon credit streaming and royalty agreements3 | 9,292 | 26,980 | ||||
| Total assets3 | 47,098 | 81,596 | ||||
| Non-current liabilities3 | 47 | 1,059 | ||||
|
||||||
Portfolio Updates
Nalgonda Rice Farming Stream: The project was registered with Verra on February 10, 2025, using the UNFCCC Clean Development Mechanism Methodology AMS-III.AU: Methane emission reduction by adjusted water management practice in rice cultivation in the VCS program (“AMS-III.AU”). Registration and first validation of the project was delayed when Verra temporarily inactivated AMS-III.AU as part of a broader review of validation and verification quality and began developing a revised rice-specific methodology to replace AMS-III.AU. During this review, Verra determined that certain projects identified as having quality issues with validations and/or verifications would remain on hold, but Core CarbonX’s projects, including the Nalgonda Rice Farming project, were approved for registration under AMS-III.AU.
Verra released the new VCS Methodology VM0051 (Improved Management in Rice Production Systems v1.0) on February 27, 2025, which the project plans to transition to for the second monitoring period. However, the project has already applied the guidelines required under the VCS Methodology VM0051. At this time, it is not known how the transition to the new methodology will impact the project, if at all.
Sheep Creek Reforestation Stream: In January 2025, the Company received a Notice of Adverse Impact from Mast Reforestation SPV I, LLC (“Mast”) and the parent company of Mast, Droneseed Co. d/b/a Mast Reforestation under the Sheep Creek Reforestation Stream pursuant to which, among other things, Mast advised the Company that the Sheep Creek project has experienced significantly higher than expected mortality rates and that the surviving seedlings had exhibited slower than expected growth rates. As a result, Mast indicated to the Company that it no longer expects to deliver the Company the agreed-upon 286,229 carbon removal credits, referred to as forecast mitigation units (“FMUs”) under the Climate Action Reserve’s Climate Forward program under the Sheep Creek Reforestation Stream, as Mast no longer considers the existing Sheep Creek project plan and budget to be viable. The Company has formally responded to the Notice of Adverse Impact and requested that Mast respond to the Company’s significant concerns regarding, among other things, the timing of the delivery of the Notice of Adverse Impact, and the characterization of the cause of the adverse impact. The Company is continuing to evaluate all legal avenues available under the Sheep Creek Reforestation Stream. As a result, the Company no longer anticipates generating cash flow from the Sheep Creek Reforestation Stream, and its fair value is $nil as of March 31, 2025.
Baccala Ranch Reforestation Stream: In March 2025, Mast delivered the Company a notice of termination of the Baccala Ranch Reforestation Stream and the Baccala Ranch project, thereby confirming it will forego any plantings. The Company had not advanced any funds for the Baccala project and the closing of the Baccala Ranch Reforestation Stream remained subject to customary closing conditions.
Enfield Biochar Stream: In April 2025, Standard Biocarbon Corporation (“Standard Biocarbon”) successfully completed an equity financing resulting in a change of control. In connection with the financing, a new CEO has been appointed to lead Standard Biocarbon through project commissioning.
Strategy
Carbon Streaming is currently focused on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal. During 2024, the Company underwent changes to the Board and management, including the termination of certain consulting contracts, which reduced ongoing cash expenditure and streamlined decision-making. The Company continues to focus on its previously announced evaluation of strategic alternatives with a focus on maximizing value for all shareholders. These alternatives could include acquisitions, divestments, corporate transactions, financings, other strategic partnership opportunities or continuing to operate as a public company.
The Company’s carbon credit streaming agreements are structured to retain a portion of the cash flows from carbon credit sales, with stream-specific retention varying. Project partners typically receive the balance through ongoing delivery payments under the terms of each agreement. Cash flows are subject to fluctuations based on realized carbon credit prices and agreement terms. As the Company continues to evaluate its strategic direction, it remains focused on optimizing portfolio economics and managing exposure to market volatility.
Outlook
Carbon Streaming continues to reposition itself for success and for maximizing shareholder value amid ongoing challenges. In May 2024, as part of its ongoing corporate restructuring first initiated in 2023, the Company announced changes to its senior management and Board after constructive discussions with certain shareholders. The Company continues to evaluate strategic alternatives for the business and remains focused on cash flow optimization through the reduction of operating expenses and a reassessment of its existing streams and royalties. Building on the previous measures implemented by the Company to reduce ongoing operating expenses, further steps have been taken in recent months, including significantly reducing employee headcount, renegotiating and amending vendor agreements to lower costs, eliminating cash-settled director’s fees to the Board and terminating certain consulting contracts. As the Company’s broader strategy continues to evolve, these recent steps are expected to result in significant reductions to annualized ongoing operating expenses when compared to 2024.
While the Company aims to increase cash flow generation through the sale of carbon credits from several streaming agreements over the next year, there remains ongoing uncertainty regarding the evolving nature of carbon markets, including potential registry delays, project-specific issues, and methodology-related risks, in addition to impacts the industry may face as a result of general economic, political and regulatory conditions. In 2024, the Company recognized a decrease in the fair values of the Rimba Raya Stream, the Magdalena Bay Blue Carbon Stream, the Sustainable Community Stream, and the Sheep Creek Reforestation Stream to $nil as a result of the failure of the respective projects to meet their obligations under the stream agreements and ongoing legal disputes. The Company is actively pursuing all available legal remedies to protect its investments and enforce its contractual rights. Given the multiple ongoing litigation matters, the outcomes remain uncertain and could materially impact the Company’s financial position and strategic direction. Please refer to the “Legal Proceedings” section of the Company’s most recently filed MD&A for further information.
Given the evolving nature of carbon markets and ongoing legal considerations, Carbon Streaming is focussed on maximizing value from the existing portfolio of investments and pursuing all options to achieve that goal.
For a comprehensive discussion of the risks, assumptions and uncertainties that could impact the Company’s strategy and outlook, including without limitation, changes in demand for carbon credits and Indonesian developments described herein, investors are urged to review the section of the Company’s most recently filed AIF entitled “Risk Factors” a copy of which is available on SEDAR+ at www.sedarplus.ca.
About Carbon Streaming
Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.
ON BEHALF OF THE COMPANY:
Marin Katusa, Chief Executive Officer
Tel: 365.607.6095
info@carbonstreaming.com
www.carbonstreaming.com
Investor Relations
investors@carbonstreaming.com
Media
media@carbonstreaming.com
Non-IFRS Accounting Standards Measures
Adjusted Net Loss and Adjusted Loss Per Share
The term “adjusted net loss” in this news release is not a standardized financial measure under the IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. These non-IFRS Accounting Standards measures should not be considered in isolation or as a substitute for measures of performance, cash flows and financial position as prepared in accordance with the IFRS Accounting Standards. Management believes that these non-IFRS Accounting Standards measures, together with performance measures and measures prepared in accordance with the IFRS Accounting Standards, provide useful information to investors and shareholders in assessing the Company’s liquidity and overall performance.
Adjusted net loss is calculated as net and comprehensive loss and adjusted for the revaluation of carbon credit streaming and royalty agreements, the revaluation of warrant liabilities, the impairment loss on early deposit interest receivable, the revaluation of derivative liabilities, the revaluation of the convertible note, the impairment loss on investment in associate, the gain on dissolution of associate, and the corporate restructuring which the Company views as having a significant non-cash or non-continuing impact on the Company’s net and comprehensive loss calculation and per share amounts. Adjusted net loss is used by the Company to monitor its results from operations for the period.
The following table reconciles net and comprehensive loss to adjusted net loss:
| Three months ended March 31, 2025 |
Three months ended March 31, 2024 |
|||||
| Net loss and comprehensive loss | $ | (822 | ) | $ | (35,771 | ) |
| Adjustment for non-continuing or non-cash settled items: | ||||||
| Revaluation of carbon credit streaming and royalty agreements | (49 | ) | 33,136 | |||
| Revaluation of warrant liabilities | (114 | ) | (334 | ) | ||
| Litigation and corporate restructuring | 477 | 1,373 | ||||
| Adjusted net loss | (508 | ) | (1,596 | ) | ||
| Loss per share (Basic and Diluted) ($/share) | (0.02 | ) | (0.75 | ) | ||
| Adjusted net loss per share (Basic and Diluted) ($/share) | (0.01 | ) | (0.03 | ) | ||
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, statements regarding the anticipated impact of changes to the Company’s Board and management; the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash flow optimization and generation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; timing and the amount of future carbon credit generation and emission reductions and removals from the Company’s existing streaming and royalty agreements; statements with respect to the projects in which the Company has streaming and royalty agreements in place; statements with respect to the Company’s growth objectives and potential and its position in the voluntary carbon markets; statements with respect to execution of the Company’s portfolio and partnership strategy; statements regarding the Company holding certain former executives, directors, consultants, and associated entities to account. statements with respect to the ongoing legal process to protect the Company’s investment in the Rimba Raya project and to enforce its legal and contractual rights; and statements regarding the Company’s intention to strictly enforce its legal and contractual rights under the Sustainable Community Stream and the Magdalena Bay Blue Carbon Stream and the Sheep Creek Reforestation Stream.
When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.
Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
Source: United States House of Representatives – Representative Salud Carbajal (CA-24)
Today, U.S. Representative Salud Carbajal (D-CA-24) announced his bipartisan legislation to reduce wildfire risks passed the U.S. House of Representatives. Rep. Carbajal’sFire Safe Electrical Corridors Act would reduce the procedural steps needed for removing hazardous vegetation near power lines, cutting red tape to allow for a more streamlined process to combat wildfire risk.
U.S. Representatives David Valadao (R-CA-22), Jim Costa (D-CA-21), and Brian Fitzpatrick (R-PA-01) are co-sponsors of the legislation. U.S. Senators Alex Padilla (D-CA) and Steve Daines (R-MT) lead companion legislation in the Senate.
The Congressman spoke on the floor earlier today advocating for the passage of his bill. Watch the full speech here.
“The Western United States continues to experience catastrophic wildfires, and we need common-sense solutions that balance sustainable forest management practices with reducing wildfire risks,” said Rep. Carbajal. “My bipartisan bill strives to find this balance and is a common sense solution to protect our communities.”
“California is no stranger to destructive wildfires, and in the Central Valley, we live with the consequences,” said Rep. Valadao. “Far too often, bureaucratic red tape gets in the way of proper forest management, and it directly impacts air quality in the Valley. It shouldn’t be so hard to remove the dead trees we know make fires worse, and I’m glad to see this commonsense step toward reducing wildfire risk cross the finish line in the House.”
“As our communities continue to recover from devastating wildfires, the House took the right step by passing the Fire Safe Electrical Corridors Act to help prevent future disasters,” said Rep. Costa. “This legislation will cut red tape, streamline the removal of hazardous vegetation near power lines, and strengthen our infrastructure to better protect homes and businesses.”
“As Co-Chair of the Congressional Fire Services Caucus, I’ve worked to advance practical, prevention-first solutions to reduce wildfire risks. The House’s bipartisan passage of the Fire Safe Electrical Corridors Act is a meaningful step forward—cutting through red tape to allow for the safe removal of hazardous vegetation near power lines on federal lands. This commonsense measure will help protect lives, support our firefighters, and make our communities more resilient in the face of growing wildfire threats,” said Rep. Fitzpatrick.
“The catastrophic Southern California fires were a blaring warning call for smarter, proactive solutions to strengthen fire resilience across the country,” said Sen. Padilla. “Expediting the removal of hazardous fuels — like brush and other vegetation — near power lines is a commonsense, bipartisan solution to reduce the threats of catastrophic megafires that are devastating American communities. I am glad to see the House move our bipartisan bill forward and will continue exploring all avenues to keep California residents safe from the wildfire crisis.”
“Montanans are tired of breathing in smoke and this bill is a commonsense approach to addressing the root of the problem. I commend the House for passing this bipartisan legislation and thank Montana Representatives Ryan Zinke and Troy Downing for their support,” said Sen. Daines.
The legislation would allow the U.S. Forest Service or Bureau of Land Management to approve the removal of hazardous trees near power lines on federal land – including national forests like Los Padres National Forest – without requiring a timber sale, easing a serious threat that has in the past been a major cause of destructive wildfires.
Currently, utility companies are required to keep trees and branches away from powerlines on federal land. But fallen or dead trees cannot be cleared currently without a timber sale, creating an administrative step that can slow clearing of hazardous fuel and potential triggers for a wildfire on federal land.
The bill was adopted as an amendment to the bipartisan Fix Our Forests Act.
The bill was first introduced in 2023 with California Representatives Carbajal, Jim Costa (D-CA-21), and David Valadao (R-CA-22) leading in the House and U.S. Senators Dianne Feinstein and Alex Padilla leading in the Senate.
The bill was approved by the House Natural Resources Committee unanimously in September 2024.
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based, internationally focused energy transition company focused on Central Asia is pleased to announce the release of its unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025, together with the related management’s discussion and analysis. These documents will be made available under Condor’s profile on SEDAR+ at www.sedarplus.ca and on the Condor website at www.condorenergies.ca. Readers are invited to review the latest corporate presentation available on the Condor website. All financial amounts in this news release are presented in Canadian dollars, unless otherwise stated
HIGHLIGHTS
MESSAGE FROM CONDOR’S CEO
Don Streu, President and CEO of Condor commented: ”We have continued to make significant progress in creating value from a diverse portfolio of first-mover energy initiatives which include our Uzbekistan producing gas fields, Kazakhstan modular LNG development and Kazakhstan critical minerals licenses.
In Uzbekistan, production and revenue growth of six percent quarter-on-quarter reflects the highly capital efficient and repeatable successes of applying Canadian technologies and learnings to increase natural gas production despite historical natural production declines that exceeded twenty percent annually. Production will be further increased by a vertical, horizontal and multi-lateral well drilling campaign that is scheduled to commence in the third quarter of 2025.
In Kazakhstan, the purchase of our first modular LNG facility will enable us to initiate Central Asia’s first LNG production by the second quarter of 2026. The three LNG feed gas allocations that Condor has secured thus far will allow us to fabricate and operate several additional LNG facilities to ensure sustainable cash flow growth. These facilities are critical to supporting the fuel needs of Kazakhstan’s rapidly expanding transportation networks.
Also in Kazakhstan, Condor has now been awarded two critical minerals licenses which grant us subsurface exploration rights for solid minerals, including lithium and copper, and these concessions are located in very close proximity to some of the world’s largest mining companies that are actively exploring in the region.
Condor has truly assembled a diverse portfolio with a strong foundation for cashflow growth that we are now actively developing to realize material value”.
Production in Uzbekistan
The Company operates under a production enhancement services contract with JSC Uzbekneftegaz in Uzbekistan to increase the production, ultimate recovery and overall system efficiency from an integrated cluster of eight conventional natural gas-condensate fields (the “PEC Project”). Production for the first quarter of 2025 averaged 11,179 boe/d comprised of 10,819 boe/d (64,917 Mcf/d) of natural gas and 360 bopd of condensate, which is a 6% increase from the average production rate of 10,511 boe/d for the fourth quarter of 2024. Since assuming operations in March 2024, the Company has flattened the natural production decline rates, which previously exceeded twenty percent annually.
The Company’s multi-well workover campaign continued during the first quarter of 2025 within the eight gas fields. The highly capital efficient workover activities include perforating newly identified pay intervals, installing proven artificial lift equipment, performing downhole stimulation treatments, and installing new production tubing. Three recent workovers generated a combined production increase of 1,950 boe/d, based upon initial seven-day production rates.
The Company is finalizing a drilling rig and associated support services contracts to begin a multi-well drilling program in the third quarter of 2025 that will target numerous play types within a diverse prospect inventory. A combination of vertical, horizontal and Uzbekistan’s first multi-lateral wells will penetrate under-developed reservoirs in the existing fields. Wells are planned to be completed with modern stimulation techniques to further increase production rates.
In the fourth quarter of 2024, the Company commissioned Uzbekistan’s first in-field flowline water separation system which separates water from the gas streams at the field gathering network rather than at the production facility. This reduces pipeline flow pressure that can lead to higher reservoir flow rates. Three additional separation units have since been installed and are being commissioned. The existing pipeline and facilities infrastructure are also being evaluated to optimize water-handling, determine long term field compression requirements, and to enhance in-field gathering networks.
LNG in Kazakhstan
Condor is constructing Kazakhstan’s first LNG facilities to produce, distribute, and sell LNG to offset industrial diesel usage in the country. LNG applications include rail locomotives, long-haul truck fleets, marine vessels, mining equipment, municipal bus fleets, and other heavy equipment and machinery with high-horsepower engines. These applications have all successfully used LNG fuel in other countries.
In May 2025, the Company purchased a modular LNG facility (the “First Facility”) for its Saryozek plant site, capable of producing 48,000 gallons (80 MT) of LNG per day. The purchase price of USD $6.5 million (CAD $9.3 million) is due as to USD $1.6 million (CAD $2.3 million) within ten business days and the remaining payments are due in a combination of time and milestone-based instalments until the First Facility is commissioned. Construction of the First Facility is ongoing, and fabrication works are expected to be completed in the fourth quarter of 2025. The First Facility and supporting equipment will then be shipped to Saryozek, Kazakhstan for assembly and commissioning with LNG production expected in the second quarter of 2026. The estimated additional cost to complete the First Facility construction and commissioning is USD $18.6 million (CAD $26.7 million). The Company is finalizing LNG off-taker agreements and advancing several financing solutions for the First Facility.
In April 2025, the Company secured its third natural gas allocation that will provide LNG feed gas for the First Facility. Two additional 48,000 gallon modular LNG facilities are planned to be constructed at the First Facility site to fully utilize the third natural gas allocation.
Concurrently, engineering design continues for additional modular LNG facilities that will utilize the two other existing natural gas allocations for the Alga and Kuryk sites. The final investment decision for the first Alga site LNG facility is planned for the fourth quarter of 2025 with Alga LNG production of 100,000 gallons (168 MT) of LNG per day planned to commence in the second quarter of 2027. Timing for the first Kuryk site LNG facility, which is targeting 125,000 gallons (210 MT) of LNG per day, is being evaluated. Based on the Company’s three feed gas allocations, the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually.
Condor’s modular LNG facilities will be instrumental to supplying a stable, economic and more environmentally friendly fuel source for the Transcaspian International Transport Route (“TITR”) expansion, which is currently the shortest, fastest and most geopolitically secure transit corridor for moving freight between Asia and Europe. The Government of Kazakhstan and Kazakhstan’s national railroad are making significant investments in TITR infrastructure, including expanding the rail network, constructing a new dry port at the Kazakhstan – China border, and increasing the container-handling capacities at various Caspian Sea ports.
Critical Minerals Licenses in Kazakhstan
The Company holds a 100% working interest in two contiguous critical minerals mining licenses which provide subsurface exploration rights for solid minerals, including lithium and copper, for respective six-year terms. The 37,300- hectare Sayakbay license was awarded in July 2023 and the nearby 6,800-hectare Kolkuduk license was awarded in February 2025.
A prior well drilled in the Kolkuduk license territory for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of up to 130 milligrams per litre as reported by the Ministry of Geology of the Republic of Kazakhstan. A 1,000-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. At Sayakbay, a prior legacy well drilled for hydrocarbon exploration encountered and tested brine deposits with lithium concentrations of 67 milligrams per litre in Carboniferous-aged intervals as reported by the Ministry of Geology of the Republic of Kazakhstan. A 670-meter column of tested and untested brine reservoir has been identified from historical wireline log and core data. Other critical minerals identified at the Kolkuduk and Sayakbay licenses include rubidium, strontium and cesium.
The Company is not treating these historical estimates as current mineral resources or mineral reserves as additional drilling and testing is necessary, and a qualified person has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves. It is uncertain if further drilling will result in either area being delineated as a mineral resource or reserve. The historical lithium concentration estimates should not be relied upon as indicative of the actual lithium concentration or the likelihood that the Company will be able to achieve similar production results.
The initial development plan for Sayakbay includes drilling and testing two wells to verify deliverability rates, confirming the lateral extension and concentrations of lithium in the tested and untested intervals, conducting preliminary engineering for the production facilities, and preparing a mineral resource or mineral reserves report compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The initial development plan for the Kolkuduk license acquired in February 2025 has yet to be determined.
RESULTS OF OPERATIONS
| Production – Uzbekistan | |||||
| Total Production | Three months ended March 31, 2025 |
One month ended March 31, 2024* |
Change Volume |
||
| Natural gas (Mcf) | 5,842,516 | 2,027,905 | 3,814,611 | ||
| Natural gas (boe) | 973,753 | 337,984 | 635,769 | ||
| Condensate (barrels) | 32,443 | 8,190 | 24,253 | ||
| Total (boe) | 1,006,196 | 346,174 | 660,022 | ||
| Per Unit Production | Three months ended March 31, 2025 |
One month ended March 31, 2024* |
Change % |
||
| Natural gas (Mcf/d) | 64,917 | 65,416 | (0.8 | %) | |
| Natural gas (boe/d) | 10,819 | 10,903 | (0.8 | %) | |
| Condensate (bopd) | 360 | 264 | 36.4 | % | |
| Total (boe/d) | 11,179 | 11,167 | 0.1 | % | |
* Production commenced on March 1, 2024. Production volumes and per unit calculations stated in Mcf/d, boe/d and bopd for 2024 are for 31 days.
Operating Netback for Uzbekistan
| Operating netback for Natural Gas 1,2 | Natural Gas | |||
| Q1 2025 | Q1 2024 | |||
| Sales ($000’s) | 19,982 | 6,566 | ||
| Royalties ($000’s) | (3,661 | ) | (1,203 | ) |
| Production costs ($000’s) | (8,692 | ) | (2,288 | ) |
| Transportation and selling ($000’s) | (690 | ) | (228 | ) |
| Operating netback ($000’s)1,2 | 6,939 | 2,847 | ||
| Sales volume (Mcf) | 5,462,313 | 1,888,789 | ||
| Sales ($/Mcf) | 3.66 | 3.48 | ||
| Royalties ($/Mcf) | (0.67 | ) | (0.64 | ) |
| Production costs ($/Mcf) | (1.59 | ) | (1.21 | ) |
| Transportation and selling ($/Mcf) | (0.13 | ) | (0.12 | ) |
| Operating netback ($/Mcf)1,2 | 1.27 | 1.51 | ||
| Operating netback for Condensate 1,2 | Condensate | |||
| Q1 2025 | Q1 2024 | |||
| Sales ($000’s) | 2,280 | 646 | ||
| Royalties ($000’s) | (451 | ) | (128 | ) |
| Production costs ($000’s) | (215 | ) | (37 | ) |
| Transportation and selling ($000’s) | (12 | ) | (3 | ) |
| Operating netback ($000’s)1,2 | 1,602 | 478 | ||
| Sales volume (bbl) | 32,317 | 8,187 | ||
| Sales ($/bbl) | 70.57 | 78.91 | ||
| Royalties ($/bbl) | (13.96 | ) | (15.63 | ) |
| Production costs ($/bbl) | (6.65 | ) | (4.52 | ) |
| Transportation and selling ($/bbl) | (0.39 | ) | (0.37 | ) |
| Operating netback ($/bbl)1,2 | 49.57 | 58.39 | ||
1 Operating netback is a non-GAAP measure and is a term with no standardized meaning as prescribed by GAAP and may notbe comparable with similar measures presented by other issuers. See “Non-GAAP Financial Measures” in thisnews release. Thecalculation of operating netback is aligned with the definition found in the Canadian Oil and Gas Evaluation Handbook.
2 Amounts and per unit measures are only presented for the Uzbekistan segment.
NON-GAAP FINANCIAL MEASURES
The Company refers to “operating netback” in this news release, a term with no standardized meaning as prescribed by GAAP and which may not be comparable with similar measures presented by other issuers. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP. Operating netback is calculated as sales less royalties, production costs and transportation and selling on a dollar basis and divided by the sales volume for the period on a per Mcf basis for natural gas and per boe basis for condensate. This non-GAAP measure is commonly used in the oil and gas industry to assist in measuring operating performance against prior periods on a comparable basis and has been presented to provide an additional measure to analyze the Company’s sales on a per unit basis and the Company’s ability to generate funds.
BARRELS OF OIL EQUIVALENT ADVISORY
References herein to barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mcf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf to 1 barrel, utilizing a conversion ratio at 6 Mcf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “expect”, “plan”, “estimate”, “may”, “will”, “should”, “could”, “would”, “ongoing”, “project”, “expect”, “intend”, “seek”, “future”, “forecast”, “continue”, or other similar wording. Forward-looking information in this MD&A includes, but is not limited to, information concerning: the timing and ability to execute the Company’s growth and sustainability strategies including the financing for these growth and sustainability strategies; the timing and ability of the Company to finalize a drilling rig and associated support services contracts to begin a multi-well drilling program in Uzbekistan during the third quarter of 2025; the timing and ability of the Company to complete a multi-well drilling program in Uzbekistan with modern stimulation techniques and further increase production rates; the timing and ability to approve the final investment decision for the first Alga LNG facility during the fourth quarter of 2025; the Company’s expectation that Alga LNG production will commence in the second quarter of 2027; the Company’s expectation that the total LNG fuel produced will have an energy-equivalent volume of over 1.5 million litres of diesel daily, while also reducing CO2 emissions by 390,000 MT per year, which is equivalent to removing more than 85,000 cars from the road annually; the timing and ability of the Company to operate and increase production and overall recovery rates at eight gas fields in Uzbekistan; the timing and ability to deliver repeatable, capital efficient production gains from future workovers; the timing and ability of the Company to increase the number of in-field flowline water separation systems; the timing and ability to realize multiple revenue streams that remain robust across varying economic conditions and geo-political priorities; the timing and ability to increase production by implementing artificial lift, workover and drilling programs; the timing and ability to reprocess 3-D seismic data and conduct a 3-D seismic program; the timing and ability for the 3D seismic data to provide higher resolutions, more accurately characterize the reservoirs and identify new targets; the timing and ability of the Company to evaluate existing pipeline and facilities infrastructure for optimization of water handling, field compression and the in-field gathering network; the timing and ability to use the two natural gas allocations for the Alga and Kuryk sites as feed gas for the Company’s planned modular LNG production facilities; the timing and ability to liquefy natural gas to produce LNG; the timing and ability to conduct detailed engineering; the timing and ability to confirm LNG volume commitments with end-users; the Company’s expectations in respect of the future uses of LNG; the timing and ability to acquire, transport and construct modular LNG production facilities; the timing and ability to obtain funding and proceed with construction of modular LNG production facilities; the timing and ability of the Company to commission the First Facility during the second quarter of 2026; the timing and ability of the First Facility to produce 48,000 gallons (80 MT) of LNG per day; the timing and ability to finalize LNG off-taker agreements for the First Facility; the timing and ability of the Company to construct two additional modular LNG facilities capable of producing 48,000 gallons (80 MT) of LNG per day at the First Facility site; the potential for the Sayakbay and Kolkuduk licenses to contain commercial deposits; the timing and ability of the Company to fund, permit and complete planned activities at Sayakbay including drilling two additional wells and conducting preliminary engineering for the production facilities; the timing and ability to optimize the planned method for direct lithium extraction; the timing and ability of the Company to generate a report in compliance with National Instrument 43-101 Standards of Disclosure for Mineral Projects; the timing and ability to commence exploration mining activities to evaluate the potential for commercial lithium brine deposits; projections and timing with respect to natural gas and condensate production; expected markets, prices and costs for future natural gas and condensate sales; the timing and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; the timing and ability to access natural gas pipelines; the timing and ability to access domestic and export sales markets; anticipated capital expenditures; forecasted capital and operating budgets and cashflows; anticipated working capital; sources and availability of financing for potential budgeting shortfalls; the timing and ability to obtain future funding on favourable terms, if at all; the potential for additional contractual work commitments to be significant; the ability to satisfy and fund the contractual work commitments; projections relating to the adequacy of the Company’s provision for taxes; the expected reporting impacts of adopting amendments to IFRS accounting policies; and treatment under governmental regulatory regimes and tax laws.
This news release also includes forward-looking information regarding health risk management including, but not limited to: travel restrictions including shelter in place orders, curfews and lockdowns which may impact the timing and ability of Company personnel, suppliers and contractors to travel internationally, travel domestically and to access or deliver services, goods and equipment to the fields of operation; the risk of shutting in or reducing production due to travel restrictions, Government orders, crew illness, and the availability of goods, works and essential services for the fields of operations; decreases in the demand for oil and gas; decreases in the prices of natural gas, condensate and crude oil; potential for gas pipeline or sales market interruptions; the risk of changes to foreign currency controls, availability of foreign currencies, availability of hard currency, and currency controls or banking restrictions which restrict or prevent the repatriation of funds from or to foreign jurisdiction in which the Company operates; the Company’s financial condition, results of operations and cash flows; access to capital and borrowings to fund operations and new business projects on terms acceptable to the Company; the timing and ability to meet financial and other reporting deadlines; and the inherent increased risk of information technology failures and cyber-attacks.
By its very nature, such forward-looking information requires Condor to make assumptions that may not materialize or that may not be accurate including, but not limited to, the assumptions that: the Company will be able to secure necessary drilling rigs, support services, and off-taker agreements in a timely manner; the engineering design and final investment decisions for additional LNG facilities will proceed as planned; the Government of Kazakhstan will continue to invest in infrastructure supporting the TITR expansion; additional drilling and testing will be successful in verifying deliverability rates and confirming mineral concentrations; the Company will be able to fund its initiatives through a combination of cash on hand, increased cashflows, debt or equity financing, asset sales, or other arrangements; the Company will be able to manage liquidity and capital expenditures through budgeting and authorizations for expenditures; the Company will be able to manage health, safety, and operational risks through existing precautions and guidelines; the Company will be able to adapt to changing trade policies, tariffs, and restrictions; and the Company will be able to manage the impact of geopolitical instability and sanctions. Forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such risks and uncertainties include, but are not limited to: regulatory changes; the timing of regulatory approvals; the risk that actual minimum work programs will exceed the initially estimated amounts; the results of exploration and development drilling and related activities; the risk that prior lithium testing results may not be indicative of future testing results or actual results; imprecision of reserves estimates and ultimate recovery of reserves; the risk that historical production and testing rates may not be indicative of future production rates, capabilities or ultimate recovery; the risk that the historical composition and quality of oil and gas does not accurately predict its future composition and quality; general economic, market and business conditions; industry capacity; uncertainty related to marketing and transportation; competitive action by other companies; fluctuations in oil and natural gas prices; the effects of weather and climate conditions; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals and the possibility that government policies or laws may change or the possibility that government approvals may be delayed or withheld; changes in environmental and other regulations; risks associated with oil and gas operations, both domestic and international; international political events; and other factors, many of which are beyond the control of Condor.
These risk factors are discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s most recent Annual Information Form, which may be accessed through the SEDAR+ website (www.sedarplus.ca).
Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. The forward-looking information contained in this news release are made as of the date of this news release and, except as required by applicable law, Condor does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
ABBREVIATIONS
The following is a summary of abbreviations used in this news release:
| 3-D | Three dimensional | |
| Mcf | Thousands of standard cubic feet | |
| Mcf/d | Thousands of standard cubic feet per day | |
| MMcf | Millions of standard cubic feet | |
| bbl | Barrels of oil | |
| bopd | Barrels of oil per day | |
| boe | Barrels of oil equivalent | |
| boe/d | Barrels of oil equivalent per day | |
| MT | Metric tonnes | |
| LNG | Liquefied Natural Gas | |
| EV | Electric Vehicle | |
| Kazakhstan | Republic of Kazakhstan | |
| Uzbekistan | Republic of Uzbekistan |
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.
Source: Government of Sweden
Growing political opposition around the world to sexual and reproductive health and rights (SRHR), especially abortion, risks having extremely serious consequences for women and girls. The Government has therefore approved an additional SEK 75 million to the United Nations Population Fund (UNFPA).
Source: United States House of Representatives – Representative Ami Bera (D-CA)
Washington, D.C., May 13, 2025
Today, U.S. Representative Ami Bera, M.D. (CA-06) released a statement on the Department of Homeland Security’s (DHS) decision to end deportation protections for Afghans residing in the United States:
“My office has worked tirelessly to bring our Afghan allies to the United States to protect them from persecution from the Taliban.
“These brave men and women stood by our troops in Afghanistan—translating, advising and risking their lives to keep our service members safe. We made a promise to protect them in return.
“Many of these allies have since resettled in Sacramento County, building new lives and contributing to our community.
“It is unconscionable for the Trump Administration to revoke Temporary Protected Status (TPS) and now force many to return to Taliban-controlled Afghanistan, where they could face persecution, imprisonment or even death.”
Source: Government of Sweden
Although unemployment is high in Sweden, employers all over the country are looking for new employees with the right skills. For this reason, both the professional and geographical labour mobility of jobseekers need to increase. The Government has now tasked Arbetsförmedlingen (the Swedish Public Employment) Service to further develop the control of this.
Source: GlobeNewswire (MIL-OSI)
ORLANDO, Fla., May 13, 2025 (GLOBE NEWSWIRE) — Innventure, Inc. (NASDAQ: INV) (“Innventure”), a technology commercialization platform, today announced it will release its first quarter 2025 financial results after market close on Thursday, May 15, 2025. Management will host a conference call on the day of the release (May 15, 2025) at 5:00 pm ET to discuss the results.
The event will be webcasted live via our investor relations website https://ir.innventure.com/ or via this link.
Parties interested in joining via teleconference can register using this link: https://register-conf.media-server.com/register/BI8dd995c128724703b3974b5af278bf27
After registering, you will be provided dial in details and a unique dial-in PIN. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering in advance.
About Innventure
Innventure founds, funds, and operates companies with a focus on transformative, sustainable technology solutions acquired or licensed from multinational corporations. Innventure takes what it believes to be breakthrough technologies from early evaluation to scaled commercialization utilizing an approach designed to help mitigate risk as it builds disruptive companies it believes have the potential to achieve a target enterprise value of at least $1 billion. Innventure defines ‘‘disruptive’’ as innovations that have the ability to significantly change the way businesses, industries, markets and/or consumers operate.
Media Contact: Laurie Steinberg, Solebury Strategic Communications
press@innventure.com
Investor Relations Contact: Sloan Bohlen, Solebury Strategic Communications
investorrelations@innventure.com
Source: New Zealand Police
Diversions are in place following a serious crash near the intersection of Hamurana Road and Tauranga Direct Road this morning.
The crash, involving a truck and car, was reported to Police at 9.15am.
One person is reported to have sustained critical injuries, and one person has serious injuries.
The road is partially blocked and motorists are asked to follow the directions of emergency services staff.
ENDS
Issued by Police Media Centre.
The Ambassador’s visit will include meetings with key stakeholders from government, industry and academia, as well as a number of roundtables and site visits with Scottish businesses eager to explore opportunities in Morocco – one of Africa’s most dynamic and forward-looking economies.
Morocco has established itself as a renewable energy leader in Africa, with a goal of sourcing over 50% of its electricity from renewables by 2030. Major investment opportunities exist in solar, wind, green hydrogen and grid infrastructure. The country is also undertaking significant modernisation of its agriculture sector, with a focus on sustainable farming, water management, and agri-tech innovation — all areas where Scottish companies and research institutions have exceptional capabilities.
Education and skills training will also be a key focus of the visit, as both Scotland and Morocco recognise the importance of developing human capital to drive forward innovation and economic growth. Scottish universities and training institutions have a long history of providing world-class education, and through new partnerships, there is a real opportunity to support Morocco’s workforce development in line with its evolving industrial needs.
Seona Shand, Chief Operating Officer of the Scottish Africa Business Association, said: “We are thrilled to welcome the Ambassador of Morocco to Scotland. This visit comes at a pivotal time as Morocco accelerates its ambitious green energy transition and advances major agricultural reforms. Scotland’s world-class expertise in renewable energy, offshore wind, green hydrogen and agricultural innovation is a perfect match for Morocco’s ambitions. We see enormous opportunities for Scottish businesses to partner with Moroccan counterparts, share know-how and co-create solutions that will benefit both nations.”
The visit will serve as a catalyst for building new partnerships, enhancing trade and investment and cultivating knowledge exchange between Scotland and Morocco.
Companies can register to attend at https://apo-opa.co/456agPk
Distributed by APO Group on behalf of Scottish Africa Business Association (SABA).
About the Scottish Africa Business Association (SABA):
SABA is the preeminent non-political, Africa focussed, members trade organisation with an unrivalled board of experienced directors which promotes trade, investment and knowledge sharing between Scotland’s world class expertise and Africa’s priority sectors including energy, agriculture, the blue economy, healthcare, skills training and education by leveraging extensive commercial, trade, political and government contacts across Scotland and Africa.
As part of this, our team organises private meetings, round tables, seminars, conferences, global trade missions and offers market research, intelligence sharing and consultancy services.
TOKYO, Japan, May 13, 2025 – Japan External Trade Organization (JETRO; Chairman and CEO: ISHIGURO Norihiko; Headquarters: Minato-ku, Tokyo) (www.JETRO.go.jp) is pleased to announce that it will host the TICAD Business Expo & Conference from 20 to 22 August 2025, as one of the Thematic Events of the Ninth Tokyo International Conference on African Development (TICAD9).
Download Exhibitor List: https://apo-opa.co/3F6KiAM
TICAD9 will be held in Yokohama, Kanagawa Prefecture from 20 to 22 August 2025, led by the Government of Japan and co-hosted by United Nations, United Nations Development Programme (UNDP), African Union Commission (AUC) and World Bank. In conjunction with TICAD9, JETRO has planned the TICAD Business Expo & Conference as a new style of business events that brings together diverse exhibits and opportunities for interaction. In order to support the proactive initiatives of Japanese companies to grasp expanding business opportunities in the African market, JETRO has updated its event model from a conventional exhibition to provide a more practical venue for business exchanges.
Japan Fair aims to create new business opportunities in the African market by introducing excellent products, technologies, and the services of Japanese companies to government officials and business leaders visiting Japan from African countries. The exhibition is comprised of eight thematic zones, based on the African Union’s Agenda 2063, including “Infrastructure,” “Health and Sanitation Improvement,” and “Food Value Chain.” A totally new addition for TICAD9 will be a “Pop Culture” zone.
Africa Lounge will feature the presentation of investment and business information from African governments for Japanese businesspeople interested in doing business in Africa.
The Event Stage will feature seminars based on business themes and thematic panel discussions by Japanese companies. JETRO is also planning panel discussions that bring together key persons from the African business community, as well as other pop culture and innovation-themed events.
At the Thematic Exhibitions JETRO will be showcasing the two themes of “Pop Culture” and “Innovation.” The Pop Culture exhibition will highlight the potential for business development utilising content originating from Japan, and the Innovation exhibition will introduce groundbreaking ideas and technology that promise to open up a new future for Africa and Japan.
In addition to the record number of exhibiting companies and organisations at Japan Fair, the TICAD Business Expo & Conference will incorporate new approaches to exhibitions and planning, including pop culture and innovation, seeking to invigorate business exchanges with Africa in new and unprecedented ways. The event will bring together diverse stakeholders from Japan and Africa and is expected to create new partnerships and business matching opportunities.
JETRO will use this event as an opportunity to continue to support Japanese companies in raising their visibility and expanding their businesses in the African market.
Overview
TICAD9
Name: Ninth Tokyo International Conference on African Development (TICAD9)
Date: Wednesday 20 – Friday 22 August 2025
Organiser: Led by the Government of Japan, and co-hosted by the United Nations, United Nations Development Programme (UNDP), African Union Commission, and the World Bank
Location: Yokohama, Kanagawa Prefecture
Official website: (English) https://apo-opa.co/4meBrh8
(Japanese) https://apo-opa.co/4jSsIzF
TICAD Business Expo & Conference
Date: Wednesday 20 – Friday 22 August 2025
Organiser/Co-Organiser: JETRO, Japan Business Council for Africa (JBCA)
Supported by: Ministry of Economy, Trade and Industry, Ministry of Foreign Affairs
Venue: Pacific Yokohama, Hall B & C (Minato-Mirai 1-1-1, Nishi-ku, Yokohama, Kanagawa 220-0012)
Total area: 10,000 m2
Zones: Japan Fair, Africa Lounge, Event Stage, Thematic Exhibitions
About Japan Fair
Expected exhibitors: 196 companies and organisations (as of May 13) (excluding duplicates) (including in-booth exhibits)
*Of the above number, 107 participants are SMEs
*Participants from 30 Japanese prefectures.
Yamagata (1), Fukushima (1), Ibaraki (1), Gunma (1), Saitama (2), Chiba (2), Tokyo (111), Kanagawa (18), Niigata (1), Ishikawa (2), Yamanashi (1), Nagano (6), Gifu (1), Shizuoka (2), Aichi (6), Shiga (1), Kyoto (7), Osaka (15), Hyogo (13), Nara (1), Okayama (1), Hiroshima (2), Tokushima (1), Kagawa (2), Ehime (2), Fukuoka (1), Saga (1), Kumamoto (2), Miyazaki (1), Okinawa (2). (Figures in parenthesis indicate number of companies/organisations. Includes companies/organisations with more than one location.)
*Number of participants by zone:
Japanese Companies Driving Growth in Africa: 63
Transforming Infrastructure: 55
Advancing Healthcare and Sanitation Standards: 24
Food Value Chain: 23
Skills for the Future: 14
Climate Solutions: 14
Sustainable Urban Development Solutions: 3
Pop Culture: 2
Overview and outcomes of Japan-Africa Business Expo held at TICAD7 in 2019
Date: 28-30 August 2019
Total area: 6,700 m2
No. of visitors: Approx. 21,000
No. of Japan Fair exhibitors: 156 companies/organisations (including 81 SMEs)
No. of exhibiting countries in Africa Lounge: 45
Attachment
List of expected participating companies/organisations
About JETRO:
JETRO is a policy implementation organisation that aims to contribute to the further development of Japan’s economy and society through trade and investment promotion and research on developing countries. With an international and domestic network comprising over 70 overseas offices and approximately 50 domestic operating hubs, including Tokyo Headquarters, JETRO Osaka, the Institute of Developing Economies (IDE) and regional offices, JETRO contributes to Japan’s corporate activities and trade policy through surveys and studies, working agilely and efficiently to support the creation of innovation, exports of agricultural, forestry, and fishery products and foodstuffs, and the overseas expansion of Japanese enterprises.
Source: United States House of Representatives – Congresswoman Becca Balint (VT-AL)
Randolph, VT – On Friday, Rep. Becca Balint (VT-AL) announced the winners of the 2025 Congressional Art Competition. This year, 100 high school students from 12 counties and 28 schools across Vermont sent in artwork for submission to the annual competition. This year’s art show marks the 44th anniversary of the competition that Vermont’s then-Congressman James Jeffords began in 1982.
This year’s winner from Vermont is Xinyi Cassy Pan, a sophomore at Lyndon Institute in Lyndon Center, Vermont. Xinyi’s teacher is Elly Barksdale. Her art will be on display with other 2025 Congressional Art Competition winners in the US Capitol.
“The Congressional Art Competition provides a unique opportunity to bring together young artists to share their work and showcase the talent across our state’s high schools,” said Rep. Balint. “I’m so thankful to represent a state that values and celebrates contributions to the arts and arts education. As a former teacher, as a mom, as a writer, I know how important it is to foster creativity, a love of the arts in our students, and to make it a continued priority in schools.”
“I want to congratulate Xinyi for receiving the Grand Prize for her piece ‘Awakening Through New Eyes’ in this year’s Congressional Art Competition. I’m so impressed by her work, and I look forward to seeing a piece of Vermont every day in the US Capitol,” continued Rep. Balint.
In addition to the Grand Prize Winner, awards were given to the following students:
County Winners:
· Addison County – Lola Rollins “.5”, Vergennes Union High School – Teacher: Anna Macijski
· Bennington County – Willa Seo “Host Father”, Burr and Burton Academy – Teacher: Anharad Llewelyn
· Caledonia County – Jenna Thomas “Papa’s Garden”, Lyndon Institute – Teacher: Elly Barksdale
· Chittenden County – Jacklyn Whittier “Hideaway”, Champlain Valley Union High School – Teacher: Jason Fearon
· Franklin County – Ryah Whitehead “A Moment of Joy”, Enosburg Falls High School – Teacher: Sabrina Bolduc
· Lamoille County – Adam Lewis “Hat Day”, Stowe High School – Teacher: Carleen Zimbalatti
· Orange County – Caroline Watts “Sick Day”, Thetford Academy – Teacher: Karyn Neubauer
· Orleans County – Morgan Breitenbach “Flower Garden”, Lake Region Union High School – Teacher: Stephanie Harper
· Rutland County: Carmen Decato “Fighting for Survival”, Stafford Technical Center – Teacher: Karen Kysar
· Washington County: Knives Dryfoos “Just Dance”, U-32 High School – Teacher: Kristine Chartrand
· Windham County: Jada Wood “Cards”, Leland and Gray Union High School – Teacher: Emily Mulcrone
· Windsor County: Jonah Libens-Mavodones “Lost in Those Deceptively Small Keys”, Hartford High School – Teacher: Patrick Kelly
Thematic Winner:
· Eva Fewell “Little Moments”, Champlain Valley Union High School – Teacher: Jason Fearon
People’s Choice Winner:
· Clark Clark “A Spot at the Table”, Champlain Valley Union High School – Teacher: Emily McLean
Judge’s Choice Winners:
· Nikolai Stonorov “Raw Hemmed”, Montpelier High School – Teacher: Colleen Flanagan
· Sage Wyndorf “I Spotted-Touch-Me-Not!”, Burlington Technical Center – Teacher: Ashley Stagner
· Clark Clark “A Spot at the Table”, Champlain Valley Union High School – Teacher: Emily McLean
To see a gallery of the student artwork, please visit: https://balint.house.gov/services/submit-artwork.htm
Photos attached of Xinyi Cassy Pan and Congresswoman Balint and of her artwork. Courtesy of the Office of Rep. Becca Balint.
Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman
Washington, D.C. – Today, Congresswoman Hageman’s Expedited Appeals Review Act (EARA) passed the House of Representatives. The bill will provide those individuals and businesses appealing before the Department of the Interior’s Board of Land Appeals (IBLA) the opportunity to file for an expedited review so they can quickly go to court in front of a neutral arbiter.
Under current law, challengers of an agency decision within the Department of Interior (DOI), must appeal to the IBLA, an administrative court that is also housed within the DOI itself. The use of administrative courts poses a variety of constitutional issues, including in relation to the separation of powers, as the agencies who adopt the regulations then pursue enforcement of them through their own in-house court system, such as the IBLA. This system tips the scale in favor of the agency who enjoy outsized success before their own courts, with the DOI winning 98% of the challenges that are filed before the IBLA and decided on the merits.
“After spending three decades practicing law and witnessing cases argued before agency-appointed judges on numerous occasions, and then being forced to wait as the IBLA delayed issuing a decision, it is fulfilling to see this bill to move forward,” Hageman stated. “The government works for the people, not the other way around. The EARA creates an alternative path for expedited review, allowing stakeholders to request an accelerated decision of their appeals within six months of the request. It gives parties the opportunity to expedite the process and pursue an impartial route in circumstances where the IBLA is failing to timely address matters under its review.”
House Natural Resource Committee Chairman Bruce Westerman (AR-04) said in support of the bill, “As of today, there are more than 650 backlogged appeals before the Interior Board of Land Appeals, some a decade old. Ms. Hageman’s bill will revive the process and ensure appellants get their day in court by requiring the board to issue final decisions in a timely manner. I thank her for her work on this bill.”
The Expedited Appeals Review Act ensures that if IBLA fails to make a decision within 18 months of the appeal being filed, the applicant can demand an expedited review. The IBLA then has six months to resolve the case. Failure to do so allows for the non-agency party to proceed to an Article III district court where they will be granted the opportunity to conduct discovery and develop the administrative record.
Background:
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Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman
Washington, DC – Congresswoman Harriet Hageman’s bill requiring the Bureau of Reclamation and Western Area Power Administration (WAPA) to analyze the economic consequences that bypass flows at Glen Canyon Dam have had on the Upper Colorado River Basin Fund, passed the House of Representatives earlier today.
Representative Hageman stated, “Our water and energy-producing infrastructure must be protected. America needs more hydropower, not less of it. Reducing hydropower generation is counterintuitive and my bill addresses that by keeping the Basin Fund intact as a short-term means ensuring operating, maintenance and other expenses are paid so that this dispatchable and reliable energy source remains viable for everyone dependent on this supply.”
Background:
The Biden-Harris Administration’s Colorado River Long Term Experimental Management Plan SEIS Record of Decision (ROD) was signed on July 5, 2024, with Reclamation implementation beginning just three days later, on July 8. The ROD calls for bypass flows at Glen Canyon Dam, meaning higher flows to combat the presence of predatory smallmouth bass that threaten the federally protected humpback chub. These higher flows bypass hydropower generators in order to cool the river temperature below the dam to attempt to disrupt smallmouth bass downstream.
The lost hydropower generation must be replaced with power purchased on the open market at more expensive prices during the middle of summer peak electricity demand. The WAPA makes these purchases from the Upper Colorado River Basin Fund, which is financed by power revenues; or, in other words, it is customer funded.
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The campaign aims to amplify the voices of women and girls and mobilize the African private sector to accelerate malaria elimination. With the upcoming Global Fund 8th Replenishment and rising funding gaps, 2025 represents a critical moment to unlock new resources and scale up impact.
“This is your moment to co-invest for impact, because when Africa’s private sector leads, the world pays attention,” said Dr. Michael Adekunle Charles, CEO of the RBM Partnership to End Malaria. “The Global Fund has saved millions of lives and strengthened health systems. Your investments now can safeguard both economic resilience and public health.”
The accompanying report calls on businesses to:
Provide direct or in-kind support to national malaria control efforts
Channel resources into the Global Fund’s 8th Replenishment
Join End Malaria Councils to drive multisectoral advocacy and resource mobilization
Invest in the new Voix EssentiELLEs Fund for Malaria Elimination, focused on women-led, community-driven efforts.
Africa’s fight against malaria needs to be bold and the private sector is a vital partner in that mission.” said Joy Phumaphi, Executive Secretary of ALMA and Board Chair of the RBM Partnership to End Malaria “By joining End Malaria Councils and Funds and investing in community-led solutions, companies can unlock the innovations and resources needed to deliver impact, protect lives, power economies, and achieve a malaria-free future.”
Launched during the event, the Voix EssentiELLEs Fund for Malaria Elimination aims to mobilize $4 million by 2030 to support flexible malaria funding for women and girls, and regional advocacy aligned with national priorities.
“To avoid losing years of progress in the fight against malaria, securing new and diversified sources of funding is urgent,” said Pierre N’gou Dimba, Minister of Health, Public Hygiene and Universal Health Coverage of Côte d’Ivoire. “The private sector has a direct stake in malaria elimination. Healthy communities lead to thriving economies.”
Women and girls continue to carry the greatest burden of malaria, yet remain underrepresented in decision-making and funding. “Investing in women and girls accelerates development. Women leaders strengthen communities, drive innovation, and help lift families out of poverty. And we know that for every $1 invested in malaria control, we gain up to $60 in economic returns. Malaria-free communities are not just healthier, they are more resilient, productive, and profitable” said Yacine Djibo, Executive Director of Speak Up Africa.
A 2024 study found that reducing malaria incidence by 90% by 2030 could boost the continent’s GDP by $126.9 billion. Malaria is not just a health issue, it is an economic barrier that weakens productivity, drives household spending, and constrains growth.
As part of Speak Up Africa’s ongoing work with the private sector, the organization signed a Memorandum of Understanding with Canal+ Côte d’Ivoire and the National Malaria Control Program. The agreement builds on a five-year collaboration between Speak Up Africa and Canal+ Group, which has contributed more than $1.5 million in airtime and in-kind support.
“Through our platform, we are proud to drive awareness and contribute to the fight against malaria,” said Adama Koné, Director General of Canal+ Côte d’Ivoire. “Together with Speak Up Africa and their partners, we are committed to changing the story to end malaria in Africa.”
Download (apo-opa.co/44Dl9bq) the ‘Change the Story, Save Lives: The private sector’s role in ending malaria’ Report (https://apo-opa.co/3EZagGp).
Media Contact:
Maelle Ba
maelle.ba@speakupafrica.org
Speak Up Africa:
Speak Up Africa is an African-led, Senegal-based organization dedicated to building an Africa where growth and sustainable development are driven by Africa’s own citizens. Speak Up Africa convenes, enables and advocates. Focusing on strategic communications and advocacy, the organization is dedicated to supporting African leaders and citizens to take an active role in identifying and developing solutions to tackle the challenges facing the African continent — including malaria, NTDs, immunization, sanitation, gender equality and global health research and development. From its strategic base in Dakar, Senegal, the Speak Up Africa team partners with African leaders and change-makers to put in place the right policies and secure sufficient resources to achieve our sustainable development goals and the African Union’s Agenda 2063.
Source: US Congressman Chris Deluzio (PA)
CARNEGIE, PA — Today, Congressman Chris Deluzio (PA-17) released the following statement in response to news that dozens of National Institute of Occupational Safety and Health workers in Allegheny County that were fired by the Trump Administration would be reinstated.
His statement reads:
“In early April, my team and I learned that the Trump Administration was firing around 200 workers at the National Occupational Safety and Health (NIOSH) facility in Allegheny County.
“We jumped into action, working with Congressional colleagues and calling on the White House to reverse these firings that would have hurt workplace safety.
“Today, we received some good news: some of these firings are reversed. Soon, dozens of respirator certification workers at our local NIOSH facility get their jobs back and return to their important safety work.
“We still need to get the folks on the NIOSH mining research team saved from planned firings, but this is an important public safety win. I will keep up the fight.”
Congressman Deluzio previously sent a letter pushing the Trump Admin HHS to reverse the firings.
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RBNZ stats alert: 14 May 2025 – Kia ora koutou, On 21 May 2025 we will be launching the Tara-ā-Umanga Business Expectations Survey (BES), publishing results for the June quarter. Publication will be in advance of the 28 May Monetary Policy Statement, in line with the timing of our other expectations surveys.
We would like to thank all the businesses that have made the development and launch of the new Tara-ā-Umanga Business Expectations Survey possible and enabled us to build a representative sample survey of New Zealand businesses.
This new survey includes several hundred businesses from different sectors around the country, from small to large firms. It is separate from the existing Survey of Expectations focusing on expert forecasters and economists, and industry leaders (Table M14, from 1987 onwards), which will continue.
Business Expectations Survey publication on 21 May, after 3pm
The launch of BES marks the beginning of the regular quarterly publication of the survey and the conclusion of a successful development phase that involved public consultation and pilots to build the sample and test content and methodology. The launch will feature a new web table with population estimates of economy-wide expectations:
M15 Business Expectations Survey
The sample size and design enable new breakdowns by business size and industry, which will be published in the data file accompanying Table M15. The initial publication will include our Stats Insight, a background note as a guide to interpret the new survey results, and a description of our survey methodology.
It should be noted that while this survey represents a significant uplift in our expectations data, more observations are needed (beyond the short historical timeseries that will be available at launch) to enable us to estimate the relationship between these data and ultimate inflation outcomes. We anticipate that the results of this survey will become key statistical series used by central banks, researchers, financial institutions and commentators.
Background information
Inflation expectations are important because households and businesses reflect their expectations in their price- and wage-setting decisions. Improving the quality of our expectation surveys is part of the wider response to our 2022 review of how we formulate and implement our monetary policy. In this review, we identified several areas where better data could support high quality monetary policy decision-making.
For further information please see: Tara-ā-Umanga Business Expectations Survey: Survey design and development: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=b66e552e95&e=f3c68946f8
RBNZ’s existing expectations surveys:
Survey of expectations (M14): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=16ac7517ae&e=f3c68946f8
Household inflation expectations (H1): https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=da9067ab97&e=f3c68946f8
Additional wholesale interest rate data now being published
From 12 May 2025, the Reserve Bank of New Zealand – Te Pūtea Matua began publishing two new daily series on Table B2, making more data available on wholesale interest rates that apply to large institutions in New Zealand markets.
The new daily series on Table B2 are:
Overnight Deposit Rate: the rate of remuneration ESAS account holders receive for funds that are held overnight in their account at the Reserve Bank of New Zealand – Te Pūtea Matua. For further information please see: What is ESAS
Overnight Reverse Repo Rate: the rate that is charged to borrow funds lent overnight via the Reserve Bank’s Overnight Reverse Repo Facility (ORRF). For further information on the key standing facilities provided to market participants, including the ORRF, please see: Facilities at a glance – Reserve Bank of New Zealand – Te Pūtea Matua
This data will add to the wide range of information that is available to support the analysis of the New Zealand financial system and understanding the transmission of monetary policy through wholesale interest rates quoted in New Zealand markets.
Source: US Department of Homeland Security
In an effort to enhance user experience and highlight the most timely and actionable information for cyber defenders, CISA announced a shift in how we share cybersecurity alerts and advisories. We recognize this has caused some confusion in the cyber community. As such, we have paused immediate changes while we re-assess the best approach to sharing with our stakeholders.
Source: United States Attorneys General
Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).
Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 1400 defendants with Criminal violations of U.S. immigration laws.
The Southern District of California filed 176 border-related cases this week, including charges of assault on a federal officer, bringing in aliens for financial gain, reentering the U.S. after deportation, and importation of controlled substances. These included Two complaints which charged five people with participating in a human smuggling event that led to the deaths of at least three migrants, including a 14-year-old boy from India. His 10-year-old sister is still missing at sea and presumed dead; their father is in a coma and mother is also hospitalized.
The Central District of California filed criminal charges against 34 defendants this week who allegedly were found in the U.S. following removal. Many of the defendants charged were previously convicted of felonies before they were removed from the United States.
The District of New Mexico charged approximately 300 defendants with border-related crimes, including 91 defendants charged with Illegal Reentry After Deportation (8 U.S.C. 1326). In addition, 209 individuals charged with Illegal Entry (8 U.S.C. 1325) were also charged with violation of a military security regulation (50 U.S.C. 797) because they unlawfully entered the National Defense Area in New Mexico.
The Southern District of Texas filed a total of 300 cases, charging 302 people from May 2-8 in continuing efforts to secure the southern border. As part of the cases, 93 face allegations of illegally reentering the country. The majority have prior felony convictions for narcotics, prior immigration crimes and more. A total of 193 people face charges of illegally entering the country, while 11 cases allege various instances of human smuggling with the remainder involving other immigration-related crimes.
The Western District of Texas filed 316 new immigration and immigration-related criminal cases from May 2 through May 8. Among the new cases, Cirilo Delgado-Alderete, Dilan Karim Valenzuela-Baca, and Antelmo Eligio Ramirez-Bernardo were arrested at an alleged stash house in Anthony, New Mexico. According to an affidavit, U.S. Border Patrol and Homeland Security Investigations agents observed three vehicles that had been identified as being used to smuggle illegal aliens to Albuquerque, New Mexico, parked at the residence. When agents questioned Ramirez-Bernardo, a Guatemalan national, they allegedly discovered he possessed a key to the residence on his keychain. Agents then located 25 individuals inside the residence who admitted to being citizens of Mexico, Peru, Honduras, Guatemala, Dominican Republic, and Pakistan without documentation to be in the U.S. Two of the individuals, Delgado-Alderete and Valenzuela-Baca, were identified as alleged stash house caretakes and drivers to harbor and transport the illegal aliens. Delgado-Alderete, Valenzuela-Baca, and Ramirez-Bernardo are charged with one count of conspiracy to transport illegal aliens and one count of conspiracy to harbor illegal aliens. The drivers allegedly picked up aliens in El Paso before transporting them to New Mexico.
The District of Arizona brought immigration-related criminal charges against 314 defendants. Specifically, the United States filed 117 cases in which aliens illegally re-entered the United States, and the United States also charged 166 aliens for illegally entering the United States. In its ongoing effort to deter unlawful immigration, the United States filed 25 cases against 31 individuals responsible for smuggling illegal aliens into and within the District of Arizona.
We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again.
Source: United States Attorneys General
A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.
According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.
“Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”
“I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”
“The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”
“The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”
The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.
Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.
A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.
Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.
Source: US State of North Dakota
A federal jury in the District of Delaware convicted Clifton H. Gibbs, 68, of Sussex County today on multiple counts of sex trafficking and forced labor. Specifically, the jury convicted Gibbs of seven counts of sex trafficking seven adult victims, five counts of forced labor, and one count of interstate transportation for purposes of prostitution.
According to the evidence at trial, Gibbs exploited the victims’ heroin addiction and fears of withdrawal sickness to compel the victims to engage in commercial sex, panhandle, perform demanding manual labor on his property, and to steal goods for him to resell. Gibbs’ co-defendant, Brooke Waters, 46, previously pled guilty to sex trafficking, forced labor, and interstate transportation for purposes of prostitution charges.
“Today’s conviction vindicates the rights of multiple victims who the defendant trafficked over several years within the District of Delaware,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This defendant preyed on individuals suffering from opiate addiction and cruelly exploited them for his own profit. The Justice Department is committed to aggressively fighting human trafficking and seeking justice for its victims.”
“I hope that today’s verdict brings some measure of closure for the victims in this case,” said Acting U.S. Attorney Shannon T. Hanson for the District of Delaware. “I commend the victims’ bravery and willingness to testify to bring this defendant to justice. Our communities are much safer, and this verdict should serve as a warning to other individuals who exploit victims for personal gain.”
“The conviction of Clifton H. Gibbs highlights the strong partnership between Homeland Security Investigations and the Department of Justice in the fight against human trafficking,” said Special Agent in Charge Edward V. Owens of HSI Philadelphia. “Gibbs preyed on vulnerable individuals, feeding their addiction for profit through forced labor and commercial sex. HSI remains committed to working alongside our federal partners to dismantle trafficking networks, bring perpetrators to justice, and through our victim centered approach, support victims as they reclaim their lives.”
“The crimes uncovered in this case are among the most egregious that Homeland Security Investigations encounters,” said Special Agent in Charge Michael McCarthy of HSI Maryland. “Exploiting vulnerable individuals through coercion, abuse, and manipulation is nothing short of reprehensible. This kind of predatory behavior destroys lives and undermines the fundamental values of human dignity and freedom. HSI remains unwavering in its mission to dismantle criminal networks, bring perpetrators to justice, and protect the safety and well-being of our communities, especially those who are unable to protect themselves.”
The evidence presented at the seven-day trial demonstrated that Gibbs sought out individuals, often young women, who were addicted to heroin, and without any money or a stable place to live, promising to take care of them by giving them housing, food, clothing, and easy access to drugs. He then provided many of them with heroin for free to ease their withdrawal sickness. He allowed them to live in trailers or campers on his two rural properties in Sussex County. He then instructed the women to engage in commercial sex, instructing his co-defendant to take photos of them and post online advertisements for them to do “dates” with commercial sex buyers. Gibbs kept all the proceeds from the commercial sex acts and provided the women with small amounts of heroin and cocaine to avoid withdrawal sickness. Gibbs positioned himself to control the victims’ access to heroin and thereby controlled the onset of withdrawal sickness. Exploiting the victims’ fear of withdrawal sickness, Gibbs profited from the commercial sex acts in which he compelled the women to engage. Gibbs and his co-defendant also recruited heroin-addicted individuals to “boost” or steal goods for him to re-sell, panhandle, and do manual labor on his properties. In the same way he did with the young women he compelled to engage in commercial sex, Gibbs exploited the victims’ fear of withdrawal sickness to coerce this labor for his profit.
Gibbs also used physical force with some of his victims by hitting, kicking, or threatening to shoot those who disobeyed his orders or talked back.
A sentencing hearing will be scheduled at a later date. Gibbs faces a minimum penalty of 15 years in prison and a maximum penalty of life in prison as well as mandatory restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Homeland Security Investigations investigated the case. Assistant United States Attorney Briana Knox for the District of Delaware and Trial Attorneys Christina Randall-James and Leah Branch of the Civil Rights Division’s Human Trafficking Prosecution Unit prosecuted the case.
Anyone who has information about human trafficking should report that information to the National Human Trafficking Hotline toll-free at 1-888-373-7888, which is available 24 hours a day, seven days a week. For more information about human trafficking, please visit www.humantraffickinghotline.org. Information on the Justice Department’s efforts to combat human trafficking can be found at www.justice.gov/humantrafficking.
Source: US State of California
A New Hampshire doctor pleaded guilty today to unlawfully distributing a controlled substance. This is the first conviction of a doctor in the District of New Hampshire from a joint investigation by the New England Strike Force and the U.S. Attorney’s Office.
According to court documents, Robert G. Soucy Jr., D.O., 72, of Columbia, New Hampshire, illegally prescribed opioids from his home in Columbia, New Hampshire. Dr. Soucy knew that pharmacies in and around Colebrook, New Hampshire, would not fill his prescriptions for several of his patients. To have the unlawful prescriptions filled, Dr. Soucy specifically instructed a patient to bring his prescriptions to a pharmacy in another location. Dr. Soucy also continued to prescribe opioids to the patient, who the defendant knew had a substance-abuse disorder, without conducting any medical evaluation or testing and after the patient had moved out of New England.
Dr. Soucy faces a maximum penalty of 20 years in prison. He surrendered his DEA registration and is no longer authorized to prescribe controlled substances.
Matthew R. Galeotti, Head of the Justice Department’s Criminal Division, Acting United States Attorney Jay McCormack for the District of New Hampshire, Acting Special Agent in Charge Stephen Belleau and Acting Diversion Program Manager George Lutz of the Drug Enforcement Administration (DEA) New England Division, and Deputy Inspector General for Investigations Christian J. Schrank of the Health and Human Services Office of Inspector General (HHS-OIG) made the announcement.
The DEA and HHS-OIG investigated the case.
Trial Attorneys Thomas D. Campbell and Danielle H. Sakowski of the Criminal Division’s Fraud Section are prosecuting the case.
The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.
Anyone needing access to opioid treatment services can contact HHS-OIG’s Substance Abuse and Mental Health Services Administration 24/7 National Helpline for referrals to treatment services at 1-800-662-4359.